Resolution 2021-179 RESOLUTION 2021-1 7 9
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF
COLLIER COUNTY, FLORIDA, APPROVING THE ISSUANCE OF NOT
EXCEEDING $36,200,000 HOUSING FINANCE AUTHORITY OF COLLIER
COUNTY MULTI-FAMILY HOUSING REVENUE BONDS, (BRITTANY BAY
APARTMENTS PHASE I) PURSUANT TO CHAPTER 159,PART IV, FLORIDA
STATUTES,AS AMENDED.
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF COLLIER
COUNTY, FLORIDA:
Section 1. Recitals. It is hereby found,ascertained,determined and declared that:
A. 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.
B. The Issuer has submitted to the Board of County Commissioners a copy of its Resolution
2021-05 (the "Authority Resolution"), attached hereto as Exhibit A, with respect to the issuance by it of
not to exceed $36,200,000 Housing Finance Authority of Collier County Multi-Family Revenue Bonds,
(Brittany Bay Apartments Phase I)(the "Bonds").
C. A public hearing was held on the Authority Resolution on August 25,2021,which public
hearing was duly conducted by the Issuer upon reasonable public notice, a copy of said notice being
attached as Exhibit A to the Authority Resolution, and at such hearing interested individuals were
afforded the opportunity to express their views, both orally and in writing, on all matters pertaining to the
location and nature of the proposed project and to the issuance of the Bonds.
D. The Issuer has recommended and requested 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.
E. The Authority Resolution shows that the Issuer has acted in accordance with all
applicable requirements of law, and that the issuance of the Bonds will serve significant public purposes
as provided in the Act.
F. The purpose of the Act will be effectively served, and it is necessary and desirable and in
the best interest of the County that the issuance of the Bonds be approved by the Board of County
Commissioners.
G. 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 or municipality thereof, but shall be payable solely from the revenues provided therefore, and
neither the faith and credit nor any taxing power of Collier County, or the State of Florida or any political
subdivision or municipality 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,agent,or employee thereof shall be liable personally on the Bonds by reason of its issuance.
[21-SOC-00873/1661636/1]
Section 2. Approval of Issuance of the Bonds. The issuance of the Bonds as contemplated by
the Authority Resolution is hereby approved, however this approval shall in no way be deemed to
abrogate any regulations of the County and the project contemplated by this resolution shall be subject to
all such regulations, including, but not limited to,the County's Growth Management Plan,all concurrency
requirements contained therein, and the Collier County Land Development Code.
Section 3. Repealing Clause. All resolutions or orders and parts thereof in conflict herewith,to
the extent of such conflict,are hereby superseded and repealed.
Section 4. Effective Date. This Resolution shall take effect immediately upon its adoption.
PASSED AND ADOPTED THIS I "iiWay of September 2021.
ATTEST: BOARD OF OUNTY COMMISSIONERS
Crystal K. Kinzel, Clerk of Courts COLLIER e Y, FLORID
Li
By: . , A _ By:
ep4ty Cl• i � Penny Taylor, hair
Attest a to lain}•yt
si ure
Approved al t and legality:
-41 LA
Jeffrey A. .t i , County Attorney
Attachment:
Exhibit A-Authority Resolution 2021-05
EXHIBIT A TO COUNTY RESOLUTION PERTAINING TO BRITTANY BAY
APARTMENTS PHASE I; HOUSING FINANCE AUTHORITY OF COLLIER
COUNTY RESOLUTION 2021-05 ADOPTED AUGUST 25,2021
RESOLUTION NO. 2021-05
RESOLUTION REGARDING THE OFFICIAL ACTION
OF THE HOUSING FINANCE AUTHORITY OF COLLIER
COUNTY, FLORIDA RELATIVE TO THE ISSUANCE OF
NOT TO EXCEED S36,200,000 IN INITIAL PRINCIPAL
AMOUNT OF ITS MULTIFAMILY HOUSING REVENUE
BONDS, SERIES 2021 (BRITTANY BAY APARTMENTS
PHASE I) FOR THE PURPOSE OF ACQUIRING,
REHABILITATING, EQUIPPING, AND DEVELOPING A
MULTIFAMILY RESIDENTIAL HOUSING FACILITY
FOR PERSONS OR FAMILIES OF LOW, MIDDLE OR
MODERATE INCOME; FURTHER AUTHORIZING THE
EXECUTION AND DELIVERY OF AN AGREEMENT BY
AND BETWEEN THE AUTHORITY AND BRITTANY BAY
APARTMENTS I, LLC;AND PROVIDING AN EFFECTIVE
DATE.
