Item L2
LAND AUTHORITY GOVERNING BOARD
AGENDA ITEM SUMMARY
Meeting Date: June 18, 2003
Bulk Item: Yes No X
Department: Land Authority
Agenda Item Wording: Approval of a resolution revising the requirements for the disbursement funds
for the Meridian West affordable housing development.
Item Background: Meridian West is a 102-unit affordable apartment complex proposed for Stock
Island on the property formerly developed as a greyhound racing track. Participants in the development
of this $14 million complex will include the project developer (the Carlisle Group), the County
Commission, the Land Authority, the Florida Housing Finance Corporation, and a private lender. The
Land Authority has committed to provide a $1.5 million zero-interest 50-year mortgage, 25 transferable
RaGa exemptions, and 6 nutrient credits toward the development. The Florida Housing Finance
Corporation is anticipated to participate by providing $8.2 million in tax credits and $1 million in the form
of a SAIL loan. The Land Authority's prior funding resolution (Resolution 01-2002) ties the
disbursement of Land Authority funds to the SAIL loan closing (the final 7% of the project financing).
Due to a delay in the SAIL loan closing, the project developer requests that the Land Authority disburse
its funds when all the requirements except the SAIL loan closing are satisfied, at which point 93% of the
project financing would be in place.
Advisory Committee Action: On May 29, 2003 the Advisory Committee voted 3/0 to approve the
proposed resolution, subject to legal approval.
Previous Governing Board Action: On 3/20/02 the Board approved providing a $1.5 M mortgage.
On 6/19/02 the Board approved donating 25 TREs and 6 nutrient credits to the development.
Contract/Agreement Changes: In accordance with developer's request, the proposed resolution
authorizes disbursement of Land Authority funds when all the requirements of the original resolution
except the SAIL loan closing are satisfied.
Staff Recommendation: Approval.
Total Cost: No change ($1.5 M) Budgeted: Yes ~ No
Cost to Land Authority: No change ($1.5 M) Source of Funds: Land Authority
(Tourist Impact Tax and State Park Surcharge)
Approved By: Attorney ~
Executive Director Approval:
County Land~~.
^^\ . ~rkJ. Rosch
Documentation: Included: X
To Follow:
Not Required:
Disposition:
Agenda Item LA #2
RESOLUTION NO.
A RESOLUTION OF THE MONROE COUNTY
COMPREHENSIVE PLAN LAND AUTHORITY REVISING THE
REQUIREMENTS FOR THE DISBURSEMENT OF FUNDS FOR
THE MERIDIAN WEST 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, 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 $14,178,976 total cost of the Housing Development, the
Owner has applied 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, as well as conventional financing from a private lender;
and
WHEREAS, to assist in the acquisition of the project site, Land Authority Resolution 01-2002
authorizes a 50-year, zero-interest mortgage loan from the Land Authority in the amount of
$1,500,000, with said loan closing to occur at the same time as the FHFC SAIL loan closing; and
WHEREAS, the SAIL loan, which consists of $1,000,000 or 7% of the total development
financing, will close behind schedule due to internal delays at FHFC; and
WHEREAS the Owner requests that the Land Authority close its loan upon the Owner's
satisfaction of all the requirements in Land Authority Resolution 01-2002 except the SAIL loan
closing, as 93% of the total development financing will have been secured at that point; and
WHEREAS, the Land Authority Advisory Committee considered this request at a meeting held
May 29,2003 and voted 3/0 to recommend approval; 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
that the Land Authority hereby agrees to close its $1,500,000 mortgage loan once all the
conditions of Land Authority Resolution 01-2002 are satisfied, with the exception of the SAIL
loan closing requirement.
Page 1 of 2
PASSED AND ADOPTED by the Monroe County Comprehensive Plan Land Authority at a
regular meeting on this day of 2003.
(Seal)
ATTEST:
Mark J. Rosch
Executive Director
Approved for Legal Sufficiency
Larry R. Erskine
MONROE COUNTY COMPREHENSIVE
PLAN LAND AUTHORITY
Murray E. Nelson
Chairman
Page 2 of 2
II
~
RECEIVED Mi\\ ;~ 3 28tH
TIlE CAI<LISLE GI<OlIP
CARLISLE PROPERTY MANAGEI'IENT, INc.
