SUBJECT
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Request Board adopt a Resolution approving the issuance by the Housing Finance Authority of its multifamily housing revenue bonds in the aggregate face amount not to exceed $27,800,000, to provide funds to finance a multifamily residential rental housing facility for persons or families of low and moderate income to be owned by Lakewood Terrace Preservation, LTD., or an affiliate thereof, located in Polk County, Florida.
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DESCRIPTION
Lakewood Terrace Preservation, Ltd. (the "Borrower"), desires to finance a portion of costs of the rehabilitation of an approximately 132 unit multifamily rental housing facility for persons or families of low and moderate income, located at 1315 W 14th St., Lakeland, Polk 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 Board of County Commissioners of Polk County, Florida (the "Board") previously approved the issuance of the Bonds pursuant to Resolution 2025-054 (the "Prior Bond Resolution"). Pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), Resolution 2025-054 is only valid for one (1) year after the adoption thereof by the Board unless debt is issued.
The Prior Bond Resolution expires on May 20, 2026, and no debt has been issued by the Authority to finance the Development and therefore the Prior Bond Resolution will expire prior to the issuance of the Bonds. The Authority desires that 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 $27,800,000, to finance a portion of the costs of the acquisition and rehabilitation of the Development for purposes of the Code.
RECOMMENDATION
Recommend Board approval of the Resolution.
FISCAL IMPACT
None.
CONTACT INFORMATION
Randy Mink, County Attorney
863-534-7679