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9.A.1. PUBLIC HEARING - RESOLUTION NO. 2002-034 - TAX <br />EQUITY FISCAL RESPONSIBILITY ACT (TEFRA) HEARING - <br />BRISBEN COMPANIES - THE PALMS AT VERO BEACH LIMITED, A <br />FLORIDA LIMITED PARTNERSHIP - INDUSTRIAL BOND <br />APPLICATION <br />PROOF OF PUBLICATION IS ON FILE <br />IN THE OFFICE OF THE CLERK TO THE BOARD <br />Assistant Administrator Baird reviewed a Memorandum of May 28, 2002: <br />TO: Board of County Commissioners <br />THRU: James E. Chandler, County Administrator C17"c <br />FROM: Joseph A. Baird, Assistant County Administrator <br />DATE: May 28, 2002 <br />SUBJECT: TEFRA (Tax Equity Fiscal Responsibility Act) Hearing <br />Brisben Companies — The Palms at Vero Beach Limited, <br />a Florida Limited Partnership - Industrial Bond Application <br />The Board of County Commissioners approved holding a TEFRA hearing to enable Brisben <br />Companies — The Palms at Vero Beach Limited, a Florida limited partnership to apply for <br />District 9B Industrial Bond Allocation from the State so that the Florida Housing Finance <br />Corporation can issue Multi -Family Housing Revenue Bonds m a principal amount not to exceed <br />$9,300,000 utilizing a local allocation of $1,500 000 and $2,970,000 in taxable bonds. The <br />proposed issuance by the Corporation of its Multi -Family Housing Revenue Bonds (The Palms <br />at Vero Beach Project) is an aggregate principal amount not to exceed $13,800 000 with the <br />combined allocation. The Palms of Vero Beach will consist of 260 units located at the <br />northwest comer of Indian River Boulevard and 12th Street, Vero Beach, Florida, to be occupied <br />by persons of low, moderate and middle income, and owned and operated by The Palms at Vero <br />Beach Limited, a Florida limited partnership. Indian River County held a TEFRA hearing for <br />The Palms of Vero on April 4, 2001, however we need to renew the allocation request for the <br />new year. <br />Following the Public Hearing, if the Board of County Commissioners wishes to grant Brisben <br />Companies the ability to apply for the Industrial Revenue Bond Allocation in District 9B, the <br />Board must approve the Resolution, Interlocal Agreement, and authorize the Chairman and staff <br />to sign all necessary documents. <br />RECOMMENDATION <br />Staff recommends that the Board of County Commissioners approve the Resolution, Interlocal <br />Agreement, and authorize the Chairman to sign all necessary documents <br />June 4, 2002 <br />55 <br />• <br />Pea <br />x'63 <br />• <br />