Agenda 10/14/2014 Item # 16K3 10/14/2014 16.K.3.
EXECUTIVE SUMMARY
Request by the Housing Finance Authority of Collier County for approval of a Resolution
authorizing the Authority to issue multi-family housing revenue bonds to be used to finance
the acquisition and rehabilitation of the Whistler's Green Apartments.
OBJECTIVE: To accomplish the necessary approvals to authorize a proposed multi-family
revenue bond issue by the Housing Finance Authority of Collier County to be used to finance the
acquisition and rehabilitation of the Whistler's Green Apartments.
CONSIDERATIONS: Whistler's Green is a 168-unit apartment project located off Green
Boulevard between Logan Boulevard and Collier Boulevard. The construction of the project was
financed by the Authority's issuance, in 1999, of tax-exempt revenue bonds (the "1999 Bonds")
in the original principal amount of$8 million. As required by the Internal Revenue Code, the
issuance of the 1999 Bonds was approved by the Board of County Commissioners by Resolution
1998-496, adopted on December 15, 1998. A copy of the 1998 Resolution is attached.
Construction was completed in 2000, and the Project has been operated continuously since then
as a low/moderate income housing project, in which 20% of the units are set aside for persons or
families whose income does not exceed 50% of the Area Median Income, with the remaining
80% of the units set aside for persons or families whose income does not exceed 60% of Area
Median Income. The need for such a project is demonstrated by the fact that occupancy over the
past year exceeds 98%.
In December, 2013, the original owner of the Project refinanced the project with a conventional
loan obtained from The Private Bank and Trust Company, an Illinois bank, and the proceeds of
the loan from Private Bank were used to pay off the 1999 Bonds. The original owner and
Naples Leased Housing Associates II (the "Purchaser") have entered into a contract for the sale
of the Project, and the Purchaser has filed an application with the Authority for the issuance of
not exceeding $17,700,000 of multifamily revenue bonds to provide part of the cost of the
acquisition and planned rehabilitation. The principal of the Purchaser is Dominium, a
Minneapolis-based owner, developer, and manager of apartment units nation-wide that has more
than 21,000 owned and/or managed apartment units at 189 sites in 21 states. The company is the
fifth largest owner/operator of affordable housing in the U.S., and its business is limited
exclusively to affordable housing. Its Florida portfolio consists of 20 properties with 3,494 units.
On September 24, 2014, the Authority held an advertised public hearing on the application. No
members of the public appeared to object to the proposal, and no comments were received in
advance of the hearing. At the hearing, representatives of the Purchaser presented the plan of
acquisition and the planned rehabilitation, which is expect to cost more than $3 million and
which will include, among other things, adding washers and dryers to all units, replacing all
kitchen countertops, replacing appliances in some units, replacing roofs on some buildings, and
making additional units handicap accessible and making 3 units accessible for hearing and
visually impaired, along with increased handicap accessibility in common areas. A further
public benefit to be derived from the issuance of bonds for this project is that the existing Land
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RECOMMENDATION: That the Board of County Commissioners adopt the attached
Resolution authorizing the Authority to issue multi-family housing revenue bonds to be used to
finance the acquisition and rehabilitation of the Whistler's Green Apartments.
Prepared by:
Donald A. Pickworth, Counsel
Housing Finance Authority of Collier County
•
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RESOLUTION 2014
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF COLLIER
COUNTY, FLORIDA, APPROVING THE ISSUANCE OF NOT EXCEEDING
$17,700,000 HOUSING FINANCE AUTHORITY OF COLLIER COUNTY MULTI-
FAMILY HOUSING REVENUE BONDS, (WHISTLER'S GREEN APARTMENTS
PROJECT) PURSUANT TO CHAPTER 159, PART N, 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 N, 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
2014-02 (the "Authority Resolution"),attached hereto as Exhibit A, with respect to the issuance by it of
not to exceed $17,700,000 Housing Finance Authority of Collier County Multi-Family Revenue Bonds,
(Whistler's Gieen Apartments Project)(the"Bonds").
C. A public hearing was held on the Authority Resolution on September 24, 2014, 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 I47(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 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
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.
(1)
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2014-08-'
RESOLUTION REGARDING THE OFFICIAL ACTION OF THE HOUSING
FINANCE AUTHORITY OF COLLIER COUNTY,FLORIDA,RELATIVE TO
THE ISSUANCE OF NOT TO EXCEED $17,700,000 MULTIFAMILY
HOUSING REVENUE BONDS FOR THE PURPOSE OF ACQUIRING,
CONSTRUCTING,REHABILITATING, AND EQUIPPING MULTIFAMILY
RESIDENTIAL HOUSING FACILTI"LES FOR PERSONS OR FAMILIES OF
LOW,MIDDLE OR MODERATE INCOME;AND FURTHER AUTHORIZING
THE EXECUTION AND DELIVERY OF AN AGREEMENT BY AND
BETWEEN THE AUTHORITY AND NAPLES LEASED HOUSING
ASSOCIATES II,LLLP;PROVIDING AN EFFECTIVE DATE.
