Subject:
Title
Resolution approving the issuance by Brevard County Health Facilities Authority of Refunding Revenue Bonds, Series 2021 (Buena Vida Estates Project)
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Fiscal Impact:
None.
Dept/Office:
County Attorney's Office
Requested Action:
Recommendation
The Brevard County Health Facilities Authority (the "Authority") is requesting that the Board approve a Resolution to allow the issuance by the Authority of tax exempt refunding revenue bonds, Series 2021, (Buena Vida Estates Project), to refund outstanding bonds and to finance the construction of 24 new independent living units and other capital improvements.
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Summary Explanation and Background:
Buena Vida Estates, Inc. and B.V. Assisted Living, Inc., Florida not-for-profit corporations (herein "Buena Vida") operate a continuing care retirement community for seniors over age 65, located at 2129 W. New Have Avenue, West Melbourne, consisting of 162 independent living units, 32 assisted living units and 16 memory support units ("Main Campus"). The Authority has received a request from Buena Vida to issue tax exempt refunding revenue bonds in an amount up to $42,000,000 (the "Bonds") to (i) refund the Authority's outstanding Series 2016 Bonds issued in connection with the Main Campus financing, (ii) finance the cost of constructing and equipping 24 new independent living units in 12 buildings, a clubhouse with pool, gas fire pit, pickle ball and bocce ball courts all located on approximately 6.63 acres at 270 Woodland Drive, West Melbourne, plus certain capital improvements at the Main Campus, and (iii) pay the cost of issuance of the Bonds (the "Project"). The proceeds of the Bonds will fully refund the Series 2016 Bonds and will reduce the interest expense for the Project. The Bonds will be unrated, long term fixed rate bonds and the offering will be limited to accredited investors in minimum denominations of $100,000. The Bonds will be payable solely from revenues of the Project an...
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