WHEREAS, Brittany Bay Apartments I, LLC, a Florida limited liability company (the
"Company") has applied to the Housing Finance Authority of Collier County, Florida (the
"Authority") to (i) issue its Multifamily Housing Revenue Bonds, Series 2021 (Brittany Bay
Phase I) in a principal amount not to exceed $36,200,000 (the "Bonds") for the purpose of
financing a portion of the costs of the acquisition,rehabilitation,equipping and development of a
I84-unit multifamily residential housing facility known as "Brittany Bay Phase I"for persons or
families of low, middle or moderate income, located in Collier County,Florida (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 applicable provision or provisions of Florida law(the"Act"); and
WHEREAS, subject to the terms set forth herein and in the Memorandum of Agreement
of even date herewith, the Company has requested that the Authority make a determination to
issue the Bonds under the Act in one or more issues or series not exceeding an aggregate principal
amount of $36,200.000 and to loan the proceeds thereof available to finance a portion of the
Project under a project 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,to assist the Company and promote the purposes provided in the Act;and
WHEREAS,the Company has reviewed the Memorandum of Agreement relating to the
issuance of the Bonds;and
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WHEREAS, in order to satisfy certain of the requirements of Section 147(f) of the
Internal Revenue Code of 1986,as amended, the Authority did on this date hold a public hearing
on the proposed issuance of the Bonds for the purposes herein stated, which date is at least 7
days following the publication of a notice of such public hearing as required by law(proof of
publication of such notice is attached hereto as Exhibit A). Such public hearing, which occurred
prior to the adoption of this Resolution, 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 Internal Revenue Code of 1986,as amended,and
applicable United States Treasury Regulations.
IT IS, THEREFORE, DETERMINED AND RESOLVED BY THE HOUSING
FINANCE AUTHORITY OF COLLIER COUNTY,FLORIDA, THAT:
1. APPROVAL OF THE PROJECT. The acquisition, rehabilitation, 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. Florida.and will thereby serve the public purposes of the Act.
2. EXECUTION AND DELIVERY OF THE MEMORANDUM OF
AGREEMENT. The Chairman or any Vice Chairman of the Authority hereby are authorized
and directed to execute, for and on behalf of the Authority, the Memorandum of Agreement of
even date herewith between the Authority and the Company providing understandings relative to
the proposed issuance of the Bonds by the Authority to finance a portion of the Project in an
aggregate principal amount of not to exceed$36,200,000.
3. AUTHORIZATION OF THE BONDS. Subject to the terms and conditions
set forth herein and in the Memorandum of Agreement, there is hereby authorized to be issued
and the Authority hereby determines to issue the Bonds, if so requested by the Company,in
one or more issues or series in an aggregate principal amount not to exceed of$36,200,000 for
the purpose of financing a portion of the Project described in such Memorandum of Agreement.
The Bonds shall be designated the "Housing Finance Authority of Collier County, Florida
Multifamily Housing Revenue Bonds, Series 2021 (Brittany Bay Apartments Phase I)" or such
similar designation as shall be mutually agreed.
4. RECOMMENDATION FOR APPROVAL TO BOARD OF COUNTY
COMMISSIONERS. The Authority hereby recommends that the Board of County
Commissioners of Collier County,Florida(the"Board")approve the issuance of the Bonds and the
financing of the Project. The Authority hereby directs the Chairman,any Vice Chairman or the
Authority'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
2
representatives of Collier County, Florida, under and pursuant to the Act and Section 147(f) of
the Internal Revenue Code of 1986, as amended.
5. GENERAL AUTHORIZATION. The Chairman, the Vice Chairman, the
Secretary and counsel for the Authority are hereby further authorized to proceed, upon
execution of the Memorandum of Agreement, with the undertakings provided for therein on
the part of the Authority and are further authorized to take such steps and actions as may be
required and necessary in order to cause the Authority to issue the Bonds subject to the terms
and conditions set forth herein and in the Memorandum of Agreement authorized hereby.
6. AFFIRMATIVE ACTION. This resolution is an affirmative action of the
Authority toward the issuance of the Bonds, as contemplated in said Memorandum of
Agreement. in accordance with the purposes of the laws of the State of Florida and the applicable
United States Treasury Regulations with respect to the Bonds.
7. APPROVAL OF NOTICE OF PUBLIC HEARING. The form of notice of
public hearing, as evidenced by the affidavit attached hereto as Exhibit A, is hereby ratified
and confirmed.
8. APPOINTMENT OF COUNSEL. The firm of Nabors, Giblin & Nickerson,
P.A. is duly appointed Bond Counsel in connection with the issuance of the Bonds. Donald A.
Pickworth, P.A.. is duly appointed Issuer's Counsel.
9. LIMITED OBLIGATIONS. The Bonds and the interest thereon shall not
constitute an indebtedness or pledge of the general credit or taxing power of the Authority,
Collier County. the State of Florida or any other political subdivision or agency thereof, but
shall be payable solely from the revenue pledged therefor pursuant to a project 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.
