Item C3b
LAND AUTHORITY GOVERNING BOARD
AGENDA ITEM SUMMARY
Meeting Date: December 20, 2001
Bulk Item: Yes No X
Department: Land Authority
Agenda Item Wording: Approval of resolutions authorizing the purchase and conveyance of property
for affordable housing - 309 Julia Street in Key West 1 Bahama Conch Community Land Trust.
Item Background: This item is proposed to assist the Bahama Conch Community Land Trust
(BCCL T) in providing affordable housing for the long term in the form of homeownership and rentals.
The City of Key West has nominated this 6,317 sq. ft. property for purchase by the Land Authority in
partnership with BCCL T. The property is developed with two single-family homes and an 8-unit
boarding house with the transferable license for 8 transient units. Once the property has been
purchased, the Land Authority will impose permanent deed restrictions and convey the property to
BCCL T, except for the transient license, which the Land Authority will retain and retire to help reduce
the demand for additional affordable housing. BCCL T then plans to rent the boarding house units to
income-qualified tenants and sell the single-family homes to income-qualified buyers, with the sales
being subject to a long-term ground lease.
The Land Authority's purchase contract will be contingent upon simultaneous conveyance of the
property to BCCL T. The attached spreadsheet lists the legal description, purchase price, and estimated
closing costs. Funding for this purchase will come from the tourist impact tax collected in Key West.
Advisory Committee Action: On 11/29/01 the Advisory Committee voted 510 to approve this item.
Previous Governing Board Action: On 10/18/01 the Board approved adding this property to the
Acquisition List.
Contract/Agreement Changes: NIA
Staff Recommendation: Approval.
Total Cost: $ 921,281.00
Budgeted: Yes X
No
Cost to Land Authority: $ 921,281.00
Approved By: Attorney ~
Executive Director Approval:
OMB/Pur~ing _
~.~I"--
\ ark J. Rosch
Risk Management
Documentation: Included: X
To Follow:
Not Required:
Disposition:
Agenda Item LA #3b
Property
309 Julia Street
RE#s 00025650 and 00025560
(Bums)
Purchase
Price
$910,000.00
PURCHASE CONTRACTS
12/20/01
Envr. Audit, Survey
or Clean-up
$2,000.00
Title
Insurance
$4,725.00
1 of 1
Attorney
Fee
$4,550.00
Recording
Fee
$6,00
Acquisition
Total
$921,281.00
RESOLUTION NO.
A RESOLUTION OF THE MONROE COUNTY
COMPREHENSIVE PLAN LAND AUTHORITY AUTHORIZING
CONVEYANCE OF PROPERTY LOCATED AT 309 JULIA
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 #01-90, the Land Authority
has entered into a contract to purchase the property located at 309 Julia 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 November 29, 2001 and voted 5/0 to recommend approval of the conveyance, except for the
property's eight-unit transient rental license, with said conveyance being subject to the
affordability requirements contained in this Resolution. The Committee further recommends that
the Land Authority retain and retire the property's transient license in order to preclude use in
the creation of additional transient rentals and the associated demand for additional affordable
housing; 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 309 Julia Street (RE #00025650-000000 and RE
#00025560-000000) in Key West shall be maintained as affordable housing in accordance with
requirements shown in Attachment A.
Section 2. The Chairman of the Land Authority Governing Board is hereby authorized to sign a
deed conveying the subject property to the Bahama Conch Community Land Trust of Key West,
Inc, less and except the property's eight-unit transient rental license. Said deed shall restrict
future use of the property to the requirements specified in Attachment A.
Section 3. The Land Authority shall retain and retire the property's transient rental license.
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
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 9420.0004, 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 9420.0004, Florida Statutes.
2.2.4. Special Provisions. (None)
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.
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Mile Marker
Island
.5
Key West
Property Name
Allen
(227 Virginia Street)
(307 Julia Street)
Burns
Millian/Woods
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