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Item C2 LAND AUTHORITY GOVERNING BOARD AGENDA ITEM SUMMARY Meeting Date: October 18, 2001 Bulk Item: Yes No X Department: Land Authority Agenda Item Wording: Approval to add property at 307 Julia Street, 309 Julia Street, and 607 Petronia Street in Key West to the Acquisition List as affordable housing sites in partnership with the Bahama Conch Community Land Trust (BCCL T). Item Background: BCCL T is proposing that the Land Authority acquire three sites. The first site is 307 Julia Street, which is currently developed with a conch house and an adjoining apartment. The second site is 309 Julia Street, which is currently developed with two single-family homes and an 8-unit apartment building. The third site is 607 Petronia Street, which is currently developed with a single- family home. The City of Key West has nominated the first two sites and will consider nominating the Petronia Street site at its next meeting. The housing proposal is for the Land Authority to purchase these sites and convey them to BCCL T. BCC~T then plans to sell the single-family homes to income-qualified buyers, with the conveyance being subject to a long-term ground lease. For those structures consisting of apartments, BCCL T plans to retain ownership and rent the units to income-qualified tenants. It may also be possible for BCCL T to develop an additional single-family unit on the Petronia Street property. 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 will be required to purchase the subject properties. Advisory Committee Action: The Advisory Committee voted to recommend approval as follows: 307 Julia Street-5/0 vote on 9/27/01; 309 Julia Street-5/0 vote on 4/26/01; and 607 Petronia Street--5/0 vote on 9/27/01, but subject to the City of Key West nominating the property. Previous Governing Board Action: None. Contract/Agreement Changes: N/A Staff Recommendation: Approval, subject to the City nominating the Petronia Street property. Total Cost: $ to be determined Budgeted: Yes No Cost to Land Authority: $ to be determined Approved By: Attorney _ OM~/pu~ing _ Executive Director Approval: ~ oJ l--- ark J. Rosch Risk Management Documentation: Included: X To Follow: Not Required: Disposition: Agenda Item LA #2 RESOLUTION NO. 01-267 A RESOLUTIOp OF THE CITY COMMISSION OF THE CITY OF KEY WEST, FLORIDA, RESCINDING THE NOMINATION OF THE PROPERTY LOCATED AT 908 TERRY LANE TO THE MONROE COUNTY LAND AUTHORITY FOR PURCHASE AS AFFORDABLE HOUSING; NOMINATING THE PROPERTY LOCATED AT 307 JULIA STREET TO THE MONROE COUNTY LAND AUTHORITY FOR PURCHASE AS AFFORDABLE HOUSING; PROVIDING FOR AN EFFECTIVE DATE WHEREAS, on March 20, 2001, in Resolution No. 01-90, the City Commission nominated 309 Julia Street ($940,000) and 908 Terry Lane ($300,000) to the Land Authority; and WHEREAS, subsequently, the potential sale of 908 Terry Lane has been withdrawn; and WHEREAS, the Bahama Conch Community Land Trust has requested nomination of a substitute property; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF KEY WEST, FLORIDA, AS FOLLOWS: Section 1: That the following property is hereby nominated to the Monroe County Land Authority as set forth below: Address Price 307 Julia Street $300,000 Section 2: That this Resolution shall go into effect immediately upon its passage and adoption and authentication by the signature of the presiding officer and the Clerk of the Commission. Passed and adopted by the City Commission at a meeting held this 5th day of September , 2001. Authenticated by the presiding officer and Clerk of the Commission on September 6 Filed with the Clerk I 2001. er , 2001. . . RESOLUTION NO. 01-90 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF KEY WEST, FLORIDA, NOMINATING TWO KEY WEST PROPERTIES TO THE MONROE COUNTY LAND AUTHORITY FOR PURCHASE; PROVIDING FOR AN EFFECTIVE DATE WHEREAS, the Monroe County Land Authority holds funds on behalf of the City of Key West that may be dedicated to the purchase of land for affordable housing; and WHEREAS, the Bahama Conch Community Land Trust has requested the nomination of two properties. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF KEY WEST, FLORIDA, AS FOLLOWS: Section 1: That the following two properties in Key West are hereby nominated to the Monroe County Land Authority as set forth below: Address Price 309 Julia Street $940,000 908 Terry Lane $300,000 TOTAL $1,240,000 Section 2: That this Resolution shall go into effect immediately upon its passage and adoption and authentication by the signature of the presiding officer and the Clerk of the Commission. Passed and adopted by the City Commission at a meeting held this 20th day of March I 2001. Authenticated by the presiding officer and Clerk of the <:::ornmission on March 20 I 2001. Filed with the Clerk March 20 I 2001. AlAT: ~ CHERYL SMI I CITY CLERK <{ ~~ 000 -I u... UJ ~ p~~ <{ o C2 o ~ u... u... o (/) l::: ~ ~ UJ Q~ 0::,,:: ::> o ::Ell') ::E ~ GFRAL IINI= -sT:' .22 17 - 13.91. 4' ; 24 J 7-/17 ....!~~O 3 ~ ~7 7~ ~ ~ ~~"m!5 ,,~.~ . 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