HomeMy WebLinkAbout2002-034 RESOLUTION NO. 2002-034
RESOLUTION EXPRESSING THE INTENT OF THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY,FLORIDA TO PROCEED IN
CONJUNCTION WITH THE FLORIDA HOUSING FINANCE CORPORATION
WITH THE FINANCING OF A MULTIFAMILY RESIDENTIAL RENTAL
HOUSING PROJECT THROUGH THE ISSUANCE BY FLORIDA HOUSING
FINANCE CORPORATION ON BEHALF OF ITSELF AND INDIAN RIVER
COUNTY OF ITS NOT TO EXCEED $13,800,000 MULTIFAMILY HOUSING
REVENUE BONDS FOR THE BENEFIT OF THE PALMS AT VERO BEACH
LIMITED PARTNERSHIP, A FLORIDA LIMITED PARTNERSHIP;
APPROVING THE ISSUANCE BY THE FLORIDA HOUSING FINANCE
CORPORATION OF ITS MULTIFAMILY HOUSING REVENUE BONDS (THE
PALMS AT VERO BEACH PROJECT) IN THE AGGREGATE PRINCIPAL
AMOUNT OF NOT TO EXCEED $12,300,000 ON BEHALF OF ITSELF AND
INDIAN RIVER COUNTY TO PROVIDE FUNDS TO FINANCE A
MULTIFAMILY HOUSING PROJECT; APPROVING THE FORM OF AND
AUTHORIZING THE EXECUTION AND DELIVERY OF AN INTERLOCAL
AGREEMENT WITH THE FLORIDA HOUSING FINANCE CORPORATION;
AND PROVIDING AN EFFECTIVE DATE.
WHEREAS,the Florida Housing Finance Corporation("Florida Housing")is a public body
corporate and politic, duly organized and existing under the provisions of Chapter 420, Florida
Statutes, as amended and supplemented; and
WHEREAS, The Palms at Vero Beach Limited Partnership, a Florida limited partnership
(the"Developer"),has requested the Board of County Commissioners(the`Board")of Indian River
County,Florida(the"County")to apply on behalf of the Developer for an allocation of bond volume
in a principal amount of not to exceed $1,500,000, to be used by Florida Housing in combination
with Florida Housing's bond volume allocation in an amount not to exceed$9,300,000 together with
taxable bonds in an amount estimated at $2,970,000, and issue Florida Housing's Multifamily
Housing Revenue Bonds, Series [to be determined] (The Palms at Vero Beach Project) (the
"Bonds"), the proceeds of which would be used to (i)pay or reimburse the Developer for the cost
RESOLUTION NO. 2002-034
of acquisition, construction and equipping a multifamily residential rental apartment project,
comprised of The Palms at Vero Beach which will consist of 260 residential units to be occupied by
persons of low, moderate and middle income, located at the Northwest corner of Indian River Blvd.
and 12`h Street, Vero Beach, Florida (the "Project"), (ii) fund a debt service reserve fund for the
Bonds and(iii)pay a portion of the costs of issuance of the Bonds; and
WHEREAS,the Board conducted a public hearing on June 4,2002,notice of which hearing
was published on May L3,2002, in the Press-Journal(a copy of which notice is attached hereto as
Exhibit "A" and incorporated herein), for the purpose of considering the issuance of the Bonds by
Florida Housing on behalf of itself and the County, in accordance with the requirements of Section
147(f) of the Internal Revenue Code of 1986, as amended (the "Code"). Said public hearing
disclosed no reason why the Bonds should not be issued; and
WHEREAS, Section 147(f)of the Code requires approval of the issuance of the Bonds by
the Board as the "applicable elected representative" under Section 147(f) after a public hearing
following reasonable public notice;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, as follows:
SECTION 1. The Board,pursuant to, and in accordance with,the requirements set forth in
Section 147(f)of the Code,hereby approves the issuance of the Bonds by Florida Housing on behalf
of the County and Florida Housing. The Board has found and determined and hereby declares that
it is in the best interest of the County to enter into an Interlocal Agreement with Florida Housing.
