Item G5
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BOARD OF COUNTY COMMISSIONERS
C ounty of M onroe
Mayor David Rice, District 4
Mayor Pro Tem Craig Cates, District 1
The Florida Keys
Michelle Coldiron, District 2
Vacant, District 3
Holly Merrill Raschein, District 5
County Commission Meeting
March 16, 2022
Agenda Item Number: G.5
Agenda Item Summary #10360
BULK ITEM: No DEPARTMENT: Land Authority Governing Board
TIME APPROXIMATE: STAFF CONTACT: Christine Hurley (305) 295-5180
9:15 A.M. Land Authority
AGENDA ITEM WORDING: Approval of the Second Amendment to the Option Agreement
extending the option period to March 31, 2023 to sell 12 subdivision lots to the Monroe County
Housing Authority for the Lower Keys Scattered Sites affordable housing development.
ITEM BACKGROUND; The Land Authority is partnering with the Monroe County Housing
Authority and the Florida Housing Finance Corporation to build 12 units of affordable rental
housing by re-developing 12 ROGO-exempt lots on Big Pine Key and Little Torch Key known
as the Lower Keys Scattered Sites project. On July 18, 2019, the Land Authority entered into an
Option Agreement to sell the project sites to the Housing Authority for the price of $1,353,989.
Once Florida Housing completes its underwriting review and releases the CDBG-DR grant
funds, the Housing Authority will use the grant funds to buy the project sites from the Land
Authority.
The First Amendment to the Option Agreement extended the option period to March 31, 2022 in
order to allow Florida Housing additional time to complete its underwriting review and release
the grant funds.
Florida Housing has granted the Housing Authority another extension and therefore the Option
Agreement needs to be extended as well. The Housing Authority anticipates receiving final
approval from Florida Housing on June 17, 2022. The proposed Second Amendment to the
Option Agreement will extend the option period to March 31, 2023.
PREVIOUS RELEVANT GOVERNING BOARD ACTION: On July 17, 2019 the Governing
Board approved the Option Agreement to sell the project sites to the Housing Authority. On August
18, 2021, the Governing Board approved the First Amendment to the Option Agreement.
CONTRACT/AGREEMENT CHANGES:
N/A
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STAFF RECOMMENDATION: Approval.
DOCUMENTATION:
Proposed Second Amendment to Option Agreement
Approved Option Agreement and First Amendment
Site Maps
FINANCIAL IMPACT:
Effective Date:
Expiration Date:
Total Dollar Value of Contract:
Total Cost to County:
Current Year Portion:
Budgeted:
Source of Funds:
CPI:
Indirect Costs:
Estimated Ongoing Costs Not Included in above dollar amounts:
Revenue Producing: If yes, amount:
Grant:
County Match:
Insurance Required:
Additional Details:
REVIEWED BY:
Mark Rosch Completed 03/01/2022 4:12 PM
Christine Hurley Completed 03/01/2022 4:22 PM
Lindsey Ballard Completed 03/01/2022 4:27 PM
Board of County Commissioners Pending 03/16/2022 9:00 AM
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