Item G4(a)LAND AUTHORITY GOVERNING BOARD
AGENDA ITEM SUMMARY
Meeting Date:Division:
September 16, 2009 Land Authority
Bulk Item:Contact / Phone #:
Yes No X Mark Rosch / 295-5180
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Agenda Item Wording:
Approval to add properties to the Acquisition List for affordable housing - 817-
820 Washington Street in Key West in partnership with the Key West Housing Authority.
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Item Background:
The Key West City Commission has nominated the subject property via Resolution
09-208. The property consists of four subdivision lots totaling 0.47 acre in size and is developed with
16 legal non-conforming residential units in four buildings built in the 1960’s. Each unit is a two-
bedroom, one-bathroom design. One of the buildings was damaged in a fire earlier this year and is
currently undergoing repairs. The Key West Housing Authority proposes to acquire the site and
manage the property as affordable rental housing. The owner’s asking price is $3,280,000, which
equates to $205,000 per unit. The level of Land Authority participation in this acquisition, if any, will be
determined at a future meeting following the completion of appraisals.
The addition of property to the Acquisition List is a preliminary, non-binding step indicating the Board’s
desire to pursue the property. Additional Board action at a future meeting will be required before
issuing a mortgage loan or purchasing the property.
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Advisory Committee Action:
On August 25, 2009 the Committee voted 5/0 to approve adding this
property to the Acquisition List.
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Previous Governing Board Action:
On July 15, 2009 the Board approved adding another Key West
affordable housing site (712-716 Eisenhower Drive) to the Acquisition List. This property is currently
being appraised.
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Contract/Agreement Changes:
N/A
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Staff Recommendation:
Approval.
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Total Cost:Indirect Cost:Budgeted:
$ To be determined $________ Yes No.
Cost to Land Authority:Source of Funds:
$ To be determined Land Authority
(Tourist Impact Tax collected in Key West)
Approved By:
Attorney X County Land Steward .
Documentation:
Included: X To Follow: Not Required: .
Disposition:
Agenda Item ____
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817-820 Washington Street
Seller: Irma K. Pfund Family Trust and the Pfund Family Trust
Site Address: 817, 818, 819, and 820 Washington Street
Key West
Legal Description: Tract 17, Square 11, Lots 5 and 6
Tract 17, Square 14, Lots 15, 16
Key West Investment Co. subdivision (PB 1-69)
Size: 20,600 sq. ft. (0.47 acre)
Tier Designation: Not applicable
Land Use Zoning: Historic Medium Density Residential
Flood Zone: X
Navy AICUZ Zone: Not applicable
Improvements: 16 residential units within 4 buildings
All units are 2 bedroom / 1 bath
Development Rights: 16 existing units
Asking Price: $3,280,000 ($205,000 per unit)