The execution and delivery of the Interlocal Agreement,authorizing Florida Housing to issue
its Florida Housing Multifamily Housing Revenue Bonds, Series [to be determined] to finance the
cost of acquisition, construction and equipping a multifamily residential rental apartment project in
2
RESOLUTION NO. 2002-034
the County, the proposed form of which is attached hereto as Exhibit "B" (the "Interlocal
Agreement") is hereby authorized. The form of the Interlocal Agreement attached hereto as Exhibit
"B" is hereby approved, subject to such changes, insertions and omissions and such filling in of
blanks therein as may be approved and made in such form by the officers of the Board and Florida
Housing executing the same, such execution and delivery to be conclusive evidence of such
approval.
SECTION 2. The Chairman or Vice Chairman and the Clerk or Assistant Clerk of the Board
are hereby authorized and empowered to execute and deliver the Interlocal Agreement, subject to
such changes, modifications, additions, deletions and substitutions as such officers executing the
same shall approve, such execution to be conclusive evidence of such approval and to affix thereto
or impress thereon the seal of the County.
SECTION 3. The Bonds shall not constitute a debt,liability or obligation of the County or
a pledge of the faith and credit of the County, and the County will not be liable on the Bonds,nor
will the Bonds be payable out of any funds other than those pledged and assigned under the
Indenture and the Loan Agreement, pursuant to the terms of which Florida Housing issues the
Bonds.
SECTION 4. It is expressly stated and agreed that the adoption of this Resolution is not a
guaranty, express or implied, that Florida Housing will approve the issuance of the Bonds for the
Project. The Developer shall hold the County, the Board and its past, present and future members,
officers,staff,attorneys,financial advisors and employees harmless from any liability or claim based
upon the failure of Florida Housing to close the transaction and issue the Bonds or any other cause
of action arising from the adoption of this Resolution,the processing of the bond volume allocation
request for the Project, or the issuance of the Bonds. The Developer recognizes that the County's
3
RESOLUTION NO. 2002-034'
Bond Counsel,Bryant,Miller and Olive,P.A.,is assisting the County in this matter and that any fees
and expenses incurred by such counsel shall be paid by the Developer, and that the Developer shall
hold the County harmless from any such fees and expenses.
SECTION 5. The approval given herein is solely for the purpose of satisfying the
requirements of Section 147(f) of the Code and shall not be construed as an approval of any
necessary rezoning application or any regulatory permits required in connection with the issuance
of the Bonds or the construction of the Project, and this Board shall not be construed by virtue of its
adoption of this Resolution to have waived, or be estopped from asserting, any rights or
responsibilities it may have in that regard.
SECTION 6. The Board hereby authorizes staff to assist the Developer in negotiating and
preparing a plan for financing the Project with Florida Housing,which plan shall specifically include
the interlocal agreement herein approved by the County as a precondition to the issuance of the
Bonds by Florida Housing using any bond volume allocation obtained by the County on behalf of
the Developer. The County Administrator,or his designated representative, is hereby authorized to
apply and to reapply,as the case may be,on behalf of the Developer to the State of Florida Division
of Bond Finance for bond volume allocation in an amount not to exceed $1,500,000 for calendar
year 2002.
SECTION 7. All resolutions and orders or parts thereof, of the Board in conflict herewith
are, to the extent of such conflict, hereby modified to the extent of such conflict.
SECTION 8. It is found and determined that all formal actions of the County concerning
and relating to the adoption of this Resolution were taken in an open meeting of the members of this
Board and that all deliberations of the members of this Board and of its committees, if any,which
4
RESOLUTION NO. 2002-034
resulted in such formal action were taken in meetings open to the public, in full compliance with all
legal requirements.
SECTION 9. This resolution shall become effective immediately upon its adoption.
ADOPTED this 4th day of June, 2002.
