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2539 CTA Interlocal Agreement 02-26-2024CERTIFIED COPY Cathy LoTemplo C/Deputy city Clerk ' �D,64\ Daat® ©� CM INTERLOCAL AGREEMENT Dated as of February 26, 2024 Between CAPITAL TRUST AUTHORITY and CITY OF SANFORD, FLORIDA PURSUANT TO SECTION 159.31, FLORIDA STATUTES, THERE ARE NO FLORIDA DOCUMENTARY STAMPS DUE ON THE BONDS DESCRIBED HEREIN This Interlocal Agreement was prepared by: Kareem J. Spratling, Esquire Bryant Miller Olive P.A. One Tampa City Center 201 North Franklin Street, Suite 2700 Tampa, Florida 33602 INTERLOCAL AGREEMENT THIS INTERLOCAL AGREEMENT (the "Agreement") is dated as of February 26, 2024, and is entered into between CAPITAL TRUST AUTHORITY, a legal entity duly created and a public agency duly organized and validly existing under the laws of the State of Florida (the "Issuer"), and CITY OF SANFORD, FLORIDA, a municipality of the State of Florida (the "City"); WITNESSETH: WHEREAS, the Issuer is a legal entity duly created and a public agency duly organized and validly existing under the laws of the State of Florida (the "State") established for the purposes set forth under Section 163.01, Florida Statutes, Chapter 166, Part II, Chapter 617 and Chapter 159, Florida Statutes, each as amended; Resolution No. 14-22, duly adopted by the City Council of the City of Gulf Breeze, Florida ("Gulf Breeze"), on June 6, 2022, as amended by Resolution No. 46-22, duly adopted by the City Council of Gulf Breeze on November 21, 2022; Ordinance Number 04-00, enacted by the City Council of Gulf Breeze on May 15, 2000; Resolution No. 1424-2022, duly adopted by the City Commission of the City of Quincy, Florida ("Quincy"), on May 24, 2022; the City Charter of Gulf Breeze; the City Charter of Quincy; the Interlocal Agreement dated as of June 6, 2022, between Gulf Breeze and Quincy, as may be amended and supplemented from time -to - time; and together with all of the home rule powers granted by the Constitution and laws of the State and all other applicable provisions of law (collectively, the "Act"), and is empowered pursuant to the Act to issue revenue bonds for the purpose of providing funds to finance or refinance, including through reimbursement, all or any part of the cost of any "project" (as defined in the Act); and WHEREAS, the Issuer represents to the City that, pursuant to applicable provisions of law, the Issuer is authorized to issue revenue bonds to finance or refinance, including through reimbursement, the acquisition, construction, installation, furnishing and equipping of the Facilities (as hereinafter defined) and the City based upon knowledge and belief, but without any duty to make inquiry, believes that to be so; and WHEREAS, the Issuer and the City each constitutes a "public agency" within the meaning of Section 163.01, Florida Statutes, as amended (the "Interlocal Act"), and are authorized to enter into interlocal agreements providing for them to jointly exercise any power, privilege or authority which each of them could exercise separately; and WHEREAS, the Issuer has advised the City that Sanford Waterfront Partners, LLC, a Florida limited liability company (the 'Borrower"), and/or one or more related and/or affiliated entities, has requested that the Issuer and the City enter into this Agreement to authorize the Issuer to issue its Multifamily Housing Revenue Bonds (Heritage Park), Series 2023A and Taxable Revenue Bonds (Heritage Park), Series 2023B (collectively, the 'Bonds"), in a principal amount not exceeding $75,000,000, in one or more installments or series, either tax-exempt, taxable or both, for the purpose of financing or refinancing, including through reimbursement, of the Facilities, located in the City, which will be owned by the Borrower, or one or more related or affiliated entities, as fully described in Exhibit A hereto (collectively, the "Facilities"); (ii) funding of a debt service reserve fund for the Bonds, if deemed necessary or desirable; (hi) funding of capitalized interest for the Bonds, if deemed necessary or desirable; (iv) funding of an operating reserve fund for the Bonds, if deemed necessary or desirable; and (v) payment of certain costs of issuing the Bonds (collectively, the "Project") and the City based upon knowledge and belief, but without any duty to make inquiry, believes that to be so; and WHEREAS, the Issuer has advised the City that, because of the greater depth of experience of the Issuer in evaluating transactions involving the issuance of bonds to finance facilities similar to the Project and the necessity of the Borrower to proceed rapidly with the financing of the Project, it will be more expeditious for the Issuer, pursuant to the terms of this Agreement, to issue the Bonds for the Project and the City desires to assist the Borrower to obtain financing to complete the development of real property located in the City Limits of the City as set forth in the provisions of the statutory development agreement enacted by City Ordinance Number 2017-4403 (the "DA"), as recorded at Official Records Book 8919, Pages 437 through 574 of the Public Records of Seminole County, Florida, which real property has been platted as the Sanford Waterfront Catalyst, subdivision as recorded at Plat Book 83, Pages 14 and 15, of Public Records of Seminole County, Florida; and WHEREAS, the Issuer and the City have agreed to enter into this Agreement for the purposes stated above; and WHEREAS, on February 6, 2023, Gulf Breeze, as the governmental unit on behalf of which such Bonds are to be issued, approved the issuance of the Bonds by the Issuer; and WHEREAS, on October 23, 2023, the City initially declined to adopt a resolution approving this Agreement, but on January 22, 2024 approved the execution and delivery of this Agreement and assured that all language ensured compliance with the DA in terms of the City's approval of a high -quality mixed use development and approved the issuance of the Bonds by the Issuer for the purposes described therein in order to provide for the development as set forth in the DA; and WHEREAS, pursuant to Resolution Number 03-23, adopted by the Issuer's Board of Directors on January 12, 2023, the Issuer approved the issuance of the Bonds and the execution and delivery of this Agreement by the Issuer; and WHEREAS, the Interlocal Act authorizes the Issuer and the City to enter into this Agreement and confers upon the Issuer authorization to issue the Bonds and to apply the proceeds thereof to finance or refinance, including through reimbursement, the costs of the Project through a loan of such proceeds to the Borrower; and WHEREAS, the parties hereto desire to agree to the issuance of the Bonds by the Issuer for such purposes including the to completion the development set forth in the DA, and such agreement by such parties is in the public interest; and 2 1 P a g e WHEREAS, the Borrower has agreed to indemnify the Issuer and the City in connection with the execution of this Agreement as evidenced by the exhibit attached to the City resolution authorizing the City to enter this Agreement. NOW, THEREFORE, for and in consideration of the recitals, which form a material part of this Agreement upon which the parties have relied, and the premises hereinafter contained, and intending to be legally bound hereby, the parties hereto agree as follows: SECTION 1. Authorization to Issue the Bonds. The Issuer and the City do hereby agree that the Issuer is hereby authorized to issue the Bonds in a principal amount not exceeding $75,000,000 and to loan the proceeds thereof to the Borrower to finance or refinance, including through reimbursement, costs of the Project. The Issuer is hereby authorized, consistent with the qualifications and limitations with regard to City costs, obligations and indemnifications in favor of the City set forth herein, to exercise all powers relating to the issuance of the Bonds vested in the City pursuant to the Constitution and the laws of the State and to do all things within the jurisdiction of the City which are necessary or convenient for the issuance of the Bonds and the financing or refinancing of the Project to the same extent as if the City were issuing its own obligations for such purposes without any further authorization from the City to exercise such powers or to take such actions. It is the intent of this Agreement and the parties hereto that the Issuer be vested, to the maximum extent permitted by law, with all powers which the City might exercise with respect to the issuance of the Bonds and the lending of the proceeds thereof to the Borrower to finance or refinance, including through reimbursement, the costs of the Project in the City as though the City were issuing such Bonds as its own special limited obligation. SECTION 2. Qualifying Project. A. The Issuer hereby represents, determines and agrees as follows: 1. The Project constitutes a "project" withing the meaning of the Act; 2. Based solely upon information provided by the Borrower, the Borrower is financially responsible and fully capable and willing to fulfill its obligations under the financing agreement, including the obligations to make payments in the amounts and at the times required, to operate, repair, and maintain at its own expense the Project, and to serve a paramount public purpose and such other responsibilities as may be imposed under the financing documents for the Bonds; 3. Adequate provision will be made in the financing documents for the Bonds for the operation, repair, and maintenance of the Project at the expense of the Borrower and for the payment of principal of and interest on the Bonds; 3 1 P a g e 4. The Borrower has represented to the Issuer that the Borrower expects to expend up to $75,000,000 (including related financing costs) to finance or refinance, including through reimbursement, the costs of the Project. 5. A public hearing was conducted on October 12, 2023, by the Executive Director of the Issuer, on behalf of the City, as the governmental unit on behalf of which such Bonds are to be issued, during which comments concerning the issuance of the Bonds by the Issuer to finance or refinance, including through reimbursement, the costs of the Project were requested and could be heard; 6. That the recitals, above, upon which the City has relied, are true and correct. B. The City hereby represents, determines and agrees as follows: 1. That blighted areas, as defined by Section 163.340(8), Florida Statutes, were found to exist in 1995 when the City's Community Redevelopment Agency was created, and continue to exist within the City which conditions of blight found to exist include faulty surface water drainage systems; a deteriorating bulkhead; deteriorating streets/irregular brick streetsibroken sidewalks; faulty lot layout and diversity of ownership; structures needing rehabilitation and renovation; inadequate parking facilities; loss of offices and retail commercial businesses and environmental blight caused by midges; 2. That the prevention and elimination of the blighted conditions found to exist in the Lake Monroe Waterfront Downtown Sanford Community Redevelopment Area (the "Redevelopment Area")in the City through the issuance of the Bonds for the Project constitutes a public purpose; 3. That the City is guaranteed a quality of development in the DA which the Borrower is required to attain, but with regard to the residential units within the Project as agreed to by Borrower and relied upon by the City; the City will have no input as to rental rates charged by the Borrower and the City does not impose pricing requirements on any type of development and supports the development of affordable housing in appropriately zoned areas and, further, in that regard, the City applies sound and legal land use practices and principles when reviewing and approving residential development and not economic type considerations and ensures compliance with the provisions of the Federal Fair Housing Act and does not make land use decisions based on race, color, national origin, sex, handicap, familial status or religion; 4. That the Project is located in the Downtown Waterfront Catalyst Site, as platted, within the Redevelopment Area and will facilitate redevelopment of vacant and blighted parcels within the Redevelopment Area 41Page and facilitate the continued economic development of the downtown area and waterfront of the City and the Borrower was selected by the City through a procurement process soliciting qualifications from interested parties to redevelop the property on which the Project is located within the Redevelopment Area. Facilitating economic development of the downtown area and waterfront of the City through the issuance of the Bonds serves a public purpose; 5. That the Project is appropriate to the needs and circumstances of, and shall make a significant contribution to the economic growth of the City, and shall provide or preserve gainful employment; and shall serve a public purpose by advancing the general welfare of the State and its people by providing for additional housing opportunities which can be made affordable by the Borrower while complying with the requirements of the DA; 6. Based solely upon representations of the Borrower, the City and other local agencies will be able to cope satisfactorily with the impact of the Project and will be able to continue to provide, or cause to be provided when needed, the public facilities, including utilities and public services, that will be necessary for the continued operation, repair, and maintenance of the Project and on account of any increases in population or other circumstances resulting therefrom; 7. A public hearing was held on October 12, 2023, by the Issuer in accordance with the requirements of controlling Federal law, during which comments concerning approval by the Commission of the issuance of the Bonds by the Issuer to finance or refinance the Project were requested and could be heard; 8. The Issuer has provided to the City a proof of publication notice of such public hearing was given in the form required by the Internal Revenue Code of 1986, as amended (the "Code") by publication at least seven (7) days prior to such public hearing in the Sanford Herald on October 4, 2023; and 9. The City Commission has adopted a resolution approving the issuance of the Bonds by the Issuer and the use of the proceeds thereof to finance or refinance the Project as it is developed in accordance with the requirements of the DA at a meeting on January 22, 2024. SECTION 3. No Pecuniary Liability of the City: Limited Obligation of the Issuer. Neither the provisions, covenants or agreements contained in this Agreement and any obligations imposed upon the City hereunder, nor the Bonds issued pursuant to this Agreement, shall constitute an indebtedness or liability of the Issuer or the City. The Bonds when issued, and the interest thereon, shall be limited and special obligations of the Issuer payable solely from certain revenues and other amounts pledged thereto by the terms thereof. 5 1 P a g e The City pledges no funds, taxes or revenues in any way relative to the Bond and, without limiting the generality of the foregoing, the City in no way pledges the full faith and credit of the City. SECTION 4. No Personal Liability. No covenant or agreement contained in this Agreement shall be deemed to be a covenant or agreement of any official, member, officer, agent or employee of the Issuer or the City in his or her individual capacity and no official, member, officer, agent or employee of the Issuer or the City shall be liable personally on this Agreement or be subject to any personal liability or accountability by reason of the execution of this Agreement or the issuance of the Bonds or for any reason whatsoever relating thereto. SECTION 5. Allocation of Responsibilities. The Issuer shall take all lawful actions it deems necessary or appropriate in connection with the issuance of the Bonds, including, in its discretion, the preparation, review, execution and filing with government agencies of certificates, opinions, agreements and other documents to be delivered at the closing of the Bonds and the establishment of any funds and accounts pursuant to a financing agreement related to the Bonds. The City shall have no responsibility, liability or accountability in any way whatsoever relating to the Bonds. The City reserves any and all rights that it has with respect to DA and by entering into this Agreement takes not action that would result in a waive of any right of the City under the provisions of the DA. Neither the Issuer nor the City shall be liable for the costs of issuing the Bonds or the costs incurred by any of them in connection with the preparation, review, execution or approval of this Agreement or any documentation or opinions required to be delivered in connection therewith by the Issuer or the City or counsel to any of them. All of such costs shall be paid from the proceeds of the Bonds or from other moneys of the Borrower. SECTION 6. Indemnity. The Borrower, by its approval and acknowledgment at the end of this Agreement, agrees to indemnify and hold harmless the Issuer and the City, and their respective elected and appointed officials, members, officers, employees and agents acting within the scope of their employment or engagement, from and against any and all losses, claims, damages, liabilities or expenses, of every conceivable kind, character and nature whatsoever including, but not limited to, losses, claims, damages, liabilities, costs or expenses (including, but not limited to, reasonable fees and expenses of attorneys, accountants, consultants and other experts), arising out of, resulting from, or in any way connected with this Agreement or the issuance of the Bonds. The Issuer agrees that any offering, circular or official statement approved by and used in marketing the Bonds will include a statement to the effect that the owners of the Bonds may not look to the City, and shall have no right or entitlement against the City, for payment of the Bonds and interest or premium thereon or other payments in respect thereto. The Issuer understands that the City has not done any due diligence on the Project or the Bonds, and was and is under no legal obligation to do so, and the Issuer shall make no representations to the contrary. 