Agenda 08/13/2024 Item #16K 4 (Resolution - Approving a plan of financing involving the issuance of multifamily housing revenue bonds)08/13/2024
EXECUTIVE SUMMARY
Recommendation to approve a Resolution approving a plan of financing involving the issuance of
multifamily housing revenue bonds in an amount not to exceed $10,500,000, by the Public Finance
Authority, a Wisconsin bond issuing commission, for the Renaissance Hall at Old Course multifamily
housing project; approving issuance of the bonds by the Public Finance Authority; and ratifying a public
hearing held by the Housing Finance Authority of Collier County, Florida, in accordance with Section 147 of
the Internal Revenue Code of 1986, as amended.
OBJECTIVE: To assist the Developer of the Renaissance Hall at Old Course project in obtaining tax -exempt
financing from Public Finance Authority, a Wisconsin public finance agency.
CONSIDERATIONS: The item pertains to the Renaissance Hall at Old Course project, a 252-unit affordable
multifamily housing development in Collier County located at the Golden Gate Golf Course. The Developer,
Renaissance Hall at Old Course, LLC and Rural Neighborhoods, Inc., has requested the issuance of bonds in an
amount not to exceed $10,500,000 from Public Finance Authority, a Wisconsin public finance agency.
Section 147(f) of the Internal Revenue Code of 1986, as amended, requires that a public hearing be held in the
jurisdiction where the project is located in order to give members of the public the opportunity to comment on the
project financing or the issuance of the bonds. Don Pickworth, Executive Director for the Collier County Housing
Finance Authority, presented the item before the Authority on July 8, 2024, after a proper notice was published to
the public. The Minutes of the hearing and notice are attached to this item.
By way of background, the Collier County Housing Authority was created by the Board through Ordinance 80 -66,
in accordance with Chapter 159, Florida Statutes, for the purpose of alleviating a shortage of housing available at
prices or rentals which many persons and families can afford and a shortage of capital for investment in such
housing. The purpose of the Authority is to issue and/or approve revenue bonds to finance the cost of acquisition,
construction, equipping, or rehabilitation of affordable residential housing facilities, or to make loans to entities
qualified under Section 501(c)(3) of the Internal Revenue Code, that provide affordable residential housing
facilities.
It is important to note that the Authority was not being asked to issue bonds for the project since the bond issuer is
the Public Finance Authority, a Wisconsin entity. The sole purpose of the hearing was to provide the public with
notice and opportunity to be heard in the jurisdiction where the project is located in order to give the public the
opportunity to comment on the project or issuance of the bonds. This is a requirement set forth in Section 147(f) of
the Internal Revenue Code of 1986, as amended. The Authority is not the entity issuing any bonds and the bonds do
not constitute any debt, liability or obligation of the County. Neither the Board, nor its officers, agents, or
employees of the County will be liable for the Bonds by reason of their issuance by the issuing agency.
The purpose of this item is simply to request that the Board approve a Resolution approving Renaissance Hall at
Old Course’s financing plan to utilize multifamily housing revenue bonds in an amount not to exceed $10,500,000,
by the Public Finance Authority, and ratify the Authority’s holding of a public hearing in accordance with Section
147(f) of the Internal Revenue Code of 1986, as amended.
FISCAL IMPACT: None.
GROWTH MANAGEMENT IMPACT: None.
LEGAL CONSIDERATIONS: This item has been approved for form and legality and requires a majority vote
for Board action. -SAA
RECOMMENDATION: To approve and authorize the Chairman to execute a Resolution approving a plan of
financing involving the issuance of multifamily housing revenue bonds in an amount not to exceed $10,500,000, by
the Public Finance Authority, a Wisconsin bond issuing commission, for the Renaissance Hall at Old Course
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08/13/2024
multifamily housing project; approving issuance of the bonds by the Public Finance Authority; and ratifying a
public hearing held by the Housing Finance Authority of Collier County, Florida, in accordance with Section 147 of
the Internal Revenue Code of 1986, as amended.
Prepared by: Sally Ashkar, Assistant County Attorney
ATTACHMENT(S)
1. Resolution - TEFRA Renaissance Hall at Old Course (CAO) (PDF)
2. Minutes 7-8-24 (PDF)
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COLLIER COUNTY
Board of County Commissioners
Item Number: 16.K.4
Doc ID: 28252
Item Summary: Recommendation to approve a Resolution approving a plan of financing involving the issuance
of multifamily housing revenue bonds in an amount not to exceed $10,500,000, by the Public Finance Authority, a
Wisconsin bond issuing commission, for the Renaissance Hall at Old Course multifamily housing project;
approving issuance of the bonds by the Public Finance Authority; and ratifying a public hearing held by the
Housing Finance Authority of Collier County, Florida, in accordance with Section 147 of the Internal Revenue
Code of 1986, as amended.
Meeting Date: 08/13/2024
Prepared by:
Title: Legal Assistant – County Attorney's Office
Name: Wanda Rodriguez
03/06/2024 2:40 PM
Submitted by:
Title: County Attorney – County Attorney's Office
Name: Jeffrey A. Klatzkow
03/06/2024 2:40 PM
Approved By:
Review:
County Attorney's Office Sally Ashkar CAO Reviewer Completed 08/07/2024 9:16 AM
County Attorney's Office Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Completed 08/07/2024 9:21 AM
Office of Management and Budget Debra Windsor Level 3 OMB Gatekeeper Review Completed 08/07/2024 9:36 AM
Office of Management and Budget Christopher Johnson OMB Reviewer Completed 08/07/2024 10:43 AM
County Manager's Office Amy Patterson Level 4 County Manager Review Completed 08/07/2024 12:39 PM
Board of County Commissioners Geoffrey Willig Meeting Pending 08/13/2024 9:00 AM
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Packet Pg. 1749 Attachment: Resolution - TEFRA Renaissance Hall at Old Course (CAO) (28252 : Resolution - TEFRA Renaissance at Old Course mulitfamily
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Packet Pg. 1750 Attachment: Resolution - TEFRA Renaissance Hall at Old Course (CAO) (28252 : Resolution - TEFRA Renaissance at Old Course mulitfamily
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Packet Pg. 1751 Attachment: Resolution - TEFRA Renaissance Hall at Old Course (CAO) (28252 : Resolution - TEFRA Renaissance at Old Course mulitfamily
EXHIBIT A
TEFRA NOTICE
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Packet Pg. 1752 Attachment: Resolution - TEFRA Renaissance Hall at Old Course (CAO) (28252 : Resolution - TEFRA Renaissance at Old Course mulitfamily
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Packet Pg. 1753 Attachment: Minutes 7-8-24 (28252 : Resolution - TEFRA Renaissance at Old Course mulitfamily housing project)
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Packet Pg. 1754 Attachment: Minutes 7-8-24 (28252 : Resolution - TEFRA Renaissance at Old Course mulitfamily housing project)
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Packet Pg. 1755 Attachment: Minutes 7-8-24 (28252 : Resolution - TEFRA Renaissance at Old Course mulitfamily housing project)