HomeMy WebLinkAboutF. Land Authority
LAND AUTHORITY GOVERNING BOARD
AGENDA ITEM SUMMARY
Meeting Date: Mav 19. 2010
Division: Land Authoritv
Bulk Item: Yes No X
Staff Contact 1 Phone #: Mark Rosch 1295-5180
Agenda Item Wording: Approval of the minutes for the April 21,2010 meeting,
Item Background: N/A
Advisory Committee Action: N/A
Previous Governing Board Action: N/A
Contract/Agreement Changes: N/A
Staff Recommendation: Approval
Total Cost: $
Indirect Cost: $
Budgeted: Yes
No
Cost to Land Authority: $
Source of Funds:
Approved By: Attorney _
County Land Steward _'
Documentation: Included: ~
To Follow:
Not Required:
Disposition:
Agenda Item _
MONROE COUNTY COMPREHENSIVE PLAN LAND AUTHORITY
GOVERNING BOARD
April 21, 2010 Meeting Minutes
The Governing Board of the Monroe County Comprehensive Plan Land Authority held a regular
meeting on Wednesday, April 21, 2010 at the Harvey Government Center located at 1200
Truman Avenue in Key West, Florida, Chairman Kim Wigington called the meeting to order at
9:33 AM, Present and answering roll call, in addition to Chairman Wigington, were
Commissioner Heather Carruthers, Commissioner Mario Di Gennaro, Mayor Sylvia Murphy, and
Commissioner George Neugent. Also in attendance were Executive Director Mark Rosch,
Office Manager Kimberly Nystrom, Counsel Larry Erskine, and members of the press and
public,
The first item on the agenda was approval of the minutes for the March 17, 2010 meeting, A
motion was made by Commissioner Neugent and seconded by Mayor Murphy to approve the
minutes as submitted, There being no objections, the motion carried (5/0),
The next item was approval of the 2010 Acquisition List. Mr, Rosch addressed the Board, Bob
Calhoun, Executive Director of Habitat for Humanity of Key West and Lower Florida Keys, who
was also speaking on behalf of the Habitat chapters in the Middle Keys and Upper Keys,
addressed the Board, Commissioner Di Gennaro left the dais during this item, A motion was
made by Commissioner Carruthers and seconded by Mayor Murphy to approve the item, There
being no objections, the motion carried (4/0),
Commissioner Di Gennaro returned to the dais,
The next item was approval to purchase the following property for conservation:
a) Block 6, Lot 4, Windward Beach Estates, Little Torch Key at a total cost of $5,573,50;
b) Block 2, Lot 12, Summerland Beach Addition No, 2, Summerland Key at a total cost of
$16,743,50; and
c) Big Pine Key Acreage (RE #00110610-000000) at a total cost of $51,674,00,
Mr, Rosch addressed the Board, A motion was made by Commissioner Carruthers and
seconded by Mayor Murphy to approve the purchase of each of the above properties, There
being no objections, the motion carried (5/0),
The next item involved the following actions related to the Conley property (RE #00065120-
000000) in Key West:
a) Approval of an agreement to cancel the lease with the City of Key West; and
b) Approval of a resolution authorizing the conveyance of the property to the Monroe County
Board of County Commissioners for wetland restoration activities associated with the
runway safety area project at Key West International Airport,
Mr, Rosch addressed the Board, A motion was made by Commissioner Carruthers and
seconded by Mayor Murphy to approve both the agreement and the resolution, There being no
objections, the motion carried (5/0), [Resolution 01-2010]
The next item was approval of First Amendment to Professional Services Contract with Larry R.
Erskine, P,A. Mr, Rosch addressed the Board, A motion was made by Mayor Murphy and
Page 1 of 2
seconded by Commissioner Di Gennaro to approve the item, There being no objections, the
motion carried (5/0),
There being no further business, the meeting was adjourned at 9:37 AM,
Minutes prepared by:
Mark J, Rosch
Executive Director
Approved by the Board on:
Page 2 of 2
LAND AUTHORITY GOVERNING BOARD
AGENDA ITEM SUMMARY
Meeting Date: Mav 19. 2010
Division: Land Authoritv
Bulk Item: Yes No l
Contact / Phone #: Mark Rosch /295-5180
Agenda Item Wording: Approval of a resolution authorizing the issuance of two mortgage loans to
The Housing Authority of the City of Key West to finance the purchase of 817-820 Washington Street in
Key West as an affordable housing site,
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, The property includes on-site parking and two accessory buildings
used for storage and laundry facilities, Two units were damaged in a fire last year, of which one is
repaired and rented and the other is being repaired and will be completed prior to the transaction
closing, The Housing Authority of the City of Key West (KWHA) proposes to acquire the site and
manage the property as affordable rental housing, KWHA's purchase price is $2,950,000,
Under the proposed resolution the Land Authority will finance $1,636,000 or 55% of KWHA's purchase
price by issuing two mortgage loans to KWHA. One loan will be a zero interest $836,000 balloon due
in 30 years, while the other loan will be a zero interest $800,000 soft balloon that will be forgiven in 30
years provided the property continues to be affordable housing and is not sold, KWHA will finance the
$1,314,000 (45%) balance of the purchase price plus $445,000 for reserves and other expenses by
obtaining a mortgage loan from a bank, The deed into KWHA will restrict use of the property to
affordable rental housing for families whose income does not exceed 160% of area median income in
accordance with the Land Authority's statute, KWHA will rent the units to families whose income does
not exceed 120% of area median income, The bank loan will be superior to the Land Authority loans
