Three apartment projects totaling 794 units could receive nearly $113 million in financing through the Housing Finance Authority of Manatee County, which is considering separate bond issues for properties in Bradenton and Ellenton.
The largest would provide approximately $50 million for The Palms at Manatee River, a 338-unit property whose proposed financing would cover its acquisition, rehabilitation, equipping and development. Another $40.9 million would support the same combination of work at Tuscany Lakes Apartments, a 348-unit community at 3550 58th Place East in Ellenton.
Tuscany Lakes would be owned by Tuscany Lakes Preservation, Ltd., a California limited partnership, or a related entity, while Palms at Manatee River, LP, or a related entity would own The Palms.
The third proposal differs from the first two because its apartments have not yet been built. Approximately $22 million would finance the construction, equipping and development of Flats at 5th, a 108-unit project planned at 4010 5th Street East in Bradenton by ECG Fifth Street, LP, or a related entity.
Together, the three proposed bond issues total $112.9 million, but repayment would come from the apartment projects rather than Manatee County taxpayers. Each issue would be payable solely from revenue generated by its respective property and would not constitute debt of the county, the housing authority, the state or another government agency.
The authority will consider the proposals during public hearings beginning at 1:30 p.m. Tuesday, Sept. 8, at 435 12th Street West in Bradenton, where members of the public will have an opportunity to comment on each bond issue.