Broward County Commission Regular Meeting
Director's Name: Leonard Vialpando
Department: Public Works and Environmental Services
Division: Housing Finance Authority
Information
Requested Action
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MOTION TO ADOPT Resolution, the title of which is as follows: (Commission District 4)
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 MORTGAGE REVENUE NOTE, SERIES 2026A (PINNACLE AT CYPRESS) IN A PRINCIPAL AMOUNT OF NOT TO EXCEED $5,200,000 AND ITS MULTIFAMILY MORTGAGE REVENUE NOTE, SERIES 2026B (PINNACLE AT CYPRESS) IN A PRINCIPAL AMOUNT OF NOT TO EXCEED $14,800,000 (COLLECTIVELY, THE “NOTES”) FOR THE PURPOSE OF FINANCING THE ACQUISITION, CONSTRUCTION AND EQUIPPING OF A MULTIFAMILY PROJECT KNOWN AS PINNACLE AT CYPRESS 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 PINNACLE AT CYPRESS, LLLP, AS BORROWER; APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY OF A FUNDING LOAN AGREEMENT AMONG THE HFA, JPMORGAN CHASE BANK, N.A., BANK OF AMERICA, N.A., AND THE FISCAL AGENT; APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY OF A BORROWER LOAN AGREEMENT BY AND BETWEEN THE HFA AND THE BORROWER; APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY OF A PLACEMENT AGENT AGREEMENT FOR THE NOTES BY AND BETWEEN THE HFA AND RAYMOND JAMES & ASSOCIATES, INC.; 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 BORROWER NOTES; APPROVING AND AUTHORIZING THE EXECUTION OF THE ASSIGNMENT OF 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 NOTES; 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 NOTES; APPROVING THE NOTES 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 PUBLIC WORKS AND ENVIRONMENTAL SERVICES DEPARTMENT AND THE HOUSING FINANCE AUTHORITY 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 December 14, 2024, the HFA received a multifamily bond application from Pinnacle Communities, II, LLC (the “Developer”), for a 100-unit, new construction elderly development, known as Pinnacle at Cypress (the “Project”) located at 6520 North Andrews Avenue in Fort Lauderdale. The owner was listed as Pinnacle at Cypress LLLP, a Florida Limited Liability Limited Partnership (the “Borrower”). The multifamily application requested that the HFA issue bonds to support the Project in the amount of $22,000,000.
On December 18, 2024, the HFA adopted Resolution No. 2024-019 approving the issuance of the Notes and authorizing HFA staff to publish a notice (the “TEFRA Notice”) and conduct a hearing (the “TEFRA Hearing”) in accordance with the Tax Equity and Fiscal Responsibility Act (“TEFRA”).
The TEFRA Notice was published on January 14, 2026, and the TEFRA Hearing took place on January 22, 2026. The Mayor of the City of Fort Lauderdale was notified regarding the Project prior to the HFA holding the TEFRA Hearing.
On April 15, 2025, the HFA adopted Resolution No. 2026-003 (the “Authorizing Resolution”) (Exhibit 2), formally authorizing the issuance of the Notes and approving the form, execution, and delivery of documents necessary or desirable in connection with the issuance of the Notes. 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 County Attorney’s Office.
Adoption of the proposed Resolution (Exhibit 1) grants the HFA the authority to: (i) issue the Notes to finance the acquisition, construction, and equipping of the Project, (ii) ratify the publication of the TEFRA Notice published on January 14, 2026, and the TEFRA Hearing held on January 22, 2026, along with its resulting minutes, and (iii) approve the form, execution, and delivery of various documents in connection with the issuance of the Notes. A location map is attached as Exhibit 3.
Source of Additional Information
Ralph Stone, Executive Director, Housing Finance Authority, (954) 357-5320
Fiscal Impact
Fiscal Impact/Cost Summary
No fiscal impact.