Item J2
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lAND AUTHORITY GOVERNING BOARD
AGENDA ITEM SUMMARY
Meeting Date: Apri/17, 2002
Bulk Item: Yes No X
Department: Land Authority
Agenda Item Wording: Approval of a resolution authorizing the purchase and conveyance of property
at 307 Julia Street in Key West for the purpose of providing affordable housing in partnership with the
Bahama Conch Community Land Trust.
Item Background: This item is proposed to assist the Bahama Conch Community Land Trust
(BCCL T) in providing affordable housing for the long term in the form of homeownership and rentals.
The City of Key West has nominated this 4,051 sq. ft. property for purchase by the Land Authority in
partnership with BCCL T. The property is developed with a conch house and has the potential for
duplex or multi-family occupancy. Once the property has been purchased, the Land Authority will
impose permanent deed restrictions and convey the property to BCCL T. BCCL T wi/I then either sell the
house to an income-qualified buyer, with the sale being subject to a long-term ground lease to control
affordabi/ity or rent the property to income-qualified tenants.
The land Authority's purchase contract will be contingent upon simultaneous conveyance of the
property to BCCL T. The attached spreadsheet lists the legal description, purchase price, and estimated
closing costs. Funding for this purchase will come from the tourist impact tax collected in Key West.
Advisory Committee Action: On 1/22/02 the Advisory Committee voted 5/0 to approve this purchase.
Previous Governing Board Action: None
Contract/Agreement Changes: NIA
Staff Recommendation: Approval
Total Cost: $ 334,481.00
Budgeted: Yes X
No
Cost to land Authority: $ 334,481.00
Approved By: Attorney ~
~~/~h
Risk Management
Executive Director Approval:
Documentation: Included: X
To Follow:
Not Required:
Disposition:
Agenda Item LA #2
Property
307 Julia Street
RE# 00025640
(Woods)
Purchase
Price
$330,000.00
PURCHASE CONTRACTS
04/17/02
Envr. Audit, Survey
or Clean-up
$1,000.00
1 of 1
Title
Insurance
$1,825.00
Attorney
Fee
$1,650.00
Recording
Fee
$6.00
Acquisition
Total
$334,481.00
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RESOLUTION NO.
A RESOLUTION OF THE MONROE COUNTY
COMPREHENSIVE PLAN LAND AUTHORITY AUTHORIZING
THE PURCHASE AND CONVEYANCE OF PROPERTY
LOCATED AT 307 JULIA 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 and dispose of interests 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, Key West City Commission Resolution #01-267 nominates the property located at
307 Julia Street in Key West (hereinafter "subject property") for purchase by the Land Authority
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 manage the property as affordable housing; and
WHEREAS, the Land Authority Advisory Committee considered this item at a meeting held on
January 22, 2002 and voted 5/0 to recommend approval of said purchase and conveyance, with
said conveyance being 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 Chairman of the Land Authority Governing Board is hereby authorized to sign
the Land Authority's standard purchase contract for the purchase of 307 Julia Street in Key
West, having the parcel identification number of RE #00025640-000000 (hereinafter "subject
property") at a purchase price of $330,000.00.
Section 2. At closing, the Chairman of the Land Authority Governing Board is hereby authorized
to sign a 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.
Page 1 of 2
4
PASSED AND ADOPTED by the Monroe County Comprehensive Plan Land Authority at a
regular meeting on this day of , 2002.
(Seal)
ATTEST:
Mark J. Rosch
Executive Director
Approved for Legal Sufficiency
Larry R. Erskine
MONROE COUNTY COMPREHENSIVE
PLAN LAND AUTHORITY
Nora Williams
Chairman
Page 2 of 2
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ATTACHMENT A
AFFORDABILlTY COVENANTS
1. Affordability Period. These affordability requirements shall run with the property and shall not
expire.
2. Income Limits, Use and Transfer Restrictions. Bahama Conch Community Land Trust of
Key West, Inc. (hereinafter "BCCL T') shall make the property available as either ownership
housing or rental housing in accordance with the conditions specified below.
2.1. Ownership Housing. BCCL T shall retain title to the land under ownership housing and
shall not subsequently transfer title to the land without approval of Monroe County
Comprehensive Plan Land Authority (hereinafter "MCLA"). Ownership of the
improvements, together with a leasehold interest in the land, may be conveyed by
BCCL T subject to the following conditions.
