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Agenda Item:  Kensington Club Apartments December 06, 2005   BCC Meeting Page 2 The Kensington Club Apartments was originally submitted to the Authority in July, 2005, to beconsidered under the State of Florida  Hurricane Assistance Rental Recovery Loan Program.   The proposed project was withdrawn  due to Orange County not receiving an allocation from the State.   The Rental Recovery Loan Program was set up in a two tier structure.   The counties with major impacts from the hurricanes were tier one and counties with lesser impacts were tier two.  Tier one counties received all of the State allocation.   No funds were allocated to tier two counties.   The TEFRA hearing was held in August, 2005, because we anticipated receiving funds and submitting the project to the State in early September, 2005. A copy of the minutes of the TEFRA hearing is attached.   The proposed project was resubmitted for the 2006 Volume Cap Allocation process on September 29, 2005. The following information is provided as required by the County's Debt Issuance Policy.  The Authority will produce an Official Statement and related offering documents for this bond issue.   The TEFRA hearing was  held  in  the  County  Administration  Building  on  the  third  floor,  Conference  room  "A*.The   project description is enclosed as Attachment A.   The related financials, pro-forma statements and draft copy of the OCHFA'sboard minutes are enclosed as Attachments B, C, and 0. The  sales  method,   proposed  debt  structure,  minimum   debt  denominations,   credit   and  investment discussion  structure is enclosed as Attachment E.  The Resolution (3 copies) containing legal disclosure confirming that no County funds are pledged, is enclosed as Attachment F. The bonds structure isproposed as  a credit  enhancement  transaction.    The  investment  grade  rating  will  be determined  once  the  credit enhancement structure is negotiated. Also enclosed are TEFRA Hearing Notice, proof of publication and minutes of the hearing, and the staff report of November 2nd approved by OCHFA Board of Directors. ACTION REQUESTED: APPROVAL AND EXECUTION OF THE AUTHORIZING RESOLUTION APPROVING THE ISSUANCE OF   MULTIFAMILY   HOUSING   REVENUE  BONDS   FOR   THE   PROPOSED  DEVELOPMENT  OF KENSINGTON CLUB APARTMENTS. NOTE TO CLERK TO THE BOARD OF COUNTYCOMMISSIONERS: Please  return  one  (1)  copy  of  the  approved memo and two  (2)  copies of  the  executed and sealed Authorizing Resolution to: W. D. Morris, Executive Director Orange County Housing Finance Authority 2211 East Hillcrest Street Orlando, Florida 32803. WDM:mg Attachments cc:  Warren S. Bloom, General Counsel, OCHFA Barbara Chasteen, Supervisor, Agenda Development Cathy Weintz, Agenda Development Coordinator Tom Drage, County Attorney Lila McHenry, Assistant CountyAttorney Jim Moye, Chief Deputy  Comptroller Fred Winterkamp,  Manager - Fiscal & Business J:\MF Programs\BCC Files\Orange  CountyNcrotty MF2005Kensmgton CED.doc 65

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