CARLISLE BllILDERS, INC
May 22, 2003
Mark Rosh
Director
Monroe County Land Authority
1200 Truman Avenue
Key West, Florida 33040
Re: Meridian West Apartments, Stock Island
Dear Mark,
As we discussed, we are hoping to resolve a timing dilemma with the Land
Authority. The commitment to Meridian West is contingent upon closing on both Tax
Credits and the SAIL loan from the Florida Housing Finance Corporation (FHFC).
As you know, we were awarded both Tax Credits and SAIL in the 2002 Cycle.
Weare currently working through the process for both; we will be able to close on the
Tax Credits as soon as we have building permits, probably June or July. These are
Federal, and allocation is automatic upon closing.
However, the SAIL loan is administered by another department within the FHFC,
and is a State program which is oversubscribed. We will not even be on the FHFC agenda
for approval until the August meting, and closing will then occur, by rule, within 45 days.
In other words, all of the other fmancing will be ready to close in June or July but
SAIL not until September. Since we can't close on the land and begin construction
without the Land Authority, we need you as soon as possible to take our request to your
Board that we be allowed to close prior to the SAIL closing.
There are many reasons why this is a reasonable and feasible request.
1.) Meridian West has won both subsidies, it is not a Question of if, but when
they close. (Enclosed)
2.) The SAIL loan of One Million Dollars ($1,000,000) represents only 7%
of the total development financing. The tax credit investors who are putting
2</)'1 S \X' )7111 '\VI"I'I', SI'IIT 303, COCO"I'I l~IWVI, FLlll.'IIlA BI B . I'II0!\'1 (~().,) +7(J-i'lIIi'l . F\x (,)OS) 47lJ-15S7
up 58% of the development cost are ready to close now. (Enclosed) The
conventional First Mortgagee who is providing 23% of the development cost,
is ready to close. (Enclosed)
3.) The risk is all ours. As you will see from the current Statement of
Sources and Uses, we have a $236,000 contingency and we are deferring
$144,000 of our developer's fee payable of$1,482,685. (Enclosed)
If for some inexplicable and unprecedented reason the SAIL loan were
delayed or did not close, Carlisle would simply fill the gap from its
contingency account. and by deferring what ever amount of its developer fee
was necessary.
4.) The need is crucial. Any further delay for technical reasons in providing
the affordable housing is inexcusable.
Do not hesitate to call me with any questions, and of course, we are ready to meet
with you or your Board if asked.
CC: Edwin Swift
Steve Seibert
Mark Kaplan
Luis Gonzalez
Gwen Lightfoot
-=:...~
iLORIDA
HOUSING
FINANCE
CORPORATION
JEB BUSH
Governor
ROBERT JAY TAYLOR
Chairman
ORLANDO J. CABRERA
Vice Chairman
BOARD OF DIRECTORS
CESAR CALVET
WILLIAM G. EVANS
JACK MAXWELL
ZULLY RUlz
TERRY SANTINI
SANDRA TERRY
STEVEN SEIBERT
Ex Ofticio
MARK KAPLAN
-xecutive Director
Via Federal Express
And Facsimile
October] 4, 2002
Lloyd Boggio
Meridian West, Ltd.
2937 SW 27th Avenue #303
Miami, FL 33133
Re:
Invitation to Credit Underwriting
2002 Housing Credit Program
2002 SAIL Program
Meridian West Apartments /2002-057CS
Dear Mr. Boggio:
On October 10,2002 the Board approved the ranking of the 2002 Universal
Applications. Your application for the above stated Development met the necessary
criteria and obtained the sufficient number of points to be ranked within the tentative
funding range of the Florida Keys Set-Aside for Housing Credits and/or SAIL
financing. As such, Florida Housing is extending an invitation to credit
underwriting.