2.1.1. Use and Occupancy. The subject property shall be owner occupied and used as
the homeowner's primary residence and such other uses incidental to residential
use as may be permitted by local zoning and land use regulations.
2.1.2. Income Qualified Buyers. Except in the case of inheritance by the owner's
spouse, children, or a member of the household who has resided on the premises
for at least a year prior to conveyance by gift or estate, ownership shall be restricted
to households earning less than or equal to 100% of the Monroe County median
income adjusted for household size at the time of conveyance (hereinafter "Income
Qualified Buyer").
2.1.3. Affordability. For ownership housing, monthly housing costs, defined as principal,
interest, taxes, insurance (PITI), homeowner association fees [if any] and ground
rent, shall not exceed the annual adjusted gross household income multiplied by
0.30 and divided by 12, all in accordance with S420.0004, Florida Statutes.
2.1.4. Resale Limits. The leasehold estate and the improvements located thereon may
be transferred, subject to the provisions of Paragraph 2.1.2 above, provided the
transfer price does not exceed the sum of the price the current owner paid plus
25% of the amount by which the unrestricted market value of the improvements
may have appreciated during the current owner's period of ownership.
2.1.5. Special Provisions. (None)
2.2. Rental Housing. BCCL T shall retain title to the land under rental housing and shall not
subsequently transfer title to the land without approval of MCLA. Ownership of the
improvements located on such land may either be retained by BCCL T or may be sold
together with a leasehold interest in the land to another legal person subject to the
following conditions.
2.2.1. Use & Occupancy. The subject property shall be operated, managed and
otherwise administered as permanently affordable rental housing and such other
uses incidental to residential use as may be permitted by local zoning and land use
regulations.
2.2.2. Income Qualified Tenants. Occupancy of rental housing units shall be restricted
to households earning less than, or equal to, 100% of the Monroe County median
income adjusted for household size at the time of initial occupancy (hereinafter
Page 1 of 2
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"Income Qualified Tenant").
2.2.3. Affordability. For rental housing, affordable shall be defined as monthly housing
costs (defined as rent plus utilities not provided by owner) that do not exceed the
annual adjusted gross household income multiplied by 0.30 and divided by 12, all in
accordance with 9420.0004, Florida Statutes.
2.2.4. Special Provisions. (None)
3. Profit. BCCL T is a not-for-profit corporation. BCCL T is prohibited from earning profit on the
subject property.
4. Refinancing Limits. BCCL T shall be prohibited from encumbering the land for any purpose
without the prior approval of MCLA, except for encumbrances for projects resulting in capital
improvements to the property.
5. 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 MCLA documenting these affordability requirements have been
met.
Page 2 of 2
RESOLUTION NO. 01-267
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF KEY WEST, FLORIDA, RESCINDING THE
NOMINATION OF THE PROPERTY LOCATED AT 908
TERRY LANE TO THE MONROE COUNTY LAND AUTHORITY
FOR PURCHASE AS AFFORDABLE HOUSING; NOMINATING
THE PROPERTY LOCATED AT 307 JULIA STREET TO
THE MONROE COUNTY LAND AUTHORITY FOR PURCHASE
AS AFFORDABLE HOUSING; PROVIDING FOR AN
EFFECTIVE DATE
WHEREAS, on March 20, 2001, in Resolution No. 01-90, the City
Commission nominated 309 Julia Street ($940,000) and 908 Terry Lane
($300,000) to the Land Authority; and
WHEREAS, subsequently, the potential sale of 908 Terry Lane
has been withdrawn; and
WHEREAS, the Bahama Conch Community Land Trust has requested
nomination of a substitute property;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF KEY WEST, FLORIDA, AS FOLLOWS:
Section 1: That the following property is hereby nominated to
the Monroe County Land Authority as set forth below:
Address
Price
307 Julia Street
$300,000
Section 2: That this Resolution shall go into effect
immediately upon its passage and adoption and authentication by the
signature of the presiding officer and the Clerk of the Commission.
Passed and adopted by the City Commission at a meeting held
this 5th day of September , 2001.
Authenticated by the presiding officer and Clerk of the
Commission on September 6
Filed with the Clerk
, 2001.
er
, 2001.
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Island
Key West
Property Name Allen
Millian/Woods
(227 Virginia Street)
(307 Julia Street)
Burns
(309 Julia Street)
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