BOARD OF COUNTY COMMISSIONERS
INDIAN RIVER COUNTY, FLORIDA
CHAIRMAN, Ruth M. Stanbr dge
(SEAL)
ATTEST:
County Clerk
Approved as to form:
ty Attorney
5
EXHIBIT "A"
NOTICE OF PUBLIC HEARING
NOTICE OF PUBLIC HEARING
Notice is hereby given that the Board of County Commissioners of Indian River County,
Florida(the"Commission") and the Florida Housing Finance Corporation(the "Corporation")will
jointly hold and conduct a public hearing to be held on June 4, 2002, at the Indian River County
Commission Chambers at 1840 250'Street, Vero Beach, Florida 32960 regarding the following:
The proposed issuance by either the Commission or the Corporation on behalf of the
Commission of its Multifamily Housing Revenue Bonds(The Palms at Vero Beach Project) Series
[to be determined] in an aggregate principal amount not to exceed $1,500,000 and the proposed
issuance by the Corporation of its Multifamily Housing Revenue Bonds (The Palms at Vero Beach
Project) Series [to be determined] in an aggregate principal amount not to exceed $12,300,000 to
provide financing for a low, moderate and middle income housing project, namely The Palms at
Vero Beach, to consist of 260 units located at the northwest corner of Indian River Blvd. and 12th
Street,Vero Beach,Florida(the"Project"),to be occupied by persons of low, moderate and middle
income and owned and operated by The Palms at Vero Beach Limited, a Florida limited partnership
(the"Owner").
All interested parties are invited to present their comments at the time and place set forth
above.
Persons are advised that,if they decide to appeal any decision made at this hearing,they will
need a record of the proceedings, and for such purpose, they may need to ensure that a verbatim
record of the proceedings is made,which record includes the testimony and evidence upon which
the appeal is to be based.
In accordance with the Americans with Disabilities Act, persons needing a special
accommodation to participate in this proceeding should contact the individual or agency publishing
this notice no later than seven days prior to the proceeding at the address given in this notice.
Telephone:
Board of County Commissioners of Indian River County
General Counsel
Press Journal Thursday, May 23,2002 D 3
1010 Legal Notices 1010 Legal Notices 1010 Legal Notices 1105 Business 1125 Money To Lend 1204 Accounting 1216 Computer/
Opportunities - Information
CLEM,POLACKWICH, NOTICE OF NOTICE OF Systems
VOCELLE&BERG, ANNUAL MEETING OF PUBLIC HEARING �0�1�� WiT T 1<l\T�1T(11\T NOTICE
IN THE CIRCUIT COURT LANDOWNERS OF NOTICE IS HEREBY ,1 jjd�jj\VllJj� To Advertisers INSERTER
FOR INDIAN RIVER ST.JOHNS WATER GIVEN that the Board of The Florida Dept. of �.�•.�. &Readers
COUNTY,FLORIDA CONTROL DISTRICT County Commissioners of Agriculture & Con- 1111V,1plIlU, It is the policy of this Part Time
NOTICE IS HEREBY GIVEN Nights Only
PROBATE DIVISION Indian River Count', Flor- sumer Services.V i C e S. newspaper that all
File No.P-2002-0256 to all owners of land located ida(the"Commission")and administers the Sale , Classified Line Adver-
within the boundaries of St. of Business O ortu- DOII t t fumed
IN RE:ESTATE OF the Florida Housing PP � tisements for employ- Individuals needed
y Johns Water Control District ( P down Sg 1` ment begin with a job to insert preprinted
Elizabeth Goodie Moller, Finance Corporation the nities Act, Chapter `L�
Deceased that, pursuant to the provi- "Corporation") will joinfly 559, Part VII, Florida We Can find the title for which aper- inserts, sections and
NOTICE TO CREDITORS 'ions of Chapter 298,Florida hold and conduct a public Statutes. son is being hired. advertising circulars.
