MOTION TO ADOPT Resolution No. 2017-651 of the Board of County Commissioners of Broward County, Florida authorizing the issuance by the Housing Finance Authority of Broward County, Florida (the “HFA”) of its not to exceed $33,000,000 Multifamily Housing Revenue Bonds, Series 2017 (The Landings at Coconut Creek) (the “Bonds”) for the purpose of financing the acquisition, rehabilitation and equipping of The Landings at Coconut Creek located in Broward County, Florida (the “Project”); establishing parameters for the award of the sale thereof and establishing criteria for determining the terms thereof, including interest rates, interest payment dates, maturity schedule and other terms of such Bonds; approving and authorizing the execution and delivery of (i) a Trust Indenture by and between the HFA and The Bank of New York Mellon Trust Company, N.A., as Trustee (the “Trustee”); (ii) a Loan Agreement by and between the HFA and CVII - Landings at Coconut Creek LLC, as Borrower (the “Borrower”); (iii) a Land Use Restriction Agreement by and among the HFA, the Trustee and the Borrower; (iv) an Assignment of Bond Mortgage Documents by the HFA to the Trustee; (v) a Placement Agent Agreement by and between the HFA and RBC Capital Markets, LLC and Raymond James & Associates, Inc.; and (vi) a Trustee Fee Agreement by and between the HFA and the Trustee; approving and authorizing the execution and delivery by the HFA of certain additional agreements, instruments, certifications and affidavits necessary or desirable in connection with the issuance of the Bonds; authorizing the appointment of The Bank of New York Mellon Trust Company, N.A. as the Trustee, Registrar and Paying Agent; waiving the fee for services related to the HFA’s annual audit of the Project; approving and ratifying the HFA's publication of a notice of public hearing and the subsequent holding of such public hearing each under Section 147 (f) of the Internal Revenue Code of 1986, as amended, in connection with the issuance of the Bonds by the HFA; authorizing the proper officers of the HFA to do all things necessary or advisable in connection with the issuance of the Bonds; and providing an effective date for this Resolution. (Commission District 2)
ACTION: (T-10:27 AM) Approved.
VOTE: 8-0. Commissioner Ryan was not present during the vote.
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THE ENVIRONMENTAL PROTECTION AND GROWTH MANAGEMENT DEPARTMENT AND THE HOUSING FINANCE AND COMMUNITY REDEVELOPMENT DIVISION RECOMMEND APPROVAL OF THE ABOVE ACTION.
This item supports the Board’s vision of offering sustainable, compatible, innovative housing options for all income-levels, including integrated supportive housing and rapid-rehousing: Goal 1: Facilitate a regional approach to growth and redevelopment through coordination and collaboration at the federal, state, county, and local levels: Goal 2: Strengthen stakeholder partnerships to increase the availability of affordable housing of all types (e.g. rental, purchase, supportive, etc.), county wide, in every community; and Goal 3: Develop, through effective community collaboration, neighborhoods and communities incorporating intermodal connectivity, while intergrating energy efficiency, community resilience, and other livability standard and initiatives.
On August 2, 2017, the Housing Finance Authority of Broward County, Florida (the “HFA”) received a multifamily bond application on behalf of CVII - Landings at Coconut Creek LLC., a Delaware limited liability company (the "Borrower"). The Borrower has requested the HFA to issue its Multifamily Mortgage Revenue Bonds, Series 2017, in an amount not to exceed $33,000,000 (the "Bonds") for the purpose of financing the acquisition, rehabilitation and equipping of an existing 268-unit multifamily residential rental housing development, located at 4854 Fishermans Drive in the City of Coconut Creek (the “Project”) for individuals and families of low, middle or moderate income.
At its September 20, 2017 meeting, the HFA approved Resolution 2017-007 (Exhibit 2), which declared its official intent to issue the Bonds in an amount not to exceed $33,000,000 and authorized staff to publish the notice of public hearing in the Sun-Sentinel, a newspaper of general circulation, on October 10, 2017, which date was at least 14 days prior to the date of such hearing. In accordance with and pursant to the Tax Equity and Fiscal Responsibility Act (TEFRA), Section 147 (f) of the Internal Revenue Code of 1986, as amended, a TEFRA hearing was held by the HFA on Wednesday, October 25, 2017.
At its November 15, 2017 board meeting, the HFA approved Resolution 2017-012 (Exhibit 3) authorizing the issuance of its Multifamily Housing Revenue Bonds, Series 2017 (The Landings at Coconut Creek), in an aggregate amount not to exceed $33,000,000, for the Project, which financing shall be tax-exempt, subject to the approval of the County Commission. The HFA has agreed to issue the Bonds for the purpose of financing the acquisition, rehabilitation and equipping of the Project, and the proceeds will be used by the HFA to make a loan to the Borrower to finance the Project. The transaction is scheduled to close on or about December 16, 2017. Resolution 2017-012 was prepared by Bond Counsel and approved as to form by the Office of the County Attorney.
Adoption of this Resolution authorizes the HFA to issue its Bonds to finance the acquisition, rehabilitation and equipping of the Project and ratifies (i) the publishing of the TEFRA Notice, and (ii) the holding of, and resulting meeting minutes from, the TEFRA Hearing held on October 25, 2017 (Exhibit 4).
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