Resolution 037-2024 RESOLUTION NO. 037 - 2024
A RESOLUTION OF THE MONROE COUNTY BOARD OF
COUNTY COMMISSION NOMINATING PROPERTY FOR
UP TO $2,240,000 FOR A ZERO INTEREST 50-YEAR
AFFORDABLE HOUSING CONSTRUCTION LOAN FOR
HARD CONSTRUCTION COSTS FOR DEVELOPMENT OF
56 AFFORDABLE RENTAL UNITS ON PROPERTY
LEGALLY DESCRIBED AS A PORTION OF TRACTS A
AND B, REVISED PLAT OF AMENDED PLAT OF
SUGARLOAF SHORES, SECTION F (PB 6-9) AS SHOWN
IN EXHIBIT A AND EXHIBIT B WITH PARCEL
ID#00166976-011300 AND PARCEL ID#00166976-011400.
WHEREAS, The Landings at Sugarloaf Key, LLC, (hereinafter "Developer") has a
contract to purchase a site legally described as a portion of Tracts A & B, Revised Plat
of Amended Plat of Sugarloaf Shores, Section F (PB 6-9) as shown in Exhibit A and
Exhibit B with Parcel ID#00166976-011300 and Parcel ID# 00166976-011400; and
WHEREAS, the Developer received approval of a project for 88 affordable rental units
which was later reduced through legal settlement agreement to 56 affordable rental
units; and
WHEREAS, the Developer has applied for and received a positive recommendation on
August 24, 2023 to receive $2,375,000 in Low Income Housing Tax Credits (LIHTC)
and $4,900,400 in SAIL funds from the Florida Housing Finance Corporation
(hereinafter "FHFC"); and
WHEREAS, the Developer expects to sell LIHTCs to an investor limited partner to be
selected that will provide $21,847,815 toward the project, and
WHEREAS, the Developer has indicated the project is in need of funding toward
construction because of increased construction costs, increased interest rates, and
increases in wind, flood, and builders risk insurance, since the initial FHFC award; and
WHEREAS, on August 29, 2023 the Developer requested $2,240,000 from the Land
Authority, as a zero interest, 50 year construction loan; and
WHEREAS, Monroe County desires the Monroe County Comprehensive Plan Land
Authority (hereinafter "Authority") to assist in development of Sugarloaf Landings by
providing a zero interest, 50 year construction funding loan for up to $2,240,000 on a
portion of Tracts A and B, Revised Plat of Amended Plat of Sugarloaf Shores, Section F
(PB 6-9) as shown in Exhibit A and Exhibit B, with Parcel ID# 00166976-011300 and
Parcel ID# 00166976-011400 (hereinafter "Subject Property") for affordable rental
housing; and
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WHEREAS, the Developer has not bid construction as of yet and the amount of
construction loan funds requested could change; and
WHEREAS, the property owner has obtained 56 Rate of Growth Ordinance (ROGO)
allocations through reservation by the Board of County Commissioners, which will
control the maximum affordability rates for the developed affordable housing and which
may be more restrictive than those rates required by Monroe County Land Authority
Statute 380.0666 (3)(a); and
NOW, THEREFORE, BE IT RESOLVED BY THE MONROE COUNTY BOARD OF
COUNTY COMMISSIONERS THAT:
Section 1. The above recitals are true and correct and incorporated herein.
Section 2. The County hereby nominates the Subject Property for up to $2,240,000 for a
zero interest, 50-year construction funding loan for the project by the Authority.
Section 3. This resolution shall take effect immediately upon its adoption.
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PASSED AND ADOPTED by the Monroe County Board of County Commission at a
regular meeting on this 31 st day of January , 2024.
Mayor Holly Merrill Raschein, District 5 Yes
Mayor Pro Tern James K. Scholl, District 3 Yes
Commissioner Craig Cates, District 1 Yes
Commissioner Michelle Lincoln, District 2 Yes
Commissioner David Rice, District 4 Yes
BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA
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BY:
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Mayor Holly Merrill Raschein
as" o EVIN MADOK, CLERK
By:
As eputy Clerk
APPROVED AS TO FORM &LEGAL SUFFICIENCY
Monr a ounty Attorney's Office
N thaHa Mellies Archer
Ass tant County Attorney
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Exhibit A
A portion of Tract A, SUGARLOAF SHORES, SECTION F, according to the Plat thereof as
recorded in Plat Book 6, Page 9 of the Public Records of Monroe County, Florida and being
more particularly described by metes and bounds as follows, to-wit:
LEGAL DESCRIPTION - PARENT PARCEL
Tract B, SUGARLOAF SHORES, SECTION F, according to the Plat thereof as recorded
in Plat Book 6, Page 9 of the Public Records of Monroe County, Florida.
LEASE AREA LEGAL DESCRIPTION -
LANDINGS PARCEL-
A portion of Tract A, SUGARLOAF SHORES, SECTION F, according to the Plat thereof as
recorded in Plat Book 6, Page 9 of the Public Records of Monroe County, Florida and being
more particularly described by metes and bounds as follows, to-wit:
BEGINNING at the intersection of the Southerly Right of Way line of U.S. Highway No. 1 as
shown on said plat of SUGARLOAF SHORES, SECTION F and the Easterly Right of Way line
of South Point Drive as shown on said plat of SUGARLOAF SHORES, SECTION F, said point
also being the Northwesterly corner of said Tract A; thence N56002'40"E along said Southerly
Right of Way line of U.S. Highway No. 1, for a distance of 515.49 feet to a point; thence
S33057'20"E and parallel with said Easterly Right of Way line of South Point Drive, for a
distance of 164.31 feet to a point; thence S56002'40"W and parallel with said Southerly Right of
Way line of U.S. Highway No. 1 for a distance of 515.49 feet to a point; thence N33057'20"W
along the said Easterly Right of Way line of South Point Drive a distance of 164.31 feet back to
the Point of Beginning. Said parcel of land contains 84,700.17 square feet, or 1.944 acres, more
or less.
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Exhibit B
LEGAL DESCRIPTION - PARENT PARCEL
Tract B, SUGARLOAF SHORES, SECTION F, according to the Plat thereof as recorded in Plat
Book 6, Page 9 of the Public Records of Monroe County, Florida.
LEASE AREA LEGAL DESCRIPTION -
DOCKSIDE PARCEL-
A portion of Tract B, SUGARLOAF SHORES, SECTION F, according to the Plat thereof as
recorded in Plat Book 6, Page 9 of the Public Records of Monroe County, Florida and being
more particularly described by metes and bounds as follows, to-wit:
BEGINNING at the intersection of the Southerly Right of Way line of U.S. Highway No. 1 as
shown on said plat of SUGARLOAF SHORES, SECTION F and the Westerly Right of Way line
of South Point Drive as shown on said plat of SUGARLOAF SHORES, SECTION F, said point
also being the Northeasterly corner of said Tract B; thence S33°57'20"E along the said Westerly
Right of Way line of South Point Drive, for a distance of 300 feet to a point on the Northerly
Right of Way line of Cypress Road as shown on said plat of SUGARLOAF SHORES, SECTION
F, said point also being the Southeasterly corner of said Tract B; thence S56°02'40"W along
said Northerly Right of Way line of Cypress Road for a distance of 275.00 feet to a point of
curvature; thence continuing along said Northerly Right of Way line of Cypress Road on a curve
to the right, having a radius of 25.00 feet, a central angle of 35045'14", a chord bearing of
S73055'17"W, a chord length of 7.82 feet, for an arc length of 7.95 feet to a point; thence
N33059'48"W and leaving said curve for a distance of 297.82 feet to a point on the Southerly
Right of Way line of U.S. Highway No. 1 as shown on said plat of SUGARLOAF SHORES,
SECTION F; thence N56002'40"E along said Southerly Right of Way line of U.S. Highway No. 1
for a distance of 282.55 feet back to the Point of Beginning. Said parcel of land contains
84,711.15 square feet, or 1.945 acres, more or less.
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