Item K5a
LAND AUTHORITY GOVERNING BOARD
AGENDA ITEM SUMMARY
Meeting Date: December 18, 2002
Bulk Item: Yes No X
Department: Land Authority
Agenda Item Wording: Approval to purchase property - Reimanns subdivision 1 Middle Keys
Community Land Trust.
Item Background: This acquisition is proposed to provide land for affordable housing. The City of
Marathon has nominated 4 vacant lots in Reimanns subdivision on 73rd Street oceanside in Marathon
for purchase by the Land Authority. Following purchase by the Land Authority, the City requests
conveyance of the property to the Middle Keys Community Land Trust (MKCL T), a non-profit group
recently established to provide affordable housing. The subject lots are 9,000 sq. ft. each, zoned
Improved Subdivision, and have vegetation classified as disturbed with exotics. MKCL T proposes to
build single family homes for homeownership on each of the lots. This agenda item is limited to the
issue of purchasing the property. The decision to convey the property to MKCL T and the imposition of
deed restrictions will be addressed at a future Board meeting.
The Land Authority's standard purchase contract will be used in this transaction, with the closing
contingent upon subsequent conveyance of the property to an affordable housing partner. The contract
allows the Seller to utilize the property in a 1031 tax-deferred exchange. The agenda packet
spreadsheet lists the purchase price and anticipated closing costs for this transaction.
Advisory Committee Action: On November 26, 2002 the Advisory Committee voted 5/0 to approve
the item.
Previous Governing Board Action: None.
Contract/Agreement Changes: None.
Recommendation: Approval
Total Cost: $ 105,181.00
Budgeted: Yes X
No
Cost to Land Authority: $ 105,181.00
Approved By: Attorney ~
OM BIPurchasing
Risk Management
Executive Director Approval:
~.\ (L
~ark J. Rosch
Documentation: Included: X
To Follow:
Not Required:
Disposition:
Agenda Item LA #5a
RESOLUTION NO. 02-07-93
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF MARATHON, FLORIDA, NOMINATING PROPERTY
FOR ACQUISITION BY THE MONROE COUNTY
COMPREHENSIVE PLAN LAND AUTHORITY FOR
AFFORDABLE HOUSING USES; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, it is the desire of the City Council of the City of Marathon, Florida to
provide additional affordable housing within the City.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF MARATHON, FLORIDA AS FOLLOWS:
Section 1.
The above recital is true and correct and IS incorporated herein by
reference.
Section 2.
The City of Marathon nominates four properties in Marathon and further
described in Exhibit A attached hereto, for acquisition by the Monroe County Land Authority for
the purpose of providing affordable housing. Following acquisition, the City Council requests
that the Monroe County Land Authority convey the property to the Middle Keys Community
Land Trust, Inc. for development and management as affordable homeownership units.
Section 3.
This resolution shall become effective immediately upon its adoption.
PASSED AND ADOPTED this 30th day of July, 2002.
ATTEST:
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City Clerk
adopt by (lou-n/)/ 'InuJ{.. Ilreeninttlf-.
Seconded by {J" u.YJ4!, / /YULn DeLI- flL-S
FINAL VOTE AT ADOPTION:
Mayor John Bartus
Vice Mayor Randy Mearns
Councilman Franklin Greenman
Councilman John Repetto
Councilman Peter Worthington
y'e.s
y p_S
yes
Ye.-s
ye,.s
Lellal Descrimion
Block xx, Lot 12, Reimanns Subdivision
Block xx, Lot 13, Reimanns Subdivision
Block xx, Lot 14, Reimanns Subdivision
Block xx, Lot 15, Reimanns Subdivision
EXHffirr A
Street Address
73rd Street (Ocean), Marathon
73rd Street (Ocean), Marathon
73rd Street (Ocean), Marathon
73rd Street (Ocean), Marathon
Property
Reimanns Subdivision
Lots 12 - 15
(Coats)
Purchase
Price
$100,000,00
PURCHASE CONTRACTS
12118102
Envr. Audit, Survey
or Clean-up
Title
Insurance
$4,000,00
$675.00
1 of 1
Attorney
Fee
$500,00
Recording
Fee
$6,00
Acquisition
Total
$105,181.00
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