but it will not be superior to the affordable housing deed restrictions,
Advisory Committee Action: On 1/27/10 the Committee voted 3/1 to approve an overall subsidy of
$1,636,000 via a purchase and resale strategy, of which $836,000 would be a zero interest balloon
mortgage loan due in 30 years, On 4/28/10 the Committee voted 3/0 to approve the subject resolution,
Previous Governing Board Action: The Board approved adding this property to the Acquisition List
on 9/16/09,
Contract/Agreement Changes: N/A
Staff Recommendation: Approval
Total Cost: $ 1.636.000
Indirect Cost: $
Budgeted: Yes
Nol,
Cost to Land Authority: $ 1.636.000
Source of Funds: Land Authoritv
(Tourist Impact Tax collected in Key West)
Approved By: Attorney ----X- County Land Steward _'
Documentation: Included:....x.-
To Follow:
Not Required:
Disposition:
Agenda Item _
Documentation Included:
1, Proposed Resolution with Exhibits A, B, and C
2, Key West City Commission Resolution 09-208
3, Aerial Photograph of Subject Property
4, Ground Photographs of Subject Property
5, Boundary Survey of Subject Property
6, Key West City Planning Department Letter
RESOLUTION NO,
A RESOLUTION OF THE MONROE COUNTY
COMPREHENSIVE PLAN LAND AUTHORITY AUTHORIZING
THE ISSUANCE OF TWO MORTGAGE LOANS TO THE
HOUSING AUTHORITY OF THE CITY OF KEY WEST TO
FINANCE THE PURCHASE OF 817-820 WASHINGTON STREET
IN KEY WEST AS AN AFFORDABLE HOUSING SITE,
WHEREAS, section 380,0666(3), Florida Statutes, and section 2-398(6), Monroe County Code,
empower the Monroe County Comprehensive Plan Land Authority (hereinafter "Land Authority")
to acquire an interest in real property for the purpose of providing affordable housing to families
whose income does not exceed 160 percent of median family income of the area; and
WHEREAS, Key West City Commission Resolution 09-208 nominates a 16-unit apartment
complex located at 817-820 Washington Street in Key West (hereinafter "subject property") as a
proposed affordable housing acquisition in partnership with The Housing Authority of the City of
Key West (hereinafter "KWHA"); and
WHEREAS, the Land Authority desires to subsidize KWHA's acquisition of the subject property
in a manner that leverages Land Authority funds; and
WHEREAS, the Land Authority Advisory Committee considered this resolution at a meeting held
April 28, 2010, and voted 3/0 to recommend approval; NOW, THEREFORE,
BE IT RESOLVED BY THE MONROE COUNTY COMPREHENSIVE PLAN LAND AUTHORITY:
Section 1, The Land Authority is authorized to issue two mortgage loans totaling $1,636,000 to
finance KWHA's purchase of the subject property provided the following requirements are met.
a) KWHA's purchase price for the subject property shall not exceed $2,950,000,
b) KWHA's institutional first mortgage encumbering the subject property shall not exceed
$1,759,000,
c) Of the $1,636,000 disbursed by the Land Authority, $836,000 shall be secured by a 30-year,
zero interest balloon second mortgage executed by KWHA in favor of the Land Authority as
shown in Exhibit A. Said mortgage shall be subordinate to the above referenced institutional
first mortgage,
d) The $800,000 balance of the funds disbursed by the Land Authority shall be secured by a
30-year, soft third mortgage executed by KWHA in favor of the Land Authority as shown in
Exhibit B, Said mortgage shall be subordinate to the above referenced institutional first
mortgage,
[The remainder of this page is blank,]
Page 1 of 2
e) The deed into KWHA shall include deed restrictions in favor of the Land Authority as shown
in Exhibit C, Said deed restrictions shall be superior to all mortgages and shall not be
subordinated,
PASSED AND ADOPTED by the Monroe County Comprehensive Plan Land Authority at a
regular meeting on this day of 2010,
(Seal)
ATTEST:
MONROE COUNTY COMPREHENSIVE
PLAN LAND AUTHORITY
Mark J, Rosch
Executive Director
Kim Wigington
Chairman
Approved for Legal Sufficiency
Larry R. Erskine
Page 2 of 2
EXHIBIT A TO RESOLUTION: Note and Mortgage
PROMISSORY NOTE
Key West, Florida
Date:
AMOUNT: $836,000,00
FOR VALUE RECEIVED the undersigned promises to pay to the order of MONROE
COUNTY COMPREHENSIVE PLAN LAND AUTHORITY, 1200 Truman Avenue, Suite 207,
Key West, Florida, 33040, the principal sum of EIGHT HUNDRED THIRTY-SIX THOUSAND
and 00/100 DOLLARS ($836,000,00), without interest. The payment of the entire principal
balance of EIGHT HUNDRED THIRTY-SIX THOUSAND and 00/100 DOLLARS
($836,000,00) is due and payable Thirty (30) years from the date hereof.
The right is reserved to the maker of this note to prepay all or any part of the principal
indebtedness represented hereby,
The makers and endorsers of this note further agree to waive demand, notice of non-payment and
protest, and in the event suit shall be brought for the collection hereof, or the same has to be
collected upon demand of an attorney, to pay reasonable attorney's fees for making such
collection, and/or attorney's fees and costs incurred by payee, or holders hereof in prosecuting or
defending litigation to effect collection, including costs and attorney's fees in appellate courts,
This note is secured by a mortgage of even date herewith and is to be construed and enforced
according to the laws of the State of Florida; upon default in the payment of principal and/or
interest when due, the whole sum of principal and interest remaining unpaid shall at the option of
the holders, become immediately due and payable, Failure to exercise this option shall not
constitute a waiver of the right to exercise the same in the event of subsequent default.
This is a nonrecourse loan and the payee shall look solely to the property securing same for
payment.
