HomeMy WebLinkAbout2001-043 RESOLUTION NO. 2001-043
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 $11,500,000 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$11,500,000 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$8,101,977,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 of acquisition,
RESOLUTION NO. 2001-043
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' 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 April 10,2001,notice of which hearing
was published on March 22,2001,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 ofitself 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(0 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.
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i
RESOLUTION NO. 2001-043
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 the County,the
proposed form ofwhich 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 ofany 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
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RESOLUTION 2001-043
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 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 2001 and 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.
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RESOLUTION 2001-043
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 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_19th day of April, 2001.
BOARD OF COUNTY COMMISSIONERS
INDIAN RIVER COUNTY, FLORIDA
By: �x
CHAIRMAN, Caroline D. inn
(SEAL)
ATTEST: J.K. BARTON
CLERK CIRCUIT COURT
Co ty Clerk
Approved as to form:
County orney
5
EXHIBIT "A"
NOTICE OF PUBLIC HEARING
L LJ
INTERLOCAL AGREEMENT
This INTERLOCAL AGREEMENT ("Agreement'), is made as of this 13th
day o
April , 2001, by and between the FLORIDA HOUSING FINANCE CORPORA ION,
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 ofhousing 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 ofprivate 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 qualified
residential rental project known as The Palms at Vero Beach Apartments to be located within the
geographic boundaries of the County; and
Page 1 of 5
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 ofprivate 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 mannerprovided 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 term
be the same without regard to the source of the private activity bond limit. s shall
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 which is no more than 85 days after the County receives a
confirmation from the Division of Bond Finance for the allocation as contemplated herein and the private
activity bond limit shall,without any further action on the part of the County or the Developer,revert to
the control and use of the County. 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
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the use and benefit of the citizens of the State of Florida and,particularly, Indian River County.
proceeding under Chapter 75, Florida Statutes, on behalf of
FHFC is hereby specifically authorized by the County to commence a bond validation
proceeding is commenced prior to the date that is no in itself and the County, provided such
ore than 145 days after the date the County
received a confirmation of allocation from the Division of Bond Finance, which date is
, 200—
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
contemplated hereby shall be fully paid or provisions shall be made for the payment of all of such bonds 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: i�.�c0�..
(SEAL) Chair, Caroline�DGinn
JX BARTON
ATTEST: CLERK C{R' IT COURT
C1
Approved as to form and legal sufficiency:
County A 44mey
STATE OF FLORIDA
COUNTY OF INDIAN RIVER
The foregoing instrument was acknowle ed before me by Caroline D. Ginn
PATRICIA "PJ"JONESChair and Clerk, respectively, of the BOARD OF COUNand
TY
COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, on behalf of the County this 10th
day of Apri 1 2001.
Notary Public
My Commission Expires:
iM'r�4r., Kimberly E.Massung
.: MY COMMISSION#CC655436 EXPIRES
July 15, 1003
BONDED 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
, 200— day of
Notary Public
My Commission Expires:
Page 5 of 5
PRESS JOURNAL J
INDIAN RIVER COUNTY, FLORIDA
scxr>Pes xouvanD 1801 U.S. 1, Vero Beach, FL 32960
d s;
AFFIDAVIT OF PUBLICATION
STATE OF FLORIDA
COUNTY OF INDIAN RIVER
Before the undersigned authority personally appeared, Darryl K. Hicks, who on oath says that he is President NOTICE OF PUBLIC HEARING
of the Press Journal, a daily newspaper published at Vero Beach in Indian River County, Florida; that the
attached copy of advertisement was published in the Press Journal in the following issues below. Affiant Notice isoust
further says that the said Press Journal is a newspaper published at Vero Beach in said Indian River Count hereby given that the
Board of County Commission of
Florida and that the said newspaper has heretofore been continuous) Indian River County, Florida
County, (the "Commission") and the
Florida daily and distributed in Indian River County, Florida, for y published in said Indian River County, Florida Housing Finance Cor
the first period of one year next precedingthe Pora}jon (the "Corporation"
publication of attached copy of advertisement; and affiant further says that he has neither Daid will jointly hold and conduct;
public hearing to
nor promised any person, firm or corporation any discount, rebate, commission or refund for the ur ose County Co
be held e
of securing this advertisement for publication in the said newspaper. The Press Journal has been entered p p the Indian River CouApril l0,2001 at 9:05 a m
as second class matter at the Post Office in Vero Beach, Indian River County, Florida and has been for a period mission Chambers at, Fl 2'
of one year next preceding the first publication of the attached copy of advertisement. Street,2960 garVerBeach, Fbr,
32960 regarding the followi
The proposed issuance
either the Commission or`
Ad # Name Corporation on behalf ofs
Date Price Per C?\! Commission of its Multifo
PO # Housing Revenue, Bonds i
Palms at Vero Beach Pry
2112017 Series Ito be determined]I
I.R.C. Attorney 03/27/2001 aggregate principal amoul
$63.94 to exceed '1,500,000 art
Total $63.94 Proposed issuance by th
poration of its Multif
Housing Revenue Bondi
Palms at Vero Beach p
Series Ito be determinedL.-
aggregate principal omq
to exceed'11,500,000,(
vide financing for a low
erate and middle incomt
ing project, namely The
at Vero Beach, to cot
260 units located at th
west comer of Indiai
Blvd. and 12th Stree
Beach, Florida (the "F
to be occupied by pe
low, moderate and.a
income and owned at
oted by The Palms
Beach Limited,a Florid
Subscribed and sworn to me before this date: partnership(the"own,
All interested parties a
to present their comme♦
time and place set fortt/
03/26/2001 Persons are advised thALa
decide to appeal ant
made of this hearing,
SHEILA M.i'UTf'LL.NOT'AIff oUf;LIC need a record of the
State of Florida,My Commission Exp.Ioil,/200, ings,and for such purl
Commission Number.CC676927 may need to ensure tl
batim record of the
---------------------
-T —7 ings is made, whi4
Signed: .�.4s1�/_ includes the testimon)
Notary:SHEILA M.TUTTLE donee upon which the
to be based.
In accordance with L r
-------------- _______ cans with Disabilitief
Notary Public sons needing a spec
modation to partici i,
proceeding should r
�
individual or agen�LA M! T(V this noticeno later
T
days prior to the per
=, the address given in
' Telephone:567-80
my Comm,Expires County Coma
Z Oct.1 f,2QQ1 e of Indian Rive
v COfnm.No.CC676927.- `
March 27,2001
9AGB�/0 'T OF��oQ`
S�A�-
EXHIBIT 'B"
FORM OF INTERLOCAL AGREEMENT