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Item C5 lAND AUTHORITY GOVERNING BOARD AGENDA ITEM SUMMARY Meeting Date: August 16, 2001 Bulk Item: Yes No X Department: Land Authority Agenda Item Wording: Approval of a resolution authorizing a mortgage to subsidize Phase 2 of the Tradewinds Hammocks affordable housing development on Key Largo (Chairman Williams' item). Item Background: This is the same resolution voted down by the Board in February with the following exceptions: 1) a revision to the name of the property owner; 2) the same revisions the Board approved for the Phase 1 development regarding the mortgage terms (non-recourse, modification rather than replacement, and 30-year term for the FHFC loan); and 3) the addition of Section 6, which provides for limited flexibility to accommodate changes in funding and costs. The proposed resolution authorizes a zero-interest, 50-year mortgage from the Land Authority in the amount of $924,000 and authorizes the Chairman to sign the corresponding local contribution application form to the Florida Housing Finance Corporation (FHFC) as a subsidy for the 56-unit, multi- family rental affordable housing development on Key Largo known as Tradewinds Hammocks Phase 2. The development site is located next to the Trade Winds Shopping Center. See the attached memo and summary of issues for additional information. Advisory Committee Action: On July 26, 2001 the Advisory Committee voted 3/0 to approve the proposed resolution. Previous Governing Board Action: On February 22, 2001 the Board voted 3/2 against funding for Phase 2. On April 20, 2000 the Board approved a similar resolution providing a $1,089,000 mortgage for Phase 1, which consists of 66 units. Contract/Agreement Changes: See above. Staff Recommendation: Approval, subject to the plaintiffs withdrawing the lawsuit Total Cost: $ 924,000.00 Budgeted: Yes X No Cost to land Authority: $ 924,000.00 Approved By: Attorney ~ Executive Director Approval: OMBlPU'09 _ ~arkJ. Rosch Risk Management Documentation: Included: X To Follow: Not Required: Disposition: Agenda Item LA #5 Tradewinds Hammock Phase 2 (56 Units) Summary of Issues 1. Litigation with MCLA - The developer is litigating the Land Authority's February 22, 2001 decision to deny funding for this development. The developer has agreed to withdraw the lawsuit upon the Board's approval of the funding resolution. Each party to the lawsuit would be responsible for paying their own legal fees. 2. Demonstration of Capabilities - The developer has not yet broken ground on the construction of Phase 1 and has a limited track record in the Florida Keys. a) Construction of Phase 1 is scheduled to begin by September 30, 2001. The appeal period for the conditional use approval of Phase 1 is over. There were no appeals filed and the DCA has issued an appeal waiver letter. Construction funding has been committed but not yet disbursed. b) David Tuttle is a local contractor who has worked in the Florida Keys for 18 years and is currently president of the Florida Keys Contractors Association. c) The- Heritage Companies have developed affordable housing throughout Florida, including the Mariner's Cove affordable housing development in Key West. 3. Housing Needs by Geographic Area - As compared to the Lower and Middle Keys, the Upper Keys area has generally lower housing costs together with the option of commuting from the mainland. At 66 units, Phase 1 of Tradewinds Hammock is the largest single affordable housing development approved by the Board outside of Key West. An additional 56 units for Phase 2 Tradewinds Hammock may disproportionately allocate affordable housing units to the Upper Keys. The attached table summarizes the recent affordable housing initiatives involving the Land Authority. 1 - .... o - .... C'? - t:::. l:' ';: o .s::. - :::I <C "C C ('IS ...J l:' c :::I o o CI) o L. C o :!: CI) .s::. - en c ':;: '0 > c VI CI) > ; ('IS E c en ,S VI :::I o :I: CI) :c ('IS "C L. ~ <C - c CI) CJ CI) a::: - o VI :::I ..... ('IS ..... CIJ - VI 0_ C 'c O:::J :;:::::; CIl 0> > C 0:;:::::; C"C/l Q) 'x a::W "- o C C/l O:!:: +:i c: U:::J ::J 1;5 ~ 5z o "- ~~ o Q) :;:::::; a. 'w e '5 a.. 0" U ~ "C Q) C/l o 0.. o ..... a.. "C "C Q) Q) C/l C/l o 0 0..0.. o 0 ..... ..... a.. a.. "C Q) C/l o 0.. o ..... a.. "C "C Q) Q) C/l C/l o 0 0.. 0.. o 0 ..... ..... a.. a.. "C Q) C/l o 0.. o ..... a.. t5 Q) ~ "CQ) "C "C ::c "C "C "C "C "C "C "C -_Q)2C1l22Q)2222 5 Q) C/l Q) = Q) Q) C/l Q) Q) Q) Q) oa.&.a.~a.a.&.a.a.a.a. ..... 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"Co.....CIlCl)Ci5 ..c ..... CIl 0.. Q) ::J 0..