Section 42 of the Internal Revenue Code, as amended, requires Florida Housing to
make a determination of the amount of housing credits needed for the financial
feasibility and viability of the Development throughout the credit period. The credit
underwriter will perform this analysis of credit need. In addition, the credit
underwriter will: evaluate the past performance of the Development Team, verify
and validate information within the Application, perform other credit underwriting
duties, and provide its findings and recommendation within a credit underwriting
report. Based on this credit underwriting report, Florida Housing may then issue a
preliminary allocation of housing credits.
Pursuant to Rule 67-48, Florida Administrative Code (F AC), you must respond to
this invitation to enter credit underwriting within 7 calendar days from the date of
this letter. If the signed Acknowledgment is not received by October 21, 2002, this
Development will forfeit its opportunity to receive a Housing Credit Allocation.
Upon receipt of the attached Acknowledgment indicating your acceptance to enter
credit underwriting, Florida Housing will send a copy of your Application to Seltzer
Management Group (the credit underwriter assigned to your Development). The
Housing Credit underwriting fee is $13,200.00 and is due and payable within seven
days from the date of this invitation. This fee does not include the cost of the market
study. Please make the check payable and submit directly to:
227 NORTH BRONOUGH STREET, SUITE 5000 . TALLAHASSEE, FLORIDA 32301-1329 . (850) 488-4197 . (850) 488-9809 FAX
Lloyd Boggio
October 14,2002
Page two
Seltzer Management Group
7500 McElvey Road
Panama City, FL 32408
All credit underwriting information required pursuant to Rule 67-48.026 (F AC) must
be submitted to the credit underwriter by close of business November 18, 2002.
Failure to meet this deadline will cause your application to be rejected.
Please be advised that the credit underwriter will be contacting you for an additional
fee for an acceptable, comprehensive market study of the housing needs of low-
income individuals in the area to be served by the Development, which will be
conducted at the Developer's expense by a disinterested party pursuant to Section 42
of the IRC code.
Please fonvard a completed IRS Form 8821 (enclosed) for each financial
beneficiary of the Development, to Florida Housing, Attention: Rachael Fink,
by October 25, 2002. Your Housing Credit recommendation is contingent upon
receipt of these forms. Do not send these forms to the undenvriter.
NOTE: If your Development is also to be considered for SAIL financing its
Housing Credit allocation is subject to the Board approving a positive credit
underwriting recommendation.
If you have any questions, please do not hesitate to call the Housing Credit staff at
850/488-4197.
And,
~i~
SAIL Administrator
Enclosures
CGB:rf
Lloyd Boggio
October 14,2002
Page 3
CGB:rf
cc: Jan Rayboun, Credit Underwriting Coordinator
Seltzer Management Group
INVITATION TO CREDIT UNDERWRITING
2002 COMBINED CYCLE
ACKNOWLEDGEMENT
The undersigned herby acknowledges and agrees to enter credit underwriting in
accordance with the terms and conditions of Florida Housing's subject letter dated
October 14, 2002.
Re:
Meridian West Apartments /2002-057CS
/
Decline:
Accept:
('
Lord J: B'i}/)/o
I Print Name C;
~;z.I"/t~A/ MSTk, L:h. / ;ZOO?.: O~>7c5
Development N e and ID Number
odleIL
Date
IS.
I
2.002-
This may be faxed to Florida Housing (Attention Housing Credits) at (850) 921-6060.
SELTZER MANAGEMENT GROUP, INC.
7500 McELVEY ROAD
PANAMA CITY BEACH, FL 32408
TEl (850) 233-3616
Fax (850) 233-1429
May 22, 2003
VIA E-MAIL
Mr. Lloyd Boggio
Meridian West, Ltd.
2937 SW 2ih Avenue, #303
Miami, FL 33133
Re: Meridian West / 2002-057CS
FHFC HC/SAIL Credit Underwriting
Dear Mr. Boggio:
We wanted to update you on the progress of our credit underwriting for the above-
referenced development. On October 14, 2002 FHFC invited the above-referenced
development into credit underwriting and assigned Seltzer Management Group, Inc.
("SMG") as the credit underwriter for this transaction. SMG was tasked with first
completing a Housing Credit Determination Review on this development for Florida
Housing. This was completed on November 25, 2002 and transmitted to Mr. Chris
Buswell, Housing Credit Administrator, Florida Housing Finance Corporation.
