Item F2LAND AUTHORITY GOVERNING BOARD
AGENDA ITEM SUMMARY
Meeting Date: March 19, 2008
Division: Land Authority
Bulk Item: Yes No X Contact / Phone #: Mark Rosch / 295-5180
Agenda Item Wording: Approval of a resolution authorizing the conveyance of 304 Truman Avenue in
Key West to Bahama Conch Community Land Trust of Key West, Inc. for affordable housing.
Item Background: The subject property consists of a dilapidated single-family home built in 1923 on a
2,365 square foot lot located at 304 Truman Avenue in Key West. Bahama Conch Community Land
Trust of Key West, Inc. (BCCLT) proposes to redevelop the site with affordable housing.
The City of Key West nominated the property for acquisition in 2003 but the acquisition process has
been delayed by title issues. The Land Authority entered into a contract to purchase the property in
2005 and after two lawsuits to clear the property title involving 23 heirs, the Circuit Court has authorized
the sale of the property to the Land Authority. The proposed resolution will allow the Land Authority to
subsequently convey the property to the BCCLT subject to affordable housing deed restrictions.
Advisory Committee Action: On January 24, 2008 the Land Authority Advisory Committee voted 4/0
to approve this item.
Previous Governing Board Action: On March 16, 2005 the Board approved a contact to purchase
the property. The Board has authorized the conveyance of other affordable housing properties to
BCCLT.
Contract/Agreement Changes: This is not a contract
Staff Recommendation: Approval.
Total Cost: $535.50 Budgeted: Yes X No
Cost to Land Authority: $535.50 Source of Funds: Land Authority
(Tourist Impact Tax collected within Key West)
Approved By: Attorney X County Land Steward
Documentation: Included: X To Follow: Not Required:
Disposition: Agenda Item
Conveyance to BCCLT
03/19/08
Sales Envr. Audit, Survey Title Attorney Recording Total
Property Price or Clean-up Insurance Fee Fee Costs
304 Truman Avenue $0.00 $0.00 $0.00 $500.00 $35.50 $535.50
RE# 00025580-000000
RESOLUTION NO.
A RESOLUTION OF THE MONROE COUNTY
COMPREHENSIVE PLAN LAND AUTHORITY AUTHORIZING
THE CONVEYANCE OF REAL PROPERTY LOCATED AT 304
TRUMAN AVENUE IN KEY WEST TO BAHAMA CONCH
COMMUNITY LAND TRUST OF KEY WEST, INC. FOR
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; and
WHEREAS, Key West City Commission Resolution 03-376 nominates 304 Truman Avenue
(hereinafter "subject property") for purchase by the Land Authority as an affordable housing site
in partnership with Bahama Conch Community Land Trust of Key West of Key West, Inc.; and
WHEREAS, on March 16, 2005 the Land Authority Governing Board approved a contract to
purchase the subject property; and
WHEREAS, said contract is anticipated to be approved in judicial proceedings to quiet title and
staff is preparing to close the transaction; and
WHEREAS, the Land Authority Advisory Committee considered this resolution at a meeting held
on January 24, 2008 and voted 4/0 to recommend approval; NOW, THEREFORE,
BE IT RESOLVED BY THE MONROE COUNTY COMPREHENSIVE PLAN LAND AUTHORITY:
The Chairman of the Land Authority Governing Board is hereby authorized to sign a deed
conveying title to 304 Truman Avenue in Key West, more particularly described in Exhibit A, to
Bahama Conch Community Land Trust of Key West, Inc. Said deed shall restrict future use of
the property as specified in Exhibit B.
PASSED AND ADOPTED by the Monroe County Comprehensive Plan Land Authority at a
regular meeting on this day of 2008.
