Item J4
lAND AUTHORITY GOVERNING BOARD
AGENDA ITEM SUMMARY
Meeting Date: August 21, 2002
Bulk Item: Yes No X
Department: Land Authority
Agenda Item Wording: Approval of a resolution subordinating deed restrictions as necessary for
private financing of the Roosevelt Gardens affordable housing development.
Item Background: The Key West Housing Authority has applied for bank qualified financing to fund
the construction of the 96-unit Roosevelt Gardens affordable housing development on the fairgrounds
property in Key West. The proposed financing is through First Housing Development Corporation, a
housing development corporation established pursuant to section 420.101, Florida Statutes, to assist in
the financing of affordable housing. The loan amount is $11,850,000 at 4.5% interest for a term of 30
years. As bank qualified financing, private lenders participating in this loan through First Housing will
receive tax-free interest and credit under the Community Reinvestment Act. In order for the Key West
Housing Authority to obtain this financing, First Housing requires that the Land Authority release its
affordable housing deed restrictions to protect the lender's capital in the event of a foreclosure. The
proposed resolution 1) authorizes release of the restrictions and 2) authorizes execution of a land use
restriction agreement with Key West Housing Authority to reinstate the deed restrictions in the chain of
title behind the First Housing Development Corporation loan documents.
Advisory Committee Action: On July 25, 2002 the Advisory Committee voted 3/0 to approve
releasing the deed restrictions.
Previous Governing Board Action: On January 14, 1998 the Board approved purchasing the
property. On October 14, 1999 the Board approved conveying the property to the Key West Housing
Authority and imposing affordable housing deed restrictions.
Contract/Agreement Changes: None.
Recommendation: Approval
Total Cost: $ NIA
Budgeted: Yes
No
Cost to land Authority: $ NIA
Approved By: Attorney ~
OMBIPurchasing
Risk Management
Executive Director Approval:
",.
~
G-
~ark J. Rosch
To Follow:
Not Required:
Documentation: Included: X
Disposition:
Agenda Item LA #4
RESOLUTION NO.
A RESOLUTION OF THE MONROE COUNTY
COMPREHENSIVE PLAN LAND AUTHORITY SUBORDINATING
DEED RESTRICTIONS AS NECESSARY FOR PRIVATE
FINANCING OF THE ROOSEVELT GARDENS AFFORDABLE
HOUSING DEVELOPMENT.
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, 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, on August 7, 1998 the Land Authority purchased a 6.6-acre parcel in Key West (RE
#2430-000000, hereinafter "subject property") locally known as the "fairgrounds property" as an
affordable housing site; and
WHEREAS, on January 12, 2000 the Land Authority imposed certain affordable housing deed
restrictions and conveyed the subject property to the Key West Housing Authority for
development with 96 units of affordable housing known as Roosevelt Gardens; and
WHEREAS, in order to finance the $12,624,500 cost of constructing the Roosevelt Gardens
development, the Key West Housing Authority has applied for an $11,850,000 mortgage from
First Housing Development Corporation, a housing development corporation established to
assist in the provision of affordable housing pursuant to section 420.101, Florida Statutes; and
WHEREAS, as a condition of providing the requested financing, First Housing Development
Corporation requires that the Land Authority subordinate the affordable housing deed
restrictions to protect the lender's capital in the event of a foreclosure;
WHEREAS, the Land Authority Advisory Committee considered releasing said deed restrictions
at a meeting held on July 25, 2002 and voted 3/0 to recommend approval; NOW, THEREFORE,
BE IT RESOLVED BY THE MONROE COUNTY COMPREHENSIVE PLAN LAND AUTHORITY
that:
Section 1 The Chairman of the Land Authority Governing Board is hereby authorized to execute
any and all documentation required by First Housing Development Corporation to release the
deed restrictions which currently restrict use of the subject property to affordable housing.
Section 2 The Chairman is hereby authorized to execute a land use restriction agreement with
the Key West Housing Authority to reinstate the affordable housing deed restrictions in the
subject property's chain of title immediately following the First Housing Development
Corporation loan documents.