We are currently completing our due diligence and credit underwriting for the proposed
SAIL Loan. Assuming no unforeseen delays in this process, we will be submitting our
credit underwriting report to Florida Housing on or before July 1, 2003 for Board action
on August 1, 2003.
I hope this correspondence has been helpful in updating you on our progress. Please
do not hesitate to contact me if I can be of further assistance.
Sincerely,
SELTZER MANAGEMENT GROUP, INC.
op
Don Jackson
Credit Underwriter
Cc: Gwen Lightfoot, The Carlisle Group
PANAMA CITY BEACH · ORLANDO · FT. LAUDERDALE
Related ~ Capital Company
Capital Solll,lions
May 19,2003
Mr. Lloyd J. Boggio
The Carlisle Group, llC
2937 SW 27m Avenue, #303
Miami, FL 33133
Re: Meridian West Apartments, Key West (Stock Island)
l02-Unit Affordable Housing Development
Dear Mr. Boggio:
Please be advised that Related Capital Company intends to make a capital contribution to
the development of Meridian West in the amount of $8,210,000. Our contribution
represents approximately 58% of the total funding and we would like to close and fund
immediately upon completion of our due diligence review. We expect to be ready to
close in mid-July.
We look forward to working with you on this development. If you have any questions or
comments, please do not hesitate to contact me.
Yours trUly,
eLf/(; -$;,
Aaron W. Stevens
Assistant Vice President
Rtlalrd Capi/AI COnlP"IIY . CholrluMac . PW Fkndillg 1tlC. . III11l'YicQrf Morlgllgr ACCL'pl~"C~ C()"'P~"Y
625 Madi50n Avenue, New York, NY 10022. (212) 421-5333/Fax (212) 751-3550
rdflledcapiral.ccm
M~mllf:l$:
Am:;ouU, fl.,.,k Qr Floride
Benl< ol """"i,o" N^
Tn. BAnk nlT.1mp'
B.,y r.~io::; B;,nk
Ally FiI;;n(jaJ Sil~S Bw, rSfl
CIl'C ~l'lJon'" Bill"
COIon..1 8,nl: ( Tm'J'" n.", P.'-'lIion I
Cnln,,;;:ll/ R'U1" ( SotlM~~ ft. nt~li(Jh )
C~"~UIl(1 COlM1unilv BAAl<
CI'O'Hfll3,nk, r;;n
rdr.ifno:<"~nk
F~ ('..,mmercbl B:v1k nl T.1rnpn
F.,.J e"""'rnily Biwlk llfAmerlc3
Firol Home B3nk
Firsl Knlll'i"!1lnro n",,,,
r",1 /ll;ltional Bri olFlnrid,
FI,,"". ".nk. NA
Flond.FIr<I!;.,nk
fl.mli(>n Banlt
The HMI~ El.1l1I:
Inl~rv'lS;~k
Mudj_I~,nIc
M'nl/('r.lul'~~ R;mk r< Florida
......riM Na6000l Bri O(N:lplft::
M~n"'"Ii" n'.,k
N.,r,tv;>m Tit'SI BMk nf Htllid;\, N^
rr.{lllk::;. rl;lnh
PI.'lit>JmB..v,k
FTmlI.", Cnmmuroiiy Onnk "r A.,ooa
PnlVKfr..o( fJ""k
Raymond JSme9 BilIIk, ~SB
RI'!I""Z 8ank
Ropubrot Blink
Republic Seo.tity B.rt
SOC\Jt!y Fir::t~llNi(
St'JlI1em Commem-.Il",lk
s.,,,n,,,m F..tIliln~e 81mk
Sou'llrn,o' !\.1nIc
SunTN>l ~nk
n,.., T """1',. Bank of Florid.
Unlll><l &:lI1k & 11m! Gnn'!,'nv
V'm:', ~lillc Bilnk
VI:lCl,o.,;n Bnnk, N^
..
U"II.
r::-I
N f2].~.W
neIghborhood lendIng
Partners, Inc.