(9 <( C CIl C/l ~ - CIl =.c >- l6 ~ ~ e '5> CIl ..... Q) _ CIl .!:: 51-C/la..u> -CIl 0) 0 >- 0> r-- "",OOCll",,,, ..:::oa::~<o", "C C .!Q C/l "C "C 000 ,,-~ffiffi e>~e>Q):g8:(jj(jj ~ ~ ~ .5: 'C 0 :; ~ a..CIlOUU ~ ~ ~ .2> ~ .2>.9 .9 ~~~m(f)m(f)(f) - C/l III C/l C/l ~~~~ >- >- :>. :>. Q) Q) Q) Q) ~~~~ C o U ::J ..... - C/l C o o ..... Q) "C C :::J ...... M M (ij ..... o .- The Land Authority's proposed resolution would allow the developer 3 years within which to resolve the following permitting issues, failing which the Land Authority's funding commitment will expire. 4. Conditional Use Approval - The conditional use approval for Phase 2 must be modified to accommodate recent changes to the Phase 1 development plan involving dedicated open space. The developer has not yet applied for this modification. Approval will require action by the Planning Commission. 5. Nutrient Reduction Credits - The proposed development has no nutrient reduction credits (formerly "cesspit credits"). a) There are no nutrient reduction credits currently available for affordable housing in the Upper Keys. b) If a proposed Cabinet rule currently under consideration allowing the transfer of nutrient credits between ROGO subareas is approved, some or perhaps all of the necessary credits could become available. 6. ROGO Allocations - The proposed development has no ROGO allocations. a) There are currently 14 uncommitted ROGO allocations left from the 90 provided by the agreement with DCA regarding the removal of downstairs enclosures. (These 14 ROGO allocations are exempt from the requirement for nutrient credits.) b) The County has entered into another agreement with DCA that will restore 201 lost ROGO allocations. The procedure for distributing these allocations will be established once the Cabinet adopts the pending rule addressing nutrient reduction credits. 7. Density - The proposed development is over density because the proposed abandonment of Troupe Road and Buttonwood Lane have not occurred. a) To date the developer has not applied to abandon either road. In the absence of abandoning these roads, the developer has sufficient land to build 31 units. b) Abandonment of Troupe Road would provide sufficient land to build an additional 20 units, bringing the Phase 2 total to 51 units. The only private owner adjoining Troupe Road is the owner of Tradewinds Shopping Center, who is currently negotiating with the developer regarding this and other issues. c) Abandonment of Buttonwood Lane would provide sufficient land to build an additional 5 units, bringing the Phase 2 total to 56 units. There are multiple private owners adjoining Buttonwood Lane, several of whom have indicated to the developer they oppose abandoning this road. 8. Access - The approve site plan relies upon an access through Tradewinds Shopping Center which has not been secured. The developer is negotiating with the owner of Tradewinds Shopping Center to obtain an access agreement. 2 .'.,~......, ~- ~: '~- ....-.. MONROE COUNTY LAND AUTHORITY 1200 TRUMAN A VENUE, SUITE 207 · KEY WEST, FLORIDA 33040 PHONE (305) 295-5180 · FAX (305) 295-5181 MEMORANDUM TO: Land Authority Governing Board FROM: Mark J. Rosch, Executive Director ~ DATE: July 31,2001 SUBJECT: Phase 2 of Tradewinds Hammocks Affordable Housing Development Tradewinds Hammocks LLC proposes to construct, own, and manage 56 units of affordable rental housing for persons of very low and low income for a period of 50 years in participation with the Florida Housing Finance Corporation's (FHFC) tax credit and HOME loan programs. Tradewinds Hammocks LLC is a limited liability company consisting of MRT of the Florida Keys (Peter Rosasco, Pedro Falcon, and David Tuttle) and Heritage Affordable Development, Inc. (a corporation located in Cocoa Beach specializing in the development of affordable housing). The FHFC is a public corporation created by the Legislature within the Department of Community Affairs. The 14-lot development site in Industrial Acres subdivision consists of 5.57 acres of hammock, disturbed hammock, disturbed land, and mangroves adjoining the Tradewinds Shopping Center on Key Largo. The property is zoned Urban Residential (UR) and Native Area (NA) and is designated Residential High (RH) and Residential Conservation (RC) on the Future Land Use Map. Ordinarily Comprehensive Plan Policy 601.1.14 would prohibit the Land Authority from subsidizing development in hammock areas, but Policy 101.2.4 and Growth Management Administrative Interpretation 99-2 provide an exception for those cases when the development is affordable housing and the property is designated RH on the Future Land Use Map. The proposed resolution calls for a zero-interest