Item J3
LAND AUTHORITY GOVERNING BOARD
AGENDA ITEM SUMMARY
Meeting Date: April 17, 2002
Bulk Item: Yes No X
Department: Land Authority
Agenda Item Wording: Approval of a mortgage assumption agreement concerning Tropic Isle
Apartments in Marathon.
Item Background: This item is proposed to facilitate the management of affordable housing.
In 1996 the Land Authority agreed to hold a $59,025 mortgage to assist the Monroe County Housing
Finance Authority (MCHFA) in purchasing and redeveloping Tropic Isle Apartments on 41st Street in
Marathon. The Florida Housing Finance Corporation provided additional financing in the form of a
$1,119,107 mortgage. The redevelopment project is complete and the units are occupied as affordable
housing.
MCHFA now proposes to transfer ownership of the property to the Monroe County Housing Authority
(MCHA). MCHA has agreed to accept the conveyance and assume the mortgages. The Florida
Housing Finance Corporation has authorized assignment of its mortgage to MCHA. The proposed
assumption agreement would authorize assignment of the Land Authority's $59,025 mortgage.
Advisory Committee Action: This item will be considered by the Advisory Committee on April 23,
2002.
Previous Governing Board Action: The Soard approved holding the mortgage on April 18, 1995.
Contract/Agreement Changes: N/A
Staff Recommendation: Approval, subject to Advisory Committee approval on 4/23/02.
Total Cost: $ N/A
Budgeted: Yes
No
Cost to Land Authority: $ N/A .
Approved By: Attorney ~
OMS/Purchasing
Risk Management
Executive Director Approval: ~ .
~
DMark J. Rosch
Documentation: Included: X
To Follow:
Not Required:
Disposition:
Agenda Item LA #3
,
ASSUMPTION AGREEMENT
THIS AGREEMENT entered into this _ day of ,2001 by and between THE
HOUSING FINANCE AUTHORITY OF MONROE COUNTY, FLORIDA, a Florida public bond
corporate and politic organized under Florida Statutes, hereinafter referred to as "original
mortgagors", the MONROE COUNTY COMPREHENSIVE PLAN LAND AUTHORITY, hereinafter
referred to as "Lender", and MONROE COUNTY HOUSING AUTHORITY, a body politic existing
under the laws of the State of Florida, hereinafter referred to as "PURCHASER".
The undersigned hereby agree to the assumption of the following described mortgage:
Mortgage in favor of the HOUSING FINANCE AUTHORITY OF MONROE COUNTY,
FLORIDA, executed by the MONROE COUNTY COMPREHENSIVE PLAN LAND
AUTHORITY, recorded March 27,1996, in Official Records Book 1395 at Page 1409 of the
Public Records of Monroe County, Florida, secured by a promissory note in the amount of
$59,025.00.
MONROE COUNTY HOUSING AUTHORITY, further agrees to pay said mortgage according
to the terms and conditions stated therein.
THE HOUSING FINANCE AUTHORITY OF MONROE COUNTY, FLORIDA, will be
released from any and all liability under said mortgage.
MONROE COUNTY HOUSING AUTHORITY
Witness
Witness
BY:
TITLE:
THE HOUSING FINANCE AUTHORITY
OF MONROE COUNTY, FLORIDA.
Witness
Witness
BY:
TITLE:
Witness
MONROE COUNTY COMPREHENSIVE
PLAN LAND AUTHORITY
Witness
BY:
TITLE:
STATE OF FLORIDA
COUNTY OF MONROE
The foregoing instrument was acknowledged before me this _ day of February, 2002 by
on behalf of MONROE COUNTY HOUSING AUTHORITY and is
personally known to me or who has produced a as identification.
PRINTED NAME:
NOTARY PUBLIC
My commission expires:
STATE OF FLORIDA
COUNTY OF MONROE
The foregoing instrument was acknowledged before me this _ day of February, 2002 by
, as of HOUSING FINANCE AUTHORITY OF
MONROE COUNTY, FLORIDA, and is personally known to me or who has produced a
as identification.
PRINTED NAME:
NOTARY PUBLIC
My commission expires:
STATE OF FLORIDA
COUNTY OF MONROE
The foregoing instrument was acknowledged before me this _ day of February, 2002 by
, on behalf of MONROE COUNTY COMPREHENSIVE PLAN LAND
AUTHORITY, and is personally known to me or who has produced a as
identification.
PRINTED NAME:
NOTARY PUBLIC
My commission expires:
.
RECEIVED APR ';1
2002
MONROE COUNTY HOUSING FINANCE AUTHORITY
1403 12th Street
Key West, Florida 33040
(305) 292 - 1221 FAX (305) 292 -1162
March 28, 2002
Mark Rosch, Executive Director
Monroe County Comprehensive Plan Land Authority
1200 Truman Avenue, Suite 207
Key West, FL 33040
Dear Mark:
The Monroe County Housing Finance Authority (MCHF A) is certain that ownership of
the Tropical Isle Apartments in Marathon is best placed with the Monroe County
Housing Authority (MCHA). MCHA has been providing property management since the
property was acquired and renovated. MCHA is in agreement with the transfer of
ownership and assumption of obligations.
