Resolution 2025-085 RESOLUTION NO. 2025- 85
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF
COLLIER COUNTY, FLORIDA, APPROVING THE ISSUANCE OF NOT
EXCEEDING $41,500,000 MULTIFAMILY HOUSING REVENUE BONDS,
SERIES 2025(WAVE AT ROSE)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 2025-04 (the "Authority Resolution"), attached hereto as Exhibit A, with respect
to the issuance by it of not to exceed $41,500,000 Housing Finance Authority of Collier
County Multifamily Housing Revenue Bonds, Series 2025 (Wave at Rose) (the "Bonds").
C. A public hearing was held on the Authority Resolution on March 6, 2025,
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.
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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.
Section 2. Approval of Issuance or 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 22nd day of April, 2025.
,oat'i3f_t
ATTEST: `i, ' BOARD OF COUNTY COMMISSIONERS
Crystal K. I . urts OF COLLIER COUNTY, FLORIDA
frj
By: By, Deputy Clerk Burt L. Saunders, Chairman
An
siQ . ure on
Approv I .i : f and legality:
III r iii
Jeffrey A r
lat 4i County Attorney
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EXHIBIT A
AUTHORITY RESOLUTION
A-1
4, .44a R ce
(Note Vapeciat
RESOLUTION NO. 2025-03
RESOLUTION REGARDING THE OFFICIAL ACTION OF
THE HOUSING FINANCE AUTHORITY OF COLLIER
COUNTY, FLORIDA RELATIVE TO THE ISSUANCE OF
NOT TO EXCEED $41,500,000 IN INITIAL PRINCIPAL
AMOUNT OF ITS MULTIFAMILY HOUSING REVENUE
BONDS, SERIES 2025 (WAVE AT ROSE) FOR THE
PURPOSE OF ACQUIRING, CONSTRUCTING,
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 OHG FL COLLIER I ROSE LP;
AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, OHG FL Collier I Rose LP (the "Company") has applied to the Housing
Finance Authority of Collier County, Florida (the "Authority") to (i) issue its Multifamily
Housing Revenue Bonds, Series 2025 (Wave at Rose) in a principal amount not to exceed
$41,500,000 (the "Bonds") for the purpose of financing the acquisition, construction, equipping
and development of a multifamily residential housing facility for persons or families of low,
middle or moderate income to be 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, and Chapter 159, Part II, Florida Statutes, or such other provision or provisions of
Florida law as the Authority may determine advisable (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$41,500,000 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,to assist the Company and promote the purposes provided in the Act; and
WHEREAS, in order to satisfy certain of the requirements of Section 147(f) of the
Internal Revenue Code of 1986,as amended, the Authority held a public hearing on the proposed
issuance of the Bonds for the purposes herein stated,which date was at least 7 days following the
first publication of a notice of such public hearing as required by law (a form of such notice is
included in Exhibit A attached hereto), which public hearing was conducted in a manner that
provides a reasonable opportunity for persons with differing views to be heard, both orally and in
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EXHIBIT A TO
COUNTY RESOLUTION
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, an affidavit as to such notice is attached hereto as Exhibit A; 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:
1. APPROVAL OF THE 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,Florida, and will thereby serve the public purposes of the Act.
2. EXECUTION AND DELIVERY OF THE MEMORANDUM OF
AGREEMENT. The Chairman or 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 the Project in an aggregate principal
amount not to exceed $41,500,000.
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 $41,500,000 for the purpose
of financing 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 2025 (Wave at Rose)". The rates of interest payable on the Bonds shall
not exceed the rate permitted by law.
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, Vice Chairman or
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
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 hereby are further authorized to proceed, upon execution
of the Memorandum of Agreement, with the undertakings provided for therein on the part of the
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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.
7. APPROVAL OF NOTICE AND PUBLICATION OF PUBLIC HEARING.
The form of notice of public hearing attached hereto as Exhibit A is hereby approved and the
publishing thereof authorized on behalf of the Authority as referenced in Exhibit A ratified and
approved by the Authority.
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 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.
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 at a future date,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 volume cap tax exempt
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 Board; (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; (5) the number of multi-family units
to be constructed by the Company not decreasing by more than five (5%) percent from the 230
units referenced in the Company's Application; (6) the proposed Project, including, but not
limited to design, materials, type of construction materials, etc. not changing materially without
the prior written consent of the Authority; and (7) the closing of the Bonds occurring on or
before the stated expiration date of volume cap allocation from the State of Florida Division of
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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 bond 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 6111 day of March, 2025.
