www.mymanatee.org
Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - October 21, 2014
REVISED October 21, 2014 - Regular Meeting
Agenda Item #48


Subject
TEFRA Approval of Housing Finance Authority of Manatee County, Florida Multifamily Senior Housing Revenue Bonds, Series 2007 (Water's Edge of Bradenton Apartments Project)

Briefings
None

Contact and/or Presenter Information

William E. Clague, Assistant County Attorney
Ext. 3750



Action Requested

I move to adopt Resolution R-14-140 which approves the reissuance (for federal income tax purposes) of the Housing Finance Authority of Manatee County, Florida, Multifamily Senior Revenue Housing Bonds, Series 2007 (Water's Edge of Bradenton Apartments Project).



Enabling/Regulating Authority

Section 147(f) of the Internal Revenue Code of 1986, as amended.



Background Discussion

The Housing Finance Authority of Manatee County  previously issued the Multifamily Senior Revenue Housing Bonds, Series 2007 (Water's Edge of Bradenton Apartments Project) (the "Bonds") in the principal amount of $22,570,000 to finance a 108-unit multifamily senior housing project located at 2015 32nd Avenue West, Bradenton, in Manatee County, Florida (the “Project”).  The Project is owned by Water’s Edge of Bradenton Associates, Ltd., a Florida limited liability company (the “Borrower”).  Since the Project was completed, certain obligations of the Borrower were not satisfied.  As a result, the Bondholder Representative and the Authority are making certain changes to the terms of the Bonds.  Such changes constitute a reissuance under federal income tax law. In order to reissue the Bonds for federal income tax purposes, the Board of County Commissioners (the “Board”) will hold a TEFRA hearing and thereafter it is necessary for the Board to adopt Resolution No. R-14-140 to approve the reissuance of the Bonds of the Authority within the meaning of Section 147(f) of the Code.



County Attorney Review
Other (Requires explanation in field below)

Explanation of Other

Attorney Reviewed.



Reviewing Attorney
Clague

Instructions to Board Records

Please provide one (1) approved copy 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:  Resolution - Waters Edge - 2014.pdf