HomeMy WebLinkAbout2025-018RESOLUTION 2025- 018
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA,
APPROVING INDIAN RIVER COUNTY AS AN AREA OF
OPERATION FOR THE ST LUCIE COUNTY HOUSING
FINANCE AUTHORITY WITH RESPECT TO THE FINANCING
OR REFINANCING BY THE AUTHORITY OF THE
ACQUISITION, UPGRADING, RECONDITIONING,
REHABILITATING, IMPROVING AND BEAUTIFYING OF A
MULTI -FAMILY HOUSING FACILITY LOCATED IN INDIAN
RIVER COUNTY; PROVIDING FOR REPEAL OF
CONFLICTING PROVISIONS; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, Part IV of Chapter 159, Florida Statutes authorizes the creation of housing
finance authorities within the State of Florida with the authority to issue revenue bonds to assist in
relieving the shortage of housing available at prices or rentals which many persons and families
can afford; and
WHEREAS, Indian River County has been approached by a low-income housing provider
desiring to upgrade, rehabilitate, and otherwise improve a local apartment complex, known as
Orchard Grove Apartments; and
WHEREAS, The Housing Finance Authority of St. Lucie County, Florida (the "Authority")
has previously issued certain project specific bonds; and
WHEREAS, pursuant to the authority of Section 159.603, Florida Statutes and in order to
increase operational efficiencies, provide for a wider allocation of fixed expenses, and gain
economies of scale in order to decrease the cost of borrowing, the Authority has from time to time
been granted area of operation authority pursuant to official action of the governing bodies of the
participating counties to fund the refurbishment of low income housing located within such
participating counties, and
WHEREAS, Indian River County wishes to secure the benefits of the Authority's programs
to benefit the citizens and residents of Indian River County by authorizing this grant of area of
operation authority to the Authority for this specific project.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA:
Section 1. The Authority is hereby granted area of operation authority, pursuant to Section
159.603, Florida Statutes, to operate within Indian River County for the purpose of financing or
refinancing the costs of acquiring, upgrading, reconditioning, rehabilitating, improving and
beautification by Vero Beach Leased Housing Associates IV, LLLP, a Minnesota limited liability
limited partnership, or its affiliate or subordinate corporation (as applicable, the "Company"), or a
limited liability company of which the Company is the managing member or a limited partnership
RESOLUTION 2025- 018
of which the Company is the general partner, of an existing multifamily rental housing facility
presently containing 234 units known as Orchard Grove Apartments, located at 1810 Woodland
Circle, Vero Beach, Florida 32967, to provide residential rental housing facilities for persons of
very low, low, middle, and moderate income.
Section 2. Term. The "area of operation" authority granted to the Authority shall continue
until such time as it may be terminated by Resolution of the Board upon not less than ten (10) days
written notice to the Authority.
Section 3. Repealing Clause. All resolutions or parts thereof of the Board in conflict with
the provisions herein contained are, to the extent of such conflict, hereby superseded and repealed.
The resolution was moved for adoption by Commissioner Adams , and the motion
was seconded by Commissioner F1 etcher , and, upon being put to a vote, the vote was
as follows:
Chairman Joseph E. Flescher
AYE
Vice Chairman Deryl Loar
AYE
Commissioner Joseph H. Earman
AYE
Commissioner Susan Adams
AY
Commissioner Laura Moss
AYE
The Chairman thereupon declared the resolution duly passed and adopted this 6th day
of May 2025.
BOARD OF COUNTY COMMISSIONERS
INDIAN RIVER COUNTY, FLORIDA "
Joseph E. Flescher,
Attest: Ryan L. Butler, Clerk of Circuit
ourt and Com troller
By: Gtr
Deputy Clerk
Approved as to form
and legal sufficiency:
By
hr' pher A. Hicks
Assistant County Attorney