mortgage in the amount of $924,000 from the Land Authority for a term of 50 years. The owner proposes that this amount, together with a $74,536 waiver of County impact fees, serve as the local contribution in an application to FHFC for State funding in the form of a $545,000 HOME loan and tax credit equity of $3,275,978. Although the Land Authority's mortgage exceeds the $250,000 necessary to receive the maximum points for local contribution on the FHFC application for tax credits, the owner's pro forma indicates a subsidy of this amount is necessary to make the project financially feasible. The Land Authority has obtained two appraisals of the land and the proposed $924,000 mortgage does not exceed the property's average appraised value assuming the property has all necessary development approvals for 56 units. The remainder of the project funding would come from a $1,864,299 conventional mortgage and $465,402 in deferred developer's fees, 1 bringing the total project cost to $7,074,680. Prior to funding the project, the FHFC will conduct an independent financial review as part of the underwriting process. Tradewinds Hammocks LLC is a private for-profit developer, which raises the issues of profit and risk. The developer's fee (inclusive of expenses and overhead) for this project is 16%, which is consistent with the limit established by the FHFC requirements. With respect to risk, we have attempted to minimize this issue by releasing the Land Authority's funds in phases, by working with a developer (Heritage Companies) experienced with using tax credits to develop affordable housing in the Keys, and by bringing the funding, structure, and controls of the FHFC into the project. The proposed resolution links disbursement of Land Authority funds to specific milestones in the application and permitting process. The developer will need to obtain a conditional use approval for Phase 2, in addition to obtaining 56 ROGO allocations and nutrient credits, securing access to the site, and abandoning two roads. Under the proposed resolution, no Land Authority funds will be disbursed until the project is fully approved. If the project is not fully approved by the County within three years, the Land Authority's financial commitment will expire. If the project is fully approved, the Land Authority would disburse $700,000 of the loan, with the $224,000 balance to be disbursed once all other funding is in place and the developer is ready to begin construction. Until the final disbursement, the Land Authority's mortgage would be in first position. Once the other funding sources have been secured, the Land Authority's entire funding would move to third or possibly fourth position. FHFC tax credits have funded other affordable housing developments in the Keys. The Monroe County Housing Authority used tax credits to finance Eastwind Apartments in Marathon. Additionally, the Heritage Companies used tax credits to develop Mariner's Cove Apartments in Key West. Both of these projects were built in the past 10 years, so there is no example in the Keys of tax credit housing that has been in existence for the full 50-year affordability period. The application process for FHFC funding is extremely competitive. In the event the Tradewinds application to FHFC is not successful this year, the proposed resolution would allow the owner one additional funding cycle to secure FHFC funding, failing which title to the property would be conveyed to the Land Authority to allow alternative affordable housing initiatives on the site. In the event the Tradewinds application to FHFC is successful and the housing is built, the FHFC will be responsible for monitoring affordability for the compliance period of 50 years. Regardless of the success of the FHFC application, the proposed resolution calls for the property secured by the Land Authority mortgage to be permanently restricted for use as affordable housing from the time the first Land Authority funds are released. After 50 years the owner will have no further obligation to FHFC, however the Land Authority's deed restriction will remain in place indefinitely. The Land Authority's deed restriction would not guarantee the condition or even the existence of housing after the 50-year FHFC period absent additional public subsidies at that time, but it would preclude the owner from using the property for purposes other than affordable housing. Funding for the proposed $924,000 Land Authority mortgage would come from the Land Authority's local funds reserved for acquisitions in the Florida Keys Area of Critical State Concern. This fund has a current unencumbered balance of approximately $3.6 million. 