Subject:
Title
Resolution approving the TEFRA hearing for Multifamily Housing Revenue Bonds by the Housing Finance Authority of Pinellas County to finance a multifamily residential rental housing project Largo Station.
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Recommended Action:
Recommended Action
Adopt a resolution allowing the Housing Finance Authority of Pinellas County (HFA) to authorize a public hearing in connection to the financing of a multifamily residential rental housing project through the issuance of tis Multifamily Housing Revenue Bonds, in a principal amount not to exceed $19.0M for the benefit of SP Station LLC, a Florida limited liability company, or one of its affiliates.
• The conduit financing transaction proceeds were loaned to SP Station LLC (the borrower/developer) to help finance the acquisition, construction and equipping of a 168 unit multifamily rental housing facility for persons or families of moderate, middle or lesser income within the City of Largo, Pinellas County, to be known as Largo Station, to be located at 800 8th Avenue Southeast, Largo, Florida.
• No County General Funds are required. All lendable funds are generated from the sale of tax-exempt housing bonds through the HFA and the sale of 4.0% low-income housing tax credits from the Florida Housing Finance Corporation. The other sources of funding for the project include a draw-down construction loan of $28.5M from Bank OZK and subsequent permanent loan of $19.0M from Grand bridge Real Estate Capital. Other key financing sources will include $22,530,248.00 of Low-Income Housing Tax Credit equity provided by Raymond James; $10.0M of Community Development Block Grant-Disaster Relief funding from the Florida Housing Finance Corporation and $7,917,840.00 in deferred developer fee. The applicant also plans to apply for Penny for Pinellas funding for the land cost associated with the development.
• This item has no fiscal impact on the County. The HFA is a dependent special district of Pinellas County. Conduit financings pledge neither the HFA’s nor the County’s credit, and neither are responsible for payment of the debt except from funds received from the borrower (in this case the developer).
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Strategic Priorities:
Prosperity and Opportunity
3.1 Increase the availability of attainable housing.
Summary:
Summary
The unit mix at the Project will consist of 28 one(1)-bedroom units, 112 two(2)-bedroom units and 28 three(3)-bedroom units. The finished development will include amenities such as off-street parking, bike parking, a playground, a splash pad, Energy Star stainless steel appliances, and a community center with a computer lab, community meeting space, library, and fitness center. The Project will be 100.0% affordable with all units restricted at the 50.0% and 60.0% AMI levels for an affordability period of 50 years.
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Background Information:
N/A
Fiscal Impact:
No County General Funds are required. All lendable funds are generated from the sale of tax-exempt housing bonds and the sale of 4.0% low-income housing tax credits from the Florida Housing Finance Corporation.
This item has no fiscal impact on the County. The HFA is a dependent special district of Pinellas County. Conduit financings pledge neither the HFA’s nor the County’s credit, and neither are responsible for payment of the debt except from funds received from the borrower (in this case the developer).
Staff Member Responsible:
Kathryn Driver, Executive Director, Housing Finance Authority of Pinellas County
Partners:
Housing Finance Authority of Pinellas County.
Attachments:
Proposed BCC Resolution
HFA Resolution No. 2026-06
TEFRA Notice
Certification of Publication
TEFRA Hearing Minutes