Item E3
LAND AUTHORITY GOVERNING BOARD
AGENDA ITEM SUMMARY
Meeting Date: March 20, 2002
Bulk Item: Yes No X
Department: Land Authority
Agenda Item Wording: Approval of a resolution authorizing a local contribution in the form of a
mortgage to subsidize the Meridian West Apartments affordable housing development on Stock Island.
Item Background: The proposed resolution authorizes a zero-interest, 50-year mortgage from the
Land Authority in the amount of $1,500,000 and authorizes the Chairman to sign the corresponding
local contribution application form to the Florida Housing Finance Corporation (FHFC) as a subsidy for
the 102-unit, multi-family rental affordable housing development on Stock Island known as Meridian
West Apartments. The site is locally known as the former dog track.
The proposed resolution is similar in format to that approved by the Board for the Tradewinds
Hammocks affordable housing development on Key Largo, except that no Land Authority funds will be
disbursed until after the development is approved for FHFC funding.
See the attached memo for additional information.
Advisory Committee Action: On 2/19/02 the Advisory Committee voted 4/0, with one member
abstaining, to approve the proposed resolution.
Previous Governing Board Action: Sitting as the BOCC, the Board approved this property as a
potential affordable housing site on 2/16/00. Sitting as the Land Authority Governing Board, the Board
approved adding this property to the Land Authority Acquisition List on 5/18/00.
Contract/Agreement Changes: N/A
Staff Recommendation: Approval
Total Cost: $ 1,500,000.00
Budgeted: Yes X
No
Cost to Land Authority: $ 1,500,000.00
Approved By: Attorney ~
OMB/Purchasing
Risk Management
Executive Director Approval:
~.\~
. ~ark J. Rosch
Documentation: Included: X
To Follow:
Not Required:
Disposition:
Agenda Item LA #3
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MONROE COUNTY LAND AUTHORITY
1200 TRUMAN A VENUE, SUITE 207 · KEY WEST, FLORIDA 33040
PHONE (305) 295-5180 · FAX (305) 295-5181
MEMORANDUM
TO:
Land Authority Governing Board
FROM:
Mark J. Rosch, Executive Director
M{L
---
DATE: March 5, 2002
SUBJECT: Meridian West Apartments Affordable Housing Development
Meridian West, Ltd., a limited partnership, proposes to construct, own, and manage 102 units of
affordable rental housing for persons of very low and low income for a period of 50 years in
participation with the Florida Housing Finance Corporation's (FHFC) tax credit and SAIL loan
programs. The partners of Meridian West are principals in the Carlisle Group, the real estate
development company specializing in affordable housing that will develop the property. The
Carlisle Group will be assisted locally by Ed Swift, William Horn, and Donald Craig. The FHFC
is a public corporation created by the Legislature within the Department of Community Affairs.
The development site is the former dog track property on Stock Island consisting of 8.97 acres
of scarified land and a borrow pit located next to Bernstein Park. The property is zoned Mixed
Use (MU) and designated Mixed Use/Commercial (MC) on the Future Land Use Map. The
development will either be built in a single phase of 102 units or in two phases of 68 units and
34 units.
The proposed resolution calls for a zero-interest mortgage in the total amount of $1,500,000
from the Land Authority for a term of 50 years. The owner proposes that this amount, together
with a $125,052 waiver of County impact fees, serve as the local contribution in an application
to FHFC for State funding in the form of a $2,000,000 SAIL loan and tax credit equity of
$10,399,000. The remainder of the project funding would come from a $700,000 conventional
mortgage, $12,002 in interest income and $10,237 in deferred developer's fees, bringing the
total project cost to $14,746,291. The Land Authority's proposed mortgage of $1,500,000 is
below the average of two appraisals of the land assuming the property has all necessary
development approvals for 102 units. Prior to funding the project, the FHFC will conduct an
independent financial review as part of the underwriting process.
