Subject:
Title
Resolution approving the issuance by Brevard County Housing Finance Authority of Multi-Family Housing Revenue Bonds (Dominium Rockledge Project), in an amount not to exceed $26,350,000
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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 Dominium Rockledge (the “Project”).
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Summary Explanation and Background:
The Authority received an application from Rockledge Leased Housing Associates I, LP for the issuance of multi-family housing revenue bonds in an amount not to exceed $26,350,000 in tax exempt bonds to finance the acquisition, construction, equipping and development of the Project. The Project consists of the construction of Dominium Rockledge Apartments, on Murrell Road (West of the northern intersection of Murrell Road and Luther Drive), Rockledge, Florida, containing eight buildings of 228 units (48 two bedroom/two bath, 132 three bedroom/two bath and 48 four bedroom/two bath apartments), all of which will be rented to families. The site is zoned RMU – residential mixed use. The developer intends to utilize the Live Local Act to “build affordable housing by right” but site plan approval will be obtained from the City of Rockledge. The apartments will have full range of appliances, washer and dryer connections, balconies or patios, and the property will have amenities such as a business center (including computers and printers), a clubhouse, fitness center, pool, playground, barbeque/picnic area and car care area....
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