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Item C4 LAND AUTHORITY GOVERNING BOARD AGENDA ITEM SUMMARY Meeting Date: February 22, 2001 Bulk Item: Yes No X Department: Land Authority Agenda Item Wording: Approval of a resolution authorizing the conveyance of 629 Caroline Street in Key West to the Bahama Conch Community Land Trust. Item Background: The subject property consists of a 5-unit conch house and is currently under contract for purchase by the Land Authority as an affordable housing site in partnership with the Bahama Conch Community Land Trust (BCCL T). Once this property has been purchased, the proposed resolution calls for the Land Authority to impose permanent deed restrictions and convey the property to BCCL T. Occupancy of property will be limited to persons having household incomes of 100% or less of the county median (currently $49,300 per year) and otherwise qualifying under BCCL T's affordability policy. Based on the current income statistics for Monroe County, maximum monthly rents allowed by the deed restrictions will be $898 for the one-bedroom apartments and $1,079 for the two-bedroom apartment. BCCL T anticipates making the apartments available for considerably less (monthly rents of $626 and $676, respectively) which will qualify as affordable for persons in the 67% to 73% range of county median income. Advisory Committee Action: On January 31, 2001 the Advisory Committee approved by the proposed resolution by a 5/0 vote. Previous Governing Board Action: On January 18, 2001 the Board approved a contract to purchase the subject property. Staff Recommendation: Approval. Total Cost: $ 24.00 Budgeted: Yes X No Cost to Land Authority: $ 24.00 Approved By: Attorney ~ OMB/Purchasing Risk Management Executive Director Approval: ~'O~OSch Documentation: Included: X To Follow: Not Required: Disposition: Agenda Item LA #4 RESOLUTION NO. A RESOLUTION OF THE MONROE COUNTY COMPREHENSIVE PLAN LAND AUTHORITY AUTHORIZING CONVEYANCE OF PROPERTY LOCATED AT 629 CAROLINE STREET IN KEY WEST TO THE BAHAMA CONCH COMMUNITY LAND TRUST OF KEY WEST, INC. FOR THE PURPOSE OF PROVIDING AFFORDABLE HOUSING. WHEREAS, section 380.0666(3), Florida Statutes (FS) and section 9.3-2, Monroe County Code, empower the Monroe County Comprehensive Plan Land Authority (hereinafter "Land Authority") to acquire and dispose of interests in real property for the purpose of providing affordable housing to very low, low, and moderate income persons as defined in section 420.0004, FS, where said acquisitions are consistent with a comprehensive plan adopted pursuant to Chapter 380, FS; and WHEREAS, the Bahama Conch Community Land Trust of Key West, Inc. (hereinafter BCCL T) is a not-for-profit Florida corporation organized for charitable purposes that include providing for the development and preservation of decent, permanently affordable housing for low and moderate income people in the Bahama Village neighborhood and the Key West area; and WHEREAS, consistent with Key West City Commission Resolution #00-38, the Land Authority has entered into a contract to purchase the property located at 629 Caroline Street in Key West (hereinafter "subject property") as an affordable housing site in partnership with BCCL T; and WHEREAS, BCCL T requests that the Land Authority convey the subject property to BCCL T and allow BCCL T to manage the property as affordable housing; and WHEREAS, the Land Authority Advisory Committee considered this request at a meeting held on January 31, 2001 and voted 5/0 to recommend approval of the conveyance subject to the affordability requirements contained in this Resolution; and WHEREAS, the Governing Board wishes to approve the Advisory Committee's recommendations; NOW, THEREFORE, BE IT RESOLVED BY THE MONROE COUNTY COMPREHENSIVE PLAN LAND AUTHORITY: Section 1. The property located at 629 Caroline Street in Key West (RE #00000920-000000), more particularly described in Attachment A, shall be maintained as affordable housing in accordance with requirements shown in Attachment B. Section 2. The Chairman of the Land Authority Governing Board is hereby authorized to sign the deed conveying the subject property to the Bahama Conch Community Land Trust of Key West, Inc. Said deed shall restrict future use of the property to the requirements specified in Attachment B. PASSED AND ADOPTED by the Monroe County Comprehensive Plan Land Authority at a regular meeting on this day of 2001. (Seal) ATTEST: MONROE COUNTY COMPREHENSIVE PLAN LAND AUTHORITY Mark J. Rosch Executive Director Nora Williams Chairman Approved for Legal Sufficiency Larry R. Erskine ATTACHMENT A On the Island of Key West, and known on William A. Whitehead's Map of said Island, delineated in February, A.D., 1829, as Part of Lot 1 in Square 12, but better known and described as follows, to-wit: Commencing at the Westerly corner of the intersection of Elizabeth and Caroline Streets, and running thence along Elizabeth Street in a Northwesterly direction 93 feet; thence at right angles in a Southwesterly direction 50 feet and 3 inches; thence at right angles in a Southeasterly direction 93 feet out to Caroline Street; thence at right angles and along Caroline Street in a Northeasterly direction 50 feet and 3 inches to the point of beginning. Together with the improvements situate thereupon. ATTACHMENT B AFFORDABILlTY COVENANTS 1. Affordability Period. These affordability requirements shall run with the property and shall not expire. 