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Home My WebLink About25-072 RESOLUTION NO.25-072 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 OF ITS MULTIFAMILY HOUSING REVENUE BONDS, SERIES 2025 IN THE AGGREGATE AMOUNT NOT TO EXCEED $21,500,000 TO PROVIDE FUNDS TO FINANCE THE MULTIFAMILY RESIDENTIAL RENTAL HOUSING PROJECT FOR THE BENEFIT OF MADISON CAY PRESERVATION, LTD, A FLORIDA LIMITED PARTNERSHIP,OR ITS AFFILIATE;AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the Housing Finance Authority of St.Lucie County,Florida(the"Authority") has authorized the initiation of official action to issue its Multifamily Housing Revenue Bonds, Series 2025(Madison Cay Apartments)(the"Bonds")on behalf of Madison Cay Preservation,Ltd., a Florida limited partnership, to provide financing or refinancing for the acquisition, rehabilitation and equipping of a residential rental facility to be known as Madison Cay Apartments, to consist of approximately 132 units located at 1655 N. 29th Street, Fort Pierce, FL 34947;and WHEREAS, the Authority conducted a public hearing on March 6, 2025,notice of which hearing was published on February 27,2025,in the St. Lucie News 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 the aggregate principal amount not to exceed $21,500,000,in conformance with the requirements of Section 147(f)of the Internal Revenue Code of 1986,as amended.Said public hearing disclosed no reason why the Bonds should not be issued. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF ST.LUCIE COUNTY, FLORIDA: 1 Section 1. This Resolution is adopted pursuant to the requirements of Section 147(f) of the Internal Revenue Code of 1986, as amended, and other applicable provisions of law. Section 2. The Board of County Commissioners (the "Board") of St. Lucie County, Florida, hereby approves the issuance by the Authority of its not to exceed $21,500,000 Multifamily Housing Revenue Bonds(Madison Cay apartments),Series 2025, to be issued in one or more series at one or more times pursuant to a plan of finance approved by the Authority. Section 3. Nothing contained in this consent and approval shall be deemed to create any obligation or obligations of St.Lucie County or the Board of County Commissioners. Section 3. This resolution shall take effect immediately upon its adoption. 2 Passed and Adopted this B*day of Apra 1 , 2025, at a regular meeting called and held. f y GOMM/ss' ST. LUCIE COUNTY, FLORIDA (SEAL) � ® i OW• a/ • Chai 'PA �o�:` Board f County Commissioners ATTEST: `Gc • 4*com r`�� By: 11.(.2tJ) Clerk of the Circuit Court and Ex-officio Clerk of the Board APPROVED AS TO FORM AND CORRECTNESS: County A tomey 3 ST. LUCIE COUNTY HOUSING FINANCE AUTHORITY SCRIPT FOR TEFRA HEARING relating to MULTIFAMILY HOUSING REVENUE BONDS (Madison Cay Apartments) March 6, 2025 MS. BARBIERI: We will now conduct the public hearing on the proposed issuance by St. Lucie County Housing Finance Authority of its not to exceed $21,500,000 aggregate principal amount Multifamily Housing Revenue Bonds, Series 2025 (Madison Cay Apartments). I will now provide us and the public with a description of the bonds to be issued and the process for the public hearing. The proposed issuance by the Authority of its Multifamily Housing Revenue Bonds (Madison Cay Apartments)in one or more series at one or more times,to provide financing or refinancing for the acquisition, rehabilitation, and equipping of a residential rental facility to be known as Madison Cay Apartments to consist of approximately 132 located at 1655 N. 29th Street, Fort Pierce, Florida (the "Project), to be owned by Madison Cay Preservation, Ltd., a Florida limited partnership, or its affiliate (the "Owner"); and This public hearing is being conducted pursuant to the requirements of the federal Tax Equity and Fiscal Responsibility Act of 1982, as amended by the Tax Reform Act of 1986, collectively referred to for purposes of this hearing as "TEFRA" and embodied in Section 147(f) of the U.S. Internal Revenue Code of 1986, as amended (the "Code"). TEFRA requires that in order for the interest on private