The developer is a private, for-profit entity, which raises the issues of profit and risk. The
developer's fee (inclusive of expenses and overhead) for this project is 16%, which is consistent
with the limit established by FHFC requirements. Risk has been minimized by working with an
experienced affordable housing developer, by bringing the funding, structure, and controls of
1
FHFC into the project, and by withholding Land Authority funds until such time as all
development and FHFC approvals are in place. The Carlisle Group has a proven track record
in that it has developed, leased, and managed 18 affordable developments throughout the state.
If the developer obtains the necessary development and FHFC approvals within three years:
· The developer will impose a deed restriction permanently restricting the property to use as
affordable housing.
· The Land Authority will disburse funds and hold a mortgage in third place behind a
conventional first mortgage and the FHFC SAIL loan.
· The developer will construct and lease the housing.
· Among otherwise qualified applicants, first priority will go to persons displaced by the
removal of illegal downstairs enclosures.
· FHFC will monitor compliance with FHFC affordability requirements for 50 years.
On the other hand, if the developer fails to obtain the necessary development and FHFC
approvals within three years, no Land Authority funds will have been disbursed and the Land
Authority's financial commitment to the development will expire.
FHFC has funded other affordable housing developments in the Keys, including Eastwind
Apartments in Marathon, Mariner's Cove Apartments in Key West, and most recently Phase 1 of
Tradewinds Hammocks in Key Largo. Each of these projects were initiated in the past 10 years.
There is no example in the Keys of FHFC-funded housing that has been in existence for the full
50-year affordability period.
The proposed resolution calls for the property secured by the Land Authority mortgage to be
permanently restricted for use as affordable housing. After 50 years the owner will have no
further obligation to FHFC, however the Land Authority's deed restriction will remain in place
indefinitely. The Land Authority's deed restriction will not guarantee the condition or even the
existence of housing after the 50-year FHFC period absent additional public subsidies at that
time, but it will preclude the owner from using the property for purposes other than affordable
housing.
Funding for the proposed $1,500,000 Land Authority mortgage would come from the Land
Authority's local funds reserved for acquisitions in the Florida Keys Area of Critical State
Concern. This fund has prior commitments of $156,000 to Tradewinds Hammocks Phase 1 and
$924,000 to Tradewinds Hammocks Phase 2, leaving a current unencumbered balance of
approximately $2,900,000.
2
RESOLUTION NO.
A RESOLUTION OF THE MONROE COUNTY
COMPREHENSIVE PLAN LAND AUTHORITY APPROVING A
MORTGAGE AGREEMENT AND PROMISSORY NOTE FOR
USE WITH MERIDIAN WEST, LTD. TO PROVIDE AFFORDABLE
HOUSING AND AUTHORIZATION FOR THE CHAIRMAN TO
EXECUTE THE ASSOCIATED FLORIDA HOUSING FINANCE
CORPORATION APPLICATION FORM.
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 an interest in real property for the purpose of providing affordable housing to very low,
low, or 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 Carlisle Group, L.L.C., a limited liability company, proposes to form Meridian
West, Ltd., a limited partnership (hereinafter "Owner") for the purpose of constructing, owning,
and operating 102 units of affordable rental housing known as Meridian West Apartments
(hereinafter "Housing Development") on Stock Island to provide housing for persons of very low
and low incomes for a period of 50 years; and
WHEREAS, in order to finance the $14,746,291 total cost of the Housing Development, the
Owner proposes to apply for tax credits and a SAIL loan from the Florida Housing Finance
Corporation (hereinafter "FHFC"), a public corporation created within the Florida Department of
Community Affairs pursuant to section 420.504, FS; and
WHEREAS, the application process for the FHFC tax credit program is highly competitive and in
prior years has awarded maximum points to those applications providing a local contribution in
the amount of $250,000 or 10% of the total project cost ($1,474,629), whichever is less; and
WHEREAS, the Owner requests subsidies in the form of a $1,500,000 non-recourse mortgage
loan from the Land Authority and $125,052 in impact fee waivers from Monroe County in order
to make this Housing Development financially feasible; and
WHEREAS, the Owner proposes to build the Housing Development in a single phase of 102
units or in two phases where Phase 1 will consist of 68 units and Phase 2 will consist of 34 units;
and
WHEREAS, the Land Authority Advisory Committee considered this proposal at a meeting held
February 19, 2002 and voted 4/0, with one member abstaining, to recommend approval of the
loan subject to the 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:
Page 1 of 3
Section 1. Effective immediately, the Land Authority Chairman is authorized to sign the
applicable FHFC form indicating a local government contribution in the form of a zero-interest,
50-year loan in the amount of $1,500,000 in support of the Owner's application to FHFC for a
SAIL loan in the amount of $2,000,000 and tax credits in the annual amount of $1,300,000 for
ten years for the Housing Development.