WHEREAS,Naples Leased Housing Associates II,LLLP,a Florida limited liability
limited partnership(the"Company")has applied to the Housing Finance Authority of Collier
County,Florida(the"Authority"),to(i)issue its multifamily housing revenue bonds in a
principal amount not to exceed$17,700,000(the "Bonds")for the purpose of fmancing the
acquisition,construction,equipping and rehabilitation,of multifamily residential housing
facilities for persons or families of low,middle or moderate income to be located in Collier
County(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 provision or provisions of Florida law as the
Authority may determine advisable(the "Act"); and
WHEREAS,a determination by the Authority to issue the Bonds under the Act,if so
requested by the Company,in one or more issues or series not exceeding an aggregate principal
amount of$17,700,000 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,will
assist the Company and promote the purposes provided in the Act; and
WHEREAS,the Company has entered into the Preliminary Agreement of even date
herewith relating to the issuance of the Bonds;and
WHEREAS,the Authority held a public hearing on the proposed issuance of the Bonds
for the purposes herein stated on the date hereof,which public hearing 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.
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
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EXHIBIT A TO COUNTY RESOLUTION
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hereto as Exhibit"A" is hereby approved and the publishing thereof ratified by the Authority.
8. Appointment of Counsel. The Authority appoints Nabors,Giblin and Nickerson,P.A.,
Tampa,Florida to act as bond counsel to the Authority in connection with the issuance by the
Authority of the Bonds. The firm of Donald A.Pickworth,P.A.,Naples,Florida is the 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 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 or estopped the County from asserting any rights or responsibilities it
may have in that regard.
This Resolution shall take effect immediately.
ADOPTED this 24th day of September,2014.
HOUSING FINANCE AUTHORITY OF
COLLIER COUNTY,FLORIDA
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7612
RESOLUTION 98_ 495
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF
LIE
COUNTY, FLORIDA, APPROVING THE ISSUANCE COLLIER
$8, 000, 000 HOUSING FINANCE AUTHORITY OF NOT EXCEEDING
FAMILY HOUSING REVENUE BANDS, OF COLLIER COUNTY MULTI-
. APARTMENTS) PURSUANT SERIES 1999 (WHISTLER'S GRFEN
STATUTES, TO CHAPTER 159, PART IV, FLORIDA
AS AMENDED.
1 BEFIT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS
OF COLLIER
Section 1. Recitals. It is hereby found, ascertained,
and declared that :
determi:led
A. The Housing Finance Authority of Collier Count "Issuer")
is a public corporation of the State of Florida,
Ordinance No, e0°56 of the Board of Y (the Issuer")
Ord :nance
unt was duly created by
y. Flid and is a body y Commissioners of Collier
•
County, Florida,l a local governmental ody cb pdor.ate and politic duly
the purpose a local
assisting } and a created and
qualifying public instrumentality for Florida (the "county") , rlousing Projects situated in Collier' county") , under and by virtue of Chapter 159, Part Florida Statutes, (the "Act" ) , to provide for the issuance
• issue and sell its ACC
obligations for lawful of an! to
purposes under the Act .
B. The lssuer has sf.;brtrit
a c^ �.✓ a ted to the Board of County of its Resolution (the f ount Commissioners
/ hib t
A. '•:zth r to the issuance by it hereto as ,
A,.,: th respect spec Authority it of not to Exhibit
of Collier Count exceed ,8, 000, 000 Hoeei s
19 ',�i :st y MUlti-Family
ler' s Green Apartments) (t} Y Revenue .Bonds, Se;
�e "Bonds") .
1es
A public hearing was held on
1�Qn, which public the Resolution on ti
reasonable which hearing was duly conducted Decem,�or 3
public notice, copies ted by the Issuer' upon
Resolution, and F '' of said. notice being attached such hearing interested 4 checi to the
opportunity to AYi1rc,... individual: ,.�a.-.. F
express their views, both. orally " afforded the
matters pertaining to the location and nature ofythend o sed writing,
to the issuance of the Bonds . on all
proposed project and
D. The Issuer has recommended and requested that the Board of
County Commissioners approve the issuance of
interest on the Fonds will be exempt federal Bonds so that the
applicable provis�ans of Section 1a7 f om `ederal income taxation under
1986 • as amended. (a1 of the Internal Revenue
Code of
E. The Resolution shows that the Issuer has acted in accordance applicable requirements of law, ahat Bonds will serve significant public purposesaas ssuance of the
pr the i e
provided in the Act ,
F. The purpose of the Act will be effectively served, and it
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