| | | | | | | |  | ITEM 2.
PUBLIC HEARING - 9:30 AM |
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| | | | | | | | | DATE: | May 21, 2019
| | DEPARTMENT: | Community Development
| | REQUESTER: | David Loveland
| | TITLE: | Authorize Issuance of Housing Finance Authority Revenue Bonds for Venetian Walk II |
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| | | | | | | | | I. | MOTION REQUESTED | | | Adopt a Resolution approving the issuance of Multi-Family Mortgage Revenue Bonds Series 2019 by the Housing Finance Authority of Lee County.
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| | | | | | | | | II. | ITEM SUMMARY | | | Adoption will allow the Housing Finance Authority of Lee County to issue its Mortgage Revenue Bonds in the amount not to exceed $6,000,000 for Venetian Walk II, a multifamily project in Venice, FL. Ratification of such action by Lee County BOCC is required under Chapter 159, F.S. There are no financial or administrative costs to Lee County BOCC.
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| | | | | | | | | III. | BACKGROUND AND IMPLICATIONS OF ACTION |
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| | | | | | | | | | A) | Board Action and Other History | | | | Purpose of the Housing Finance Authority of Lee County (“HFA”): The HFA was created in 1981 by the Lee County Board of County Commissioners in response to the shortage of affordable housing and deficiency in capital investment in such housing. The HFA encourages private investment and stimulation of construction and rehabilitation of housing through the use of public financing and provision of low-cost loans to purchase affordable housing. The BOCC has “oversight” of the HFA only as a result of their appointment of the HFA Board members. The appointed Board members operate the HFA.
HFA Funding Sources: The HFA is self-financed from fees generated by issuance of bonds and earnings from its invested funds. The Lee County BOCC has not provided funding to the HFA and will not be providing funding as the result of this action. Bonds or mortgage credit certificates issued by the HFA do not constitute a debt to the County nor is the County liable by reason of their issuance.
Requested Action: On April 19, 2018, the Housing Finance Authority of Lee County, Florida, adopted a Resolution approving the issuance of its Multi-Family Mortgage Revenue Bonds Series 2019 (Venetian Walk II Project) in an amount not to exceed $6,000,000. The above referenced Resolution relates solely to the proposed 52 unit affordable assisted multifamily housing project located at 201 Grove Street N., Venice, Florida.
The Lee County Board of County Commissioners must adopt a resolution in order for bonds or mortgage credit certificates to be issued by the Authority pursuant to CH. 159 F.S., and Section 147(f) of the Internal Revenue Code of 1986. The Resolution must provide the following:
1. Approves the issuance of bonds by the Housing Finance Authority of Lee County, Florida.
2. Ratifies the actions of the Housing Finance Authority of Lee County, Florida, including conducting the Tax Equity and Fiscal Responsibility Act (TEFRA) Public Hearing held on March 6, 2019.
3. Approves the use of private activity allocation in the program.
The Bond program will provide low interest rate mortgage money for the financing of multi-family housing for low, moderate, and middle income residents of Sarasota County. Under this offering, the Lee County Board of Commissioners will have no financial or administrative cost.
Ratification of such action by the Lee County BOCC is required under Florida Statutes Chapter 159 because the Authority was first established in Lee County, even though it now serves multiple counties.
In accordance with 159.612(4) F.S. “The bonds issued pursuant to the provisions hereof, and the bonds shall so state on their face, shall not be a debt of the county or the state, or any political subdivision thereof; and neither the county, nor any state or political subdivision thereof, shall be liable thereon; nor in any event shall such bonds or obligations be payable out of any funds or properties other than those of the housing finance authority.”
Attachments:
a. Proposed Resolution by the Lee County Board of County Commissioners.
b. Resolution No. 18-02 of Housing Finance Authority of Lee County Florida of April 19, 2018.
c. Minutes of Housing Finance Authority of Lee County of April 19, 2018, authorizing the proposed issuance of Multi-family Mortgage Revenue Bonds Series 2018 up to $6,000,000.00.
d. TEFRA Minutes of Housing Finance Authority of Lee County of March 6, 2019.
e. Affidavit of Publication for Public Hearing in Lee County, Florida held on March 6, 2019.
f. Sarasota County Board of County Commissioners Resolution authorizing and requesting the Housing Finance Authority of Lee County, Florida to issue its Bonds to finance the Venetian Walk II Project in Sarasota County.
g. Interlocal Agreement dated November 14, 2001, by and between the Housing Finance Authority of Lee County, Florida and Sarasota County, Florida, authorizing the Housing Finance Authority of Lee County, Florida to issue its bonds in Sarasota County to finance the Seven Palms Apartments Project.
h. Affidavit of Publication for Public Hearing in Sarasota County, Florida held on February 18, 2019
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| | | | | | | | | | A) | Current year dollar amount of item:
| No funding required. | | | B) | Is this item approved in the current budget? | N/A | | | C) | Is this a revenue or expense item? | N/A | | | D) | Is this Discretionary or Mandatory? | N/A | | | E) | Will this item impact future budgets?
If yes, please include reasons in III(D) above.
| No | | | F) | Fund:
Program:
Project:
Account Strings: | | | G) | Fund Type? | N/A | | | H) | Comments:
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| REVIEWERS: | | Department | Reviewer | Action | Date | | Community Development | Loveland, David | Approved | 4/30/2019 - 9:19 AM | | Budget Services | Henkel, Anne | Approved | 4/30/2019 - 10:04 AM | | Budget Services | Winton, Peter | Approved | 4/30/2019 - 11:09 AM | | County Attorney | Swindle, Amanda | Approved | 5/1/2019 - 8:42 AM | | County Manager | Winton, Peter | Approved | 5/3/2019 - 8:01 AM |
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