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Introduced by the Council President at the request of the
Jacksonville Housing Finance Authority:
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RESOLUTION 2007-924
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A RESOLUTION, UPON AN ACKNOWLEDGEMENT OF DUE
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AUTHORIZATION
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APPROVING
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HOUSING FINANCE AUTHORITY OF ITS MULTIFAMILY
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HOUSING
AND
THE
THE
MAKING
ISSUANCE
REVENUE
BY
BONDS
SERIES
THE
OF
FINDINGS,
JACKSONVILLE
(BENNETT
10
APARTMENTS),
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PRINCIPAL AMOUNT NOT TO EXCEED $33,000,000 FOR
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THE
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CONSTRUCTION, AND EQUIPPING OF A MULTIFAMILY
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RENTAL HOUSING DEVELOPMENT LOCATED IN THE CITY
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OF
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“BENNETT CREEK APARTMENTS;” DETERMINING CREDIT
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NOT
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DATE.
PURPOSE
OF
IN
FINANCING
JACKSONVILLE,
BEING
2007,
FLORIDA,
THE
TO
PLEDGED;
PROVIDING
Jacksonville
Housing
AN
CREEK
AGGREGATE
ACQUISITION,
BE
AN
KNOWN
AS
EFFECTIVE
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20
WHEREAS,
the
Finance
Authority
(the
21
“Authority”) is authorized and empowered by the provisions of the
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Constitution and laws of the State of Florida to issue mortgage
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revenue bonds for the purpose of providing funds to finance the
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debt
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Florida
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Florida Statutes, and Chapter 55 of the Ordinance Code of the City
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of Jacksonville, Florida and other applicable provisions of law,
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including
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development to be known as Bennett Creek Apartments located at the
of
a
“qualifying
Housing
an
housing
Finance
approximate
development”
Authority
264
unit
Law,
Part
as
defined
IV,
multifamily
in
Chapter
rental
the
159,
housing
1
South side of Bowden Road, East of Salisbury Road, Jacksonville,
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Florida (the “Bennett Creek Apartments Project”); and
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WHEREAS,
Richman
its
of
Inc.,
“Borrower”), desires to acquire, construct, and equip the Bennett
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Creek
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Authority to issue its Multifamily Housing Revenue Bonds (Bennett
8
Creek
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principal
amount
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financing
all
11
acquisition,
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Apartments Project by the Borrower; and
Apartments),
Series
not
or
a
to
the
the
2007
Authority
the
costs
equipping
believes
assigns
has
“Bonds”)
$33,000,000
of
and
Borrower
(the
exceed
portion
construction,
WHEREAS,
and
and
Florida
5
Project,
successors
a
corporation,
Apartments
permitted
Florida,
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or
Group
requested
in
for
the
the
that
the
aggregate
purpose
associated
of
(the
with
of
the
the
Bennett
Creek
the
Bennett
Creek
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Apartments Project assists in alleviating the shortage of rental
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housing for eligible persons and families of moderate, middle and
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lesser income, and the issuance of the Bonds to provide financing
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for the debt and for acquisition, construction, and equipping of
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Bennett Creek Apartments Project will assist in alleviating the
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shortage
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housing, and thereby increase the health, safety, welfare, and tax
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base of the State and Duval County; and
of
capital
available
for
investment
in
such
rental
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WHEREAS, the Authority previously induced the Bennett Creek
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Apartments Project and conducted a TEFRA hearing as set forth in
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the minutes and the Authority Resolution (made at the Authority’s
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special meeting on October 3, 2006), as finally approved by the
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Council
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pursuant to Resolution 2006-1110-A;
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of
the
WHEREAS,
City
of
Jacksonville,
notwithstanding
the
Florida
foregoing,
(the
the
“Council”)
prior
TEFRA
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approval is set to expire before the contemplated transaction will
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be
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Authority’s minutes of its regular meetings on June 27, 2007, and
completed;
accordingly,
the
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Authority
(pursuant
to
the
1
on August 15, 2007, which are attached hereto as composite Exhibit
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1) has requested that the Council renew and re-approve the issuance
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of the Bonds by the Authority for purposes of Section 147(f) of the
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Internal Revenue Code of 1986, and the issuance of the Bonds for
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purposes
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Jacksonville
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$33,000,000; now, therefore:
of
Chapter
in
55
an
of
the
aggregate
Ordinance
principal
Code
of
amount
the
not
City
to
of
exceed
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BE IT RESOLVED by the Council of the City of Jacksonville:
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Section 1.
