Orange County Board of County Commissioners Orange County Board of County Commissioners Tuesday, June 26, 2007 Discussion Agenda: Approval and execution of the Authorizing Resolutions for the issuance of Multi-Family Housing Revenue Bonds for the financing and development of The Cove on Conway Apartments – Phases I & II Presented by Orange County HFA - W.D. Morris, Exec. Director

Orange County Housing Finance Authority - Friday, June 22, 2007 TEFRA Hearing Approval Process Private Activity Conduit Debt requires TEFRA Approval: TEFRA – Tax Equity and Fiscal Responsibility Act of 1982, amended 1986 – Federal Act. TEFRA approval is for federal tax purposes. TEFRA Hearing conducted by Orange County Housing Finance Authority after Inducement Resolution is approved by the Authority’s Board of Directors. Purpose of the TEFRA is to receive comments from area residents regarding the proposed Issuance of Tax Exempt Bonds for Multi- Family Developments or Single-Family Mortgage Financing as required by the IRS Tax Code.

Orange County Housing Finance Authority - Friday, June 22, 2007 TEFRA approval: –if bonds are to be issued, TEFRA must be authorized by the Board of County Commissioners (BCC) of each jurisdiction where the development will take place. The TEFRA approval process is NOT a: –Land Use, –Zoning, or –Development approval process. No local tax dollars are used for Private Activity tax-exempt financing. BCC approves or denies TEFRA Resolutions; proposed projects advances or halts. TEFRA Hearing Approval Process (cont’d.)

Orange County Housing Finance Authority - Friday, June 22, 2007 LOCATION Commission District 4 Orange County UNITSOWNER AMOUNT NOT-TO-EXCEED The Cove on Conway - Phase I To be located on the east side of Conway Road, approximately 250 feet southeast of the intersection, Conway Road and Cove Drive – City of Orlando. 96The Cove on Conway Partners, L.L.L.P., a Florida Limited Liability Limited Partnership $8,600,000 The Cove on Conway - Phase II To be located on the east side of Conway Road, approximately 250 feet southeast of the intersection, Conway Road and Cove Drive – City of Orlando. 60The Cove on Conway Partners II, L.L.L.P., a Florida Limited Liability Limited Partnership $5,500,000 Project Description – Cove on Conway Apts.

Orange County Housing Finance Authority - Friday, June 22, 2007 Project Area Map

Orange County Housing Finance Authority - Friday, June 22, 2007 Project Area View

Orange County Housing Finance Authority - Friday, June 22, 2007 The proposed developments consist of 156 units (phase I & II) –Seventy percent (70%) or 110-units will be set-aside for families or individuals at 60% of the Area Median Income (AMI). –The remaining thirty percent (30%) or 46-units will be structured at market-rate rents. Proposed rental ranges: –$577 for 1-bd/ 1-ba to $854 for 4-bd/ 3-ba (Affordable set-aside units) –$849 for 1-bd/ 1-ba to $1,369 for 4-bd/ 3-ba (Market-rate) Set-Asides and Rents

Orange County Housing Finance Authority - Friday, June 22, 2007 Chronological Timetable of Events November 21, 2006: –The applications were received. –The applications were reviewed and analyzed by staff to determine if the proposals were complete for its recommendation to the Board of Directors for approval of Inducement Resolution. December 6, 2006: –OCHFA Board of Directors approved the proposed project for inducement under Resolution # December 21, 2006: –The Authority published a notice of TEFRA Hearing in the Orlando Sentinel, advertising its scheduled hearing for Friday, January 5, 2007.

Orange County Housing Finance Authority - Friday, June 22, 2007 January 5, 2007: –A TEFRA Hearing was conducted. January 23, 2007: –An Agenda Item was then prepared for presentation to the Orange County BCC. –The item was pulled from the Agenda prior to the BCC meeting due to an error in the publication of the proposed project location. February 6, 2007: –A revised TEFRA Hearing Notice was published for a scheduled hearing on Friday, February 23, Chronological Timetable of Events (cont’d.)

Orange County Housing Finance Authority - Friday, June 22, 2007 The Authority anticipated presenting the item to the BCC at its meeting of Tuesday, March 20, 2007; however, the item was not schedule for the agenda to allow for additional notification of area residents. Subsequently, the County Administrator directed his staff (Government Relations) to work with the Authority to notify residents of the Conway area about the rescheduled TEFRA Hearing. April 26, 2007: –A new TEFRA Hearing was published for a scheduled hearing on Tuesday, May 15, May 2, 2007: –Orange County staff (Government Relations) mailed 2,900 notices to residents (property owners) in the Conway area. Chronological Timetable of Events (cont’d.)

Orange County Housing Finance Authority - Friday, June 22, 2007 May 15, 2007: –TEFRA hearing was conducted at 5:00 p.m. Chambers were filled to capacity to include overflow in the adjacent room. 127 residents recorded on the sign-in sheet. 245 written comments were submitted prior to the hearing. 1,627 signatures were received by the Authority stating opposition to the proposed project via petition, addressed to Mayor Crotty and Commissioners. –Residents in attendance stated opposition to the proposed project due to: Over-crowding of schools and roads. Negative impact on the quality of life and education for the current and future residents. Chronological Timetable of Events (cont’d.)

Orange County Housing Finance Authority - Friday, June 22, 2007 Chronological Timetable of Events (cont’d.) Over-crowding of schools and roads. Negative impact on the quality of life and education for the current and future residents. High number of low-income housing developments existing in the area. Social and environmental injustices. Location in a hazardous area: In direct flight path of inbound and outbound air traffic at Orlando International Airport. Crime, discrimination and other public safety concerns. –June 11, 2007 New agenda item was prepared and submitted for the Orange County BCC meeting for June 26, 2007.

Orange County Housing Finance Authority - Friday, June 22, 2007 Action Requested Approval and execution of the Authorizing Resolutions for the issuance of Multi-Family Housing Revenue Bonds for the financing and development of The Cove on Conway Apartments – Phases I & II in an amount not-to-exceed $8,600,000 for Phase I and $5,500,000 for Phase II.