The Housing Authority of the City of Key
West, Florida
By:
Title:
This Instrument Prepared By
and return after recording to:
Larry R, Erskine
1200 Truman Avenue, Suite 207
Key West, FL 33040
THIS MORTGAGE DEED
Executed the_ day of ,2010 A.D., by The Housing Authority of the City of
Key West, Florida, hereinafter called the mortgagor(s), to
MONROE COUNTY COMPREHENSIVE PLAN LAND AUTHORITY, a land authority under
Section 380.0663(1), Florida Statutes, and Monroe County Ordinance No. 031-1986, whose address
is 1200 Truman Avenue, Suite 207, Key West, FL, 33040.
hereinafter called the mortgagee(s):
(Wherever used herein the terms "mortgagor" and "mortgagee" include all the parties to this instrument
and the heirs, legal representatives and assigns of individuals, and the successors and assigns of
corporation; and the term "note" includes all the notes herein described ifmore than one),
WITNESSETH, that for good and valuable consideration, and also in consideration of the
aggregate sum named in the promissory note of even date herewith, hereinafter described, the
Mortgagor(s) does hereby grant, bargain, sell, alien, remise, release, convey and confirm unto the
Mortgagee(s), in fee simple, all the certain tract of land of which the Mortgagor is now seized and
possessed, and in actual possession, situate in MONROE County, Florida, viz:
SEE EXHIBIT "A" ATTACHED HERETO AND MADE A PART HEREOF.
THIS IS A SECOND MORTGAGE.
TO HA VE AND TO HOLD the same, together with the tenements, hereditaments and
appurtenances thereto belonging, and the rents, issues and profits thereof, unto the mortgagee in fee
simple,
AND the mortgagor covenants with the mortgagee that the mortgagor indefeasibly seized of said
land in fee simple; that the mortgagor has full power and lawful authority to convey said land in fee
simple as aforesaid; that the mortgagor will make such further assurances to perfect the fee simple title to
said land in the mortgagee as may reasonably be required; that the mortgagor hereby fully warrants the
title to said land and will defend the same against the lawful claims of all persons whomsoever; and that
said land is free and clear of all encumbrances,
PROVIDED AL WAYS that if said mortgagor shall pay unto said mortgagee the certain
promissory note hereinafter substantially copied or identified to wit:
SEE EXHIBIT "B" ATTACHED HERETO AND MADE A PART HEREOF.
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and shall perform, comply with and abide by each and every the agreements, stipulations, conditions and
covenants thereof, and of this mortgage, then this mortgage and the estate hereby created, shall cease,
determine and be null and void,
AND the mortgagor hereby further covenants and agrees:
1, To pay promptly, all and singular, when due the principal and interest and other sums of money
provided for in said note and this mortgage, or either.
2, To pay all and singular the taxes, assessments, levies, liabilities, obligations, and encumbrances of
every nature on said property each and every, and if the same be not promptly paid the said mortgagee
may at any time pay the same without waiving or affecting the option to foreclose or any right hereunder,
and every payment so made shall bear interest from the date thereof at the rate of the highest rate
allowable by law,
3, To pay all and singular the costs, charges, and expenses, including lawyer's fees, reasonably
incurred or paid at any time by said mortgagee because of the failure on the part of the said mortgagor to
perform, comply with and abide by each and every the stipulations, agreements, conditions and covenants
of said note and this mortgage, or either, and every such payment shall bear interest from date at the
highest rate allowable by law,
4, To keep the buildings now or hereafter on said land fully insured in a sum of not less than the
highest insurable value to include Fire, Wind and Flood, in a company or companies acceptable to the
mortgagee, and the policy or policies to be held by, and payable to, said mortgagee, and in the event any
sum of money becomes payable by virtue of such insurance the mortgagee shall have the option to
receive and apply the same on account of the indebtedness hereby secured or to permit the mortgagor to
receive and use it, or any part thereof, for other purposes, without thereby waiving or impairing any
equity lien or right under or by virtue of this mortgage, and may place and pay for such insurance or any
part thereof, without waiving or affecting the option to foreclose or any right hereunder, and each and
every such payment shall bear interest from date at the highest rate allowable by law,
5, To permit, commit or suffer no waste, impairment or deterioration of said land or the
improvements thereon at any time,
6, To perform, comply with and abide by each and every the stipulations, agreements, conditions and
covenants in said promissory note and in this mortgage as set forth,
7, If any sums of money herein referred to be not promptly paid within THIRTY (30) days next after
the same severally becomes due and payable, or if each and every the agreements, stipulations, conditions
and covenants of said note and this mortgage, or either, are not duly performed, complied with and abided
by, the said aggregate sum mentioned in said promissory note then remaining unpaid shall become due
and payable forthwith or thereafter at the option of the mortgagee as fully and completely as if the said
aggregate sum of the then remaining balance was originally stipulated to be paid on such day, anything in
said note or herein to the contrary notwithstanding,
8, The mortgagee may, at any time while a suit is pending to foreclose or to reform this mortgage or
to enforce any claims arising hereunder, apply to the court having jurisdiction thereof for the appointment
of a receiver, and such court shall forthwith appoint a receiver of the premises and all other property
covered hereby, including all and singular the income, profits, rents, issues and revenues from whatever
source derived, and such receiver shall have all the broad and effective functions and powers in anywise
entrusted by a court to a receive and such appointment shall be made by such court as an admitted equity
2
and a matter of absolute right to said mortgagee, and without reference to adequacy or inadequacy of the