HOUSING FINANCE AUTHORITY OF
COLLIER COUNTY, FLORIDA
ATTEST:
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By: % i
tzt���2 By: , 1,1
Secretary Chair r
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EXHIBIT A
AFFIDAVIT AS TO PUBLICATION OF NOTICE OF PUBLIC HEARING
A-1
--*.-
-* .ocalln
Florida PO Box 631244 Cincinnati,OH 45263-1244
GANNETT
69VIFOIDAVIIT OF Pig i::40CATO®lik3
Nabors,Giblin And Nickerson
Po Box 11008
Tallahassee FL 32302-3008
STATE OF WISCONSIN, COUNTY OF BROWN
Before the undersigned authority personally appeared,who
on oath says that he or she is the Legal Advertising
Representative of the Naples Daily News,a newspaper
published in Collier County,Florida;that the attached copy
of advertisement,being a Legal Ad in the matter of Public
Notices,was published on the publicly accessible website of
Collier and Lee Counties,Florida,or in a newspaper by print
in the issues of, on:
02/26/2025
Affiant further says that the website or newspaper complies
with all legal requirements for publication in chapter 50,
Florida Statutes.
Subscribed and sworn to before me, by the legal clerk, who
is personally known to me,on 02/26/2025
: eoioo
Clerkwn
3 . -7 i 2'"]
My commission expires
Publication Cost: $354.80
Tax Amount: $0.00
Payment Cost: $354.80
Order No: 11070175 #of Copies:
Customer No: 1125021 0
PO#: LSAR0247085
THIS IS NOT AN INVOICE!
Please do not use this form for payment remittance.
•
KAITLYN FELTY
Notary Public
State of Wisconsin
Page 1 of 2
EXHIBIT A TO
AUTHORITY RESOLUTION
Notice of Public Hearing and
Special Meeting
Housing Finance Authority of
Collier County,Florida
Notice is herobV given that the
Housing Finance Authority of
Collier County (the "Authority")
will conduct a public hearing in
accordance with the Tax Equity
and Fiscal Responsibility Act of
1982(TEFRAI on March 6,2025,at
9:00 a.m.(local time)In the County
Monager's Conference Room,Suite
202, Building F, Collier County
Governmental Center, 3299 E.
Tamlaml Trail,Naples,Florida for
the purpose of receiving comments
and hearing discussion concerning
the proposed Issuance of the Author-
ity's Multifamily Housing Revenue
Bonds to be used to finance the
acquisition of the following project:
Name of Protect:Wave at Rose
initial Owner:OHG FL COLLIER I
ROSE LP
Tax-exempt Financing Requested:
S41,500,000
Number of Units:230
Sine of Site: 11.5 Acres
Location: NE Corner of Rase
Avenue and School
Drive,Immokolee,Florida
34142
If issued,the bonds will be payable
solely from the revenues derived by
the Authority pursuant to a Loan
Agreement or other financing docu-
ments between the Authority and
the Initial Owner. The bands will
not constitute an indebtedness of
Collier County,the State of Florida
or any political subdivision or
agency thereof within the meaning
of any constitutional or statutory
debt limitation or restriction. The
ad valorem toeing power of Collier
County is not pledged and may
rot be compelled to be exercised
to make any payments of Princi-
pal, premium (If any) or interest
on the bands. No property of the
County or the State or any political
subdivision or agency thereof will
be pledged for payments of princi-
pal, premium (if any) or interest
on the bonds, excepting only the
revenues pledged by the Author-
ity as described in this paragraph.
The Authority has no taxing power.
All Interested persons are invited
to attend the meeting through the
0Atians set forth above, and may
submit questions or comments, or
request copies of the application for
financing by email to the Authority's
executive director at danftdappa•
low.com. Persons are advised that,
If they decide to appeal any decision
made at this hearing,they will need
a record of the proceedings, and,
for such purpose, they may need
to ensure that a verbatim record
of the proceedings Is made, which
record includes the testimony and
evidence upon which the appeal
Is to be based. Please contact
Dan Plckworth at 239.404.1475
with any questions or concerns.
HOUSING FINANCE AUTHORITY
OF COLLIER COUNTY
BY: Donald A.Plckworth
General Counsel and Executive
Director
February 26 2025
LSA R 0247085