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M
RI
7.
0
i Very Low Income. Not to exceed 30 percent of that amount
which represents 60% of the median income; or
ii. Low Income. Not to exceed 30 percent of that amount which
represents 60% of the median income; or
iii. Definitions follow:
(a) Median income, rental rates, and qualifying income
tables means eligibility requirements compiled each
year by the planning department based upon the median
annual household income published for the county on
an annual basis by the U.S. Department of Housing and
Urban Development and similar information for median
and moderate income levels from the Florida Housing
Finance Corporation. Affordable housing eligibility
requirements for each household will be based upon
median annual household income adjusted by family
size, as set forth by the U.S. Department of Housing
and Urban Development and the Florida Housing
Finance Corporation. The county shall rely upon this
information to determine maximum rental rates and
maximum household incomes eligible for affordable
housing rental or purchase.
(b) Monthly median household income means the median
annual household income for the county divided by 12.
At the time of a new rental for an affordable unit, the total income of
households eligible to rent shall not exceed the same income limits of the
category in which they were originally awarded.
All units designated by this development agreement as deed restricted
affordable housing shall comply with hurricane standards established by
the Florida Building Code and habitability standards established under
the Florida Landlord and Tenant Act. Compliance with this provision
shall be accomplished prior to the issuance of a building permit for the
transferred market rate ROGO exemption and after the deed restricted
affordable housing unit is fully restricted and in compliance with this
provision.
Not more than 50% of the existing affordable housing allocations
currently available in the County shall be used for affordable housing
allocations at the Property, unless approved by the Board of County
Commissioners (BOCC). For the County to monitor receipt of the
affordable housing ROGO allocations, Spottswood and the County agree
that the BOCC may approve the allocation reservation by resolution
concurrent with this development agreement. The resolution and any
other resolutions concerning ROGO reservations shall be the controlling
documents concerning the allocation reservations and supersede any
provisions of this Agreement. It is intended that the initial Resolution be
consistent with Section 138 -24 of the Monroe County Code as follows:
a. Reservation criteria of affordable housing allocations.
Banyan Grove FINAL 12/30/10
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EXHIBIT A
Banyan Grove Development Agreement
Survey & Legal Description
Page 1 of 3
Lots 5 thru 16, and a portion of Lots 4 and 17, Square 29, as shown on the plat of "STOCK
ISLAND MALONEY SUBDIVISION" as recorded in Plat Book 1 at Page 55, of the Public
Records of Monroe County Florida and being more particularly described by metes and bounds
as follows:
COMMENCE at the Southwest corner of the said Square 29; thence N 89 degrees 57'56" E
along the Northerly Right -of -way line of MacDonald Avenue for 196.00 feet to the Point of
Be ' ' g: thence N 00 degrees 02' 04" W for a distance of 80.00 feet; thence S 89 degrees 57'
56" W for a distance a distance of 30.00 feet; thence N 00 degrees 02' 04" W for a distance of
166.55 feet to a point of a curve concave to the Southeast and the Southerly Right -of -way line of
U.S. Highway No. 1 thence in a Northeasterly direction along the said Southerly Right -of- line
of U.A. Highway No. 1 and the said curve having for its elements a radius of 2764.93 feet, a
central angle of 01 degrees 14' 05" a cord bearing of N 72 degrees 31' 23" E with a cord length
of 11.33 feet for an arc distance of 11.33 feet to the Southerly line of Laurel Avenue thence N 89
degrees 57' 56" E along the said Northerly Right- of-way line of Laurel Avenue for distance of
323.21 feet to the Northeast corner of said Block 29; thence S 00 degrees 02' 04" E along the
Easterly line of said Block 29 for a distance of 250.00 feet; to the said Northerly Right -of -way
line of MacDonald Avenue; thence S 89 degrees 57' 56" W along the said Northerly Right -of-
Way line of MacDonald Avenue for 329.00 feet to the Point of Beginning.
Containing 81,081.38 square feet, or 1.86 acres, more or less.
PARCEL B : A parcel of land on Stock Island, Monroe County, Florida and being Block 26 and
a portion of Laurel Avenue, both as shown on the plat of "STOCK I S LAND MALONEY
SUBDIVISION" as recorded in Plat Book 1, at Page 55, of the Public Records of Public Records
of Monroe County, Florida, and being more particularly described by metes and bounds as
follows:
BEGIN at the intersection of the West Right of Way line of 0 Street with the South Right -of-
way line of Laurel Avenue; thence S 89 degrees 57' 56 W along the Southerly Right-of-way
Line of Laurel Avenue for 323.21 feet to a point on a curve, concave to the Southeast and also
the Southerly Right -of -way line of U.S. Highway No. 1; thence in a Northeasterly direction
along the Northerly Right -of -way Line of Laurel Avenue and the Northerly Line of Block 26,
and also being the Southerly Right -of -way Line of U.S. Highway No. 1, and along the said
curve, having for its elements a radius of 2764.93 feet, a central angle of 06 degrees 54' 42" a
cord being of N 75 degrees 48' 14" E for a distance of 333.34 feet for a arc distance of 333.54 to
the Easterly line of said Block 26; thence S 00 degrees 02' 04" E along the said Westerly Right -
of -way line of Fourth Street for a distance of 81.56 feet to the Point of Beginning.
Containing 12,792.19 square feet or 0.29 acres, more or less.
LEGAL DESCRIPTION: Parcel 1
The Westerly V2 of Fourth Street, Stock Island, Monroe County, Florida, lying between the North
Right of Way Line of MacDonald Avenue and the South Right of Way Line of U.S. Highway
No. 1 and being more particularly described as follows:
Beginning at the Southeast corner of Lot 11, Block 29, "STOCK ISLAND MALONEY
SUBDIVION" as recorded in Plat Book 1, at Page 55, as recorded in the Public Records of
Monroe County, Florida, thence N 00 degrees 02'04" W along the Easterly property lines of Lots
EXHIBIT A
Banyan Grove Development AgreWment
Survey & Legal Description
Page 2 of 3
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