Public Hearing for Heritage Park Apartment Project
The following information is summarized from official City reports.
What’s Happening? A critical public hearing is scheduled regarding the Heritage Park Apartment Project, and here’s what you need to know. The hearing revolves around tax-exempt bond financing for the Heritage Park project, which is issued through the City of Gulfbreeze’s Capital Trust Authority. Even though the project is located in Sanford, the City of Sanford must approve the bond issuance.
What’s the Purpose? This hearing will consider authorizing the Capital Trust Authority to provide funds for Sanford Waterfront Partners, LLC. These funds will be used for affordable multifamily rental housing, with a significant portion dedicated to individuals or families with very low incomes, meeting specific criteria. The developer aims to make 47 studio apartments available for rent, with income restrictions.
When and Where? The Capital Trust Authority will conduct the public hearing at Sanford City Hall, 300 N. Park Ave, City Commission Chambers, at 6 p.m. on Thursday, October 12, 2023. It’s important to note that this isn’t a meeting of the Sanford City Commission.
About the Capital Trust Authority: The Capital Trust Authority is an independent agency serving as a conduit issuer of tax-exempt municipal financing for projects that provide a public benefit, in accordance with federal law and IRS regulations.
Why TEFRA Hearings are Important: These TEFRA hearings are an IRS requirement for developers like Sanford Waterfront Partners, LLC, who are seeking tax-exempt bonds through a conduit issuer like the Capital Trust Authority. The hearings allow the public to voice their opinions, concerns, or support for the use of tax-exempt bonds for projects that bring public benefits.
Above is a picture of what was expected to be there over 6 years ago—when the city of Sanford came to agreement that ultimately stalled. You can watch a short Video explaining what was promised. The Commission Chambers are expected to be packed. Citizens are concerned that the affordable housing initiatives are just a way of helping developers and hurting the local area. Opponents of this proposed deal frequently cite that there is better places in the city to accommodate affordable housing. It is hard to blame them when nearly 10 years ago an agreement was made that saw an assisted living facility in the epicenter of Sanford’s most luxurious venue—Marina Isle.