May 20, 2003
Mr. Lloyd 1. Boggio
The Carlisle Group, LLC
2937 SW 2th Avenue, #303
Miami, FI., 33133
Re:
Meridian West Apartments, Stock Island
102-Unit Affordable Housing Development
Dear Mr. Boggio:
Please be advised, Neighborhood Lending Partners of South Florida, Inc., will
provide a. commitment for a construction and permanent Joan in the amount of
$3,250,000 for Meridian West Apartments upon completion of our
undexwriting process. This loan represents approximately 23% ofthe total
funding.
We are scheduling to close on the traosaction in mid- to late-July. It is our
understanding that the Florida Housing Fin.ance Corporation's SAIL loan will
close approximately 90 days afterwards.
If you have any questions or comments, please do not hesitate to contact me.
Yours tmly,
~
~
Kevin L. Tatreau
Senior Vice President
2002 North Lois Avenue Suite 1 SO Tampa, FL 33607
Tel: 813.879.4525 Fax: 813.873.9767
6) Executive Summary - Meridian West - Key West, FI
New Construction / Rehab
Total Number of Units
Total Square footage in project
Total Number of Buildings
Number of Accessory Buildings
Project CostS!'.;,::'
<e<;".. ",ct.""..,., ..~-, "_~_ "__ ""~"""".
.
.' ;',
"",,' .
Land
Hard Cost Construction
Contingency
Developer Fee
Impact Fee & Connection fees
Soft Costs
Total Project Costs
Nta.L' .e!'~.y-mtJ0c " P~~~q.Ft.
2,220,000 21 ,765 20.06
8,089,785 79,312 73.09
236,004 2,314 2.13
1,482,685 14,536 13.40
487,000 4,775 4.40
1,663,502 16,309 15.03
14,178,976 139,010 128.10
Total Per Unit ~er:Sq. Ft.
0 0 0.00
3,250,000 31,863 29.36
1,000,000 9,804 9.03
1,500,000 14,706 13.55
0 0 0.00
0 0 0.00
8,210,000 80,490 74.18
75,000 735 0.68
143,976 1,412 1.30
14,178,976 139,010 128.10
3,250,000 31,863 29.36
470,000 4,608 4.25
Pi:~je~f Fin~~~jng , ,
,
Tax-Exempt Bonds
Conventional First Mortgage
Florida Housing Finance Corp. SAIL Loan
Land Authority Mortgage
Interest Income
NOI During Construction
Tax Credit Equity
SHIP
Deferred Developer Fee
Construction Loan
Bridge Loan
Profit Summary
Total Construction Profit 0
Developer's Fee Acquisition 0
Developer's Fee 1,075,634
Developer's Overhead 407,052
Total Available Profit 1,482,685
Less:Deferred Developer's Fee 143,976
Net Fee Payable at Stabilization 1,338,710
Construction Profit 0
Paid Developer's Fee 1,338,710
Total Profit 1,338,710
Carlisle Percentage of Profit
J.V. Partner Percenta e of Profit
10000%
0.00%
RESOLUTION NO. 01-2002
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 8, 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
(;.,," re,gular meeting on this 20th day of March 2002.
It~~'
frj~~"
Ji,'ji~:1jf(~;~~
\I~J~.C-II.../j,.'.f ~
\~~.>j L..~:.~;/ It/vt.~ ' ' L
~: ''':::::;i;:::;:... ----1_
. Mark J'. Rosch
Executive Director
MONROE COUNTY COMPREHENSIVE
PLAN LAND AUTHORITY
..
"
'j{fu.~
Nora Williams
Chairman
Approved for Le~al Suffi e y .
~ / ..
~~
Larry R. Erskine
Page 3 of 3
ATTACHMENT A
LEGAL DESCRIPTION: Porcel J &- Easement:
prepared by undersiQned'
A portion of Lots 6. 7. 8. 9. 10. 11. 12 & 13. 011 05 onginally plotted. and adjocent filled boybollom.
