HomeMy WebLinkAboutItem #08 Approval of Resolution for All Sports Senior Living Project Located at 11801 Roberson RoadOCC)�F
florida
AGENDA ITEM COVER SHEET
Meeting Date: November 19, 2013
Item #
Contact Name: Scott A. Cookson,
City Attorney
Contact Number: 407 - 581 -9715
Reviewed By:
Department Director:
City Manager:
Subject: AIISports Senior Living Project Financing (District #3: Johnson)
Background Summary:
Windermere Senior Living, LLC (the "Applicant ") intends to construct a senior living facility which will contain
approximately 72 assisted living units and approximately 48 memory support units on 6.47 acres of property
located on the north side of Roberson Road just east of the Roberson Rd./Windermere Rd. intersection.
The Applicant originally desired the assistance of the City in obtaining conduit financing pursuant to the Florida
Industrial Development Financing Act, Chapter 159, Part II, Florida Statutes (the "Act'). However, the Applicant
has obtained a new financing source through the Capital Trust Agency once the Applicant and the City could
not come to terms on the financing requirements.
On June 18, 2013 the City took action with the adoption of a Tax Equity and Fiscal Responsibility Act
Resolution (the " TEFRA Resolution "). In order to provide adequate notice to all interested parties and comply
with Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code "), the Applicant desires to
have the City adopt a new TEFRA Resolution in connection with the new source of financing through the
Capital Trust Agency.
Adoption of the TEFRA Resolution requires a public hearing mandated by the IRS to provide reasonable
opportunity for interested individuals to express their views, either orally or in writing, on the issuance of bonds
and the project for which the bond funds will be allocated.
As with the prior TEFRA Resolution adopted June 18, 2013, the adoption of this TEFRA Resolution does not
bind the City to the obligation to issue the bonds or approve the project. The actual issuance of the bonds will
come at a later date, should the Applicant the Capital Trust Agency decide to proceed with the conduit financing
under the Act.
Issue:
Should the City Commission adopt the TEFRA Resolution to provide the requisite notice under the Code for the
financing of the project?
Recommendations
City Staff recommends that the City Commission adopt the TEFRA Resolution.
Attachments:
TEFRA Resolution
Financial Impact:
Adoption of the TEFRA Resolution will have no fiscal impact to the City.
Type of Item: (please mark with an 'V)
Public Hearing
Ordinance First Reading
Ordinance Second Reading
Resolution
Commission Approval
Discussion & Direction
For Clerk's Dept Use:
Consent Agenda
Public Hearing
Regular Agenda
Original Document/Contract Attached for Execution by City Clerk
Original Document/Contract Held by Department for Execution
Reviewed by City Attorney N/A
Reviewed by Finance Dept. N/A
Reviewed by () N/A
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RESOLUTION NO. 2013 -019
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF OCOEE, FLORIDA APPROVING THE
ISSUANCE BY THE CAPITAL TRUST AGENCY OF ITS
REVENUE BONDS FOR THE PURPOSES OF SECTION
147(F) OF THE INTERNAL REVENUE CODE;
PROVIDING FOR OTHER RELATED MATTERS
WHEREAS, the Capital Trust Agency (the "Issuer ") requests the required approval of the
its revenue bonds (the "Bonds ") by the City of Ocoee, Florida (the "City "), as applicable elected
representative of the host jurisdiction in which a senior living facility will be located, to be
financed with the proceeds of the Bonds and to be known as AllSports Senior Living (the "Local
Facility "), after notice and a public hearing for purposes of Section 147(f) of the Internal
Revenue Code, as amended (the "Code ").
BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF OCOEE,
FLORIDA (the "CITY COMMISSION "), that:
Section 1 . Having considered any and all comments and concerns expressed at the
public hearing, the City Commission hereby approves the issuance of the Bonds by the Issuer to
finance costs of the Local Facility for purposes of Section 147(f) of the Code.
Section 2 . The City shall have no obligation with respect to the Bonds and the
approval given herein shall not be deemed to create any obligation or liability, pecuniary or
otherwise, of the City in any respect whatsoever. The general credit or taxing power of the City
and the State or any political subdivision or public agency thereof shall not be pledged to the
payment of the Bonds. No statement, representation or recital made herein shall be deemed to
constitute a legal conclusion or a determination by the City that any particular action or proposed
action is required, authorized or permitted under the laws of the State or the United States.
Section 3. The approval given herein shall not be construed as (i) an endorsement of
the creditworthiness of Windermere Senior Living, LLC, a Florida limited liability company, or
one or more of its affiliates, or the financial viability of the Local Facility, (ii) a recommendation
to any prospective purchaser of the Bonds, (iii) an evaluation of the likelihood of the repayment
of the debt service on the Bonds, or (iv) an approval of any necessary zoning applications nor for
any other regulatory permits relating to the Local Facility and the City shall not be construed by
reason of its adoption of this resolution to have made any such endorsement, finding or
recommendation or to have waived any of the City's rights or estopping the City from asserting
any rights or responsibilities it may have in that regard.
Section 4. This resolution shall take effect immediately upon its adoption.
J25136/0]0/00828543.DOCXv2 {MW- Ocoee Resolution - 2059243.0043— ]0 -17 -20]3 - 51773762 v]
PASSED AND ADOPTED this day of November, 2013.
(SEAL)
ATTEST:
Beth Eikenberry, City Clerk
LOW
APPROVED:
CITY OF OCOEE, FLORIDA,
By:
S. Scott Vandergrift, Mayor
APPROVED BY THE OCOEE CITY
COMMISSION ON THE DATE FIRST
ABOVE WRITTEN UNDER AGENDA
ITEM NO.
FOR USE AND RELIANCE ONLY BY THE CITY OF
OCOEE, FLORIDA;
APPROVED AS TO FORM AND LEGALITY
this day of , 2013
SHUFFIELD LOWMAN & WILSON P.A.
City Attorney
{25136/010/00828543.DOCXv2 }MW Ocoee Resolution - 2059243.0043 -10 -17 -2013 - 51713762 v1
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Orlando
Sentinel
P ,jb►ished Dail
tie ofatt� s.s.
COUNTY OF ORANGE
Before the undersigned authority personally appeared
Pam L. Davis who on oath says that he /she is the Legal
Advertising Representative of Orlando Sentinel, a daily
newspaper published at Orlando in Orange County, Florida;
that the attached copy of advertisement, being a
Public Hearing in the matter of November 19, 2013 In
Orange County was published in said newspaper in the
issue; of 11/05/13
Affiant further says that the said Orlando Sentinel is a
newspaper published at Orlando in said Orange County,
Florida, and that the said newspaper has heretofore been
continuously published in said Orange County, Florida, daily
and has been entered as second -class mail matter at the
post office in Orlando in said Orange County, Florida, for a
period of one year next preceding the first publication of the
attached copy of advertisement; and affiant further says that
he /she has neither paid nor promised any person, firm or
corporation any discount, rebate, commission or refund for
the purpose of securing this aoiqrtisement for publication in
the said newspaper.
d) �
The foregoing instrument was acknowledge before me this
05 day of November 2013, by Pam L. Davis who is
personally known to me and wh id take an oath.
DEBORAH M. TONEY
r TE 0 r FLL r, 1 DA
p =
Order# 1261081