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Item F3LAND AUTHORITY GOVERNING BOARD AGENDA ITEM SUMMARY Division: Meeting Date: Land Authority April 20, 2011 Bulk Item:Contact / Phone #: Yes No X Mark Rosch / 295-5180 __________________________________________________________________________________ Agenda Item Wording: Approval of a resolution concerning the conveyance of 1411 Albury Street in Key West from Bahama Conch Community Land Trust of Key West, Inc. (BCCLT) to The Housing Authority of the City of Key West (KWHA). __________________________________________________________________________________ Item Background: 1411 Albury Street in Key West is a duplex the Land Authority purchased in 2008 as an affordable housing site for BCCLT. The property’s existing deed restrictions require the Land Authority’s consent before BCCLT can convey the property. KWHA is in the process of purchasing BCCLT’s affordable housing properties. The transaction is being closed in phases as grant funds become available. Proceeds from the sale will be used to satisfy BCCLT’s liabilities. Any proceeds in excess of BCCLT’s liabilities will be donated to KWHA for property renovations. KWHA is preparing to close Phase 1 of the transaction, which consists of 629 Caroline Street, 1411 Albury Street, and 416 Truman Avenue. Phase 1 of the transaction will be funded by Disaster Recovery grant funds and SHIP grant funds. The proposed resolution approves the conveyance of 1411 Albury Street and authorizes replacing the existing affordable housing deed restrictions with the Declaration of Affordable Housing Restrictions shown as Attachment B. Section III of the Declaration will restrict use of the property to affordable rental housing for families whose income does not exceed 160% of area median income in accordance with the Land Authority’s statute. Section III of the Declaration also requires the Land Authority’s consent before the property is transferred or mortgaged for a purpose other than financing capital improvements. In accordance with KWHA’s policy, KWHA will rent the units to families whose income does not exceed 120% of area median income. __________________________________________________________________________________ Advisory Committee Action: On March 30, 2011 the Committee voted 4/0 to approve the resolution. __________________________________________________________________________________ Previous Governing Board Action: On April 16, 2008 the Board approved Resolution 05-2008 authorizing conveyance of the property to BCCLT. __________________________________________________________________________________ Contract/Agreement Changes: N/A __________________________________________________________________________________ Staff Recommendation: Approval __________________________________________________________________________________ Total Cost:Indirect Cost:Budgeted: $ $______ Yes No . Cost to Land Authority:Source of Funds: $ Approved By: Attorney X County Land Steward . Documentation: Included: X To Follow: Not Required: . Disposition: Agenda Item ____ RESOLUTION NO. ________ A RESOLUTION OF THE MONROE COUNTY COMPREHENSIVE PLAN LAND AUTHORITY CONCERNING THE CONVEYANCE OF 1411 ALBURY STREET IN KEY WEST FROM BAHAMA CONCH COMMUNITY LAND TRUST OF KEY WEST, INC. TO THE HOUSING AUTHORITY OF THE CITY OF KEY WEST. ______________________________________________ WHEREAS, the Monroe County Comprehensive Plan Land Authority (hereinafter “Land Authority”) purchased and conveyed to Bahama Conch Community Land Trust, Inc. (hereinafter “BCCLT”) real property located at 1411 Albury Street in Key West for affordable housing (hereinafter “subject property”); and WHEREAS, BCCLT has contracted to sell the subject property to The Housing Authority of the City of Key West (hereinafter “KWHA”) and pursuant to the deed restrictions encumbering the subject property said conveyance requires the Land Authority’s approval; and WHEREAS, KWHA requests termination