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 [ost". os recorded in Plot Book 1. at Page 55 at 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 ot the Easterly Right-of-Way
Line of Fifth Street and the Sootherty Right-of-Way Line of fifth Avenue; thence S 83'56'00M E along the
Said Southerly Right-of-Way line of Fifth Avenue for 905.50 feet to the Point ot Beginning: thence
continue along the said Southerly Right-of-Way line of fifth Avenue for 0 distance of 11050 feet; thence
S 06"04'00. W for 0 distance of 213.00 feet; thence S 83'56'00. E for 0 distance of 108.50 feet: thence
5 0004'00. W (or 0 distance of 35.00 feet; thence S BJ"56'oo. 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 for 0 distance of 174.00 feet; thence N
06'04 '00. E for 0 distance of 25.00 feet; thence N 83'50'00" W for 0 distance of 700.00 feet to the
Easterly Right-of-Way line of Shrimp Rood; thence N 06"04'00' E and olong the said Easterly Line of
Shrimp Rood for a distance of 559.00 feet: thence S 83'56'00- E for 0 distonce of 405.50 feet; thence N
06'04'00" E for 0 distance of 141.00 feet to the said Southerly Right-of-Way Line of Fifth Avenue. and
the Point of Beginning.
Containing 390990.00 Square Feet, or 8.9759 Acres. more or less.
ATTACHMENT H
MERIDIAN WEST - PHASE
New Construction / Rehab
Total Number of Units
Total Square footage in project
Total Number of Buildings
Number of Accessory Buildings
Project Costs"~:!
Total \~K<Per Unitf~~_~er:Sa. Ftl.
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
250
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
e,r8!!,!'.~,~cmm!.a;__I!11
Total Construction Profit 0
Developer's Fee Acquisition 0
Developer's Fee 955,644
Developer's Overhead 31 8,224
Total Available Profit 1 ,273,868
Less: Deferred Developer's Fee 38,207
Net Fee Payable at Stabilization 1 ,235,660
Construction Profit 0
Paid Developer's Fee 1 ,235,660
Total Profit 1 ,235,660
Carlisle Percentage of Profit
JV Partner Percentage of Profit
100.00%
000%
--.-----
PIOJCC\ Name
City, State
County
Ownersl1lp Entity
DDA/QCT (yes=1 ,no=2)
Meridian West Phase I
Key West nl
Monroe
limited Panner
1
M;ll, I' O:l,
I (,I" ~ I d! 'y' r)l1
M,liLll04
("x") .
Tlmln
Financial Projection Revision Date
Closing Date
First Unit Leased
Last Unit Leased
Permanent Loan Closing Date
Lease-u Information
# of Leases upon initial CIO
# of Leases per Month
Dale (MMIY!)
,'I; I 1,11 IL'
Elapsed
Months
Cumulative
Months
Project Type
New Construction
Acq ui s iton/R ehabllltalion
Rehabilitation
11
1
3
11
12
15
x
Financing Vehicle I {1=9%,2=tel Credit %
LlHTC 9% 1
Tax-Exempt Bonds/4'Ic. IIHle: 0
501 C3 Bonds
SAIL Loan
I Bond Deal
no
Qualifying Program
70fy() @ 50%
40(;/" @ 60%
% of Affordable Housing Units
Utility Allowance Amount Sq. footage"
Studio 0
1 bedroom 94 620
2 bedroom 104 830
3 bedroom 117 1,040
4 bedroom 0 0
IMedlall'ljncome
55100 I
Rent Schedule
1 Bedroom 2
1 Bedroom 0
1 Bedroom 10
2 Bedroom 7
2 Bedroom 0
2 Bedroom 37
3 Bedroom 2
3 Bedroom 0
3 Bedroom 10
4 Bedroom 0
4 Bedroom 0
4 Bedroom 0
Manager Unit
Total 68
In ut Desired %'s
0% 30%
75%
Calculated Monthly Rents
2 bedroom 90%
Calculated Monthly Rents
3 bedroom 104%
Calculated Monthly Rents
4 bedroom 116%
Calculated Monthly Rents
ctual et (less UI
ent Rent
309.94 310 216
0.00 0 0
619.88 620 526
371.93 372 268
0.00 0 0
743.85 744 640
429.78 430 313
0.00 0 0
859,56 859 742
0.00 0 0
0.00 0 0
0.00 0 0
7,470 39,294 471,528
Distribution % Units %SF % Income
VLI 16.18% 16.18% 7.47%
LI 83.82% 83.82% 92.53%
MKT 0.00% 0.00% 0.00%
Operating
6.00%
Other Income Per Unit Per Annum c~::,:I:t~'
laundry 100 6,800
Cable 50 3,400
Garage 0 0
Other 'iO 3,400
Total Other Income 200 13,600
Administrative
Management
Utilities
Payroll. Taxes
R&M
Insurance
Real Estate
Ground Lease
Replacement Reserves
Total
IVacancy Rate
5%1
23.5761
Debt Selvice Coverage
MERIDIAN WEST - PRASE 7
New Construction I Rehab
Total Number of Units
Total Square footage in project
Total Number of Buildings
Number of Accessory Buildings
Total :\:~;;~~~Per Unit~~er Sq. Ft.
