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Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - November 17, 2015
November 17, 2015 - Regular Meeting
Agenda Item #32


Subject
Conduct a TEFRA public hearing and adopt Resolution No. R-15-183 approving an interlocal agreement for Pinellas County Industrial Development Authority of its Industrial Development Revenue Bonds (Volunteers of America Project) (the "Bonds")

Briefings
None

Contact and/or Presenter Information
William E. Clague, Assistant County Attorney, Ext. 3750

Action Requested
I move to adopt Resolution No. R-15-183 approving the issuance of the Bonds and the Interlocal Agreement.

Enabling/Regulating Authority
Section 147(f) of the Internal Revenue Code of 1986, as amended, Chapter 125 and 163 of Florida Statutes, and all other applicable provisions of law.

Background Discussion

The Authority proposes to issue the Bonds in the principal amount of not exceeding $4,500,000.   The proceeds of the Bonds will be used, among other uses, by the Borrower to refinance and/or reimburse the costs of certain social service facilities in Manatee County, including two buildings totaling approximately 13,560 square feet consisting of 12 units for housing approximately 20 veterans in semi-private units with shared common living space and private bedroom space, located at 1422-1444 55th Avenue West, Bradenton, Florida and low-income housing for veterans and other qualifying residents, located at 802-818 62nd Avenue Terrace, Bradenton, Florida; 6210-6214 11th Street, Bradenton, Florida; 1013-1015 and 1107-1124 62nd Avenue, Bradenton, Florida; 6214-6216 12th Street, Bradenton, Florida and 409 29th Street, Palmetto, Florida (the "Manatee Project").  Additional proceeds will also be used in other locations outside of Manatee County.

 

Because the Manatee Project is located outside of the boundaries of Pinellas County and in the geographic jurisdiction of the County, it is necessary that (1) the Issuer and County enter into an Interlocal Agreement in order to enable the Issuer to issue the Bonds to finance the Manatee Project and thereby assist the Borrower, and (2) the Board approve the issuance of the Bonds after a public hearing for purposes of Section 147(f) of the U.S. Internal Revenue Code (TEFRA).

 

The Bonds will not be a debt obligation of the County.

 



County Attorney Review
Other (Requires explanation in field below)

Explanation of Other
CAO Item

Reviewing Attorney
Clague

Instructions to Board Records
Please provide one (1) signed copy of the Resolution, and two (2) executed copies of the Interlocal Agreement, to County Attorney's Office, William E. Clague, Assistant County Attorney.

Cost and Funds Source Account Number and Name
N/A

Amount and Frequency of Recurring Costs
N/A


Attachment:  Manatee - TEFRA Resolution No. R-15-183.pdf
Attachment:  Affidavit of Notice.pdf
Attachment:  Manatee - Form of Interlocal Agreement.pdf