Item H3
LAND AUTHORITY GOVERNING BOARD
AGENDA ITEM SUMMARY
Meeting Date: September 21, 2005
Division: Land Authority
Bulk Item: Yes No -L
Staff Contact Person: Mark Rosch
Agenda Item Wording: Approval to add the Young property on 23fd Street Ocean in Marathon to the
Acquisition List.
Item Background: The Middle Keys Community Land Trust (MKCL T) is requesting that the Land
Authority purchase and convey to MKCL T the Young property on 23rd Street as an affordable housing
site. The property consists of six lots totaling 0.62 acre. Four of the lots are developed with housing,
one lot serves as parking, and one lot is undeveloped. The four developed lots provide a total 14
existing units consisting of one single-family home, one duplex, two triplexes, and one 5-unit apartment
building. The majority of the property is zoned Improved Subdivision and may therefore be non-
conforming. The asking price for this property is $1,950,000.
The City of Marathon has endorsed the Land Authority's purchase of this property. A resolution from
the City formally nominating the property is anticipated soon.
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 August 24, 2005 the Committee voted 3/0 to approve adding the
property to the Acquisition List subject to a formal nomination by the City of Marathon and zoning
conformance.
Previous Governing Board Action: None
Contract/Agreement Changes: None
Staff Recommendation: Approval
Total Cost: To be determined
Budgeted: Yes _ No
Cost to Land Authority: To be determined
Source of Funds:
Approved By: Attorney --25- County Land Steward
Executive Director Approval:
~'~~
Documentation: Included:..lS.-
To Follow:
Not Required:
Disposition:
Agenda Item
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qUq~ 05 208~; 01: 1.2Pt') P1
o
Middle Keys Comnlunity Land Trust'
"Buildmg Uvable Communities - One H!J11".eoumer af f; Time"
August 5f 2005
1Y1ark Roseh, Executive DIrector
:rvfonroe CO~J.nty Land Authority
Harvey Government Center
1200 Trulnan Ave" Room 201
Key \Vest, Florida 33040
VL4 PA:r (305) 295~5181
HE: Land Acquisition Request
Deal'1\Iark:
The J\.1iddle Keys Community Land Trustl Inc, would like to request
that your office seeks approval to acquire and convey property located
along 23rd Street (Ocean), l\Iarathon for affordable housing,
The property contains 1 5 units located on 5 individual parcels, The unit
.mix is as follows:
1 3Br/2Ba
1 2Br/2Ba
2 2BrllBa
6 IBr/lBa
5 Efficiencies
Presently, it would be OUI' intention to ret.ain all the units as affordable
rental, with the exception of the existing 3Brl2Ba unit, this
impl"ovc.mcnt would. be offered for sale subject to a l'vIKCL T Ground
Lease. In addition; the 1vIKCL T would construct an additional sin~le
family home on the existing buildable lot. The M.KCLT has previously
secured one affordable housing ROGO allocation from the City of
MRl"Hthnn.
FROM : >lKCL T
FHA NO~ :3057435625
A;.i 9. 05 2'005 0 1 : 14F'l\) F2
The properly is currently owned by !vIr. Dean Young, The property is
listed for sale in the I\1LS earlier this year at a asking price of
$1,950,000 (average $130,000 per unit 1" buildable lot)) but is not an
::ldivp! listing, Mr. Young has: continued to express interest in th~
possible sale of the property. (Vote: I would suggest that the
configuration olparcels do not lend thernselves easily to redevelopment
and an appraisal m,ay not support the G.sking prz"c.e.) To date~ I/we have
had no specific ne~otiations with t.he o\vner. \Ve are requesting that.
upon approval, the l\1CLA negotiate a contact directly.
PleaBe note. the property hao nPAn lifoitAcl with "Rx-it ReA It.y Florida Keys,
the listing agel1.ts were M.organ Hill and Paula Nardone. As you are
aware) Ms. Hill is a MKCLT board member. In accordance with the
MKCLT Conflict of Interest Policy, 115. Hill did not participate and was
not present during any of the discussions regarding the acquisition of
this property.
At the appropriate time, WP. :H'A IWApHrpn to rAqUp.Rt a Resolution from
the City of Nlarathon in support of this request and conduct inco.me
certification of current residents.
Please note t.hat the Middle Keys Community Land Trust would
consider contributing to the purchase of the property by securing a
IllurLg'age fur the amount of debt the property could be expected to
carry,
r am forwarding to you a hsting package that was prepared when the
property was listed. Should you have uny questions, please feel free to
call me.
Since.reI v)
r/ j 1;/ (\
f~V{~~,",
Richard Casey, Jr. (
Administrator
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14 RESIDENTIAL INCOME UNITS
& VACANT LOT
'.
~ Ii i
, :! i'
:111 ALL FULLY RENTED, WITH LONG
Ii III EXCELLENT RENTAL HISTORY
" 1
I! I; EVERYTHING IN GREAT CONDITION
i, oj
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EXIT REALTY FLORIDAm;i'
Gulf$ide Village ~ Sultt 17, '.'
5800 Overseas lifgnWaY'
Marathon, Florida 3:3050
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Au q~ 8~ 200:. 12: .12P~1 P2
23rd Street Ocean
. . Well Maintained And Upgraded Units
. 1 Single Family, 1 - 5 Unit, 2 triplexes, 1 Duplex.
. +/... $ 130,000 Annual Gross Income
. 1 Vacant Residential Lot
. Long 100oA, Rental History
. Quiet Street With Most Honles Owner Occupied.
. 4 Adjacent Commercial Properties With Additional 5
Residential Units Also Available
. This Package Offered At $1,950,000
Inform~tiGn, wNle not wa~!)ted; has been secw'rJd from sources dgemed to b~ refi3bf$c
2
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FA>! r~O. : 305-:'435625
Hug. 83 2005 12: 13F'i'1 P~.~
23rd Street, Ocean
14 Units - 5 Buildings
Single Family Home
2 Bedrooms, 2 Baths Est~ Rent $1 t200
5 Unit Building
1 ... 1 Bedroom, 1 Bath
3 - Efficiencies
1 -1 Bedroom, 1 Bath
Rent $700.
Rent @ $795. each
Rent $650.
3 Unit Building
2... 2 Bedroom, 1 Bath
1 .1 Bedroom, 1 Bath
2 Unit Building
1 ..1 Bedroom, 1 Bath
1 ... Efficiency
Rent @ $900.
Rent $750.
Rent @ $750.
Rent $150.
3 Unit Building
1 - Efficiency
1 -1 Bedroom, 1 Bath
1 -1 Bedroom, 1 Bath
Rent
Rent
Rent
$650.
$750.
$675.
Monthly Inoome $ 11,060.
Annual Income $ 132,720
Information, while not warranted, has been secur&d from sources deemed to be reliable,
:1
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Hl_lg. 09 2005 12: 13PfY1 P4
Residential
- -~--
Lot # Description Land Sq. Ft. Building Sq. Ft.
-
F 5 residential units 6250 1920
- - 11_ JK:.J>.
G Vacant lot 6250 N/A
~ -
i H Single family wi park~ 6250 1368
i
ing space
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f J 3 units, two story 2454 2025
i
K 5 units~ 2 bldg. I 60UU 3180 I
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lnfurmation wMe net w~nan~ed, 11::11$ been seclJred from r,OI.WC$'$ dMmed to be reliable,
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