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
9342
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
J.v Partner Percentage of Profit
100 00%
000%
Project Name
City Slate
County
Ownership Entity
DDA/OCT (yes=1 ,no=2)
x
Tlmln
Financial Projeclion Hevision Dale
Closing Date
First Unit Leased
Last Unit Leased
Permanent Loan Closing Date
Lease-u Information
# of Leases upon initial C/O
# of Leases per Month
Dale (~MrYY).
Ii M;lf n;l
M;H( 11 (U
t I'IJludlyOtj
M;lfCI10<1
Elapsed
Months
CUflllJlativ-;;- I
M~
11 I
17 '
I
14
Meridian West Phase II
Key West FI
Monroe
Limited Partner
1
Project Type
New Construction
Acquisiton/Rehabllitatlon
Rehabilitation
("x")
11
1
2
Qualifying Program
20% @ 50%
40%) @ 60%
% of Affordable HOUSing Units
x
Financing Vehide I (1-9%,2-te) Credit %
L1HTC 9% 1
Tax.Exempt Bonds/4% L1HTC lJ
501 C3 Bonds
SAIL Loan
I Bond Deal
no l
Utility Allowance Amount Sq'.;f,P9t;3~;K
Studio 0
1 bedroom 94 620
2 bedroom 104 830
3 bedroom 1 17 1,040
4 bedroom 0 0
IMedliiri Income
55,1001
Rent Schedule
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
Total 34
In utDesired % 's
60% 0%
1 bedroom 75%
Calculated Monthly Rents
2 bedroom 90%
Calculated Monthly Rents
3 bedroom 104%
Calculated Monthly Rents
4 bedroom 116%
Calculated Monthly Rents
309.94 310
0.00 0
619.88 620
371.93 372
0.00 0
743.85 744
429.78 430
0.00 0
859.56 859
0.00 0
0.00 0
0.00 0
7,470 19,101
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%
Operating Expenses
6.00%
Other Income Per Unit Per Annum
Laundry 100 3,400
Cable 50 1,700
Garage 0 0
Other 50 1,700
Total Other Income 200 6,800
Administrative
Management Fee
Utilities
Payroll, Taxes &
R&M
Insurance
Real Estate Taxes
Ground Lease
Replacement Reserves
Total
IVacancy Rate
5%1
11.4611
Debt Service Coverage
MERIDIAN WEST - PHASE I AND 2
Project Description
New Construction I Rehab
Total Number of Units
Total Square footage in project
Total Number of Buildings
Number of Accessory Buildings
102
94,660
11
1
IotaL
Project Costs
. . ,Per Sq. Ft.
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
:
IQtaL ;:i~.,,:;r:~erlJ'1~ti,;!f~r~.~~J~.er Sq. Ft.
... -. Co' ...:.
