Item I2LAND AUTHORITY GOVERNING BOARD
AGENDA ITEM SUMMARY
Meeting Date:Division:
August 15, 2007 Land Authority
Bulk Item:Contact / Phone #:
Yes No X Mark Rosch / 295-5180
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Agenda Item Wording:
Approval of a contract to purchase the Sea Grape Apartments Phase I site in
Marathon (part of RE #103560-000200) as an affordable housing site.
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Item Background:
The Sea Grape Apartments site is located near MM 50.5 on the oceanside in
Marathon. The site is zoned Urban Residential with a habitat classification of disturbed with exotics.
Marathon City Council Resolution 2004-035 supports acquisition of the site for affordable housing. The
Carlisle Group submitted this site in response to the BOCC’s request for proposals for
purchase/leaseback affordable housing sites. Carlisle proposes to develop the Phase I site with 56
affordable rental units using construction financing from the Florida Housing Finance Corporation. The
proposed contract anticipates the following steps: 1) the Land Authority will purchase the site; 2) the
Land Authority will transfer title to the BOCC; and 3) the BOCC will lease the property back to the Seller
for development. Approval of this agenda item will allow staff to proceed with step 1.
At this point the only identified impediment to closing this transaction is the presence of easement
agreements creating affirmative obligations to provide road improvements and wastewater facilities. To
protect the Land Authority and BOCC, the Seller must terminate these agreements prior to closing.
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Advisory Committee Action:
8/23/06 - The Committee voted 4/0 to approve the proposed purchase.
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Previous Governing Board Action:
10/18/06 - The Board tabled this item pending resolution of closing issues regarding easement
agreements and the proposed lease from the BOCC.
6/16/04 - The Board approved adding the site to the Acquisition List.
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Contract/Agreement Changes:
Originally the Seller required a simultaneous closing on both the
Phase 1 and Phase 2 parcels (see Paragraph 15c). The Seller now wishes to waive this requirement.
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Staff Recommendation:
1) Approval of the contract and authorization to waive the simultaneous
closing requirement in Paragraph 15c. 2) Approval to close the transaction once the above-referenced
easement agreements are terminated.
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Total Cost:Budgeted:
$947,238.50 Yes X No.
Cost to Land Authority:Source of Funds:
$947,238.50 Land Authority
(Park Surcharge and Tourist Impact Tax Revenue)
Approved By:
Attorney X County Land Steward N/A.
Documentation:
Included: X To Follow: Not Required: .
Disposition:
Agenda Item ____
PURCHASE CONTRACTS
08/15/07
PurchaseEnvr. Audit, SurveyTitleAttorneyRecordingAcquisition
PropertyPriceor Clean-upInsuranceFeeFeeTotal
aca Key Acreag
Ve$933,333.00$8,500.00$4,870.00$500.00$35.50$947,238.50
RE#00103560-000200
( Sea Grape Apartments, Ltd. - Phase I)