Item H5a
LAND AUTHORITY GOVERNING BOARD
AGENDA ITEM SUMMARY
Meeting Date: December 17, 2003
Bulk Item: Yes No X
Department: Land Authority
Agenda Item Wording: Approval to add property to the Acquisition List as affordable housing sites _
Edmonds subdivision (64th St. Ocean) / Middle Keys Community Land Trust
Item Background: The City of Marathon has nominated the subject property for purchase by the Land
Authority and subsequent conveyance to the Middle Keys Community Land Trust (MKCL T). The site is
located at the end of 64th Street Ocean in Marathon and consists of approximately 2.5 acres of vacant
land zoned Urban Residential (UR). MKCL T proposes to develop the site with 20 units of moderate
income (120% of median income) townhouse-style housing, whereby income-qualified residents would
purchase the structures and lease the land from MKCL T. MKCL T plans on using Anchorage Homes,
LLC (the current property owner) as the project developer, who, using private financing, would build 2
and 3 bedroom units and sell them for $147,500 to $190,000 each, depending on whether the Land
Authority purchased the land in vacant or improved condition. The asking price is $500,000 for the
vacant land or $750,000 for the improved property.
The addition of property to the Acquisition List is a preliminary, non-binding step indicating the Board's
desire to pursue acquisition. Further Board action is required before entering into a purchase contract.
Advisory Committee Action: On November 24, 2003 the Advisory Committee voted 4/0 to approve
adding the property to the Acquisition List.
Previous Governing Board Action: None.
Contract/Agreement Changes: N/A
Staff Recommendation: Approval
Total Cost: $ To be determined
Budgeted: Yes
No
Cost to Land Authority: $ To be determined Source of Funds:
Approved By: Attorney ~ County Land Steward
Executive Director Approval:
^^'^\ ' ~G-~
k J. Rosch
Documentation: Included: X
To Follow:
Not Required:
Disposition:
Agenda Item LA #5a
CITY OF MARATHON, FLORIDA
10045-55 Overseas Highway, Marathon, Florida 33050
Phone: (305) 743-0033 Fax: (305) 743-3667
\NWIN .marathonflorida. org
November 13, 2003
Mark Rosch
Monroe County Land Authority
1200 Truman Avenue Suite 207
Key West, FL 33040
RE: Middle Keys Community Land Trust
Dear Mark:
I am writing on behalf of the Marathon City Council as directed during the November 10, 2003
City Council meeting. The City of Marathon asks that the Monroe County Land Authority
purchase property on 64th Street from Anchorage Builders for the Middle Keys Community Land
Trust for an affordable housing project.
I have also attached City of Marathon Resolution 2003-095 which was approved on July 8, 2003
asking for the same consideration. Should the Monroe County Land Authority purchase this
property, the Middle Keys Community Land Trust, working with Anchorage Builders, will build
. 20 Affordable Housing units which will sell for $147,500 for a 2 bed, 1 ~ bath unit, and
$167,500 for a 3 bed, 2 ~ bath unit. The development of these units will help Marathon address
our affordable housing needs.
If you have any questions please feel free to contact me. We look forward to working with you
on this important proj ect. .
W. Scott Janke
City Manager
Sincerely
W/
Attachment
Sponsored hy: Pinkus
CITY OF MARATHON, FLORIDA
RFSOLt ITION 2003-095
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
MARATHON, FLORIDA, NOMINATING PROPERTY FOR
ACQUISITION BY THE MONROE COUNTY LAND AUTHORITY
FOR AFFORDABLE HOUSING USES
WHEREAS, the City Council of the City of Marathon, Florida wishes to provide
additional affordable housing within the City; and
WHEREAS, the Monroe County Land Authority will diligently pursue the
purchase of appropriate properties nominated by the City of Marathon for acquisition for
affordable housing development; and
WHEREAS, the Middle Keys Community Land Trust is a non-profit
organization dedicated to the creation and preservation of affordable housing
opportunities.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF MARATHON, FLORIDA, that:
Section 1. The City of Marathon nominates seven properties in Marathon and
further described in "Exhibit A" attached hereto, for acquisition by the Monroe County
Land Authority for the purpose of providing affordable housing. Following acquisition,
the City Council requests that the Monroe County Land Authority convey the property to
the Middle Keys Community Land Trust, Inc. for development and management as
affordable homeownership units.
Section 2, This resolution shall take effect immediately upon its adoption.
