Miami-Dade Legislative Item
File Number: 112078
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File Number: 112078 File Type: Resolution Status: Adopted
Version: 0 Reference: R-930-11 Control: Board of County Commissioners
File Name: HFA RE: MORTGAGE REVENUE BONDS FOR PALM LAKES APARTMENTS Introduced: 10/5/2011
Requester: Housing Finance Authority Cost: Final Action: 11/3/2011
Agenda Date: 11/3/2011 Agenda Item Number: 10A1
Notes: TLL- 10/5/2011 Title: RESOLUTION APPROVING ISSUANCE BY HOUSING FINANCE AUTHORITY OF MIAMI-DADE COUNTY (FLORIDA) OF ITS MULTIFAMILY MORTGAGE REVENUE BONDS (PALM LAKE APARTMENTS PROJECT) SERIES 2011A AND SUBORDINATE MULTIFAMILY MORTGAGE REVENUE BONDS (PALM LAKE APARTMENT PROJECT) SERIES 2011B, IN TOTAL AMOUNT NOT TO EXCEED $18,400,000 IN ONE OR MORE SERIES FOR BENEFIT OF PALM LAKE RENOVATION LLLP, A FLORIDA LIMITED LIABILITY LIMITED PARTNERSHIP; AND APPROVING FORM AND EXECUTION AND DELIVERY BY AUTHORITY OF VARIOUS DOCUMENTS IN CONNECTION WITH ISSUANCE OF SUCH BONDS
Indexes: MORTGAGE REVENUE BONDS
Sponsors: NONE
Sunset Provision: No Effective Date: Expiration Date:
Registered Lobbyist: None Listed


Legislative History

Acting Body Date Agenda Item Action Sent To Due Date Returned Pass/Fail

Board of County Commissioners 11/3/2011 10A1 Adopted P

County Attorney 10/5/2011 Assigned Gerald T. Heffernan 10/11/2011

County Mayor 10/5/2011 Assigned County Attorney 11/15/2011
REPORT: HFA (ASST. COUNTY ATTY: GERALD HEFFERNAN) (PENDING CMTE ASSIGNMENT) (NO BCC SPONSOR)

County Mayor 10/5/2011 Assigned Ed Marquez 10/3/2011 10/4/2011

Legislative Text


TITLE
RESOLUTION APPROVING ISSUANCE BY HOUSING FINANCE AUTHORITY OF MIAMI-DADE COUNTY (FLORIDA) OF ITS MULTIFAMILY MORTGAGE REVENUE BONDS (PALM LAKE APARTMENTS PROJECT) SERIES 2011A AND SUBORDINATE MULTIFAMILY MORTGAGE REVENUE BONDS (PALM LAKE APARTMENT PROJECT) SERIES 2011B, IN TOTAL AMOUNT NOT TO EXCEED $18,400,000 IN ONE OR MORE SERIES FOR BENEFIT OF PALM LAKE RENOVATION LLLP, A FLORIDA LIMITED LIABILITY LIMITED PARTNERSHIP; AND APPROVING FORM AND EXECUTION AND DELIVERY BY AUTHORITY OF VARIOUS DOCUMENTS IN CONNECTION WITH ISSUANCE OF SUCH BONDS

BODY
WHEREAS, the Board of County Commissioners of Miami-Dade County, Florida (the "Board") enacted on December 12, 1978, Ordinance No, 78-79, creating the Housing Finance Authority of Miami-Dade County (Florida) (the "Authority"); and

WHEREAS, by Ordinance 78-79 the Authority was empowered to issue its revenue bonds for the purpose of providing financing for residential housing to be occupied by persons or families of moderate, middle or lesser income pursuant to Chapter 159, Part IV, Florida Statutes; and

WHEREAS, TRG – Palm Lake, LP, a Florida limited partnership, applied to the Authority for multifamily mortgage revenue bond financing assistance in the total amount of not to exceed $18,400,000 to finance the acquisition and renovation of a rental housing project known as Palm Lakes Apartments consisting of 300 units to be occupied by elderly and disabled persons of low, moderate or middle income and located at 2575 N.W. 115th Street, in Miami, Miami-Dade County, Florida, (the "Project"); and

