Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - November 18, 2014
November 18, 2014 - Regular Meeting
Agenda Item #57

TEFRA Approval of Public Finance Authority Revenue Bonds (Water’s Edge of Bradenton Phase II Project), Series 2014B


Contact and/or Presenter Information

William E. Clague, Assistant County Attorney; Ext. 3750

Action Requested

I move to adopt Resolution R-14-168 which approves the issuance by the Public Finance Authority (the “Authority”) of its Revenue Housing Bonds (Water’s Edge of Bradenton Phase II Project), Series 2014B (the “Bonds”).

Enabling/Regulating Authority

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

Background Discussion

The Authority proposes to issue the Bonds in the principal amount of not exceeding $18,000,000 to finance a three-story, 60 unit assisted living and a 20 unit memory care building to be located at 2015 32nd Avenue West, Bradenton, in Manatee County, Florida (the “Project”).  The Project will be owned by National Church Residences of Bradenton, FL, Inc., a Florida not-for-profit corporation (the “Borrower”). 

In order to issue 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-14-168 to approve the issuance 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

CAO Item

Reviewing Attorney

Instructions to Board Records

Please provide one (1) approved copy to County Attorney's Office, William E. Clague, Assistant County Attorney, and original to Board Records for recordation.

Cost and Funds Source Account Number and Name

Amount and Frequency of Recurring Costs

Attachment:  Resolution - Waters Edge - 2014 - Issuance by Public Finance Authority.pdf
Attachment:  Affidavit.pdf