Resolution 2024-148 RESOLUTION 2024- 14 8
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF
COLLIER COUNTY, FLORIDA, 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.
WHEREAS, pursuant to Ordinance No. 80-66, enacted by the Board of County
Commissioners of Collier County, Florida,the Board created the Collier County Housing Finance
Authority (the "Authority"), 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; and
WHEREAS, Developer Renaissance Hall at Old Course, LLC, is developing a 252-unit
affordable multifamily housing development in Collier County and is obtaining tax-exempt
financing from the Public Finance Authority, a Wisconsin bond issuing commission, in the form
of revenue bonds in the maximum amount of$10,500,000; and
WHEREAS, 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; and
WHEREAS, in order to comply with this requirement,the Authority held a public hearing
on July 8, 2024, after a proper notice was published to the public; and
WHEREAS, the Board wishes to (i) approve the Plan of Financing involving issuance of
the bonds in an amount not to exceed $10,500,000, (ii) approve the issuance of the Bonds by the
Public Finance Authority for purposes of Section 147(f)of the Code, and (iii)ratify the Authority's
actions in connection with publishing the required notice and hearing.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF COLLIER COUNTY, FLORIDA, that:
Section 1. Approval of Plan of Financing and Issuance of Bonds for Purposes of
Section 147(f) of the Internal Revenue Code.
A. The Public Finance Authority, a Wisconsin bond issuing commission (the
"Issuer"), created under Sections 66.0301, 66.0303 and 66.0304 of the Wisconsin Statutes, intends
to issue revenue bonds in a principal amount not to exceed $10,500,000 (the "Bonds") under a
plan of finance to provide financing for eligible costs of the acquisition,construction and equipping
of Renaissance Hall at Old Course,a 252 unit affordable multifamily housing development located
at 4150 Golden Gate Parkway, Naples Florida, in which the Project is or is to be located, as
described in the notice of public hearing (the "TEFRA Notice") attached hereto as Exhibit A (such
purposes, the "Project").
B. A public hearing(the"Public Hearing")was held by the Housing Finance Authority
of Collier County, Florida, on July 8, 2024 at the County Manager's Conference Room Second
floor, Building F, Collier County Government Center at 3299 East Tamiami Trail,Naples, Florida
34112. The Public Hearing was duly conducted by the Authority upon reasonable public notice
as required by the provisions of Section 147(f) of the Internal Revenue Code of 1986, as amended
(the "Code"), a copy of said notice being attached as Exhibit A. At the Public 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.
C. Section 147(f) of the Code requires that the applicable elected representative (the
Board of County Commissioners) of the governmental unit (the County) in which a project (the
Project) is located approve the public hearing (the Public Hearing) on the issuance of tax-exempt
qualified 501(c)(3) bonds as defined in Section 145 (the Bonds).
D. Renaissance Hall at Old Course, LLC, a Florida limited liability company whose
sole member is Rural Neighborhoods,Inc.,a Florida not-for-profit corporation and an organization
described in Section 501(c)(3) of the Code (the "Borrower") requests that the Board of County
Commissioners approve the Public Hearing held by the Authority for the Bonds and the Project so
that the interest on the Bonds will be exempt from federal income taxation under applicable
provisions of the Code.
E. It is necessary and desirable and in the best interest of the County in meeting the
burden of affordable and workforce housing that the issuance of the Bonds be approved by the
Board of County Commissioners.
F. The Bonds shall be conduit revenue bonds and shall not constitute a debt, liability
or obligation of the 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 the
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 or any officer, agent, or employee of the County will be liable
for the Bonds by reason of their issuance by the Issuer.
Section 2. Board Approval for Purposes of Section 147 of the Code.
Pursuant to and solely for purposes of Section 147(f) of the Code, the Board of County
Commissioners hereby (i) approves the Plan of Financing involving issuance of the bonds in one
or more series up to the maximum amount of$10,500,000, all as set forth in the table below, (ii)
approves the issuance of the Bonds by the Issuer for purposes of Section 147(f) of the Code, and
(iii)ratifies the Authority's actions in connection with publishing a TEFRA Notice and conducting
the TEFRA Hearing.
It is intended that this Resolution constitute approval of the Bonds by the applicable elected
representative of the governmental unit having jurisdiction over the area in which the Project is
located, in accordance with said Section 147(f) of the Code. 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.
Project Name: Address #Units Project Sponsor Maximum
. Amount:
Renaissance 4150 Golden Gate Parkway, 252 Rural Neighborhoods, $10,500,000
Hall at Old Collier County Florida Inc.
Course
Section 3. Conflict. 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.
THIS RESOLUTION ADOPTED after motion, second, and majority vote favoring same,
this /3/4 day of Qctduif , 2024.
