Item H4LAND AUTHORITY GOVERNING BOARD
AGENDA ITEM SUMMARY
Meeting Date:Division:
April 16, 2008 Land Authority
Bulk Item:Contact / Phone #:
Yes No X Mark Rosch / 295-5180
__________________________________________________________________________________
Agenda Item Wording:
Approval of a resolution authorizing the purchase and conveyance of 1411
Albury Street in Key West to Bahama Conch Community Land Trust of Key West Inc. for affordable
housing.
__________________________________________________________________________________
Item Background:
This item is proposed to implement Key West City Commission Resolution 07-238,
which nominates the subject property. The property consists of a duplex on a 2,425 square foot lot in
the “old town” area of Key West. The property is zoned Historic Medium Density Residential, which
allows a duplex as-of-right. One unit has two bedrooms and one bathroom; the other unit has one
bedroom and one bathroom. Bahama Conch Community Land Trust proposes to maintain the site as
affordable rental property. The property is subject to a three-foot maintenance easement in favor of the
seller for the maintenance of a house on the adjoining property (1409½ Albury Street).
_________________________________________________________________________________
Advisory Committee Action:
On January 24, 2008 the Land Authority Advisory Committee voted 4/0
to approve this item.
__________________________________________________________________________________
Previous Governing Board Action:
On January 24, 2008 the Land Authority Advisory Committee
voted 4/0 to approve the purchase of this property. On February 27, 2008 the Committee voted 5/0 to
approve conveying the property to Bahama Conch Community Land Trust of Key West, Inc.
__________________________________________________________________________________
Contract/Agreement Changes:
None.
__________________________________________________________________________________
Staff Recommendation:
Approval.
__________________________________________________________________________________
Total Cost:Budgeted:
$735,913.00 Yes X No.
Cost to Land Authority:Source of Funds:
$735,913.00 Land Authority
(Tourist Impact Tax collected within Key West)
Approved By:
Attorney X County Land Steward .
Documentation:
Included: X To Follow: Not Required: .
Disposition:
Agenda Item ____
PURCHASE BY THE LAND AUTHORITY
04/16/08
PurchaseEnvr. Audit, SurveyTitleAttorneyRecordingTotal
PropertyPriceor Clean-upInsuranceFeeFeeCosts
1411 Albury Stree
t$730,000.00$975.00$3,850.00$500.00$27.00$735,352.00
Key Wes
t
RE# 00024120
(Garcia)
CONVEYANCE TO BAHAMA CONCH COMMUNITY LAND TRUST OF KEY WEST, INC.
04/16/08
SalesEnvr. Audit, SurveyTitleAttorneyRecordingTotal
PropertyPriceor Clean-upInsuranceFeeFeeCosts
1411 Albury Stree
t$0.00$0.00$0.00$500.00$61.00$561.00
Key Wes
t
RE# 00024120
(Garcia)
Combined Total$735,913.00
RESOLUTION NO. ________
A RESOLUTION OF THE MONROE COUNTY
COMPREHENSIVE PLAN LAND AUTHORITY AUTHORIZING
THE PURCHASE AND CONVEYANCE OF REAL PROPERTY
LOCATED AT 1411 ALBURY STREET IN KEY WEST TO
BAHAMA CONCH COMMUNITY LAND TRUST, INC. FOR
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 interests in real property for the purpose of providing affordable
housing; and
WHEREAS, Key West City Commission Resolution 07-238 nominates 1411 Albury Street in
Key West (hereinafter “subject property”) for purchase by the Land Authority as an affordable
housing site in partnership with Bahama Conch Community Land Trust of Key West, Inc.; and
WHEREAS, at a meeting held on January 24, 2008 the Land Authority Advisory Committee
voted 4/0 to approve the purchase of the subject property at a purchase price of $730,000; and
WHEREAS, the Land Authority’s Executive Director has executed a contract in this amount to
purchase the subject property; and
WHEREAS, at a meeting held on February 27, 2008 the Land Authority Advisory Committee
voted 5/0 to approve conveying the subject property to Bahama Conch Community Land Trust
of Key West, Inc. subject to the deed restrictions attached to this resolution; NOW,
THEREFORE,
BE IT RESOLVED BY THE MONROE COUNTY COMPREHENSIVE PLAN LAND AUTHORITY:
Section 1
. The Governing Board approves the purchase of 1411 Albury Street, more
particularly described in Exhibit A, at the purchase price of $730,000 and authorizes staff to
close the transaction.
