Resolution 2005-225
RESOLUTION 2005- 225
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF
COLLIER COUNTY, FLORIDA, APPROVING THE ISSUANCE OF
HOUSING FINANCE AUTHORITY OF COLLIER COUNTY TAX-
EXEMPT MULTI-FAMILY HOUSING REVENUE BONDS, (GEORGE
WiI,SHINGTON CARVER APARTMENTS PROJECT) SERIES 2005
PIl.:RSUANT TO CHAPTER 159, PART IV, FLORIDA STATUTES, AS
AMENDED.
WHEREAS, the Housing Finance Authority of Collier County (the "Issuer") is a
public corporation of the State of Florida, was duly created by Ordinance No. 80-66 of the Board
of County Commissioners of Collier County, Florida, and is a body corporate and politic duly
created and existing as a local governmental body and a public instrumentality for the purpose of
assisting qualifying housing projects situated in Collier County, Florida (the "County"), under
and by virtue of Chapter 159, Part IV, Florida Statutes, (the "Act"), to provide for the issuance of
and to issue and sell its obligations for lawful purposes under the Act; and
WHEREAS, as set forth in the resolution of the Authority described below, GWC-2004,
L.L.C., a Michigan limited liability company, for and on behalf of itself and/or its related entities
(the "Company"), has requested the Authority to issue its Multifamily Housing Revenue Bonds
(George Washington Carver Apartments Project) Series 2005 in an initial principal amount not
to exceed $3,500,000 (the "Bonds") for the benefit of the Company and to loan all or a portion
of the proceeds thereof to the Company to finance the costs of the Project: and
WHEREAS, the Authority caused notice of a public hearing to consider approval of the
Bonds and the location and nature of the Project to be financed with the proceeds of the Bonds to
be published on April 29, :2005 in the Naples Daily News, a newspaper of general circulation in
the County, and a copy of said notice is attached as Exhibit A (the "Notice") to the Authority
Resolution described below; and
WHEREAS, the Authority held a public hearing on May 16, 2005, pursuant to the
Notice and has adopted its Resolution 2005-01 (the "Authority Resolution"), a copy of which is
attached hereto as Exhibit A, approving the issuance of the Bonds and recommending and
requesting that the Board of County Commissioners approve the issuance of the Bonds so that
the interest on the Bonds will be exempt from federal income taxation under applicable
provisions of Section 147(a) of the Internal Revenue Code of 1986, as amended; and
WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended (the
"Code"), provides that the elected legislative body of the governmental unit which has
jurisdiction over the area in which the facility financed with the proceeds of tax exempt bonds is
located is to approve the issuance of such bonds after a public hearing: and
WHEREAS, the Board of County Commissioners of Collier County, Florida (the
"Board") is the elected legislative body of the County; and
WHEREAS, for the reasons set forth above, the Board desires to approve the issuance of
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such Bonds for the purposes of Section 147(f) of the Code.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF COLLIER COUNTY, FLORIDA, that:
Section 1. Approval of Issuance of/he Bonds. This Board hereby approves the
issuance of the Bonds by the Authority for the purposes of Section 147(f) of the Code.
The Bonds shall not constitute a debt, liability or obligation of Collier County, its Board
of County Commissioners, officers, agents or employees, or the State of Florida or any political
subdivision thereof, but shall be payable solely from the revenues provided therefor, and neither
the faith and credit nor any taxing power of Collier County or the State of Florida or any political
subdivision thereof is pledged to the payment of the principal of, premium, if any, and interest on
the Bonds. No member of the Board of County Commissioners of Collier County or any officer
or employee thereof shall be liable personally on the Bonds by reason of their issuance.
This approval shall in no way be deemed to abrogate any regulations of the City of
Naples or Collier County applicable to the project and the project shall be subject to all such
regulations, including, but not limited to, the Growth Management Plan, the land development
regulations, and all concurrency requirements of the appropriate jurisdiction.
Section 2. Effective Date. This Resolution shall take effect immediately upon its
adoption.
PASSED AND ADOPTED THIS 14th day of June, 2005.