The administration of the Statutes, a meeting of the hearing to be held on June Beginning October 1, loan you need Should you choose to H e a v y I i f t i n g
estate of ELIZABETH GOOD- landowners of St. Johns 4,2002,at 9:00 a.m.at the 1998 this law requires NO 111atfC1 Ol1I begin your ad with involved. Hours
LEY MOLLER,deceased, File Water Control District will be Indian River County Com- non exempt entities y anything other than 7:30pm to 1:30am.
Number P-2002-0256, is held at 9:00 o'clock A. M, mission Chambers at 1840 which sell or lease . situation. the position title, the
pending in the Circuit Court Eastern Daylight,Time, on 25th Sheet, Vero Beach, any products, equip- /f ad.will then default to Apply in person:
for Indian River County,Flori- Tuesday,June 4,2002,at the Florida 32960 regarding Ment,supplies or ser- Get Approved the end of the The Stuart News
do, Probate Division, the offices of the District,.925 the following: vices to a purchaser, for one of our Excellent classification. 1939 S.Fed. Hwy.
address of which is Post SW 122nd Avenue, Vero for the purpose of loan program today. Stuart,34994
Office Box 1028, Vero Beach, Florida, for the pur- The proposed Issuance by starting a business,to ACCOUNTING
Beach,Florida 32961-1028. Pose of electing a Supervisor, either the Commission or disclose certain infor- ff= CLERK AR/AP.
The names and addresses of receiving annual reports,and the Corporation on behalf mation to propective � Private club, Word, "� .
the personal representative transacting such other bus!- of the Commission of its p u r c h near: 8 n d pull(416}732-3791 Excel, Clubsystems/
and the personal representa- ness as may be necessary. Multifamily Housing Reve- include the advertise- DMS software experi-
If any person decides Jo nue Bonds he Palms at ment identification free call. ence helpful. F/f&
buoys attorney are set-forth (T
below appeal any decision with Vero Beach Project) Series number issued by the � � �- _\ benefits.2434348 c/o Equal Opportunity
All creditors of the decedent respect to any matter consid• [to be determined] in an department in all Press Journal, P.O. Employer
Bred at such mooing, such written advertise- ® ® ® Box 1268, Vero
and other persons having aggregate principal Drug Free Workplace
claims or demands against Person will need a record of amount not to exceed ments. For more _ B e a c h F L
decedent's estate, including the proceedings and may 11,500,000 and the pro- information, call the a 111 32961-1268.
unmatured, contingent or need to insure that a verbatim sed issuance b the Cor- Department of Con-
unliquidated claims,.on whom record of the proceedings is dation of its Multifamily sumer Services at d 1, BOOKKEEPER w/
a copy of this notice is served made,Including the testimony Housing Revenue Bonds (800)435-7352. _ construction exp., Do You Have
must file their claims with this and evidence upon which the (The Palms at:Vero Beach office mgmt.Must be
Court WITHIN THE,LATER PP• Project)Series[to be deter- C O N V E N 1 E N T �� r0YC11/Or Computer Skills or
a al is to be based. �p multi-tasked..Ssalary/ p
STORE 1800sf, BOOK
OF 3 MONTHS AFTER THE in accordance with the Amer- mined] in an aggregate +MOrtgefl8 bones. Resume: PO Call Center y qua
icons with Disabilities Act, gale. Vero Beach. Box 6011,Vero 32961 If so,you may qual-
DATE OF THE FIRST PUBLI principal amount not to g695K. Cell DOn •Car loan
CATION OF THIS NOTICE Persons with disabilities exceed '12,300,000 to De for a Form
needing a special acwmmo- Anthony321 453 4200 .Dem "Idabintl0an F/C BOOKKEEPER Designer at ATX. We
OR 30 DAYS. AFTER THE 9 Pa provide financing for a 9
DATE OF SERVICE OF A dation to participate in this low,moderate and middle •Debteaaolidatlofrcloan For Citrus Manage- are seeking visual
proceeding should contact RESTAURANT for newt Co.Salary com- individuals w/
COPY OF THIS NOTICE ON P 9 income housing project, sale. Historic down- mensurate with expe-
the District office not later namely The Palms at Vero town Melbourne. P computer software
than seven days for to the rience. Computer skills to earn $9+/hr
All other creditors of the aY P' Beach, to consist of 260 Retail & office .prop- YOUR SIGNATURE skills in accounting&
to
decedent and'other sons proceeding. at 925 SW units located at the north- to learn nobility s
persons ernes for rent MORTGAGE CORP. office software
havingclaims or demands 122nd Avenue, Vero Beach, west corner of Indian River advance Within this
Florida 32968; telephone Calf 321-863-3002 •GOOD/BAD CREDIT required. Smoke & INC 500
against decedent's estate, P Blvd.and 12th Street,Vero *SELF EMPLOYED drugfree workplace.