value of the property mortgaged or to the solvency or insolvency of said mortgagor or the defendants, and
such income, profits, rents, issues and revenues shall be applied by such receiver according to the lien of
this mortgage and the practice of such court,
9, Mortgagee, at their expense, shall provide mortgagor with a Satisfaction of Mortgage, m
recordable form upon receipt of full payoff of this mortgage and note,
la, If all or any part of the subject property or any interest in it is sold or transferred, then this
mortgage and the note which it secures shall be immediately due and payable at the option of the
mortgagee,
11, Neither the Mortgagor nor any of its partners shall have any personal liability for the payment of
any portion of the indebtedness evidenced by his Mortgage, In the event of default by the Mortgagor
under this mortgage the sole remedy of the Mortgagee shall be limited to exercising its rights under the
mortgage to foreclose upon the property secured hereby but shall not include a right to proceed directly
against the Mortgagor or any of its partners,
IN WITNESS WHEREOF, the said mortgagor has hereunto signed and sealed these presents the
day and year first above written,
Signed, sealed and delivered in our presence:
(TWO WITNESSES REQUIRED)
Witness Sign & Print Name
THE HOUSING AUTHORITY OF
THE CITY OF KEY WEST, FLORIDA
By:
Witness Sign & Print Name
Title:
STATE OF FLORIDA )
COUNTY OF MONROE )
The foregoing instrument was acknowledged before me this day of ,2010, by
, to me known to be the person described in and who executed
the foregoing instrument and acknowledged before me that he executed same, He is personally known to
me or has produced as identification,
Notary Public
(Seal)
Printed, typed or stamped Notary Name
My Commission Expires:
3
EXHIBIT B TO RESOLUTION: Note and Soft Mortgage
This instrument was prepared by:
Larry R. Erskine
1200 Truman Avenue, Suite 207
Key West, FL 33040
Exhibit A
PROMISSORY NOTE
Date:
Property Address:
THE HOUSING AUTHORITY OF THE CITY OF KEY WEST,
FLORIDA
817-820 Washington Street, Key West, FL 33040
Name:
1. BORROWER'S PROMISE TO PAY
THE HOUSING AUTHORITY OF THE CITY OF KEY WEST, FLORIDA (the Borrower)
promises to pay EIGHT HUNDRED THOUSAND DOLLARS ($800,000.00) (this amount
will be called "principal") to the order of the MONROE COUNTY COMPREHENSIVE
PLAN LAND AUTHORITY, a land authority under section 380.0663(1), Florida Statutes,
and Monroe County Ordinance Number 031-1986, whose address is 1200 Truman Avenue,
Suite 207, Key West, Florida 33040 (the "Lender,") or to any other holder of this Note,
Borrower understands that the Lender may transfer this Note, The Lender or anyone who takes
this Note by transfer and who is entitled to receive payments under this Note will be called the
"Note Holder."
2. INTEREST
Interest on this Note shall be zero percent (0%) per annum; except that if Borrower fails to payor
otherwise satisfy this Note as required, the interest rate shall be twelve percent (12%) per annum
from the date when payment ofthis Note is due until Borrower pays it in full,
3. PAYMENTS
The loan will be a deferred payment loan for a period of thirty (30) years with a zero % interest
rate, The entire loan balance will be forgiven thirty (30) years from the date hereof and the
limitations and conditions contained in the mortgage executed simultaneously with this note shall
be released thirty (30) years from the date hereof; provided however, the loan will be due and
payable in full upon the sale or transfer of the property or failure to comply with the terms of the
mortgage executed simultaneously with this note or failure to comply with the affordable housing
deed restrictions on Borrower's deed,
4. BORROWER'S PAYMENT BEFORE THEY ARE DUE
Borrower has the right to make payment in full on this Note at any time before it is due, Such
payment is known as a "full payment." No partial prepayments can be made at any time on the
principal of the loan, When Borrower makes full prepayment, Borrower will advise the Note
Holder in a letter that it is doing so,
5. BORROWER'S FAILURE TO PAY AS REQUIRED
(A) Default
If Borrower does not pay the full amount as required in Section 3 above, Borrower will be in
default, If borrower is in default, the Note Holder may bring about any actions not prohibited by
applicable law and require Borrower to pay Holder's cost and expenses as described in Section
5(B) below,
1
(B) Payment of Note Holder's Costs and Expenses
If the Note Holder takes such actions as described in Section 5(A) above, the Note Holder will
have the right to be paid back for all of its cost and expenses, including but not limited to
reasonable attorney's fees,
6. THIS NOTE SECURED BY A MORTGAGE
In addition to the protections given to the Note Holder under this Note, a Mortgage, dated
, 2010 protects the Note Holder from possible losses that might result if
Borrower does not keep the promises that Borrower makes in this Note, That Mortgage describes
how and under what conditions Borrower may be required to make immediate payment in full of
all amounts that Borrower owes under this Note,
7. BORROWER'S WAIVER
Borrower waives its rights to require the Note Holder to do certain things, Those things are: (A)
to demand payment of amount due (known as "presentment"); (B) to give notice that amounts
have not been paid (known as "notice of dishonor"); (C) to obtain an official certification of
nonpayment (known as a "protest.")
8. GIVING OF NOTICES
Any notice that must be given to Borrower under this Note will be given by delivering it or by
mailing it by certified or registered mail, postage prepaid, addressed to Borrower at the Property
address above, A notice will be mailed to the Note Holder at a different address if Borrower is
given a notice ofthat different address,
The Housing Authority of the City of Key
West, Florida
By:
Title:
2
This instrument was prepared by:
Larry R. Erskine
1200 Truman Avenue, Suite 207
Key West, FL 33040
THIRD MORTGAGE
(Due on Sale or Refinancing)
This third mortgage is made this _ day of , 2010 between the Mortgagor,
THE HOUSING AUTHORITY OF THE CITY OF KEY WEST, FLORIDA, (herein the
"Borrower,") and the Mortgagee, MONROE COUNTY COMPREHENSIVE PLAN LAND
AUTHORITY, a land authority under section 380,0663(1), Florida Statutes, and Monroe County
Ordinance Number 031-1986, whose address is 1200 Truman Avenue, Suite 207, Key West, Florida
33040 (herein the "Lender.")
