Miami-Dade Legislative Item
File Number: 140099
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File Number: 140099 File Type: Resolution Status: Adopted
Version: 0 Reference: R-228-14 Control: County Commission
File Name: RESOLUTION APPROVING ISSUANCE FOR GIBSON CENTER Introduced: 1/15/2014
Requester: Housing Finance Authority Cost: Final Action: 3/4/2014
Agenda Date: 3/4/2014 Agenda Item Number: 10A1
Notes: Title: RESOLUTION APPROVING THE ISSUANCE OF MULTIFAMILY MORTGAGE REVENUE BONDS BY THE HOUSING FINANCE AUTHORITY OF MIAMI-DADE COUNTY (FLORIDA), IN ONE OR MORE SERIES, TO FINANCE OR REFINANCE ALL OR PORTION OF THE COSTS OF THE CONSTRUCTION OF A MULTIFAMILY HOUSING PROJECT TO BE KNOWN AS THE GIBSON CENTER FOR PURPOSES OF SECTION 147(F) OF INTERNAL REVENUE CODE OF 1986, AS AMENDED
Indexes: MULTIFAMILY 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 3/4/2014 10A1 Adopted P

Finance Committee 2/11/2014 3C Forwarded to BCC with a favorable recommendation P
REPORT: Assistant County Attorney Gerald Heffernan read the foregoing proposed resolution into the record. Chairman Bovo opened the floor for public comments and called for persons wishing to appear before the Committee on the foregoing proposed resolution. The floor was closed after no one appeared wishing to speak. Hearing no further questions or comments, the Committee proceeded to vote on the foregoing proposed resolution as presented.

County Attorney 1/17/2014 Assigned Gerald T. Heffernan 1/17/2014

County Mayor 1/15/2014 Assigned County Attorney 3/4/2014
REPORT: Housing Fin. Authority - Gerald Heffernan - no sponsor - pending cmte - Attachment: Resolution No. HFA 2013-34

County Mayor 1/15/2014 Assigned Ed Marquez 1/15/2014 1/15/2014

Legislative Text


TITLE
RESOLUTION APPROVING THE ISSUANCE OF MULTIFAMILY MORTGAGE REVENUE BONDS BY THE HOUSING FINANCE AUTHORITY OF MIAMI-DADE COUNTY (FLORIDA), IN ONE OR MORE SERIES, TO FINANCE OR REFINANCE ALL OR PORTION OF THE COSTS OF THE CONSTRUCTION OF A MULTIFAMILY HOUSING PROJECT TO BE KNOWN AS THE GIBSON CENTER FOR PURPOSES OF SECTION 147(F) OF INTERNAL REVENUE CODE OF 1986, AS AMENDED

BODY
WHEREAS, this Board desires to accomplish the purposes outlined in the accompanying memorandum, a copy of which is incorporated herein by reference; and
WHEREAS, Gibson Center, Ltd. has applied to the Housing Finance Authority of Miami-Dade County (Florida) (the "Authority") for multifamily mortgage revenue bond financing assistance in an aggregate principal amount not to exceed $7,000,000 in one or more series (the "Bonds") to finance or refinance the construction of the Gibson Center, located at 3629 Grand Avenue, Miami, Miami-Dade County, Florida, an approximately 56-unit rental housing project to be occupied by elderly persons or families of low, moderate or middle income (the "Project") to be owned by Gibson Center, Ltd., a Florida limited partnership, or such successors in interest in which Gibson Center, LLC, a Florida limited liability company, is managing member or general partner and/or controlling stockholder; and
WHEREAS, the Authority passed Resolution No. HFA 2013-34 on December 16, 2013, attached hereto as Exhibit A, approving financing of the Project and took further action recommending approval, subject to a favorable Public Hearing, for the purposes of TEFRA (as hereinafter defined) and otherwise, by the Board of County Commissioners of Miami-Dade County, Florida of the Project and the proposed multifamily mortgage revenue bond financing; and
WHEREAS, the Authority conducted a Public Hearing, notice of which hearing was published on January 6, 2014, in The Miami Herald (a copy of said notice is attached hereto as Exhibit B and incorporated herein), on January 23, 2014, for the purpose of considering the issuance of the Bonds by the Authority, in conformance with the requirements of the Tax Equity and Fiscal Responsibility Act of 1982 ("TEFRA") and Section 147(f) of the Internal Revenue Code of 1986, as amended, and such public hearing disclosed no reason why the Bonds should not be issued; and
WHEREAS, the Board of County Commissioners concurs in the findings of the Housing Finance Authority of Miami-Dade County (Florida), 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 of the Bonds in an aggregate principal amount not to exceed $7,000,000 for the purpose of financing all or a portion of the costs of the Project, as previously described, is approved.
Section 2. The Bonds and the interest on the Bonds shall not constitute a debt, liability or general obligation of the Authority, the County or of the State of Florida or of any political subdivision thereof, but shall be payable solely from the revenues or other moneys specifically provided by the Borrower for the payment of the Bonds and neither the faith and credit nor any taxing power of the Authority, the County or of the State of Florida or of any political subdivision thereof is pledged to the payment of the principal or interest on the Bonds.

HEADER
Date:

To: Honorable Chairwoman Rebeca Sosa
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 Gibson Center for the purpose of
Section 147(f) of the Internal Revenue Code of 1986

STAFF RECOMMENDATION
As outlined in the enclosed memorandum from the Housing Finance Authority of Miami-Dade County (HFA), the attached resolution authorizes the HFA to issue Revenue Bonds (Bonds) in one or more series in an aggregate principal amount not to exceed $7,000,000 for the construction of the Gibson Center (Project).

The principal and interest on the Bonds shall not constitute a debt, liability or a general obligation of the HFA, 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 HFA as required by the Code after a public hearing. The public hearing was held by the HFA and such public hearing disclosed no reason why the Bonds should not be issued.

The Bonds are expected to be issued by March 2013.


_________________________
Edward Marquez
Deputy Mayor



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