Section 2. The Land Authority Executive Director is authorized to disburse $1,200,000 to the
Owner at the FHFC SAIL loan closing provided all of the following conditions have been satisfied
regarding Phase 1.
a) The Monroe County Planning Director has provided notice that the 68-unit affordable
Housing Development on the property described in Attachment A has been fully approved
for development, including the granting of 68 ROGO allocations and 68 nutrient credits.
b) The Land Authority's legal counsel has provided notice that the Owner has executed in favor
of the Land Authority a zero-interest, 50-year non-recourse mortgage agreement and
promissory note for the amount of $1,200,000 encumbering the property described in
Attachment A.
c) The Land Authority's legal counsel has provided notice that use of the property described in
Attachment A has been permanently restricted by deed restriction as follows:
1. the property is to be used only for housing for very low, low, or moderate income persons
as defined in section 420.0004, FS;
2. said deed restriction shall also reference the affordable housing requirements of the
Monroe County Land Development Regulations and shall impose said requirements
permanently, notwithstanding the normal 20 or 25 year period of said regulations; and
3. in accordance with the Memorandum of Understanding between Monroe County and
Department of Community Affairs dated December 27, 1999, persons currently or
formerly housed in an illegal downstairs enclosure who have or will be displaced as a
result of the removal of said enclosures and who meet all applicable affordability
requirements shall be given first priority when the Housing Development's occupants are
selected.
d) The Land Authority's legal counsel has provided notice that the Owner has received FHFC
Board approval of the Housing Development's underwriting report required for the issuance
of the tax credits and the Owner has received written commitments from the lenders for both
the SAIL loan and private construction loan financing necessary to build the 68-unit Housing
Development as described in Attachment B.
Section 3. The Land Authority Executive Director is authorized to disburse $300,000 to the
Owner at the FHFC SAIL loan closing provided all of the following conditions have been satisfied
regarding Phase 2.
a) The Monroe County Planning Director has provided notice that the 34-unit affordable
Housing Development on the property described in Attachment A has been fully approved
for development, including the granting of 34 ROGO allocations and 34 nutrient credits.
b) The Land Authority's legal counsel has provided notice that the Owner has executed in favor
of the Land Authority a zero-interest, 50-year non-recourse mortgage agreement and
promissory note for the total amount of $1,500,000 encumbering the property described in
Attachment A.
c) The Land Authority's legal counsel has provided notice that use of the property described in
Attachment A has been permanently restricted by deed restriction as specified by Section
2(c) above with respect to both Phase 1 and Phase 2 of the development.
Page 2 of 3
d) The Land Authority's legal counsel has provided notice that the Owner has received FHFC
Board approval of the Housing Development's underwriting report required for the issuance
of the tax credits and the Owner has received written commitments from the lenders for both
the SAIL loan and private construction loan financing necessary to build the 34-unit Housing
Development as described in Attachment B.
Section 4. In the event the Owner elects to construct the entire 102-unit development in a single
phase, the Land Authority Executive Director is authorized to disburse the entire sum of
$1,500,000 to the Owner at the FHFC SAIL loan closing provided all of the conditions in section
2(a) through 2(d) have been satisfied for the entire 102-unit development.
Section 5. The Land Authority will subordinate the non-recourse mortgage referenced in
Section 2(b) and 3(b) above only to the following loans obtained by the Owner in furtherance of
developing the property: a conventional first non-recourse mortgage, a second mortgage in
favor of FHFC with a 30-year term, or any other mortgage approved by the Land Authority.