Page 1 of 2
Section 2. The Chairman of the Land Authority Governing Board is hereby authorized to sign a
deed conveying title to 1411 Albury Street in Key West to Bahama Conch Community Land
Trust of Key West, Inc. Said deed shall restrict future use of the property as specified in Exhibit
B.
PASSED AND ADOPTED by the Monroe County Comprehensive Plan Land Authority at a
regular meeting on this ______ day of _______________________ 2008.
(Seal)
ATTEST: MONROE COUNTY COMPREHENSIVE
PLAN LAND AUTHORITY
________________________ ________________________
Mark J. Rosch Charles “Sonny” McCoy
Executive Director Chairman
Approved for Legal Sufficiency
________________________
Larry R. Erskine
Page 2 of 2
EXHIBIT B
AFFORDABILITY COVENANTS
1.
Affordability Period. These affordability requirements shall run with the property in favor of
the Monroe County Comprehensive Plan Land Authority (hereinafter “MCLA”) and shall not
expire.
2.
Income Limits, Use and Transfer Restrictions. Bahama Conch Community Land Trust of
Key West, Inc. (hereinafter “BCCLT”) shall make the property available as either ownership
housing or rental housing in accordance with the conditions specified below.
2.1. Ownership Housing. BCCLT shall retain title to the land under ownership housing and
shall not subsequently transfer title to the land without prior written approval of MCLA).
Ownership of the improvements, together with a leasehold interest in the land, may be
conveyed by BCCLT subject to the following conditions.
2.1.1. Use and Occupancy. The subject property shall be owner occupied and used as
the homeowner's primary residence and such other uses incidental to residential
use as may be permitted by local zoning and land use regulations.
2.1.2. Income Qualified Buyers. Except in the case of inheritance by the owner’s
spouse, children, or a member of the household who has resided on the premises
for at least a year prior to conveyance by gift or estate, ownership shall be
restricted to households earning less than or equal to 160% of the Monroe County
median income adjusted for household size at the time of conveyance (hereinafter
“Income Qualified Buyer”).
2.1.3. Affordability. For ownership housing, monthly housing costs, defined as principal,
interest, taxes, insurance (PITI), homeowner association fees [if any] and ground
rent, shall not exceed the annual adjusted gross household income multiplied by
0.30 and divided by 12, all in accordance with §420.0004, Florida Statutes.
2.1.4. Resale Limits. The leasehold estate and the improvements located thereon may
be transferred, subject to the provisions of Paragraph 2.1.2 above, provided the
transfer price does not exceed the sum of the price the current owner paid plus
25% of the amount by which the unrestricted market value of the improvements
may have appreciated during the current owner’s period of ownership.
2.1.5. Special Provisions. (None)
2.2. Rental Housing. BCCLT shall retain title to the land and improvements and shall not
subsequently transfer title to same without the prior written approval of MCLA.
2.2.1. Use & Occupancy. The subject property shall be operated, managed and
otherwise administered as permanently affordable rental housing and such other
uses incidental to residential use as may be permitted by local zoning and land use
regulations.
2.2.2. Income Qualified Tenants. Occupancy of rental housing units shall be restricted
to households earning less than, or equal to, 160% of the Monroe County median
income adjusted for household size at the time of initial occupancy (hereinafter
“Income Qualified Tenant”).
2.2.3. Affordability. For rental housing, affordable shall be defined as monthly housing
costs (defined as rent plus utilities not provided by owner) that do not exceed the
annual adjusted gross household income multiplied by 0.30 and divided by 12, all
in accordance with §420.0004, Florida Statutes.
2.2.4. Special Provisions. (None)
3.
Profit. BCCLT is a not-for-profit corporation. BCCLT is prohibited from earning profit on the
subject property.
4.
Refinancing Limits. BCCLT shall be prohibited from encumbering the land for any purpose
without the prior approval of MCLA, except for encumbrances for projects resulting in capital
improvements to the property.
5.
Affordability Monitoring. BCCLT will be responsible for ensuring these affordability
requirements are maintained. Whenever the leasehold estate is transferred BCCLT shall
provide certification to the MCLA documenting these affordability requirements have been
met.
Covenants Acknowledged and Accepted by Bahama Conch Community Land Trust of Key
West, Inc.
