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 (THE “BOARD”) SUPPLEMENTING ITS RESOLUTION NO. 2025-211 ADOPTED ON MAY 20, 2025 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”), TO PERMIT SISTRUNK APARTMENTS, LLC (THE “BORROWER”) TO FINANCE THE PROJECT PURSUANT TO A PLEDGE OF ITS LEASEHOLD INTEREST IN THE LAND (AS HEREINAFTER DEFINED) PURSUANT TO THAT CERTAIN GROUND LEASE BETWEEN FORT LAUDERDALE COMMUNITY REDEVELOPMENT AGENCY, AS FEE SIMPLE OWNER AND LESSOR OF THE LAND, AND BORROWER, AS LESSEE; APPROVING THE FORMS OF AND AUTHORIZING THE EXECUTION AND DELIVERY OF (I) A BORROWER LOAN AGREEMENT BY AND BETWEEN THE HFA AND THE BORROWER; AND (II) A LAND USE RESTRICTION AGREEMENT BY AND AMONG THE HFA, THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., AS FISCAL AGENT, AND THE BORROWER; AND AUTHORIZING THE EXECUTION AND DELIVERY BY THE HFA OF CERTAIN ADDITIONAL AGREEMENTS NECESSARY OR DESIRABLE IN CONNECTION WITH THE ISSUANCE OF THE NOTE AND/OR REFLECTING THE BORROWER’S LEASEHOLD INTEREST IN THE LAND; 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
The Board approved Resolution No. 2025-211 at the May 20, 2025, meeting (Agenda Item No. 30) approving the project with the original ownership structure.
Summary Explanation/Background
THE PUBLIC WORKS AND ENVIRONMENTAL SERVICES DEPARTMENT AND THE HOUSING AUTHORITY RECOMMEND APPROVAL OF THE ABOVE MOTION.
This item supports the Board’s Goal of the “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 of 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, in the general area depicted in Exhibit 3. The application requested the HFA issue a note in the amount of $22,000,000 to finance the Project.
On August 21, 2024, the HFA adopted Resolution No. 2024-010, approving the issuance of a not to exceed $22,000,000 Multifamily Housing Revenue Note, Series 2025 (Sistrunk Apartments) (“Note”) and authorizing HFA staff to publish notice (“TEFRA Notice”) and to 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 notified of the Project prior to the HFA’s TEFRA Hearing.
On April 16, 2025, the HFA adopted Resolution No. 2025-005 (“Authorizing Resolution”), formally authorizing the issuance of the Note and approving the form, execution, and delivery of documents necessary or desirable in connection with the issuance. The Authorizing Resolution was prepared by Bond Counsel and approved as to legal sufficiency by the Office of the County Attorney.
On May 20, 2025, the Board adopted Resolution 2025-211 (the “Original Board Resolution”), granting authority to the HFA to: (i) issue the Note to finance the acquisition, construction, and equipping of the Project; (ii) ratify the publication of the TEFRA Notice and the TEFRA Hearing, including approval of its minutes; and (iii) approve the form, execution, and delivery of various documents in connection with the issuance of the Note.
The HFA was subsequently advised of a change in the Borrower’s ownership structure from fee simple ownership to a leasehold interest in the land under a ground lease with the Fort Lauderdale Community Redevelopment Agency (CRA). The change impacts the collateral referenced in the Authorizing Resolution and the Original Board Resolution. Thus, on September 17, 2025, the HFA adopted 2025-012 (Exhibit 2), supplementing the Authorizing Resolution to approve the Borrower holding a leasehold interest in the land for the Project and the Borrower’s pledge of a lien and security interest in the Borrower’s leasehold interest in the land as collateral in connection with the Project.
The proposed Resolution (Exhibit 1) supplements the Original Board Resolution to reflect the change in the Borrower’s ownership structure, approves the required revised forms, and authorizes the execution and delivery of any additional documents necessary or desirable in connection with the issuance of the Note.
The financing for the Project is currently scheduled to close in October 2025.
Source of Additional Information
Ralph Stone, Executive Director, Housing Finance Authority, (954) 357-5320.
Fiscal Impact
Fiscal Impact/Cost Summary
No fiscal impact.