HomeMy WebLinkAbout2025-023RESOLUTION 2025- 023
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF
INDIAN RIVER COUNTY, FLORIDA, APPROVING THE ISSUANCE BY THE
HOUSING FINANCE AUTHORITY OF ST. LUCIE COUNTY, FLORIDA OF
ITS NOT TO EXCEED $28,000,000 MULTIFAMILY HOUSING REVENUE
BONDS (ORCHARD GROVE APARTMENTS), SERIES [TO BE
DETERMINED] FOR THE BENEFIT OF VERO BEACH LEASED HOUSING
ASSOCIATES IV, LLLP, OR ITS AFFILIATE, TO PROVIDE FUNDS TO
FINANCE OR REFINANCE A MULTIFAMILY RESIDENTIAL RENTAL
PROJECT; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the Housing Finance Authority of St. Lucie County, Florida (the "Authority")
is a public body corporate and politic, duly organized and existing under the provisions of Chapter
159, Part IV, Florida Statutes, as amended and supplemented, which has been granted by
Resolution 2025-018 adopted by the Board of County Commissioners on May 6, 2025 "area of
operation" authority within Indian River County with respect to the financing of the Orchard Grove
Apartments, a multifamily residential rental facility development (as hereinafter identified); and
WHEREAS, Vero Beach Leased Housing Associates IV, LLLP, a Florida limited liability
limited partnership, or one of its affiliates (the `Borrower"), has requested the Authority to issue
its Multifamily Housing Revenue Bonds (Orchard Grove Apartments) (the "Bonds"), the proceeds
of which would be used to (i) pay or reimburse the Borrower for the cost of acquiring, upgrading,
reconditioning, rehabilitating, improving and beautification of an existing multifamily residential
rental apartment project known as Orchard Grove Apartments (the "Orchard Grove Apartments
Development"), which will consist of 234 residential units, at least 40% of such units are to be
occupied by persons of low and moderate income, whose income does not exceed 60% of the area
median income, located at 1810 Woodland Circle, Vero Beach, Florida (the "Project Location");
RESOLUTION 2025- 023
(ii) fund a debt service reserve fund for the Bonds, if required; and (iii) pay a portion of the costs
of issuance of the Bonds; and
WHEREAS, the County Commission conducted a public hearing on June 3, 2025, notice
of which hearing was published on May 23, 2025 in the Indian River 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 the Authority, 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 of County Commissioners of Indian River County, Florida (the "Board"), as the
"applicable elected representative" under Section 147(f) after a public hearing following
reasonable public notice; and
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 the Authority, in one or
more series at one or more times.
Section 2. The Bonds shall not constitute a debt, liability or obligation of the County, the
State of Florida (the "State") or any political subdivision or agency thereof other than the
Authority, or a pledge of the faith and credit of the Authority, the County, the State or of any
political subdivision or agency thereof, and neither the Authority, the County, the State nor any
political subdivision or agency thereof will be liable on the Bonds, nor will the Bonds be payable
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RESOLUTION 2025- 023
out of any funds other than those pledged and assigned under the Indentures and the Loan
Agreements.
Section 3. 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 4. The approval given herein is solely for the purpose of approving the project, the
plan of finance, and the bonds herein described. The Board reserves the right to consent to any
additional project to be financed within the jurisdictional limits of the County upon such terms as
it shall deem appropriate and to adopt and amend policies applicable to obtaining such consents.
Section 5. It is a condition of the approval given herein that a Land Use Restriction
Agreement with a Qualified Project Period of not less than thirty-five years be executed and
delivered in connection with the issuance of the bonds described herein.
The foregoing resolution was moved for adoption by Commissioner Adams
and seconded by Commissioner F 1 e s the r , and upon being put to a vote, the vote was
as follows:
Chairman Joseph E. Flescher
AYE
Vice Chairman Deryl Loar
AYE
Commissioner Joe Earman
AYE
Commissioner Susan Adams
AYE
Commissioner Laura Moss
AYE
RESOLUTION 2025- 023
The Chairman thereupon declared the resolution duly passed and adopted this 3`d day of
June, 2025.
BOARD OF COUNTY OMMISSIONERS
INDIAN RIVER COUNTY, FLORIDA
By: -
Jos ph E. Flesc er, Chairman
•• �,�MISSj�`
ATTEST: Ryan L. Butler, Clerk of ; •'c�. !'F "•.,
Circuit Court and Comptro.
B � Q e
y: L a oma•
Deputy ClerkAv
�?o t �+�•.-�•'
GL1yiL%%��
By:
John A. Titkanich. Jr.
County Administrator
Approved as to form and legal sufficiency:
By:
C 'stopher A. Hicks
ssistant County Attorney
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RESOLUTION 2025- 023
EXHIBIT A
NOTICE OF PUBLIC HEARING
For the purpose of Section 147(f) of the Internal Revenue Code of 1986, as amended, notice
is hereby given that the Board of County Commissioners of Indian River County, Florida (the
"County") will hold a public hearing to be held on June 3, 2025, beginning at 9:15 a.m. or as soon
thereafter as such matters may be heard, in the County Commission Chambers located at 1801
27th Street, Vero Beach, Florida 32960, to consider a plan of finance for the issuance of a series
of bonds by the Housing Finance Authority of St. Lucie County, Florida (the "Authority") for the
following purpose:
The proposed issuance by the Authority of its Multifamily Housing Revenue Bonds, in an
aggregate principal amount of not to exceed $28,000,000.00 in one or more installments or series
of tax-exempt bonds, notes or other obligations, to provide financing for the acquisition and
rehabilitation of Orchard Grove Apartments, an existing multifamily rental housing facility
presently containing of 234 units on approximately 28.8 acres located at 1810 Woodland Circle,
Vero Beach, Florida 32967, to be occupied by persons of low to moderate income and to be owned
and operated by Vero Beach Leased Housing Associates IV, LLLP a Florida limited liability
limited partnership, and/or its affiliates (the "Borrower").
The Bonds, when issued, will be special, limited obligations of the Authority payable solely
out of the revenues derived from a financing agreement with the Borrower. The Bonds and interest
thereon shall never pledge the taxing power, or constitute the debt or indebtedness of the County,
the Authority, St. Lucie County, Florida, the State or any other political subdivision, public agency
or municipality thereof within the meaning of any constitutional or statutory prohibition. The
Authority has no taxing power.
At the time and place fixed for said public hearing all who appear will be given an
opportunity to express their views for or against the proposal to approve said Bonds and the plan
of finance, including the Project listed above. Prior to said public hearing, written comments may
be delivered to County Attorney, Indian River County Administrative Office, 1801 27th Street,
Vero Beach, Florida 32960. All persons are advised that, if they decide to appeal any decision
made by the County with respect to any matter considered at this meeting, 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. All interested persons are invited to present their comments at the time and place set
forth above.
Pursuant to the Americans with Disabilities Act, persons needing special accommodation
to attend the hearing must contact the County at (772) 226-1223 at least five (5) business days
prior to the hearing.
Indian River County, Florida
May 21, 2025