2 RESOLUTION NO. A RESOLUTION OF THE MONROE COUNTY COMPREHENSIVE PLAN LAND AUTHORITY APPROVING A MORTGAGE AGREEMENT AND PROMISSORY NOTE FOR USE WITH TRADEWINDS HAMMOCKS II, LTD. TO PROVIDE AFFORDABLE HOUSING AND AUTHORIZATION FOR THE CHAIRMAN TO EXECUTE THE ASSOCIATED FLORIDA HOUSING FINANCE CORPORATION APPLICATION FORM. 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 an interest in real property for the purpose of providing affordable housing to very low, low, or moderate income persons as defined in section 420.0004, FS, where said acquisitions are consistent with a comprehensive plan adopted pursuant to Chapter 380, FS; and WHEREAS, MRT of the Florida Keys, L.L.C., a limited liability company and Heritage Affordable Development, Inc., a Florida corporation, propose to form Tradewinds Hammocks II, Ltd., a limited liability company (hereinafter "Owner") for the purpose of constructing, owning, and operating 56 units of affordable rental housing known as Phase 2 of Tradewinds Hammocks (hereinafter "housing development") on Key Largo to provide housing for persons of very low and low incomes for a period of 50 years; and WHEREAS, in order to finance the $7,074,680.80 total cost of the housing development, the Owner proposes to apply for tax credits and a HOME loan from the Florida Housing Finance Corporation (hereinafter "FHFC"), a public corporation created within the Florida Department of Community Affairs pursuant to section 420.504, FS; and WHEREAS, the application process for the FHFC tax credit program is highly competitive and awards maximum points to those applicants providing a local contribution in the amount of $250,000 or 10% of the total project cost ($707,468), whichever is less; and WHEREAS, the Owner states that it is necessary to receive subsidies in the form of a $924,000 non-recourse mortgage loan from the Land Authority and $74,536 in impact fee waivers from Monroe County in order to make this project financially feasible; and WHEREAS, the Land Authority Advisory Committee considered this proposal at a meeting held July 26, 2001 and voted 3/0 to recommend approval of the loan subject to the requirements contained in this Resolution; and WHEREAS, the Governing Board wishes to approve the Advisory Committee's recommendations; NOW, THEREFORE, BE IT RESOLVED BY THE MONROE COUNTY COMPREHENSIVE PLAN LAND AUTHORITY: Section 1. Effective immediately, the Land Authority Chairman is authorized to sign the applicable FHFC form indicating a local government contribution in the form of a zero-interest, 50-year-loan in the amount of $924,000 in support of the Owner's application to FHFC for a Page 1 of 3 HOME loan in the amount of $545,000 and tax credits in the annual amount of $425,877.63 for ten years for the housing development. Section 2. The Land Authority Executive Director is authorized to disburse $700,000 to the Owner provided all of the following conditions have been satisfied. a) The Owner has provided to the Land Authority a copy of the completed application for tax credits and a HOME loan and proof that the Owner submitted said application to FHFC by the appropriate application deadline. b) The Monroe County Planning Director has provided notice that the 56-unit affordable housing project on Lots 1-14 as described in Attachment A has been fully approved for development, including the granting of 56 ROGO allocations and 56 nutrient credits. c) The Land Authority's legal counsel has provided notice that the Owner has executed in favor of the Land Authority a zero-interest, 50-year non-recourse first mortgage agreement and promissory note for the amount of $700,000 encumbering the property described in Attachment A (Lots 1-14). In the event FHFC has not awarded the tax credit and HOME loan commitment by the conclusion of two application cycles, beginning with the first cycle in 2002, the Owner shall convey the property described in Attachment A to the Land Authority, free and clear of all encumbrances, together with all development rights and approvals, including but not limited to ROGO allocations and nutrient credits, necessary for development of the 56-unit affordable housing project on the property described - in Attachment A. d) The Land Authority's legal counsel has provided notice that use of the property described in Attachment A has been permanently restricted by deed restriction as follows: 1. the property is to be used only for housing for very low, low, or moderate income persons as defined in section 420.0004, FS; 2. said deed restriction shall also reference the affordable housing requirements of the Monroe County Land