Resolution 2004-197
16 K6'!
RESOLUTION 2004- 197
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, (SUMMER LAKES II
PROJECT) SERIES 2004 PURSUANT 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, The Richman
Group of Florida , Inc., a Florida corporation, for and on behalf of itself and/or its related entities (the
"Corporation"), has requested the Authority to issue its Multifamily Housing Revenue Bonds
(Summer Lakes II Project) Series 2004 in an initial principal amount not to exceed $22,000,000 (the
"Bonds") for the benefit of the Corporation and to loan all or a portion of the proceeds thereof to
the Corporation 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 May 11, 2004 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 26, 2004, pursuant to the Notice
and has adopted its Resolution 2004-01 (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) ofthe Internal Revenue Code ofl986, 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 procecds 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
C:\M)'FiICl\dlll:umenl\HOFI\_S.",mcr Ltlr.U Ph 1I\8CC Re~ Wild
16 Kf,
WHEREAS, for the reasons set forth above, the Board desires to approve the issuance of
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 o/Issuance o/the 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 ofColIier 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 revcnues 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 mcmber 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 Collier County
applicable to the project and the project shall be subject to all such regulations, including, but not
limited to, the Collier County Growth Management Plan, all concurrency requirements contained
therein, and the Collier County Land Development Code.
Section 2. Effective Date. This Resolution shall take effect immediately upon its
adoption.
PASSED AND ADOPTED THIS 8th day of June. 2004.
(SEAL)
ATTEST. ,\1111111111111
Dwigl}li(at.Q~(~~.
r!!(~~::~tJ;;'ii)~'\ .
BY;~~
~t,.~:~.:~11 ~
"1,..... ...., .
COLLIER COUNTY, FLORIDA
By ~~ .;/~
Donna Fial , ChaIrman
Board of County Commissioners of
Collier County, Florida
Approved as to form and legal sufficiency:
~J (L~
David C . Weigel
County Attorney
ltem# ~
~~:dalo -%-b~
Date f -.. -I 1....1\+
Rec'd W~
C\MyFllu\dnelll'unt\HOFA_Surn...er Laku Ph mace Ru....pd
.p.G.
16K6
RESOLUTION 2004-01_
RESOLUTION REGARDING THE OFFICIAL ACTION OF THE HOUSING
FINANCE AUTHORITY OF COLLIER COUNTY, FLORIDA, RELATIVE TO
THE ISSUANCE OF NOT TO EXCEED $22,000,000 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, The Richman Group of Florida 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 $22,000,000,000 (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 development 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 $22,000,000 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 26,2004, 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:
C:\M)'PilCI\doeumenl\HOPA-Summcr LakOl Ph INnauccl1\Cnt RCloludon.wpd
EXHIBIT A TO COUNTY
RESOLUTION
16 K6.t
1. Approval ofthe 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 determines 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 $22,000,000 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 2004 (Summer
Lakes II 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. Recommendatlon for Approval to Board of County Commissioners. The Authority
hereby recommends the issuance of the Bonds and the financing of the Project for approval to the
Board of County Commissioners of Collier County (the "Board"). The Authority hereby directs
the Chairman, V ice-Chairman 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(t) 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.
S. 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 firm 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
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
necessary zoning applications nor for any other regulatory permits relating to the Project and the
C:\Myl'iJealdocumcn.IHOI'A.Summer LIIca Ph II11n4uooml!lll ReaoIUllon.wp4
-2-
16K6
Authority shall not be construed by reason of its adoption of this resolution to have waived any
right of the County or to have estopped the County from asserting any rights or responsibilities it
may have in that regard.
This Resolution shall take effect immediately.
ADOPTED this 26th day of May, 2004.
: I J. . ~ ,. . .. .
HOUSING FINANCE AUTHORITY OF
COLLIER COUNTY, FLORIDA
l .1" ~ "....... "
. I .,~" ." .,_ ........ ~." ,.,.... .
.~.. :,~~~~
...,-- ':
.. , ~ .'
........'.,
.,f..'....'
By:
" ~ I
ATTEST:
-3-