HomeMy WebLinkAbout1999-122F.
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RESOLUTION NO. 99- 122
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 $9,100,000 MUL'T'IFAMILY HOUSING
REVENUE BONDS FOR THE BENEFIT OF WALKER AVENUE CLUB, LTD,
A FLORIDA LIMITED PARTNERSHIP; APPROVING THE ISSUANCE BY TI -IE
FLORIDA HOUSING FINANCE CORPORATION OF ITS MULTIFAMILY
HOUSING REVENUE BONDS (WALKER AVENUE APARTMENTS PROJECT)
IN THE AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED $9,100,000
ON BEHALF OF ITSELF AND INDIAN RIVER COUNTY TO PROVIDE FUNDS
TO FINANCE A MULTIFAMILY HOUSING PROJECT; 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, Walker Avenue Club, Ltd., 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 $1,600,000, to be used by Florida Housing in combination with Florida 1-10using's
bond volume allocation in an amount not to exceed $7,500,000, in one or more series, and issue
Florida Housing's Multifamily Housing Revenue Bonds, Series [to be determined] (Walker Avenue
Club Apartments Project) (the "Bonds"), the proceeds of which would be used to (i) pay or reimburse
the Developer for the cost of acquisition, construction and equipping a multifamily residential rental
apartment project, comprised of the Walker Avenue Club Apartments which will consist of 172
residential units to be occupied by persons of low, moderate and middle income, located on 26"'
Street between 66' and 75" Avenues, particularly 6900 260' 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 November 16, 1999, notice of which
hearing was published on November 1, 1999, in the Press Jou nal (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. In granting such approval, the Board understands that prior to
Florida Housing's use of any bond volume allocation obtained to finance the Project for the
Developer by the County, that Florida Housing will enter into an interlocal agreement with the
County, the form and terms of which shall be subsequently approved by the Board, and executed and
delivered by the Board and Florida Housing prior to the use by Florida Housing of the County's bond
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volume allocation. The Developer has agreed to coordinate all efforts required with Florida Housing
in order to obtain approval by Florida Housing of an interlocal agreement acceptable to the County.
SECTION 2. 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 3. 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
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 4. The approval given herein is solely for the purpose of satisfying the
requirements of Section 147(0 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 5. The Board hereby authorizes stall'to negotiate and prepare for subsequent
approval by the Board of a plan for financing the Project with Florida Housing, which plan shall
specifically include the interlocal agreement to be subsequently 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 its 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 $1,600,000.
SECTION 6. 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 7. It is found and determined that all formal actions of this Authority 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.
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EXHIBIT "A"
NOTICE OF PUBLIC HEARING
PRESS -JOURNAL
Published Daily
Vero Beach, Indian River County, Florida
COUNTY OF INDIAN RIVER: STATE OF FLORIDA
Before the etndersigned authority personally appeared Darryl K. Hicks who on
oath says that he is President of the Press,loumal, a daily newspaper published at Vero Beach
in Indian River County, Florida; that the attached copy of advertisement, being
in the matter of ham) L 0,' n :1, L,b\ (.1
IJ
in the
Iished In sold newspaper in the Issues of ���Y �X�� %l tr I t 1 171(1(i
Court, was pub-
Affiant further says that the said Press,loumal is a newspaper published at Vero Beach, in
said Indian Rh1er County, Florida, and that the saki newspaper has heretofore been
continuously published in said Indian Rfver County, Florida, each daily and has been entered as
second dasa and matter at the post office in Vero Beach, In said Indian River County, Florida,
fora period of one year next preceding the fist publication of the attached copy of
advertisement; and affiant further says that he has neither paid nor promised any person, firm
or corporation any discount, rebate, commission or refund for the purpose of securing this
athrertaertent for publication in sok! newspaper.
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RHO A STANG
(SEAL) o Nary Public, State of Florida
r ... _.... • p`� ,.�My Commission Exp. Jan. 01, 2001
-.fl 1C. S AtiS= ,' Comm. No. CC 61
^�• "'' Personally Known Cor Produced ID 0
Type of 110 Produced
NONCE OF PUBLIC HEARING
Neuce s hereby given that the
Board of County Commissioners of
tnd.on River County, Florida (the
"Commission") and the Florida
Housing Finance Corporation (the
"Corporations") will jointly hold
and conduct a public hewing to be
held on November 16, 1999 at
9:00 a.m. of the Indian River
County Commission Chambers of
1810 25th Sheet, Vero Beach,
Florida 32960 regarding- the
following:
The proposed issuance -by either
the Commission w IM Corporgflon
on behalf of the Ciimmtftign of its
Pro(ect) Series (to be deht'mined) In
an aggregate principal 6inount not
to exceed '11,600,000.1n one or
more sales, and the proposed issu.
once by the Corporation of Be Mul•
telfy�
Nfo;Housing Pave" '"s
(Wa1k�F'?Avrfnue' Apartments
Project)'19" Sokts B in an oggre-
gate' principal amount not to
exceed '7,500,000 In one w more
series, to p.rovide financing fw o�
iovi�W_hrwe, andniddle. Yrroae
hgw!n,9 pr4iorA!bn6fy 1M Walker'
Avenue-Aporlinerdi, to coroM of
172 units located on 76th' Sleet
between 66th and 75th Aratues,'
Vero B90ch. fktrida (he'Rtohct'), i
to W occupiedby of low, t
moderate and middle t o6wile.ind
6wried aid :opaefed by WaWat
Avenue Club, lld, a. Florida Iimilid
tsarfiashio 8be •Ovmer" l.: .'.
.199y
*odes the Testimony
• upon which the
Rfih ti r Americans 17
g;ap" geoonertodction "to .
parllcipde;; in :Ihts pr«eeding
shouW;corlact ,The Individual •a
agency pubiishi4 ". rtoliq no
later than seveng'a
days r`b Ne
proceeding ai #w address given in
this notice. Telephone: (561)
567.8000.
Board of County Commissioners
of Indian River County
General Counsel
November I, 1999 I787981r
GO
SECTION S. This resolution shall become effective immediately upon its adoption
ADOPTED this 16'h day of November, 1999.
ATTEST:
County erk
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BOARD OF COUNTY COMMISSIONERS
INDIAN RIVER COUNTY, FLORIDA
AIRMAN, Kenneth R. Macht