HomeMy WebLinkAbout22-002 - HFARESOLUTION NO. 2022-002
A RESOLUTION OF THE HOUSING FINANCE AUTHORITY OF ST. LUCIE
COUNTY, FLORIDA AMENDING AND SUPPLEMENTING RESOLUTION NO.
2021-002 AS AMENDED BY RESOLUTION NO. 2022-001 RELATING TO THE
FINANCING OF A MULTIFAMILY RESIDENTIAL RENTAL HOUSING
PROJECT LOCATED IN ST. LUCIE COUNTY, FLORIDA THROUGH THE
ISSUANCE OF ITS NOT TO EXCEED $18,000,000 MULTIFAMILY HOUSING
REVENUE BONDS (MISTY CREEK PRESERVE), SERIES 2022, FOR THE
BENEFIT OF SP PLACE LLC, OR ITS AFFILIATE BY INCREASING THE
PRINCIPAL AMOUNT TO $22,500,000; AUTHORIZING THE SCHEDULING OF
A PUBLIC HEARING ON THE FINANCING; AND ESTABLISHING AN
EFFECTIVE DATE
WHEREAS, the Housing Finance Authority of St. Lucie County, Florida (the "Authority")
has 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, the Authority has previously determined that such shortage will be partially
alleviated by the acquisition by a private owner of a low to moderate income housing project
known as Misty Creek Preserve to consist of approximately 144 units located at 3614 Okeechobee
Road, Fort Pierce, Florida (the 'Project"), to be owned by SP Place LLC, a Florida limited liability
company, or its affiliate (the "Owner"); and
WHEREAS, in order to finance the cost of the acquisition and rehabilitation of the Project,
the Authority has previously expressed its intent to issue its Multifamily Housing Revenue
Bonds, in an amount not to exceed $18,000,000, for the benefit of the Owner in one or more series
(the 'Bonds") and to enter into a Loan or Financing Agreement, a Trust Indenture or Funding
Loan Agreement, a Land Use Restriction Agreement, an Arbitrage Rebate Agreement and other
necessary documents with respect to the Project; and
WHEREAS, construction and rehabilitation costs for the Project have been determined to
have increased from the original estimates and the Owner has requested an increase in the
induced amount of Bonds from $18,000,000 to $22,500,000; and
WHEREAS, the Authority is in agreement with such increased principal amount; and
WHEREAS, in order to issue the Bonds in the increased principal amount, it will be
necessary to conduct a public hearing and obtain 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");
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:
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SECTION 1. Recitals. The foregoing recitals set forth above are hereby incorporated
into the Resolution as if fully set forth herein.
SECTION 2. Amendment to Resolution No. 2021-002. The Authority hereby agrees to
amend and supplement Resolution No. 2021-002 adopted on January 27, 2021, as modified by
Resolution No. 2022-001 adopted on February 23, 2022, by increasing the stated authorized
principal amount from $18,000,000 to $22,500,000 in each place it appears.
SECTION 3 Public Hearing Authorized. The Authority hereby ratifies, authorizes and
confirms the Assistant County Attorney's scheduling and advertising a public hearing regarding
the issuance of the Bonds as required by Section 147(f) of the Code, and the Assistant County
Attorney is hereby further authorized and directed to conduct said public hearing on behalf of
the Authority and to make a report to the Board of County Commissioners of St. Lucie County of
the public hearing.
SECTION 4. Allocation Request. The Authority has $17,000,000 carryforward bond
volume allocation for the Project and will submit for an additional $5,500,000 of 2023 allocation
to finance the increased principal amount, following a new public hearing and County
Commission approval as described in Section 3 herein.
SECTION 5. Repealing Clause. All resolutions and orders or parts thereof, of the
Authority, in conflict herewith are, to the extent of such conflict, hereby modified to the extent of
such conflict. Those provisions of Resolution No. 2021-002 as modified by Resolution No. 2022-
001 not specifically amended and supplemented by this Resolution shall remain in full force and
effect.
SECTION 6. 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.
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SECTION 8. Effective Date. This resolution shall become effective immediately upon
its adoption.
ADOPTED this 23rd day of September, 2022.
(SEAL)
(ATTEST)
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ecretary
HOUSING FINANCE AUTHORITY OF
ST. LUCIEVCOUNTY, FLORIIPA
f.
APPROVED AS TO FORM
AND CORRECTNESS:
COUNTY ATTORNEY
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