Subject:
Title
Resolution approving the issuance of Multifamily Housing Revenue Bonds by the Housing Finance Authority of Pinellas County to finance a multifamily residential rental housing project Oakhurst Trace Apartments.
label
Recommended Action:
Recommended Action
Adopt a resolution allowing the Housing Finance Authority (HFA) to issue Multifamily Housing Revenue Bonds in a principal amount not to exceed $35.0M for the benefit of SP Pinellas III LLC, a Florida Limited Liability Company, or its affiliate, duly organized and existing under the laws of the State of Florida.
• The conduit financing transaction proceeds will be loaned to SP Pinellas III LLC, (the borrower/developer) to help finance the acquisition, construction, and equipping of a 220-unit multifamily rental housing facility for persons or families of moderate, middle, or lesser income to be known as the Oakhurst Trace Apartments. This project is located at the west side of U.S. Highway 19 North, approximately 500 feet west of the intersection of Mainlands Boulevard West and U.S. Highway 19 North, within the City of Pinellas Park, Florida.
• This transaction was previously approved by the Board of County Commissioners (BCC) through Resolution No. 22-38 on May 24, 2022, and Resolution No. 23-20 on March 28, 2023. Construction costs for the project have been determined to have increased from the original estimates, and the owner has requested an increase in the originally induced amount of bonds from $28.0M to $35.5M In order to issue the bonds in the increased principal amount, it was necessary to conduct a public hearing and obtain new approval by the BCC.
• 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. The other sources of funding for the project include the Pinellas County Penny for Pinellas Land Assembly Funds to acquire the land, tax credits from Synovus Bank, construction, and permanent loan financing through the FHA 221(d)(4) loan program through Berkadia and owner equity from the developer through a deferred developer fee at closing to provide additional sources of funding.
• This item has no fiscal impact on Pinellas County. The HFA is a dependent special district of the County. Conduit financings pledge neither the district 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).Body
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Strategic Plan:
Ensure Public Health, Safety and Welfare
2.2 Be a facilitator, convener, and purchaser of services for those in need
Deliver First Class Services to the Public and Our Customers
5.1 Maximize partner relationships and public outreach
Summary:
Summary
The transaction proceeds will be loaned to SP Pinellas III LLC, (the borrower/developer) to help finance the acquisition, construction and equipping of a 220-unit multifamily rental housing facility for persons or families of moderate, middle, or lesser income to be known as the Oakhurst Trace Apartments.
This project is located at the west side of U.S. Highway 19N, approximately 500 feet west of the intersection of Mainlands Boulevard West and U.S. Highway 19N, within the City of Pinellas Park, Florida.
The development will include five (5) midrise residential buildings with 40, one (1) -bedroom units, 120, two (2) -bedroom units and 60, three (3) -bedroom units. The units will incorporate a host of “green features including low VOX paint on all interior walls, low flow plumbing fixtures and toilets, the use of mold resistant products, energy star certified refrigerators and dishwashers, high efficiency HVAC equipment and water heaters with a minimum SEER of 14, programmable thermostats, energy star ceiling fans in all bedrooms and living areas, daylight sensors or timers on all outdoor lighting and energy star rated windows. The residential community will have a leasing office and will feature a host of resident amenities including a community meeting room, a computer lab, WiFi connections, a playground, a library, luscious landscaping, and a sport court/ shuffleboard.
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Background Information:
This transaction was previously approved by the Board through Resolution No. 22-38 on May 24, 2022, and Resolution No. 23-20 on March 28, 2023. Construction costs for the project have been determined to have increased from the original estimates and the owner has requested an increase in the originally induced amount of bonds from $28.0M to $35.5M. In order to issue the bonds in the increased principal amount, it was necessary to conduct a public hearing and obtain new approval by the Board.
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.
The other sources of funding for the project include the Pinellas County Penny for Pinellas Land Assembly Funds to acquire the land, tax credits from Synovus Bank, construction, and permanent loan financing through the FHA 221(d)(4) loan program through Berkadia and owner equity from the developer through a deferred developer fee at closing to provide additional sources of funding.
Staff Member Responsible:
Kathryn Driver, Executive Director, Housing Finance Authority of Pinellas County
Partners:
Housing Finance Authority of Pinellas County
Attachments:
Proposed Resolution
HFA Resolution No. 2024-13
Bond Increase Request
Resolution No. 23-20
Resolution No. 22-38
Certification of Publication
HFA TEFRA Hearing Notice, October 2, 2024
HFA TEFRA Hearing Minutes, October 17, 2024