10. 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 Authority shall not be construed by reason of its adoption of this
Resolution to have waived any right of the County and/or of any city in which the proposed
Project is to be located or to have estopped the County and/or such city, if any, from asserting
any rights or responsibilities it may have in that regard. In addition, this Resolution and the
Memorandum of Agreement are conditioned upon and subject to: (1) the determination by the
Authority. in its sole and absolute discretion, that it is in the best interests of the Authority and
the residents of Collier County, Florida, to use the tax exempt volume cap allocation potentially
available to the Authority to issue the Bonds; (2) receipt of the necessary tax exempt volume
cap allocation from the State of Florida Division of Bond Finance; (3) receipt of the approval
of the Project and the proposed financing of the Project by the Authority; (4)the ownership and
control of the Company and its principals not varying more than five (5%)percent from what
has been represented to the Authority in the Company's application (excluding the admission
of a tax-credit limited partner and as otherwise specifically approved by the Authority); (5) the
3
number of multi-family units to be rehabilitated by the Company not decreasing by more than
five (5%)percent from the 184 units referenced in the Company's application; and (6)the closing
of the Bonds occurring on or before one hundred and fifty-five (155)days after receipt of
volume cap allocation from the State of Florida Division of Bond Finance, unless extended by
the Authority in its sole and absolute discretion. In the event that any of the foregoing events
shall not take place, if applicable. or shall occur or take place, if applicable, it shall operate as
a termination of this Resolution and the Memorandum of Agreement.
11. BOND ALLOCATION. Upon a determination by the Authority as set forth in
the Memorandum of Agreement to request private activity allocation with respect to such Bonds,
the Chairman. Vice Chairman. or Authority's Counsel are hereby authorized to execute all
necessary documents for obtaining and preserving an allocation from the State of Florida,
Division of Bond Finance upon request by the Company.
This Resolution shall take effect immediately.
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ADOPTED this 25th day of August, 2021.
HOUSING FINANCE AUTHORITY OF
COLLIER COUNTY,FLORIDA
ATTEST:
By: By-
5
_ _
EXHIBIT A
PROOF OF PUBLICATION OF NOTICE OF PUBLIC HEARING
A-1
,-1; - il II. -1'. :. Nil: ,1'it 1111!'
tt - ' LAI 4,- at tt
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PART Of THE USA TODAY NE TWORK
Published Daily
Naples, FL 34110
PiCKWORTH DONALD P.A.
725 HIGH PINES DR
Notice of Public Hearing and Special Meeting
NAPLES,FL 34103 Housing Finance Authority of Collier County
Notice is hereby given that the Housing Finance Authority of Collier County(tt
conduct a public hearing in accordance with the Tax Equity and fiscal Respon
Affidavit of PubUUcd ?0t (TEFRA)and special meeting on August 25,2021,at 8:30 a.m. (local time)in th
Suite 102,5811 Pelican Bay Boulevard, Naples, FL 34108,Persons attend Si'
STATE OF`A SCONS the participation options setmay
y forth below.
COUNTY OF BROWN
The purpose of the meeting will be receiving comments and hearing discuss
proposed issuance of the Authority's Multifamily Housing Revenue Bonds to
Before the enders:g a ey serve as the authority, the acquisition and rehabilitation of the following projects:
personally appeared sac .ezei clerk who on oath says that Project 01
he/she serves as Leos is of the Naples Daily News, a Name of Project: Brittany Bay Apartments I
Initial Owner: Brittany Bay Apartments I,LLC,or other
daily newspaper oublisnec at Naples, in Collier County, Tax-exempt Financing Requested S36,200,000
Florida; distributes `n 1:o,,,en and Lee counties of Florida; Number of units: 184
Size of Site: 13.07 Acres
that Vie attached copy c' the advertising was published in Location: 14815 Triangle Bay Drive
said newspaper on oa°ss s'ec. Afflant further says that the Naples,FL 34119
said Naples Daly News S a newspaper published at Project#2
Naples, in sateColl e __ iq Florida, and that the said Name of Project: Brittany Bay Apartments it
Initial Owner. Brittany Bay Apartments tl,LLC,or other
newspaper pas herats:'e Teen continuously published in Tax-exempt Financing Requested 540.800,000
said Number of units: 208
Size of Site: 37,22 Acres
Collier Ccunly. Florida :.str:opted in Collier and Lee Location: 14925 Lighthouse Road
counties of Florida. c-sr qay and has been entered as Naples,FL 34119
second class ma i 'os ;^e post office in Naples. in If issued,the bonds will be payable solely from the revenues derived by the Au