(Seal)
ATTEST: MONROE COUNTY COMPREHENSIVE
PLAN LAND AUTHORITY
Mark J. Rosch Charles "Sonny" McCoy
Executive Director Chairman
Approved for Legal Sufficiency
Larry R. Erskine
EXHIBIT A
On the Island of Key West, and
map of said Island, delineated
part of tract Ten (10), but now
lot Seven (7) of Square One (1)
to a diagram of said Tract ten
and recorded in Plat Book One,
Florida, public Records.
known on Wm. A. Whitehead's
in February A. D. 1829 as a
better known as a part of
of Tract Ten (10), according
(10) drawn by Edward C. Howe
page 25, of Monroe County,
Commencing at a point on Division Street distant Northeasterly
from the corner of Thomas and Division Streets Fifty (50) feet
and Three (3) inches and running thence in a Northeasterly
direction along Division Street Twenty-five (25) feet, more
or less; thence at right angles in a Southeasterly direction
Ninety-four (94) feet and Seven (7) inches; thence at right
angles in a Southwesterly direction Twenty-five (25) feet,
more or less; thence at right angle, in a Northwesterly
direction Ninety-four (94) feet and Seven (7) inches, back
to Division Street the place of beginning.
RE #00025580-000000
EXHIBIT B
AFFORDABILITY COVENANTS
1. Affordability Period. These affordability requirements shall run with the property in favor of
the Monroe County Comprehensive Plan Land Authority (hereinafter "MCLA") and shall not
expire.
2. Income Limits, Use and Transfer Restrictions. Bahama Conch Community Land Trust of
Key West, Inc. (hereinafter "BCCLT") shall make the property available as either ownership
housing or rental housing in accordance with the conditions specified below.
2.1. Ownership Housing. BCCLT shall retain title to the land under ownership housing and
shall not subsequently transfer title to the land without prior written approval of MCLA).
Ownership of the improvements, together with a leasehold interest in the land, may be
conveyed by BCCLT 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 160% 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 §420.0004, 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. BCCLT shall retain title to the land and improvements and shall not
subsequently transfer title to same without the prior written approval of MCLA.
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, 160% of the Monroe County median
income adjusted for household size at the time of initial occupancy (hereinafter
"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 §420.0004, Florida Statutes.
2.2.4. Special Provisions. (None)
3. Profit. BCCLT is a not -for -profit corporation. BCCLT is prohibited from earning profit on the
subject property.
4. Refinancing Limits. BCCLT 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. BCCLT will be responsible for ensuring these affordability
requirements are maintained. Whenever the leasehold estate is transferred BCCLT shall
provide certification to the MCLA documenting these affordability requirements have been
met.
Covenants Acknowledged and Accepted by Bahama Conch Community Land Trust of Key
West, Inc.
0
James Marquardt, President
Date:
RESOLUTION NO. 03-376
A RESOLUTION OF THE C ITX GOMKISSION OF THE
CITY OF KEY WEST, FLORIDA, NOKENATING THE
PROPERTY LOCATED AT 304 TRUKAN AVENUE FOR
PURCHASE BY THE MONROE COtrh"M LAM A=OR=TY
ON BEHALF OF THE BA'HAMA CONCH COMX=TY LAND
TRUBT (DCCLT) i PROVIDING FOR AN 3P7M=1VS DATE
BE IT RESOLVED BY THE CITY COMMJ.S5IUN Uk' '1M CITY OF KEY VEST,
FLORIDA? AS FOLLOWS:
Section 1: That the property located at 304 Truman Avenue is
hereby nominated to the Monroe County Land Authority as an
affordable housing purchase for $COLT.
Section 21 That this Resolution shall go into effect
immediately upon its passage and adoption and authenticaticn by the
signature of the presiding officer and the Clerk of the Commission.
Passed and adopted by th* City COMMiRaican At a TnPi?t-.ing hA-1d
this 5 day of November 2003.
Autheatic:ated Ly L"he pctts.Ldilsy uLLic er= 4:4 Clez-k vL the
Commission on November 4 1--ZU 3 .
Filed with the Clerk _/ November j6 , 200:� .
MAYORJIMMY W*11KI",
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