HomeMy WebLinkAbout26-114RESOLUTION NO.2026-114
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 2026 IN THE AGGREGATE AMOUNT
NOT TO EXCEED $28,000,000 TO PROVIDE FUNDS TO FINANCE THE
MULTIFAMILY RESIDENTIAL RENTAL HOUSING PROJECT FOR THE
BENEFIT OF VERO BEACH LEASED HOUSING ASSOCIATES IV, LLLP, A
MINNESOTA LIMITED LIABILITY LIMITED PARTNERSHIP, OR ITS
AFFILIATE; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the Board of County Commissioners of Indian River County, Florida, on May
6, 2025, granted the Housing Finance Authority of St. Lucie County, Florida (the "Authority")
"area of operation" authority pursuant to the authority of Section 159.603, Florida Statutes to
finance the acquisition and rehabilitation of the Orchard Grove Apartments in Vero Beach,
Florida; and
WHEREAS, the Authority has authorized the initiation of official action to issue its
Multifamily Housing Revenue Bonds, Series 2026 (Orchard Grove Apartments) (the 'Bonds") on
behalf of Vero Beach Leased Housing Associates IV, LLLP, a Minnesota limited liability limited
partnership, to provide financing or refinancing for the acquisition, rehabilitation and equipping
of a residential rental facility known as Orchard Grove Apartments, to consist of approximately
234 units located at 1810 Woodland Circle, Vero beach, FL 32967; and
WHEREAS, the Authority conducted a public hearing on July 6, 2026, notice of which
hearing was published on June 25, 2026, 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
1
$28,000,000, 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:
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 $28,000,000
Multifamily Housing Revenue Bonds (Orchard Grove Apartments), Series 2026, 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.
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Passed and Adopted thisA day of J 2026, at a regular meeting called and held.
(SEAL)
ATTEST:
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By:
Clerk of the Circuit Court and
Ex-officio Clerk of the Board
3
ST. LUCIE COUNTY, FLORIDA
B-
Chai Board of County
Com issioners
APPROVED AS TO FORM
AND CORRECTNESS:
County Attorney