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
"'~V',.J
.L J. J\...,J.L J.l\-, ~ ,_I .;'.1. \ 'J
~UlJl
~~
August 8, 2002
Mr. Mark Rosch
Executive Din'~'or
Monroe County Land Authority
1200 TlUlllaD Avenue
Suite 207
Key West, FL 33040
Via Facsimile: 305-295-5181
Re: Roosevelt Gardens
Dear Mr. Rosch
A~ we have discussed on the telephone, First Housing is processing the construction and
permanent loan request for the Key West Housing Authority on the Roosevelt Garden...
project.
One of the conditions that will be required is th~. suborc.li(latioLl or I\;lease of the deed
restrictions placed on the property by the Monroe County Land Authority. While it is
everyone's intention to operate and maintain this project as an affordable housmg
development, this subordination OT" T"elea~e is necessary to satisfy the requirements of our
proposed loan.
We appreciate your consideration of this matter and remain available for any further
discussions.
~ftZ-
D6t(glas 1. McCree
Senior Vice Preside-.nt
Q Some Office.:
1715 N. We-Jtshore Boulevard
Suite 37!>/larnpa, FL 3~7
(813) 2.89-9410
Pax (813) 289-,j::iOO
w1lrm.fir~t/rousingfl.com
o North T"ml"'" Office-
10006 N. Dale Mabry Hwy.
Suite E-202JTarnpa,'FL 33618
(813) 962-0195
Fax (813) 962-0905
Board of Commissioners
Frank Toppino
Juanita Mingo
Bob Dean
Jack T. Murray
Roosevelt Sands, Jr.
Section 1
Section 2
Section 3
Section 4
The Housing Authority Of The City Of Key West, Florida
P.O. Box 2476 1400 Kennedy Drive
Key West, Florida 33045
Phone: 305-296-5621
J. Manuel Castillo, Sr.
Executive Director
ROOSEVELT GARDENS
Table of Contents
Development Summary
Loan Summary
Development Cost Breakdown
Pro-Forma (15 Year)
Proposed
Units:
Set Aside:
Site
Location:
Site
Description:
Utilities:
Zoning:
Improvement
Description:
96 units
Roosevelt Gardens
Development Summary
Family
20% of units at 50% of AMI (utilizing Section 8 vouchers)
40% of units at 80% of AMI
40% of units at 120% of AMI
KWHA Board will be required to pass a resolution requiring that rents be increased until all units
are at a maximum level of 120% AMI if the debt service coverage ratio falls below 1.05xas tested
on a quarterly basis.
Located at 260 1 N. Roosevelt Boulevard on a site known as the Key West Fairgrounds. The site is
bounded to the north by new single family units on the Gulf of Mexlco, to the east across a wide
drainage canal by an Hampton Inn Motel, to the south across Roosevelt Blvd. by vacant land, an
Alamo Car Rental Agency and a Kenny Rogers Restaurant, and to the west across a lagoon by a
motel.
Size:
Shape:
Topography:
Access:
Flood Zone:
Water:
Sewer:
Electric:
Gas:
Telephone:
PoIiceIFire:
6.62 gross
Irregular
Virtually flat with a little vegetation near the water.
One common entrance/exit provided to N. Roosevelt Blvd., located at the southwest
comer of the property with an access road nmning along the western boundary.
FMNA Panel # 12087C 1709 F, October 17, 1989
Zone AE: Special flood hazard areas inundated by 100-year flood; required to
be insured against flood damage.
Florida Aqueduct Authority
City of Key West
City Electric System
None
Bell South
City of Key West
MDR, Medium Density Residential, by the city of Key West. Allows multifamily rental uses at 16
units per acre or 106 units for this 6.62-acre site.
The proposed Roosevelt Gardens will be comprised of96 units contained in seventeen, 2-story,
apartment buildings and one community/clubhouse building of average quality construction.
Striped parking areas will be provided at a rate of 2.0 spaces per unit.
Project amenities will include a community center/clubhouse with common laundry and computer
lab, basketball and volleyball courts, covered gazebo with picnic tables, barbecue, and car wash
area. Accessible travel routes will be provided from the parking areas to all project amenity areas.
Unit amenities will include a refrigerator, range/oven, dishwasher, washer/dryer hookups, and
ceiling fans in living room and all bedrooms .
Construction of the units will be of modular construction in an offsite factory. This is an accepted
construction technique in the market place. To ensure quality control and adherence to the plans
and specifications, the Authority will hire an inspection finn, which will be on-site in the factory on
a daily basis.