-4 -
Tax-Exempt Bonds
Gonventional First Mortgage
Florida Housing Finance Corp. SAIL Loan
Land Authority Mortgage
Interest Income
NOI During Construction
Tax Credit Equity
Impact Fee Waivers
Deferred Developer Fee
0 0 0.00
700,000 6,863 7.39
2,000,000 19,608 21.13
1,500,000 14,706 15.85
12,002 118 0.13
0 0 0.00
10,399,000 101,951 109.86
125,052 1,226 1.32
10,237 100 0.11
14,746,291 144,571 .155.78
0 0 0.00
450,000 4,412 4.75
Construction Loan
Bridge Loan
Profit
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%
Phase I & II
Timin
financial Projection Revision Dale
Closing Date
First Unit Leased
Last Unit Leased
Permanent Loan Closing Date
Lease-u Information
# of Leases upon initial C/O
# of Leases r Month
_____~:~ (MM1Y'r'L ---
. I; ~ - ! l t) I',:
Elapsed
Months
Cumulative
Months
I). "Ieel Name
City, Stale
County
Ownership Entity
DDA/OCT (yes=1 ,no=2)
Melldlan West.
Key We"1 F11
Monroe
Limited Parlner
1
~ ,..1, 1 !; i
I-I'IJ!",il', I',
;\pr'i'j'l
J I ~ ' !' _~ 1) ,1
11
2
2
11
13
15
Project Type
New Construction
Acquisiton/Rehabllitation
Rehabilitation
("x")
(iO
~!)
Oualifying Program
20% (0) 50%
40% @ GO%
% of Affordable Housing Units
('x~)
Financing Vehicle I {1-9%,2-tel Credit %
L1HTC 9% 1
Tax-Exempt Bondsi4% L1HTC U
501 C3 Bonds
SAIL Loan
IBond Deal: I
no
X
100.00%
Utility Allowance Amount Sq. Footage
Studio 0
1 bedroom 94 620
2 bedroom 104 830
3 bedroom 117 1,040
4 bedroom 0 0
I Median Income
55,1001
Distribution % Units % SF % Income
VLI 15.69% 15.69% 7.22%
LI 84.31% 84.31% 92.78%
MKT 0.00% 0.00% 0.00%
~j)uf'tY/Name:. Monroe Input Desired %'s
1~~O;neEliQibilitv 60% 0" 30%
"
1 bedroom 75% 24,795 0 12,398
Calculated Monthly Rents 619.88 0.00 309.94
2 bedroom 90% 29,754 0 14.877
Calculated Monthly Rents 743.85 ...<< 0 37.1.93
3 bedroom 104% 34;382 1/< 0 17;191
Calculated Monthly Rents 859.56 "i.. 0 429.78
4 bedroom 116% . 38,350 <....,... 0 '19.175
Calculated Monthly Rents 958.74 0.00 479;37
#of ""nit Type
Rent Schedule Units VlJ/UtMKTi
1 Bedroom 3 VLI 620 309.94
1 Bedroom 0 VLI 620 0.00
1 Bedroom 14 LI 620 619.88
2 Bedroom 10 VLI 830 371.93
2 Bedroom 0 VLI 830 0.00
2 Bedroom 58 LI 830 743.85
3 Bedroom 3 VLI 1,040 429.78
3 Bedroom 0 Vii 1,040 0.00
3 Bedroom 14 LI 1,040 859.56
4 Bedroom 0 LI 0 0.00
4 Bedroom 0 LI 0 0.00
4 Bedroom 0 LI 0 0.00
Manager Unit LI
Total 102 7.470
Operating Expenses Total !'Iotes
Administrative 51.QOO 500.00
Management 41,675 498.58 6.00%
Utilities 61,200 600.00.
Payroll, Taxes & Benefits 91.800 900.00
R&M 56.100 550.00.,
Insurance 81,600 800.00
Real Estate Taxes 153,000 1,500.00
Ground Lease Payments 0 0.00 .
Re lacement Reserves 20.400 200.00
Total 556,775 5,458.58
Debt Service Coverage 1.06%
Actual
Rent
et (less UI
Rent
310 216
o 0
620 526
372 268
o 0
744 640
430 313
o 0
859 742
o 0
o 0
o 0
Other Income Per Unit Per Annum "
Laundry 100 10,200
Cable 50 5.100
Garage 0 0
Other 50 5,100
Total Other Income 200 20,400
IVacancy Rate
5%1
35.4831