of the deed restrictions and agrees to execute a Declaration of Affordable Housing Restrictions to impose revised uniform restrictions independent of BCCLT; and WHEREAS, the Land Authority Advisory Committee considered this resolution at a meeting held on March 30, 2011 and voted 4/0 to recommend approval; NOW, THEREFORE, BE IT RESOLVED BY THE MONROE COUNTY COMPREHENSIVE PLAN LAND AUTHORITY: Section 1. The Land Authority hereby approves the conveyance of the real property located at 1411 Albury Street in Key West from BCCLT to KWHA. Section 2. The Chairman of the Land Authority Governing Board is hereby authorized to execute the Agreement for Termination of Deed Restrictions shown in Attachment A. Said Agreement is to be recorded together with the Declaration of Affordable Housing Restrictions shown in Attachment B. PASSED AND ADOPTED by the Monroe County Comprehensive Plan Land Authority at a regular meeting on this ______ day of _______________________, 2011. (Seal) ATTEST: MONROE COUNTY COMPREHENSIVE PLAN LAND AUTHORITY ________________________ ________________________ Mark J. Rosch Kim Wigington Executive Director Chairman Approved as to Legal Form ________________________ Larry R. Erskine ATTACHMENT A Ð®»°¿®»¼ ¾§ ¿²¼ Î»¬«®² ¬±æ Ô¿®®§ Îò Û®µ·²»ô Û¯ò ïîðð Ì®«³¿² ßª»²«»ô Í«·¬» îðé Õ»§ É»¬ô ÚÔ ííðìð AGREEMENT FOR TERMINATION OF DEED RESTRICTIONS THIS AGREEMENT FOR TERMINATION OF DEED RESTRICTIONS (hereinafter “Agreement”) is entered into on the _____ day of ________________, 2011, by and Bahama Conch Community Land Trust of Key West, Inc., betweena Florida not-for-profit (Monroe County Comprehensive Plan Land corporationhereinafter “BCCLT”) and Authority, a land authority under section 380.0663(1), Florida Statutes (hereinafter “MCLA”). RECITALS WHEREAS, BCCLT owns the real property commonly referred to as 1411 Albury Street in Key West and legally described on Exhibit “A” attached hereto (hereinafter referred to as “Property”); and, WHEREAS, BCCLT acquired the Property from MCLA by a deed dated May 14, 2008, and recorded in the Official Records of Monroe County at Book 2361, Page 2078; and, WHEREAS, the conveyance referred to in the preceding paragraph was subject to certain deed restrictions in favor of MCLA restricting the use of the Property to affordable housing; and; WHEREAS , BCCLT has contracted to sell the Property to The Housing Authority of the City of Key West (hereinafter referred to as “KWHA”); and, WHEREAS , MCLA and KWHA wish to replace the Property’s existing deed restrictions with revised restrictions imposed via a Declaration of Affordable Housing Restrictions; and, WHEREAS, KWHA has executed a Declaration of Affordable Housing Restrictions in favor of MCLA; and WHEREAS , in order to facilitate KWHA’s management of the Property as affordable housing, BCCLT and MCLA wish to acknowledge and agree that the deed restrictions are terminated and no longer applicable to the Property. Page 1 of 4 NOW, THEREFORE, in consideration of the foregoing promises and the mutual covenants set forth in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 1. The recitals contained herein are true and correct and incorporated herein by reference. 2. Each party hereto warrants that this Agreement and all terms herein are supported by adequate consideration. 3. The parties hereto hereby agree, as the sole parties in interest, to terminate the deed restrictions on the Property, more particularly described in the above-referenced deeds. Therefore, the deed restrictions contained in said deeds shall be terminated and of no further force and effect. 4. This Agreement constitutes the entire agreement of the parties and may not be amended or modified, except in writing signed by both parties. 5. This Agreement shall be binding on and inure to the benefit of the parties and their respective successors, assignees and personal representatives and shall run with the land. 6. This Agreement shall be governed in its enforcement, construction and interpretation by the laws of the State of Florida. 