Subject:
Title
Resolution approving the issuance by Brevard County Housing Finance Authority of Multi-Family Housing Revenue Bonds (Cocoa West Apartments Project), in an amount not to exceed $80,000,000
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Fiscal Impact:
None. The bonds will be payable solely from revenues of the Project and will not pledge the revenues or ad valorem taxes of the County or the Authority.
Dept/Office:
Brevard County Housing Finance Authority/County Attorney’s Office
Requested Action:
Recommendation
The Brevard County Housing Finance Authority (the “Authority”), a dependent special district of Brevard County, requests that the Board approve a Resolution allowing the Authority to issue multi-family housing revenue bonds to finance the acquisition, construction, equipping and development of Cocoa West Apartments (the “Project”).
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Summary Explanation and Background:
The Authority received an application from Cocoa Leased Housing Associates, III, LLLP for the issuance of multi-family housing revenue bonds in an amount not to exceed $80,000,000 in tax exempt bonds to finance the acquisition, construction, equipping and development of the Project. The Project consists of the construction of Cocoa West Apartments, 201 S. Burnett Road, (Southeast corner of S. Burnett Road and Parrish Road), Cocoa, Florida, containing 360 units (90 two bedroom, 180 three bedroom and 90 four bedroom apartments), all of which will be rented to families. The site is properly zoned and will consist of 15 3-story garden style walk-up buildings. The apartments will have full range of appliances, and the property will have amenities such as a clubhouse, fitness center, and pool. A Land Use Restriction Agreement encumbering the property will require that 100% of the apartment units will be set aside and available only to persons earning 60% or less of median income, for as long as the financing is outstanding, or for a term of 30 years, whichever is longer.
On April 23, 2025, the Authority held a public hearing, following proper publication of notice, for the purpose of receiving public input on the proposed issue, a report on which is attached to the proposed Resolution as Exhibit B. The proposed Resolution acknowledges the public hearing and authorizes the issuance by the Authority of the bonds. In order to issue tax-exempt bonds for the Project, the Authority must receive the limited approval of the Board of County Commissioners as required by applicable federal tax law. The Authority has sufficient carryforward allocation (permission to issue bonds) to issue the bonds in mid-2026.
The bonds will be payable solely from revenues of the Project and will not pledge the revenues or ad valorem taxes of the County or the Authority.
The County’s financial advisor (PFM Financial Advisors) has reviewed the transaction and anticipates the funding will be within the County’s debt issuance guidelines if it remains at proposed levels. (See attachment).
The County’s outside bond counsel has reviewed the project and provided the following statement: “The resolution proposed to be adopted by the BOCC satisfies the pertinent federal and state law requirements and provides that neither the County nor any of the elected officials or staff of the County will have any obligation or liability, financial or otherwise, with respect to the Project or the Bonds.” (See attachment.)
Cost Benefit Analysis provided by Brevard County Housing Finance Authority:
This issue will provide funds to finance the acquisition, construction, equipping and development of 360 rental housing units which will be available to Brevard County families of lower and moderate income. There is no fiscal impact to the Board of County Commissioners or the Authority. The County is only authorizing the Housing Finance Authority to issue the bonds under the IRS requirements for tax exempt bonds and the County shall be indemnified from the issuance of bonds and the Project.
A representative of the Housing Finance Authority will be available for questions at the meeting.
Contact Person: Angela A. Abbott, (321) 264-0334, angelaabbott@cfl.rr.com; Steven E. Miller, (813) 281-2222, smiller@ngn-tampa.com; Jay Glover, PFM Financial Advisors LLC, (407) 406-5760, gloverj@pfm.com
Clerk to the Board Instructions:
Return a signed Resolution to the County Attorney’s Office and to Angela A. Abbott at angelaabbott@cfl.rr.com