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 7)
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"), IN ONE OR MORE SERIES, IN THE AGGREGATE AMOUNT NOT TO EXCEED $26,000,000 OF ITS MULTIFAMILY HOUSING REVENUE NOTE, SERIES 2025 (DRIFTWOOD TERRACE) (THE "NOTE") FOR THE PURPOSE OF FINANCING THE ACQUISITION, REHABILITATION AND EQUIPPING OF DRIFTWOOD TERRACE 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 DRIFTWOOD TERRACE, LLLP (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) AN AGREEMENT TO SUBORDINATE TO RENTAL ASSISTANCE DEMONSTRATION USE AGREEMENT BY AND AMONG THE HFA, THE FISCAL AGENT AND THE BORROWER; (VI) A PLACEMENT AGENT AGREEMENT BY AND BETWEEN THE HFA AND RBC CAPITAL MARKETS, LLC AND RAYMOND JAMES & ASSOCIATES, INC., AS PLACEMENT AGENTS; AND (VII) 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 AGREEMENT...
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