HomeMy WebLinkAboutMinutes 03-06-2008
ST. LUCIE COUNTY HOUSING FINANCE AUTHORITY
THURSDAY, MARCH 6, 2008 AT 4:00 PM
LAW LIBRARY, COUNTY ATTORNEY’S OFFICE
2300 VIRGINIA AVENUE, ANNEX BLDG.
FORT PIERCE, FLORIDA
MINUTES OF MEETING
1.ROLL CALL:
MEMBERS PRESENT:Bob Davis, Tricia Swift-Pollard, Jill Olen
MEMBERS ABSENT:Pieter Stryker arrived late
Kim Williams (unexcused absence)
OTHERS PRESENT:Katherine Mackenzie-Smith, Assistant County Attorney; Beth Ryder,
Community Services Director; Bob Reid, Esq. (via phone), Bryant,
Miller & Olive; Helen Feinberg, RBC Capital Markets; and Scott
Culp, Atlantic Housing Partners
2.APPROVAL OF MINUTES FROM THE JANUARY 29, 2008 MEETING:
Mr. Davis, Chairman, asked if he could have a motion to approve the minutes. Ms. Swift
Pollard made a motion to approve the minutes, Ms. Olen seconded the motion and the
motion carried.
3.RESOLUTION NO. 08-004 - A RESOLUTION ADOPTING REVISED GUIDELINES AND
PROCEDURES FOR THE ISSUANCE OF MULTI-FAMILY REVENUE BONDS IN ST. LUCIE COUNTY
The Chair asked if there was a motion to approve Resolution No. 08-004. Ms. Swift-
Pollard made a motion to approve the resolution as amended, which would change
“refinancing” on page 12 to “financing”. Ms. Olen seconded the motion and the motion
carried.
4.TEFRA HEARING - PUBLIC HEARING - CONSIDER APPROVAL OF RESOLUTIONS NO. 08-001,
08-002 AND 08-003 - RESOLUTIONS EXPRESSING THE INTENT OF THE HOUSING AUTHORITY
OF ST. LUCIE COUNTY TO PROCEED WITH THE FINANCING OF A MULTIFAMILY RESIDENTIAL
RENTAL HOUSING PROJECT THROUGH THE ISSUANCE OF ITS MULTIFAMILY HOUSING
REVENUE BONDS - JENKINS POINTE APARTMENTS - PHASES I, II AND III
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The Chair stated that we were here for the Jenkins Pointe Apartments TEFRA Hearing and
then asked legal counsel to provide the Housing Finance Authority and the public with a
description of the bonds to be issued and the process for the public hearing. Ms.
Mackenzie-Smith read the description of the resolutions and stated the process for the
public hearing. She also indicated that the public hearing had been advertised on
February 19, 2008 in the Fort Pierce Tribune.
The Chair then opened up the public hearing and asked the developer’s representative,
Scott Culp, if he would like to make a brief presentation regarding this project. Mr. Culp
indicated that he would not be making any further presentation since everything was
already provided in the application that was submitted. The only comment he had was
that he had provided some comments which he believed were corrected in the TEFRA
notification, but not in the narrative that was read in the beginning of this hearing
regarding the number of units. The number of units per phase was not correct.
Discussion ensued and the number of units was corrected in each resolution. It should
be noted that Mr. Stryker arrived during this part of the public hearing. It was noted that
there were no members of the public at this hearing. The Chair asked if there was
anyone else who wished to speak during this part of the public hearing. Hearing none, the
public hearing was then concluded.
The Chair then entertained a motion for the adoption of Housing Finance Authority
Resolution 08-001. Ms. Olen made the motion to adopt and Ms. Swift-Pollard seconded
the motion. There was a discussion regarding the Phase number assigned to this
resolution number and the amount of the fees due. It was determined that Resolution
No. 08-001 should be for Jenkins Pointe Apartments, Phase II, 108 units at an amount not
to exceed $10,500,000. It was discussed that the $40,000 application fee would be due
upon the request for the bond allocation. If the phases were combined into one series
or two series, Atlantic Partners would only be paying the deposit per each series. They
would not have to pay $40,000 for the three series up front. At this time, there being
no objection, the motion carried.
The Chair entertained a motion for the adoption of Housing Finance Authority Resolution
No. 08-002. Ms. Swift-Pollard made the motion to adopt, as amended, and Ms. Olen
seconded the motion. It was discussed that Resolution No. 08-002 should be for Jenkins
Pointe Apartments, Phase III Project, 35 units, at an amount not to exceed $4,000,000.
There being no objection, the motion carried.
The Chair entertained a motion for the adoption of Housing Finance Authority Resolution
No. 08-003. Ms. Swift-Pollard made the motion to adopt the resolution, as amended, and
Mr. Stryker seconded the motion. It was discussed that Resolution No. 08-003 should be
for Jenkins Pointe Apartments, Phase I Project, 70 units, at an amount not to exceed
$6,200,000. Mr. Culp stated that the resolution currently states a minimum of 40% of
such units are to be occupied by persons or families of low to moderate income whose
income does not exceed 60% of the area median income. He stated that it should
actually read 20% and 50% instead of the 40% and 60%, respectively. It was noted that
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the resolution for the Board of County Commissioners (BCC Res. No. 08-084) would need
to be amended too. There being no objection, the motion carried.
5.OTHER BUSINESS - Ms. Feinberg indicated that she had some information from the
Escambia County HFA. Mr. Jernigan had passed away earlier this year and she wanted
to make sure everyone was aware of it. She also wanted everyone to know that a
replacement had been selected for him. Mr. Elbert Jones was now handling the single
family bond program. The turbulent market conditions were also discussed.
6.ADJOURN
Chairman Davis asked if any members had any other business to come before the
Authority. Hearing none, the meeting was adjourned.
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