Resolution 2021-180 RESOLUTION 2021-1 8 0
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF
COLLIER COUNTY, FLORIDA, APPROVING THE ISSUANCE OF NOT
EXCEEDING $40,800,000 HOUSING FINANCE AUTHORITY OF COLLIER
COUNTY MULTI-FAMILY HOUSING REVENUE BONDS, (BRITTANY BAY
APARTMENTS PHASE II)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
2021-06 (the "Authority Resolution"), attached hereto as Exhibit A, with respect to the issuance by it of
not to exceed $40,800,000 Housing Finance Authority of Collier County Multi-Family Revenue Bonds,
(Brittany Bay Apartments Phase II)(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-00873/166163 7/1]
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 K Pr day of September 2021.
ATTEST: BOARD OF COUNTY COMMISSIONERS
Crystal K. Kinzel, Clerk of Courts COLLIER O Y, FLORID
By 1 liZa:.V.---(\ '.-Nk , By:
Attiiat'as
to Cha. =We 1 15/ Penny Taylor, air
siVatttte o i 1Y.
Approved r_ ^
I� . d legality:
��.._
Jeffrey A. 4r.tzko County Attorney
Attachment:
Exhibit A-Authority Resolution 2021-06
[21-S0C-00873/1661637/1]
EXHIBIT A TO COUNTY RESOLUTION PERTAINING TO BRITTANY BAY
APARTMENTS PHASE II: HOUSING FINANCE AUTHORITY OF COLLIER
COUNTY RESOLUTION 2021-06 ADOPTED AUGUST 25,2021
RESOLUTION NO. 2021-06
RESOLUTION REGARDING THE OFFICIAL ACTION
OF THE HOUSING FINANCE AUTHORITY OF COLLIER
COUNTY, FLORIDA RELATIVE TO THE ISSUANCE OF
NOT TO EXCEED $40,800,000 IN INITIAL PRINCIPAL
AMOUNT OF ITS MULTIFAMILY HOUSING REVENUE
BONDS, SERIES 2021 (BRITTANY BAY APARTMENTS
PHASE II) 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 II, LLC; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, Brittany Bay Apartments II, 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
Apartments Phase II) in a principal amount not to exceed $40,800,000 (the "Bonds") for the
purpose of financing a portion of the costs of the acquisition, rehabilitation, equipping and
development of a 208-unit multifamily residential housing facility known as "Brittany Bay Phase
II"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 S40,800,000 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 an}.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
1
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 AL T:HORITY 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 XE CUTION 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 herew 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 princpat amount of not to exceed$40,800,000.
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$40,800,000 for
the purpose of financing a portion of the Project described in such Memorandum of Agreement.
The Bonds shah iae designated the "Housing Finance Authority of Collier County, Florida
Multifamily Housing Revenue Bonds, Series 2021 (Brittany Bay Apartments Phase II)" 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, A? 'ROVA . 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,
Picky,orth, P.A.. is duly appointed Issuer's Counsel.
9. LIMITED OBLIGATIONS. The Bonds and the interest thereon shall not
constitute an i; ccttvdness or pledge of the general credit or taxing power of the Authority,
Collier Counts nc State of Florida or any other political subdivision or agency thereof, but
shall he payabic ;oiciy 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.
1 t1. LI FJ e ED APPROVAL. The approval given herein shall not be construed as
an approval of am 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 ha\e 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 o 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 oilier County. Florida, to use the tax exempt volume cap allocation potentially
available to the A utnority to issue the Bonds; (2) receipt of the necessary tax exempt volume
cap allocation rom 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 :Lilted 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 208 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 i s sole and absolute discretion. In the event that any of the foregoing events
shall not take ptace. 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 Memorandl.rn 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 docum nts for obtaining and preserving an allocation from the State of Florida.
Division of Bo:id Finance upon request by the Company.
This shad take effect immediately.
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ADOPTED this 25th day of August, 2021,
HOUSING FINANCE AUTHORITY OF
COLLIER COUNTY,FLORIDA
ATTEST:
By: By:
Secretary Chairm a
5
EXHIBIT A
PROOF OF PUBLICATION OF NOTICE OF PUBLIC HEARING
A-I
icztpiri Battui
PART OF THE USA TODAY NE rWORK
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 itr
conduct a public hearing in accordance with the Tax Equity and Fiscal Respon
Affidavit of Publication (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 may attend tt
STATE OF WISCONSIN the participation options set 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
the acquisition and rehabilitation of the following projects:Before the undersigned they serve as the authority,
personally appeared sad legal clerk who on oath says that Project#1
he/she serves as Legal Clerk of the Naples Daily News, a Name of Project: Brittany Bay Apartments I
dailynewspaper Initial Owner: Brittany Bay Apartments 1,LLC,or other
publishes at Naples, in Collier County, Tax-exempt Financing Requested S36,200,000
Florida; distributed in oiler an Lee counties of Florida; Number of units: 184
Size of Site: 13.07 Acres
that the attached copy of the advertising was published in Location: 14815 Triangle Bay Drive
said newspaper on dates listed. Aftant further says that the Naples,FL 34119
said Naples Daily News is a newspaper published at Project#2
Naples, in said Collier Cct.rty, Florida, and that the said Name of Project: Brittany Bay Apartments ii
!natal Owner: Brittany Bay Apartments 11,LLC,or other
newspaper has neretcfcre beer continuously published in Tax-exempt Financing Requested S40,800,000
said Number of units: 208
Size of Site: 37.22 Acres
Collier County, Florida; distributed ;n Collier and Lee Location 14925 Lighthouse Road
counties of Florida, each day and has been entered as Naples,FL 34119
second class marl matter at the post office in Naples, in it issued,the bonds will be pa able solely from the revenues derived by the Au
said Collier County. Florida, for a period of one year next a Loan Agreement or other financing documents between the Authority ant
The bonds will not constitute an indebtedness of Collier County, the State of F
preceding the first publication of the attached copy of cal subdivision or agency thereof within the meaning of any constitutional or
advertisement; and affiant further says that he has neither ration or restriction, The ad valorem taxing power of Collier County is not ph
paid nor promised anybe compelled to be exercised to make any payments of princi al, premium of
person or corporation any discount, the bonds. No property of the County or the State or any political subdivision
will be pledged for payments of principal, premium (i#any}or interest Ott
rebate, commission or refund for the purpose of securing
only the revenues pledged by the Authority as described in this paragraph. Tt
this advertisement for pubication in the sale newspaper taxing power.