WHEREAS, the Authority on March 28, 2011, adopted a resolution (the "Intent Resolution"), approving the financing of the Project through the issuance of revenue bonds and took further action recommending approval by the Board of County Commissioners of Miami-Dade County, Florida of the Project and the proposed multifamily mortgage revenue bond financing, subject to a favorable public hearing to be held by the Authority (the “Public Hearing”) pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended (the “Code”); and

WHEREAS, the Authority conducted the Public Hearing on May 23, 2011, at which no reason was disclosed as to why the Bonds (defined below) should not be issued and this Board ratified the issuance of the Bonds in accordance with such findings as required by Section 147(f) of the Code when it adopted Resolution R-464-11 on June 7, 2011; and

WHEREAS, the Authority on September 26, 2011, adopted a resolution (the "Authorizing Resolution") attached as Attachment "A" to this Resolution approving (i) the Project; (ii) the issuance of its Multifamily Mortgage Revenue Bonds, (Palm Lake Apartments) Series 2011A and Subordinate Multifamily Mortgage Revenue Bonds, (Palm Lake Apartments Project), Series 2011B in a total amount not to exceed $18,400,000 in one or more series (collectively, the "Bonds"); (iii) the forms of Trust Indentures and Financing Agreements, Regulatory Agreement, Bond Purchase Agreement and other documents, relating to issuance of the Bonds (the "Bond Documents"); and (iv) the negotiated sale of the Bonds; and

WHEREAS, this Board wishes, at the request of the Authority and as required by Section 2-191.7 of the County Code (“County Code Section 2-191.7 “), to approve the issuance of the Bonds by the Authority pursuant to the terms and conditions of the Authorizing Resolution and the use and form of the Bond Documents to be entered into by the Authority in connection with the issuance of the Bonds; and

WHEREAS, this Board concurs with the findings of the Authority that the Project will inure to the benefit of the citizens of Miami-Dade County, Florida,

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MIAMI-DADE COUNTY (FLORIDA), that:

Section 1. The issuance by the Authority of the Bonds pursuant to the terms and conditions set forth in the Authorizing Resolution and the forms of the documents attached as Attachment “B” to this Resolution (the “Authority Bond Documents”) are approved pursuant to County Code Section 2-191.7.

Section 2. The Authority Bond Documents and all other documents and certificates determined to be necessary in connection with the issuance of the Bonds may be executed by the Chairman, Vice Chairman, Secretary or any other officer or member of the Authority, with such additional changes, insertions, and omissions as may be made and approved by said officer or member of the Authority upon advice of the County Attorney, Financial Advisors to the Authority and Co-Bond Counsel.

Section 3. The Bonds shall not be deemed to constitute a debt, liability or obligation of the Authority or the County or of the State of Florida or of any political subdivision of the County or the State, but shall be payable solely from the revenues and the other security identified in the Bond Documents.

Section 4. All County resolutions or parts of such resolutions in conflict with the provisions of this Resolution are, to the extent of such conflict, superseded and repealed.

