Item J2
lAND AUTHORITY GOVERNING BOARD
AGENDA ITEM SUMMARY
Meeting Date: January 15, 2003
Bulk Item: Yes No X
Department: Land Authority
Agenda Item Wording: Approval to purchase a portion of the Navy Poinciana Housing complex in Key
West for affordable housing.
Item Background: This purchase is proposed to provide affordable housing within the Key West Area
of Critical State Concern in partnership with the Key West Housing Authority. The City of Key West has
nominated the subject property, which consists of 144 units of existing multi-family housing, for
purchase by the Land Authority. The Navy is now offering the property for sale at a price of $16.5
million and has asked that the local governments involved commit to the purchase by February 6, 2003.
The Land Authority's FY 02/03 budget for tourist impact tax revenue collected within Key West is $2.2
million. Negotiations are currently underway regarding how the transaction will be structured and what
the Land Authority's role will be. One proposal being discussed calls for the Land Authority to pay 10%
of the purchase price and for the Housing Authority to issue bonds to finance the remainder of the
purchase price, with the property title ultimately vesting in the Housing Authority. In order to meet the
February 6, 2002 deadline, the staff hopes to present a negotiated agreement for consideration at the
Board meeting.
Advisory Committee Action: The Advisory Committee will consider this item on January 27, 2003.
Previous Governing Board Action: None.
Contract/Agreement Changes: NIA
Staff Recommendation: To be presented at the Board meeting.
Total Cost: $ To be determined
Budgeted: Yes
No
Cost to land Authority: $ To be determined Source of Funds: Tourist impact tax collected in Key West.
Executive Director Approval:
Land Steward
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Approved By: Attorney
Documentation: Included: X
To Follow: X
Not Required:
Disposition:
Agenda Item LA #2
RESOLUTION NO. 02-165
A RESOLUTION OF THE CITY COMMISSION OF THE CITY
OF KEY WEST, FLORIDA, NOMINATING A PORTION OF THE
POINCIANA HOUSING COMPLEX TO THE MONROE COUNTY
LAND AUTHORITY AS AN AFFORDABLE HOUSING PURCHASE;
PROVIDING FOR AN EFFECTIVE DATE
BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF KEY WEST,
FLORIDA, AS FOLLOWS:
Section 1: That a portion of the poinciana Housing Complex is
hereby nominated to the Monroe County Land Authority as an affordable
housing purchase; provided that the portion of Poinciana Housing
Complex eligible for transfer from the federal government at no cost
under a public benefit conveyance mechanism shall not be included in
this nomination and shall be defined by the city at a later date.
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
29th
day of
May
, 2002.
Authenticated by the presiding officer and Clerk of the
ATTEST:
Filed with the
Commission on Ma
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