WHEREAS, the Borrower has applied to the Lender for a loan in the original principal amount of
EIGHT HUNDRED THOUSAND DOLLARS ($800,000.00), the "Loan," and
WHEREAS, the Borrower is indebted to Lender in the principal sum of EIGHT HUNDRED
THOUSAND DOLLARS ($800,000.00), which indebtedness is evidenced by the Borrower's
Promissory Note dated , 2010, Exhibit A and extensions and renewals
thereof (herein ''Note,'') providing for forgiveness of the principal indebtedness if not sooner paid, on
,2040,
TO SECURE to the Lender the repayment of the indebtedness evidenced by the Note: the payment of all
other sums, advanced in accordance herewith to protect the security of this Mortgage: and the
performance of the covenants and agreements of the Borrower herein contained the Borrower does hereby
mortgage, grant and convey to Lender the following described property located in the County of Monroe,
State of Florida:
SEE EXHIBIT B ATTACHED HERETO
Which has the address of 817-820 Washington Street Kev West FL 33040
(herein the "Property Address,")
TOGETHER with all the improvements now or hereafter erected on the property, and all easements,
rights, appurtenances, and rents all of which shall be deemed to be and remain a part of the property
covered by this Mortgage; and all of the foregoing, together with said property (or the leasehold estate if
this Mortgage is on a leasehold) are hereinafter referred to as the "Property,"
BORROWER COVENANTS, represents and warrants to the Lender and its successors and assigns that
Borrower is lawfully seized of the estate hereby conveyed and has the right to mortgage, grant and
convey the Property, and the Property is unencumbered, except for the mortgage lien of the first and
second mortgages, and for other encumbrances of record, Borrower covenants, represents and warrants to
the Lender and its successors and assigns that Borrower will defend generally the title to the Property
against all claims and demands, subject to the mortgage lien of the first and second mortgages and other
encumbrances of record,
1
BORROWER FURTHER COVENANTS and agrees with the Lender as follows:
1, Payment. The Borrower shall promptly pay when due the indebtedness evidenced by the Note,
Exhibit A.
2, Prior MortQ:aQ:es and Deeds of Trust; CharQ:es: Liens. Lender and Borrower acknowledge and
agree that this Mortgage is subject and subordinate in all respects to the liens, terms, covenants
and conditions of any prior Mortgage and to all advances heretofore made, The Borrower shall
perform all of the Borrower's obligations under any prior Mortgage and any other mortgage, deed
of trust or other security agreement with a lien that has priority over this Mortgage, including the
Borrower's covenants to make payments when due, The Borrower shall payor cause to be paid
all taxes, assessments and other charges, fines and impositions attributable to the Property that
may attain a priority over this Mortgage, and leasehold payments or ground rents, if any,
3, Hazard Insurance. The Borrower shall keep the improvements now existing or hereafter erected
on the Property insured against loss by fire, hazards included within the term "extended
coverage," and such other hazards as the Lender may require and in such amounts and for such
period as the Lender may require,
The insurance carrier providing the insurance shall be chosen by the Borrower subject to approval
by the Lender, provided that such approval shall not be unreasonably withheld, All insurance
policies and renewals thereof shall be in a form acceptable to the Lender and shall include a
standard mortgage clause in favor of, and in a form acceptable to the Lender. The Lender shall
have the right to hold the policies and renewals thereof, subject to the terms of the First Mortgage
and any other mortgage, deed of trust or other security agreement with a lien that has priority
over this Mortgage, In the event of loss, the Borrower shall give prompt notice to the insurance
carrier and to the Lender. The Lender may make proof of loss if not made promptly by the
Borrower.
If the Property is abandoned by the Borrower, or if the Borrower fails to respond to the Lender
within thirty (30) days from the date notice mailed by the Lender to the Borrower that the
insurance carrier offers to settle a claim for insurance benefits, the Lender is authorized to collect
and apply the insurance proceeds at the Lender's option either to restoration or repair of the
Property or to the sums secured by this Mortgage,
4, Preservation and Maintenance of Prooertv: Leaseholds The Borrower shall keep the Property
in good repair and shall not commit waste or permit impairment or deterioration of the Property
and shall comply with the provisions of any lease if this Mortgage is on a leasehold improvement.
5, Protection of Lender's Security. If the Borrower fails to perform the covenants and agreements
contained in this Mortgage, or if any action or proceeding is commenced that materially affects
the Lender's interest in the Property, Then the Lender, at the Lender's option upon notice to the
Borrower, may make such appearances, disburse such sums, including reasonable attorney's fees,
and take such action as is necessary to protect the Lender's interest in the Property,
Any amounts disbursed by the Lender pursuant to this Paragraph 5, with interest thereon, at the
rate of twelve percent (12%) per annum, shall become additional indebtedness of the Borrower
secured by this Mortgage, Unless the Borrower and the Lender agree to other terms of payment,
such amounts shall be payable upon notice from the Lender to the Borrower requesting payment
2
thereof. Nothing contained in this Paragraph 5 shall require the Lender to incur any expense or
take any action hereunder.
6, InsDection. The Lender may make or cause to be made reasonable entries upon the inspections
of the Property, provided that the Lender shall give Borrower notice prior to any such inspection
specifying reasonable cause to the Lender's interest in the Property,
7, Condemnation. The proceeds of any award or claim for damages, direct or consequential, in
connection with any condemnation or other taking of the Property, or part thereof, or for
conveyance in lieu of condemnation, are hereby assigned and shall be paid to the Lender, subject
to the terms of any mortgage, deed of trust or to the security agreement with a lien that has
priority over this Mortgage,
8, Borrower Not Released: Forbearance bv Lender Not a Waiver. Extension of the time for
payment or modification of amortization of the sums secured by this Mortgage granted by the
Lender to any successor in interest of the Borrower shall not operate to release, in a manner, the
liability of the original Borrower and the Borrower's successors in interest. The Lender shall not
be required to commence proceedings against such successor or refuse to extend time for
payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any
demand made by the original Borrower and the Borrower's successors in interest. Any
forbearance by the Lender in exercising any right or remedy hereunder, or otherwise afforded by
applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy,
9, Successors and Assi2:ns Bound: Joint and Several Liabilitv: Co-Si2:ners. The covenants and
agreements herein contained shall bind, and the rights hereunder shall inure to, the respective
successors and assigns for the Lender and the Borrower, subject to the provisions of Paragraph 14
hereof.