including unmatured, contin- number:772-562-9176. Beach, Florida (the - P tax software Company
SURF SHOP Well- -SPECIAL CIRCUM- 772-464-3391
gent or unliquidated claims, Board of Supervisors of "Project'), to be occupied Apply:
g q esteb, Turnkey, STANCES
St.Johns Water by p $40,000 772-370-3900 .QUICK CLOSINGS atxcareerS.com
must file Meir claims with this ons of low,moder-
Control District
court WITHIN 3 MONTHS aro and middle income and PUBLIC NOTICE
AFTER THE DATE OF THE By.s-Michael O'Hoire owned and operated by VERO BEACH 564-0708 L.M.B.B. .
FIRST PUBLICATION OF Secretary The.Palms at Vero Beach R E 8 T A U R A N T 1030 Money Wanted "NOW HIRING" 1220 Domestic Help
THIS NOTICE. May 16,23,2002 Limited, a Florida limited FACILITY For Sale "Federal and Postal
2427762r Jobs WANTED CHILD-
ALL CLAIMS NOT SO FILED partnership(the"Owner). or Lease.Owner very VERO Thus 'Fri Sat
WILL BE FOREVER BARRED. All Interested parties are motivated. Priced CARE for 8 year old
pu P< 200,000 below 8am-7 Tools , house-
The date of the first blim- invited to present their com- s Call the Federal Trade boy.Needed 4 nights
tion of this Notice Is May 16, IN THE CIRCUIT COURT OF P appraisal, Ideal for hold items, fishing
meats of the time and lace Commission toll-free weekly. In family set-
2002. THE NINETEENTH JUDICIAL set forth above. Seafood, Steak Poles&tackle,stereo at1-877 FTC-HELP to ting for working
Personal Representative: CIRCUIT IN AND FOR house, Sports Bar, equipment, lots of
Persons,ars advised Mat,if find out how to avoid mom.581-1965
miscellaneous.
Northern Trust Bank. INDIAN RIVER COUNTY, they decide to appeal any BBQ, Buffet, Night job placement scams.
of Florida,N.A. FLORIDA decision made at this hew- Club or .Corporate Something for every- OR visit www.ftemes- 1224 Drivers/
Venture. Rt. 60, Vero one. 811 26th Ave.
By:-s•Kevin E.Brown Case No.2001-0580-CA 13 Ing,they will need ar«wd A public service nes- Transportation
Second Vice-President Civil Division of the proceedings,and for Beach, .02 mi. from WANTED$60,000 sage from The Trea
Post Office Box 644394 MARVIN SWANK and such purpose,.they may 195. Th acres, 6,000 Safe. & Secured by sure Coast Newspa- DISTRIBUTION
Vero Beach,Florida JUDY SWANK, as Co- " need to ensue that a ver- sq ft, 230. seats, 90 home in Vero Beach per Group CO-ORDINATOR/
32964-4394 Personal Representatives of batim record of this pro- parking, f u I I y 10-12%.Monthly Pay-
Attorney for the Estate of THOMAS R. ceedings Is made, which equipped. Turnkey. ments.2-5 year term. 1212 ClericaMr. DRIVER
Personal Represantatim CADENHEAD a/k/a THC- record includes the testi- Must Be Seen. Cal[ Home Value $87,500.
