Broward County Commission Regular Meeting
Director's Name: Leonard Vialpando
Department: Public Works and Environmental Services
Division: Housing Finance Authority
Information
Requested Action
title
MOTION TO ADOPT Resolution, the title of which is as follows: (Commission District 8)
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF BROWARD COUNTY, FLORIDA AUTHORIZING THE ISSUANCE BY THE HOUSING FINANCE AUTHORITY OF BROWARD COUNTY, FLORIDA (THE “HFA”) OF ITS NOT TO EXCEED $21,500,000 MULTIFAMILY HOUSING REVENUE NOTE, SERIES 2026 (SISTRUNK VIEW) (THE “NOTE”) FOR THE PURPOSE OF FINANCING THE ACQUISITION, CONSTRUCTION AND EQUIPPING OF SISTRUNK VIEW LOCATED IN BROWARD COUNTY, FLORIDA (THE “PROJECT”); ESTABLISHING PARAMETERS FOR THE AWARD OF THE SALE THEREOF AND ESTABLISHING CRITERIA FOR DETERMINING THE TERMS THEREOF, INCLUDING INTEREST RATES, INTEREST PAYMENT DATES, MATURITY SCHEDULE AND OTHER TERMS OF SUCH NOTE; APPROVING THE FORMS OF AND AUTHORIZING THE EXECUTION AND DELIVERY OF (I) A FUNDING LOAN AGREEMENT BY AND AMONG THE HFA, TRUIST BANK, AS INITIAL FUNDING LENDER, AND THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., AS FISCAL AGENT (THE “FISCAL AGENT”); (II) A PROJECT LOAN AGREEMENT BY AND AMONG THE HFA, THE FISCAL AGENT AND SISTRUNK VIEW, LLC (THE “BORROWER”); (III) A LAND USE RESTRICTION AGREEMENT BY AND AMONG THE HFA, THE FISCAL AGENT AND THE BORROWER; (IV) AN EXTENDED LAND USE RESTRICTION AGREEMENT BY AND BETWEEN THE HFA AND THE BORROWER; (V) AN ASSIGNMENT OF MORTGAGE AND LOAN DOCUMENTS BY THE HFA TO THE FISCAL AGENT; (VI) AN ASSIGNMENT OF THE PROJECT NOTE BY THE HFA TO THE FISCAL AGENT; (VII) A PLACEMENT AGENT AGREEMENT BY AND BETWEEN THE HFA AND RAYMOND JAMES & ASSOCIATES, INC., AS PLACEMENT AGENT; AND (VIII) A FISCAL AGENT FEE AGREEMENT BY AND BETWEEN THE HFA AND THE FISCAL AGENT; APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY BY THE HFA OF CERTAIN ADDITIONAL AGREEMENTS NECESSARY OR DESIRABLE IN CONNECTION WITH THE ISSUANCE OF THE NOTE; APPROVING AND RATIFYING THE HFA’S PUBLICATION OF A NOTICE OF PUBLIC HEARING AND THE SUBSEQUENT HOLDING OF SUCH PUBLIC HEARING EACH UNDER SECTION 147(F) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, IN CONNECTION WITH THE ISSUANCE OF THE NOTE BY THE HFA; AUTHORIZING THE PROPER OFFICERS OF THE HFA TO DO ALL THINGS NECESSARY OR ADVISABLE IN CONNECTION WITH THE ISSUANCE OF THE NOTE; AND PROVIDING AN EFFECTIVE DATE FOR THIS RESOLUTION.
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Why Action is Necessary
Formal Board action is necessary for the adoption of a Resolution.
What Action Accomplishes
Enables the adoption of a Resolution.
Goal Related Icon(s)
☒County Commission
☐Go Green
☐MAP Broward
Previous Action Taken
None taken.
Summary Explanation/Background
THE PUBLIC WORKS AND ENVIRONMENTAL SERVICES DEPARTMENT AND THE HOUSING FINANCE AUTHORITY RECOMMEND APPROVAL OF THE ABOVE MOTION.
This item supports Broward County Board of County Commissioners’ (“Board”) Goal of “ensuring residents have an affordable place to live by offering sustainable, compatible, innovative, accessible, affordable housing options for all income levels, including integrated, permanent supportive housing and zoning that helps residents build equity.”
On June 16, 2025, the Housing Finance Authority of Broward County, Florida (“HFA”) received a multifamily bond application from Sistrunk View LLC, a Florida limited liability company (“Borrower”), pertaining to a 100-unit, new construction development, known as Sistrunk View (“Project”). The application requested that the HFA issue multifamily housing revenue bonds or notes to finance the Project in the amount of $21,500,000. The Project is located at 790 Sistrunk Boulevard, Fort Lauderdale, Florida in the area depicted in Exhibit 3.
At its September 17, 2025, meeting the HFA adopted Resolution No. 2025-011 declaring its official intent to issue bonds and/or notes in an amount not to exceed $21,500,000 and authorizing HFA staff to publish a notice of public hearing (“TEFRA Notice”) and conduct the public hearing (“TEFRA Hearing”) in accordance with the Tax Equity and Fiscal Responsibility Act (“TEFRA”).
The TEFRA Notice was published on January 26, 2026, and the TEFRA Hearing was held on February 5, 2026. The Mayor of the City of Fort Lauderdale received prior notice regarding the TEFRA Hearing.
On September 16, 2026, the HFA adopted Resolution No. 2026-012 (“Authorizing Resolution”), attached as Exhibit 2, formally authorizing the issuance of a multifamily housing revenue note in an aggregate amount not to exceed $21,500,000, Series 2026 (the “Note”). The Authorizing Resolution also approves the form, execution, and delivery of documents necessary or desirable in connection with the issuance of the Note. Additionally, the Authorizing Resolution acknowledges and consents to the Borrower incurring subordinate financing in connection with the Project.
The Board’s adoption of the proposed Resolution attached as Exhibit 1 will: (i) authorize the HFA to issue the Note for the Project, (ii) approve and ratify the HFA’s publication of the TEFRA Notice on January 26, 2026, and the TEFRA Hearing held on February 5, 2026, including the resulting minutes, and (iii) approve the form, execution, and delivery of various documents in connection with the issuance of the Note.
Source of Additional Information
Ralph Stone, Director, Housing Finance Authority Executive Director, (954) 357-5320
Fiscal Impact
Fiscal Impact/Cost Summary
No fiscal impact.