la, Notice. Except for any notice required under applicable law to be given in another manner: (a)
any notice of the Borrower provided for in this Mortgage shall be given by delivering it or by
mailing such notice by certified or registered mail, postage prepaid, addressed to the Borrower at
the Property Address or at such other address as the Borrower may designate by notice to the
Lender as provided herein,
11, Governin2: Law: Severability: Costs. This Mortgage shall be governed by the laws of the State
of Florida, and, to the extent applicable hereto, the laws and regulations of the United States of
America, In the event that any provision or clause of this Mortgage or the Note conflicts with
applicable law, such conflict provision, and to this and the provisions of this Mortgage or the
Note that can be given effect without the conflicting provision, and to this and the provisions of
this Mortgage and the Note are declared to be severable, As used herein, "costs," "expenses,"
and "attorneys' fees" include all sums to the extent not prohibited by applicable law or limited
herein,
12, Borrower's CODY. Borrower shall be furnished a conformed copy of the Note and of this
Mortgage at the time of execution or after recordation hereof.
13, Transfer of the ProDertv. If all or any part of the Property or any interest in it is sold,
transferred, gifted or otherwise conveyed, whether by voluntary act, involuntarily, by operation of
law or otherwise, or if the Borrower is divested of title by judicial sale, levy or other proceeding,
or if foreclosure action is instituted against the Property, all sums secured by this Mortgage shall
immediately become due and payable as provided herein,
3
14, Acceleration. Lender shall give Borrower notice of acceleration, The notice shall provide a
period of not less than thirty (30) days from the date the notice is given provided in Paragraph 10
hereof within which the Borrower must pay all sums secured by this Mortgage, If Borrower fails
to pay these sums prior to the expiration of this period, the Lender may invoke any remedies
permitted by this Mortgage without further notice or demand on the Borrower.
15, Remedies. Except as provided in Paragraph 14 hereof, upon the Borrower's breach of any
covenant or agreement of the Borrower in this Mortgage, including the covenants to pay when
due any sums secured by this Mortgage, the Lender, at the Lender's option, may declare all of the
sums secured by this Mortgage to be immediately due and payable without further demand and
may foreclose this Mortgage by judicial proceeding,
Prior to taking any defaults action including acceleration of this Mortgage, the Lender shall give
notice to senior lien holders and to the Borrower as provided in Paragraph 10 hereof specifying
(1) the breach (if the breach is curable; (2) the action required to cure such breach; (3) a date, not
less than ten (10) days from the date the notice is mailed to Borrower, by which such breach must
be cured; and (4) that failure to cure such breach on or before the date specified in the notice may
result in acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding,
and sale of the Property, The notice shall further inform Borrower of the right to reinstate after
acceleration and the right to assert in the foreclosure proceeding the nonexistence of a default or
any other defense of Borrower to acceleration and foreclosure, The Lender shall be entitled to
collect in such proceeding all expenses of foreclosure, including, but not limited to, reasonable
attorneys' fees, court costs, and costs of documentary evidence, abstracts and title reports,
16, Borrower's Ri2:ht to Reinstate. Notwithstanding the Lender's acceleration of the sums secured
by this Mortgage due to the Borrower's breach, the Borrower shall have the right to have any
proceedings begun by the Lender to enforce this Mortgage discontinued at any time prior to entry
of a judgment enforcing this Mortgage if: (a) the Borrower pays the Lender all sums that would
be then due under this Mortgage and the Note had no acceleration occurred; (b) the Borrower
cures all breaches of any other covenants or agreements of the Borrower contained in this
Mortgage; (c) the Borrower pays all reasonable expenses incurred by the Lender in enforcing the
covenants and agreements of the Borrower contained in this Mortgage, and in enforcing the
Lender's remedies as provided in Paragraph 15 hereof, including, but not limited to, reasonable
attorneys' fees and court costs; and (d) the Borrower takes such action as the Lender may
reasonably require to assure that the lien of this Mortgage, the Lender's interest in the Property
and the Borrower's obligation to pay the sums secured by this Mortgage shall continue
unimpaired, Upon such payment and cure by the Borrower, this Mortgage and the obligations
secured hereby shall remain in full force and effect as if no acceleration had occurred,
17, Assi2:nment of Rents; Appointment of Receiver. As additional security hereunder, the
Borrower hereby assigns to the Lender the rents of the Property, provided that the Borrower shall,
prior to acceleration under Paragraph 14 hereof or abandonment of the Property, have the right to
collect and retain such rents as they become due and payable,
Upon acceleration under Paragraph 14 hereof or abandonment of the Property, the Lender shall
be entitled to have a receiver appointed by a court to enter upon, take possession of and manage
the Property and to collect the rents of the Property including those past due, All rents collected
by the receiver shall be applied first to the payment of the costs of management of the Property
and collection of rents, including, but not limited to, receiver's fees, premiums on receiver's
4
bonds and reasonable attorneys' fees, and then to the sum secured by this Mortgage, The receiver
shall be liable to account only for those rents actually received,
18, Release. Upon satisfaction of the conditions and terms of the note secured by this mortgage,
including but not limited to payment of all sums there under, Lender shall release this Mortgage
without charge to Borrower. Borrower shall pay all costs of recordation, if any,
19, Attornevs' Fees. As used in this Mortgage and in the Note, "attorneys' fees" shall include
attorneys' fees, if any, incurred in connection with the collection or enforcement of this Mortgage
or of the Note, whether or not suit is brought and whether incurred at trial, on appeal, in
bankruptcy proceedings or otherwise,
IN WITNESS WHEREOF, the Borrower has executed this Mortgage,
Signed, sealed, and delivered in the presence of:
(TWO WITNESSES REQUIRED)
Witness Sign & Print Name
THE HOUSING AUTHORITY OF
THE CITY OF KEY WEST, FLORIDA
By:
Witness Sign & Print Name
Title:
STATE OF FLORIDA )
COUNTY OF MONROE )
The foregoing instrument was acknowledged before me this day of ,2010, by
, to me known to be the person described in and who executed
the foregoing instrument and acknowledged before me that he executed same, He is personally known to
me or has produced as identification,
Notary Public
(Seal)
Printed, typed or stamped Notary Name
My Commission Expires:
5
EXHIBIT C TO RESOLUTION: Deed Restrictions
AFFORDABILlTY COVENANTS
1, Term, These affordability covenants are perpetual, run with the land, and are binding on all
present and subsequent owners and mortgagees,
2, Propertv Use, Use of the property shall be restricted to the provision of affordable rental
housing as defined in section 380,0666(3), Florida Statutes, as said statute may be
amended from time to time,
3, Monitorinq, Grantee is responsible for ensuring compliance with the affordability covenants
contained herein and expressly agrees to furnish, upon Grantor's request, written
certification thereof,
RESOLUTION NO.