Please consider this letter a request from both entities for the Land Authority to consider
approving this transfer by executing the attached Assumption Agreement. I am also
enclosing copies of Resolutions adopted by MCHFA and MCHA directing staff to pursue
the transfer and authorizing the Chairmen to execute documents.
The Florida Housing Finance Corporation which holds a mortgage on the property in the
original principal amount of$1,119,107 has approved the transfer (enclosed).
Thank you for your prompt attention with this request, and if I can assist in any way
please call me.
sinc1~:~-
/ /;f//
~anuel Castillo, Director
( / Special Programs Office
JMC:bf
Enclosures
"dedicated to quality housing opportunities for Monroe County"
RESOLUTION No. 00-01
A RESOLUTION OF THE MONROE COUNTY
HOUSING FINANCE AUTHORITY REQUESTING
AND -AUTHORIZING THE TRANSFER OF
OWNERSHIP OF TROPICAL ISLE APARTMENTS
TO THE MONROE COUNTY HOUSING
AUTHORITY.
WHEREAS, the Monroe County Housing Finance Authority acquired said
property to further increase the housing stock for low"'-income residents of Monroe
County; and.
\VHEREAS, this purchase was made possible with the assistance of the Monroe
County Comprehensive Plan Land Authority and through a Florida Housing Finance
Corporation HOrvrn Loan at zero (0) interest rate for fifty years; and
WHEREAS, the Monroe County Housing Authority has operated, maintained
and managed Tropical Isle Apartments since acquisition; and
~EREAS, the transfer from the Finance Authority to the Housing Authority is
beneficial to both parties in that it promotes and provides decent affordable housing for
the very low and low-income residents of Monroe County;
NOW, THEREFORE, be it resolved by the Board of the Monroe County
Housing Finance Authority, as follows:
Section I:
Apartments.
That staff is hereby directed to pursue the transfer of Tropical Isle
Section 2: That the Chairman is hereby authorized to execute on behalf of the
Finance Authority the documents required to complete the transfer of ownership to the
Monroe County Housing Authority.
Passed and adopted by the Monroe County Housing Finance Authority at a meeting held
this 19th day of October, 2000.
THE HOUSING AUTHORITY OF
MONROE COUNTY, FLORIDA, a
FI02#-=:::::
By: /l----;" y Hubert, Chairman
Resolution No. 222
A Resolution of the Monroe County Housing Authority
Requesting and Authorizing the
Transfer of the Tropical Isle Apartments from the
Monroe County Housing Finance Authority
Whereas, the Monroe County Housing Finance Authority acquired said property to
further and increase the housing stock for low-income residents of Monroe County, and
Whereas, this purchase was made possible with the assistance of the Monroe County
Comprehensive Plan Land Authority and through a Florida Housing Finance Corporation HOME
Loan at zero (0) interest rate for fifty years, and
Whereas, the Monroe County Housing Authority has operated, maintained and managed
Tropical Isle Apartments since acquisition, and
Whereas, the transfer from the Monroe County Housing Finance Authority to the Monroe
County Housing Authority is beneficial to both parties in that it promotes and provides decent
affordable housing for the very low and low-income residents of Monroe County; and
Now Therefore Be It Resolved, that staff is hereby directed to pursue the transfer of
Tropical Isle Apartments, and
Be It Further Resolved, that the Chairman is hereby authorized to execute on behalf of
the Monroe County Housing Authority the documents required to complete the transfer of
ownership for said property from the Monroe County Housing Finance Authority.
Adopted this 25th day of October, 2000
SignBy ~~T~
FLORIDA
HOUSING
FINANCE
CORPORATION
JEa BUSH
Governor
CHARLI!S H. LVDECKER
Chainnan
RENE DIAZ DE VILLEGAS
Vice Chainnan
BOARD OF DIRECTORS
STEPHANIE BALDWIN
RICHARD MARTIN
JACK MAXWELL
CINDV MEVER-WEBB
TERRV SANTINI
ROBERT JAV TAVLOR
STEVEN SEIBERT
Ex Officio
November 15, 2000
Mr. 1. Manuel Castillo, Director
Monroe County Housing Finance Authority
1403 West 12th Street
Key West, Florida 33040
Re:
Tropical Isle Apartments
95HR-008 HOME Rental
On October 27,2000, Florida Housing Finance Corporation approved the request
of August 18, 2000 to transfer ownership of Tropical Isle Apartments to Monroe
County Housing Authority. First Housing Development Corporation has been
assigned to provide the credit underwriting. You should contact Doug McCrey at
First Housing regarding this process.
Please provide Florida Housing with the appropriate documentation evidencing
the new ownership when it is finalized.
Dear Mr. Castillo:
If you have questions, please give me a call.
Sincerely,
.
cc: Ian Rayboun, Loan Closing Coordinator
Doug McCrey
First Housing Development Corporation
1715 Westshore Boulevard, Suite 375
Tampa, Florida 33607
(813)289-9410
Fax (813)289-5580
227 North Bronough Street, Suite 5000 . Tallahassee. Florida 32301-1329 . 850-488-4197 Fax: 850-488-9809