Agenda Item: Kensington Club Apartments
December 06, 2005 BCC Meeting
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was withdrawn due to Orange County not receiving an allocation from the State.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.
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.
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
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