09-208
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF KEY WEST, FLORIDA, NOMINATING
PROPERTY LOCATED AT 817, 818, 819, 820
WASHINGTON STREET FOR ACQUISITION BY THE
MONROE COUNTY LAND AUTHORITY FOR WORKFORCE
HOUSING; PROVIDING REQUIREMENTS; PROVIDING
FOR AN EFFECTIVE DATE.
WHEREAS it is the desire of the City Commission of the City of
Key West, Florida to provide additional workforce housing within
the City.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF KEY WEST, FLORIDA, AS FOLLOWS:
Section 1:
The Ci ty Commission hereby nominates the property
located at 817, 818, 819, 820 Washington Street (hereinafter
"subj ect property" )
for inclusion on the Land Authori ty
Acquisi tion List as a potential affordable housing site to be
acquired by the Monroe County Land Authority.
Section 2:
In the event the Land Authori ty lS able to
acquire the subject property, the City Commission hereby requests
that the Land Authority subsequently convey the subject property
to the Housing Authority of the City of Key West to operate as
workforce housing rental units.
Section 3:
That this Resolution shall go into effect
immediately upon its passage and adoption and authentication by
1
the signature of the presiding officer and the Clerk of the
Commission.
Passed and adopted by the City Commission at a meeting held
this 4th day of August I 2009.
Authenticated by the presiding officer and Clerk of the
Commission on August 5 I 2009.
Filed with the Clerk I 2009.
2
Housing Authority of the City of Key West, Florida
1400 Kennedy Drive, Key West, FL 33040
Phone: (305) 296-5621 Fax: (305) 296-0932
Board of Commissioners
Frank Toppino
Bob Dean
Juanita Mingo
John G. Parks, Jr.
Roosevelt Sands, Jr.
Executive Director
J, Manuel Castillo, Sr.
PROPOSED ACQUISITION
Property Name: Washington Street Apartments
Property Address: 817 & 819 Washington St.
818 & 820 Washington St.
Property Owner: Pfund Family Trust
Demographics: Four - 2 Story Buildings
16- 2 Bedroom / 1 Bath Units,
Laundry facility and 3 mini-storage units
Current Rents: $1 ,500 to $1,600 per month
Brief Summary: Propose the above property to the City Commission for
authorization to request the Monroe County Comprehensive Land Authority to
consider for acquisition to be used for workforce housing. Property would be
owned and managed by the Housing Authority.
Aerial Photograph of Subject Property
817,818,819, and 820 Washington Street
Key West
PHOTOGRAPHS OF THE SUBJECT PROPERTY
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Front elevation of 817 Washington Street.
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Rear and side elevation of 817 Washington Street.
55
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SLACK
JOHNSTON
MAGENHEIMER
PHOTOGRAPHS OF THE SUBJECT PROPERTY
Additional side view of 817 Washington Street.
Front elevation of8l9 Washington Street.
56
SLACK
JOHNSTON
MAGENHEIMER
PHOTOGRAPHS OF THE SUBJECT PROPERTY
Side elevation of819 Washington Street.
Courtyard between 817 and 819 Washington Streets,
57
SLACK
JOHNSTON
MAGENHEIMER
PHOTOGRAPHS OF THE SUBJECT PROPERTY
Ancillary (storage) building behind 817 Washington Street.
Ancillary (laundry) building behind 819 Washington Street.
58
SLACK
JOHNSTON
MAGENHEIMER
PHOTOGRAPHS OF THE SUBJECT PROPERTY
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Laundry room in ancillary building behind 819 Washington Street.
Front elevation of 820 Washington Street
59
SLACK
JOHNSTON
MAGENHEIMER
PHOTOGRAPHS OF THE SUBJECT PROPERTY
.......
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Rear and side elevation of 820 Washington Street.
Front elevation of818 Washington Street.
60
SLACK
JOHNSTON
MAGENHEIMER
PHOTOGRAPHS OF THE SUBJECT PROPERTY
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View of courtyard between 818 and 820 Washington Street.
