Item K2
LAND AUTHORITY GOVERNING BOARD
AGENDA ITEM SUMMARY
Meeting Date: July 15, 2003
Bulk Item: Yes No X
Department: Land Authority
Agenda Item Wording: Approval of a resolution transferring funds.
Item Background: This is a routine budget resolution to prepare for the closing on the acquisition of
the Poinciana Housing complex in Key West. The Land Authority's role in the purchase of the
Poinciana Housing complex will be to provide a mortgage loan to the City of Key West or the Key West
Housing Authority in the amount of $2,210,000. The proposed resolution authorizes the transfer of this
amount within the Land Authority budget from funds reserved for acquisitions within Key West to funds
appropriated for mortgages.
Advisory Committee Action: On May 29, 2003 the Advisory Committee voted 3/0 to approve
providing the mortgage loan, subject to legal approval.
Previous Governing Board Action: On June 18, 2003 the Board approved providing the mortgage
loan.
Contract/Agreement Changes: N/A
Staff Recommendation: Approval.
Total Cost: No change ($2.21 M) Budgeted: Yes ~ No
Cost to Land Authority: No change ($2.21 M) Source of Funds: Land Authority
(Tourist Impact Tax collected in Key West))
Approved By: Attorney ~ County Land Steward
Executive Director Approval: ~. ~ ~
Mark J. 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 CONCERNING
THE TRANSFER OF FUNDS.
WHEREAS, it is necessary for the Monroe County Comprehensive Plan Land Authority to make
budgeted transfers in the Land Authority Budget for the Fiscal Year 2003; NOW, THEREFORE,
BE IT RESOLVED BY THE MONROE COUNTY COMPREHENSIVE PLAN LAND AUTHORITY
that there shall be transfers of amounts previously set up in the Land Authority Budget for the
Fiscal Year 2003 as hereinafter set forth to and from the following accounts:
From:
For the Amount:
To:
Capital Outlay - Property in Key West ACSC
$2,210,000
Grants and Aid (Mortgages)
BE IT RESOLVED BY SAID BOARD that the Executive Director is hereby authorized and
directed to make the necessary changes of said items, as set forth above.
PASSED AND ADOPTED by the Monroe County Comprehensive Plan Land Authority at a
regular meeting on this day of July, 2003.
(Seal)
ATTEST:
MONROE COUNTY COMPREHENSIVE
PLAN LAND AUTHORITY
Murray E. Nelson
Chairman
Mark J. Rosch
Executive Director
Approved for Legal Sufficiency
Larry R. Erskine