Unit
Mix:
Units
29
38
29
96
~
1/1
2/2
3/2
Net
Sq.Ft.
638
863
997
Strengths: Market - The Key West market has had no new apartment units delivered since 1996. There is
significant pent up demand. This demand is especially acute in the lower and moderate income sector which this project
will serve. Additionally, there is limited additional land on which to build apartment units. This will c~mtinue to restrict
competition.
..
Location - The subject is located on Roosevelt Boulevard in close proximity to employers, retail and
other required services.
Debt service coverage - The loan, as proposed has a very strong debt service coverage ratio of 1.27x.
As noted above, the market characteristics and historical perfonnance would indicate that market rents will continue to
increase, therby further improving the economics.
Budget Adequacy - The proposed budget reflects actual hard costs as bid by the anticipated contractor
for this project. That contractor, Gulf Building Corporation, has extensive experience in the construction of similar units
throughout the Keys. Gulf Building will be providing a 100% payment and perfonnance bond for the project.
Additionally, a 5% hard cost contingency has been incorporated into the budget.
Interest Reserve - The interest reserve has been sized assuming no operating income to cover debt
service for the first fifteen months. The appraiser and underwriter anticipate stabilized occupancy to occur roughly co-
terminous with completion. It is expected that completion will occur 12 months from closing, however, we have sized
the interest reserve for 15 months to cover potential unforeseen del~ys.
Weaknesses: Loan to market value - This project is dependent upon the maintenance of the favorable financing
associated with the Bank Qualified debt issued by the Key West Housing Authority. In the event that the lender wished
to take title to the property, this financing would be extinguished and the collateral value reduced to the $12,810,000 or
92.5% L TV. To mitigate this risk, certain requirements will be put in place prior to closing that will compel the KWHA
to act in a manner to insure the [mancial viability of the project and to minimize any potential need for foreclosure.
These will include: pre-authorization from the KWHA Board to ease the rent restrictions in the event that debt service
coverage drops below 1.05x, authorization to remove the KWHA as property manager (Management agreement will be
subordinated to the mortgage), authorization to place property in receivership in the event of any monetary default.
PLP - Currently matures prior to proposed loan. Will need to get a guarantee of repayment from City
pending final resolution with FHFC. This will allow us to close sooner rather than later.
Restrictions imposed by MC Land Authority need to be fully subordinated.
Borrower:
General
Partner:
Limited
Partner:
First Mortgage
Loan Request:
Interest Rate:
Term:
Amortization:
Subordinate
Debt:
Total
Subordinate
Debt:
Roosevelt Gardens
Loan Summary
The Housing Authority of the City of Key West
1400 Kennedy Drive
Key West., Florida 33045
N/A
N/A
$11,850,000
50 basis points over the 8 year FHLB fIxed funding rate, adjusted to Tax Exempt equivalent
rate for Bank Qualified debt - Estimated at 4.25% net ofFHDC Servicing Fee
Rate utilized for underwriting - 4.5% plus FHDC servicing fee
8 years (includes a 2 year interest only construction term)
30 years
$300,000 Monroe County SHIP Loan. This loan is forgiven annually at a rate of 1I15th per
annum provided the affordability of the project remains in place.
$500,000 PLP
$800,000
Roosevelt Gardens
Development Cost Breakdown
Hard Construction Costs
Contingency
$ 9,850,000
394,000
Developer Overhead
325,000
Financial Cost
Loan Origination
Lender Lagal
Closing Expenses (travel/communication/etc.)
Borrow's Counsel
Closing Costs
Contingency
I nterest Reserve
Insurance Escrow
Legal
Reserve for Replacement
230,000
25,000
9,000
14,000
47,500
25,000
550,000
19,000
25,000
24,000
968,500
General Development Cost
Accounting fees
Appraisal
Architect's Fee
Builder's Risk Insurance
Environmental Report
Inspection Fees
Insurance
Market Study
Soil Test Report
Survey
Title Insurance
Pre-Development Costs
20,000
5,000
575,000
30,000
7,500
6,000
25,000
8,000
7,500
15,000
25,000
363,000
1,087,000
Total Land Cost
2,548,700
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