Item N16
BOARD OF COUNTY COMMISSIONERS
AGENDA ITEM SUMMARY
Meeting Date: April 15. 2009
Division: County Attorney
Bulk Item: Yes XX No
Staff Contact Person: Pedro Mercado
AGENDA ITEM WORDING:
Approval of Resolution to extend the default date for the SIllP mortgage issued to Woods Corner.
ITEM BACKGROUND:
The County provided a construction loan for the purposes of building affordable housing units on
Islamorada. The mortgage was entered in to on July 23, 2007 with the Middle Keys Community Land
Trust (MKCLT). The mortgage was due and payable on May 1, 2008. Monroe County and MKCLT
agreed to allow for incremental repayment as the units were sold. MKCLT requires additional time to
complete the sales of the units and payoff the construction loan.
PREVIOUS RELEVANT BOCC ACTION:
Approved a resolution at the May 21,2008 BOCC meeting extending the due date on the loan to June
30,2008. Approved subsequent resolutions extending the due date until July 31, 2008; November 30,
2008; January 31, 2009; March 31, 2009.
CONTRACT/AGREEMENT CHANGES:
Extends the due date on the loan from March 31, 2008 to May 31, 2009.
STAFF RECOMMENDATIONS:
Approval
TOTAL COST: N/A
BUDGETED: Yes
No
COST TO COUNTY: N/ A
SOURCE OF FUNDS:
REVENUE PRODUCING: Yes 7i!l..o AMOUNT PER MONTH Year
APPROVED BY: County Atty r OMB/Purchasing _ Risk Management_
DOCUMENTATION: Included XX NotRequired_
DISPOSITION:
AGENDA ITEM #
Revised 2/05
Page 1 of 1
Peters-Katherine
From:
Sent:
To:
Mercado~Pedro
Wednesday, April 01, 20098:50 AM
Peters-Katheri ne
Subject: FW; MKCLT
From: Marie Brouillette [mailto:BrouilletteM@kwha.org]
Sent: Monday, March 30, 200910:59 AM
To: Mercado-Pedro; Hutton-Suzanne
Subject: MKCL T
Hi there, that time again, we need to extend the construction loan, the last extension was to March 31, 2009, the deadline for
April's BQCC meeting is tomorrow.
The only activity I have had was an application from someone living out of Monroe County wanting to relocate to Key Largo,
they don't have jobs here but they want to purchase a unit, will send you the documents to advise if this is in accordance with
our LHAP and the affordability policy that the Woods Corner development was built on............ Thanks. Marie
4/1 /2009
RESOLUTION NO. -2009
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF MONROE COUNTY, FLORIDA,
EXTENDING THE DEFAULT DATE FOR THE SHIP
MORTGAGE ISSUED FOR WOODS CORNER.
WHEREAS, on July 23, 2007, the Board of County Commissioners of Monroe County
(County), Florida, executed a SHIP construction mortgage in the amount of $315,000 with the
Middle Keys Community Land Trust (MKCLT) for affordable housing at Woods Comer,
Islamorada, Florida; and
WHEREAS, the mortgage was due and payable on April 30, 2008; and
WHEREAS, l\1KCLT has obtained certificates of occupancy on some of the units but is not
prepared to write a check to the County for the amount of the construction loan; and
WHEREAS, it is anticipated that SHIP mortgages will be executed for each unit purchase;
and
WHEREAS, the SHIP budget has some administrative monies budgeted which could be
transferred through a companion resolution to cover the issuance of the individual purchase
mortgages until the construction mortgage is satisfied through checks to be issued by :MKCLT at
each closing; and .
WHEREAS, it is necessary to extend the due date on the construction loan mortgage in the
amount of $315,000 and recorded at OR Book 2310, Pages 1991 through 1995, or to find the
mortgagor in default; and
WHEREAS, the County has previously agreed to extend the due date on the construction
loan; and
WHEREAS, l\1KCL T needs additional time to complete the sales of the Woods Comer
units or face default;
NOW THEREFORE BE IT RESOLVED by the Board of County Commissioners of
Monroe County, Florida that:
Section 1. The previously extended due date of March 31,2009, of the $315,000 SHIP
mortgage between the mortgagor :Middle Keys Community Land Trust (MKCL T) and the
mortgagee Monroe County (County) is hereby extended to May 31,2009.
Section 2.
This resolution shall be effective as of March 31, 2009.