Section 6. Notwithstanding the approvals and conditions contained in Sections 1 through 5
above, if all the conditions in Sections 2 and 3 are not satisfied within three years from the date
of adoption of this resolution, the Land Authority's commitment to the subject Housing
Development shall expire.
Section 7. It is acknowledged and understood that the information contained in this Resolution,
including Attachment B, represents the Owner's best estimates of loan amounts, tax credits,
total project costs, and the anticipated requirements of the upcoming FHFC funding rule.
Furthermore the net rents in Attachment B are adjusted annually by HUD and are therefore
subject to change. In view of these uncertainties, the actual amounts of the SAIL loan,
conventional first mortgage, tax credits, and unit mix of the development are deemed to be
approved provided said actual amounts are within 10% of the estimates contained in this
Resolution. The maturity periods indicated in Section 5 are illustrative only and may be adjusted
as required by FHFC. The flexibility provisions of this Section 7 do not apply to the amount or
maturity period of the Land Authority's mortgages, which are fixed as specified in the other
Sections of this Resolution.
PASSED AND ADOPTED by the Monroe County Comprehensive Plan Land Authority at a
regular meeting on this day of 2002.
(Seal)
ATTEST:
MONROE COUNTY COMPREHENSIVE
PLAN LAND AUTHORITY
Mark J. Rosch
Executive Director
Nora Williams
Chairman
Approved for Legal Sufficiency
Larry R. Erskine
Page 3 of 3
ATI'ACIIMENT A
LEGAL DESCRIPTION: Parcel .3 '" Easement:
prepared by undersiQned:
A portion of Lots 6,7,8,9,10,11,12 & 13, all 05 originally plotted, and adjocent filled boybottom,
Block 57, "All of Lots 1, 2, 3, 5, 6, Section 35; Lot 2, Section 36; Lot 3, Section 26, Lot 2, Section 34,
Stock Island, Township 67 South, Range 25 East., os recorded in Plot Book 1, at Page 55 of the Public
Records of Monroe County, Florida and being more particularly described os follows;
Commence at the Northwest corner of said Block 57, being the intersection of the Easterly Right-of -Way
Line of Fifth Street and the Southerly Right-of-Way Line of fifth Avenue; thence S 83"56'00" E along the
Said Southerly Right-of-Way line of Fifth Avenue for 905.50 feet to the Point of Beginning; thence
continue alon<J the said Southerly Right-ot-Way line of Fifth Avenue fOf" 0 distance of 110.50 feet; thence
S 06"04'00. W for 0 distance of 213.00 feet; thence S 83'56'00" E fOf" a distance of 108.50 feet: thence
S 00-04'00. W for a distance of 35.00 feet; thence S 83"56'00. E for 0 distance of 75.50 feet; thence S
06"04'00" W for a distance of 452.00 feet; thence N 83"56'00" W tor 0 distance of 174.00 feet; thence N
06'04 '00" E for a distance o( 25.00 feet; thence N 83"56'00" W (or 0 distance of 700.00 feet to the
.Eqsterly Right-of-Way line of Shrimp Rood; thence N 0004'00' E and along the said Easterly line of
Shrimp Road for a distance of 559.00 feet: thence S 83"56'00" E for a distance of 405.50 feet; thence N
06'04'00. E for 0 distance of 141.00 feet to the soid Southerly Right-of-Way Line of fifth Avenue, and
the Point of Beginning.
Containing .390990.00 Square Feet, or 8,9759 kres. more or less.