-s-Chester Clem,Esquire MAS R. CADENHEAD, JR. many and evidence upon 772-467-9280 7712-532-0029 ADMIN. ASST)SEC- Part Time
Attorney o/k/a THOMAS RODNEY which the appeal is to be RETARY Up to $600 STUART
Florida Bar No.014060 CADENHEAD,JR.,Deceased, ba5ed• Call CLASSIFIEDI! Make your garage sale a wk. Self-confident
Clem,Polackwich,Vocelle and as Co-Personal Repro- a resounding success... in your abilities,work
&Berg,L L.P. sentatives of the Estate of In accordance with the WORK from home. Advertise it in the independently, gram- The Stuart News is
3333 20th Street DorothyA. Cadenhead, Americans with Disabilities Be our own Bo$$1 Classifiedsl y mar, punctuation & searching fora part-
Vero Beach,Florida Deceased, Act, persons.needing a First, call the Federal spelling skills a must. time CDL driver to
32960-2469 Plaintiffs, special accommodation to Trade Commission to Creative writing back- deliver newspapers
Telephone:772-562-8111 v. participate In this proceed- find out how to spot ground a plus. Dicta- and other products to
May 16,23,2002 VAN HUNTER Ing should contact the indi- w o r k-a t-h o m e 20 O phone transcription area distribution
2427568r CADENHEAD, vidual or agency publish- schemes. 1-877-FTC- requirement w/short centers/other news-
Defendant. Ing this notice no later than HELP. A message hand an advantage. papers facilities.Posi-
NOTICE OF ACTION seven days prior to the from the Treasure EMPLOYMENT Exc organizational tion requires heavy
PETER JORGENSEN,ESQ. TO: Van Hunter Cadenhead proceeding at the address Coast Newspaper ability w/strong com- loading,lifting,push-
IN THE CIRCUIT COURT and all unknown parties who given In this notice. Tele- Group and the FTC 1204 Accounting puter skills: Power- ing and pulling. Days
FOR THE 19TH are or may be interested in phone:567-8000x1223. 1208 Banking/Financial Point exp. helpful. and weekdays, early
JUDICIAL CIRCUIT IN the subject matter of this INDIAN RIVER COUNTY 1110 Investment 1212 Clerical/Office Top benefits. Fax to morning until done.
AND FOR muse and who may claim by, BOARD OF COUNTY 1216 Computer/Information
h, under, or against COMMISSIONERS Customer Service
Systems president 772-569- Position will serve as
INDIAN RIVER COUNTY, throw 1218 CSice 6912 Vero vacation relief for
FLORIDA Van g g Hunter Cadenhead, as PUBLISHED: MAY 23, WANTED X60,000 1220 Domestic Help night and weekend
CASE#2002065CA13 heirs, devisees, grantees, 2002 Safe & Secured by 1224 Drivers/ Call CLASSIFIED!! shifts as needed.
ASSIGNED TO assignees, lienors, creditors, 2436312 Transportation Good mathematical
g home in Vero Beach
ROBERTA HAWLEY trustees,or other claimants of 0 1228 Engineering ADMINISTRATIVE and Organizational
R.SCOTT TAYLOR, menu...Monthly Pay- 1232 General Employment
Van Hunter Cadenhead P Sales Assistant: skills and lift truck
Plaintiff YOU ARE NOTIFIED that an GOULD,COOKSEY, meats. al year term. 1236 IndustrialHotel/MoResort Series 7 referred but experience a plus. A
.. Home Value $87.500. 1240 Industrial � P
EXHIBIT "B"
FORM OF INTERLOCAL AGREEMENT
7
INTERLOCAL AGREEMENT
This INTERLOCAL AGREEMENT ("Agreement"), is made as of this 4`h of June, 2002,
by and between the FLORIDA HOUSING FINANCE CORPORATION, a public corporation,
public instrumentality and public body corporate and politic organized and existing under the
laws of the State of Florida(hereinafter referred to as"FHFC"), and INDIAN RIVER COUNTY,
FLORIDA, a political subdivision of the State of Florida(the"County").
