HomeMy WebLinkAbout21-003 - HFA RESOLUTION NO. 2021 - 003
RESOLUTION AMENDING RESOLUTION NO. 2020-004 EXPRESSING THE
INTENT OF THE HOUSING FINANCE AUTHORITY OF ST. LUCIE COUNTY,
FLORIDA TO PROCEED WITH THE FINANCING OF A MULTIFAMILY
RESIDENTIAL RENTAL HOUSING PROJECT THROUGH THE ISSUANCE OF
ITS MULTIFAMILY HOUSING REVENUE BONDS, TO INCREASE THE
PRINCIPAL AMOUNT TO NOT TO EXCEED $10,450,000 FOR THE BENEFIT
OF BLUE MCNEIL ONE, LLC, A FLORIDA LIMITED LIABILITY COMPANY,
OR ITS AFFILIATE; DEEMING APPLICATION COMPLETE; AND
ESTABLISHING AN EFFECTIVE DATE.
WHEREAS, the Housing Finance Authority of St. Lucie County, Florida (the
"Authority") has previously determined that there exists a shortage of safe and sanitary
housing for persons and families of low to moderate income, within St. Lucie County, State of
Florida;and
WHEREAS, such shortage will be partially alleviated by the construction by a private
owner of a low to moderate income multifamily community known as Blue Sky Landing to
consist of approximately 82 units located on approximately 9.16 acres on McNeil Road at the
intersection with Portofino Landing Boulevard, Fort Pierce, Florida (the "Project), to be owned
by Blue McNeil One, LLC, a Florida limited liability company, or its affiliate (the "Owner"); and
WHEREAS, in order to finance the acquisition, construction and equipping of the
Project, the Authority declared its official intent to issue its Multifamily Housing Revenue
Bonds, in an amount currently estimated not to exceed $9,500,000, for the benefit of the Owner
in one or more series (collectively, the "Bonds") and to enter into a Loan or Financing
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Agreement, a Trust Indenture, a Land Use Restriction Agreement, an Arbitrage Rebate
Agreement and other necessary documents with respect to the Project, and
WHEREAS, the Authority conducted a public hearing and obtained approval by the
Board of County Commissioners of St. Lucie County, Florida in accordance with Section 147(f)
of the Internal Revenue Code of 1986,as amended(the"Code");and
WHEREAS, the Owner has requested that the Authority increase the induced principal
amount of the Bonds to $10,250,000, and Section 147(f) of the Code allows for the approved
principal amount of Bonds following such approval to be increased by 10% and the requested
increase in principal amount($750,000)is less than the permitted 10%increase.
NOW, THEREFORE, BE IT RESOLVED by the members of the Housing Finance
Authority of St. Lucie County,Florida, a lawful quorum of which is duly assembled,as follows:
SECTION 1. Amendment to Declaration of Official Intent. The Authority hereby
amends Resolution No.2020-004 in which the Authority expressed its interest in approving at a
later date, by appropriate resolution, the financing of the Project through the issuance of its
Bonds,by amending the amount subject to such declaration of official intent to$10,250,000. The
Owner is hereby authorized to incur expenditures on the costs of the Project, which
expenditures may be reimbursed to the Owner from the proceeds of the Bonds upon their
issuance. This Resolution shall constitute an amendment to its declaration of"official intent"by
the Authority toward the issuance of the Bonds, within the meaning of Treasury Regulation
Section 1.150-2.
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SECTION 2. Remaining Provision of Resolution No. 2020-004. All provisions of
Resolution No. 2020-004 not specifically amended by this Resolution shall remain in full force
and effect.
SECTION 3. Compliance with Open Meeting Laws. 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 4. Effective Date. This resolution shall become effective immediately upon
its adoption.
ADOPTED this 27th day of January,2021.
HOUSING FINANCE AUTHORITY
OF ST.LUCIE COUNTY,FLORIDA
(SEAL)
ATTEST: By
Chairman
retary
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