PASSED AND APPROVED by the City Council of the city of Marathon,
Florida, this 8th day of July, 2003.
THE CITY OF MARATHON, FLORIDA
"~/~",o,~~-==~cc
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Randy Mearns, Mayor
AYES:
NOES:
Bartus, Pinkus. Repetto, Worthington, Mearns
None
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/\W...I:\I'\ '\.June
(Citv Seal)
APPROVED AS TO FORM AND LEUALITY FOR THE USE
AND RELIANCE OF THE CITY OF MARATHON, FLORIDA ONLY:
"EXHIBIT A"
Legal Description
Property I:
Real Estate Number: 00338720-000000
EDMONDS ACREAGE TRACTS PB2-1 00 KEY V ACA PT TRACT 8 & BAY
BOTTOM SOUTH OF & ADJ TO TR 8 & PT OF DON- ALLEN RD RES NO 15-1973
II DEED 20613 G58-440/441 RE 10379 COMBINED FOR ASSMT PURPOSES 5-25-
88JMH ORI552-1166/67(CW) ORI581-1191(CW)
Properties 2-7:
Real Estate Numbers: 00321180-000000,00321130-000000,00321080-000000,
00321090-000000,00321100-000000,00321110-000000
LOTS 4-9, BLOCK 2, SOMBRERO SUBDIVISION NO.2 ACCORDING TO THE
PLA T THEREOF AS RECORDED IN PLAT BOOK 2, PAGE 32. ALSO LOTS 3, 4
AND 5, BLOCK 1, SOMBRERO SUBDIVISION NO.3, ACCORDING TO THE PLAT
THEREOF AS RECORDED IN PLAT BOOK 2, PAGE 152, OF THE PUBLIC
RECORDS OF MONROE COUNTY, FLORIDA
Street Address
Property 1: 64th Street
Property 2-7: 24th and 25th Streets
~
ANCHORAGE HOMES, LLC
General Contractor CGC1504438
P.O. Box 1789, Tavernier, FL 33070
88101 Overseas Highway, Islamorada, FL 33036
(305) 853-1075 Fax (305) 853-5877
October 15,2003
(Revised November 18,2003)
Mr. Mark Rosch, Executive Director
Monroe County Land Authority
1200 Truman Avenue, Suite 207
Key West, Florida 33040
Dear Mr. Rosch:
We hereby propose that the Monroe County Land Authority purchase the upland
portion of our 8 acre property (approximately 2.5 acres) known as: a portion of
Edmonds Acreage, 64th Street Ocean, Vaca Key, Marathon - Phase I "The
Anchorage". This is for the purpose of constructing an affordable housing
development of 20 townhouse units in conjunction with the Middle Keys
Community Land Trust. (See attached document)
The Land Trust will qualify buyers in accordance with their income criteria and
maintain ownership of the property, leasing it to the homebuyers. (See Middle
Keys Community Land Trust Guidelines.) This arrangement will assure and
maintain the developments affordability.
We have outlined the following proposed options with the Monroe County Land
Authority purchasing the property and deeding it to the Middle Keys Community
Land Trust:
1. Purchase price for improved property - $750,000
Proposed sale prices $147,500 -2 bedroom units
Proposed sale prices $167,500 -3 bedroom units
2. Purchase price for raw land - $500,000.00
Proposed sale prices $170,000 - 2 bedroom units
Proposed sale prices $190,000 - 3 bedroom units
3. Without Monroe County Land Authority participation
Proposed sale prices $195,000 - 2 bedroom units
Proposed sale prices $215,000 - 3 bedroom units
4. Purchase price for raw land under only 2 of the buildings - $250,000
This would allow for those 2 buildings to be at the lower prices
Proposed sale prices $170,000 - 2 bedroom units
Proposed sale prices $190,000 - 3 bedroom units
and the other 2 buildings ~ remain at the regular prices
Proposed sale prices $195,000 - 2 bedroom units
Proposed sale prices $215,000 - 3bedroom units
Pg.2
Letter To Monroe County Land Authority
Mr. Mark Rosch
These prices are based on starting in three months, with the first units completed
six months later, and maintaining the prices until January 2005. At that time, the
only adjustments would be for increases in construction costs. We feel this
project could fill a much needed void in our community by providing well
constructed homes for our many locally employed professionals and their
families.
Sincerely,
William J. Liptak
Anchorage Homes
General Contractor
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Mile Marker
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Island
Vaca Key
Property
Edmonds Acreage (The Anchorage)