WITNESSETH:
WHEREAS, FHFC is created pursuant to Chapter 420, Florida Statutes, for the purposes
of providing and promoting the public welfare by administering the governmental function of
financing and refinancing housing and related facilities in Florida and alleviating the shortage of
housing available to persons and families of low, moderate and middle income; and
WHEREAS,the Board of County Commissioners of the County has not created a Housing
Finance Authority pursuant to Part IV of Chapter 159, Florida Statutes to operate in the County,
but is exercising the powers of Chapter 125, Florida Statutes, in connection with programs for
housing; and
WHEREAS, pursuant to Section 146 of the Internal Revenue Code of 1986, as amended,
the amount of private activity bonds, including those issued to finance qualified residential rental
projects, which may be issued by governmental units in any calendar year is limited, and is
available for allocation by the Division of Bond Finance of the Florida State Board of
Administration (the "Division")to issuers within the State in accordance with Part VI of Chapter
159,Florida Statutes; and
WHEREAS, it is the purpose and intent of this Agreement, pursuant to the Florida
Interlocal Cooperation Act of 1969 (the "Cooperation Act") to permit the County and FHFC to
make the most efficient use of their respective powers, resources and capabilities by enabling
them to cooperate on the basis of mutual advantage and thereby to provide the facilities provided
for herein in the manner that will best utilize existing resources available to each of them; and
WHEREAS, it is the purpose of the Cooperation Act to provide for a means by which the
County and FHFC may exercise their respective powers, privileges and authorities which they
share in common and which each might exercise separately; and
WHEREAS, FHFC proposes to issue revenue Bonds for the purpose of financing a
Page 1 of 5
qualified residential rental project known as The Palms at Vero Beach Apartments to be located
within the geographic boundaries of the County; and
WHEREAS, the acquisition, construction and equipping of such qualified residential
rental project in cooperation with the County complies with and will further the purposes for
which FHFC was created; and
WHEREAS, FHFC has determined to allocate certain of the private activity bond
limitation available to it to the particular qualified residential rental project known as the The
Palms at Vero Beach Apartments, which amount is not sufficient to fully finance the acquisition,
construction and equipping of such project, and
WHEREAS, the County has likewise determined to assist in the financing of such project,
so long as the financing of the full project is undertaken; and
WHEREAS, the County and FHFC have ascertained that the most efficient and cost
effective method for providing for the allocation of the respective amounts of private activity
bond limit and for issuing the bonds allocable thereto is for FHFC to issue its bonds utilizing the
private activity bond limit contributed by it and the private activity bond limit contributed by the
County for and on behalf of the County; and
WHEREAS, the County and FHFC wish by this Agreement to provide for the issuance by
FHFC of its obligations by and on behalf of the County in the manner provided herein in order to
further the purposes stated herein;
NOW, THEREFORE, in consideration of the mutual covenants of this Agreement, the
County and FHFC agree as follows:
SECTION 1. County Private Activity Allocation. The parties hereby agree that the
qualified private activity bonds related to the private activity bond limit contributed by the
County shall be issued by FHFC in the same manner as are the FHFC private activity bonds for
such project. The provisions of all such bonds relating to payment, security, refinancing and all
other customary financial terms shall be the same without regard to the source of the private
activity bond limit.
SECTION 2. All Necessary Action. The parties hereto agree that they will, individually or
jointly, take all action within their respective powers, necessary, desirable or required by the
Division in order to preserve the private activity bond limit for use in financing the project and to
assure the exemption of interest on the bonds from Federal income taxation.