7. The unenforceability, for any reason, of any term, condition, covenant or provision of this Agreement shall neither limit nor impair the operation, enforceability or validity of any other terms, conditions, provisions or covenants of this Agreement. [The remainder of this page is intentionally blank.] Page 2 of 4 8. This Agreement may be executed in several counterparts, and all counterparts so executed shall constitute the agreement of the parties, notwithstanding that they are not a signatory to the original or to the same counterpart. A counterpart may be delivered via telecopy and the telecopy received will be deemed to be an original. IN WITNESS WHEREOF, the parties have affixed their hands and seals the date first above written. WITNESSES: BAHAMA CONCH COMMUNITY LAND TRUST OF KEY WEST, INC. _____________________________ Sign Name _____________________________ By: ___________________________________ Print Name Cecil Bain, President _____________________________ Sign Name _____________________________ Print Name STATE OF FLORIDA COUNTY OF MONROE On this ____ day of _____________, 2011, before me personally appeared Cecil Bain, President, of BAHAMA CONCH COMMUNITY LAND TRUST OF KEY WEST, INC. who acknowledged execution of the foregoing instrument and who is ( ) personally known to me or ( ) has produced ___________________ as identification. _________________________________ Notary Public, State of Florida [Seal] MONROE COUNTY COMPREHENSIVE PLAN LAND AUTHORITY WITNESSES: ______________________________ By:___________________________________ Sign Name Kim Wigington, Chairman ______________________________ Print Name ______________________________ Sign Name ______________________________ Print Name Page 3 of 4 STATE OF FLORIDA COUNTY OF MONROE On this ____ day of _____________, 2011, before me personally appeared Kim Wigington, Chairman, of MONROE COUNTY COMPREHENSIVE PLAN LAND AUTHORITY, who acknowledged execution of the foregoing instrument and who is ( ) personally known to me or ( ) has produced ___________________ as identification. _________________________________ Notary Public, State of Florida [Seal] Page 4 of 4 ATTACHMENT B Ð®»°¿®»¼ ¾§ ¿²¼ Î»¬«®² ¬±æ Ô¿®®§ Îò Û®µ·²»ô Û¯ò ïîðð Ì®«³¿² ßª»²«»ô Í«·¬» îðé Õ»§ É»¬ô ÚÔ ííðìð ÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁ ÜÛÝÔßÎßÌ×ÑÒ ÑÚ ßÚÚÑÎÜßÞÔÛ ØÑËÍ×ÒÙ ÎÛÍÌÎ×ÝÌ×ÑÒÍ Ì¸· Ü»½´¿®¿¬·±² ±º ßºº±®¼¿¾´» Ø±«·²¹ Î»¬®·½¬·±² ø¸»®»·²¿º¬»® lùØÚÑÜËÜÉÔÎÏkÔÊÐÜÙØÜÏÙØÏ¬»®»¼ ·²¬± ¬¸· ÁÁÁÁÁ ¼¿§ ±º ÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁô îðïïô ¾§ ÌØÛ ØÑËÍ×ÒÙ ßËÌØÑÎ×ÌÇ ÑÚ ÌØÛ Ý×ÌÇ ÑÚ ÕÛÇ ÉÛÍÌô ÚÔÑÎ×Üß ÕØËØÔÏÜ×ÉØËlòæõükÜÕÎÈÊÔÏÖÜÈÉÕÎËÔÉ§ «²¼»® Í»½¬·±² ìîïòðìô Ú´±®·¼¿ Í¬¿¬«¬» ÕØËØÔÏÜ×ÉØËlùØÚÑÜËÜÏÉkÆÕÎÊØÍËÔÏÚÔ°¿´ ³¿·´·²¹ ¿¼¼®» · ïìðð Õ»²²»¼§ Ü®·ª»ô Õ»§ 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«²»²º±®½»¿¾´» °®±ª··±² ¸¿¼ ²»ª»® ¾»»² ½±²¬¿·²»¼ ¸»®»·²ò Ýò Ì¸» ¬»®³ ±º ¬¸· Ü»½´¿®¿¬·±² ¸¿´´ ¾» ·²¬»®°®»¬»¼ «²¼»® ¬¸» ´¿© ±º ¬¸» Í¬¿¬» ±º Ú´±®·¼¿ ¿²¼ ª»²«» ¸¿´´ ´·» ·² Ó±²®±» Ý±«²¬§ô Ú´±®·¼¿ò Page 3 of 4 Üò ß´´ ²±¬·½» ®»¯«·®»¼ ¸»®»·² ¸¿´´ ¾» »²¬ ¾§ ½»®¬·º·»¼ ³¿·´ô ®»¬«®² ®»½»·°¬ ®»¯«»¬»¼ô ¬± ¬¸» Ü»½´¿®¿²¬ ¿¬ ïìðð Õ»²²»¼§ Ü®·ª» ¿²¼ ¬± ÓÝÔß ¿¬ ïîðð Ì®«³¿² ßª»²«»ô Í«·¬» îðéô Õ»§ É»¬ô ÚÔô ííðìð ±® «½¸ ±¬¸»® ¿¼¼®» ¬¸¿¬ ÓÝÔß ³¿§ «¾»¯«»²¬´§ °®±ª·¼» ·² ©®·¬·²¹ ¬± ¬¸» Ü»½´¿®¿²¬ò ô ¬¸» Ü»½´¿®¿²¬ ¸¿ »¨»½«¬»¼ ¬¸· Ü»½´¿®¿¬·±² ¿ ×Ò É×ÌÒÛÍÍ ÉØÛÎÛÑÚ ±º ¬¸» ¼¿¬» ©®·¬¬»² ¾»´±©ò ÜÛÝÔßÎßÒÌæ ÌØÛ ØÑËÍ×ÒÙ ßËÌØÑÎ×ÌÇ ÑÚ ÌØÛ Ý×ÌÇ ÑÚ ÕÛÇ ÉÛÍÌô ÚÔÑÎ×Üß WITNESSES: The Housing Authority of the City of Key West, Florida Sign Name By: Print Name Frank Toppino, Chairman Sign Name Print Name STATE OF FLORIDA COUNTY OF MONROE The foregoing instrument was acknowledged before me this _____ day of _____________ , 2011, by Frank Toppino, as Chairman of The Housing Authority of the City of Key West, Florida who is ( ) personally known to me or ( ) produced ______________ as identification. Notary Public Print Name: [Seal] My Commission Expires: Page 4 of 4