Broward County Commission Regular Meeting
Director's Name: Leonard Vialpando
Department: Resilient Environment Division: Housing Finance Division
Information
Requested Action
title
MOTION TO ADOPT Resolution, the title of which is as follows: (Commission District 9)
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 MULTIFAMILY HOUSING MORTGAGE REVENUE NOTE, SERIES 2025 (PINE ISLAND PARK) IN A PRINCIPAL AMOUNT OF NOT TO EXCEED $24,000,000 (THE “NOTE”) FOR THE PURPOSE OF FINANCING THE CONSTRUCTION AND EQUIPPING OF A MULTIFAMILY HOUSING PROJECT KNOWN AS PINE ISLAND PARK LOCATED IN BROWARD COUNTY, FLORIDA; APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY OF A LAND USE RESTRICTION AGREEMENT BY AND AMONG THE HFA, THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., AS FISCAL AGENT AND PINE ISLAND PARK LLC, AS BORROWER; APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY OF A FUNDING LOAN AGREEMENT AMONG THE HFA, JPMORGAN CHASE BANK, N.A. AND THE FISCAL AGENT; APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY OF A BORROWER LOAN AGREEMENT AMONG THE HFA, THE BORROWER AND THE FISCAL AGENT; APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY OF A PLACEMENT AGENT AGREEMENT FOR THE NOTE BY AND BETWEEN THE HFA AND RBC CAPITAL MARKETS, LLC; APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY OF A FISCAL AGENT FEE AGREEMENT BY AND BETWEEN THE HFA AND THE FISCAL AGENT; APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY OF THE ALLONGE TO THE PROJECT NOTE; APPROVING AND AUTHORIZING THE EXECUTION OF THE ASSIGNMENT OF THE MORTGAGE AND SECURITY DOCUMENTS; ACKNOWLEDGING AND CONSENTING TO SUBORDINATE FINANCING; APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY OF CERTAIN ADDITIONAL AGREEMENTS NECESSARY OR DESIRABLE IN CONNECTION WITH THE ISSUANCE OF THE NOTE; WAIVING THE FEE FOR SERVICES RELATED TO THE HFA’S ANNUAL AUDIT OF THE PROJECT; APPROVING AND AUTHORIZING THE HFA TO CONSENT TO THE BORROWER PLACING SUBORDINATE FINANCING ON THE PROJECT AND APPROVING THE EXECUTION OF SUCH AGREEMENTS AS MAY BE NECESSARY IN CONNECTION WITH SUCH CONSENT; AUTHORIZING THE PROPER OFFICERS OF THE HFA TO DO ALL THINGS NECESSARY OR ADVISABLE IN CONNECTION WITH THE ISSUANCE OF THE NOTE; APPROVING THE NOTE FOR PURPOSES OF SECTION 147(F) OF THE INTERNAL REVENUE CODE OF 1986; AND PROVIDING FOR AN EFFECTIVE DATE.
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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 RESILIENT ENVIRONMENTAL DEPARTMENT AND THE HOUSING FINANCE DIVISION RECOMMEND APPROVAL OF THE ABOVE MOTION.
This item supports the Goal of the Broward County Board of County Commissioner’s (“Board”) 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 May 21, 2023, the Housing Finance Authority (“HFA”) received a multifamily bond/note application from Pine Island Park LLC (“Borrower”) for the construction and equipping of Pine Island Park LLC (“Project”) a 120-unit residential project. The Project is situated on the south side of NW 44 St., about 400 feet east of NW 92nd Way in Sunrise, Florida. The application requested the HFA issue a Note in an amount of $24,000,000 to finance the acquisition, and construction, and equipping of the Project. Centennial Management Corp. was identified as the developer.
On August 21, 2024, the HFA adopted Resolution No. 2024-011 approving the issuance of the Note and authorizing HFA staff to publish notice (“TEFRA Notice”) of and conduct a hearing (“TEFRA Hearing”) in accordance with the Tax Equity and Fiscal Responsibility Act (“TEFRA”).
The TEFRA Notice was published on February 17, 2025, and the TEFRA Hearing took place on February 27, 2025. The Mayor of the City of Sunrise was provided notice regarding the Project prior to the HFA holding the TEFRA Hearing.
On April 16, 2025, the HFA adopted Resolution No. 2025-004 (“Authorizing Resolution”) (attached as Exhibit 2), formally authorizing the issuance of the Note and, approving 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 placing subordinate financing on the Project. The Authorizing Resolution was prepared by bond counsel and approved as to the legal sufficiency by the Office of the County Attorney.
Adoption of the Resolution (Exhibit 1) grants the HFA the authority to: (i) issue the Note to finance the acquisition, construction, and equipping of the Project, (ii) ratify the publication of the TEFRA Notice by the HFA published on February 17, 2025, and the TEFRA Hearing held on February 27, 2025, along with its resulting minutes, and (iii) approve the form, execution, and delivery of various documents in connection with the issuance of the Note. A location map is attached as Exhibit 3.
Source of Additional Information
Ralph Stone, Director, Housing Finance Division, (954) 357-5320.
Fiscal Impact
Fiscal Impact/Cost Summary
No fiscal impact.