61Page SECTION 7. Term. This Agreement will remain in full force and effect from the date of its execution, subject to the provisions of Section 8 hereof, until such time as it is terminated by any party hereto upon ten (10) days advance written notice to the other party hereto with the indemnities and releases in favor of the City surviving such termination. Notwithstanding the foregoing, it is agreed that this Agreement may not be terminated so long as any of the Bonds remain outstanding or unpaid. Nothing herein shall be deemed in any way to limit or restrict either party hereto from issuing its own obligations or entering into any other agreement for the financing or refinancing of any facility which either party hereto may choose to finance or refinance. SECTION 8. Filing of Agreement. It is agreed that this Agreement shall be filed by the Borrower or its authorized agent or representative with the Clerk of the Circuit Court of Santa Rosa County, Florida, and with the Clerk of the Circuit Court of Seminole County, Florida all in accordance with the Interlocal Act, and that this Agreement shall not become effective until so filed. SECTION 9. Severability of Invalid Provisions. If any one or more of the covenants, agreements or provisions herein contained shall be held contrary to any express provisions of law or contrary to the policy of express law, though not expressly prohibited or against public policy, or shall for any reason whatsoever be held invalid, then such covenants, agreements or provisions shall be null and void and shall be deemed separable from the remaining covenants, agreements or provisions and shall in no way affect the validity of any of the other provisions hereof; provided, however, that the City shall continue to benefit from the indemnities and releases in favor of the City. SECTION 10. Approval. The approval given herein shall not be construed as (i) an endorsement of the creditworthiness of the Borrower or the financial viability of the Project, (ii) a recommendation to any prospective purchaser to purchase the Bonds, (iii) an evaluation of the likelihood of the repayment of the debt service on the Bonds, or (iv) approval of any necessary rezoning applications or approval or acquiescence to the alteration of existing zoning or land use nor approval for any other regulatory permits relating to the Project to include, but not be limited to, the provisions of the DA, and the parties hereto shall not be construed by reason of their execution and delivery of this Agreement to make any such endorsement, finding or recommendation to have waived any right of the parties hereto or estopping the parties hereto from asserting any rights or responsibilities it may have in such regard. Further, the approval by the City Commission of the issuance of the Bonds by the Issuer shall not be construed to obligate the City to incur any liability, pecuniary or otherwise, in connection with either the issuance of the Bonds or the financing or refinancing, including, but not limited to, through reimbursement, the costs the Project and nor shall the City been deemed in any way to have waived any right under the DA. SECTION 11. Governing Law; Venue. This Agreement shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the laws of the State, without regard to conflict of law principles. Venue for any dispute arising under this 71 Page Agreement shall be in the Eighteenth Judicial Circuit Court in and for Seminole County, Florida. SECTION 12. Execution in Counterparts. This Agreement may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. [Remainder of Page Intentionally Left Blank] 8 1 P a g e IN WITNESS WHEREOF, the parties to this Agreement have caused this Agreement to be executed by the proper officers thereof and attested by the proper officers thereof, all as of the date first above written. CAPITAL TRUST AUTHORITY By: ` Name: Chris Kemp Title: Chair ATTEST: By: Name: Robert F. Clevela d Title: Secretary STATE OF FLORIDA COUNTY OF SANTA ROSA The foregoing instrument was acknowledged before me by means of ' L physical presence or ❑ online notarization, this ZZ day of 2024, by Chris Kemp, as Chair of the Board of Directors of the Capital Trust Authority. H& is �4 personally known to me or ❑ produced as identification. CONSTANCE W. BEARGIE *: •' MY COMMISSION # HH 457518 yre" EXPIRES: February 21, 2028 •'.FOF F��: 9 1 P a g e Notary Public My Commission Expires: [First Signature Page I Interlocal Agreement] ATTEST: Traci Houchin, MMC, FCRM City Clerk Approved as to form and legality: William L. Colbert Esquire , / I City Attorney �t,�')tiIIE /v , �! l C,q STATE OF FLORIDA COUNTY OF SEMINOLE CITY OF SANFORD Art woo' Mayor J RIDA The foregoing instrument was acknowledged before me by means of X physical presence or ❑ online notarization, this 26th day of February, 2024, by Art Woodruff, as Mayor of the City of Sanford, Florida. He is X personally known to me or ❑ produced as identification. ��unnnrrii� �..� M1sslotvF V,pp P. is O � = 1f� g cLz NOTARY ��': = Nota ub �•� _ PUBLIC My Commission Expires: 7 # HH h`L TEr0 F'F; \x��\ [Second Signature Page I Interlocal Agreement] 101Page APPROVAL AND ACKNOWLEDGMENT OF THE BORROWER Sanford Waterfront Partners, LLC, a Florida limited liability company (the 'Borrower"), and/or one or more related and/or affiliated entities, hereby approves this Interlocal Agreement and acknowledges acceptance of its obligations arising hereunder, including, without limitation, its obligations under Section 6 hereof, by causing this Approval and Acknowledgment to be executed by its proper officer as of the date of said Interlocal Agreement. SANFORD WATERFRONT PARTNERS, LLC (ZBy:ichard J. Heisenbottle Title: Manager Date: Z — 20 _, 2024. [Third Signature Page I Interlocal Agreement] 111Page EXHIBIT A FACILITIES DESCRIPTION The Facilities consists of the acquisition, construction, installation, furnishing and equipping of affordable multifamily rental housing facilities, a portion of which will be restricted for rent to persons or families with incomes at or below levels that constitute a qualified residential rental project pursuant to Section 142(d) of the Code, to be referred to as "Heritage Park Apartments", which is part of a mixed use development as described in more detail below, and located on three parcels constituting a tract of land (the 'Property") which is approximately 5.62 acres in size, two of which parcels are between Sanford Avenue, Seminole Boulevard, Palmetto Avenue and First Street and one of which is between Seminole Boulevard, Palmetto Avenue, Commercial Street and Hood Avenue, at the following addresses: Seminole Boulevard, Sanford, Florida (Tax Parcel #25-19-30-522-0100-0000), 221 North Palmetto Avenue, Sanford, Florida (Tax Parcel #25-19-30-522-0200-0000) and 308 East First Street, Sanford, Florida (Tax Parcel #25-19-30-522-0300-0000), platted as the Sanford Waterfront Catalyst, subdivision as recorded at Plat Book 83, Pages 14 and 15, of Public Records of Seminole County, Florida, which affordable housing facilities will be developed subject to the provisions of the statutory development agreement enacted by City Ordinance Number 2017-4403 (the "DA"), as recorded at Official Records Book 8919, Pages 437 through 574 of the Public Records of Seminole County, Florida which DA provides for the following mixed use development with any rent restrictions or limitations being imposed by the Borrower: DEVELOPMENT DETAILS PER MASTER PLAN Non-residential Residential Parking +/- 35,380 square feet of +/- 235 Units (includes range 370 Spaces Retail/Restaurant of apartments, lofts, townhouse and live/work) 249 Off Street (1+ per unit) +/- 8,550 square feet of Office 121 On -Street located on the Property including related facilities, fixtures, furnishings and equipment (collectively, the "Facilities"); (h) funding of a debt service reserve fund for the Bonds, if deemed necessary or desirable; (iii) funding of capitalized interest for the Bonds, if deemed necessary or desirable; (iv) funding of an operating reserve fund for the Bonds, if deemed necessary or desirable; and (v) payment of certain costs of issuing the Bonds (collectively, the 'Project" with a City Project Address of 215 East Seminole Boulevard). EXHIBIT A FACILITIES DESCRIPTION The Facilities consists of the acquisition, construction, installation, furnishing and equipping of affordable multifamily rental housing facilities, a portion of which will be restricted for rent to persons or families with incomes at or below levels that constitute a qualified residential rental project pursuant to Section 142(d) of the Code, to be referred to as "Heritage Park Apartments", which is part of a mixed use development as described in more detail below, and located on three parcels constituting a tract of land (the 'Property") which is approximately 5.62 acres in size, two of which parcels are between Sanford Avenue, Seminole Boulevard, Palmetto Avenue and First Street and one of which is between Seminole Boulevard, Palmetto Avenue, Commercial Street and Hood Avenue, at the following addresses: Seminole Boulevard, Sanford, Florida (Tax Parcel #25-19-30-522-0100-0000), 221 North Palmetto Avenue, Sanford, Florida (Tax Parcel #25-19-30-522-0200-0000) and 308 East First Street, Sanford, Florida (Tax Parcel #25-19-30-522-0300-0000), platted as the Sanford Waterfront Catalyst, subdivision as recorded at Plat Book 83, Pages 14 and 15, of Public Records of Seminole County, Florida, which affordable housing facilities will be developed subject to the provisions of the statutory development agreement enacted by City Ordinance Number 2017-4403 (the "DA"), as recorded at Official Records Book 8919, Pages 437 through 574 of the Public Records of Seminole County, Florida which DA provides for the following mixed use development with any rent restrictions or limitations being imposed by the Borrower: DEVELOPMENT DETAILS PER MASTER PLAN Non-residential Residential Parking +/- 35,380 square feet of +/- 235 Units (includes range 370 Spaces Retail/Restaurant +/- 8,550 square feet of Office of apartments, lofts, townhouse and live/work) 249 Off Street (1+ per unit) 121 On -Street located on the Property including related facilities, fixtures, furnishings and equipment (collectively, the "Facilities"); (ii) funding of a debt service reserve fund for the Bonds, if deemed necessary or desirable; (iii) funding of capitalized interest for the Bonds, if deemed necessary or desirable; (iv) funding of an operating reserve fund for the Bonds, if deemed necessary or desirable; and (v) payment of certain costs of issuing the Bonds (collectively, the 'Project" with a City Project Address of 215 East Seminole Boulevard). EXHIBIT B INDEMNIFICATION CERTIFICATE OF THE BORROWER The undersigned hereby certifies that he or she is authorized to execute and deliver this Indemnification Certificate of the Borrower and further represents, on behalf of Sanford Waterfront Partners, LLC, a Florida limited liability company (the 'Borrower"), and/or one or more related and/or affiliated entities, the following (capitalized terms not otherwise defined herein shall have the meaning ascribed thereto in the resolution adopted by the City Commission (the "Commission") of the City of Sanford, Florida (the "City") on January 22, 2024, regarding the hereinafter defined Bonds: (1) At the request of the Borrower, the Capital Trust Authority (the "Issuer") proposes to issue a principal amount not exceeding $75,000,000 of its Multifamily Housing Revenue Bonds (Heritage Park), Series 2023A and Taxable Revenue Bonds (Heritage Park), Series 2023B (collectively, the 'Bonds"), in one or more installments or series, either tax-exempt, taxable or both, the proceeds of which will be loaned to Sanford Waterfront Partners, LLC, a Florida limited liability company (the 'Borrower'), and/or one or more related and/or affiliated entities, for the purpose of financing or refinancing, including through reimbursement, (i) the acquisition, construction, installation, furnishing and equipping of affordable multifamily rental housing facilities, a portion of which will be restricted for rent to persons or families with incomes at or below levels that constitute a qualified residential rental project pursuant to Section 142(d) of the Code, to be referred to as "Heritage Park Apartments", which is part of a mixed use development as described in more detail below, and located on three parcels constituting a tract of land (the 'Property") which is approximately 5.62 acres in size, two of which parcels are between Sanford Avenue, Seminole Boulevard, Palmetto Avenue and First Street and one of which is between Seminole Boulevard, Palmetto Avenue, Commercial Street and Hood Avenue, at the following addresses: Seminole Boulevard, Sanford, Florida (Tax Parcel #25-19-30-522-0100-0000), 221 North Palmetto Avenue, Sanford, Florida (Tax Parcel #25-19-30-522-0200-0000) and 308 East First Street, Sanford, Florida (Tax Parcel #25-19-30-522-0300-0000), platted as the Sanford Waterfront Catalyst, subdivision as recorded at Plat Book 83, Pages 14 and 15, of Public Records of Seminole County, Florida, which affordable housing facilities shall be developed subject to the provisions of the statutory development agreement enacted by City Ordinance Number 2017-4403 (the "DA"), as recorded at Official Records Book 8919, Pages 437 through 574 of the Public Records of Seminole County, Florida which DA provides for the following mixed use development with any rent restrictions or limitations being imposed by the Borrower: B-1 DEVELOPMENT DETAILS PER MASTER PLAN Non-residential Residential Parking +/- 35,380 square feet of +/- 235 Units (includes range 370 Spaces Retail/Restaurant of apartments, lofts, 249 Off Street (1+ per unit) +/- 8,550 square feet of Office townhouse and live/work) 121 On -Street located on the Property including related facilities, fixtures, furnishings and equipment (collectively, the "Facilities"); (ii) funding of a debt service reserve fund for the Bonds, if deemed necessary or desirable; (iii) funding of capitalized interest for the Bonds, if deemed necessary or desirable; (iv) funding of an operating reserve fund for the Bonds, if deemed necessary or desirable; and (v) payment of certain costs of issuing the Bonds (collectively, the "Project" with a City Project Address of 215 East Seminole Boulevard); (2) That blighted areas exist within the City, which constitute a serious and growing menace, are injurious to the public health, safety, morals, and welfare of the residents of the State of Florida (the "State") and the City, and the existence of such areas contributes substantially and increasingly to the spread of disease and crime, which constitutes an economic and social liability imposing onerous burdens which decrease the tax base and reduce tax revenues, substantially impairs or arrests sound growth, retards the provision of housing accommodations, aggravates traffic problems, and substantially hampers the elimination of traffic hazards and the improvement of traffic facilities; (3) That the prevention and elimination of blight is a matter of State policy and State concern in order that the State and its counties and municipalities, including the City, shall not continue to be endangered by areas which are focal centers of disease, promote juvenile delinquency, and consume an excessive proportion of its revenues because of the extra services required for police, fire, accident, hospitalization, and other forms of public protection, services, and facilities. Elimination of such blighted areas in the Redevelopment Area (as defined below) in the City through the issuance of the Bonds constitutes a public purpose; (4) That there exists in counties and municipalities of the State, including the City, a severe shortage of housing affordable to residents of low or moderate income, including the elderly and the existence of such condition affects the health, safety, and welfare of the residents of such counties and municipalities, including the City, and retards their growth and economic and social development; and the elimination or improvement of such condition through the issuance of the Bonds is a proper matter of State policy, State concern, City concern and concern within the Redevelopment Area and is for a valid and desirable public purpose; LIM (5) That the Project is located in the Downtown Waterfront Catalyst Site, platted as the Sanford Waterfront Catalyst, as set for above, within the Lake Monroe Waterfront Downtown Sanford Community Redevelopment Area (the "Redevelopment Area") established by the City for the purpose of facilitating redevelopment of vacant and blighted parcels within the Redevelopment Area and to facilitate the continued economic development of the downtown area and waterfront of the City and the Borrower was selected by the City through a procurement process soliciting qualifications from interested parties to redevelop the property on which the Project is located within the Redevelopment Area. Facilitating economic development of the downtown area and waterfront of the City through the issuance of the Bonds serves a public purpose; (6) That the benefits inuring to private corporations or individuals from the portions of the Project that are commercial are integral and a fundamental component of the DA and the types of residential uses that are approved for construction in the DA, but are not inconsistent with and are compatible with the compelling public purposes of elimination of blight and provision of safe and sanitary housing for residents of low and moderate income; (7) That the issuance of the Bonds to finance or refinance the Project: (i) is appropriate to the needs and circumstances of, and will make a significant contribution to the economic growth of the community in which it is located, (ii) will provide or preserve gainful employment, (iii) will promote commerce and economic development within the State and (iv) will serve a public purpose by advancing the general welfare of the State and its people by providing for affordable housing; (8) That the City will be able to cope satisfactorily with the impact of the Facilities and will be able to provide, or cause to be provided when needed, the public facilities, including utilities and public services, that will be necessary for the operation, repair, and maintenance of the Facilities and on account of any increases in population or other circumstances resulting therefrom; (9) In order to finance or refinance the costs of the Project from the proceeds of the Bonds on a tax-exempt basis, it is necessary to hold a public hearing and approve the issuance of the Bonds for the purposes of Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), and Section 163.01, Florida Statutes, as amended (the "Interlocal Act"); (10) That the Borrower has requested a public hearing be held on behalf of and accepted by the City, and that the City approve the issuance of the Bonds for purposes of Section 147(f) of the Code and the Interlocal Act; and ION (11) That the City desires indemnification from the Borrower as a material inducement to the Commission holding such hearing and granting the foregoing approval. NOW THEREFORE, THE UNDERSIGNED, ON BEHALF OF THE BORROWER, DOES HEREBY: Agree to defend the City and its officials, employees, attorneys and agents and the members of the Commission, and hold the City and its officials, employees, attorneys and agents and the members of the Commission, harmless against any and all claims, losses, liabilities or damages to property or any injury or death of any person or persons occurring in connection with the issuance of the Bonds or the acquisition, construction, installation, furnishing and equipping of the Facilities by or on behalf of the Borrower, including in the case of any and all negligence of such indemnitee, or in any way growing out of or resulting from the Project or from the issuance, sale or delivery of the Bonds, including, but not limited to, liabilities or costs arising under the Code, the Securities Act of 1933, the Securities Exchange Act of 1934 or any applicable securities law of the State, including, without limitation, all costs and expenses of the City, including reasonable attorneys' fees, incurred in connection therewith. [Remainder of Page Intentionally Left Blank] B-4 IN WITNESS WHEREOF, the Borrower has executed this Indemnification Certificate of the Borrower this 19 day of January, 2024. SANFORD WATERFRONT PARTNERS, LLC Richard J Digitally signed byRichard J Heisenbottle By: Heisenbottle Date:2024.01.1917:40:28-05'00' Name: Title: Manager [Signature Page I Indemnification Certificate of the Borrower] IM EXHIBIT C FORM OF REPORT OF HEARING OFFICER SANFORD WATERFRONT PARTNERS, LLC This instrument shall constitute the official report of the undersigned designated official of the Capital Trust Authority (the "Issuer"), is a legal entity duly created and a public agency duly organized and validly existing under the laws of the State, organized and validly