iPt eilsr^d 08117l2021 Ali interested persons are invited to attend the meeting in person or may part
at the call-in number which can be obtained by contacting the Authority's e;
r'i ..-.t set forth below, Persons may obtain a call-in number, submit questions or cot
1 i copies of the application for financing by email to the Authority's executive dinCia _
t alaw.ram or by calling Don Pkkworth at 239.404.1475. Persons are advised
to appeal any decision made at this hearing, they will need a record of the pr
such pur pose, they may need to ensure that a verbatim record of the proceedi
Subscribed and sworn to cefona on August 18,2021 record includes the testimony and evidence upon which the appeal is to be based
HOUSING FINANCE AUTHORITY OF COLLIER COUNTY
/' Gen al Counsel and Executive Drrector
f /a C, Pub Date: Aug 17.2021
NAtflry-§trite of Wi,County of orcwn
My commission expo-es
Publication E,Cost.5577. • t T i
Ad No:0034867860 ELSE N
Customer No:13071 45 Notary Public
PO# TEFRA Dnttany oar i 7 e of
VVisCO71s;n
*of Affidavits' 1
This is not an invoice
Notice of Public Hearing and Special Meeting
Housing Finance Authority of Collier County
Notir.e r,heeahy given that the Housing Finance Authority of Collier County(the"Authority")will
conduct.s public hearing in accordance with the Tax Equity and Fiscal Responsibility Act of 1982
(TETRA)and special meeting on August 25,2021,at 8:30 a.m.(local time)in the conference room,
Suite 102,S8i I P.eii.an Bay Boulevard,Naples,FL 34108.Persons may attend the meeting through
the participation options set forth below.
The purpose of ti,c meeting will be receiving comments and hearing discussion concerning the
proposed issuance of the Authority's Multifamily Housing Revenue Bonds to be used to finance
the acquisitier,and iel-,abilitation of the following projects:
Printer;t al
Name of Project: Brittany Bay Apartments I
Initial Ownei. Brittany Bay Apartments I,LLC,or other related party
lax-exempt Fir.anccg Requested S36,200,000
Number of units: 184
Size of Site: 13.07 Acres
Location: 14815 Triangle Bay Drive
Naples,FL 34119
Projact.2
Name of Pro:c Brittany Bay Apartments II
Initial Owner: Brittany Bay Apartments II,LLC,or other related party
Tax-exr aa,t i _ ?,equested S40,800,000
a,i{Jnrl'ii?r.st us.:-:. 208
Size of Site: 37.22 Acres
Location: 14925 Lighthouse Road
Naples,FL 34119
ti ssueu,the taniiis.val be payable solely from the revenues derived by the Authority pursuant to
Loe,rn A,sre.r ni or other financing documents between the Authority and the initial Owner
The bones ss.. r.t ronstitute an indebtedness of Collier County,the State of Florida or any politi-
cal suhdivr,io: r.es'rry thereof within the meaning of any constitutional or statutory debt limi
tatiort or rest. or. The ad valorem taxing power of Collier County is not pledged and may not
on compelled to bet exercised to make any payments of principal,premium(if any)or interest on
the bonds. No property of the County or the State or any political subdivision or agency thereof
will he pledger: tor payments of principal, premium(if any)or interest on the bonds, excepting
only Use r ri:adgeri by the Authority as described in this paragraph. The Authority has no
taxing power.
All intt'reusrec:tarr;e rrs are invited to attend the meeting in person or may participate by calling in
at the rai,-:r. which can be obtained by contacting the Authority's executive director as
so! foci s t rsuers may obtain a call-in number,submit questions or comments,or request
repliesof ,e: o .:t:on for financing by entail to the Authority's executive director at don_iidapp
alaw cots cr t-y , Don Pickworth at 239.404 1475. Persons are advised that,if they decide
to appeal air•, rion made at this hearing, they will need a record of the proceedings,and,for
such purpose-, ray need to ensure that a verbatim record of the proceedings is made,which
record a i.rr,- ,cetunony and evidence upon which the appeal is to be based.
HOUSING FINANCE .UTHORiTY OF COLLIER COUNTY
By:Donald A."^cca:or,h
General Cocrce an.o Executive Director
Pub Date: Au_ 2321 #4867860