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, at 3678 Riviera Place formerly known as 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 99 years, whichever is longer.
The B...
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