existing under the provisions of Section 163.01, Florida Statutes, Chapter 166, Part II, Chapter 617 and Chapter 159, Florida Statutes, each as amended, for and on behalf of the City of Sanford, Florida (the "City"), in connection with the proposed issuance of the Issuer's not exceeding $75,000,000 Multifamily Housing Revenue Bonds (Heritage Park), Series 2023A and Taxable Revenue Bonds (Heritage Park), Series 2023B (collectively, the "Bonds") on behalf of Sanford Waterfront Partners, LLC, a Florida limited liability company (the "Borrower'), and/or one or more related and/or affiliated entities, whose principal place of business is 2199 Ponce De Leon Boulevard, Suite 400, Coral Gables, Florida 33134. The proceeds of the Bonds will be loaned to the purpose of financing or refinancing, including through reimbursement, the (i) acquisition, construction, installation, furnishing and equipping of (a) affordable multifamily rental housing facilities, a portion of which will be restricted for rent to persons or families with incomes at or below levels that constitute a qualified residential rental project pursuant to Section 142(d) of the Code, to be referred to as Heritage Park Apartments", which is part of a mixed use development as described in more detail below, and located on three parcels constituting a tract of land (the "Property") which is approximately 5.62 acres in size, two of which parcels are between Sanford Avenue, Seminole Boulevard, Palmetto Avenue and First Street and one of which is between Seminole Boulevard, Palmetto Avenue, Commercial Street and Hood Avenue, at the following addresses: Seminole Boulevard, Sanford, Florida (Tax Parcel #25-19-30-522-0100-0000), 221 North Palmetto Avenue, Sanford, Florida (Tax Parcel #25-19-30-522-0200-0000) and 308 East First Street, Sanford, Florida (Tax Parcel #25-19-30-522-0300-0000), platted as the Sanford Waterfront Catalyst, subdivision as recorded at Plat Book 83, Pages 14 and 15, of Public Records of Seminole County, Florida, which affordable housing facilities will be developed subject to the provisions of the statutory development agreement enacted by City Ordinance Number 2017-4403 (the "DA"), as recorded at Official Records Book 8919, Pages 437 through 574 of the Public Records of Seminole County, Florida which DA provides for the following mixed use development: DEVELOPMENT DETAILS PER MASTER PLAN Non-residential Residential ParkhW +/- 35,380 square feet of +/- 235 Units (includes range 370 Spaces Retail/Restaurant of apartments, lofts, 249 Off Street (1+ per unit) +/- 8,550 square feet of Office townhouse and live/work) 121 On -Street located on the Property including related facilities, fixtures, furnishings and equipment (collectively, the "Facilities"); (ii) funding of a debt service reserve fund for the Bonds, if deemed C-1 necessary or desirable; (iii) funding of capitalized interest for the Bonds, if deemed necessary or desirable; (iv) funding of an operating reserve fund for the Bonds, if deemed necessary or desirable; and (v) payment of certain costs of issuing the Bonds. The public hearing was duly advertised in the Sanford Herald, a newspaper of general circulation in the jurisdiction of the City, on October 4, 2023. The proof of publication was presented to me at such hearing, and a copy of which is attached hereto as Exhibit "A" (the "Notice"). The hearing commenced at the time and location stated in the Notice. At such hearing, interested individuals were afforded reasonable opportunity to express their views, both orally and in writing, on all matters pertaining to the plan of finance and the financing of the Facilities. Information about the proposed Bonds, the location of the Facilities, and the proposed use of the proceeds were presented. When the information had been presented, opportunity was given for members of the public in attendance to give their input. It was noted that written communication was received, as referenced in Exhibit'B" attached hereto. Minutes of the public hearing will be kept on file with the Clerk of the City Commissioners of the City as referenced on Exhibit "B" attached hereto and incorporated herein by reference. The undersigned then concluded the hearing. Respectfully submitted, By: Di-� Denis A. McKinnon, III, Hearing Officer on behalf of the City of Sanford, Florida C-2 EXHIBIT "A" TO REPORT OF HEARING OFFICER SANFORD WATERFRONT PARTNERS, LLC PROOF OF PUBLICATION [Follows.] C-3 Sanford Herald Published Twice Weekly Sanford, Seminole County, FL STATE OF FLORIDA COUNTY OF SEMINOLE Before the undersigned authority personally appeared Scott Gabbey, who on oath -says that he is the legal advertising specialist for Sanford Herald, a twice weekly newspaper published by Sanford Herald, LLC at Sanford, in Seminole County, Florida, that the attached copy of the advertisement, being a j�A2GC: G' in the matter of .t t I' in the Court, was published in said newspaper in the issues of Z e 2-3 ' Affiant further says that said Sanford Herald is a newspaper published by Sanford Herald LLC at Sanford, in said Seminole County, Florida, and that the • said newspaper has heretofore been continuously published in said Seminole County, Florida, twice weekly and has been entered as periodicals matter at the post office in Sanford, in said Seminole 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 or she has neither paid nor promised any person, firm or corporation any discount, rebate, commission or refund for the purpose of se7ingis advertisement lication in the said newspaper. (Signature of Affiant) Sworn to and subscribed before me this 3 day of ©(.f��/tiQ/t— 20_Z (Sigrffure of Notary Public) Personally Known or Produced Identification _ Notary Public State of Florida j Thomas E Vincent 1 My Commission HH 382967 Expires 6/12/2027 -------- --- OTICE OF PUBLIC HEARING --- — - MULTIFAMILY HOUSING REVENUE BONDS (HEBlT�GE PARK) For the purposes of Section 147(t) of the Internal Revenue Code of 1956, as amended (the `Code'), notice is hereby given that a public meeting and hearing will be held on behalf of the City of Sanford, Flonaa (the "City) at 6:00 p r ., cr as soon thereafter as practicable, on October 12, 2023. at City Commission Chambers at City Hall, located at 300 North Park Avenue, 1 st F;oor, Sanford, Florida 32771 The purpose of the hearing is to consider authorization of the issuance by the Capital Trust Authority (the "CTA") of its Multifamily Housing Revenue Bonds (Heritage Parkl. Se es 2023A and Taxable Revenue Bonds (Heritage Park), Series 2023B (collectively, the "Bonds") to provide funds to loaned by the CTA to Santora Waterfront Partners, LLC, a Floridaolimited liability company (the "BorPoweel). and/or one or more related and/or affiliated entities for the purpose of financing or refinancing, including through reimburse- ment, the (i) acquisition, construction. installation, furnishing and . equipping of (a) affordable multifamily rental housing facilities, a por- tion of which will be restricted for rent to persons or families with incomes at or below levels that constitute a qualified residential rental project pursuant to Section 142(d) of the Code, to be referred to as "Heritage Park Apartments and located on three parcels con- stituting a tract of land (the "Property") which is approximately 5.62 acres in size, two of which parcels are between Sanford Avenue., Seminole Boulevard, Palmetto Avenue and First Street and one of which is between Seminole Boulevard, Palmetto Avenue, Commercial Street and Hood Avenue, at the following addresses: 221 North Palmetto Avenue, Sanford, Florida (Tax Parcel K25.19-30- 0100-0000), 308 East First Street, Sanford, Florida (Tax Parcel ff25- 19-30.522-0200-0000) and Seminole Boulevard. Sanford, Florida (Tax Parcel #25.19-30.522-0300-0000), which affordable housing facilities will be developed subject to the provisions of the statutory development agreement enacted by City Ordinance Number 2017- 4403 (the "DA"), as recorded at Official Records Book 8919, Pages 437 through 574 of the Public Records of Seminole County, Florida which DA provides for the following development: Development Details Per Master Plan d n-res/dgrilal +1- 35.380 square feet of RetaillRestaurant +/- 8,550 square feet of Office Resfdentfaf +/• 235 Units (includes range of apartments, lofts, townhouse and livehvork) Parkfno 370 Spaces 249 Off Street 0+ per unit) 121 On -Street located on the Property including related facilities, fixtures, furnish- ings and equipment (collectively, the "Facilities"); (ti) funding of a debt service reserve fund for the Bonds. if deemed necessary or desirable; (iii) funding of capitalized interest for the Bonds, if deemed necessary or, desirable; (iv) funding of an operating reserve fund for the Bonds, if deemed necessary or desirable; and (v) payment of certain costs of issuing the Bonds (collectively, the "Project,). The plan of finance contemplates that the CTA will issue, with respect to such Project, not exceeding $75,000,000 in aggregate principal amount of the Bonds, in one or more installments or series, either tax-exempt, taxable or both, and loan the proceeds of such Bonds to the Borrower to provide funds for the Project. The Facilities will be owned by the Borrower, or one or more related or affiliated entities under the terms and conditions of the DA. The ds, when CTA payable solely out of wibe ll revenues, incoobligationse eceipts pledged to the payment thereof and derived from financing agree- ments with the Borrower, and the CTA will not be obligated to pay the principal of, premium, if any, or interest on the Bonds except from the payments of the Borrower. The Bonds will not constitute: @ a debt, liability or obligation of the CTA, the City, the State of Florida (the "State"), or any political subdivision, public agency or municipality theteof, (ii) a pledge of the full faith and credit of the CTA, the City, the State, or any political subdivision, public agency or municipality thereof, of (iii) a pledge of the taxing power of the,City, the State, or any political subdivision, public agency or municipality thereof within the meaning of any constitutional or statutory provision. The CTA has no taxing power. The City will neither issue, nor be obligated in any manner with respect to, the Bonds. At the time and place fixed for said public hearing all who appear will be given an opportunity to express their views for or against the pro- posal to approve the issuance of said Bonds, the location and nature of the proposed Project and the plan of finance. Prior to said public hearing, written comments may be delivered to the Capital Trust Authority, attention Executive Director at 315 Fairpoint Drive, Gulf Breeze, Florida 32561. ALL PERSONS ARE ADVISED, in accordance with the pro vi- sions of Section 286.0105, Florida Statutes, that, if they decide to appeal any decision made by the City with respect to any matter con- sidered at this meeting, they will need a record of the proceedings, and for such purpose, they may need to ensure that a verbatim record of the Proceedings is made, which record includes the testi- mony and evidence upon which the appeal estetl persons is to be based. All inter - invited to present their comments at the lime and place set forth above. IN ACCORDANCE WITH THE AMERICANS WITH DISABILITIES ACT OF 1990, ALL PERSONS WHO ARE DISABLED AND WHO NEED SPECIAL ACCOMMODATIONS TO PARTICIPATE IN THIS PUBLIC HEARING BECAUSE OF THAT DISABILITY SHOULD CONTACT THE HEARING OFFICER AT (850) 934-4046 AT LEAST 48 HOURS IN ADVANCE OF THE MEETING, DAY AND SEXCLUDING SATUR I jNDAY. Publish: October 4. 2023 .1026 EXHIBIT "B" TO REPORT OF HEARING OFFICER SANFORD WATERFRONT PARTNERS, LLC MINUTES FROM TEFRA HEARING [Follows.] C-4 1 2 3 4 5 6 7 8 9 Im 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 1 PUBLIC HEARING MULTIFAMILY HOUSING REVENUE BONDS (HERITAGE PARK) DATE TAKEN: Thursday, October 12, 2023 TIME: 6:01 p.m. to 7:23 p.m. PLACE: Sanford City Hall City Council Chambers 300 North Park Avenue Sanford, Florida 32771 REPORTED BY: LISA K. WORKMAN, Court Reporter and Notary Public, State of Florida Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 M 6i 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 2 A P P E A R A N C E S: KAREEM J. SPRATLING, ESQUIRE OF: Bryant Miller Olive 1 Tampa City Center Suite 2700 Tampa, Florida 33602-5182 (813) 273-6677 kspratling@bmolaw.com APPEARING ON BEHALF OF CAPITAL TRUST AUTHORITY ALSO PRESENT: Denis McKinnon, Executive Director, Capital Trust Authority Lonnie N. Groot, Esquire, Sanford City Attorney Richard J. Heisenbottle, FAIA, RJ Heisenbottle Architects, P.A. Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 3 P R O C E E D I N G S ********** MR. MCKINNON: Well, good evening, everybody. THE AUDIENCE: Good evening. MR. MCKINNON: It is 6:01. Our hearing is scheduled for 6:00 p.m., so we're going to go ahead and get started. My name is Denis McKinnon. I'm the executive director of the Capital Trust Authority and I'm acting as today's hearing officer on behalf of the City of Sanford, Florida. This is a public hearing on the proposed issuance by the Capital Trust Authority of its not to exceed 75 million Multifamily Housing Revenue Bonds, Series 2023A and Taxable Revenue Bonds, Series 2023B, to be issued from time to time in one or more installments or series, either tax exempt or taxable or both. Notice of this hearing was published in The Sanford Herald on October 4th, 2023. It is now 6:02 and we will deem this public hearing open. The bonds are being issued for the purpose of financing or refinancing, including through reimbursement, the acquisition, construction, installation, furnishing and equipping of Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 4 affordable multifamily rental housing facilities, a portion of which will be restricted for rent to persons or families with incomes at or below levels that constitute a qualified residential rental project pursuant to Section 142(d) of the Code, to be referred as the Heritage Park Apartments and located on three parcels constituting a tract of land which is approximately 5.62 acres in size, two of which parcels are between Sanford Avenue, Seminole Boulevard, Palmetto Avenue, and First Street and one of which is between Seminole Boulevard, Palmetto Avenue, Commercial Street and Hood Avenue, at the following addresses: 221 North Palmetto Avenue, Sanford, Florida; 308 East First Street, Sanford, Florida; and Seminole Boulevard, Sanford, Florida, which affordable housing facilities will be developed subject to the provisions of the statutory development agreement enacted by City Ordinance Number 2017-4403, as recorded at Official Records Book 8919, Pages 437 through 574 of the Public Records of Seminole County, Florida which provides for the following development: Development Details Per the Master Plan show non-residential square feet of plus or minus 35,380 Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 5 square feet of restaurant and retail space, plus or minus 8,550 square feet of office space. The residential size shows plus or minus 235 units, including range of apartments, lofts, townhouse and live/work. The parking will show 370 spaces, 249 off street, which is one per unit, and 121 on street. This is located on the property including related fix -- facilities, fixtures, furnishings and equipment collectively known as the facility. The proceeds of the bonds will be loaned to Sanford Waterfront Partners, LLC, a Florida limited liability company, also known as the borrower, and one or more related or affiliated entities for the purpose of financing or refinancing, including through reimbursement, the acquisition, construction, installation, furnishing and equipping of facilities, funding of the debt service research fund for the bonds, if deemed necessary or desirable; funding of capitalized interest for the bonds, if deemed necessary or desirable; funding of an operating reserve fund for the bonds, if deemed necessary or desirable; and payment of certain costs of issuing the bonds. The facilities will be owned by the borrower Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 6 or one or more related or affiliated entities under the terms and conditions of the agreement. Based solely upon representations and information provided by the borrower and without any independent investigation or research by the City the issuance of the bonds to finance or refinance the project is appropriate to the needs and circumstances of and will make a significant contribution to the economic growth of the community in which it is located, will provide or preserve gainful employment, will promote commerce and economic development within the State of Florida, and will serve a public purpose by advancing the general welfare of the State and its people by providing for affordable housing. The Capital Trust Authority nor the City of Sanford will be responsible for repaying of the bonds. The bonds will be expressly state -- excuse me. The bonds will expressly state that none of the Capital Trust Authority, the City, the State, or any other municipality, political subdivision, or public agency of the State is liable to pay the principal of or interest on the bonds. The maximum amount of tax exempt bonds to be issued to provide funds for the project will be Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 7 approximately 75 million. This public hearing is required by Section 147(f) of the Internal Revenue Code of 1986 as amended. Anyone wishing to be heard on the issuance of the bonds or on the nature or location of the facilities as just described and as described in the notice will be invited to speak in a moment. I have received four e-mails from members of the public wishing to be heard and I'm going to read those into the record now. From Bob Kuhn: I will be out of town until the end of the month, but I want to give you my thoughts on this issue. In 2011 Howard Marks, Gallery on First, and myself filed a lawsuit against the City of Sanford to stop or prohibit the proposed development on the northeast of First Street and Palmetto Avenue. The development was proposed as low income housing for seniors. I will provide a link for you to review the lawsuit and the report by Fishkind & Associates. The report, although now 12 years old, still gives valid reasons why low income housing in our downtown corridor is inappropriate. This report gives several examples of how it violates our comp plan and how it does not help to promote Sanford's Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 8 longstanding vision of economic redevelopment and revitalization of downtown Sanford. Additionally, I have read the application that Heritage Partners have submitted for approval and understand the parameters of that are required. Twenty percent of residential aspect must meet the very low income threshold. Their application summary argues that Sanford formed a CRA and declare -- declared the subject area as blighted. When the CRA was created this statement was accurate but is -- but isn't no longer and is now outdated. The CRA and the City have wisely expended millions of dollars on streetscapes and buildings to enhance and improve and to help revitalize this area so Sanford could attract and entice owners and developers to also invest in our city. It has worked and downtown has become a popular and desired place to visit and live. In addition, this application for low income housing is not based on a need. It is of no benefit to anyone other than developers. Low income housing was never proposed or contemplated in the original proposal. In fact, it has often been referred to as -- excuse me -- referred to the catalyst site. I gather that term was used to gain support since it was going to be the reason for Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 9 Sanford to become something special. Quite frankly, Sanford is well on its way to becoming what many of us dreamed it could be -- could/would be without the first shovel of dirt being turned for this project. This particular site is by far Sanford's primest site and it should be regarded as such. The addition of low income housing certainly doesn't adhere to the highest and best use that Sanford should be seeking, nor does low income housing belong in a designated historic area. The second letter is from Bradford Plummer: Dear Sir, I'm writing to you as a concerned home/business owner in the historic district of downtown Sanford. I have deep concerns in regards to the Hood Street/Heritage Park project. I, along with many residents and business owners, have been awaiting this for quite some time. I would love to have this project come to fruition as much as anyone, but the proposed low income units in the latest plan is not needed or desirable. I, along with many private residents, have poured our heart and soul into building DTS into a much desired location. Evidence to the lack of need regarding the low income units would be the numerous downtown and nearby downtown townhouses under construction Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 10 selling and sold for between 350 to 450,000, national builders I might add, homes in the district selling upwards of those numbers to 600 to 700,000, which is what we've all been waiting for. I own a small business -- excuse me. I own a small restaurant in the district called The District. I had at times thought possibly moving to the retail portion of the Heritage project when it was close to completion, but I have to say that moving into a space in a PUD with 20 percent of residents low income that may not be able to afford my services would be a huge drawback. I'm also pretty sure other retail establishments wouldn't find that appealing either. There was a time when incentivizing was necessary. The City is on a roll and now is not the time to cheapen the brand. Thank you for your time. Brad Plummer, Owner of The District Eatery Tap & Barrel, resident Palmetto Avenue. I have an e-mail here from Nelson Beverly: My name is Nelson Beverly and I am a Sanford citizen. I support the issuance of bonds by the Capital Trust Authority for the development of Heritage Park. I first learned of this project while serving as president of the Sanford Historic Trust. Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 11 Myself and other trust leaders met with Richard Heisenbottle and his team to get to know them and this project better. As caring citizens, we were naturally concerned with such a large-scale, new development being proposed in the middle of the historic downtown area. Concerns were alleviated after learning of Mr. Heisenbottle's experience, skill, and support for and track record of historic preservation. He and his team know how to design and develop something new among the old, something that fits with our City's historic charm. I trust Mr. Heisenbottle with this project. This project could already be underway, as the City had the opportunity to approve financing in 2022 but denied it. That option did not include an affordable housing requirement. I would prefer there not to be an affordable housing requirement with the CTA bonds; however, I am still in support of the CTA bonds because the affordable housing requirement is so small compared to the size of the rest of the project, a project that will complement and bolster the revitalization effort that is already underway in the historic downtown area. Think of all the new places to go Sanfording. If this project were 100 percent affordable housing, that would be a Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 12 different story and a project I would not support at this location. The people of Sanford have big hearts and authentically care about our community. I love this about Sanford. Heritage Park, even with a small affordable housing component, is going to be all Sanfordites -- excuse me -- going to be for all Sanfordites. What is more Sanford than that? I ask my City Leaders to support this financing option and to do everything possible to work with Mr. Heisenbottle and his team to get shovels in the ground, businesses open, and people in buildings. Sincerely, Nelson D. Beverly, Sanford, Florida. This is the final letter that I have. This is from Leon Konieczny: My name is Leon Konieczny and I reside in the Sanford Historic District at 216 South Elm Avenue, Sanford, Florida 32771. First, I would like to thank the Capital Trust Authority for their demonstrated confidence in the City of Sanford, the Heritage Park project, and the Sanford Waterfront Partners, LLC. I encourage the City of Sanford to support the request of Capital Trust Authority to issue bonds to provide funds to Sanford Waterfront Partners, LLC for the Heritage Park project in downtown Sanford. I wholeheartedly Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 13 support this request. I have been involved in this catalyst site project, Heritage Park, as a citizen from the very beginning. I have previously provided input into the concept and design. I believe it will be great for downtown Sanford's growth and development and I continue to support it. I believe that this Capital Trust Authority request to issue bonds for Sanford Waterfront Partners, LLC will help the project move forward. There has been some social media discussion about these bonds, specifically some concerns regarding the low income aspect. I think that providing some low income housing as a part of this project is not only a great benefit to the project and to Sanford as a whole but that it should be encouraged as a part of the overall project. The 20 percent figure is very reasonable and provides for a diverse culture, a diversity of residents. The ability to reside in downtown Sanford should not be reserved only for those well-off. I know many downtown workers who have expressed a desire to live in or near downtown but cannot afford to since the market is quite tight. Some of them will benefit from this. I know businesses who have a hard time finding employees as well. This could benefit Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 14 them. When Heritage Park provides a mix of housing, it promotes diversity and promotes a vibrant downtown atmosphere where people can live, work, and play all within blocks of their home. It will be a boon for downtown Sanford as the project was envisioned. Now is the time to make that come to fruition. I hope that the City of Sanford and its residents will have confidence in Sanford itself and in this project. Gulf Breeze, Florida and CTA has confidence in Sanford and in Heritage Park. I encourage all Sanfordites to have similar confidence in us and Sanford -- confidence in the Heritage Park project, confidence in Sanford Waterfront Partners, LLC, and confidence in the Capital Trust Authority. Thank you for your time. Leon Konieczny. The Capital Trust Authority has not received any other communication from any members of the public wishing to be heard than the ones I just read aloud. At this time I would like to invite members of the public to come speak at the hearing. We are limiting it to five minutes of speaking time. There is also a sign -in sheet on the podium. You are not required to, but if you would like to sign Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 15 in, you may do so. And our court reporter will be taking minutes of our hearing today. (No response.) MR. MCKINNON: It's a lot of people for no one to stand up. MR. KRUCKEMYER: Gene Kruckemyer. I live on Elm Avenue. FEMALE AUDIENCE MEMBER: Can't hear you. The mic's not on. MR. KRUCKEMYER: The mic -- mics aren't on. I'll yell. FEMALE AUDIENCE MEMBER: Just hold on. MR. KRUCKEMYER: Gene Kruckemyer from the Elm Avenue -- MR. SPRATLING: Mr. Kruckemyer, I think she's going to try to turn the mics on for you. FEMALE AUDIENCE MEMBER: Go ahead. MR. KRUCKEMYER: What are you asking for from Sanford and what would -- you mentioned another city involved. What's their participation? MR, MCKINNON: So, just for the record, today is a hearing where you're able to allow -- where you're able to speak to the City Leaders. I will answer that question. The request is for the City of Sanford to allow the Capital Trust Authority to Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 16 issue bonds within its jurisdiction. The Capital Trust Authority was formed by the City of Gulf Breeze and the City of Quincy. FEMALE AUDIENCE MEMBER: This is not a meeting to speak to the City Leaders by any stretch. This is a meeting to speak to you. This is not -- this is not a commission meeting and not all of the commissioners are present, nor are all the City Leaders. So that's -- that is not correct. This is not a meeting to speak to City Leaders. This is a meeting to speak to you and to speak to Mr. Heisenbottle, and that -- that's it, period. It is not -- this is not a commission meeting. MR. SPRATLING: Thank you, ma'am. And the lady is accurate as well. My name is Kareem Spratling. I'm an attorney at a law firm called Bryant Miller Olive and I serve as bond counsel to the proposed issuance of -- issuer of the bonds, the Capital Trust Authority. The lady who just spoke is absolutely correct. This hearing is required by Section 147(f) of the Internal Revenue Code, and the idea is to receive feedback from the community on the project, so we have a court reporter here who's taking minutes and receiving your feedback. That feedback will then Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 17 be turned into a certificate of a hearing officer and provided to your elected officials so they can see what you think about the project and then they will consider the project and all the materials that are provided to them at a public meeting, which also, obviously, anybody in the room will be welcome to participate in that public meeting and have a dialogue with your elected officials should you see fit. The only thing I would also ask, as people stand up and speak, if you would just say your name as well for the record. That way when we provide this certificate of hearing officer to the elected officials they'll know who spoke, so that can help them have an informed decision when they have their meeting. Thank you, ma'am. FEMALE AUDIENCE MEMBER: Thank you. MR. KRUCKEMYER: Well, here is some public feedback: Is this audience in favor of this project or against this project? (Audience members indicating.) MR. KRUCKEMYER: All I see is negatives. Thank you. I'm done. I'm writing my name. MR. SPRATLING: Thank you, sir. Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 18 MR. MCKINNON: Thank you. MR. DIECKHAUS: Hi. Thanks for coming. My name is Hank Dieckhaus. I live in Sanford. Can you explain the difference between low income housing and Section 8? Because a lot of people are confused about that. MR. MCKINNON: Absolutely. MR. DIECKHAUS: Are you allowed to answer questions? MR. SPRATLING: So, again, Kareem Spratling from the -- really the idea is to hear your feedback -- MR. DIECKHAUS: So -- MR. SPRATLING: -- more so than to take and directly respond to questions. MR. DIECKHAUS: I -- I thought it was a -- oh, I thought you guys were here to present your case and to answer questions. MR. SPRATLING: No. To be -- to be absolutely honest and to be frank, too, the whole purpose of the Capital Trust Authority is to issue bonds to finance projects and serve a public purpose and that the communities want, right? So we are not here to lobby for or on behalf of the project. If there's a community and the community doesn't want Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 19 the project, the community doesn't deem that the project serves the public purpose, then I can't speak for the elected officials in the City of Gulf Breeze, but the board of the Capital Trust Authority, the elected officials, are not going to want to issue bonds to finance a project that a community does not want. What I would say -- and Lonnie, I see you there in the back -- because, you know, I believe in small cities and I believe in cities, I see Mr. -- Richard here in the room, and if you'd like, it would be okay if Richard came up and explained his project a little bit and talked about the housing aspect of the project. Do you want to do that, Richard? MR. HEISENBOTTLE: Well, for the purposes of this hearing, that is probably not what you intended. MR. SPRATLING: No. MR. HEISENBOTTLE: But I -- if you will indulge me a moment, I would love to open -- the boards are in the back, and let -- put them out and let's all take a look at this and let's all discuss what this project really is, not what someone tells you it is. Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 20 MR. GROOT: Hi, how are you doing? This is Lonnie Groot. Just -- MR. HEISENBOTTLE: Lonnie, is that all right? MR. GROOT: I know you've said this before, but I just want to make it clear. Kareem does not represent the developer, okay? He represents a potential lender. So Kareem is not the right person, nor is Mr. McKinnon the right person to ask questions about the development or anything like that. So maybe it does make a good bit of sense just to have Mr. Heisenbottle get up, do your presentation, so then the public has something to respond to because there's nothing to respond to from you guys really, right? MR. SPRATLING: That -- that's exactly right. We're here, again, to -- to take feedback from the community. And so typically the way -- typically the way it happens is that people know about the project, they understand the project that's coming to their community, and they come to the hearings and they want to be heard either for or against the project. It sounds like there are so many questions left about the project that the members of the Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 21 public in the room don't have a full understanding of the project, so you don't have questions yet or you don't have enough information to provide feedback. So we'll go off script a little bit, with Mr. McKinnon's permission, and have Richard show you what the project envisions and then we'll take your feedback and put -- and put that also in the certificate of hearing officer. MR. DIECKHAUS: Thanks. MR. MCKINNON: And you are welcome to come back up after, so -- and use your time. MR. DIECKHAUS: Thanks. MR. SPRATLING: Rich, do you want me to give you a hand bringing some down? MR. HEISENBOTTLE: Yes, please. MR. SPRATLING: Absolutely. MR. HEISENBOTTLE: Ladies and gentlemen, I first want to make sure that the attorney has no objection to the methodology of what we're going through here. This is -- MALE AUDIENCE MEMBER: Who are you? MR. HEISENBOTTLE: I'll announce my name. Don't -- MALE AUDIENCE MEMBER: It wasn't me. FEMALE AUDIENCE MEMBER: It was my husband who Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 22 said it and I think it's a good question. I don't know why you're so offended. MR. HEISENBOTTLE: Because -- and -- and let me -- let me introduce myself before we start asking questions, please. FEMALE AUDIENCE MEMBER: That's what we're asking. MR. HEISENBOTTLE: My name is Rich Heisenbottle. I'm president of Sanford Waterfront Partners and I was here on day one when our firm was in this chamber and received its authorization to proceed on this project and was awarded the development agreement after competing with three other major firms to do what was and what we believe is an absolutely spectacular project for the City of Sanford. This project was not just designed by me. I happen to be an architect as well as a developer, a well-known architect for some of you, and -- and what I want to -- what I'd like to tell you is the people of Sanford designed this project. Does anybody remember the charrette process that we started back in 2016 on our own nickel without any City money being invested in it? MALE AUDIENCE MEMBER: (Indicating.) Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 23 MR. HEISENBOTTLE: Were you there? Thank you. Good. I'm glad. That was really one of the best charrette processes that I've seen in years, where about 85 of you Sanfordites came out and -- and told us what you wanted in this here. And in telling us what you wanted, you also told us what you didn't want. And we told you at the same time -- because we brought in a bunch of market research consultants, we told you at the same time what would be financially feasible for this project, what could be achieved in the redevelopment of those three city blocks, and we came up with a master plan that you can still see online under a YouTube video, Heritage Park Sanford YouTube video, that -- that is really one of the finest master plans that has been done in years. It is the result of a master plan that actually started ten years earlier by a very famous firm called (unintelligible). They were the master planners that the City first hired to make this redevelopment of those three city blocks a reality, and -- and we amplified on that plan and came up with what is meant to be a walkable, likable urban kind of project with -- with elements of it that harken back to the earlier buildings in the City Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 24 of Sanford, the history of Sanford. You heard them talk about it being from a historic preservation perspective and -- and that -- that many of these buildings are highly contextual. Well, they are highly contextual. In fact, each one of these buildings has some architectural element in it that is representative of a historic building that once existed in Sanford. Does anybody know the historic hotel that existed on Seminole Boulevard, three-story hotel back in the day, turn of the century? No? FEMALE AUDIENCE MEMBER: Torn down. FEMALE AUDIENCE MEMBER: Yes. Yes, we do. MR. HEISENBOTTLE: Just FYI -- and I would invite you to stop sitting there. Come on up here and let's walk around, look at the drawings. You can't see them from 25, 30 feet away. Take a look at them, seriously, and then feel free to ask any questions when I finish. We went through downtown and we understood what it represents, the core of the City of Sanford, architecturally and we mated that with what was financially viable in the current -- in our current time. Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 25 Please, seriously, don't be bashful. Take a look at the drawings. Over on Seminole Boulevard we're actually recreating that hotel building complete with the three flags on the top and the beveled roof, and it -- you know, it looks like it belongs in Key West, by the way. It's a proud Victorian building and -- and it will hold one bedroom apartments with park-unders throughout. The master plan also called for retail space, 37,749 square feet of retail space, to energize the community, to finish off the end of block three. That's -- block three is, of course, the block in the historic district in the end, and that entire area that you actually see in pink on the drawing next to it will be -- will be commercial space that adds to the commercial space already in downtown Sanford and reinforces that commercial space. But it goes further than that. It takes that commercial space all the way down Palmetto Avenue to the water, where -- where that commercial space opens up to a plaza and restaurants that connect it all the way to Seminole Boulevard, creating a vibrant, walkable community. What is the last thing that this developer Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 26 wanted to put in this community? The last thing I would ever put in this community is a bunch of miscellaneous cookie cutter apartment buildings that have no relationship to the community, that have no relationship to the history of the community. We designed each one special. You have 22 different buildings over there and they're almost all different, along the water's edge, where we can -- where we can express the -- and amplify on the views of the marina and our wonderful Lake Monroe. We have five -story buildings. Two of those are set up as -- as restaurant spaces, restaurant -- maybe one white tablecloth restaurant on Building Number 11 on the far side with an outdoor dining plaza overlooking the boats, but on the opposite side a more casual bar and restaurant on the second floor overlooking the water. And each of those buildings on the water are the five -story -- are the five -story buildings, and as we begin to turn we create a variety of different styles and a variety of different -- instead of cookie cutter one apartment -- one apartment building after another, a very complete, stylistically diverse series of buildings, some in Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 27 brick, some in stucco, some in clapboard, but all of which have their own character and all of which has their roots in the City of Sanford. Now, is that the kind of project you think is a low income housing project? FEMALE AUDIENCE MEMBER: Yes. MR. HEISENBOTTLE: No, it is not. FEMALE AUDIENCE MEMBER: It is for 41 units. MR. HEISENBOTTLE: It is not. FEMALE AUDIENCE MEMBER: It is, too. MR. GROOT: Mr. Heisenbottle, before I -- I don't want to rain on your parade at all, but I guess I just really -- I think it would be really helpful if there was no -- this is not a charrette. This is not a work session. So when you end things with question marks, people think they're going to respond. You should just make your presentation and then let them respond. I think Mr. McKinnon and Mr. -- and Kareem will -- MR. HEISENBOTTLE: That's exactly what we'll MR. GROOT: Okay. MR. HEISENBOTTLE: Okay. Please let me finish my presentation before we interrupt my presentation. Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 28 MR. GROOT: This isn't a time for interaction or questions. MR. HEISENBOTTLE: I -- I couldn't agree with you more. So -- so how did this diversity of product enhance the community? It's not cookie cutter. This -- in today's economy it is extremely difficult to finance just about any project. Just listen to the business news media every day, and the world doesn't know how high the interest rates are going to go. This tax exempt approach does two things: It provides housing opportunity for folks with jobs, not subsidized housing as far as like a Section 8 housing that's a subsidized housing, you get a voucher and you get free housing, you get -- so you don't have to work and you can just be a Section 8 recipient. That's not what we have here. These are for people like school teachers, whose salaries are incredibly low. A starting salary on a school teacher is about half the average median salary of the people of this community, and that's why they have places there. The same goes with firefighters and police officers. The same goes with some of the folks Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 29 that work in our restaurants. Each one of these people has a benefit. They're putting in their hard work. They will turn out just as successful as you and I someday, I suppose, but today -- but today this community does need affordable housing, and what we're giving you in terms of this 47 units out of 235 is a way to bring the entire project to fruition and at the same time -- at the same time maintain the exact same quality that we have had since the very, very beginning. So you say, well, Mr. Heisenbottle, why didn't this project get done sooner? Why it didn't get done sooner, as one New York developer said to me, "Richard, what's your average rent here?" "It's roughly two bucks a foot." They look at this, the rest of the world looks at this, and says two bucks a foot? If it ain't three bucks a foot, don't even call me. We don't have rents like that. We have tight rent rules here and we're trying to deliver a quality product at the same exact time, and so that is in fact what we've done. And I would really love to point out each of these unique buildings to you, so take a second and don't be so -- let's -- let's walk around here and Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 30 then understand what this is. The first building you're seeing on the left over here is block number one as seen from the water. How many affordable housing projects have you seen that have that view? But there are one, two, three maybe units in that building that -- that -- that are in the affordable housing category. The buildings next to it happen to be commercial. Can you think of a better place to go out and get a drink at night besides Tony's Restaurant over there at the firehouse, to overlook the water and -- and have a great time with some casual food? That's what that block is designed to look like. This is that -- that tower with the restaurant next to it. There's retail spaces that are brick buildings that look just like the historic brick buildings we've seen here for years, and next to them are buildings that are stucco buildings that are reminiscent of -- I wonder if anybody can figure out what -- you'll see this building with the nice, little curved roof on the top. That's called Dutch Colonial style. And that Dutch Colonial style architecture is actually in Sanford. Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 31 I want to see if anybody can find the building where it is. It happens to be a civic building, by the way. So we have a Dutch Colonial style next to that and we've picked up on a brick turn -of -the -century loft style building next to that. MR. DIECKHAUS: You have a Tobacco Road, I see. MR. HEISENBOTTLE: And we have a Tobacco Road. MR. DIECKHAUS: I remember Tobacco Road. MR. HEISENBOTTLE: Remember Tobacco Road? So do I, by the way. It was great. We have -- because of the generosity of the City, we have the same brick -paved streets in this case with -- and added bike paths along with our trees, and we create an entire vista from First Street all the way down Palmetto, east to the water so that it becomes -- becomes a trailhead, if you will, for bikers -- not motorcycle bikers, but biker -- like bicycle bikers -- MALE AUDIENCE MEMBER: Bicyclists. MR. HEISENBOTTLE: -- bikers traveling -- MALE AUDIENCE MEMBER: Chattanooga. MR. HEISENBOTTLE: We actually had them going across there. It started in France, by the way. Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 32 Umbrella Sky is the name of that piece of artwork. So -- so what did we do? Speaking of Umbrella Sky, what did we -- what did we do in the historic district? Well, the historic district -- the preservation group was -- board was extremely excited about what we did. The building at the corner of First Street certainly has all the retail that I spoke to you about at the lower level down below with nice canopies and nice awnings, but up above that building looks like a mediterranean revival style building. Do you remember some of the mediterranean revival style buildings that were once here in Sanford? Patty does. The old city hall that was torn down is one of the biggest. FEMALE AUDIENCE MEMBER: The old city hall. MR. HEISENBOTTLE: Huh? This is going to be -- this is going to be really wonderful, I must tell you. But what do we do next to that? To keep the human scale of the historic district, we put two one-story buildings. This little retail shop that says "Madewell" on the front -- we should be so lucky as to get Madewell as a tenant, but that's another day's issue. But I'm probably the guy Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 33 that's going to scoop ice cream in the ice cream parlor next door. And in between we have an alley. Remember -- we all remember the alleys. Yes, they're going to go in the back because all of the parking is in the back. All of the parking is screened from the street. There's no parking structure, but the parking is screened -- residential parking is screened from the street and most of it is covered. On the opposite side, moving to the east, what did we do? We designed a three-story -- instead of four-story, we designed a three-story brick loft building, a building like one you might have seen years ago that had manufacturing in it. You certainly saw them in downtown Orlando and you've also seen them all over the Northeast. And all of those put together create this image of First Street that is contextually responsive to the historic district. It blends perfectly with the historic district. And if you want to see what each and every individual block looks like, I would suggest you come up here and you literally walk each one. We've got a Seminole Boulevard elevation, a Palmetto Avenue elevation, a Hood Avenue elevation. Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 34 You know what each of your streets is going to look like, as you walk them what the streets are going to look like today, and of course First Street down on the end. We have a market designed into this so that when you need something you don't have to get in the car and drive to the Publix or wherever to to get that loaf of bread that you need or the or the thing of milk. The market building itself looks very spectacular, very -- very interesting. It's made out of brick and, again, it looks like the kind of building that we might have had back in the day. We have an art park. Anybody -- anybody ever see an affordable housing project with an art park? We have it because, before we used this method of finance, we decided that we were -- we were going to do some things to energize the community. We're going to run our own events in that art park. Huh? We're going to run our own jazz concerts there to encourage folks to come and enjoy and we're going to rotate art -- because I minored in art history, a little thing -- we're going to rotate famous mural artists just like they do in so many other wonderful places. Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 35 There's some friends of mine, the Goldman family, that started that in a development in Miami in an area that was about as derelict as it could be. It now has 250,000 people visiting it every year just to come and see the art they put on Wynwood Walls. That's how exciting it can be with just a little artwork, a little imagination, and a little activation by somebody that wants to put their money into it. We did -- I wanted to talk about the alley and I forgot about that, but I also don't want to leave out the fact we have our own dog park. You know, the -- we -- I love dogs and I want to encourage every dog in the county to come here and live here. It's fun. We have dog day at the office, I mean at my office, we have dogs walking around. But it's nice and people love it and it's home and it creates community, and that's what we're trying to do. And the community is not just a bunch of wealthy people who have great salaries. The community is everybody, and we need to recognize that. It is to the benefit of everybody that we provide, as a community, affordable housing. It helps every business in town. When it comes to Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 36 recruitment, if you can't -- teachers, do they have a tough time in Seminole County recruiting teachers because they can't afford to live here? You bet they do. Heck, every county in Florida has a difficult time recruiting teachers. But we have housing, perhaps not all that much of it -- 47 units isn't a lot -- but we have housing that we can offer, first-rate housing, to those sorts of members of our community, those sorts that don't have big salaries. So with that I'm going to conclude. And for the last time, I'm still going to ask you to come up and walk around and enjoy it. And -- and you are welcome to ask me any question if it is okay with your city attorney. MR. GROOT: Mr. McKinnon, this is your hearing. I don't see where that's the way you do this hearing, but that's your call. MR. SPRATLING: Yeah. Richard -- MR. HEISENBOTTLE: What I might do -- If you'll excuse me, what I might do -- MR. GROOT: I'm not running the hearing. I'm -- MR. SPRATLING: Hey, Rich -- MR. GROOT: I'm just saying I don't think Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 37 that's the way you run this hearing. MR. SPRATLING: No. Again -- MR. HEISENBOTTLE: That's why I'm -- I've got to yield to the two of you. MR. SPRATLING: Well, I think that's right. So again, ladies and gentlemen, the point of the public hearing is actually to take comment and feedback from the public on the project so that we can assemble a report and provide that to your elected officials and give them feedback based upon this group's feedback on whether or not you're for or against the project. The presentation was helpful in that I think it gives you some context for whether or not you can actually say whether you're for or against the project, but I really would appreciate if at this point we go to your providing feedback on how you feel about the project. And then when the item -- this will go to your elected officials for consideration of a resolution, and at that time maybe you ask -- use that time to ask questions about the project. FEMALE AUDIENCE MEMBER: I just want to add one thing. For me personally, I have two questions that would help me formulate my opinion. Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 38 FEMALE AUDIENCE MEMBER: Exactly. FEMALE AUDIENCE MEMBER: So I -- I think that, if that's okay, I would just like to have a little bit more information. MR. GROOT: Can I help here? MR. SPRATLING: Sure. MR. GROOT: If you think I'm -- Mr. Spratling, if you think I'm butting in too much, please tell me so. MR. SPRATLING: No, I -- I don't. MR. GROOT: I told my wife I wasn't going to speak tonight. MALE AUDIENCE MEMBER: Lonnie, come on. MR. GROOT: But seriously, Mr. Heisenbottle, I imagine, will stay after the hearing -- MR. HEISENBOTTLE: Mr. Heisenbottle will stay after the hearing and speak to every last person in this room that feels like speaking to me. So -- FEMALE AUDIENCE MEMBER: But that's not going to help us with this objective -- MR. GROOT: But -- but -- FEMALE AUDIENCE MEMBER: -- if we can't ask any questions. MR. HEISENBOTTLE: Why don't we let them -- MR. GROOT: It's your hearing -- Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 39 MR. HEISENBOTTLE: -- let them ask whatever questions they -- MR. GROOT: Mr. Spratling, it's your hearing. MR. SPRATLING: So I -- I am an attorney. I don't make the business decisions -- Let me go back. This is my client. The purpose of this hearing, as required by the Internal Revenue Code, is to take your feedback on the project. FEMALE AUDIENCE MEMBER: Is this -- MR. SPRATLING: We have -- Ma'am, if you'd give me just one second. FEMALE AUDIENCE MEMBER: Okay. MR. SPRATLING: We do publish the hearing, everyone's here, and if Mr. McKinnon says that we can have some questions, then we'll have some questions, because we want to make sure that you all have the opportunity to be heard. MR. MCKINNON: Richard, if you're willing to answer questions, let's limit it to one or two questions, five minutes of time per person, and let's get out of here. And so, Richard, if you would like, why don't you come sit down -- Richard, why don't you come sit down and allow people to come sit at the Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 40 podium (Audience talking among themselves.) MR. MCKINNON: Excuse me. Richard, if you'll come sit down. MR. HEISENBOTTLE: Yes. MR. MCKINNON: Folks, you can come up to the podium. You can state your name, for the record. If you're willing, you can write it down on the -- on the piece of paper so our court reporter will be able to spell and have your name accurately represented in the minutes. MS. BREEHL: Hi, my name is Katherine Breehl. I have lived in the City of Sanford since 1999. I've seen a lot of changes over those years. My question is, what is the actual income that is required for the 47 units? MR. HEISENBOTTLE: Fifty percent of AMI. That's the average median income. MS. BREEHL: I understand. Which is -- MR. HEISENBOTTLE: The average -- MS. BREEHL: -- what -- MR. HEISENBOTTLE: Just -- just -- MS. BREEHL: -- amount of money -- MR. HEISENBOTTLE: In a moment. MS. BREEHL: -- in -- in dollar terms? Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 41 MR. HEISENBOTTLE: In dollar terms, I believe that right now the average median income in Sanford is somewhere in the neighborhood of $82,500, and -- and so half of that would be the -- at 40-something would be -- MS. BREEHL: In the whole City of Sanford? MR. HEISENBOTTLE: No, in -- in the county. It's done by county. MS. BREEHL: By county. MR. HEISENBOTTLE: Anyway -- MS. BREEHL: I would dispute that. But -- MR. HEISENBOTTLE: Well, do -- MS. BREEHL: My -- my -- MR. HEISENBOTTLE: You can Google it on your phone real quickly, I'm sure. MS. BREEHL: My -- MR. SPRATLING: Well, and let's be -- MR. HEISENBOTTLE: Seminole -- MR. SPRATLING: Let's be polite. So, ma'am, I'm looking at the Seminole County Attainable Housing website, and they say the AMI for the Seminole County MSA is $65,100. MR. HEISENBOTTLE: It's an -- it's old number. But that's -- MR. SPRATLING: So it would be -- based upon Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 42 their number, it would be 50 percent of that for those -- MS. BREEHL: So around -- MR. SPRATLING: -- limited units. MS. BREEHL: -- 30,000. MR. SPRATLING: Correct. MS. BREEHL: Okay. And I would like to give my opinion also, if that's okay. MR. SPRATLING: Yes, ma'am. MS. BREEHL: I think your buildings are beautiful. I think they would -- the style of them are great and they would fit in. I -- I'm not for the low -- very low income housing. MR. HEISENBOTTLE: This is -- MS. BREEHL: This -- I agree with the owner of The District that does not support the brand that we're trying to forge here in Sanford. I was driving down First Street yesterday, or a couple days ago, and I was noticing everything -- the recent changes that have been made, all of the paintings on the walls, the murals, the covering of the ugly boxes with beautiful, colorful items, statues being put up, and I thought, wow, we're really turning into an artsy, cute little town. In theory, this would fit right in. But I -- Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 43 I think that you need to perhaps try different, more traditional funding. Why haven't you done that? MR. HEISENBOTTLE: We have done that. And like the man said to me, this isn't $3-a-foot rents, Richard, this is $2-a-foot rents, and -- you know, and it -- it's just not fundable. It is simply not fundable in today's marketplace. MS. BREEHL: I don't think they would put -- MR. GROOT: Well, Mr. McKinnon and Mr. Spratling -- ma'am, I'm sorry, I forgot your last name. MS. BREEHL: Breehl. MR. GROOT: She just made a statement. There was no question mark at the end of that statement. So -- MR. HEISENBOTTLE: Yeah -- yes, there was. MS. BREEHL: Would the City of Winter Park do this? I don't think so. MR. SPRATLING: Don't answer. That's not a question. (Audience applause.) MS. VANDENBERG: Okay. I will make it quick. My name is -- MR. HEISENBOTTLE: That's fine. Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 44 MS. VANDENBERG: Hi, my name is Caroline Vandenberg. I would like to know which units would be low income; is it the studio and lofts or is it a mixture of floor plans? MR. HEISENBOTTLE: No, it's a mixture of floor plans. It -- it is certainly a lot of studios, but there are also one bedrooms as well. We have -- we have -- we could change that at any time. And people are allowed to -- to upgrade or change the unit that they want to live in once they're in it. So if you start out in a studio and -- you know, and your family grew for -- and you still met the criteria, you could -- you could move to a one bedroom. What we're not expecting here is to be -- is to be renting three bedrooms, you know, with six to eight people in the community living in those. And we expect these to be scattered throughout. As an example, no, the -- the affordable housing -- and that's the way we should refer to this, not low income. This is affordable housing. The affordable housing, the workforce housing, that we -- that we have here, is not going to get the benefit of overlooking the lake and the balconies. They're going to get the benefit of the Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 45 unit that maybe overlooks the parking lot. But -- but other than that, this -- these units will be furnished in terms of their fitout of kitchens and -- and bathrooms, et cetera, et cetera, and finishes in the same way as if they were the market rate units that represent the other 80 percent. MS. VANDENBERG: Understood. So will two bedrooms also be for -- included or just the -- you said one bedrooms, but I'm still confused on which units it covers. MR. HEISENBOTTLE: Well, they're -- they're scattered throughout. Literally, we went through and said which units make the most sense. MS. VANDENBERG: So two bedrooms as well will be in there? MR. HEISENBOTTLE: And -- and there will be some two bedrooms also. MS. VANDENBERG: Okay. I think my concern -- MR. HEISENBOTTLE: I think -- MS. VANDENBERG: As I mentioned, these questions are helping me to formulate my opinion. I think my concern is -- I certainly understand a server or a teacher or a first responder potentially, but I think as the units get bigger and you keep that same affordable housing, I Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 46 have concerns about that. MR. HEISENBOTTLE: By the way, we have concerns about that also. We have to maintain everything. And -- and in fact, in terms of those -- those two bedrooms or three bedrooms, right now we don't have them penciled into our financial model at all, so -- which is to say -- MS. VANDENBERG: Well, I see two bedrooms on the -- there are two bedrooms included on the plan. MR. HEISENBOTTLE: Oh, there are two bedrooms and there are three bedrooms. There's every variety. There's lofts here. But those lofts are never going into the -- those lofts have garages of their own. Those are never going to be part of the affordable housing units. MS. VANDENBERG: Okay. Thank you. MR. HEISENBOTTLE: I'm doing my best. MR. DIECKHAUS: Hi. Just to -- I don't want to beat a dead horse here, but -- MR. MCKINNON: Would you state your name, please? MR. DIECKHAUS: Hank Dieckhaus. MR. MCKINNON: Thank you. MR. DIECKHAUS: The market rate apartments Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 47 versus the affordable house raise -- rate apartments, there's a difference -- I don't know what your rates are, let's say $2,000, just -- and the affordable housings are $1,000. Who's -- who's making up for the difference; is it the government or are you taking it out of your own profits or -- I don't -- MR. HEISENBOTTLE: This comes out of our own profits, whatever that differential is. MR. SPRATLING: So you had a wonderful question, sir, in the beginning. I didn't answer that question for you, but now that we've changed the model I will. So Section 8 housing is a little bit different than -- than what we're doing here. Section 8 housing, if you remember, it's more of like a housing project that developments build for the sole purpose of providing that sort of housing and it's subsidized based on project assistance. Affordable housing is a new animal and it's based upon AMI, right? So you have market rate units within the -- within the same facility with these affordable housing units and their rent is not subsidized by the government directly; instead they pay. We set the rates and you set aside based Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 48 upon your area median income for those for that specific area. So in this case it's 50 percent of the AMI for that area. And Mr. McKinnon also reminded me to mention that depending on how many people are in the household, the family, the AMI might adjust based upon that. So the two are distinguishable. Does that -- does that answer your question about Section 8 versus -- MR. DIECKHAUS: Yeah. And that's lost revenue? MR. SPRATLING: The project has to bear that cost, right. So that's -- that's where the dynamic comes in. The government's not coming to write a check to offset that income. They have to make the project cash flow. MR. DIECKHAUS: So you don't have an incentive to add more affordable -- MR. HEISENBOTTLE: No. We have just the opposite incentive, let's -- MR. DIECKHAUS: Right. MR. HEISENBOTTLE: -- let's face it. MR. DIECKHAUS: And is there a -- is there a time limit on the affordable housing? MR. HEISENBOTTLE: Yes, there is. It's a Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 49 15-year time limit. MR. DIECKHAUS: And after that you can do whatever you want? MR. HEISENBOTTLE: After that you can do whatever you want. MR. DIECKHAUS: Okay. All right. Thank you. MS. GROVES: Hi, good evening. My name is Nancy Groves. I'm at 118 Oaks Court in Sanford. I'm a real estate broker as well. I just wanted to bring up a few things that, you know, I think are obvious, especially to the people of Sanford, that, you know, this is prime property that we're talking about. This is, like, right downtown, the prime property, and I would like to see a component where you have ownership, where we have condos. All this of this is rental. And so I don't know -- I mean, I've lived in apartments before in my life and there's trash everywhere, there's no pride of ownership, things go down pretty quickly. And being right downtown, you know, I hate to see that. I'd like to see, if you're going to have some rentals, a mix of things, but in this project it's all rental from, you know, renting commercial to -- all the way up to your lofts and, obviously, to your affordable housing or Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 50 however you're packaging -- you know, more economic housing for people. I also have a saying, it's "How you start is how you finish." You guys have had a really hard time from when you signed into contract with the City and all of these years and your contract's almost up, I believe in 2025, and I just feel like this is like a Hail Mary pass that you're trying to get done, and -- and I think that for us, speaking for myself, we can wait. We don't want to sell ourself short because, like, we're on some sort of time clock. You know, I -- I take offense to that. And we also have -- and I know that my fellow Sanford people, we have a lot of infrastructure problems, flushing toilets, having problems when we have hurricanes with the flooding. So we have a lot of stuff that we need to solve for ourselves first before we get into this huge project with you. And it's a long way from pretty pictures to getting it done. And so I have a lot of concerns about that. Also, you may or may not be aware of Marina Isle, which was another huge, prime property that, in my opinion, we didn't do the right thing. And so for me it's like a flashback of that all over Veritext Legal Solutions 800-726-7007 305-376-8800 1 1 again. 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 51 FEMALE AUDIENCE MEMBER: Right. MS. GROVES: And also, I do know some things about running an architectural firm and development. And, Capital Trust Authority, I kind of looked you guys up. You only got created in 2022, so you're not -- like, have this big, long track record where you can say you funded -- you did this project, you did that project. I'm worried that we're going to get stuck -- you're going to run out of money and we're going to get stuck holding the bag -- FEMALE AUDIENCE MEMBER: Yeah. MS. GROVES: -- you know? I don't want that. I don't -- it's not that I don't want you to be successful, but I think it's a very high -risk venture. And $75 million is a lot of money, but I don't really think it's enough for this project, so I am not for it. MR. SPRATLING: Thank you. MS. GROVES: Thank you very much. (Audience applause.) MS. THEISEN: Hi, my name is Robin Theisen and I live at 200 West 16th Street. So my question is, the original proposal, there was no low income Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 52 housing at all. What changed so that now it is on the table? What changed for you that now this is part of this project that it originally was not? MR. HEISENBOTTLE: The entire market situation in the -- you know, in the world has changed. Cheap money is -- is -- is a matter of history. You know, two years ago in November we came to the City with the exact same project, the exact same design, the same one that came out of the website that you see the master plan on the YouTube video, and we proposed funding it conventionally. It required a lot of equity, so we took on an additional partner, an additional partner that had a -- Michaels Organization, that had a $100 million balance sheet, and the City would not allow me to sell 50 percent of the project to the Michaels Organization. So we looked at what other opportunities were out there to finish the project, and this is a tremendous opportunity to finish the same high -quality design project. MS. THEISEN: So, to be clear, the reason you are introducing low income housing is so that you can get this project done and you can receive funding; is that correct? Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 53 MR. HEISENBOTTLE: The bond funding makes it financially feasible. Otherwise, it is not financially feasible. You would have to come up with another $20 million in equity, and no one in the world wants to put another $20 million in equity in. I've asked everyone in the world. MS. THEISEN: So the -- MR. HEISENBOTTLE: So -- MS. THEISEN: -- answer to my question is you cannot get financing, so that is why you are bringing -- MR. HEISENBOTTLE: This is -- MS. THEISEN: -- this option -- MR. HEISENBOTTLE: This is -- MS. THEISEN: -- in? MR. HEISENBOTTLE: This is the most financially viable way to fund the project today. Sixty -- MS. THEISEN: For you. MR. HEISENBOTTLE: By the way, 60 -- MS. THEISEN: For you. MR. HEISENBOTTLE: For anyone. MS. THEISEN: Well, I don't -- I don't know that it is for us. I think -- MR. HEISENBOTTLE: Well -- Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 54 MS. THEISEN: -- it is for you to get your project done. I don't know that it's in Sanford's -- MR. HEISENBOTTLE: Let me -- MS. THEISEN: -- best interest. MR. HEISENBOTTLE: Let me tell you what other option -- another option that happens to be out there. The governor signed a bill, the Live Local Act. Anybody know what the Live Local Act does? It allows anyone who might buy that piece of property to totally disregard all of your zoning regulations and all of that nice stuff that you've got over there, provided they -- they provide 50 percent affordable housing for 30 years. We didn't do that. We took this approach, which was -- which made more sense for Sanford, because Sanford has workers who need this sort of housing. MS. THEISEN: Yeah, I don't -- I don't think that is the question that we all have and I don't think any of us would deny that everybody needs an affordable place to live. I don't think that's what we're talking about. We're talking about the -- as Nancy stated, the most prime piece of real estate, highest and Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 55 best use, and is that what this is for us, and -- which is a decision for us to make. Obviously, you want to get your project done. I'm not sure that your best interests are necessarily ours. MR. HEISENBOTTLE: Those decisions were made when the development order and the option to purchase was signed with Sanford Waterfront Partners, LLC. That's old news. This isn't -- we're not revisiting that. This went through the -- MS. THEISEN: No. You have changed -- MR. HEISENBOTTLE: -- master plan process. MS. THEISEN: You have changed what originally was proposed and agreed upon, yes. MR. HEISENBOTTLE: No. No, we -- we have not. MS. THEISEN: You didn't originally have -- MR. HEISENBOTTLE: Nothing was ever agreed upon -- MS. THEISEN: -- low income housing -- MR. HEISENBOTTLE: -- as to -- MS. THEISEN: -- in the project and now you are proposing it, so that has changed. MR. HEISENBOTTLE: Nothing was ever agreed upon as to how the project would be financed or whether it was going to be affordable or what was Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 56 going to be affordable. That was never part of any of the discussion. It's not anywhere in a -- you know, in a written document that says it has to be financed this way or that way or it can only be rented to these people instead of those people. None of that is -- is here. There's the design of the project, and the design is the same quality design that I gave you from the very, very beginning that is going to be presented as a market rate housing project that -- that happens to have room in it for 47 school teachers, firefighters, new police officers, et cetera, et cetera, to live. Thank you. MS. THEISEN: Uh-huh. MALE AUDIENCE MEMBER: Good job. FEMALE AUDIENCE MEMBER: Good job, Robin. (Audience applause.) MS. SIPLEY: Good afternoon. Dawn Sipley. I have one question. What would be the proposed rent amount for the studio apartments? MR. HEISENBOTTLE: The affordable studio apartment is something like $775. I think that's what we pro forma -- that came out of the HUD documents that -- MR. SPRATLING: I don't have it right in front Veritext Legal Solutions 800-726-7007 305-376-8800 1 1 of me - - 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 57 MR. HEISENBOTTLE: Well, you don't need to. MR. SPRATLING: -- I'm sorry. MR. HEISENBOTTLE: I mean, that figure -- you know, and if I'm off, I'm off by 25 bucks. So -- MS. SIPLEY: The one bedroom? MR. HEISENBOTTLE: I don't know. And like Kareem was saying before, some of these things have -- have other -- other components that make up the rent: The size of the family, the total family income. It's not as simple as -- as the one person example that we just gave you. MS. SIPLEY: Okay. What about the nonaffordable, what would be the rent price on those for the studio, one bedroom -- MR. HEISENBOTTLE: The studio -- the studio, for example, would literally be double that for -- MS. SIPLEY: Okay. MR. HEISENBOTTLE: -- you know, for -- MS. SIPLEY: Thank you for -- for clarifying that. As far as the affordable housing goes, I am a huge proponent of affordable housing. I'm a landlord here myself in Seminole County and in the City of Sanford. I have single-family housing Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 58 units and my average rent is $1,566. Most of my homes are three bedrooms. I don't see how this would be necessarily affordable. I was in the room in the original discussions, and what you have proposed here today was not a part of those discussions. And honestly, your professional decorum today, if I didn't walk in concerned, I am certainly leaving even more concerned that you would be leading this project. (Audience applause.) MS. SIPLEY: I don't think what you have proposed is for the best interest of the City of Sanford. You just admitted yourself that you seeked to dump this project and get out of it -- MR. HEISENBOTTLE: I didn't say that at all. MS. SIPLEY: -- and that it is -- MR. HEISENBOTTLE: I never said that. I never quit this project. MS. SIPLEY: -- it is now your wish to -- MR. HEISENBOTTLE: That is a total misrepresentation. MS. SIPLEY: -- to bring in bonding issues because you are unable to finance. And I would guarantee you that there are other people in this Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 59 community that would be very interested in financing and funding this project. I've heard of some conversation of that. I believe -- my statement here before everyone today is that we should allow this to sunset and for you to walk away from this project and we bring in another developer that is more financially capable of bringing in what is in the best interest of the City of Sanford. FEMALE AUDIENCE MEMBER: Yay. (Audience applause.) MS. KRUCKEMYER: My name is Nancy Kruckemyer, I live on Elm Avenue, and I have something that I'd like to read you that our Mayor put on Facebook on replies to one of our citizens and it contradicts what you say. And what it says is -- he was talking to Christina Beverly, and he said: The only other -- the only item we have is the actual application for the bonds. The requirement for the bonds is 20 percent of the units must be rented to people clarified as very low income. That is -- and he had that in quotes -- that is the middle or three federal income tiers and is 50 percent of the area median gross income. For 2023 in Sanford that is 30,750, about equal to a full-time $15-an-hour Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 60 job. That is for a household of one. There -- there are studios, so I don't know that many people would be allowed to live in one unit. The income level for a household of two is 35,150. So you didn't call it -- you said it was affordable housing and my Mayor says it's very low income, so there's a big discrepancy there. And also, my Mayor the other day was on Channel 6 News and he said we have many other developers who are interested in this project. He said that. I heard him. I just wanted to share that with you. And also, you say you're a developer that's well-known. What other communities have you put low income housing into that we would be able to check and see how they feel about it? Thank you. (Audience applause.) MALE AUDIENCE MEMBER: No answer to the question? MS. KRUCKEMYER: Well, he's not answering. MR. HEISENBOTTLE: I've been asked not to answer. MR. SPRATLING: Well, that's a direct question. MS. KRUCKEMYER: No, not -- Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 61 MR. SPRATLING: You're more than welcome to answer, Richard, if -- MS. KRUCKEMYER: You answered other people -- MR. SPRATLING: -- you've got a direct question. MS. KRUCKEMYER: -- but you won't answer me. MR. HEISENBOTTLE: The Mayor -- the Mayor -- MR. SPRATLING: No question on the point -- MR. HEISENBOTTLE: Oh, please. MR. SPRATLING: -- about what the Mayor said, Richard, just the direct question. MS. KRUCKEMYER: The low income housing and the affordable housing, why is there -- MR. HEISENBOTTLE: No. MS. KRUCKEMYER: -- a conflict? Where has -- that was my other question. Where have you put in low income housing into other neighborhoods? MR. HEISENBOTTLE: Well, I, by the way, have not put low income housing into other neighborhoods, even though I do have multifamily housing in Center City, Philadelphia, you know, which is not known for being, I don't know, uh -- MALE AUDIENCE MEMBER: Careful. MR. HEISENBOTTLE: -- one of the higher income Veritext Legal Solutions 800-726-7007 305-376-8800 11 ranges. 