Page 1 of 2 Pages
Res Extend Due Date MKCL T SHIP Mtg
On Woods Corner to 5/31/2009
PASSED AND ADOPTED by the Board of County Commissioners of Monroe County,
Florida, at a regular meeting of said Board held on the 15th day of April, 2009.
Mayor George Neugent
Mayor Pro Tern Sylvia Murphy
Commissioner Kim Wigington
Commissioner Heather Carruthers
Commissioner Mario Di Gennal'O
(SEAL)
Attest: DANNY L. KOLHAGE, Clerk
BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNl'Y, FLORIDA
By:
By:
Deputy Clerk
Mayor/Chairman
Page 2 of 2 Pages
Res Extend Due Date MKCL T SHIP Mtg
On Woods Corner to 5/31/2009
RESOLUTION NO. 041 -2009
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF MONROE COUNTY, FLORIDA,
EXTENDING THE DEFAULT DATE FOR THE SHIP
MORTGAGE ISSUED FOR WOODS CORNER.
WHEREAS, on July 23, 2007, the Board of County Commissioners of Monroe County
(County), Florida, executed a SHIP construction mortgage in the amount of $315.000 with the
Middle Keys Community Land Trust (MKCL T) for atlbrdable housing at Woods Comer,
Islamorada, Florida; and
WHEREAS, the mortgage was due and payable on April 30. 2008; and
WHEREAS, MKCLT bas obtained certificates of occupancy on some of the units but is not
prepared to write a check to the County for the amount of the construction loan; and
WHEREAS. it is anticipated tbat SHIP mortgages will be executed for eacb unit purchase;
and
WHEREAS, the SHlP budget has some administrative monies budgeted which could be
transferred through a companion resolution to cover the issuance of the individual purchase
mortgages until the construction mortgage is satisfied through checks to be issued by MKCL T at
each closing; and
WHEREAS, it is necessary to extend the due date on the construction loan mortgage in the
amount of $315,000 and recorded at OR Book 2310, Pages 1991 through 1995. or to find the
mortgagor in default; and
WHEREAS. the County has previously agreed to extend the due date on the construction
loan; and
WHEREAS, MKCL T needs additional time to complete the sales of the Woods Comer
units or face default;
NOW THEREFORE BE IT RESOLVED by the Board of County Commissioners of
Monroe County, Florida that:
Section 1. The previously extended due date of January 31,2009, of the $315,000 SHIP
mortgage between the mortgagor Middle Keys Community Land Trust (MKCLT) and the
mortgagee Monroe County (County) is hereby extended to March 31, 2009.
Section 2.
This resolution shall be effective as of January 31, 2009.
Res Extend Due Date MKClTSHIP Mtg
On Woods Comer to 3/31/2009
Page 1 of 2 Pages
PASSED AND ADOPTED by the Board of County Commissioners of Monroe County,
Florida, at a regular meeting of said Board held on the 28th day of January, 2009.
.... ~;:,;.::.:.:.' "'j"'~'
/,"'. ,-,O.J '.' ".
"':).:i~"".
l~L(~ ,(,~.
f~.:~';~~'r~:-:~. "'1." fti~'~~ .!~." ,+
.,,:'/.-\'1:> '~"""\'"
:[;...:l~ r;.~('1f- ;~,'--~ .:"7 :~.'
,~. , ~P .';"'..:1 ~.~ 'J,; l;} ,
1'. .~-: ~ "".". r' ~'a..
".='. ~.A'- 'l,. -, ,-.
....-.t. ~::= '-';30",:
'\,4,~ . .;:.. _ "_<"':4. KOLHAGE, Clerk
".."",Z,~
;cr" .....ty a.;... -
Mayor George Neugent
Mayor Pro Tem Sylvia Murphy
Commissioner Kim. Wigington
Commissioner Heath.er Carruthers
Commissioner Mario DiGennaro
-Iu...
