Pinellas County Board of County Commissioners Agenda January 2025
Resolution Backs $36.73M Bond Issue for Skye Isle Apartments
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Description
The Board will approve a resolution authorizing the Housing Finance Authority to issue up to $36.73M in Multifamily Housing Revenue Bonds for Preservation 518, Ltd. to finance the 188-unit Skye Isle Apartments. The project will maintain affordability at or below 60% of AMI for 50 years under a land use restriction agreement, with no County credit pledged.
Contract Details
Contract Amount
Not to exceed $36,730,000.00 in Multifamily Housing Revenue Bonds
Vendor
PRESERVATION 518 LTD
Agency
Pinellas County, FL
Contract Type
FINANCIAL_SERVICES
Document Date
January 31, 2025
Contract Term
50-year affordability period enforced by land use restriction agreement (project level)
Renewal Info
Conduit bond issuance with a 50‑year affordability covenant; no renewal obligations for the County beyond the initial authorization.
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