SUBJECT
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Request Board adopt a Resolution Approving the Issuance by the Housing Finance Authority of Polk County, Florida 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 and Provide an Effective Date.
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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 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 $27,800,000, 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").
RECOMMENDATION
Recommend Board adopt the Resolution approving the Housing Finance Authority’s issuance of the bonds.
FISCAL IMPACT
None.
CONTACT INFORMATION
Randy Mink
County Attorney
863-534-6730