2. Income Limits, Use and Transfer Restrictions. Bahama Conch Community Land Trust of Key West, Inc. (hereinafter "BCCL T") shall make the property available as either ownership housing or rental housing in accordance with the conditions specified below. 2.1. Ownership Housing. BCCL T shall retain title to the land under ownership housing and shall not subsequently transfer title to the land without approval of Monroe County Comprehensive Plan Land Authority (hereinafter "MCLA"). Ownership of the improvements, together with a leasehold interest in the land, may be conveyed by BCCL T subject to the following conditions. 2.1.1. Use and Occupancy. The subject property shall be owner occupied and used as the homeowner's primary residence and such other uses incidental to residential use as may be permitted by local zoning and land use regulations. 2.1.2. Income Qualified Buyers. Except in the case of inheritance by the owner's spouse, children, or a member of the household who has resided on the premises for at least a year prior to conveyance by gift or estate, ownership shall be restricted to households earning less than or equal to 100% of the Monroe County median income adjusted for household size at the time of conveyance (hereinafter "Income Qualified Buyer"). 2.1.3. Affordability. For ownership housing, monthly housing costs, defined as principal, interest, taxes, insurance (PITI), homeowner association fees [if any] and ground rent, shall not exceed the annual adjusted gross household income multiplied by 0.30 and divided by 12, all in accordance with ~420.0004, Florida Statutes. 2.1.4. Resale Limits. The leasehold estate and the improvements located thereon may be transferred, subject to the provisions of Paragraph 2.1.2 above, provided the transfer price does not exceed the sum of the price the current owner paid plus 25% of the amount by which the unrestricted market value of the improvements may have appreciated during the current owner's period of ownership. 2.1.5. Special Provisions. (None) 2.2. Rental Housing. BCCL T shall retain title to the land under rental housing and shall not subsequently transfer title to the land without approval of MCLA. Ownership of the improvements located on such land may either be retained by BCCL T or may be sold together with a leasehold interest in the land to another legal person subject to the following conditions. 2.2.1. Use & Occupancy. The subject property shall be operated, managed and otherwise administered as permanently affordable rental housing and such other uses incidental to residential use as may be permitted by local zoning and land use regulations. 2.2.2. Income Qualified Tenants. Occupancy of rental housing units shall be restricted to households earning less than, or equal to, 100% of the Monroe County median income adjusted for household size at the time of initial occupancy (hereinafter "Income Qualified Tenant"). 2.2.3. Affordability. For rental housing, affordable shall be defined as monthly housing costs (defined as rent plus utilities not provided by owner) that do not exceed the annual adjusted gross household income multiplied by 0.30 and divided by 12, all in accordance with ~420.0004, Florida Statutes. 2.2.4. Special Provisions. Subsequent to obtaining title to the subject property, ownership of the improvements, together with a leasehold interest in the land, may be conveyed by BCCL T to Ms. Auwina Weed of Key West, Florida subject to all of the provisions of this Attachment B. Such conveyance shall also be subject to following additional conditions: 2.2.4.1. Upon Ms. Weed's death or if Ms Weed shall become unable or unwilling to continue her ownership and management of the property as affordable rental housing, ownership of the improvements shall revert to BCCL T. 3. Profit. BCCL T is a not-for-profit corporation. BCCL T is prohibited from earning profit on the subject property. 4. Refinancing Limits. BCCL T shall be prohibited from encumbering the land for any purpose without the prior approval of MCLA, except for encumbrances for projects resulting in capital improvements to the property. 5. Affordability Monitoring. BCCL T will be responsible for ensuring these affordability requirements are maintained. Whenever the leasehold estate is transferred BCCL T shall provide certification to the MCLA documenting these affordability requirements have been met.