HomeMy WebLinkAbout08-084
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EDWIN M. FRY, Jr.. CLERK OF THE CIRCUIT COURT
SAINT LUCIE COUNTY
FILE # 3240952 08/06/2008 at 11 :38 AM
OR BOOK 3002 PAGE 1153 -1162 Doc Type: RESO
RECORDING: $86.50
RESOLUTION NO. 2008-084
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF ST. LUCIE COUNTY, FLORIDA,
APPROVING THE ISSUANCE BY THE HOUSING FINANCE
AUTHORITY OF ST. LUCIE COUNTY, FLORIDA OF ITS
MUL TIF AMIL Y MORTGAGE REVENUE BONDS GENKINS
POINTE APARTMENTS - PHASE I PROJECT), ITS
MULTIFAMILY MORTGAGE REVENUE BONDS GENKINS
POINTE APARTMENTS - PHASE II PROJECT), AND ITS
MUL TIFAMIL Y MORTGAGE REVENUE BONDS GENKINS
POINTE APARTMENTS - PHASE II PROJECT), IN THE
AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED
$20,700,000 TO PROVIDE FUNDS TO FINANCE THREE
MUL TIF AMIL Y RESIDENTIAL RENTAL PROJECTS; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, the Housing Finance Authority of St. Lucie County, Florida
(the "Authority") is a public body corporate and politic, duly organized and
existing under the provisions of Chapter 159, Part IV, Florida Statutes, as
amended and supplemented; and
WHEREAS, Jenkins Pointe I Ltd., a Florida limited partnership, or one of
its affiliates (the "Borrower"), has requested the Authority to issue its
Multifamily Mortgage Revenue Bonds Genkins Pointe Apartments - Phase I) the
"Phase I Bonds"), the proceeds of which would be used to (i) pay or reimburse
the Borrower for the cost of acquisition,' construction and equipping a
multifamily residential rental apartment project, to be known as the Jenkins
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Pointe Apartments, which will consist of 70 residential units, at least 20% of such
units are to be occupied by persons of low, whose income does not exceed 50% of
the area median income, located on the southeast corner of the intersection of
Graham Road and Jenkins Road, Fort Pierce, Florida (the "Phase I Project"), (ii)
fund a debt service reserve fund for the Bonds and (iii) pay a portion of the costs
of issuance of the Phase I Bonds; and
WHEREAS, Jenkins Pointe II Ltd., a Florida limited partnership, or one of
its affiliates (the "Borrower"), has requested the Authority to issue its
Multifamily Mortgage Revenue Bonds (Jenkins Pointe Apartments - Phase II
Project) (the "Phase II Bonds"), the proceeds of which would be used to (i) payor
reimburse the Borrower for the cost of acquisition, construction and equipping a
multifamily residential rental apartment project, to be known as the Jenkins
Pointe Apartments, which will consist of 108 residential units, at least 40% of
such units are to be occupied by persons of low, whose income does not exceed
60% of the area median income, located on the southeast corner of the
intersection of Graham Road and Jenkins Road, Fort Pierce, Florida (the "Phase II
Project"), (ii) fund a debt service reserve fund for the Bonds and (iii) pay a
portion of the costs of issuance of the Phase II Bonds; and
WHEREAS, Jenkins Pointe III Ltd., a Florida limited partnership, or one
of its affiliates (the "Borrower"), has requested the Authority to issue its
4
Multifamily Mortgage Revenue Bonds (Jenkins Pointe Apartments - Phase III
Project) (the "Phase III Bonds", and together with the Phase I Bonds and the
Phase II Bonds, collectively the "Bonds"), the proceeds of which would be used to
(i) payor reimburse the Borrower for the cost of acquisition, construction and
equipping a multifamily residential rental apartment project, to be known as the
Jenkins Pointe Apartments, which will consist of 35 residential units, at least 40%
of such units are to be occupied by persons of low, whose income does not
exceed 60% of the area median income, located on the southeast comer of the
intersection of Graham Road and Jenkins Road, Fort Pierce, Florida (the "Phase
III Project"), (ii) fund a debt service reserve fund for the Bonds and (iii) pay a
portion of the costs of issuance of the Phase III Bonds; and
WHEREAS, the Borrower may hereafter be referred to as the "Borrower"
as the context implies or requires; and
WHEREAS, the Authority conducted a public hearing on March 6, 2008,
notice of which hearing was published on February 19, 2008, in the Fort Pierce
Tribune (a copy of which notice is attached hereto as Exhibit "A" and
incorporated herein), for the purpose of considering the issuance of the Bonds by
the Authority, in accordance with the requirements of Section 147(f) of the
4
Internal Revenue Code of 1986, as amended (the "Code"). Said public hearing
disclosed no reason why the Bonds should not be issued; and
WHEREAS, Section 147(f) of the Code requires approval of the issuance
of the Bonds by the Board of County Commissioners of St. Lucie County, Florida
(the "Board"), as the "applicable elected representative" under Section 147(f) after
a public hearing following reasonable public notice; and
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF ST. LUCIE COUNTY, FLORIDA, as follows:
Section 1. The Board, pursuant to, and in accordance with, the
requirements set forth in Section 147(f) of the Code, hereby approves the
issuance of the Bonds by the Authority, in one or more series or phases at one or
more times.