OTHER
Attachment “A”
Authority Authorizing Resolution


RESOLUTION NO. HFA-2011-7
(As Amended and Restated)
RESOLUTION OF THE HOUSING FINANCE AUTHORITY OF MIAMI-DADE COUNTY (FLORIDA) AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF ITS MULTIFAMILY MORTGAGE REVENUE BONDS (PALM LAKE APARTMENTS PROJECT) SERIES 2011A, AND SUBORDINATE MULTIFAMILY MORTGAGE REVENUE BONDS, (PALM LAKE APARTMENT PROJECT) SERIES 2011B, IN A TOTAL AMOUNT NOT TO EXCEED $18,400,000 IN ONE OR MORE SERIES, FOR THE BENEFIT OF PALM LAKE RENOVATION, LLLP, A FLORIDA LIMITED LIABILITY LIMITED PARTNERSHIP, TO PROVIDE FINANCING FOR THE ACQUISITION AND RENOVATION OF A MULTIFAMILY HOUSING PROJECT KNOWN AS PALM LAKE APARTMENTS FOR MODERATE, MIDDLE AND LESSER INCOME RESIDENTS IN MIAMI-DADE COUNTY; APPROVING THE FORM OF AND AUTHORIZING THE EXECUTION AND DELIVERY OF THE TRUST INDENTURES, LOAN AGREEMENTS, LAND USE RESTRICTION AGREEMENT, AND OTHER DOCUMENTS IN CONNECTION WITH THE ISSUANCE AND DELIVERY OF SUCH BONDS; AUTHORIZING THE NEGOTIATED SALE OF THE BONDS; AUTHORIZING THE APPOINTMENT OF A SERVICER AND BOND TRUSTEE; AUTHORIZING REQUEST FOR A WAIVER OF STATUTORY INTEREST RATE LIMITATION; AND PROVIDING FOR AN EFFECTIVE DATE.

