Item K3
LAND AUTHORITY GOVERNING BOARD
AGENDA ITEM SUMMARY
Meeting Date: June 19, 2002
Bulk Item: Yes No X
Department: Land Authority
Agenda Item Wording: Approval of a resolution authorizing conveyance of transferable ROGO
exemptions and nutrient reduction credits to Meridian West, Ltd. for the development of affordable
housing on Stock Island.
Item Background: When the Land Authority purchased the Halcyon Trailer Park property on Big Pine
Key, it also acquired a surplus of 25 transferable ROGO exemptions (TREs) and six nutrient reduction
credits beyond those necessary for Habitat for Humanity's affordable housing development on the site
(Habitat Landing). Under the County land development regulations, these surplus TREs and nutrient
credits can be transferred off-site, but only within the same ROGO sub-area (Lower Keys). The
proposed resolution calls for the Land Authority to allocate the surplus TREs and nutrient credits to the
Meridian West Apartments on the former dog track property on Stock Island. The proposed allocation
is contingent upon the development successfully receiving construction funding from the Florida
Housing Finance Corporation. Meridian West is the only viable affordable housing development in the
Lower Keys currently in need of ROGO allocations and nutrient credits.
Advisory Committee Action: On May 21, 2002 the Advisory Committee voted 3/0 to approve this
resolution.
Previous Governing Board Action: On March 20, 2002 the Board approved providing a $1.5 million
50-year zero interest mortgage for the Meridian West Apartments, provided the development's
application to the Florida Housing Finance Corporation for construction funding is successful.
Contract/Agreement Changes: N/A
Staff Recommendation: Approval
Total Cost: $ No additional cost
Budgeted: Yes
No
Cost to Land Authority: $ No additional cost
Approved By: Attorney ~ OMB/Purc~g _
Executive Director Approval: ~. ~ 1 '-----
ark J. Rosch
Risk Management
Documentation: Included: X
To Follow:
Not Required:
Disposition:
Agenda Item LA #3
RESOLUTION NO.
A RESOLUTION OF THE MONROE COUNTY
COMPREHENSIVE PLAN LAND AUTHORITY AUTHORIZING
THE CONVEYANCE OF TRANSFERABLE ROGO EXEMPTIONS
AND NUTRIENT REDUCTION CREDITS TO MERIDIAN WEST
LTD. TO PROVIDE FOR THE DEVELOPMENT OF
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 real property interests 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, as memorialized in Resolution 01-2002, the Land Authority has committed to
provide a $1,500,000 mortgage in support of the proposed 102-unit affordable housing
development known as Meridian West Apartments on Stock Island to provide housing for
persons of very low and low incomes for a period of 50 years; and
WHEREAS, the Monroe County Comprehensive Plan requires the assignment of 90 ROGO
allocations and 90 nutrient reduction credits to Meridian West Apartments before construction
can commence; and
WHEREAS, through the purchase of the Halcyon Trailer Park property for affordable housing,
the Land Authority acquired a surplus of 25 transferable ROGO exemptions and 6 nutrient
reduction credits beyond those necessary for Habitat for Humanity's Habitat Landing
development; and
WHEREAS, the Monroe County Comprehensive Plan allows for the transfer of ROGO
exemptions and nutrient reduction credits for affordable housing, provided the sender and
receiver sites are within the same subarea; and
WHEREAS, Meridian West Apartments is the only proposed affordable housing development
within the Lower Keys subarea that is both viable and currently in need of ROGO allocations
and nutrient reduction credits; and
WHEREAS, the Land Authority Advisory Committee considered conveying the Land Authority's
transferable ROGO exemptions and nutrient reduction credits to Meridian West Ltd. at a
meeting held May 21, 2002 and voted 3/0 to recommend approval of the conveyance 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:
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Section 1. The Land Authority rights to the 25 transferable ROGO exemptions and 6 nutrient
reduction credits from the Halcyon Trailer Park property (Block 1, Lots 1-15, Palm Villa
subdivision, Plat Book 1-89) are hereby allocated to Meridian West, Ltd. for use in the
development of Meridian West Apartments. Said allocation shall remain valid so long as the
development's 2002 application to the Florida Housing Finance Corporation (FHFC) for
construction financing remains viable. In the event FHFC declines to finance Meridian West
Apartments in the 2002 FHFC funding cycle, this allocation shall expire.
Section 2. Upon FHFC Board approval of the underwriting report required for the issuance of
the tax credits and Meridian West, Ltd. 's receipt of written commitments from the lenders for
both the SAIL loan and private construction loan financing specified in Land Authority Resolution
01-2002, the Land Authority Chairman is hereby authorized to sign the documents necessary to
convey said 25 transferable ROGO exemptions and 6 nutrient reduction credits to Meridian
West, Ltd. for use in the development of Meridian West Apartments.
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
Murray Nelson
Vice Chairman
Approved for Legal Sufficiency
Larry R. Erskine
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