46.
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 Bay Pointe
Tower.
Recommendation:
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 its Multifamily Housing Revenue Bonds, in a principal
amount not to exceed $15.7M for the benefit of Bay Pointe Preservation,
LP, a Florida limited partnership, or its affiliate, duly organized and
existing under the laws of the State of Florida.
·
The conduit financing transaction proceeds were loaned to Bay
Pointe Preservation, LP (the borrower/developer) to help finance
the acquisition, rehabilitation and equipping of a 210 unit
multifamily rental housing facility for persons or families of
moderate, middle or lesser income within the City of South
Pasadena, Pinellas County, known as Bay Pointe Tower, located
at 880 Oleander Way South, South Pasadena, Florida.
·
The property currently operates under a Section 236 Agreement,
restricting 100.0% of units to residents earning at or below 80.0%
AMI. Additionally, 105 units (50.0%) are supported by a Section 8
Project-Based Voucher (PBV) contract administered by the St.
Petersburg Housing Authority (SPHA), which remains in place
until 2029. The Developer anticipates entering into a new PBV
Housing Assistance Payments contract with SPHA for an
additional 20-year term in conjunction with bond closing.
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% low-income housing tax credits from the
Florida Housing Finance Corporation. The other sources of
funding for the project in $47,723,000.00 of construction and
equity bridge financing which will be paid down to $15,695,073.00
of tax-exempt permanent financing and $16,130,209.00 of
taxable permanent financing at conversion from Merchants Bank
of Indiana, $17,663,856.00 of LIHTC equity provided by
Merchants Capital and $5,768,084.00 of deferred developer fee.
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).
·
·