WHEREAS, pursuant to the Housing Finance Authority Law, Chapter 159, Part IV, Florida Statutes, as amended (the “Act”), the Board of County Commissioners of Miami-Dade County, Florida (the “Board”), by its Resolution R-1194-78, adopted October 17, 1978, declared the need for a housing finance authority to function in Miami-Dade County, Florida (the “County”) and enacted on December 12, 1978, Ordinance No. 78-79, creating the Housing Finance Authority of Miami-Dade County (Florida) (the “Authority”); and
WHEREAS, the Act authorizes the Authority: (a) to make loans to any person, or to purchase loans, including federally insured mortgage loans, in order to provide financing for residential rental developments located within the County, which are to be occupied by persons of moderate, middle or lesser income; (b) to issue its revenue bonds and notes pursuant to the Act, for the purpose of obtaining money to make or to purchase such loans and provide such financing, to establish necessary reserve funds and to pay administrative costs and other costs incurred in connection with the issuance of such bonds and notes; and (c) to pledge all or any part of the revenues, and receipts to be received by the Authority from or in connection with such loans, and to mortgage, pledge or grant security interests in such loans in order to secure the payment of the principal or redemption price of and interest on such bonds. and notes; and
WHEREAS, the Authority intends to provide financing to fund a mortgage loan (the “Loan”) financed by obligations of the Authority in an amount not to exceed $18,400,000 to Palm Lake Renovation, LLLP, a Florida limited liability limited partnership (the “Borrower”) for the acquisition and renovation of a 300-unit multifamily residential rental development (the “Project”) to be located at 2575 N.W. 115th Street, in Miami, Miami-Dade County, Florida, and to be occupied by elderly and disabled persons of moderate, middle and lesser income within the meaning of the Act, all for the purpose of assisting such elderly and disabled persons of moderate, middle and lesser income within the County to afford the costs of decent, safe and sanitary housing; and
WHEREAS, the Authority, has determined to issue, sell and deliver its not to exceed $18,400,000 in aggregate amount of its Multifamily Mortgage Revenue Bonds, (Palm Lake Apartments) Series 2011A and Subordinate Multifamily Mortgage Revenue Bonds, (Palm Lake Apartments Project), Series 2011B (the “Bonds”) for the purpose of funding the Loan; and
WHEREAS, the Authority has determined that there exists a shortage of safe and sanitary housing for persons and families of moderate middle and lesser income within Miami- Dade County, Florida; and
WHEREAS, the Authority has determined that a negotiated sale of the Bonds is in the best interest of the Authority, and RBC Capital Markets (“RBC Capital Markets”) has expressed its intention to purchase the Series 2011A Bonds authorized hereby in whole and to act as placement agent for the sale of the Series 2011B Subordinate Bonds, and the Authority finds that the public interest and necessity require that the Authority at this time make arrangements for the sale of such Bonds; and
WHEREAS, the developer has advised the Authority that the entity which will be the Borrower will be Palm Lake Renovation, LLLP rather than TRG – Palm Lake, LP, and has requested that this resolution be amended and restated to reflect such entity name,
NOW, THEREFORE, BE IT RESOLVED by the Housing Finance Authority of Miami- Dade County (Florida), as follows:
SECTION 1. The recitals hereinabove set forth are true and correct, and the Authority so finds. This Resolution is being adopted pursuant to the Act.
SECTION 2. Pursuant to the Act and in accordance with the Act and the Funding Loan Agreement (as hereinafter defined), revenue bonds of the Authority, to be designated as “Housing Finance Authority of Miami-Dade County (Florida) Multifamily Mortgage Revenue Bonds, (Palm Lake Apartments) Series 2011A and Subordinate Multifamily Mortgage Revenue Bonds, (Palm Lake Apartments Project), Series 2011B” in an aggregate principal amount not to exceed $18,400,000, are hereby authorized to be issued. The principal amount of the Bonds to be issued shall be determined by a Designated Officer (as defined below) in accordance with this Resolution.
SECTION 3. The proposed form of Trust Indenture and Subordinate Trust Indenture (the “Indentures”) each by and between the Authority, and U.S. Bank, National Association as trustee (the “Trustee”), in substantially the form attached hereto as Exhibit A-1 and A-2, are hereby approved. The Chairman, Vice Chairman, or any other officers or members of the Authority (each hereinafter referred to as a “Designated Officer”) are hereby authorized and directed, for and in the name and on behalf of the Authority, to execute the Indentures, with such additions, changes or corrections as the Designated Officer executing the same may approve upon consultation with the County Attorney, Financial Advisor and Co-Bond Counsel and approval by the County Attorney, such approval to be conclusively evidenced by the execution of said Indentures with such additions, changes or corrections.
SECTION 4. The proposed form of Loan Agreement and Subordinate Loan Agreement (the “Loan Agreements”), each by and among the Authority, the Borrower and the Trustee, substantially in the forms attached hereto as Exhibit B-1 and B-2. are hereby approved along with any additions or supplements which may in the determination of a Designated Officer, be necessary to document the issuance of the Bonds authorized hereunder. Any Designated Officer is hereby authorized and directed to execute and deliver, for and in the name and on behalf of the Authority, said Loan Agreements with such additions, changes or corrections as the Designated Officer executing the same may approve upon consultation with the County Attorney, Financial Advisor to the Authority and Co-Bond Counsel to the Authority and approval of the County Attorney, provided that such additions or changes shall not authorize an aggregate principal amount of the Bonds in excess of the amount stated above, such approval by the County Attorney, to be conclusively evidenced by the execution and delivery of the Loan Agreements with such additions, changes or corrections.
