Item G2LAND AUTHORITY GOVERNING BOARD
AGENDA ITEM SUMMARY
Meeting Date:Division:
October 18, 2006 Land Authority
Bulk Item:Staff Contact Person:
Yes No X Mark Rosch
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Agenda Item Wording:
Approval of contracts to purchase the Sea Grape Apartments site in Marathon
(RE #103560-000200) as an affordable housing site.
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Item Background:
The Sea Grape Apartments site is located near MM 50.5 on the oceanside in
Marathon. The site is zoned Urban Residential with a habitat classification of disturbed with exotics.
Marathon City Council Resolution 2005-004 nominates the site for acquisition for affordable housing.
The Carlisle Group submitted this site in response to the BOCC’s request for proposals for
purchase/leaseback affordable housing sites. Carlisle proposes to develop the site with a total of 84
affordable units in two phases using construction financing from the Florida Housing Finance
Corporation. The proposed contracts anticipate the following steps: 1) the Land Authority will purchase
the entire site for a total of $1,400,000 ($933,333 for Phase I and $466,667 for Phase II); 2) the Land
Authority will transfer title to the BOCC; and 3) the BOCC will lease the property back to the Sellers for
development. Approval of this agenda item will allow staff to proceed with step 1.
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Advisory Committee Action:
On August 23, 2006 the Committee voted 4/0 to approve the proposed
contracts.
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Previous Governing Board Action:
On September 20, 2006 the Board continued this item pending
resolution of closing issues regarding easement agreements and the proposed lease from the BOCC.
On June 16, 2004 the Board approved adding the site to the Acquisition List.
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Contract/Agreement Changes:
N/A
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Staff Recommendation:
Approval (if closing issues are resolved by the Board meeting date).
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Total Cost:Budgeted:
$1,421,759 Yes X No.
Cost to Land Authority:Source of Funds:
$1,421,759 Land Authority
(Tourist Impact Tax and State Park Surcharge)
Approved By:
Attorney X County Land Steward .
Documentation:
Included: X To Follow: Not Required: .
Disposition:
Agenda Item ____
PURCHASE CONTRACTS
09/20/06
PurchaseEnvr. Audit, SurveyTitleAttorneyRecordingAcquisition
PropertyPriceor Clean-upInsuranceFeeFeeTotal
aca Key Acreag
Ve
RE#00103560-000200
Sea Grape Apartments, Ltd. - Phase I
$933,333.00$6,650.00$4,870.00$500.00$27.00$945,380.00
Sea Grape II, Ltd. - Phase II
$466,667.00$6,650.00$2,535.00$500.00$27.00$476,379.00
$1,400,000.00 $1,421,759.00