SECTION 3. Reversion of Private Activity Bond Limit. In the event that the financing of
the project does not proceed for reasons that are beyond the control of the County and the
developer of the project, The Palms at Vero Beach Limited Partnership (the "Developer), then
FHFC agrees that this Agreement will terminate on the day such financing is formally abandoned
in writing by the Developer, without any further action on the part of the County revert to the
Page 2 of 5
control and use of the County to the extent permitted by Chapter 159, Florida Statutes. FHFC
agrees to take all action necessary or desirable in giving effect to this provision so as to preserve
the private activity bond limit previously allocated to the County for the use and benefit of the
citizens of the State of Florida and,particularly, Indian River County.
FHFC is hereby specifically authorized by the County to commence a bond validation
proceeding under Chapter 75, Florida Statutes, on behalf of itself and the County, provided such
proceeding is commenced prior to the date that is no more than 145 days after the date the County
received a confirmation of allocation from the Division of Bond Finance, or October 28, 2002,
whichever date is later.
SECTION 4. Term. Unless extended by mutual agreement of the County and FHFC, or
unless sooner terminated as provided in this Agreement, this Agreement shall expire at such time
as the bonds contemplated hereby shall be fully paid or provisions shall be made for the payment
of all of such bonds as provided therein and in the proceedings authorizing the sale thereof.
[Remainder of page left intentionally blank]
Page 3 of 5
IN WITNESS WHEREOF, the parties hereto have entered into this Interlocal Agreement
as of the day and year first above written.
INDIAN RIVER COUNTY,FLORIDA
By: �' �•
Chair , Ruth M. StanbA dge
(SEAL) BCC Approved: June 4, 2002
ST:
(2
Clerk
Appr ved as to form and legal sufficiency:
ounty Attorney
STATE OF FLORIDA
COUNTY OF INDIAN RIVER
The foregoing instrument was acknowledged before me by Ruth M. Stanbri dge and
Phi RIGID TA. filDG LY Chair and,° Jerk, respectively, of the BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, on behalf of the County this
4th day of June 2002
Notary PubYic
My Commission Expires:
tiffs+" Kimbery E.Massung
MY COMMISSION#CC855436 EXPIRES
�. , 3uly 15,2003
x}gid•' IONDED THRU TROY FAIN INSURANCE,INC
Page 4 of 5
FLORIDA HOUSING FINANCE
CORPORATION
By:
(SEAL)
ATTEST:
STATE OF FLORIDA
COUNTY OF LEON
The foregoing instrument was acknowledged before me by ,
and respectively, of
FLORIDA HOUSING FINANCE CORPORATION, on behalf of FHFC, this day of
—' 200—.
Notary Public
My Commission Expires:
Page 5 of 5
Not to Sballe
UNPLATTM
N g
36TH AYME
1300*
FAd
UNPLATTTT)
XEast Line of East 10 Acre@
_U0 LEGAL DESCRIPTION
_1 A forty—foot wide strip of land lying 20 feet on each side of aline beginning at the North right—of—way line of
I 45th Street (North Gifford Road) and running North, parallel with and 158 feet West of, the East line of the East
10 acres of the South 1/2 of the Southwest 1/4 of Section 22, Township 32 South, Range 39 East, the said line
terminating at the South right—of—way line of 47th Street.
Lying in Indian River County, Florida.
CERflF1CAMON 3
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1, Charles A. Cramer, hereby certify that I am a registered Professional Surveyor and Mapper licensed to practice in the state
of Florida, that this sketch was made under my immediate supervision, and that it is accurate and correct. I further certify a
that this sketch meets the Minimum Technical standards as described in Chapter 61G17 of the Florida Administrative Code,
pursuant to F.S. Chapter 472.
PREPARED FOR INDIAN RMM COUNTY
DEPARTMENT OF PUSUC WORKS o
S/ �x t►rt�c.�. THIS IS NOT A SURVEY 9
Charles A. Cramer, P.S.M. Reg. #4094 1840 25th St, Vero Beach, FL 32960 SKETCH TO ACCOMPANY LEGAL DESCRIPTION <
Indian River County Surveyor (407) 567-8000 Dote :�i_Ja.� /99G