~
-I!llL
~
~
BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNtY, FLORIDA
By, ~~~. )f)...".,4--
Mayor/Chairman
~ 0 i -rt
~c-,)> r-
~rZ a rr1
C:)fTJ ::z: 0
!"r'l;:u-< .."
n:;J':,r" Ct 0
OO;:Jl; :::c
C::-o ~ :::0
:z:?t'r-
-l.n:Z: ",
:<:-t> 4!t (':)
0
""11 CJ UI ;a
r- M G\ C
Res Extend Due Date MKCLT SHIP Mtg
On Woods Comer to 3/31/2009
Page 2 of 2 Pages
"
'RRRnI.1TI'ION NO. 504 - 2008
A USOL1JTION OJ' TIlE BOAJU) OF COUNTY COMMISSIONERS OF
MONROE COUNTY, FLOlUDA, lliX'IMDJNG TIlE DU'AULT DATE IfOR
THE SIIIP MOllTGAGI: ISS1JD POR WOODSCOlUfD.
WR1r.R.EA5. on July 23. 2007. the Board of County Commissioners of'Monroe County
(County). ~ executed a SHIP construction mortaaao in tho amouut of $315.000 with the
Middle Koya Commnnity Land 1iust (MKCLT) fbr afI"ordabJe bousiDs at Woods Comer,
~ Florida; and
,
WIDltEAS, the mortsa8c was due and payable CD Aprl130. 2008; and
WIIDEAS, MlCa..T hu obIainecl cstifIc8tes of occ:upaucy on some of the units but ia not
JJRIPIlUI to write a check to the County fur the 8IIlOUIt oCtbe CODIII'UCtion Iou; aud
'WBEIl"EAS. it is BDtic1pated that SHIP mortgqea will be executed tbr each unit purchue;
and
WIDltEAS, the SHIP budpt baa BODIe admitUlItrative monies bucfaeted which coukl be
1I'aDIft!rred 1hrough a COJ~ion RlIIOIutioa to cover the illDlDCe of me iDdividuaI pmvhue
IIIOItppa und1 the COJIItructlon IDOJ'tgIge is satisfied through checks to be iuued by MXCLT at
each clolins; and
WIDltEAS, it is neceaaty to exteQd die duo date on the CODItlUctio.n laen 1DOI'tpp in the
lIIDDUDt of $31S~OOO and reoonted at OIl Book 2310~ Paps 1991 thmush 1995, OJ'to find the
DlO1'tg8gor in de&ult; aDd
WIIDEAS, the County previously If8RlCld to atead the due date on the constrw:ticm loan;
and
WIIEREAB, MKCLT needs addi1iona1 time to complete the sales oftbe Woods Comer
units or tice default;
NOW 'l'BERUOU BE IT U80LVED by the BoInI of County CommiuioDl!n of
Monroe County. Florida that:
Section 1. The previously exteo4ed due date of November 30, 2008. oftbc $315,000 SlOP
mortgap between the :mortsaacr Middle Key. Community LanclTrust (MKCLT) and the
mortpaee MoaroeCouaty (County) ia Iaereby ~ to Imuuy 31, 2009,
Section 2, This resolution shall be eft'~w IUl of December 17. 2008.
Res ExtlIInd Due DD MICQ. T SHIP to 1/31/09 1
Mtg on Woods Corner
~'-'_.c. ..... . ..._~.......""_..
.
,
PASSED AND AOOPTIID by the Board at County CommiseionenJ of Montee County.
Florida, III a n:plar ~:~I$ of said Boan1 hold on the 11th day of'Decembar. 2008
"......_;- L<<- ~ -~
.;:~ ..tt.:~.. 'J.F
<~~}"-l-:-.~; .
,'i~0. -L.,'^~" '...'"
...... ~. ;y,\ ~ .r,\\
l~;' ~f~' \\' l':'V'~ "f"
1IO/':"-~-'i ~\..~;~.. ~.
, .~~' ".' \. ,}.~ li :..'
'q:- \- L)~~ 1~:.::i. ..,:
~ .....-'"~~ ~,~ y
'~:~Z{'
. ~L. KOUlAGE. Clerk
8Y:C7~
Clerk
Mayor Georse Neugent
Mayor Pm Tem Sylvia Murphy
ConamissioaerMario DiGemmo
CommiIIioner Kim W~
COIIlIIIiuioner Heather Carruthen
!!!!...-
XY-
!!L..
!!L.
Iu-
BOARD OF COUNIY COMMISSIONERS
OF MONROE COUNTY, FLORIDA
/J.-.",.~. >n~,~
By:
Mayor
CAOO 1._ J
ATTORNEY LIt 'Z-Z( d Y
'-;:'I
i::.J
<.:.:
. ~
-. .
':/
:'1
~w
-
Res ediend Due DabD MICC.TSHJPto 1131/09 2
Mtg on Woods COmer