ATTESTio BOARD OF COUNTY COMMISSIONERS
4 aY'STAL;1r,KINZEL, CLERK COLLIER COUNTY, FLORIDA
By: ..� By:
A est:asto t;ai.„DPputy Clerk C ' a , Chairman
k . signature only
11 Approv .s to form and legality:
Ark
SallyrAs ar, Assistant County Attorney
EXHIBIT A
TEFRA NOTICE
NKE OF Ai POOLIC HFAlNGO
N/G FINIANC.F t HOP I I OF C0‘.-L I ER CC•r01.41 FLOR I DA
cOR A lyt I,LT I FAMILYR. un YRJEc.r
TE DIN 1S (OLL C DONT Y, FLORIO/4
PLoli,: Noticel herey çi ' t 8, 2O21 c ublk: heaTi,rcg will
be held US Ctql.,,ared bY SeCtiOn )47(z) cf tNIhttraal Revenue Code of 1984
with rtaspet to the prirr.y-, issOf3nee of SubOrOinote Yiltrinttv housing
rf.,v(sive t)o.nas i the on c15' I tri the Public; r;siianize A utfiur it v, a eaminissoon
oroonizect under oritli r,vrCkhotit i the PrOvlSions cif Settikr, 64.0301, 66.11303
tarry €4 030A of the Virsconsin Slolu'rel. Ts% omendel `Me -AutPorry'') in q,fP;
nuorarnurn ornimr0 %ip.ecitseci t>121t)w, iSSUe41 in On-i? Dr rrva.re plirstionr
1,4r plan Of finbriCtnV, 'or the plYrwase prOVIclin9 furl:15 to mtlxe o IiMet to
limited i'labittits, e_ornpony ',?he "IStorroisir- v.1-0`ft fLingle member will be
Plural Nei ghttorhaoas, Inc... t Figri0.0 hor-for•arotrt ,.orPorolion orrd
(Iizoti VeSiCtit)C.C1 Ir $ection 50i f c i of 11-ii;•c_,311.c. to lino nCe the acnuisillan,
conVrocroan 0ncl ectutsitirm) cif the below-recor-?nceo proieet t'Projc,•c1-3
w'rk`icn‘:0,11 be OCiUciTC1 ct leost in parY tyyWc4cfl of low or moderate iilccfrke.
Ptskect Name; Renaissance Holt al C.40. Course
Address: it' erriksl,e-i . ale porkivoy, collier COVrilsi, F1.5v11:0
lJnit5; 252
Protect SrotrAk.ar. Rural Neighborhoods, Inc-
fv.oximurn Arnotini 51111(si2,4,0,16
The Arinds and drsCillOtiOrl hi 1114 principal of onTs ther,:Jon,
(Int wk." rectemPlion premium wiYr rtspoct thereto VpII nO1 tvn
irizt-lbtL\clne.9s or on Oi the Authority., th.? Finaro-e Author
-
of Collier COL,n1y, Florida, 1,,Olfirec Coprify; Stot4 of riorna, Tyr -ctroi.
POlitical L tLJflthPreof wilhri the met-mint) a( in i.:anstirotiorioi or
slaturcry deb! lirrutotion or t ctvirrr,e. ostolnst the gemeroi creiYity taxing
POWPf ol scv; of them, but payatie 50Nty ?rorn certain 1evi4ove duly
rilPily11nAreOr and 9t4iey41.1'y repri2seriting ornoLnts. P,Mtltol 4.tke lEtOrrrrw.7-r
OF l'ni-p7oLec-415 o4 the i3cricts.
The rearing curnrniJe tif 9:15 o.m.. July B. 42.S. soon inereatter
ttle matter can be heard and 1.441A be twirl at CountY Manager-5 Coreence Room, *.ekorrri, oor, 13uffding F. SO'? )02 L ic Coi.hty iSavernrnent
C.-nter. :1299 Ens! Torniarni t4iiplgs,, Flaricio 34112, In teoeslciei
Jjr-
icflin '10• ,sirie.os view on the i55uance. tit Itbe. Conris or rvi /17,4 ri•ntti-cs
anti location of th % Proicd3 0.;opo9t5.1 to be financed mo? arnrrvi the
Iii
hOctrini Os prior to the time of the neorwa„ submit written comments to
00nald A PiCkwOrrn, YACIJIive Dire.:11OrqGerteral COunStA, 7 High Pines
4cipl.?s, Florid() 34103 TeRptioci.e., 239.404,1475_ A ,oleo coriterenCe
Participation oarizfr, tU not pravitteTI.
Cuoted: JOY 1, 2024
„It.,IY t 2021
__ AR0123129