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 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 $22,000,000 MULTIFAMILY HOUSING REVENUE NOTE, SERIES 2025 (SISTRUNK APARTMENTS) (THE “NOTE”) FOR THE PURPOSE OF FINANCING THE ACQUISITION, CONSTRUCTION AND EQUIPPING OF SISTRUNK APARTMENTS 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, CITIBANK, N.A., AS FUNDING LENDER (THE “FUNDING LENDER”), AND THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., AS FISCAL AGENT (THE “FISCAL AGENT”); (II) A BORROWER LOAN AGREEMENT BY AND BETWEEN THE HFA AND SISTRUNK APARTMENTS, LLC (THE “BORROWER”); (III) A LAND USE RESTRICTION AGREEMENT BY AND AMONG THE HFA, THE FISCAL AGENT AND THE BORROWER; (IV) AN ASSIGNMENT OF MORTGAGE AND LOAN DOCUMENTS BY THE HFA TO THE FISCAL AGENT; (V) A PLACEMENT AGENT AGREEMENT BY AND BETWEEN THE HFA AND RBC CAPITAL MARKETS, LLC, AS PLACEMENT AGENT; AND (VI) 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 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 22, 2024, the Housing Finance Authority (“HFA”) received a multifamily bond/note application from Sistrunk Apartments, LLC (“Borrower”) for the acquisition, construction and equipping Sistrunk Apartments (“Project”), a 72-unit residential project. The Project is located at 1204 NW 6th Street and 1619 NW 6th Street in Fort Lauderdale, Florida. The application requested the HFA issue a Note in the amount of $22,000,000 to finance the acquisition, construction, and equipping of the Project. Sistrunk Apartments Developer, LLC was identified as the developer.
On August 21, 2024, the HFA adopted Resolution No. 2024-010 approving the issuance of the Note and authorizing HFA staff to publish notice (“TEFRA Notice”) and conduct a hearing (“TEFRA Hearing”) in accordance with the Tax Equity and Fiscal Responsibility Act (“TEFRA”).
The TEFRA Notice was published on March 18, 2025, and the TEFRA Hearing took place on April 1, 2025. The Mayor of the City of Fort Lauderdale was provided notice regarding the Project prior to the HFA holding the TEFRA Hearing.
On April 16, 2025, the HFA adopted Resolution No. 2025-005 (“Authorizing Resolution”)
(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 legal sufficiency by the Office of the County Attorney.
Adoption of the Resolution (attached as 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 published on March 18, 2025, and TEFRA Hearing held on April 1, 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.