ATTACHMENT B
MERIDIAN WEST - PHASE 1
New Construction I Rehab
Total Number of Units
Total Square footage in project
Total Number of Buildings
Number of Accessory Buildings
Land
Hard Cost Construction
Contingency
Developer Fee
Impact Fee & Connection fees
Soft Costs
Total Project Costs
1,880,000
5,670,960
166,229
1,273,868
174,828
1,943,590
11,109,475
27,647
83,396
2,445
18,733
2,571
28,582
163,375
28.30
85.35
2.50
19.17
2.63
29.25
167.21
Tax-Exempt Bonds 0 0 0.00
Conventional First Mortgage 375,000 5,515 5.64
Florida Housing Finance Corp. SAIL Loan 1,750,000 25,735 26.34
Land Authority Mortgage 1,200,000 17,647 18.06
Interest Income 6,809 100 0.10
NOI During Construction 0 0 0.00
Tax Credit Equity 7,647,000 112,456 115.10
Impact Fee Waivers 92,458 1,360 1.39
Deferred Developer Fee 38,207 562 0.58
11,109,475 163,375 167.21
Construction Loan 0 0 0.00
Bridge Loan 235,000 3,456 3.54
Total Construction Profit
Developer's Fee Acquisition
Developer's Fee
Developer's Overhead
Total Available Profit
Less:Deferred Developer's Fee
Net Fee Payable at Stabilization
o
o
955,644
318,224
1,273,868
38,207
1,235,660
Construction Profit
Paid Developer's Fee
Total Profit
o
1,235,660
1,235,660
Carlisle Percentage of Profit
JV Partner Percentage of Profit
100.00%
0.00%
Meridian West Phase I
Key West, FII
Monroe
Limited Partner
1
Date (MMNY) Elapsed Cumulative
26-Feb-02 Months Months
March-03
February-04 11 11
March-04 1 12
June-04 3 15
IBond Deal: no
20% @ 50%
40% @ 60%
% of Affordable Housing Units
x
Tax-Exempt Bonds/4% lIHTC
501 C3 Bonds
SAIL Loan
1
o
'j 55,1001
o
94
104
117
o
620
830
1,040
o
Calculated Monthly Rents
Distribution "10 Units "10 SF "10 Income
VlI 16.18"10 16.18% 7.47%
1I 83.82% 83.82"10 92.53"10
MKT 0.00% 0.00% 0.00%
2 bedroom
Calculated Monthly Rents
3 bedroom 104 %
Calculated Monthly Rents
4 bedroom 116%
Calculated Monthly Rents
0%
60%
30%
0%
60%
309.94
0.00
619.88
371.93
0.00
743.85
429.78
0.00
859.56
0.00
0.00
0.00
68
7,470
100
50
o
50
200
IVacancy Rate
5%1
23,576/
Debt
MERIDIAN WEST - PHASE 2
New Construction I Rehab
Total Number of Units
Total Square footage in project
Total Number of Buildings
Number of Accessory Buildings
Land
Hard Cost Construction
Contingency
Developer Fee
Impact Fee & Connection fees
Soft Costs
Total Project Costs
340,000
2,636,240
77,887
629,377
87,414
1,110,554
4,881,473
10,000
77,536
2,291
18,511
2,571
32,663
143,573
12.05
93.42
2.76
22.30
3.10
39.35
172.98
Tax-Exempt Bonds 0 0 0.00
Conventional First Mortgage 250,000 7,353 8.86
Florida Housing Finance Corp. SAIL Loan 500,000 14,706 17.72
Land Authority Mortgage 300,000 8,824 10.63
Interest Income 5,520 162 0.20
NOI During Construction 0 0 0.00
Tax Credit Equity 3,736,000 109,882 132.39
Impact Fee Waivers 46,274 1,361 1.64
Deferred Developer Fee 43,679 1,285 1.55
4,881,473 143,573 172.98
Construction Loan 0 0 0.00
Bridge Loan 150,000 4,412 5.32
Total Construction Profit
Developer's Fee Acquisition
Developer's Fee
Developer's Overhead
Total Available Profit
Less:Deferred Developer's Fee
Net Fee Payable at Stabilization
o
o
472,893
156,484
629,377
43,679
585,698
Construction Profit
Paid Developer's Fee
Total Profit
o
585,698
585,698
Carlisle Percentage of Profit