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 62 You know, what I said to you is that -- I said I was also a famous architect, and that's -- that I will stand by because one of the reasons we won this project is because of the quality of what we proposed, okay? That's all. And that's what -- MS. KRUCKEMYER: (Unintelligible.) MR. HEISENBOTTLE: -- you're seeing here. MS. KRUCKEMYER: That -- that's not my question. Just answer my question. My question is: Where else have you put in that you developed with low -- MR. HEISENBOTTLE: I have not develop -- MS. KRUCKEMYER: -- income housing? MR. HEISENBOTTLE: I -- I answered your question. I told you that we have not used this method of financing and low income -- or -- and the Mayor is correct in what he quoted, and that is the IRS regulation calls this low income, low -- calls this low income housing. FEMALE AUDIENCE MEMBER: Because it is. MR. HEISENBOTTLE: In the -- in the scheme of things, you have to have a job. It's not Section 8 housing. You have to make $30,000 a year, and that goes for lots of people in this town Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 63 who have service jobs and -- and -- you know, and -- MS. KRUCKEMYER: So you just said under 30,000? MR. HEISENBOTTLE: You just -- you just came up here and gave me the 30 -- the average median income was 60 and the -- and the one -person example is 30, 33. That's fine, you know. But -- MS. YEBBA: Oh, boy. So we're neighbors, but we can agree to disagree. My name is Ana Yebba. I live on Mellonville Avenue. I think this is going to be a great project. I think it's very sad when someone puts their nose up at someone who makes 30 to $35,000 because, yes, they can afford to go out to eat. There are teachers that make 35 to $36,000 and do go out to dinner and do come into Winter Park for me to do their hair, so I beg to differ with that. I think that there are bussers, there are waitresses, there are bartenders, there are shopkeepers that it would be very nice for them to be able to live in a nice -- that doesn't make them low people. They just cannot afford $1,400. I think it's lovely that they're going to be able to live in a place where they will not need to Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 64 use their car and intrude on our parking spaces in downtown Sanford. They'll be able to walk to a restaurant, walk to a shop to work. I think it's lovely that they will be able to afford this and I'm all for it. If anyone has done their research on this company, because I have when I met them in the beginning, you all know that they have worked in historic places, they have sat on historic boards, they do not intend to put a junky project in our downtown. They have a great management company that is going to be managing it. They have a separate company who are bringing in retailers and restaurants to our city. I don't see where this is wrong. I totally support it. He's not here, but my husband does as well, and I can't wait to see a shovel in the ground. (Audience applause.) MR. SIRICA: Hello, my name is Tony Sirica. My address is 431 Elliott Avenue. I'm also a business owner. I own some properties also. I own The Jailhouse and Station and Brix & Mortar and I will share that when we first originally started the Jailhouse one of the exciting things was this Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 65 project coming aboard. And it has taken a while, I'm not going to deny that, but I also know the hurdles and obstacles that the City has done as well. This affordable housing, it's 20 percent. Let's talk about the 80 percent, the retail stores. If a -- as a business owner, we see that on Monday, Tuesday, Wednesday, Thursday it's pretty slow downtown, and this is going to create more -- more traffic. And I believe this is an important project. I think the City needs it. I do see the -- the back -and -forth and I commend you because this is not how it was set up. This is an attack in so many ways, and I think Sanford's better than that. Thank you. (Audience applause.) FEMALE AUDIENCE MEMBER: May I say one more thing? The funding that they tried to get in the beginning was with a very reputable company called The Michaels Group. They -- they -- they help people like Disney. They're not little guys. What happened is, it came in front of the Commission, an attorney was hired outside in Winter Park, Ms. Ford, to give a suggestion to the City Commission on voting. Ms. Ford sent her Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 66 recommendation three hours before the City Commission meeting, which I understand now why the City Commission couldn't vote on that. You can't vote on something you receive two hours prior or three hours prior to a meeting. But instead of tabling it, they denied that group. So here we are, bond money. That's what happened. MR. COMBS: My name is Todd Combs and I live on Myrtle. I know your neighborhood in Philly. Some of my employees live there and it's a hellhole and you should be ashamed to even say that here. So the part you don't know is it is terrible there. There's drugs, needles, and death everywhere -- MR. HEISENBOTTLE: Not in my building, buddy. MR. COMBS: -- and it started with your 20 percent MR. HEISENBOTTLE: Not in my building. MR. COMBS: -- because your funding is terrible. So I can speak from experience it sounds great, I think we need affordable housing, I think there's a lot of apartment buildings going up in Sanford, and to give people prime location. I moved from Maryland to Philly and I moved again and again and now I'm in Sanford because I've worked my tail off to afford it. Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 67 And you're right, I can't live in downtown Sanford, right? I'm just outside the historic district and I work my ass off to afford that house. And if you're going to put people that can live in those kind of houses with waterfront property, I wish I had the opportunity, but I don't make $30,000 and none of my employees make that little and instead they're living in chitty apartments all over this town outside of downtown, and that's how they have to live and I pay them more than 30. My sister is a teacher. Her base pay is 57,000. So when you say that -- and next year there was a bill proposed yesterday and it's going to be 65,000 next year. So let's not act like it's for the school teachers and the firefighters. So I spend money at Jailhouse and all these other places, but I can't afford the $700,000 house downtown, but I can afford the 400,000 and I can't go out every day. I think we need to actually take care of downtown and build it local. Thanks. (Audience applause.) MR. MCKINNON: At this time are there any other members of the public wishing to be heard today? Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 68 MS. CHRISTIANSON: Well, I want to -- I can't come down, but I want to back him up. I lived in a place like this where we started out with teachers, and I'm a nurse, and there was a policeman across the street, but eventually it became seventh heaven for three-family condos, and so everybody moved out and left and the druggies came in. So I -- I saw it in action. MR. GROOT: Tell them your name. MS. CHRISTIANSON: Oh. Karen Christianson [ph sp] . MS. GILLES: I just want to ask a question. I'm sorry, I came late. Kisha Gilles from 5204 Hawkstone Drive. Is it also -- I heard something about condos. Is it only rentals? MR. HEISENBOTTLE: These are only rentals. And -- and there -- MS. GILLES: Okay. Thank you. MR. HEISENBOTTLE: And the reason there are only rentals is because there was no market for condominiums in the downtown that we could fall back on. MS. GILLES: Gotcha. Thank you. MR. MCKINNON: Is there anybody else wishing to be heard tonight? Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 69 (No response.) MR. MCKINNON: Well, after having heard public comments on this matter, the public hearing on the proposed issuance of the bonds in one or more installments or series, either tax-exempt, taxable or both, from time to time, an aggregate principal amount not to exceed $75 million is now closed at 7:23 p.m. MR. GROOT: Mr. McKinnon, can I just make one announcement just -- if all goes well, the hearing on the -- this matter before the City Commission will be the 23rd of October at 7:00 p.m. or thereabouts. MALE AUDIENCE MEMBER: Lonnie, can I ask a question? MR. GROOT: Well, have you closed the hearing? MALE AUDIENCE MEMBER: Yeah. MR. MCKINNON: The hearing is closed. We're off the record. (The hearing concluded at 7:23 p.m.) Veritext Legal Solutions 800-726-7007 305-376-8800 1 2 3 M 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Page 70 CERTIFICATE OF REPORTER STATE OF FLORIDA COUNTY OF SEMINOLE I, LISA K. WORKMAN, Court Reporter and Notary Public, State of Florida, was authorized to and did stenographically report the foregoing proceedings; and that the transcript, pages 3 through 69, is a true and accurate record of my stenographic notes. I further certify that I am not a relative, or employee, or attorney, or counsel of any of the parties' attorney or counsel connected with the action, nor am I financially interested in this action. DATED this 20th day of October, 2023. LISA K. WORKMAN, COURT REPORTER Veritext Legal Solutions 800-726-7007 305-376-8800 [& - act] Page 71 & 2023b 3:16 2025 50:7 370 5:5 775 56:22 7:00 69:12 & 7:2010:18 4 64:23 20th 70:18 216 12:16 7:23 1:8 69:8,20 40 41:4 400,000 67:19 g 1 22 26.7 41 27:8 8 18:5 28:14517 1 2:3 1,000 47:4 221 4:13 22686 70:21 431 64:21 47:14915 48:9 1,400 63:23 235 5:3 29:7 437 4:20 62:24 1,566 58:1 23rd 69:12 450,000 10:1 8,550 5:2 100 11:25 52:14 249 5:5 47 29:6 36:6 80 45:6 65:6 11 26:15 25 24:18 57:5 40:16 56:11 813 2:4 118 49:8 250,000 35:4 4th 3:20 82,500 41:3 12 1:7 7:21 2700 2:3 5 85 23:4 5.62 4:8 121 5:6 273-6677 2:4 8919 4:20 142 4:5 50 42:148:2 a 3 147 7:2 16:21 52:16 54:14 ability 13:18 15 49:1 59:25 3 44: 59:23 able 10:11 15:22 16th 51:24 2 30 4:18 5414 54: 5204 68:13 15:23 40:10 1986 7:3 63:6,8,13 67:11 57,000 67:13 60:15 63:22,25 1999 40:13 30,000 42:5 62:24 63:4 67:7 574 4:21 64:254 aboard 65:1 2 6 30,750 59:25 300 1:10 above 32:10 2 43:6 6 60:9 2,000 47:3 308 4:14 60 53:20 63:7 absolutely 20 10:10 13 :16 32771 1:10 600 10:3 16:20 18:7,19 53:4 5 59:20 12:17 65,000 67:15 21:16 22:15 65:5 66:16 33 63:8 65,100 41:22 accurate 8:10 200 51:24 33602-5182 2:4 69 70:11 16:15 70:11 2011 7:13 35 63:15 6:00 3:6 accurately 2016 22:23 35,000 63:14 6:01 1:8 3:5 40:10 2017-4403 4:19 35,150 60:4 6:02 3:21 achieved 23:11 2022 11:14 51:7 35,380 4:25 acquisition 3:24 7 2023 1:7 3:20 350 10:1 5:16 acres 4:8 7009000 10:4 59:24 70:18 369000 63:15 67:18 act 54:9,9 67:15 2023a 3:15 37,749 25:11 75 3:14 7:1 51:17 69:7 Veritext Legal Solutions 800-726-7007 305-376-8800 [acting - 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condos] chamber 22:11 chambers 1:9 change 44:8,9 changed 47:12 52:1,2,5 55:11 55:13122 changes 40:14 42:20 channel 60:9 character 27:2 charm 11:11 charrette 22:22 23:3 27:14 chattanooga 31:23 cheap 52:6 cheapen 10:16 check 48:15 60:16 christianson 68:1,10,10 christina 59:17 circumstances 6:8 cities 19:10,10 citizen 10:21 13:2 citizens 11:3 59:15 city 1:9,9 2:3,10 3:11 4:19 6:5,16 6:20 7:15 8:11 8:16 10:15 11:13 12:8,19 12:21 14:7 15:20,23,24 16:253,5,8510 19:3 22:16,24 2112,20,21,25 24:22 27:3 31:14 32:14116 36:15 40:13 41:6 43:18 50:6 52:8515 57:25 58:13 59:9 61:22 64:14 65:3)11,24 66:1 66:3 69:11 city's 11:11 civic 31:2 clapboard 27:1 clarified 59:21 clarifying 57:20 clear 20:5 52:22 client 39:6 clock 50:12 close 10:8 closed 69:7,16 69:18 code 4:5 7:3 16:22 39:8 collectively 5:10 colonial 30:24 30:25 31:3 colorful 42:22 combs 66:8,8515 66:18 come 9:18 14:6 14:22 20:21 21:10 24:16 33:23 34:21 35:5514 36:12 38:13 39:24524 39:25 40:0 53:3 63:16 68:2 comes 35:25 47:8 48:14 coming 18:2 20:20 48:14 65:1 commend 65:12 comment 37:7 comments 69:3 commerce 6:11 commercial 4:12 25:16,17 25:18,20,21 30:10 49:24 commission 16:7513 65:22 65:25 66:2,3 69:11 commissioners 16:8 communication 14:18 communities 18:23 60:14 community 6:10 12:3 16:23 18:25525 19:1,7 20:18121 25:12 25:24 26:1,2,4,6 28:6523 29:5 34:18 35:18,20 Veritext Legal Solutions Page 75 35:22524 36:9 44:17 59:1 comp 7:24 company 5:13 64:7)11,13 65:19 compared 11:20 competing 22:13 complement 11:21 complete 25:4 26:24 completion 10:9 component 12:5 49:14 components 57:9 concept 13:4 concern 45:18 45:22 concerned 9:12 11:4 58:8,9 concerns 9:14 11:6 13:11 46:1 46:3 50:20 concerts 34:20 conclude 36:11 concluded 69:20 conditions 6:2 condominiums 68:21 condos 49:15 68:6515 800-726-7007 305-376-8800 [confidence - 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good] 50:4 52:19,20 finishes 45:5 firefighters 28:24 56:12 67:16 firehouse 30:12 firm 16:16 22:10 23:19 51:4 firms 22:14 first 4:10,14 7:14,16 9:4 10:24 12:17 21:18 23:20 30:2 31:16 32:7 33:18 34:3 36:8 42:18 45 :23 50:18 64:24 fishkind 7:20 fit 17:9 42:12925 fitout 45:3 fits 11:11 five 14:23 26:12 26:20520 39:21 fix 5:9 fixtures 5:9 flags 25:5 flashback 50:25 flooding 50:16 floor 26:18 44:4 44:5 florida 1:10,12 2:4 3:11 4:14515 4:16,22 5:12 6:13 12:13917 14:9 36:4 70:3,8 flow 48:16 flushing 50:15 folks 28:13,25 34:21 40:6 following 4:13 4:22 food 30:14 foot 29:15,17,18 43:5,6 ford 65:24,25 foregoing 70:9 forge 42:17 forgot 35:11 43:11 forma 56:23 formed 8:816:2 formulate 37:25 45:21 forth 65:12 forward 13:9 four 7:8 33:12 france 31:25 frank 18:20 frankly 9:2 free 24:19 28:16 friends 35:1 front 32:23 56:25 65:22 fruition 9:18 14:7 29:8 full 21:1 59:25 fun 35:15 fund 5:19,22 53:17 fundable 43:7,8 funded 51:8 funding 5:18,20 5:22 43:2 52:11 52:25 53:1 59:2 65:18 66:18 funds 6:25 12:23 furnished 45:3 furnishing 3:25 5:17 furnishings 5:9 further 25:19 70:13 fvi 24:15 g 3:1 gain 8:24 gainful 6:11 gallery 7:14 garages 46:14 gather 8:24 gene 15:6,13 general 6:14 generosity 31:13 gentlemen 21:17 37:6 getting 50:20 gilles 68:12,13 68:18123 give 7:12 21:13 37:10 39:12 42:7 65:24 66:22 Veritext Legal Solutions Page 79 gives 7:21,23 37:14 giving 29:6 glad 23:2 go 3:6 11:24 15:17 21:4 28:11 30:10 33:4 37:17,19 39:6 49:20 63 :14,16 67:20 goes 25:19 28:24,25 57:22 62:25 69:10 going 3:6 7:9 8:25 12:5,6 15:16 19:5 21:19 27:16 28:11 31:24 32:17,18 33:154 34:1,2,17,19,20 34:21,23 36:11 36:12 38:11,19 44:23,25 46:14 46:15 49:22 51:10,11911 55:25 56:1,9 63:11,24 64:12 65:259 66:21 67:4514 goldman 35:1 good 3:3,4 20:11 22:1 23 :2 49:7 56:15,16 56:18 800-726-7007 305-376-8800 [google - highest] google 41:14 gotcha 68:23 government 47:5,24 government's 48:14 governor 54:8 great 13 :5,14 30:13 31:12 35:21 42:12 63:12 64:11 66:20 grew 44:12 groot 2:10 20:1 20:2,4 27:11,22 28:1 36:16,22 36:25 38:5,7,11 38:14,21,25 39:3 43:10914 68:9 69:9,16 gross 59:24 ground 12:11 64:18 group 32:5 65:20 66:6 group's 37:11 groves 49:7,8 51:3,14,21 growth 6:913:6 guarantee 58:25 guess 27:13 gulf 14:9 16:2 19:3 guy 3 2:2 5 guys 18:17 20:15 50:4 51:6 65:21 h hail 50:8 hair 63:17 half 28:21 41:4 hall 1:9 32:14 32:16 hand 21:14 hank 18:3 46:23 happen 22:18 30:9 happened 65:22 66:7 happens 20:19 31:2 54:7 56:11 hard 13:24 29:3 50:4 harken 23:25 hate 49:21 hawkstone 68:14 hear 15:8 18:11 heard 7:4,9 14:19 20:22 24:2 39:18 59:2 60:11 67:24 68:14,25 69:2 hearing 1:2 3:5 3:10312519,21 7:1 14:22 15:2 15:22 16:21 17:1913 19:17 21:8 36:17,18 36:22 37:1,7 38:15517525 39:3,7,14 69:3 69:10,16518920 hearings 20:21 heart 9:21 hearts 12:3 heaven 68:5 heck 36:4 heisenbottle 2:11511 11:2,12 12:10 16:12 19:16520 20:3 20:12 21:15,17 21:22 22:358,9 23:1 24:15 27:7 27:9,11,20,23 28:3 29:11 31:9 31:11522,24 32:17 36:20 37:3 38:14,16 38:16,24 39:1 40:5,17,20,22 40:24 41:1,7,10 41:12,14518,23 42:14 43:4,17 43:25 44:5 45:11,16,19 46:2511518 47:8 48:19,22,25 49:4 52:4 53:158 53 :12,14,16,20 53:22525 54A16 55:5,12,15517 55:20,23 56:21 Veritext Legal Solutions :1 57:2,4,7,16,19 58:16918,21 60:21 61:7,9,14 61:19,25 62:8 62:13915,22 63:5 66:14517 68:16,19 heisenbottle's 11:7 hellhole 66:10 hello 64:20 help 7:25 8:14 13:9 17:14 37:25 38:5,20 65:20 helpful 27:14 37:13 helping 45:21 helps 35:25 herald 3:20 heritage 1:3 4:6 8:3 9:15 10:8,23 12:4,20,24 13 :2 14:1,10,13 23:14 hey 36:24 hi 18:2 20:1 40:12 44:1 46:19 49:7 51:23 high 28:10 51:16 52:21 higher 61:25 highest 9:8 54:25 800-726-7007 305-376-8800 [highly - introduce] highly 24:4,5 hired 23:20 65:23 historic 9:10,13 10:25 11:6,8,11 11:23 12:16 24:3,8,10 25:14 30:18 32:3,4,21 33:19,20 64:9,9 67:2 history 24:1 26:5 34:22 52:6 hold 15:12 25:8 holding 51:12 home 9:13 14:4 35:17 homes 10:2 58:2 honest 18:20 honestly 58:7 hood 4:13 9:15 33:25 hope 14:7 horse 46:20 hotel 24:10,11 25:4 hour 59:25 hours 66:1,4,5 house 47:167:4 67:18 household 48:6 60:1,4 houses 67:5 housing 1:3 3:14 4:1,16 6:15 7:18922 8:19,21 9:7,10 11:16,17 11:19,25 12:5 13:13 14:2 18:5 19:14 27:5 28:13514,15,15 28:16 29:5 30:4 30:7 34:15 35:24 36:6,7,8 41:21 42:13 44:20322,22,23 45:25 46:16 47:14516,17,18 47:20,23 48:24 49:25 50:2 52:1 52:23 54:14518 55:19 56:10 57:22,23,25 60:6,15 61:12 61:13 517,20,22 62:14,20,24 65:5 66:20 housings 47:4 howard 7:13 hud 56:23 huge 10:12 50:185,23 57:23 huh 32:17 34:19 56:14 human 32:21 hurdles 65:3 hurricanes 50:16 husband 21:25 64:16 i ice 33:1,1 idea 16:22 18:11 image 33:18 imagination 35:7 imagine 38:15 important 65:10 improve 8:13 inappropriate 7:23 incentive 48:17 48:20 incentivizing 10:15 include 11:15 included 45:8 46:9 including 3:23 5:4,8,15 income 7:18,22 8 A 18,21 9:799 9:19,24 10:11 13:12,13 18:4 27:5 40:15,18 41:2 42:13 44:3 44:21 48:1,15 51:25 52:23 55:19 57:11 59:21923524 60:3,7,15 61:12 61:17920925 62:14,17,19,20 63:7 Veritext Legal Solutions Page 81 incomes 4:3 incredibly 28:20 independent 6:5 indicating 17:22 22:25 individual 33:22 indulge 19:21 information 6:3 21:3 38:4 informed 17:15 infrastructure 50:14 input 13:4 installation 3:25 5:17 installments 3:17 69:5 intend 64:10 intended 19:18 interaction 28:1 interest 5:21 6:23 28:10 54:5 58:13 59:8 interested 59:1 60:10 70:16 interesting 34:10 interests 55:4 internal 7:2 16:22 39:8 interrupt 27:24 introduce 22:4 800-726-7007 305-376-8800 [introducing - live] introducing 52:23 intrude 64:1 invest 8:16 invested 22:24 investigation 6:5 invite 14:21 24:16 invited 7:6 involved 13:1 15:20 irs 62:19 isle 50:23 issuance 3:13 6:6 7:4 10:22 16:18 69:4 issue 7:1312:23 13:8 16:1 18:21 19:6 32:25 issued 3:16,22 6:25 issuer 16:18 issues 58:23 issuing 5:24 item 37:18 59:18 items 42:22 j j 2:2,11 jailhouse 64:23 64:25 67:17 jazz 34:20 job 56:15,16 60:1 62:23 jobs 28:13 63:1 junky 64:10 jurisdiction 16:1 k k 1:11 70:7,22 kareem 2:2 16:15 18:10 20:5,7 27:19 57:8 karen 68:10 katherine 40:12 keep 32:20 45:25 key 25:6 kind 23:24 27:4 34:12 51:5 67:5 kisha 68:13 kitchens 45:3 know 11:2,9 13:20,24 17:14 19:9 20:4519 22:2 24:10 25:6 28:10 34:1 35:12 43:7 44:2 44:11,16 47:2 49:10,12,17,21 49:23 50:1,12 50:13 51:3514 52:557 53:23 54:2,9 56:3 57:5 57:7,19 60:2 61:22,23 62:2 63:1,8 64:8 65:2 66:9,12 known 5 :10,13 22:19 60:14 61:23 konieczny 12:15 12:15 14:16 kruckemyer 15:6,6,10,13,13 15:15,18 17:19 17:23 59:12912 60:20925 61:3,6 61:12,15 62:799 62:14 63:3 kspratling 2:5 kuhn 7:11 1 lack 9:23 ladies 21:17 37:6 lady 16:15,20 lake 26:10 44:24 land 4:8 landlord 57:24 large 11:4 late 68:13 latest 9:20 law 16:16 lawsuit 7:14,19 leaders 11:1 12:8 15:23 16:5 16:9,10 leading 58:10 learned 10:24 learning 11:7 leave 35:11 Veritext Legal Solutions Page 82 leaving 58:9 left 20:25 30:2 68:7 lender 20:7 leon 12:15315 14:16 letter 9:11 12:14 level 32:8 60:4 levels 4:3 liability 5:13 liable 6:22 life 49:18 likable 23:23 limit 39:20 48:24 49:1 limited 5:12 42:4 limiting 14:23 link 7:19 lisa 1:1170:7922 listen 28:9 literally 33:23 45:12 57:17 little 19:13 21:4 30:23 32:22 34:23 35:797,8 38:3 42:24 47:14 65:21 67:8 live 5:5 8:18 13:21 14:3 15:6 18:3 35:14 36:3 44:10 51:24 54:8,9,22 56:13 59:13 60:3 800-726-7007 305-376-8800 [live - mckinnon's] 63:11522,25 66:8,10 67:1,5 67:10 lived 40:13 49:17 68:2 living 44:17 67:8 Ile 5:12 12:21,24 13:9 14:14 55:8 loaf 34:8 loaned 5:11 lobby 18:24 local 54:8,9 67:21 located 4:7 5:8 6:10 location 7:5 9:23 12:2 66:22 loft 31:5 33:12 lofts 5:4 44:3 46:13,13,14 49:25 long 50:19 51:7 longer 8:11 longstanding 8:1 lonnie 2:1019:8 20:2,3 38:13 69:14 look 19:23 24:17,18 25:2 29:16 30:15,18 34:1,3 looked 51:6 52:18 looking 41:20 looks 25:6 29:16 32:10 33:22 34:10,11 lost 48:10 lot 15:4 18:5 36:7 40:14 44:6 45:1 50:14,17 50:20 51:17 52:12 66:21 lots 62:25 love 9:17 12:4 19:21 29:23 35:13,17 lovely 63:24 64:4 low 7:18922 8:6 8:18,20 9:759919 9:24 10:10 13:12,13 18:4 27:5 28:20 42:13,13 44:3 44:21 51:25 52:23 55:19 59:21 60:6,15 61:12,17,20 62:12,17,19,19 62:20 63:23 lower 32:8 luckv 32:24 In ma'am 16:14 17:17 39:12 41:19 42:9 43:11 made 34:11 42:20 43:14 54:16 55:5 madewell 32:23 32:24 mail 10:20 mails 7:8 maintain 29:9 46:3 major 22:14 make 6:8 14:6 20:5311 21:18 23:20 27:17 39:5,17 43:23 45:13 48:15 55:2 57:9 62:24 63:15,22 67:7,7 69:9 makes 53:1 63:13 making 47:5 male 21:21,24 22:25 31:21123 38:13 56:15 60:18 61:24 69:14517 man 43:5 management 64:11 managing 64:12 manufacturing 33:14 marina 26:10 50:22 Veritext Legal Solutions Page 83 mark 43 :15 market 13:22 23:8 34:5,9 45:5 46:25 47:21 52:4 56:10 68:20 marketplace 43:8 marks 7:13 27:16 mary 50:8 maryland 66:23 master 4:24 23:13,16517,19 25:10 52:10 55:12 mated 24:23 materials 17:4 matter 52:6 69:3,11 maximum 6:24 mayor 59:14 60A8 61:7,7,10 62:18 mckinnon 2:9 3:3,5,8 15:4,21 18:1,7 20:8 21:10 27:18 36:16 39:15519 40:3,6 43:10 46:21,24 48:4 67:23 68:24 69:2,9,18 mckinnon's 21:5 800-726-7007 305-376-8800 [mean - nelson] mean 35:15 49:17 57:4 meant 23:23 media 13:10 28:9 median 28:22 40:18 41:2 48:1 59:24 63:6 mediterranean 32:10,12 meet 8:6 meeting 16:4,6 16:7,10,11,13 17:5,7,16 66:2,5 mellonville 63:11 member 15:8,12 15:17 16:4 17:18 21:21,24 21:25 22:6,25 24:13,14 27:6,8 27:10 31:21,23 32:16 37:23 38:1,2,13519,22 39:10,13 51:2 51:13 56:15,16 59:10 60:18 61:24 62:21 65:17 69:14,17 members 7:8 14:18,21 17:22 20:25 36:9 67:24 mention 48:4 mentioned 15:19 45:20 met 11:1 44:12 64:7 method 34:16 62:17 methodology 21:19 miami 3 5 :2 mic 15:10 mic's 15:9 michaels 52:14 52:16 65:20 mics 15:10,16 middle 11:5 59:22 milk 34:9 miller 2:2 16:17 million 3:14 7:1 51:17 52:14 53:4,5 69:7 millions 8:12 mine 35:1 minored 34:22 minus 4:25 5:2 5:3 minutes 14:23 15:2 16:24 39:21 40:11 miscellaneous 26:3 misrepresenta... 