SUBJECT
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Adopt Resolution approving issuance of Housing Finance Authority Multifamily Housing Revenue Bonds for Cypress Oaks Preservation, Ltd.in an aggregate face amount not to exceed $29,000,000.00. (No fiscal impact)
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DESCRIPTION
Cypress Oaks Preservation, Ltd. (the "Borrower"), desires to finance a portion of costs of the rehabilitation of an approximately 140 unit multifamily rental housing facility for persons or families of low and moderate income, located at 336 Sandy Oaks Circle, Leesburg, Lake County, Florida (the "Development"), to be initially owned by the Borrower or an affiliate of the Borrower and has requested the Housing Finance Authority of Polk County, Florida (the "Authority") to issue its Multifamily Housing Revenue Bonds in one or more series (the "Bonds") to finance the rehabilitation of the Development by the Borrower. The Authority has been granted “area of operation” authority within Lake County, Florida with respect to financing the Development.
The Board previously approved the issuance of the Bonds pursuant to Resolution 2024-224; however, the Board’s current approval expires on December 3, 2025. In the event the Bonds are not issued by the Authority prior to the expiration of the current Board approval, the Authority desires that the Board of County Commissioners of Polk County, Florida (the "Board") approve the issuance by the Authority of the Bonds in one or more series, in an aggregate face amount of not to exceed $29,000,000.00 to finance a portion of the costs of the acquisition and rehabilitation of the Development for purposes of Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code").
The Authority conducted a telephonic public hearing inviting comments and discussion concerning the issuance of the Bonds to finance the Development and the nature and location of the Development on October 17, 2025, notice of which hearing was published in The Ledger which is published in Polk County, Florida on October 9, 2025 (a copy of said notice and the Affidavit of Publication are attached hereto as Exhibit A and incorporated herein). No members of the public participated and requested to be heard at such public hearing. A copy of the minutes of the meeting are attached hereto as Exhibit B.
The Bonds shall not be deemed to constitute a debt, liability or obligation, or a pledge of the faith and credit or taxing power of the Authority, Polk County, Florida, Lake County, Florida or of the State of Florida or of any other political subdivision thereof, but shall be limited obligations of the Authority payable solely from the revenues and proceeds to be derived by the Authority under the financing agreements entered into in connection with the issuance of the Bonds and other security provided in connection therewith.
RECOMMENDATION
Adopt Resolution to approve the issuance of the Bonds by the Housing Finance Authority in an aggregate face amount of not exceeding $29,000,000.00 to finance the Development.
FISCAL IMPACT
No fiscal impact.
CONTACT INFORMATION
Randy Mink, County Attorney
863-534-7679