Title:
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Approve and authorize the Chairman to execute a Resolution of the Board of County Commissioners of Seminole County, Florida, approving, solely for the limited purposes of Section 147(f) of the Internal Revenue Code, the expenditure of the proceeds of the Volusia County Housing Finance Authority (“VCHFA”) not to exceed $13,450,000 of its Multifamily Housing Revenue Bond Series (Riverbend Landings Apartment Project) for the purpose of providing funds to finance a multifamily residential rental project (89 residential units) located in Seminole County at 3750 E. S.R. 46, Sanford, Florida 32771, as further described in the Resolution; and providing an effective date. Countywide (Kate Latorre, County Attorney)
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Division:
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County Attorney Office
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Authorized By:
Kate Latorre, County Attorney
Contact/Phone Number:
Kate Latorre/407-665-7257
Background:
Of note, the Seminole County BOCC approved the initial TEFRA done for Riverbend Landings Apartments on February 27, 2024, with Resolution 2024-R-16. However, the original TEFRA notice on which that approval is based was published only on the HFAVC’s website, and it should have also been noticed either on the Seminole County website or in a newspaper of general circulation in Seminole County. Therefore, the VCHFA had to re-notice and hold a new TEFRA hearing to correct that issue. The required public hearing was held by the Volusia County Housing Finance Authority on August 7, 2024.
Approval of the Resolution does not obligate Seminole County to incur liability, pecuniary or otherwise, in the subject transaction.
Requested Action:
Staff requests the Board approve and authorize the Chairman to execute the Resolution approving, solely for the limited purposes of Section 147(f) of the Internal Revenue Code, the expenditure of the proceeds of the Volusia County Housing Finance Authority not to exceed $13,450,000 of its Multifamily Housing Revenue Bond Series (Riverbend Landings Apartment Project) for the purpose of providing funds to finance a multifamily residential rental project located in Seminole County at 3750 E. S.R. 46, Sanford, Florida 32771.