58:22 mix 14:1 49:22 mixture 44:4,5 model 46:7 47:13 moment 7:7 19:21 40:24 monday 65:7 money 22:24 35:9 40:23 51:11517 52:6 66:7 67:17 monroe 26:11 month 7:12 mortar 64:23 motorcycle 31:19 move 13:9 44:13 moved 66:23,23 68:6 moving 10:7,9 33:10 msa 41:22 multifamily 1:3 3:14 4:1 61:21 municipality 6:21 mural 34:24 murals 42:21 mvrtle 66:9 n n 2:1,10 3:1 name 3:8 10:21 12:15 16:15 17:11924 18:3 21:22 22:8 32:1 40:7,10,12 Veritext Legal Solutions 43:12,24 44:1 46:21 49:7 51:23 59:12 63:10 64:20 66:8 68:9 nancy 49:8 54:24 59:12 national 10:2 naturally 11:4 nature 7:4 near 13:22 nearby 9:25 necessarily 55:4 58:3 necessary 5:20 5:21,23 10:15 need 8:19 9:23 29:5 34:698 35:22 43:1 50:17 54:17 57:2 63:25 66:20 67:20 needed 9:20 needles 66:13 needs 6:7 54:21 65:11 negatives 17:23 neighborhood 41:3 66:9 neighborhoods 61:18,21 neighbors 63:9 nelson 10:20,21 12:12 800-726-7007 305-376-8800 [never - palmetto] never 8:21 46:14,15 56:1 58:18,18 new 11:4,10,24 29:13 47:20 56:12 news 28:9 55:8 60:9 nice 30:23 32:9 32:9 35:17 54:12 63:21522 nickel 22:23 night 30:11 non 4:25 nonaffordable 57:14 north 1:10 4:13 northeast 7:16 33:16 nose 63:13 notary 1:12 70:8 notes 70:12 notice 3:19 7:6 noticing 42:19 november 52:7 number 4:19 26:15 30:3 41:23 42:1 numbers 10:3 numerous 9:24 nurse 68:4 0 o 3:1 oaks 49:8 objection 21:19 objective 38:20 obstacles 65:3 obvious 49:11 obviously 17:6 49:25 55:2 october 1:7 3:20 69:12 70:18 offended 22:2 offense 50:12 offer 36:8 office 5:2 35:15 35:16 officer 3:1017:1 17:13 21:8 officers 28:25 56:12 official 4:20 officials 17:25 8 17:14 19:3,5 37:10,19 offset 48:15 A 18:16 46:11 61:9 63:9 68:10 okay 19:12 20:6 27:22,23 36:14 38:3 39:13 42:7 42:8 43:23 45:18 46:17 49:6 57:13,18 62:6 68:18 old 7:21 11:10 32:14516 41:23 55:8 olive 2:2 16:17 once 24:8 32:13 44:10 ones 14:19 online 23:14 open 3:21 12:11 19:21 opens 25:22 operating 5:22 opinion 37:25 42:8 45:21 50:24 opportunities 52:18 opportunity 11:14 28:13 39:18 52:20 67:6 opposite 26:17 33:10 48:20 option 11:15 12:9 53:13 54:7 54:7 55:6 order 55:6 ordinance 4:19 organization 52:14,17 original 8:22 51:25 58:4 originally 52:3 55:13116 64:24 Veritext Legal Solutions Page 85 orlando 33:15 ourself 50:11 outdated 8:11 outdoor 26:16 outside 65:23 67:2,9 overall 13 :16 overlook 30:12 overlooking 26:16,18 44:24 overlooks 45:1 own 10:5,5 22:23 27:2 34:19,20 35:12 46:15 47A18 64:22122 owned 5:25 owner 9:13 10:1742:15 64:22 65:7 owners 8:15 9:16 ownership 49:15919 p 2:1,1 3:1 p.a. 2:12 p.m. 1:8,8 3:6 69:8,12,20 packaging 50:1 pages 4:20 70:10 paintings 42:21 palmetto 4:10 4:12,14 7:17 800-726-7007 305-376-8800 [palmetto - previously] 10:18 25:20 31:17 33:25 paper 40:9 parade 27:12 parameters 8:5 parcels 4:7,9 park 1:3,10 4:6 9:15 10:24 12:4 12:20,25 13:2 14:1,11,13 23:14 25:9 34:14,15,19 35:12 43:18 63:17 65:23 parking 5:5 33:555365758 45:1 64:1 parlor 33:2 part 13:13,16 46:15 52:3 56:1 58:5 66:12 participate 17:7 participation 15:20 particular 9:5 parties 70:15 partner 52:13 52:13 partners 5:12 8:3 12:21,24 13:9 14:14 22:10 55:8 pass 50:8 paths 31:15 patty 32:13 paved 31:14 pay 6:22 47:25 67:10912 payment 5:24 penciled 46:6 people 6:1512:2 12:11 14:3 15:4 17:10 18:5 20:19 22:21 27:16 28:19522 29:2 35:4,17,21 39:25 44:9,17 48:5 49:11 50:2 50:14 56:5,5 58:25 59:21 60:2 61:3 62:25 63:23 65:21 66:22 67:4 percent 8:5 10:10 11:25 13:16 40:17 42:1 45:6 48:2 52:16 54:14 59:20523 65:5,6 66:16 perfectly 33:20 period 16:12 permission 21:5 person 20:8,8 38:17 39:21 57:11 63:7 personally 37:24 persons 4:3 perspective 24:3 ph 68:11 philadelphia 61:22 philly 66:9,23 phone 41:15 picked 31:4 pictures 50:19 piece 32:140:9 54:10,25 pink 25:15 place 1:9 8:17 30:10 54:22 63:25 68:3 places 11:24 28:23 34:25 64:9 67:18 plan 4:24 7:24 9:20 23:13,17 23:22 25:10 46:10 52:10 55:12 planners 23:20 plans 23:16 44:4 44:6 play 14:4 plaza 25:22 26:16 please 21:15 22:5 25:1 27:23 38:8 46:22 61:9 plummer 9:11 10:17 Veritext Legal Solutions plus 4:25 5:1,3 podium 14:24 40:1,7 point 29:23 37:6 37:17 61:8 police 28:24 56:12 policeman 68:4 polite 41:19 political 6:21 popular 8:17 portion 4:210:8 possible 12:9 possibly 10:7 potential 20:7 potentially 45:24 poured 9:21 prefer 11:16 present 2:816:8 18:17 presentation 20:13 27:17,24 27:25 37:13 presented 56:10 preservation 11:9 24:3 32:5 preserve 6:11 president 10:25 22:9 pretty 10:12 49:20 50:19 65:8 previously 13:3 800-726-7007 305-376-8800 [price - questions] price 57:14 pride 49:19 prime 49:12,13 50:23 54:25 66:22 primest 9:6 principal 6:23 69:6 prior 66:4,5 private 9:21 pro 56:23 probably 19:17 32:25 problems 50:15 50:15 proceed 22:12 proceedings 70:10 proceeds 5:11 process 22:22 55:12 processes 23:3 product 28:5 29:21 professional 58:7 profits 47:6,9 prohibit 7:15 project 4:5 6:7 6:25 9:5,15,18 10:8,24 11:3512 11:12,21921,24 12:1,20,25 13:2 13:9,13,14,16 14:5,9,13 16:23 17:3,4,21521 18:24 19:1,296 19:13514924 20:20,20,23,25 21:2,6 22:12,15 22:17921 23:11 23:24 27:4,5 28:8 29:7,12 34:15 37:8,12 37:16,18522 39:9 47:17,19 48:12,16 49:23 50:18 51:9,9,18 52:398316519,21 52:24 53:17 54:2 55:3921,24 56:7,10 58:10 58:15319 59:2,6 60:10 62:5 63:12 64:10 65:1,11 projects 18:22 30:4 promote 6:11 7:25 promotes 14:2,2 properties 64:22 property 5:8 49:12,14 50:23 54:11 67:6 proponent 57:23 proposal 8:22 51:25 proposed 3:12 7:16918 8:21 9:19 11:5 16:18 52:11 55:14 56:19 58:5,13 62:6 67:14 69:4 proposing 55:22 proud 25:7 provide 6:10,25 7:19 12:23 17:12 21:3 35:24 37:9 54:13 provided 6:4 13:4 17:2,5 54:13 provides 4:22 13:17 14:1 28:13 providing 6:15 13:12 37:17 47:18 provisions 4:18 public 1:2,12 3:12)21 4:21 6:13922 7:1,9 14:19922 17:5,7 17:19 18:22 19:2 20:13 21:1 37:7,8 67:24 69:2,3 70:8 publish 39:14 published 3:19 publix 34:7 Veritext Legal Solutions pud 10:10 purchase 55:7 purpose 3:22 5:15 6:13 18:20 18:22 19:2 39:7 47:18 purposes 19:16 pursuant 4:5 put 19:22 21:7,7 26:1,2 32:21 33:17 35:558 42:23 43:9 53:5 59:14 60:14 61:17520 62:11 64:10 67:4 puts 63:13 puttiniz 29:2 q qualified 4:4 quality 29:9,21 52:21 56:8 62:5 question 15:24 22:1 27:16 36:14 40:15 43:15,21 47:11 47:12 48:8 51:24 53:9 54:20 56:19 60:19,24 61:5,8 61:11,16 62:10 62:10,10,16 68:12 69:15 questions 18:9 18:15,18 20:9 20:24 21:2 22:5 800-726-7007 305-376-8800 [questions - research] 24:20 28:2 37:21524 38:23 39:20,17,20 39:21 45:21 quick 43:23 quickly 41:15 49:20 quincy 16:3 quit 58:19 quite 9:1,17 13:23 quoted 62:18 quotes 59:22 r r 2:1 3:1 rain 27:12 raise 47:1 range 5:4 ranges 62:1 rate 36:8 45:6 46:25 47:1,21 56:10 rates 28:10 47:3 47:25 read 7:10 8:3 14:20 59:14 real 41:15 49:9 54:25 reality 23:21 really 18:11 19:24 20:15 23:2515 27:13 27:13 29:23 32:18 37:16 42:24 50:4 51:18 reason 8:25 52:22 68:19 reasonable 13:17 reasons 7:22 62:4 receive 16:22 52:24 66:4 received 7:8 14:17 22:11 receiving 16:25 recent 42:20 recipient 28:18 recognize 35:22 recommendati... 66:1 record 7:10 11:8 15:21 17:12 40:7 51:8 69:19 70:11 recorded 4:20 records 4:20,21 recreating 25:4 recruiting 36:2 36:5 recruitment 36:1 redevelopment 8:1 23:12,21 refer 44:21 referred 4:6 8:23,23 refinance 6:6 refinancing 3:23 5:15 regarded 9:6 regarding 9:23 13:11 regards 9:14 regulation 62:19 regulations 54:12 reimbursement 3:24 5:16 reinforces 25:18 related 5 :9,14 6:1 relationship 26:4,5 relative 70:14 remember 22:22 31:10511 32:11 33:3,3 47:16 reminded 48:4 reminiscent 30:21 rent 4:2 29:14 29:20 47:23 56:19 57:10,14 58:1 rental 4:1 A 49:16323 rentals 49:22 68:15,16,20 rented 56:5 59:20 Veritext Legal Solutions DOME.* renting 44:16 49:24 rents 29:19 43:6 43:6 repaying 6:17 replies 59:15 report 7:20,20 7:23 37:9 70:9 reported 1:11 reporter 1:12 15:1 16:24 40:9 70:1,7,22 represent 20:6 45:6 representations 6:3 representative 24:7 represented 40:11 represents 20:6 24:22 reputable 65:19 request 12:22 13:1,8 15:24 required 7:2 8:5 14:25 16:21 39:7 40:16 52:12 requirement 11:16,17,19 59:19 research 5:19 6:5 23:9 64:6 800-726-7007 305-376-8800 [reserve - second] reserve 5:22 reserved 13:19 reside 12:16 13:19 resident 10:18 residential 4:4 4:25 5:3 8:6 33:8 residents 9:16 9:21 10:10 13:18 14:8 resolution 37:20 respond 18:15 20:14,14 27:17 27:18 responder 45:24 response 15:3 69:1 responsible 6:17 responsive 33:19 rest 11:20 29:16 restaurant 5:1 10:6 26:13,14 26:14,17 30:12 30:16 64:3 restaurants 25:22 29:1 64:14 restricted 4:2 result 23:17 retail 5:1 10:7 10:13 25:10,11 30:17 32:7,22 65:6 retailers 64:13 revenue 1:3 3:14915 7:2 16:22 39:8 48:11 review 7:19 revisiting 55:9 revitalization 8:2 11:22 revitalize 8:14 revival 32:11,12 rich 21:13 22:8 36:24 richard 2:11 11:1 19:11512 19:15 21:5 29:14 36:19 39:19923,24 40:3 43:6 61:2 61:11 right 18:23 20:3 20:798,15,16 37:5 41:2 42:25 46:6 47:21 48:13121 49:6 49:13,20 50.24 51:2 56:25 67:1 67:2 risk 51:16 rj 2:11 road 31:7,9,10 31:11 robin 51:23 56:16 roll 10:15 roof 25:5 30:23 room 17:6 19:11 21:1 38:18 56:11 58:3 roots 27:3 rotate 34:22,23 roughly 29:15 rules 29:20 run 34:19,20 37:1 51:11 running 36:22 51:4 s s 2:1 3:1 sad 63:12 salaries 28:20 35:21 36:10 salary 28:21,22 sanford 1:9,10 2:10 3:11,20 4:9 4:14515,16 5:12 6:17 7:15 8:2,8 8:14 9:15259,14 10:21525 12:254 12:7,13,16,17 12:20,20,22,24 12:25 13:8514 13:19 14:5,7,8 14:10512,13 15:1%25 18:3 22:9516521 23:14 24:1,1,9 24:23 25:18 27:3 30:25 Veritext Legal Solutions 32:13 40:13 41:256 42:17 49:8,11 50:14 54:16,17 55:7 57:25 58:14 59:9,24 64:2 66:22,24 67:2 sanford's 7:25 9:6 13:5 54:3 65:14 sanfording 11:24 sanfordites 12:6 12:7 14:11 23:4 sat 64:9 saw 33:15 68:7 saying 36:25 50:3 57:8 says 29:17 32:23 39:15 56:3 59:16 60:6 scale 11:4 32:21 scattered 44:18 45:12 scheduled 3:6 scheme 62:22 school 28:19,21 56:11 67:16 scoop 33:1 screened 33:6,7 33:8 script 21:4 second 9:11 26:18 29:24 39:12 800-726-7007 305-376-8800 [section - spectacular] section 4:5 7:2 16:21 18:5 28:14,17 47:14 47:15 48:9 62:24 see 17:3,9,23 19:8,10 23:13 24:18 25:15 30:22 31:1,8 33:21 34:15 35:5 36:17 46:8 49:14,21,21 52:10 58:2 60:16 64:15,17 65:7,11 seeing 30:2 62:8 seeked 58:15 seeking 9:9 seen 23:3 30:3,5 30:19 33:13,16 40:14 sell 50:10 52:16 selling 10:1,3 seminole 4:10 4:11,15)21 24:11 25:3,23 33:24 36:2 41:18520522 57:24 70:4 seniors 7:18 sense 20:11 45:13 54:16 sent 65:25 separate 64:13 series 3:15,16 3:17 26:25 69:5 seriously 24:19 25:1 38:14 serve 6:13 16:17 18:22 server 45:23 serves 19:2 service 5:19 63:1 services 10:11 serving 10:25 session 27:15 set 26:13 47:25 47:25 65:13 seventh 68:5 several 7:24 share 60:11 64:24 sheet 14:24 52:15 shitty 67:8 shop 32:22 64:3 shopkeepers 63:21 short 50:11 shovel 9:4 64:17 shovels 12:11 show 4:24 5:5 21:6 shows 5:3 side 26:15,17 33:10 sign 14:24,25 signature 70:21 signed 50:5 54:8 55:7 significant 6:8 similar 14:11 simple 57:11 simply 43:8 sincerely 12:12 single 57:25 sipley 56:18,18 57:6,13,18,20 58:12,17,20,23 sir 9:12 17:25 47:11 sirica 64:20,20 sister 67:12 sit 39:24,25,25 40:4 site 8:24 9:556 13:2 sitting 24:16 situation 52:4 six 44:16 sixty 53:18 size 4:8 5:3 11:20 57:10 skill 11:8 sky 32:1,3 slow 65:8 small 10:5,5 11:20 12:5 19:10 social 13:10 sold 10:1 Veritext Legal Solutions sole 47:18 solely 6:3 solve 50:17 somebody 35:8 someday 29:4 sooner 29:12,13 sorry 43:1157:3 68:13 sort 47:18 50:11 54:17 sorts 36:8,9 soul 9:22 sounds 20:24 66:19 south 12:17 sp 68:11 space 5:1,2 10:10 25:10511 25:16117518520 25:21 spaces 5:5 26:13 30:17 64:1 speak 7:614:22 15:23 16:5,6,10 16:11511 17:11 19:3 38:12517 66:19 speaking 14:23 32:2 38:18 50:9 special 9:1 26:6 specific 48:2 specifically 13:11 spectacular 22:15 34:10 800-726-7007 305-376-8800 [spell - tell] spell 40:10 spend 67:17 spoke 16:20 17:14 32:8 spratting 2:2 15:15 16:14,16 17:25 18:10,10 18:14919 19:19 20:16 21:13,16 36:19,24 37:2,5 38:657510 39:354 39:11914 41:17 41:19,25 42:456 42:9 43:11,20 47:10 48:12 51:20 56:25 57:3 60:23 61:1 61:4,8,10 square 4:25 5:1 5:2 25:11 stand 15:5 17:11 62:4 start 22:4 44:11 50:3 started 3:7 22:23 23:18 31:25 35:2 64:24 66:15 68:3 starting 28:20 state 1:12 6:12 6:14518,19,20 6:22 40:7 46:21 70:3,8 stated 54:24 statement 8:10 43:14,15 59:4 station 64:23 statues 42:23 statutory 4:18 stay 38:15,16 stenographic 70:12 stenographica... 70:9 stop 7:15 24:16 stores 65:6 story 12:124:11 26:12520520 32:22 33:11,12 33:12 street 4:11,12 4:15 5:6,7 7:17 9:15 31:17 32:7 33:6,8,18 34:3 42:18 51:24 68:5 streets 31:14 34:1,2 streetscapes 8:13 stretch 16:5 structure 33:7 stucco 27:1 30:20 stuck 51:10,12 studio 44:3,11 56:20521 57:15 57:16116 studios 44:6 60:2 stuff 50:17 54:12 style 30:24,25 31:3,5 32:11,12 42:11 styles 26:22 stylistically 26:25 subdivision 6:21 subject 4:17 8:9 submitted 8:4 subsidized 28:14,15 47:19 47:24 successful 29:3 51:16 suggest 33:22 suggestion 65:24 suite 2:3 summary 8:7 sunset 59:5 support 8:25 10:22 11:8,18 12:1,8,22 13:1,6 42:16 64:16 suppose 29:4 sure 10:12 21:18 38:6 39:17 41:15 55:3 Veritext Legal Solutions Page 91 t table 52:2 tablecloth 26:14 tabling 66:6 tail 66:25 take 18:14 19:23 20:17 21:7 24:18 25:1 29:24 37:7 39:8 50:12 67:20 taken 1:7 65:1 takes 25:19 talk 24:2 35:10 65:6 talked 19:13 talking 40:2 49:12 54:23,24 59:17 tampa 2:3,4 tap 10:18 tax 3:17 6:24 28:12 69:5 taxable 3 :15,18 69:5 teacher 28:21 45:23 67:12 teachers 28:19 36:1,2,5 56:12 63:15 67:16 68:3 team 11:2,9 12:10 tell 22:20 32:19 38:8 54:6 68:9 800-726-7007 305-376-8800 [telling - trust] telling 23:6 tells 19:24 ten 23 :18 tenant 32:24 term 8:24 terms 6:2 29:6 40:25 41:1 45:3 46:4 terrible 66:12 66:19 thank 10:17 12:18 14:15 16:14 17:17,18 17:24,25 18:1 23:1 46:17,24 49:6 51:20,21 56:13 57:20 60:16 65:15 68:18,23 thanks 18:2 21:9,12 67:21 theisen 51:23,23 52:22 53:7,9,13 53:15119,21,23 54:1,5,19 55:11 55:13,16,19,21 56:14 theory 42:25 thereabouts 69:13 thing 17:10 25:25 26:1 34:9 34:23 37:24 50:24 65:18 things 27:15 28:12 34:18 49:10,19,22 51:3 57:8 62:23 64:25 think 11:23 13:12 15:15 17:3 22:1 27:4 27:13,16,18 30:10 36:25 37:5,13 38:2,7,8 42:10,11 43:179 43:19 45:18,19 45:22924 49:10 50:9 51:16,18 53:24 54:19,21 54:22 56:22 58:12 63:11,12 63:19,24 64:3 65:11,14 66:20 66:20 67:20 thought 10:7 18:16917 42:23 thoughts 7:13 three 4:7 22:13 23:12,21 24:11 25:5,12,13 29:18 30:6 33:11,12 44:16 46:5,12 58:2 59:23 66:1,5 68:6 threshold 8:7 thursday 1:7 65:8 tiers 59:23 tight 13:23 29:19 time 1: 8 3 :16,16 9:17 10:14,16 10:17 13:24 14:6515,21,23 21:11 23:8,9 24:25 28:1 29:8 29:8121 30:13 36:255,12 37:20 37:21 39:21 44:8 48:24 49:1 50:5,12 59:25 67:23 69:6,6 times 10:7 tobacco 31:7,9 31:10,11 today 15:2,21 29:4,5 34:3 53:17 58:5,7 59:5 67:25 today's 3:10 28:7 43:8 todd 66:8 together 33:17 toilets 50:15 told 23:5,6,7,9 38:11 62:16 tonight 3 8 :12 68:25 tony 64:20 tony's 30:11 took 52:12 54:15 Veritext Legal Solutions Page 92 top 25:5 30:23 torn 24:13 32:14 total 57:10 58:21 totally 54:11 64:15 tough 36:2 tower 30:16 town 7:1135:25 42:24 62:25 67:9 townhouse 5:4 townhouses 9:25 track 11:8 51:8 tract 4:7 traditional 43 :2 traffic 65:10 trailhead 31:18 transcript 70:10 trash 49:18 traveling 31:22 trees 31:16 tremendous 52:20 tried 65:18 true 70:11 trust 2:6,9 3:9 3:13 6:16320 10:23,25 11:1 11:11 12:18,22 13:7 14:15517 15:25 16:2919 18:21 19:4 51:5 800-726-7007 305-376-8800 [try - website] try 15:16 43:1 trying 29:20 35:18 42:17 50:8 tuesday 65:8 turn 15:16 24:12 26:21 29:3 31:5 turned 9:417:1 turning 42:24 twenty 8:5 two 4:9 26:12 28:12 29:15517 30:6 32:21 37:4 37:24 39:20 45 :7,14,17 46: 5 46:8,9,11 48:7 52:7 60:4 66:4 typically 20:18 20:18 u ugly 42:22 uh 56:14 61:23 umbrella 32:1,2 unable 58:24 under 6:19:25 23:14 63:3 unders 25:9 understand 8:4 20:20 30:1 40:19 45:23 66:2 understanding 21:1 understood 24:21 45:7 underway 11:13 11:22 unintelligible 23:19 62:7 unique 29:24 unit 5:6 44:10 45:1 60:3 units 5:3 9:19 9:24 27:8 29:6 30:6 36:7 40:16 42:4 44:2 45:2,6 45:10513,24 46:16 47:22,23 58:1 59:20 upgrade 44:9 upwards 10:3 urban 23:23 use 9:8 21:11 37:21 55:1 64:1 used 8:24 34:16 62:16 v valid 7:21 vandenberg 43:23 44:132 45 :7,14,18,20 46:8,17 variety 26:21,22 46:13 venture 51:17 versus 47:148:9 viable 24:24 53:17 vibrant 14:3 25:24 victorian 25:7 video 23 :14,15 52:10 view 30:5 views 26:10 violates 7:24 vision 8:1 visit 8:17 visiting 35:4 vista 31:16 vote 66:3,4 voting 65:25 voucher 28:16 w wait 50:10 64:17 waiting 10:4 waitresses 63:20 walk 24:17 29:25 33:23 34:2 36:13 58:8 59:6 64:253 walkable 23:23 25:24 walking 35:16 walls 3 5 :6 42:21 want 7:12 18:23 18:25 19:6,7,15 20:5,22 21:13 21:18 22:20 23:7 27:12 31:1 33:21 35:11513 Veritext Legal Solutions Page 93 37:23 39:17 44:10 46:19 49:3,5 50:10 51:14,15 55:3 68:1,2,12 wanted 23:5,6 26:1 35:10 49:9 60:11 wants 35:8 53:5 water 25:21 26:18,19 30:4 30:13 31:17 water's 26:8 waterfront 5:12 12:21524 13:8 14:14 22:9 55:7 67:5 way 9:2 17:12 20:18,19 25:7 25:20,23 29:7 31:3,12,17,25 36:17 37:1 44:20 45:5 46:2 49:24 50:19 53:17,20 56:4,4 61:19 ways 65:14 we've 10:4 29:22 30:19 31:4 33:24 47:12 wealthy 35:21 website 41:21 52:9 800-726-7007 305-376-8800 [wednesday - zoning] wednesday 65:8 welcome 17:7 21:10 36:14 61:1 welfare 6:14 went 24:21 45:12 55:9 west 25:7 51:24 white 26:14 wholeheartedly 12:25 wife 3 8: 11 willing 39:19 40:8 winter 43:18 63:16 65:23 wisely 8:12 wish 58:20 67:6 wishing 7:3,9 14:19 67:24 68:24 won 62:4 wonder 30:21 wonderful 26:10 32:18 34:25 47:10 work 5:5 12:10 14:4 27:15 28:17 29:1,3 64:3 67:3 worked 8:16 64:8 66:25 workers 13:21 54:17 workforce 44:22 workman 1:11 70:7,22 world 28:10 29:16 52:5 53:5 53:6 worried 5 1: 10 wow 42:23 write 40:8 48:14 writing 9:12 17:24 written 56:3 wrong 64:15 wvnwood 35:6 y yay 59:10 yeah 36:19 43:17 48:10 51:13 54:19 69:17 year 35:5 49:1 62:25 67:13115 years 7:2123:3 23:16,18 30:19 33:14 40:14 50:6 52:7 54:14 yebba 63 :9,10 yell 15:11 yesterday 42:18 67:14 yield 37:4 york 29:13 youtube 23:14 23:15 52:10 K) zoning 54:11 Veritext Legal Solutions 800-726-7007 305-376-8800