Item N1
BOARD OF COUNTY COMMISSIONERS
AGENDA ITEM SUMMARY
Meeting Date: September 21,2005
Division:
Monroe County Housing Authority
Bulk Item: Yes X
No
Department: Special Programs Office
AGENDA ITEM WORDING: A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF MONROE COUNTY, FLORIDA PROVIDING FOR A PARTIAL RELEASE
OF MORTGAGE FOR PROPERTY ENCUMl3ERED BY A MORTGAGE TO MONROE COUNTY
IN CONJUNCTION WITH THE MONROE COUNTY STATE HOUSING INITIATIVES
PARTNERSHIP (SHIP) PROGRAM.
ITEM BACKGROUND: In March, 1995, the Monroe County SHIP Program provided funding in
the amount of $27,000 for the rehabilitation to affordable rental property located at 720, 744, 746 50th
Street, Gulf, Marathon. 1I15th of the principal balance is forgiven annually and the current principal
balance is $8,991.00. The Owner requests a Partial Release of Mortgage in order to (1) demolish a unit;
(2) construction of a new affordable housing unit subject to the existing mortgage as well as a 50 year
Affordable Housing Deed Restriction; (3) subordination of existing mortgage on Lot 11 for construction
loan; and (4) release of mortgage on remaining Lot 11 to allow construction of the market rate unit.
PREVIOUS RELEVANT BOCC ACTION: NtA
CONTRACT/AGREEMENT CHANGES: Nt A
STAFF RECOMMENDATION: Approval
TOTAL COST:
COST TO COUNTY:
$-0-
$-0-
BUDGETED: Yes
No X
SOURCE OF FUNDS:
N/A
REVENUE PRODUCING: Yes No X
APPROVED BY: County Attny. ~O
AMOUNT PER: Month Year
DIVISION DIRECTOR APPROVAL:
Risk Management_
(
nuel Castillo, Sr., Executive Director
Monroe County Housing Authority
DOCUMENTATION:
Included
X
To Follow
Not Required_
DISPOSITION:
AGENDA ITEM #
RESOLUTION
- 2005
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF MONROE
COUNTY, FLORIDA PROVIDING FOR A SUBORDINATION OF MORTGAGE FOR
PROPERTY ENCUMBERED BY A MORTGAGE TO MONROE COUNTY IN
CONJUNCTION WITH THE MONROE COUNTY STATE HOUSING INITIATIVES
PARTNERSHIP (SHIP) PROGRAM.
WHEREAS, the Monroe County State Housing Initiatives Partnership Program contributed funding in
the amount of $27,000 for rehabilitation of 3 rental apartments located at 720, 744, 746 50th Street, Gulf,
Marathon, Florida, and;
WHEREAS, in consideration of said funding Monroe County placed a subordinate (2nd position)
mortgage lien on the property for a term of fifteen (15) years subject to a forgiveness of principal at the
rate of 15% annually, with a remaining principal balance of $8,991.00, and;
WHEREAS, the owner now desires to demolish the unit presently identified as unit 744 50th Street, and;
WHEREAS, the owner now desires to construct a new affordable housing unit on the Northerly Y2 of
Lot 11, Block 2, Vaca Village subject to the existing SHIP mortgage and the affordability restrictions
contained within the existing SHIP mortgage as well as a 50 year Affordable Housing Deed Restriction,
and;
WHEREAS, the owner requests the subordination of the existing SHIP mortgage on Lot 11 for a
construction loan; and
WHEREAS, the release of the SHIP mortgage on the Southerly Y2 of Lot 11 to allow the construction of
the rate unit.
NOW, THEREFORE, BE IT RESOLVED, by the Board of County Commissioners of Monroe County,
Florida, that the County hereby:
Hereby authorizes the County Administrator to execute a Partial Release of Mortgage,
attached hereto as "Exhibit At>,
PASSED AND ADOPTED, by the Board of County Commissioners of Monroe County, Florida at a
regular meeting on said Board on the _ day of ,A.D., 2005
BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA
Mayor Spehar
Commissioner Nelson
Commissioner Neugent
Commissioner McCoy
Commissioner Rice
By:
Mayor Spehar
SEAL
ATfEST: ~
Approved as to form aIlll1eg.1 ,nffi<iOROY: . Date: #
c7
^'f:
PARTIAL RELEASE OF MORTGAGE
The undersigned representing MONROE COUNTY, a political subdivision of the State of
Florida, through the Monroe County Housing Authority, Rental Rehabilitation Program of 1400
Kennedy Drive, Key West, Florida, 33040 as owner and holder of that certain mortgage dated March 10,
1995, executed by FRANKLIN D. GREENMAN and JUDY B. GREENMAN, mortgagor to the Monroe
County Housing Authority, Rental Rehabilitation Program, mortgagee, and recorded on March 11, 1995,
in the office of the Clerk of the Court of Monroe County, state of Florida in Official Book 1393 at page
564, of the Public Records of Monroe County, Florida, and hereby certifies that such mortgage is as to
all that part of the mortgaged premises described as follows:
The Southerly 1;2 of Lot 11, Block 2, V ACA VILLAGE, according to the plat thereof as recorded
in Plat Book 2, page 106 of the Public Records of Monroe County, Florida
fully paid, satisfied, released, and discharged. This release is given on the express condition that it shall
in no way affect the lien of the aforementioned mortgage on the remaining property described in the
mortgage, but shall only be construed as a release from the lien of the mortgage as to the property above
described.
IN WITNESS THEREOF, the undersigned has executed this partial release this
,2005.
day of
MONROE COUNTY
By:
Witness
Printed Name:
SUZANNE . H nON
ASSISTANT ~~ tPORNEY
Dale ~ f. ().
STA TE OF FLORIDA COUNTY OF MONROE
Witness
Printed Name:
I HEREBY CERTIFY that on this _ day of ,2005, before me, an officer duly
qualified to take acknowledgments, personally appeared to me known to be the personls
described in and who executed the foregoing instrument and acknowledged before me and that he/they executed the same.
Driver License/s shown as identification.
SEAL
Notary Public Signature
Printed Name of Notary
Commission No:
My Commission Expires: