Item G3
G.3
BOARD OF COUNTY COMMISSIONERS
C ounty of M onroe
Mayor Sylvia Murphy, District 5
Mayor Pro Tem Danny Kolhage, District 1
TheFloridaKeys
Michelle Coldiron, District 2
Heather Carruthers, District 3
David Rice, District 5
County Commission Meeting
January 23, 2019
Agenda Item Number: G.3
Agenda Item Summary #5129
BULK ITEM: No DEPARTMENT: Land Authority Governing Board
TIME APPROXIMATE: STAFF CONTACT: Charles Pattison (305) 295-5180
9:15 AM Land Authority
AGENDA ITEM WORDING: Approval of a resolution authorizing the assumption and
subordination of the Lan
affordable housing development located in Key Largo.
ITEM BACKGROUND: The Land Authority was approached by a non-profit 501(c)(3)
corporation, Rural Neighborhoods, to ask that we agree to a loan subordination that would allow it to
assume ownership of an existing 66 unit rental affordable housing project located at 100 Hammocks
Trail in Key Largo. The proposed purchase price is $7,100,000.
Rural Neighborhoods seeks to refinance the primary mortgage and assume subordinate mortgages
and promissory notes held by Florida Housing Finance Corporation ($2,900,000) and the Land
Authority ($1,089,000). The primary mortgage would increase from the current $3,500,000 to
$3,750,000. The Land Authority is currently in third position with our loan, and this would not
change if the proposed transaction occurs.
Also, Rural Neighborhoods proposes to extend the existing 50 year affordable housing restrictions
from the date of the execution of the loan subordination documents (current remaining term is 32
years) for an additional 50 years. In addition, it would recapitalize the existing Tradewinds
Hammock Apartments reserves (currently $8,000) to a healthier $150,000. These funds would be
used for ongoing repairs and maintenance, including roof and HVAC replacement.
ADVISORY COMMITTEE ACTION: The Advisory Committee considered this request at its
December 19, 2018 meeting, and determined that our General Counsel was comfortable with this
proposal. Staff also spoke with FHFC representatives familiar with this request which is being
favorably reviewed at this time. The Advisory Committee then voted 5/0 to recommend approval of
this resolution with the following conditions:
1. Inclusion of affordable housing restrictions running in favor of Monroe County for a term of at
least 99 years; and
2.
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G.3
HOME Loan.
PREVIOUS RELEVANT BOCC ACTION: N/A
CONTRACT/AGREEMENT CHANGES:
N/A
STAFF RECOMMENDATION: Approval
DOCUMENTATION:
Resolution
Assumption
SubordinationAgreement
FINANCIAL IMPACT:
Effective Date:
Expiration Date:
Total Dollar Value of Contract:
Total Cost to County:
Current Year Portion:
Budgeted:
Source of Funds:
CPI:
Indirect Costs:
Estimated Ongoing Costs Not Included in above dollar amounts:
Revenue Producing: If yes, amount:
Grant:
County Match:
Insurance Required:
Additional Details:
REVIEWED BY:
Charles Pattison Completed 01/08/2019 4:09 PM
Kathy Peters Completed 01/08/2019 4:11 PM
Board of County Commissioners Pending 01/23/2019 9:00 AM
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G.3.a
Attachment: Resolution (Approval of a resolution regarding Tradewinds Hammock Apartments Mortgage Subordination)
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G.3.a
Attachment: Resolution (Approval of a resolution regarding Tradewinds Hammock Apartments Mortgage Subordination)
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G.3.b
Attachment: Assumption (Approval of a resolution regarding Tradewinds Hammock Apartments Mortgage Subordination)
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G.3.b
Attachment: Assumption (Approval of a resolution regarding Tradewinds Hammock Apartments Mortgage Subordination)
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G.3.b
Attachment: Assumption (Approval of a resolution regarding Tradewinds Hammock Apartments Mortgage Subordination)
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G.3.b
Attachment: Assumption (Approval of a resolution regarding Tradewinds Hammock Apartments Mortgage Subordination)
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G.3.b
Attachment: Assumption (Approval of a resolution regarding Tradewinds Hammock Apartments Mortgage Subordination)
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G.3.b
Attachment: Assumption (Approval of a resolution regarding Tradewinds Hammock Apartments Mortgage Subordination)
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G.3.b
Attachment: Assumption (Approval of a resolution regarding Tradewinds Hammock Apartments Mortgage Subordination)
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Attachment: SubordinationAgreement (Approval of a resolution regarding Tradewinds Hammock Apartments Mortgage Subordination)
Attachment: SubordinationAgreement (Approval of a resolution regarding Tradewinds Hammock Apartments Mortgage Subordination)
Attachment: SubordinationAgreement (Approval of a resolution regarding Tradewinds Hammock Apartments Mortgage Subordination)