Subject:
Title
Resolution approving the issuance of multi-family housing revenue bonds by Brevard County Housing Finance Authority (Millennia Project)
End
Fiscal Impact:
None.
Dept/Office:
County Attorney's Office
Requested Action:
Recommendation
The Brevard County Housing Finance Authority (the "Authority") is requesting that the Board approve a Resolution to allow the Authority to increase the amount of multi-family housing revenue bonds from $24,840,000 to $32,340,000 to finance the acquisition, rehabilitation and development of Jupiter Ridge, Armstrong Glen and Sandpoint Village (collectively "Millennia Project").
End
Summary Explanation and Background:
On May 19, 2020, the Board of County Commissioners adopted Resolution 20-050, which approved the issuance within the meaning of Section 147 (f) of the Internal Revenue Code of 1986, as amended, of the Authority's Multifamily Housing Revenue Bonds (Millennia Project), in the principal amount of not to exceed $24,840,000. Subsequently, Brevard FL TC, LP and Millennia Housing Development, Ltd., submitted a request for an additional $7,500,000 in bonds to cover increased construction and development costs for the Project and an increase in the relocation budget, for a total issue size of $32,340,000 to finance the acquisition, rehabilitation, equipping and development of the Project. The increased project costs are attributable to (1) increased cost of construction materials including lumber (which has nearly tripled in price), flooring, windows, appliances, steel and drywall; (2) increased cost of shipping with fuel surcharges and higher shipping fees, and (3) increased tenant relocation budget during construction. The Project consists of the rehabilitation of three existing apartment complexes: Jupiter Ridge (formerly Arch Creek Run), 173 Rachel Street, Melbourne, FL, containing 96 units (52 one bedroom, 37 two bedroom and 7 three bedroom apartments), Armstrong Glen (formerly Cocoa Lakes), 201 St. Clair ...
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