(SEAL)
ATTEST:
Dwight E. Bf(Jc~I'Clerk
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COLLIER COUNTY, FLORIDA
Br4wt/l}(]~.f:I:;~~J k.
.c Deputy Clerk ".
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AtuK:t~~.to ~J.' 5
r~~l"d~dffid'",Y
DavidC~ V~
County Attorney
By: F~I~'ha~
Board of County Commissioners of
Collier County, Florida
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RESOLUTION 2005 - 1
RESOLUTION REGARDING THE OFFICIAL ACTION OF THE HOUSING
FINANCE AUTHORITY OF COLLIER COUNTY, FLORIDA, RELATIVE TO
THE ISSUANCE OF NOT TO EXCEED $3,700,000 TAX-EXEMPT
MULTIFAMILY HOUSING REVENUE BONDS FOR THE PURPOSE OF
ACQUIRING, CONSTRUCTING AND EQUIPPING MULTIFAMILY
RESIDENTIAL HOUSING FACILITIES FOR PERSONS OR FAMILIES OF
LOW, MIDDLE OR MODERATE INCOME; PROVIDING AN EFFECTIVE
DATE.
WHEREAS, GWC-2004, L.L.C. (the "Company") has applied to the Housing Finance
Authority of Collier County. Florida (the "Authority"), to (i) issue its tax-exempt multifamily
housing revenue bonds in a principal amount not to exceed $3,700,000 (the "Bonds") and such
taxable multifamily housing revenue bonds (the "Taxable Bonds") as the Authority may authorize
by subsequent resolution for the purpose of financing the acquisition, construction, equipping and
rehabilitation of multifamily residential housing facilities for persons or families of low. middle
or moderate income to be located in Collier County (the "Project"), and (ii) to loan the proceeds
of the Bonds to the Company pursuant to Chapter 159, Part IV, Florida Statutes, or such other
provision or provisions of Florida law as the Authority may determine advisable (the" Act"); and
WHEREAS, a determination by the Authority to issue the Bonds under the Act, if so
requested by the Company, in one or more issues or series not exceeding an aggregate principal
amount of $3,700,000 and to loan the proceeds thereof available to finance the Project under a
loan agreement or other financing agreement which will provide that payments thereunder be at
least sufficient to pay the principal of and interest and redemption premium, if any, on such Bonds
and such other costs in connection therewith as may be incurred by the Authority, will assist the
Company and promote the purposes provided in the Act; and
WHEREAS, the Authority held a public hearing on the proposed issuance of the Bonds for
the purposes herein stated on May 16, 2005, pursuant to a notice of such hearing being published
at least 14 days prior to the hearing in the Naples Daily News, a newspaper of general circulation
published in Collier County, a copy of said notice being attached hereto as Exhibit A, which public
hearing was conducted in a manner that provided a reasonable opportunity for persons with
differing views to be heard, both orally and in writing, on both the issuance of such Bonds and the
location and nature of the portion of the Project to be financed with the proceeds therefrom; and
WHEREAS, it is intended that this Resolution shall constitute official action toward the
issuance of the Bonds within the meaning of the applicable United States Treasury Regulations.
IT IS, THEREFORE, DETERMINED AND RESOLVED BY THE HOUSING
FINANCE AUTHORITY OF COLLIER COUNTY, FLORIDA, THAT:
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EXHIBIT A TO COUNTY
RESOLUTION
1. Approval of the Project. The acquisition, construction, equipping and development of the
Project and the financing thereof by the Authority through the issuance of the Bonds, pursuant to
the Act, will promote the health and welfare of the citizens of Collier County and will thereby
serve the public purposes of the Act.
2. Authorization of the Bonds. There is hereby authorized to be issued and the Authority
hereby detennines to issue the Bonds, if so requested by the Company and subject to the conditions
set forth in the Preliminary Agreement to be entered into subsequently, in one or more issues or
series in an aggregate principal amount not to exceed $3,700,000 and such taxable multifamily
housing revenue bonds (the "Taxable Bonds") as the Authority may authorize by subsequent
resolution for the purpose of financing the Project. The Bonds shall be designated "Housing
Finance Authority of Collier County Multifamily Housing Revenue Bonds Series 2005 (George
Washington Carver Apartments)" or such similar designation as the Authority may deem advisable.
