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RESOLUTION APPROVING, FOR PURPOSES OF SECTION 147(F) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE DEBT OBLIGATIONS BY THE HOUSING FINANCE AUTHORITY OF MIAMI-DADE COUNTY (FLORIDA), IN ONE OR MORE SERIES, IN AN AMOUNT NOT TO EXCEED $56,000,000.00, THE PROCEEDS OF WHICH WILL BE LOANED TO AOF CEDAR GROVE LLC, AOF RUNNING BROOK LLC AND AOF EMERALD DUNES LLC, TO FINANCE THE ACQUISITION AND REHABILITATION OF MULTIFAMILY HOUSING RENTAL PROJECTS KNOWN AS CEDAR GROVE APARTMENTS, RUNNING BROOK APARTMENTS AND EMERALD DUNES APARTMENTS

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WHEREAS, this Board desires to accomplish the purposes outlined in the accompanying memorandum, a copy of which is incorporated herein by reference; and

WHEREAS, AOF Cedar Grove LLC (�AOF Cedar Grove�), AOF Running Brook LLC (�AOF Running Brook�) and AOF Emerald Dunes LLC (�AOF Emerald Dunes), each a Delaware limited liability company (collectively, the �Borrower�) the sole member of each of which is AOF Miami Dade Affordable Housing Corp., a Florida not-for-profit corporation, has applied to the Housing Finance Authority of Miami-Dade County (Florida) (the �Authority�) for multifamily mortgage revenue debt financing assistance in an aggregate principal amount not to exceed $56,000,000.00, in one or more series (the �Debt�), to finance the acquisition and rehabilitation of: (i) Cedar Grove Apartments, approximately 288 units located on an approximately 31.02 acre site located at 20601 Northwest 17th Avenue, Miami Gardens, Miami-Dade County, Florida (�Cedar Grove�), and to be owned by AOF Cedar Grove; (ii) Running Brook Apartments, approximately 186 units located on an approximately 16.63 acre site located at 20505 Southwest 122nd Avenue, in unincorporated Miami-Dade County, Florida, (�Running Brook�), to be owned by AOF Running Brook; and (iii) Emerald Dunes Apartments, approximately 141 units located on an approximately 14.36 acre site located at 1931 Northwest 207th Street, Miami Gardens, Miami-Dade County, Florida (�Emerald Dunes�), to be owned by AOF Emerald Dunes; and

WHEREAS, Cedar Grove, Running Brook, and Emerald Dunes will collectively be known as the �Projects�; and

WHEREAS, the Projects will provide approximately 615 units of rental housing to be occupied, in part, by persons or families of extremely low, low and moderate income and will be owned by the Borrower; and

WHEREAS, the Authority passed Resolution No. HFA 2017-14 on August 28, 2017, attached hereto as Exhibit A, providing its initial approval of the issuance of the Debt in order to provide a loan to the Borrower for the financing of the Project and took further action recommending approval, subject to a favorable public hearing, for the purposes of TEFRA (as hereinafter defined), by this Board of the issuance of the Debt; and

WHEREAS, the Authority conducted a public hearing on September 27, 2017, notice of which hearing was published on September 08, 2017, in The Miami Herald (a copy of said notice is attached hereto as Exhibit B and incorporated herein), for the purpose of considering the issuance of the Debt 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 Debt should not be issued; and

WHEREAS, this Board concurs in the findings of the Authority, that the Projects 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 Debt in an aggregate principal amount not to exceed $56,000,000.00, in one or more series, for the purpose of financing a loan to the Borrower in order to finance the acquisition and rehabilitation of the Projects, as previously described, is approved.

Section 2. The Debt and the interest on the Debt 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 Debt and neither the faith and credit nor any taxing power of 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 Debt. The Authority has no taxing power.

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Date:

To: Honorable Chairman Esteban L. Bovo, Jr.
and Members, Board of County Commissioners

From: Carlos A. Gimenez
Mayor
Subject: Resolution Approving the Issuance by the Housing Finance Authority of Miami-Dade County of its Multifamily
Mortgage Revenue Bonds for Cedar Grove Apartments, Emerald Dunes Apartments and Running Brook Apartments for the Purpose of Section 147(f) of the Internal Revenue Code of 1986

STAFF RECOMMENDATION
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 $56,000,000 for the acquisition and rehabilitation of Cedar Grove Apartments, Emerald Dunes Apartments and Running Brook Apartments (Projects).

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 (Board), as the highest governing body, must approve the issuance of the Bonds by the HFA 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 December 2017.



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Edward Marquez
Deputy Mayor