25-1170
MOTION TO ADOPT Resolution, the title of which is as follows: (Commission District 8) A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF BROWARD COUNTY, FLORIDA (THE “BOARD”) SUPPLEMENTING ITS RESOLUTION NO. 2025-211 ADOPTED ON MAY 20, 2025 AUTHORIZING THE ISSUANCE BY THE HOUSING FINANCE AUTHORITY OF BROWARD COUNTY, FLORIDA (THE “HFA”) OF ITS NOT TO EXCEED $22,000,000 MULTIFAMILY HOUSING REVENUE NOTE, SERIES 2025 (SISTRUNK APARTMENTS) (THE “NOTE”) FOR THE PURPOSE OF FINANCING THE ACQUISITION, CONSTRUCTION AND EQUIPPING OF SISTRUNK APARTMENTS LOCATED IN BROWARD COUNTY, FLORIDA (THE “PROJECT”), TO PERMIT SISTRUNK APARTMENTS, LLC (THE “BORROWER”) TO FINANCE THE PROJECT PURSUANT TO A PLEDGE OF ITS LEASEHOLD INTEREST IN THE LAND (AS HEREINAFTER DEFINED) PURSUANT TO THAT CERTAIN GROUND LEASE BETWEEN FORT LAUDERDALE COMMUNITY REDEVELOPMENT AGENCY, AS FEE SIMPLE OWNER AND LESSOR OF THE LAND, AND BORROWER, AS LESSEE; APPROVING THE FORMS OF AND AUTHORIZING THE EXECUTION AND DELIVERY OF (I) A BORROWER LOAN AGREEMENT BY AND BETWEEN THE HFA AND THE BORROWER; AND (II) A LAND USE RESTRICTION AGREEMENT BY AND AMONG THE HFA, THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., AS FISCAL AGENT, AND THE BORROWER; AND AUTHORIZING THE EXECUTION AND DELIVERY BY THE HFA OF CERTAIN ADDITIONAL AGREEMENTS NECESSARY OR DESIRABLE IN CONNECTION WITH THE ISSUANCE OF THE NOTE AND/OR REFLECTING THE BORROWER’S LEASEHOLD INTEREST IN THE LAND; AUTHORIZING THE PROPER OFFICERS OF THE HFA TO DO ALL THINGS NECESSARY OR ADVISABLE IN CONNECTION WITH THE ISSUANCE OF THE NOTE; AND PROVIDING AN EFFECTIVE DATE FOR THIS RESOLUTION.
- Committee
- Public Works and Environmental Services - Housing Finance Authority
- Requested by
- Resilient Environment - Housing Finance Division
- Introduced
- September 11, 2025
- On agenda
- October 21, 2025
- Passed
- October 21, 2025