activity bonds, including multi-family mortgage revenue bonds, to be exempt from federal income tax,such bonds and the projects which they will finance must be approved by either a voter referendum or by an applicable elected representative of the governmental unit having jurisdiction over the area in which such project is to be located after a public hearing following reasonable public notice. A transcript of the testimony given at this hearing will be provided to the Board of County Commissioners of St. Lucie County at a regular meeting of the Board, at which time the Board will be asked to adopt a resolution, among other things, approving the Series Bonds for purposes of Section 147(f) of the Code. It should be noted that the proceedings of this public hearing are being recorded and will be maintained as a permanent record. The Notice of Public Hearing was published in the St. Lucie News Tribune, a newspaper of general circulation within St. Lucie County, on February 27, 2025, advising that the Authority would hold a public hearing on March 6,2025,at 10:00 a.m., in Conference Room 3, on the proposed issuance of the Series Bonds. A copy of such Notice is submitted as part of the record of this public hearing. Thank you. Notice having been given, I declare the public hearing open and testimony will now be heard by anyone desiring to speak on the proposed project and the issuance of the Bonds. [If Madison Cay Preservations, Ltd. representatives are in attendance]Would the developer's representative like to make a brief presentation describing the Madison Cay Apartments for the record? Is there anyone who wishes to speak or file written testimony on this matter? I would like to remind anyone who wishes to speak that this Authority does not sit as a zoning commission or planning commission. [Recognize anyone wishing to speak. Have them state their name and address for the record.] [If there is no one in attendance or wishing to speak, make the following statement: Let the record reflect that there are no members of the public in attendance and wishing to speak or file written testimony. The copy of the Notice of Public Hearing introduced by Legal Counsel is accepted into the record. [in the event that anyone else submitted written comments or exhibits,add—THE WRITTEN COMMENTS AT EXHIBITS SUBMITTED BY [name names] ARE ACCEPTED INTO THE RE ORD WITHOUT OBJECTION. This concludes the public hearing scheduled for today. • MAR052025 �- * LocaliQ '(w t�' �f f',' N-I Florida PO Box 631244 Cincinnati,OH 45263-1244 GANNETT NOTICE OF PUBLICHEARING AFFIDAVIT OF PUBLICATION he Notice Is hereby given that the Housing Finance Authority of St. Lucie County, Florida (the 'Author. • Kell c Harris ity•I will hold and conduct a public hearing to be held on March 6,2025, Carol Bishop beginning of 10:00 a.m. or as soon thereafter as such matters may be Si Lucie County Attorneys Office heard, at the offices of the Author- 2300 Virginia AVE ity, In Roger Conference R of Administration Fort Pierce FL 34982-5632 Annex, 3rd Floor, 2300 Virginia Avenue, Fort Pierce, Florida 34982, for the purpose of receiving comments and hearing discussion concerning the modification of STATE OF WISCONSIN, COUNTY OF BROWN public notice requirements and a plan of financing (within the mean- ing of Section 147(f) of the Internal Revenue Code of 1986,as amended), Before the undersigned authority personally appeared,who on the fallowing: The proposed issuance by the on oath says that he or she is the Legal Advertising Authority of its Multifamily Housing Revenue Bonds, Series 2025 In an Representative of the Indian River Press Journal/St Lucie aggregate principal amount of not to exceed $21,500,000 In one or more News Tribune/Stuart News, newspapers published in Indian series, to provide financing for the acquisition,rehabilitation and equip- River/St Lucie/Martin Counties, Florida;that the attached ping of residential rental facilities to be known as Madison Car Preserva- copy of advertisement, being a Legal Ad in the matter of tion, Ltd. consisting of approxi- mately 132 units located at 1655 