Fort Walton Beach Resolution — 2021-09--FWBHA Low Income Tax Credits — reading text

RESOLUTION 2021- 9 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF FORT HOUSING WALTON SUPPORTING THE FORT WALTON BEACH BEACH, FLORIDA, THE FLORIDA HOUSING FINANCE AUTHORITY' S APPLICATION TO CORPORATION FOR LOW INCOME HOUSING TAX CREDITS ( LIHTC) AS A LOCAL GOVERNMENT AREAS OF OPPORTUNITY ( LGAO) FOR THE REDEVELOPMENT OF CHARLIE HILL TERRACE INTO WORKFORCE AND AFFORDABLE HOUSING; PROVIDING THE LGAO CONTRIBUTION OF $ 340, 000 AS REQUIRED IN THE REQUEST FOR APPLICATIONS ( RFA) # 2021- 201 HOUSING CREDIT FINANCING FOR AFFORDABLE HOUSING DEVELOPMENT LOCATED IN MEDIUM AND SMALL COUNTIES; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the Fort Walton Beach Housing Authority ( FWBHA) is in the process of applying for Florida Housing Finance Corporation for Low Income Housing Tax Credits LGAO) for the redevelopment of LIHTC) as a Local Government Areas of Opportunity ( Charlie Hill Terrace as affordable and workforce housing units to be called Bayside Gardens; and WHEREAS, the LIHTC application is a response to Request for Applications ( RFA) 2021- 201 Housing Credit Financing for Affordable Housing Development Located in Medium and Small Counties, which is the most competitive RFA in the Florida Housing annual funding cycle; and WHEREAS, for the FWBHA' s application to be competitive, a LGAO contribution of 340,000 is required for affordable housing developments in Okaloosa County; and WHEREAS, the FWBHA has requested from the City of Fort Walton Beach a contribution of$ 340, 000 for the required local contribution; and WHEREAS, the City Council now finds it in the best interest of the public welfare to support the FWBHA' s LIHTC Application for Bayside Gardens. NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT WALTON BEACH, FLORIDA AS FOLLOWS: 1. Recitals. The foregoing " WHEREAS" clauses are hereby ratified and confirmed as being true and correct and incorporated into this Resolution. 2. Support of the Bayside Gardens Redevelopment of Charlie Hill Terrance. The City Council hereby supports the above-described application process and believes the development will serve a public purpose. The City Council hereby commits $ 340,000 towards the LGAO contribution for the of a 50% grant and 50% loan to the Bayside Gardens development in the form FWBHA.  RESOLUTION 2021 - 9 3. Effective Date. This Resolution shall take effect immediately upon adoption and execution. Adopted: Avt.T.AWV 10 ` a.o-. 14.,"(.... 4_ pa Richard A. Rynearson, Mayor Approved for form, legal sufficiency Attest: Kim Barnes, City Clerk ayw• i /` WA,`. d Dykes, Jr.,. s ' Alto / FO r-14640--O er p , ,,,,,,„ , it dk, 7.,:,_,:_,- 1,- ,_ A r - fitr- ,,,,.: - 1L w f  FLORIDA HOUSING FINANCE CORPORATION LOCAL GOVERNMENT VERIFICATION OF CONTRIBUTION —LOAN FORM Name of Development: Bayside Gardens Bass Avenue SW, approximately 887 feet southwest of the intersection of Bass Avenue SW and Development Location: Comet St. SW, Fort Walton Beach At a minimum, provide the address number, street name and city, and/ or provide the street name, closest designated intersection and either the city (if located within a city) or county (if located in the unincorporated area of the county). If the Development consists of Scattered Sites, the Development Location stated above must reflect the Scattered Site where the Development Location Point is located.) Fort Walton Beach 170, 000. 00 The City/County of , commits $ ( which maybe used as an FHFC Non -Corporation Funding Proposal in an Application for FHFC funding if it meets the required criteria) in the form of a reduced interest rate loan to the Applicant for its use solely for assisting the proposed Development referenced above. The net present value of the above -referenced loan, based on its payment stream, inclusive of a reduced interest rate and the designated discount rate ( as stated in the applicable RFA) is: $ No consideration or promise of consideration has been given with respect to the loan. For purposes of the foregoing, the promise of providing affordable housing does not constitute consideration. The commitment for this loan must be effective as of the Application Deadline for the applicable RFA, and is provided specifically with respect to the proposed