Typical living area and kitchen,
61
SLACK
JOHNSTON
MAGENHEIMER
PHOTOGRAPHS OF THE SUBJECT PROPERTY
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MAGENHEIMER
PHOTOGRAPHS OF THE SUBJECT PROPERTY
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Typical living area and kitchen,
63
SLACK
JOHNSTON
MAGENHEIMER
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Key West Investment Company's Plat, Island of Key West
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SLACK
JOHNSTON
MAGENHEIMER
THE CITY OF KEY WEST
1'",1 [ )II'C" 1\,,\ 1.11 ill
\\':,1.1 I .~~II.11 1.llIcJl.ilj'I"II<)-.;~II\i
July 28, 2009
VIA U.S. ft,fai/ and Email
Omar Garcia, Chairman,
Key West Community Housing Committee
1204 1 ih Terrace
Key West, Florida 33040
RE: 817,818,819,820 Washington Street
Real Estate Numbers 00037860-000000, 00037470-000000, 00037870-000000, 00037460-000000
Pre-Application Letter
Dear Mr. Garcia,
The purpose of this letter is to respond to your request that the Planning Department issue a pre-application
letter regarding properties located at 817, 818, 819, and 820 Washington Street. Recently, these properties
were nominated by the Community Housing Committee for consideration by the City Commission for
acquisition by the Monroe County Land Authority, The purpose of this review is to provide preliminary
information regarding the properties.
Currently, each property is licensed as having four non-transient residential units per site, According to City
Licensing Records (Attachment A), these licenses have been maintained on the properties since 1976,
Because City documentation substantiates that the units were established prior to the implementation of the
building permit allocation system, it appears that the units are exempt from regulation under the system,
The properties are located in the Historic Medium Density Residential (HMDR) zoning district. Pursuant to
Section 122-597 of the Land Development Regulations, multiple-family residential dwellings are a
pennitted use in this zoning district. It appears that the existing units are legally nonconforming to the
density requirements cited in Section 122-600 of the Code, However, as long as the density is not increased,
it is acceptable to maintain the existing number of units on the site,
As part of the pre-application research, the Planning Department also reviewed available file history on
these properties, It appears that in January of 1993, the Board of Adjustment denied an application for
Special Exception to allow transient use of the 16 units (Attachment B). The Special Exception was denied
due to the Board's finding that the proposed transient rentals would not be reasonably compatible with
surrounding uses,
In July of 2005. a letter was submitted to the Planning Department as notification of a Condominiwn
Conversion for the properties located at 818 and 820 Washington Street (Attachment C), To date, the
Planning Department is not aware of any other City approvals that the properties may have obtained, File
documentation provided an unsealed copy of a boundary survey, dated June 30, 2004. completed for the
properties located at 818 and 820 Washington Street. However, the available files do not provide a survey
for the properties at 817 or 819 Washington Street.
In summary, the proposal to provide affordable housing units on the properties may be adequate based on
the existing land use and zoning classification, However. please note that this information is provided for
the benefit of the Housing Committee on a preliminary basis and does not constitute a formal finding, The
Land Authority is encouraged to obtain a Zoning Determination or Build-Back Letter from the Department
prior to acquisition of the property if a more detailed assessment is needed,
Please do not hesitate to contact me with any questions or conmlents,
Sincerely,
~A1Jj1/~niuJ
V=~l:;~nnier
Planner
Attachments:
City Licensing Records (Attachment A)
Special Exception Denial (Attachment B)
Condominium Conversion (Attachment C)
Xc:
Amy Kimball Murley, AICP, Planning Director
Sue Harrison, Senior Deputy City Clerk
Carolyn Walker, Licensing Official
GEO Files
LAND AUTHORITY GOVERNING BOARD
AGENDA ITEM SUMMARY
Meeting Date: Mav 19. 2010
Division: Land Authoritv
Bulk Item: Yes No l
Contact 1 Phone #: Mark Rosch 1295-5180
Agenda Item Wording: Approval of a resolution concerning the transfer of funds,
Item Background: The proposed resolution will transfer $1,636,000 from funds in the Land Authority
budget currently appropriated for the purchase of property in Key West to funds appropriated for
mortgage loans for property in Key West. This budget transfer is necessary prior to issuing mortgage
loans to finance the Key West Housing Authority's purchase of 817-820 Washington Street for
affordable housing,
Advisory Committee Action: N/A
Previous Governing Board Action: N/A
Contract/Agreement Changes: N/A
Staff Recommendation: Approval
Total Cost: $_
Indirect Cost: $
Budgeted: Yes _ No
Cost to Land Authority: $
Source of Funds: _
Approved By: Attorney ----X- County Land Steward _'
Documentation: Included:....x.-
To Follow:
Not Required:
Disposition:
Agenda Item _
RESOLUTION NO,
A RESOLUTION OF THE MONROE COUNTY
COMPREHENSIVE PLAN LAND AUTHORITY CONCERNING
THE TRANSFER OF FUNDS,
WHEREAS, it is necessary for the Monroe County Comprehensive Plan Land Authority to make
budgeted transfers in the Land Authority Budget for the Fiscal Year 2010; NOW, THEREFORE,
BE IT RESOLVED BY THE MONROE COUNTY COMPREHENSIVE PLAN LAND AUTHORITY
that there shall be transfers of amounts previously set up in the Land Authority Budget for the
Fiscal Year 2010 as hereinafter set forth to and from the following accounts:
From:
For the Amount:
To:
Capital Outlay - Property in Key West ACSC
$1,636,000,00
Grants and Aid (Mortgages) - Property in Key West ACSC
BE IT RESOLVED BY SAID BOARD that the Executive Director is hereby authorized and
directed to make the necessary changes of said items, as set forth above,
PASSED AND ADOPTED by the Monroe County Comprehensive Plan Land Authority at a
regular meeting held on this 19th day of May, 2010,
(Seal)
ATTEST:
MONROE COUNTY COMPREHENSIVE
PLAN LAND AUTHORITY
Mark J, Rosch
Executive Director
Kim Wigington
Chairman
Approved for Legal Sufficiency
Larry R. Erskine