Section 2. The Bonds shall not constitute a debt, liability or obligation of
the County, the State of Florida (the "State") or any political subdivision or
agency thereof other than the Authority, or a pledge of the faith and credit of the
Authority, the County, the State or of any political subdivision or agency thereof,
and neither the Authority, the County, the State nor any political subdivision or
agency thereof will be liable on the Bonds, nor will the Bonds be payable out of
any funds other than those pledged and assigned under the Indentures and the
Loan Agreements.
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Section 3. The approval given herein is solely for the purpose of
satisfying the requirements of Section 147(f) of the Code and shall not be
construed as an approval of any necessary rezoning application or any
regulatory permits required in connection with the issuance of the Bonds or the
construction of the Project, and this Board shall not be construed by virtue of its
adoption of this Resolution to have waived, or be estopped from asserting, any
rights or responsibilities it may have in that regard.
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Section 4. This resolution shall take effect immediately upon its adoption.
ADOPTED this 11th day of March, 2008.
BOARD OF COUNTY COMMISSIONERS
OF ST. LUCIE COUNTY, FLORIDA
ATTEST:
'"
(SEAL)
APPROVED AS TO FORM
AND ~EC:ESS:
f.t:>sv COUNTY AlTORNEY
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EXHIBIT A
NOTICE OF PUBLIC HEARING
AND REPORT OF AUTHORITY AS TO PUBLIC HEARING
4
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III
SCRIPPS TREASURE COAST
NEWSPAPERS
Fort Pierce Tribune
600 Edwards Road, Fort Pierce. Fl. 34982
AFFIDAVIT OF PUBLICATION
SCRIPPS HOW'ARD
"
STATE OF FLORIDA
COUNTY OF ST. LUCIE
Before lhe·underslgned euthority personally appeared. 5" Dariene Brceg. who on oath seys that she Is Classl1led Inside Sales
Manager of the Fort Pierce Tribune. a dally newsPaper published at Fort PIÐ1'Ce In St. Lucie County. Florida: thetlhe attached
copy of advertisement was publshad In the Fori Pierce Tribune In the following issues below. Affiant further seyS thai tha said
FortPlarce Tribuna is a nawspaper published in Fort Pierce. In eald St. Lucie County, Flooda, and thet said newspaper has
heretofore been continuously published In said 51. Lucie County, Florida, dally and distributed in St. Lucie County. Florida. for a
period of one year next preceding the first publication Of the attached copy of edvartlsement; and affiant furthar says tl1et she has
neither paid or promised sny person, firm or corporation any discount, rabate, commission or refund for the purpose of securing
this edve<llsemenl for publication in. the eaid newspaper" The Fort Pierce Tlicune has been entered as Periodical Mattar at the
Post Offices in Fort Pierce, St. Lucie County. Florida and has been for a period of one year next preceding the first publication of
, the attached copy of advertisement
M
Customer Number
Pub
Date
CODvllne fQ..!
BRYANT MILLER & OLIVE, P.A 1791240
2/19/2008
NOTICEOFPUBLlCHEA NOTICE OF HEARING
RINGNOTICE1SH
NEWSPAPER
LEGAL NOTICE
ATTACHED
****************-
DO NOT
SEPARATE PAGES
Subscribed and sworn to me before this date:
February 19, 2008
.£~.... 4'0 '-'~
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Notary Public _ ___
ORIGINAL
."....., MARY T. BYRNE
Q):"''''''' "\No*Y. PublIc. - SlIIø d FlorIda..
" . Commllllon ExpiIes Aug 2. 2010
CoImiIIlan II DO 544327
Bonded ø, N'" Notary AIIll.
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NOTICf OF PUBUC Hl!APJNG
"ob it. ...~ 8* ..... elM "_fl¡1I Fln,,_
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Of'1.D.0 4R·1428, It ÌlNt fu...,...;,m f4I
Mut1 pnor UJ ·tMt ....ìnf..
HOUlING f1NA~C:l AUTHORiTV OF tT,I.UCI..
PLOfUIOA
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