By: _________________________________ Date: _________________
James Marquardt, President
AGREEMENT FOR THE PURCHASE OF LANDS
THIS AGREEMENT is made and entered into this ______ day of __________________, 2008, is by
and between
Terry Garcia and Omar Garcia
hereinafter style the Seller(s), for themselves, their heirs, executors, administrators, successors and
assigns, and the MONROE COUNTY COMPREHENSIVE PLAN LAND AUTHORITY (hereinafter,
"Land Authority") acting by and through the Executive Director of the LAND AUTHORITY.
WITNESSETH:
1. In consideration of Ten Dollars ($10.00) in hand, paid by the LAND AUTHORITY, the receipt of
which is hereby acknowledged, the Seller(s) agree to sell to the LAND AUTHORITY certain lands
$730,000.00
upon the terms and conditions hereinafter set forth, and for the price of for all of the
lands and other interests, which lands shall include all tenements, hereditaments, together with all
water and other rights, easements, appurtenances, and any and all of the Seller’s rights in or
arising by reason of ownership thereunto belonging, owned by them, situate and lying in the
County of Monroe, State of Florida, more particularly described as follows; to-wit:
1411 Albury Street in Key West, more particularly described in Exhibit A.
The subject property is one of two parcels currently having the tax folio number
RE# 00024120-000000.
2. The Seller(s) agree that they have full right, power and authority to convey, and that they will
convey to the LAND AUTHORITY the fee simple title together with legal and practical access
thereto clear, free and unencumbered, except subject to the following easements or reservations:
Existing easements for canals, ditches, flumes, pipelines, railroads, public highways and roads,
telephone, telegraph, power transmission lines and public utilities.
The LAND AUTHORITY, at the LAND AUTHORITY’S expense, within the time allowed to deliver
evidence of title and to examine same, may have the real property surveyed and certified by a
registered Florida surveyor. If the survey discloses encroachments on the real property or that
improvements located thereon encroach on setback lines, easements, lands of others, or violate
any restrictions, contract covenants, or applicable governmental regulations, the same shall
constitute a title defect.
Seller(s) shall convey a marketable title subject only to the aforementioned liens, encumbrances,
exceptions or qualification set forth herein. Marketable title shall be determined according to
applicable title standards adopted by authority of the Florida Bar and in accordance with law. The
LAND AUTHORITY shall have sixty (60) days from the effective date of this Agreement in which to
examine title. If title is found defective, the LAND AUTHORITY shall, within this specified time
period, notify Seller(s) in writing specifying defect(s). If the defect(s) render title unmarketable the
Seller(s) will have one hundred twenty (120) days from receipt of notice within which to remove
the defect(s), failing which the LAND AUTHORITY shall have the option of either accepting the
title as it then is or rescinding the contract herein; thereupon the LAND AUTHORITY and the
Seller(s) shall release one another of all further obligations under this Agreement. The Seller(s)
will, if title is found unmarketable, use diligent effort to correct defect(s) in title within the time
provided therefore, including the bringing of necessary suits.
1
3. The Seller(s) further agree not to do, or suffer others to do, any act by which the value or title to
said lands may be diminished or encumbered. It is further agreed that any loss or damage
occurring prior to the vesting of satisfactory title in the LAND AUTHORITY by reasons of the
unauthorized cutting or removal of products therefrom, or because of fire, shall be borne by the
Seller(s); and that, in the event any such loss or damage occurs, the LAND AUTHORITY may
refuse, without liability, to accept conveyance of said lands, or it may elect to accept conveyance
upon an equitable adjustment of the purchase price.
4. The Seller(s) further agree that during the period covered by this instrument officers and
accredited agents of the LAND AUTHORITY shall have at all proper times the unrestricted right
and privilege to enter upon said lands for all proper and lawful purposes, including examination of
said lands and the resources upon them. The Seller(s) hereby waive their rights to any and all
claims against the LAND AUTHORITY or Monroe County associated with, or arising from
ownership of, said lands and this waiver shall survive closing.
5. The Seller(s) will execute and deliver upon demand of the proper officials and agents of the LAND
AUTHORITY a good and sufficient deed of warranty conveying to the LAND AUTHORITY a safe
title to the said lands of such character as to be satisfactory to the legal counsel of the LAND
AUTHORITY and said deed shall provide that the use, occupation and operation of the rights-of-
way, easements and reservations retained therein, shall be subordinate to and subject to such
rules and regulations as may be prescribed by the LAND AUTHORITY governing the use,
occupation, protection and administration of lands.