SECTION 5. The proposed forms of the Bonds, as set forth in the respective Indentures, are hereby approved, and the Chairman and Vice-Chairman or member of the Authority designated by the Chairman are hereby authorized and directed to execute, by manual or facsimile signatures of such officers under the seal of the Authority, and the Trustee or an authenticating agent is hereby authorized and directed to authenticate, by manual signatures of one or more authorized officers of the Trustee or an authenticating agent, the Bonds in substantially such forms, and the Trustee is hereby authorized and directed to deliver the Bonds to the purchasers thereof in accordance with the Indentures. The date, maturity dates, interest rate or rates (which may be either fixed or variable), interest payment dates, denomination, form of registration privileges, manner of execution, place of payment, terms of redemption, use of proceeds, and other terms of the Bonds shall be as provided in the Indenture as finally executed; provided, however, that the principal amount of the Bonds shall not exceed $18,400,000, the interest rate on the Series 2011A Bonds shall not exceed 7% per annum, the interest rate on the Series 2011B Subordinate Bonds shall not exceed 10% per annum and the final maturity of the Bonds shall be no later than December 31, 2028 and the initial purchase price of the Bonds shall be not less than 98% of the principal amount thereof.
SECTION 6. The proposed form of Land Use Restriction Agreement (the “Regulatory Agreement”) to be entered into by and among the Authority, the Trustee and TRG—Palm Lake, LLC, a Florida limited liability company, as fee owner of the Project site, substantially in the form attached hereto as Exhibit C, is hereby approved. Any Designated Officer is hereby authorized and directed, for and in the name and on behalf of the Authority, to execute and deliver the Regulatory Agreement, with such additions, changes and corrections as the Designated Officer may approve upon consultation with the County Attorney, the Financial Advisor and Co-Bond Counsel and approval of the County Attorney, such approval to be conclusively evidenced by the execution of said Regulatory Agreement with such additions, changes or corrections. Any Designated Officer is hereby authorized and directed for and in the name and on behalf of the Authority to execute amendments to the Regulatory Agreement in order that interest on the Bonds remains tax-exempt.
SECTION 7. The proposed form of Assignment and Intercreditor Agreement (the “Intercreditor Agreement”) to be entered into by and among the Authority, the Trustee, Fannie Mae and the Borrower, substantially in the form attached hereto as Exhibit D, is hereby approved. Any Designated Officer is hereby authorized and directed, for and in the name and on behalf of the Authority, to execute and deliver the Intercreditor Agreement, with such additions, changes and corrections as the Designated Officer may approve upon consultation with the County Attorney, the Financial Advisor and Co-Bond Counsel and approval of the County Attorney, such approval to be conclusively evidenced by the execution of said Intercreditor Agreement with such additions, changes or corrections.
SECTION 8. The proposed form of Bond Purchase Agreement (the “Bond Purchase Agreement”) to be entered into by and among the Authority, RBC Capital Markets and the Borrower, substantially in the form attached hereto as Exhibit E, is hereby approved. Any Designated Officer is hereby authorized and directed, for and in the name and on behalf of the Authority, to execute and deliver the Bond Purchase Agreement, with such additions, changes and corrections as the Designated Officer may approve upon consultation with the County Attorney, the Financial Advisor and Co-Bond Counsel and approval of the County Attorney, such approval to be conclusively evidenced by the execution of said Bond Purchase Agreement with such additions, changes or corrections.
SECTION 9. The proposed form of Official Statement relating to the Series 2011A Bonds (the “Official Statement”), substantially in the form attached hereto as Exhibit D, is hereby approved. The Director is hereby authorized and directed to approve the final form of the Official Statement, with such additions, changes and corrections as the Director may approve upon consultation with the County Attorney, the Financial Advisor and Co-Bond Counsel, such approval to be conclusively evidenced by the delivery of said Official Statement with such additions, changes or corrections.
SECTION 10. All actions heretofore taken by the officers and agents of the Authority with respect to the sale and issuance of the Bonds are hereby approved, confirmed and ratified, and each Designated Officer, the Director and other properly authorized officers of the Authority are hereby authorized and directed, for and in the name and on behalf of the Authority, to do any and all things and take any and all actions and execute and deliver any and all certificates, agreements and other documents, including, but not limited to, those described in the Indenture, the Loan Agreements, the Bonds, the Regulatory Agreement, the Intercreditor Agreement (collectively, the “Bond Documents”) and the other documents herein approved, which they, or any of them, may deem necessary or advisable in order to consummate the lawful issuance and delivery of the Bonds and the implementation of the loan program described herein in accordance with the Act and this Resolution and resolutions heretofore adopted by the Authority.