Authority. This Resolution is adopted pursuant
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to the Constitution of the State of Florida, the Ordinance Code of
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the City of Jacksonville, and other applicable provisions of law.
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Section 2.
Findings. The Council hereby finds, determines
and declares as follows:
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A.
Notice
of
a
public
hearing
inviting
comments
and
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discussion concerning the issuance of the Bonds to finance certain
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of
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construction,
and
equipping
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Project,
the
nature
19
Apartments
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circulation in Duval County, at least fourteen (14) days prior to
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the date of such public hearing and proof of such publication is
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attached hereto as Exhibit 2.
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the
B.
debt
and
of
Project
the
was
Borrower
relating
of
and
the
in
the
Bennett
location
published
to
of
a
acquisition,
Creek
the
Apartments
Bennett
newspaper
of
Creek
general
Following publication of such notice, a public hearing
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was held on behalf of the Authority by its Executive Director (or
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her authorized designee) on July 23, 2007, during which comments
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and
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Bennett Creek Apartments Project were heard.
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public hearing is attached hereto as Exhibit 3.
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discussions
C.
concerning
the
issuance
of
the
Bonds
and
the
A report of such
The financing of all or a portion of the costs associated
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with the Bennett Creek Apartments Project through the issuance of
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the Bonds will have a substantial public benefit.
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D.
The Council
is the elected
legislative body
of Duval
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County, Florida, and has jurisdiction over the entire area in which
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the Bennett Creek Apartments Project is located.
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Section 3.
Approval. For
purposes
of
Section
147(f)
of
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the Code (as such relates to the Bonds), and Chapter 55 of the
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Ordinance Code of the City of Jacksonville, the Council hereby
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approves the issuance of the Bonds in a maximum principal or face
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amount not to exceed $33,000,000 to finance all or a portion of the
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costs associated with Bennett Creek Apartments Project, and the
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execution of all documents necessary to effectuate the issuance and
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the sale of the Bonds. Specific financing details concerning the
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use of budgeted funds and costs of issuance are attached hereto as
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Exhibit 4. .This approval, however, is subject to the requirement
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that the Borrower, the Bennett Creek Apartments Project, and the
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Bonds
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conditions
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Policies and Procedures (revised June 2007).
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will
be
of
in
the
compliance
Authority’s
Section 4.
with
2007
the
applicable
Multifamily
Credit Not Pledged.
The
terms
Bond
Bonds
and
Allocation
issued
by
the
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Authority for the Bennett Creek Apartments Project shall not be
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deemed to constitute a debt, liability, or obligation payable from
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the general revenues of the Authority, the City of Jacksonville,
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Duval County, the State of Florida or any political subdivision or
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agency
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revenues
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Bennett Creek Apartments Project or other payments received under
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financing
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credit or taxing power of the Authority, the City of Jacksonville,
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Duval County and the State of Florida or any political subdivision
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or agency thereof shall not be pledged to the payment of the Bonds.
thereof,
derived
and
such
from
agreements
the
solely
Bonds
sale,
with
shall
be
operation,
respect
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payable
or
solely
leasing
thereto.
The
of
from
the
general
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Section 5.
Effective Date. This
Resolution
shall
become
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effective upon signature by the Mayor or upon becoming effective
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without the Mayor’s signature.
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Form Approved:
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/s/ Karen M. Chastain
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Office of General Counsel
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Legislation Prepared By: Karen M. Chastain
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G:\SHARED\LEGIS.CC\2007\res\JHFABennettCreek2007.doc
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