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Manatee County Government Administrative Center Honorable Patricia M. Glass Chambers, First Floor 9:00 a.m. - November 19, 2019
November 19, 2019 - Regular Meeting
Agenda Item #71


Subject
Adoption of Resolution R-19-157 for the Housing Finance Authority's Multifamily Housing Revenue Bonds (Palmetto Senior Apartments Project)

Briefings
None

Contact and/or Presenter Information

Geri C. Lopez, Director of Redevelopment and Economic Opportunity Department, ext. 3937

Denise L. Thomas, Housing and Community Development Manager, ext. 3474

Angela Abbott, Attorney for the Housing Finance Authority, (877) 264-0334



Action Requested
Adoption of Resolution R-19-157 on behalf of the Housing Finance Authority of Manatee County (the "Authority"), approving the issuance within the meaning of Section 147(f) of the Internal Revenue Code of 1986, as amended, of the Authority's Multifamily Housing Revenue Bonds (Palmetto Senior Apartments Project), in the principal amount of not to exceed $31,000,000 (the "Bonds").

Enabling/Regulating Authority

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

Chapters 125 and 159 of Florida Statutes, and all other applicable provisions of the law.



Background Discussion

The Authority was created pursuant to Part IV, Chapter 159, Florida Statutes (the "Act") and Manatee County Ordinances 79-6 and 91-40 (collectively, the "Ordinances").  The Board adopted a resolution on October 30, 1979, declaring a need for the Authority to function in order to alleviate the shortage of housing and capital investment in affordable housing within the County.  The Authority is authorized pursuant to the Act and Ordinances to issue multifamily housing revenue bonds to provide affordable housing to low, moderate, or middle income tenants.

On June 18, 2019, the Board of County Commissioners adopted Resolution R-19-075, which approved the issuance within the meaning of Section 147(f) of the Internal Revenue Code of 1986, as amended, of the Authority's Multifamily Housing Revenue Bonds (Palmetto Senior Apartments Project), in the principal amount of not to exceed $26,000,000.  Subsequently, Palmetto Leased Housing Associates I, LLLP, a Florida limited liability limited partnership, submitted an application to the Authority for an additional $5,000,000 in bonds to cover increased construction costs for the Project, for a total issue size of $31,000,000, to finance the acquisition and construction of a 224 unit multifamily housing project known as "Palmetto Senior Apartments Project," located at 705 Haben Boulevard, Palmetto, Florida 34221 (the "Project").  Resolution R-19-157 supersedes and repeals Resolution R-19-075.

On October 8, 2019, the Authority held a public hearing regarding the proposed financing of the Project through the issuance by the Authority of the Bonds, as required by Section 147(f) of the Internal Revenue Code of 1986.  Therefore, no formal public hearing is required for the Board to adopt the Resolution.  The requested action is subject to public comment.  In order to issue tax exempt bonds for the Project, the Authority must apply for and receive an allocation from the Florida Division of Bond Finance, State Regional Pool.  Manatee County is in Region 7 with Desoto, Polk, Highlands, Okeechobee, and Hardee Counties, which share a total annual allocation of approximately $64,500,000.  Since the June 30 deadline for receipt of allocation from the regional pool has passed, additional allocation must now be requested from the State Division of Bond Finance.

This agenda item has been placed on the agenda by the Redevelopment and Economic Opportunity Department at the request of the Authority.  Representatives of the Authority will be present at the meeting to address questions or comments of the Board and the public.



County Attorney Review
Other (Requires explanation in field below)

Explanation of Other

Reviewed by William E. Clague, Chief Assistant County Attorney

The Resolution was prepared and reviewed by the Authority's Bond Counsel, Nabors, Giblin & Nickerson, P.A.



Reviewing Attorney
Clague

Instructions to Board Records
Please provide one (1) signed copy of Resolution R-19-157 to Angela Abbott, Attorney for the Authority, at angelaabbott@cfl.rr.com and to Denise Thomas at denise.thomas@mymanatee.org.

Cost and Funds Source Account Number and Name
None

Amount and Frequency of Recurring Costs
None


Attachment:  Resolution R-19-157.pdf
Attachment:  Resolution 19-08.pdf