The rate of interest payable on the Bonds shall not exceed the rate permitted by law.
3, Recommendation for Approval to Board of County Commissioners. The Authority
hereby recommends the issuance of the Bonds and the (mancing of the Project for approval to the
Board of County Commissioners of Collier County (the "Board"). The Authority hereby directs
the Chainnan, Vice-Chainnan or Issuer's Counsel, either alone or jointly, at the expense of the
Company, to seek approval for the issuance of the Bonds and the financing of the Project by the
Board as the applicable elected representatives of Collier County under and pursuant to the Act and
Section 147(f) of the Internal Revenue Code of 1986. as amended.
4. Affirmative Action. This resolution is an affirmative action of the Authority toward the
issuance of the Bonds, as contemplated in said Preliminary Agreement, in accordance with the
purposes of the laws of the State of Florida and the applicable United States Treasury Regulations.
5. Approval of Notice of Public Hearing. The form of notice of public hearing attached
hereto as Exhibit "A" is hereby approved and the publishing thereof ratified by the Authority .
6. Appointment of Counsel. The Authority appoints Nabors, Giblin and Nickerson, P.A.,
Tampa, Florida to act as bond counsel to the Authority in connection with the issuance by the
Authority of the Bonds. The finn of Donald A. Pickworth, P.A., Naples. Florida is the duly
appointed Issuer's Counsel.
7. Limited Obligations. The Bonds and the interest thereon shall not constitute an
indebtedness or pledge of the general credit or taxing power of Collier County, the State of
Florida, the City of Naples, or any political subdivision or agency thereof but shall be payable
solely from the revenue pledged therefor pursuant to a loan agreement or other financing
agreement entered into by and between the Authority and the Company prior to or
contemporaneously with the issuance of the Bonds.
8. Limited Approval. The approval given herein shall not be construed as an approval of any
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necessary zoning applications nor for any other regulatory permits relating to the Project and the
Authority shall not be construed by reason of its adoption of this resolution to have waived any
right of the City of Naples or the County, with respect to the jurisdiction of each governmental
entity, or to have estopped the City or County from asserting any rights or responsibilities either
may have in that regard.
This Resolution shall take effect immediately,
ADOPTED this 16th day of May, 2005.
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HOUSING FINANCE AUTHORITY OF
COLLIER COUNTY, FLORIDA
By 4f .1Jt:tJ
Gary D. ~d. ChaO an
ATTEST:
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Naples Daily News
Naples, FL 34102
Affidavit of Publication
Naples Daily News _______________
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- -
PICKWORTH, DONALD P.A.
5150 TAMIAMI TRL N #502
NAPLES FL 34103
~""lil:>' Harriet
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REFERENCE: 010784
59035500
Notice of Public Hea
State of Florida
County of Collier
Before the undersigned authority, personally
appeared Angela Bryant, who on oath says that she
serves as Assistant Secretary of the Naples Daily
News, a daily newspa~er publ~shed at Naples, in
Collier County, Flor~da: that the attaChed
copy of advertising was published in said
newspaper on dates listed.
Affiant further says that the said Naples Daily
News is a newspaper published at Naples, in said
Collier County, Florida, ,and that the said
newspaper bas heretofore been cont'inuously
publIshed in said Collier County, Florida, each
day and bas been entered as second clas. mail
matter at the post office in Naples, in said
Collier County, Florida, for a period of 1 year
next preceding tbe first publication of the
attached copy of advertisement; and affiant
further says that she has neither paid nor
promised any person, firm or corporation any
discount, rebate, commission Or refund for the
purpose of securing this advertisement for
publictian in the said newspaper.
PUBLISHED ON: 04/29
AD SPACE: 196.000 INCH
FILED ON: 04/29/05
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Signature of Affiant .' <: <\r ,:'
Sworn to and SUbGCri,b ed before me thi~ ~ Y 07f /': "",I
Personally known by me ;;z.x-;;..J1A.A~~tf~~ ;~
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EXHIBIT A TO AUTHORITY
RESOLUTION