JV Partner Percentage of Profit
100.00%
0.00%
Meridian West Phase /I
Key West, FI
Monroe
Limited Partner
1
Date (MMIYY) Elapsed Cumulative
6-Mar-02 Months Months
March-03
February-04 11 11
March-04 1 12
Ma .04 2 14
IBond Deal: I no
20%
40% @ 60%
% of Affordable Housing Units
x
9%
Tax-Exempt Bonds/4% L1HTC
501 C3 Bonds
SAIL Loan
1
o
~~~;:~'!",ii';;i;;
55,1001
620
830
1,040
o
Calculated Monthly Rents
Distribution % Units %SF % Income
VLI 20.59% 20.59% 9.78%
LI 79.41% 79.41% 90.22%
MKT 0.00% 0.00% 0.00%
2 bedroom
Calculated Monthly Rents
3 bedroom 104 %
Calculated Monthly Rents
4 bedroom 116%
Calculated Monthly Rents
309.94
0.00
619.88
371.93
0.00
743.85
429.78
0.00
859.56
0.00
0.00
0.00
34
7,470
IVacancy Rate
5%1
11.4611
MERIDIAN WEST - PHASE 1 AND 2
New Construction / Rehab
Total Number of Units
Total Square footage in project
Total Number of Buildings
Number of Accessory Buildings
Land
Hard Cost Construction
Contingency
Developer Fee
Impact Fee & Connection fees
Soft Costs
Total Project Costs
2,220,000
8,041,440
237,343
1,562,345
262,242
2,422,920
14,746,291
21,765
78,838
2,327
15,317
2,571
23,754
144,571
23.45
84.95
2.51
16.50
2.77
25.60
155.78
Tax-Exempt Bonds 0 0 0.00
Gonventional First Mortgage 700,000 6,863 7.39
Florida Housing Finance Corp. SAIL Loan 2,000,000 19,608 21.13
Land Authority Mortgage 1,500,000 14,706 15.85
Interest Income 12,002 118 0.13
NOI During Construction 0 0 0.00
Tax Credit Equity 10,399,000 101,951 109.86
Impact Fee Waivers 125,052 1,226 1.32
Deferred Developer Fee 10,237 100 0.11
14,746,291 144,571 155.78
Construction Loan 0 0 0.00
Bridge Loan 450,000 4,412 4.75
Total Construction Profit
Developer's Fee Acquisition
Developer's Fee
Developer's Overhead
Total Available Profit
Less:Deferred Developer's Fee
Net Fee Payable at Stabilization
o
o
1,123,750
438,596
1,562,345
10,237
1,552,108
Construction Profit
Paid Developer's Fee
Total Profit
o
1,552,108
1,552,108
Carlisle Percentage of Profit
J.v. Partner Percenta e of Profit
100.00%
0.00%
Project Name
City, State
County
Ownership Entity
DDAlQCT (yes=1 ,no=2)
Meridian West - Phase I & II
Key West. FII
Monroe
Limited Partner
1
20%@
40% @ 60%
% of Affordable Housing Units
x
F!r@,gin9Y~hicle
lIHTC 9%
Tax-Exempt Bonds/4% lIHTC
501 C3 Bonds
SAIL Loan
Date (MMIYY Elapsed Cumulative
16-Feb-02 Months Months
March-03
February-04 11 11
April-04 2 13
June.04 2 15
IBond Deal: I no J
x
Administrative.
Management Fee
Utilities .. .
Payroll. Taxes & Ben.
R&M
Insurance
Real Estate Taxes'
Ground Lease Paymen
Re racement Reserves
Total
Utility Allowance Amount ~q;'F()Qlag!'li!
Studio 0
1. bedroom 94 620
;2 bedroom. 104 830
3 bedroom 1 17 1,040
4 bedroom 0 0
IMedian'neome", .
55,1001
Distribution % Units %SF % Income
VlI 15.69% 15.69% 7.22%
1I 84.31% 84.31% 92.78%
MKT 0.00% 0.00% 0.00%
2 bedroom
3 bedroom
4 bedroom
1 Bedroom
1 Bedroom
1 Bedroom
2 Bedroom
2 Bedroom
2 Bedroom
3 Bedroom
3 Bedroom
3 Bedroom
4 Bedroom
4 Bedroom
4 Bedroom
Manager Unit
Tota'
309.94
0.00
619.88
371.93
0.00
743.85
429.78
0.00
859.56
0.00
0.00
0.00
102
7.470
Operating
Other Income
Laundry
Cable
Garage
Other
Total Other Income
100
50
o
50
200
IVacancy Rate
5%/
35.4831
Debt
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