Development. CERTIFICATION I certify that the foregoing information is true and correct and that this commitment is effective at least through the date required in the applicable RFA. Michael D. Beedie Signature Print or Type Name City Manager Print or Type Title NOTE TO LOCAL GOVERNMENT OFFICIAL: Additional information is set forth in the applicable Request for Application under which the Applicant is applying for funding for the above referenced Development. This certification must be signed by the chief appointed official ( staff) responsible for such approvals, Mayor, City Manager, County Manager /Administrator/Coordinator, Chairperson of the City Council/ Commission or Chairperson of the Board of County Commissioners. If the contribution is from a Land Authority organized pursuant to Chapter 380. 0663, Florida Statutes, this certification must be signed by the Chair of the Land Authority. One of the authorized persons named above may sign this form for certification of state, federal or Local Government funds initially obtained by or derived from a Local Government that is directly administered by an intermediary such as a housing finance authority, a community reinvestment corporation, or a state - certified Community Housing Development Organization ( CHDO). Other signatories are not acceptable. The Applicant will not receive credit for this contribution if the certification is improperly signed. To be considered for points, the amount of the contribution stated on this form must be a precise dollar amount and cannot include words such as estimated, up to, maximum of, not to exceed, etc. If the Application is not eligible for automatic points, this contribution will not be considered ifthe certification contains corrections or `white- out' or if the certification is altered or retyped. The certification may be photocopied. Please note: This form may be modified by Florida Housing Finance Corporation per Section 67- 60. 005, F.A.C. Form Rev. 07- 2019)  FLORIDA HOUSING FINANCE CORPORATION LOCAL GOVERNMENT VERIFICATION OF CONTRIBUTION —GRANT FORM Bayside Gardens Name of Development: ass venue SW, approximately 887 feetsouthwest of the intersection o ass v ue SW Development Location: and Comet St. SW, Fort Walton Beach At a minimum, provide the address number, street name and city, and/ or provide the street name, closest designated intersection and either the city (if located within a city) or county (if located in the unincorporated area of the county). If the Development consists of Scattered Sites, the Development Location stated above must reflect the Scattered Site where the Development Location Point is located.) Fort Walton Beach The City/County of commits $ 170, 000. 00 as a grant to the Applicant for its use solely for assisting the proposed Development referenced above. The City/County does not expect to be repaid or reimbursed by the Applicant, or any other entity, provided the funds are expended solely for the Development referenced above. No consideration or promise of consideration has been given with respect to the grant. For purposes of the foregoing, the promise of providing affordable housing does not constitute consideration. The commitment for this grant must be effective as of the Application Deadline for the applicable RFA, and is provided specifically with respect to the proposed Development. General Fund Unrestricted Fund Balance The source of the grant is: e. g., SHIP, HOME, CDBG) CERTIFICATION I certify that the foregoing information is true and correct and that this commitment is effective at least through the date required in the applicable RFA. Michael D. Beedie Signature Print or Type Name City Manager Print or Type Title NOTE TO LOCAL GOVERNMENT OFFICIAL: Additional information is set forth in the applicable Request for Application under which the Applicant is applying for funding for the above referenced Development. This certification must be signed by the chief appointed official ( staff) responsible for such approvals, Mayor, City Manager, County Manager/Administrator/Coordinator, Chairperson of the City Council/ Commission or Chairperson of the Board of County Commissioners. If the contribution is from a Land Authority organized pursuant to Chapter 380.0663, Florida Statutes, this certification must be signed by the Chair