TO: Board of County Commissioners
THROUGH: John A. Titkanich, Jr., County Administrator
FROM: Christopher A. Hicks, Assistant County Attorney
DATE: May 20, 2025
SUBJECT: St. Lucie County Housing Finance Authority Bonds Hearing
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BACKGROUND
On May 6, 2025 this Board approved an Area of Operation Resolution allowing the St. Lucie County Housing Finance Authority (HFA) to allow the issuance of bonds for a project at the Orchard Grove Apartment complex. The St. Lucie County HFA approved the issuance of Multifamily Housing Revenue Bonds up to $28,000,000 by Vero Beach Leased Housing Associates IV, LLLP on May 15, 2025 in connection with the Orchard Grove Apartments. Indian River County is not liable for or obliged to repay the bonds. Prior to Vero Beach Leased Housing Associates IV being able to issue the bonds, the Internal Revenue Code (“Code”) requires it to post notice of its intent, have a public hearing, and obtain the approval for the issuance of the bonds by the Board of County Commissioners, as the “applicable elected representative” of Indian River County in accordance with Section 147(f) of the Code.
ANALYSIS
This Resolution will allow for the issuance of bonds in furtherance of providing affordable housing in the County. The County has no liability or obligation for the payment of these bonds
BUDGETARY IMPACT
There is no funding associated with this action.
PREVIOUS BOARD ACTIONS
The Board passed the Area of Operation Resolution on May 6, 2025.
STAFF RECOMMENDATION
Recommended Action
The County Attorney recommends that the Board conduct a public hearing, take comments from interested persons, and consider approving the resolution for Vero Beach Leased Housing Associates IV, LLLP to issue Multifamily Housing Revenue Bonds in an amount up to $28,000,000.