SECTION 11. The Vice-Chairman or other Designated Officer is hereby authorized to countersign or to attest the signature of any other Designated Officer and to affix and attest the seal of the Authority as may be appropriate in connection with the execution and delivery of any of the documents authorized by this resolution, provided that the due execution and delivery of said documents or any of them shall not depend on such signature of the Vice- Chairman or other Designated Officer or affixing of such seal. Any of such documents may be executed in multiple counterparts.
SECTION 12. A negotiated sale of the Bonds is in the best interest of the Authority and is found to be necessary on the basis of the following specific findings:
(a) Multifamily housing revenue bonds and notes are traditionally sold on a negotiated sale basis and consequently a competitive sale of the Bonds would in all probability not produce better terms than a negotiated sale particularly in view of the timing of such an offering.
(b) The principal of, premium, if any, and the interest on the Bonds will be payable solely out of the revenues arising from the pledge and assignment of the payments by the Borrower on the Loan, and the other funds and, moneys pledged and assigned under the Indenture, and therefore the Authority will not be liable for the payment of principal of, redemption premium, if any, and any interest on Bonds except from moneys held under, the Indentures. The Borrower has expressed its unwillingness to undertake the risks and expenses attendant to competitive sale of the Bonds.
(c) The nature of the security for the payment of the Bonds requires complex cash flow review and computations of the Project which would be financially impractical for bidders to undertake in a competitive sale context.
(d) Based upon such findings, the Authority approves (i) the negotiated sale of the Series 2011A Bonds to the RBC Capital Markets in accordance with the provisions of the Bond Purchase Agreement, the Indentures and Section 5 of this resolution and (ii) the private placement negotiated sale of the Series 2011B Subordinate Bonds to the purchasers thereof in accordance with the Indentures and Section 5 of this resolution. Prior to executing and delivering the Indentures, the Authority shall have received disclosure statements from RBC Capital Markets and from the purchaser of the Series 2011B Subordinate Bonds, if applicable, setting forth the information required by Section 218.385, Florida Statute, as amended.
SECTION 13. U.S. Bank, National Association, is designated as Trustee for the Bonds under the Indentures and the Regulatory Agreement.
SECTION 14. The Bonds, upon execution in the form and manner set forth in the Indentures, shall be delivered to the Trustee for authentication and the Trustee is authorized and directed to authenticate and deliver the Bonds to, or on behalf of, the purchasers thereof, upon payment of the purchase price.
SECTION 15. The Designated Officers, Director, employees and agents of the Authority are authorized and directed to do all acts and things required by the provisions of the Bonds authorized by this resolution, and by the provisions of the Bonds and any additional documents required to be delivered in connection with the issuance and delivery of the Bonds and for the full, punctual and complete performance of all the terms, covenants, provisions and agreements of the Bonds and the Bond Documents. The Director is authorized to request from the State Board of Administration a waiver of the interest rate limitations set forth in Section 215.84, Florida Statutes, to allow the Series 2011B Bonds to bear interest at a rate not to exceed 9.5% per annum.
SECTION 16. In case any one or more of the provisions of this resolution shall for any reason be held to be illegal or invalid, such illegality or invalidity shall not affect any other provision of this resolution and it shall be construed and enforced as if such illegal or invalid provision had not been contained in this resolution.
SECTION 17. The Chairman, Vice Chairman, and other members or officers of the Authority, the Director, the County Attorney and Co-Bond Counsel for the Authority are each designated agents of the Authority in connection with the issuance and delivery of the Bonds, and are authorized and empowered, collectively or individually, to take all actions and steps to execute and deliver any and all instruments, documents or contracts on behalf of the Authority which are necessary or desirable in connection with the execution and delivery of the Bonds which are not inconsistent with the terms and provisions of this resolution and other actions relating to the Bonds taken by the Authority.
SECTION 18. All resolutions of the Authority in conflict with the provisions of this resolution are, to the extent of such conflict, superseded and repealed.
SECTION 19. The Authority has no jurisdiction regarding zoning and land use matters and the adoption of this resolution is not intended to express any position or opinion regarding same.
SECTION 20. It is found and determined that all formal actions of this Authority concerning and relating to the adoption of this resolution were taken in an open meeting of the members of this Authority and that all deliberations of the members of this Authority and of its committees, if any, which resulted in such formal action were taken in meetings open to the public, in full compliance with all legal requirements.
SECTION 21. This resolution shall become effective immediately upon its adoption.
The roll being called on the question of adoption of this resolution, the final vote is:
AYES:

NAYS:

ABSTENTIONS:
The Presiding Officer declared said resolution adopted and approved in open meeting.

ADOPTED this __ day of August, 2011.

[SEAL]

HOUSING FINANCE AUTHORITY OF MIAMI-DADE COUNTY (FLORIDA)


Attest: By: _____________________________
Name: __________________________
Title: ___________________________

By: ______________________________
Assistant Secretary


Approved as to form and legal sufficiency.


By: ______________________________
Assistant County Attorney

EXHIBIT LIST

Exhibit A-1 Trust Indenture

Exhibit A-2 Subordinate Trust Indenture

Exhibit B-1 Financing Agreement

Exhibit B-2 Subordinate Loan Agreement

Exhibit C Land Use Restriction Agreement

Exhibit D Intercreditor Agreement

Exhibit E Bond Purchase Agreement

Exhibit F Official Statement



Attachment “B”
Authority Bond Documents



HEADER
Date:

To: Honorable Chairman Joe A. Martinez
and Members, Board of County Commissioners

From: Carlos A. Gimenez
Mayor

Subject: Resolution Approving the Issuance by the Housing Finance Authority of Miami-Dade of its Multifamily Mortgage Revenue Bonds for Palm Lake Apartments for the purpose of Section 147(f) of the Internal Revenue Code of 1986

As outlined in the enclosed memorandum from the Housing Finance Authority of Miami-Dade County (Authority), the attached resolution authorizes the Authority to issue Revenue Bonds (Bonds) in one or more series in an aggregate principal amount not to exceed $18,400,000 for the rehabilitation of the Palm Lake Apartments (Project). The principal and interest on the Bonds shall not constitute a debt, liability or a general obligation of the Authority, County, the State of Florida or any political subdivision of each, but shall be the responsibility of the owner of the Project.

As stipulated in Section 147(f) of the Internal Revenue Code of 1986, as amended (Code), the Board of County Commissioners, as the highest governing body, must approve the issuance of the Bonds by the Authority as required by the Code after a public hearing. The public hearing was held by the Authority and such public hearing disclosed no reason why the Bonds should not be issued.

The Series 2011 Bonds are expected to be issued by the end of 2011.

Attachment


______________________________
Deputy Mayor

STAFF RECOMMENDATION
Date:

To: Carlos A. Gimenez
Mayor

From: Dorn Horn, Chairman
Housing Finance Authority of Miami-Dade County

Subject: Resolution Approving the Issuance Multifamily Mortgage Revenue Bonds for Palm Lake Apartments for the purpose of Section 147(f) of the Internal Revenue Code of 1986

The Housing Finance Authority of Miami-Dade County (the "Authority") requests that the attached Resolution be placed ont he approprate agenda for consideration by the Board of County Commissioners ("BCC") for purposes of SEction 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"). The Resolution approves the issuance by the Authority of its Multifamily Mortgage Revenue Bonds ("Bonds") in an aggregate principal amount not to exceed $18,400,000 to finance the rehabilitation of the Palm Lake Apartments (the "Project").

Scope
The Project is located in Commission District 2 at 2575 NW 115th Street in unincorporated Miami-Dade County (the "County").

Funding Impact/Funding Source
Neither the County or the Authority has any liability with respect to the repayment of the Bonds. The developer/owner of the Project is solely responsible for repayment of principal and interest on the Bonds.

Track Record/Monitoring
Palm Lake Apartments will be owned by TRG-Palm Lake, LP or such successors in interest in which an affiliate of Rainbow Housing Assistance Corporation or The Reliant Group, Inc. is managing member, general partner and/or controlling stockholder depending on the final business structure of the owner.

MANAGER'S BACKGROUND
Background
The Code requires that a public hearing be hled and that the BCC approve the issuance of the Bonds by the Authority after considering the results of the public hearing.

On May 23, 2011, the Authority held a public hearing, with no complaints filed, and adopted Resolution No. HFA 2011-5 onMay 23, 2011 (the Authority Resolution), which authorized the issuance of the Bonds to rehabilitate the Palm Lake Apartments and requesting the BCC to approve the Bonds. This project will be occupied by low-income families earning 80 percent or less of the area median income.

The Project serves a public purpose in that it will provide 300 apartment units to be occupied by in part by person or families of low, moderate or middle income, elderly and disabled persons.

The Bonds are expeced to be issued before the end of 2011.

Attachment



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