said Collier County _ cr a period of one year next a Loan Agreement or other financing documents between the Authority anc
The bonds will not constitute an indebtedness of Collier County,the State of f
preceding the first : u: of the attached copy of cal subdivision or agency thereof within the meaning of any constitutional or
advertisement; are affix':, tu.'ner says that he has neither cation or restriction. The ad valorem taxing power of Collier County is not phi
be compelled to be exercised to make any payments of principal, premium lit
paid nor promised am _c or corporation any discount, the bonds. No property of the County or the State or any political subdivision
rebate, commission _. for the purpose of securing will be pledged for payments of principal, premium (if any)or interest on tit
r only the revenues pledged by the Authority as described in this paragraph. Tr
this advertisement for rue' the sa:c newspaper. taxing power
All interested persons are invited to attend the meeting in person or may part
jPi.s l:i38/1 712 0 21 at the call in number which can be obtained by contacting the Authority's e:
i set forth below. Persons may obtain a call-in number, submit questions or co,
i copies of the application for financing by email to the Authority's executive dir
4-- L i alaw.com or by calling Don Pickworth at 239.404.1475. Persons are advised
to appeal any decision made at this hearing, they will need a record of the pr
such purpose, they may need to ensure that a verbatim record of the procee
Subscribed and sworn. .. = c' di
^:;ugust 18,2021 record includes the testimony and evidence upon which the appeal is to be based
t HOUSING FINANCE AUTHORITY OF COLLIER COUNTY
3y:Donald A.Pickworth
t General Counsel and Executive Director
)+,,7 7 Pub Date: Aug 17,2021
NpCory t t,c,of J cs!^
My commission expires
Publication Cos S577. T.
n
Ad No 00348F7E50 A t I [R Tj_ S
Customs co� '.a4 ,IO Cary Public
PO#. TE Fd^ioit2 i =- ,?Gca Of Mscon 5;,r1
#of Affidavits
This is not an invoice
Notice of Public Hearing and Special Meeting
Housing Finance Authority of Collier County
Notice is her,: ,ge-eit that the Housing Finance Authority of Collier County(the"Authority")will
conduct +pi;l n eng in accordance with the Tax Equity and Fiscal Responsibility Act of 1982
f1EFRA)and siee eeeeting un August 25,2021,at 8:30 a.m.(local time)in the conference room,
Spite 102.5i8 t bay Boulevard,Naples,Ft 34108.Persons may attend the meeting through
tie p ertuifnt we.set forth below.
The p'urpo e �^:octing will be receiving comments and hearing discussion concerning the
proposed issteeee ;i the Authority's Multifamily Housing Revenue Bonds to be used to finance
the acquisitra, ;habilitation of the following proiects:
Proiret
Name of?roc,:: Brittany Bay Apartments I
Initial Owns:: Brittany Bay Apartments I,LLC,or other related party
Tex exempt:r, - ;n Requested S36,200,000
Number of units: 184
Size of Site: 13.07 Acres
Location:: 14815 Triangle Bay Drive
Naples,FL 34119
Pe-et ee
Name o`? o, t: Brittany Bay Apartments II
Initial Own=:: Brittany Bay Apartments II,LLC,or other related party
T:- ; ;eques:ed S40.800,000
t.a,ne r r.,.. :.;s: 208
Size of Site: 37.22 Acres
Location: 14925 Lighthouse Road
Naples,FL 34119
if;czc.-:. Ow e, T. eee be payable solely from the revenues derived by the Authority pursuant to
-ore, n, other financing documents between the Authority and the Initial Owner.
lee tee ee, an indebtedness of Collier County.the State of Florida or any politi-
.Y thereof within the meaning of any constitutional or statutory debt limi-
i r',iun c . ,. The ad valorem taxing power of Collier County is not pledged and may not
c : cc n ec: oe-exercised to make any payments of principal, premium(if any)or interest on
bo ,: ; -,.rrty of the County or the State or any political subdivision or agency thereof
will be pledr,e tei payments of principal, premium (if any)or interest on the bonds,excepting
only ttr>never s' e edged by the Authurity as described in this paragraph. The Authority has no
taxing power.
Ati rnt .are invited to attend the meeting in person or may participate by calling in
:,Minn can be obtained by contacting the Authority's executive director as
se, f, ::us may obtain a call-in number,submit questions or comments,or request
,rigs .e c i for financing by email to the Authority's executive director at don iNaPp
y rr it or t' Don Pickvvorth at 239.404.1475. Persons are advised that, if they decide
to appo x: ,._i.; +,made at this hearing, they will need a record of the proceedings,and,for
u+ pc y need to ensure that a verbatim record of the proceedings is made,which
co , unony and evidence upon which the appeal is to be based.
1 OUS P u 7e"s,c C:,-;OTHORITY OF COLLIER COUNTY
Sy:Donao ..'.__.
Gere e,Cc...=: caecut:ve Director
Pete Dote: ,_ #4867860