6. In consideration whereof the LAND AUTHORITY agrees that it will purchase all of said lands and
$730,000.00
other interests at the price of . The LAND AUTHORITY further agrees that, after the
preparation, execution, delivery and recordation of the deed, and after the legal counsel of the
LAND AUTHORITY shall have approved the title thus vested in the LAND AUTHORITY, it will
cause to be paid to the Seller(s) the purchase price by a check drawn on the account of the LAND
AUTHORITY. The LAND AUTHORITY shall pay the following expenses associated with the
conveyance of the property: deed recording fees, settlement fees, abstract fees, title examination
fees, the Buyer's attorney's fees, and title insurance, as well as the prorata share of prepaid real
property taxes allocable to the period subsequent to the vesting of title in the LAND AUTHORITY,
or the effective date of possession of such real property by the same, whichever is earlier. The
Seller(s) shall pay the expenses of documentary stamps to be affixed to the deed. Full
possession of the premises shall pass to the LAND AUTHORITY as of the date payment is made
to the Seller(s) subject only to the reservations stated in Section 2 above.
7. It is mutually agreed that an abstract, title insurance policy or other evidence of title to the property
herein contracted to be sold, satisfactory to the legal counsel of the LAND AUTHORITY will be
obtained by the LAND AUTHORITY at its expense. The Seller(s) expressly agree herein to
furnish to the LAND AUTHORITY any documents in Seller(s)'s possession establishing evidence
of title including, but not limited to, abstracts, title commitments, title policies and opinions of title.
8. It is mutually understood and agreed that the LAND AUTHORITY may assign this contract.
9. It shall be the obligation of the Seller(s) to pay all taxes and assessments outstanding as liens at
the date title vests of record in the LAND AUTHORITY, whether or not such taxes and
assessments are then due and payable.
2
10. It is mutually understood and agreed that notice of acceptance of this agreement shall be given to
the Seller(s) by mail addressed to the Seller(s) at the following address:
1321 Ashby Street
Key West, FL 33040
and shall be effective upon date of mailing and shall be binding upon all of the Seller(s) without
sending a separate notice to each, except as such obligation may be affected by the provisions of
paragraph 6 hereof.
11.The property shall be delivered at closing free of any tenant or occupancy whatsoever, unless the
tenant is income qualified for affordable housing and otherwise approved by the Bahama Conch
Community Land Trust.
12.The effective date of this agreement shall be that date when the last one of the Seller(s) and the
LAND AUTHORITY has signed this agreement.
January 28, 2008
13. If the Seller(s) wish to proceed with this transaction, the Seller(s) have until to
sign and return this contract to the LAND AUTHORITY.
14. The LAND AUTHORITY intends to purchase the subject property as an affordable housing site in
partnership with the Bahama Conch Community Land Trust. Notwithstanding any provision of this
Agreement to the contrary, the closing of this transaction is contingent upon:
a) funding availability; and
b) approval by the Land Authority Advisory Committee and Governing Board; and
c) the Bahama Conch Community Land Trust agreeing to accept title to the property from the
LAND AUTHORITY with said title encumbered with affordable housing deed restrictions.
[The remainder of this page is blank.]
3
In the event these contingencies are not satisfied and the transaction is not closed on or before
April 30, 2008, both the LAND AUTHORITY and the Seller shall have the right to terminate this
Agreement by providing written notice, at which point both parties shall be released of all further
obligations under this Agreement.
IN WITNESS WHEREOF, the Seller(s) have hereunto signed their names and affixed their respective
seals on the day first above written and therefore the Seller(s) for and in consideration of the Ten
Dollars ($10.00) hereinabove acknowledge as received, have and do hereby grant unto the LAND
AUTHORITY or its authorized representative, or any other office or agent of the LAND AUTHORITY
authorized to purchase said lands, the option and right to enter into this Agreement for Purchase
within sixty (60) days from the execution thereof by the Seller(s), and to purchase said lands as herein
provided.
Terry Garcia
Seller/
________________________ ___________ __________________ ________________
Signature Date Social Security Number Phone Number
Omar Garcia
Seller/
________________________ ___________ __________________ ________________
Signature Date Social Security Number Phone Number
The MONROE COUNTY COMPREHENSIVE PLAN LAND AUTHORITY, acting by and through its
EXECUTIVE DIRECTOR in accordance with Resolution 09-2004, has executed this agreement on
behalf of the MONROE COUNTY COMPREHENSIVE PLAN LAND AUTHORITY this ______ day of
______________________, 2008.
MONROE COUNTY COMPREHENSIVE
PLAN LAND AUTHORITY
(Seal)
________________________________
Mark J. Rosch, Executive Director
4
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