Item C2
lAND AUTHORITY GOVERNING BOARD
AGENDA ITEM SUMMARY
Meeting Date: February 17, 2000
Bulk Item: Yes No X
Department: Land Authority
Agenda Item Wording: Approval of a resolution authorizing the conveyance of property located at 227
Virginia Street in Key West to the Bahama Conch Community Land Trust for affordable housing.
Item Background: The Land Authority is working in partnership with the Bahama Conch Community
Land Trust (BCCL T) to provide affordable housing, The community land trust model is based on a
hybrid of rental and homeownership concepts whereby the residents buy the house and lease the
underlying land. The subject property is a 4,459 square foot residentially zoned vacant lot in the
Bahama Village area of Key West. The Land Authority's partnership with BCCL T is based on the
following sequence of steps: 1) the Land Authority purchasing the lot; 2) the Land Authority conveying
the lot to BCCL T; 3) BCCL T developing the lot with two units of affordable housing; 4) BCCL T selling
the resulting housing and leasing the underlying land to income-qualified residents; and 5) BCCL T
monitoring compliance with the affordability requirements.
The Land Authority has now acquired the property. The proposed resolution would implement the
second step and convey the property to BCCL T. Attachment A of the resolution identifies 8 affordability
requirements that will be imposed as deed restrictions in perpetuity. Working with BCCL T, the
proposed requirements are intended to protect the Land Authority's investment within the framework of
the community land trust approach to affordable homeowners hip. The BCCL T proposal calls for the
property to be developed with two 1,850 square foot two-bedroom units, each of which BCCL T would
sell for $90,000 plus monthly ground lease payments of $35 per month.
Advisory Committee Action: On 1/26/00 the Advisory Committee voted 4/0 to approve the proposed
resolution.
Previous Governing Board Action: On 7/22/99 the Governing Board approved a contract to
purchase the subject property.
Staff Recommendation: Approval.
Total Cost: $ 265.00
Budgeted: Yes X
No
Cost to land Authority: $ 265.00
Approved By: Attorney.lS.....
Executive Director Approval:
OMB/Purch~
^^I .~ y..~
rk J, Rosch
Risk Management
Documentation: Included: X
To Follow:
Not Required:
Disposition:
Agenda Item LA #2
RESOLUTION NO,
A RESOLUTION OF THE MONROE COUNTY
COMPREHENSIVE PLAN LAND AUTHORITY AUTHORIZING
CONVEYANCE OF PROPERTY LOCATED AT 227 VIRGINIA
STREET IN KEY WEST TO THE BAHAMA CONCH COMMUNITY
LAND TRUST OF KEY WEST, INC. FOR THE PURPOSE OF
PROVIDING AFFORDABLE HOUSING.
WHEREAS, section 380.0666(3), Florida Statutes (FS) and section 9.3-2, Monroe County Code,
empower the Monroe County Comprehensive Plan Land Authority (hereinafter "Land Authority")
to acquire an interest in real property for the purpose of providing affordable housing to very low,
low, and moderate income persons as defined in section 420.0004, FS, where said acquisitions
are consistent with a comprehensive plan adopted pursuant to Chapter 380, FS; and
WHEREAS, the Bahama Conch Community Land Trust of Key West, Inc. (hereinafter BCCL T)
is a not-for-profit Florida corporation organized for charitable purposes that include providing for
the development and preservation of decent, permanently affordable housing for low and
moderate income people in the Bahama Village neighborhood and the Key West area; and
WHEREAS, consistent with Key West City Commission Resolution #98-149, the Land Authority
purchased the property located at 227 Virginia Street in Key West (hereinafter "subject
property") as an affordable housing site in partnership with BCCL T; and
WHEREAS, BCCL T requests that the Land Authority convey the subject property to BCCL T and
allow BCCL T to develop the property with affordable housing; and
WHEREAS, the Land Authority Advisory Committee considered this request at a meeting held
on November 16, 1999 and January 26, 2000 and voted 4/0 to recommend approval of the
conveyance subject to the affordability requirements contained in this Resolution; and
WHEREAS, the Governing Board wishes to approve the Advisory Committee's
recommendations; NOW, THEREFORE,
BE IT RESOLVED BY THE MONROE COUNTY COMPREHENSIVE PLAN LAND AUTHORITY:
Section 1, The property located at 227 Virginia Street in Key West (RE #00026760-000000)
shall be developed with affordable housing in accordance with requirements shown in
Attachment A.
Page 1 of 2
Section 2. The Chairman of the Land Authority Governing Board is hereby authorized to sign
the deed conveying the subject property to the Bahama Conch Community Land Trust of Key
West, Inc. Said deed shall restrict future use of the property to the requirements specified in
Attachment A.
PASSED AND ADOPTED by the Monroe County Comprehensive Plan Land Authority at a
regular meeting on this day of 2000,
(Seal)
ATTEST:
MONROE COUNTY COMPREHENSIVE
PLAN LAND AUTHORITY
Mark J. Rosch
Executive Director
Nora Williams
Chairman
Approved for Legal Sufficiency
Larry R. Erskine
Page 2 of 2
ATTACHMENT A
AFFORDABILlTY REQUIREMENTS
1, Affordability Period These affordability requirements run with the property and shall not
expire.
2. Type of Housing Homeownership - Housing developed on the subject property shall be
owner occupied and used as the homeowner's primary residence. The land under the
housing is to be leased to the homeowner by Bahama Conch Community Land Trust of Key
West, Inc. (hereinafter "BCCL T").
3. Income Limits and Use Restrictions Except in the case of inheritance by a spouse, children,
or a member of the household who has resided on the premises for at least a year prior to
such conveyance, use of the property shall be restricted to households earning less than or
equal to 100% of the County median income at the time of conveyance for use as a primary
residence and such other incidental uses as may be permitted by local zoning and land use
regulations.
4. Profit BCCL T is a not-for-profit corporation. BCCL T is prohibited from earning profit on the
subject property.
5, Monthly Payments Housing on the subject property shall be affordable, meaning the
homeowner's monthly mortgage payments including principal, interest, taxes, insurance
(PITI), utilities, and ground lease rent shall not exceed the occupant's annual adjusted gross
household income multiplied by 30% and divided by 12 in accordance with s, 420.0004,
Florida Statutes,
6. Resale Limits The leasehold estate may be transferred, subject to the income limit
provisions above, provided the purchase price does not exceed the sum of the price the
current owner paid plus 25% of the amount by which the estate may have appreciated.
7, Refinancing Limits BCCL T shall be prohibited from encumbering the land for any purpose
without the prior approval of the Monroe County Comprehensive Plan Land Authority.
8. Affordability Monitoring BCCL T will be responsible for ensuring these affordability
requirements are maintained. Whenever the leasehold estate is transferred BCCL T shall
provide certification to the Monroe County Comprehensive Plan Land Authority documenting
these affordability requirements have been met.
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Key West
Allen
(227 Virginia Street)