Development Regulations and shall impose said requirements permanently, notwithstanding the normal 20 or 25 year period of said regulations; and 3. in accordance with the Memorandum of Understanding between Monroe County and Department of Community Affairs dated December 27, 1999, persons currently or formerly housed in an illegal downstairs enclosure who have or will be displaced as a result of the removal of said enclosures and who meet all applicable affordability requirements shall be given first priority when the Tradewinds Hammocks housing occupants are selected. Section 3. The Land Authority Executive Director is authorized to disburse $224,000 to the Owner provided all of the following conditions have been satisfied. a) The Land Authority's legal counsel has provided notice that the Owner has secured the tax credits, HOME loan, and construction loan necessary to build the 56-unit project as described in Attachment B. b) The Land Authority's legal counsel has provided notice that the Owner has executed in favor of the Land Authority a modification of the note and non-recourse mortgage referred to in Section 2(c) above to provide for a total indebtedness in the amount of $924,000 on a non- recourse basis encumbering the property described in Attachment A (Lots 1-14). Section 4. The Land Authority will subordinate the non-recourse mortgage referenced in Section- 3(b) above only to the following loans obtained by the Owner in furtherance of developing the property: a conventional first non-recourse mortgage, a second mortgage in Page 2 of 3 favor of FHFC with a 30-year term, and a third mortgage in favor of a member of the Federal Home Loan Bank with a 1 O-year term or any other mortgage approved by the Land Authority. Section 5. Notwithstanding the approvals and conditions contained in Sections 1 through 4 above, if all the conditions in Section 2 are not satisfied within three years from the date of adoption of this resolution, the Land Authority's commitment to the subject housing development shall expire. Section 6. It is acknowledged and understood that the information contained in this Resolution, including Attachment B, represents the Owner's best estimates of loan amounts, tax credits, total project costs, and the anticipated requirements of the upcoming FHFC funding rule. Furthermore the net rents in Attachment B are adjusted annually by HUD and are therefore subject to change. In view of these uncertainties, the actual amounts of the HOME loan, conventional first mortgage, tax credits, numbers of units, and unit mix of the development are deemed to be approved provided said actual amounts are within 10% of the estimates contained in this Resolution. The maturity periods indicated in Section 4 are illustrative only and may be adjusted as required by the Florida Housing Finance Authority or the Federal Home Loan Bank program. The flexibility provisions of this Section 6 do not apply to the amount or maturity period of the Land Authority's mortgages, which are fixed as specified in the other Sections of this Resolution.- PASSED AND ADOPTED by the Monroe County Comprehensive Plan Land Authority at a special meeting on this day of 2001, (Seal) ATTEST: MONROE COUNTY COMPREHENSIVE PLAN LAND AUTHORITY Mark J. Rosch Executive Director Nora Williams Chairman Approved for Legal Sufficiency Larry R. Erskine Page 3 of 3 ATTACHMENT A Lots 1 through 14 inclusive, Block 4, Industrial Acres subdivision, according to the Plat thereof as recorded in Plat Book 5 at Page 15 of the Public Records of Monroe County, Florida. ATTACHMENT B Phase II Tradewinds Hammock 56-Unit Affordable Housing Development Financing Local Contributions Land Authority Mortgage County Impact Fees of $74,536 FL Housing Finance Corporation (State Contributions) T ax Credit Equity HOME Loan Conventional First Mortgage (Private Lender) Deferred Developer's Fees $924,000.00 fees waived $3,275,978.4 7 $545,000.00 $1,864,299.95 $465,402.38 Total Project Cost $7,074,680.80 Housing Type and Affordability # of Income % of Median Net Size Net Rent Unit Type Units Level Income (sq. feet) (per month) Efficiency-1/1 2 Very Low 28% 700 $236.00 Efficiency-1/1 0 Very Low 50% 700 $451.00 Efficiency-1/1 6 Low 60% 700 $549.00 Subtotal 8 2 BR/ 2 Bath 5 Very Low 28% 890 $283.00 2 BRI 2 Bath 2 Very Low 50% 890 $541.00 2 BR/2 Bath 24 Low 60% 890 $658.00 Subtotal 31 3 BRI 2 Bath 2 Very Low 28% 1050 $322.00 3 BRI 2 Bath 1 Very Low 50% 1050 $620.00 3 BRI 2 Bath 14 Low 60% 1050 $756.00 Subtotal 17 Total Units 56 Zoning Mal) URM z' ~;~ ~ ~~~~-~;- ._-;-~~~I~~-:: '. . . ~ , ~ ~. 11 'b %f\' ,. 1f '. 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