Okaloosa County BOCC — April 18, 2017 — Public Hearing - TEFRA — agenda request

BOARD OF COUNTY COMMISSIONERS AGENDA REQUEST DATE: April 18, 2017 TO: Honorable Chairman and Members of the Board FROM: Grant Dugre SUBJECT: Public Hearing - TEFRA DEPARTMENT: County Administrator BCC DISTRICT: ALL STATEMENT OF ISSUE: This is a hearing for purposes of the federal Tax Equity and Fiscal Responsibility Act regarding the possible issuance by the Capital Trust Agency of one or more series of its Multifamily Housing Revenue Bonds (Heather Glenn Apartments Project) in an aggregate principal amount of not to exceed $17,000,000. BACKGROUND AND ANALYSIS: The Board of County Commissioners has been informed that the Capital Trust Agency (the "Issuer") proposes to issue a principal amount not exceeding $17,000,000 of its Multifamily Housing Revenue Bonds (Heather Glenn Apartments Project), Series 2017, in one or more series. The proceeds will be loaned to Sheltering Palms Foundation, Inc., a Texas nonprofit corporation, qualified to do business in the State of Florida, for the purpose of financing or refinancing, including through reimbursement, 1. the aquisition and improvement of a multi-family rental housing project for persons of low and moderate income, including related facilties, fixtures, furnishings and equipment, consisting of seven three-story buildings totaling approximately 182,232 square feet and comprising approximately 168 units, known as Heather Glenn Apartments, located at 1600 Hunt Club Street, Fort Walton Beach, Florida, 2. any necessary debt service reserve for the Bonds, and 3. the costs associated with the issuance of the Bonds (collectively, the "Project"). In order to finance the costs of the Projects from the proceeds of the Bonds on a tax-exempt basis, it is necessary to hold a public hearing and approve the issuance of the Bonds for the purposes of Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), and Section 163.01, Florida Statutes, as amended (the "Interlocal Act"). The County shall not be liable for any costs of issuing the Bonds or the costs incurred by it in connection with the preparation, review, execution or approval of any documentation or opinions required to be delivered in connection therewith by the County or counsel to any of them. All of such costs shall be paid from the proceeds of the Bonds or from other moneys of the borrower. The Bonds shall not constitute an indebtedness or liability of the County. OPTIONS: Approve/Disapprove. RECOMMENDATION: Staff recommends approval of the issuance of the Bonds by the Issuer in one or more series, in an aggregate principal amount not exceeding $17,000,000. RECOMMENDED BY: APPROVED BY: John Hofstad, County Administrator