Resolution 002-1989
FILED r'JR q,ECORD
Resolution No. 002 - 1989 .89 JAN 12 A10 :58
A RESOLUTION PROVIDING T. E. F . R. A. APPROVAL JWDii'.ALLOWING :THE
MONROE COUNTY HOUSING FINANCE AUTHORITY TO ISSUE, ~RIVATE
ACTIVITY BONDS FOR THE PURPOSE OF MULTI-FAM1Jtif!OlA:F~Qtili:AJjtE
HOUSING
WHEREAS, the MONROE COUNTY HOUSING FINANCE AUTHORITY ( the
"Authority") was created pursuant to Ordinance 10-1979; and
WHEREAS, the Tax Equity and Fiscal Responsibility Act of 1982
(TEFRA) has created a requirement that all industrial
development bonds issued after December 31, 1982 for the
purpose of financing multi-family housing development require
approval by the Authority, and each governmental unit having
jurisdiction over the area in which the bond financing
facility is located; and
WHEREAS, such approval is to be given after a public hearing
for which reasonable notice has been given; and
WHEREAS, the Authority has approved the financing of a
project to be developed by My Isle, which is to be located at
the following location: 800 Emma Street, in the City of Key
West.
WHEREAS, a public hearing was held on December 29, 1988 with
regard to this qualifying housing development; and
WHEREAS, such development is to be financed through the
issuance of bonds by the Authority; and
WHEREAS, the Authority has presented an issue in the amount
of $2,000,000 to be presented to the Board of County
Commissioners of Monroe County for approval;
THEREFORE,
BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF MONROE COUNTY, as follows:
Section 1: The issuance of Mortgage Revenue Bonds by the
Authority in the amount of $2,000,000 is hereby approved.
The proceeds of these bonds are to be used for the purpose of
financing a qualifying housing development known a Frederick
Douglass Square Project to be constructed by My Isle, at the
following location: 800 Emma Street, in the City of Key West.
The financing of the qualifying housing development shall,
however, be conditioned upon the following:
(a) The plan of financing for the development shall include a
rent schedule to be approved by the Authority.
(b) The plan of financing shall include rent restriction
provisions in compliance with Section 142(d) of the Internal
Revenue Code of 1986 (the "Code"), which restrictions shall
apply to each type rental unit in the Project (for example,
20% of one bedroom units, 20% of two bedroom units, 20% of
three bedroom units). Rent increases on said units shall not
exceed 100% of the Consumer Price Index for a period of five
(5) years from initial occupancy.
(c) If the ownership of the Project is transferred prior to
ini tial occupancy of the proj ect, then a portion of any
profit received by the Developer as a result of the transfer
( the exact amount to be determined by the Authority upon
being advised of the intention to transfer the Project) shall
be deposited with the Authority to be used by the Authority
to serve public housing needs.
(d) The Developer shall not discriminate in the use,
occupancy or rental of the units against persons of families
with children.
(e) Any non-revenue units for the Developer's use, such as
models and manager apartments, must be financed at
Developer's expense from other than Bond proceeds.
(f) Sufficient funds will be placed in escrow for the
assurance of meeting instrument conditions.
Section 2: The Board of County Commissioners of Monroe County
hereby finds that such housing development will help
alleviate the shortage of rental housing in Monroe County and
the shortage of capital for investment in housing and the
issuance of the aforedescribed Bonds is approved.
This Resolution to take effect immediately upon adoption.
PASSED AND ADOPTED by the Board of County Commissioners of
Monroe County, Florida, at a regular meeting of said Board
held on the 3rd day of January, A.D. 1989.
BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA
BY
//lI.J-t #/$;1*
Mayor/Chairman
(Seal)
Attest: DANNY L. KOLHAGE, Clerk
'-12 it. XJ ,lLJjAL
Clerk
Attorney's 0ifCe