N. Govt Public Notices, was published on the publicly 29th Street,Fort Pierce, FL 34947 to be occupied by persons of low to accessible websites of Indian River/St Lucie/Martin moderate Income and owned and operated by Madison Coy Preserva- Courities,Florida,or in a newspaper by print in the issues non,Ltd.,a Florida limited partner- ship company,and/or its affiliates. of, on: All interested parties are invited to present their comments at the time and place set forth above. Persons are advised that, If they 02/27/2025 decide to appeal any decision made at this hearing, they will need a record of the proceedings, and, for such purpose, they may need to Affiant further says that the website or newspaper complies ensure that a verbatim record of the proceedings is made, which record with all legal requirements for publication in chapter 50, Includes the testimony and evidence upon which the appeal Is to be Florida Statutes. based. In accordance with the Americans Subscribed and sworn to before me, by the legal clerk,who with Disabilities Act, anyone with a disability requiring accommodation is personally known t me,on 02/27/2025 to attend this meeting should contact the Human Resources Deportment at (772) 462-1546, HumonResourcesOstlucieco.org or TDD (772) 462-1428 at least forty- Legaleight (48) hours prior to the meet- ing. /�J HOUSING FINANCE AUTHORITY / r�� OF ST.LUCIE COUNTY,FLORIDA ��'l� /' - - ERIN O'BRIEN,HFA CHAIR Notary. State of Wi,County of Brow,( Pub: Feb.27,2025 ZTCN11075517 My commission expires Publication Cost: $131.36 Tax Amount: $0.00 Payment Cost: $131.36 Order No: 11075517 #of Copies: Customer No: 1125267 1 PO k: THIS IS NOT AN INVOICE! Pleas*do not use Chia form for payment remittance. KAITLYN FELTY Notary Public State of Wisconsin Page 1 of 1 Treasure Coast Newspapers-02/27/2025 Page:C08 Govt Public Notices NOTICE OF PUBLIC HEARING 1 Notice is hereby given that the f Housing Finance Authority of Si. F Lucie County,Florida(the'Author- 1 lty')will hold and conduct a public • hearing 10 be held an March 6.2025, beginning of 10:00 o.m.or as soon thereafter as such matters may be heard.at the offices of the Author- ity, in Conference Room 3 of the I Roger Poitiers Administration Annex, 3rd Floor, 2300 Virginia Avenue, Fort Pierce,Florida 34902, for the purpose of receiving 1 comments and hearing discussion concerning the modification of v public notice requirements and a I Ptah of financing(within the mean• f ing of Section 147(f)of the internal F Revenue Code of 1996,as amended), v on the following: The proposed Issuance by the c Authority of Its Multifamily Honing F Revenue Bonds, Series 2029 in an r aggregate principal amount of not to I exceed S21,S00,000 In one or more c series, to provide financing for the c ocquisition,rehabilitation and equip- c Ping of residential rental facilities to r be known ors Madison Cov Preservo- c lion, Ltd. consisting of opproxl- ( moiety 132 units located of 1655 N. f 29th Street,Fort Pierce,FL 34947 to 1 be occupied by persons of low to 1 moderate income and owned and 1 operated by Madison Coy Pretervo• ( lion,Ltd.,a Florida limited partner- 1 ship company,and/or its affiliates. 1 All Interested parties ore Invited to c present their comments at the time it and place set forth above. Persons ors advised that, If they c decide to appeal any decision mode e al this hearing, they will need a [ record of the proceedings,and,for i such purpose, they may need to s ensure that a verbatim record of the c proC•edlnys is mode, which record F Includes Me testimony and evidence s upon which the appeal is to be f. based, In accordance with the Americans C with Disabilities Act,anyone with o a disability requiring accommodation r to attend this meeting should 1t contact the Human Resources C Department at (7771 e62-1546, 1 HumonResourcesOstlucieco one or i TOD 1772) 442.142e of least forty- 1 eight (A) hours prior to the meet- 7 Mg. HOUSING FINANCE AUTHORITY I OF ST.LUCIE COUNTY,FLORIDA F ERIN O'BRIEN,FIFA CHAIR F Pub:Feb.77,7075 TCN1107S517 • FEB 2' 2025 • Februart 27,2025 8:02 ant(GMT-5:00) Powered by TECNAVIA