Item S3
BOARD OF COUNTY COMMISSIONERS
AGENDA ITEM SUMMARY
Meeting Date: October 20, 2003
Division:
Special Program Office
Bulk Item: Yes X
No
Department: Monroe County Housing Authority
AGENDA ITEM WORDING: A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF MONROE COUNTY, FLORIDA, PROVIDING FOR A CHANGE IN
TERMS OF A MONROE COUNTY SHIP PROGRAM MORTGAGE LOAN IN SUPPORT OF
AFFORDBLE RENTAL HOUSING.
ITEM BACKGROUND: The Monroe County's Local Housing Assistance Plan provides that SHIP
Mortgage loans in support of rental housing are provided for a term of fifteen years with forgiveness of
principal at a rate of 1/15th annually. As said terms represent taxable income, the developers of
Meridian West Apartments on Stock Island have requested, as an alternative, that the terms to provide a
balloon of fifteen (IS) years payable upon maturity. Approving the requested change in terms would be
in the interests of Monroe County and not inconsistent with requirements imposed on Monroe County
by the Florida Housing Finance Corporation under F.S. 420.907 - 420.9079
PREVIOUS RELEVANT BOCC ACTION:
None
CONTRACT/AGREEMENT CHANGES:
None
STAFF RECOMMENDATION:
Approval.
TOTAL COST:
COST TO COUNTY:
$-0-
$-0-
BUDGETED: Yes nla No nla
SOURCE OF FUNDS:
nla
REVENUE PRODUCING: Yes nla No nJa
AMOUNT PER: Month nJa Year nJa
APPROVED BY: County Attny. _ 0
Risk Management_
DIVISION DIRECTOR APPROVAL:
anuel Castillo, Sr., Executive Director
onroe County Housing Authority
DOCUMENTATION:
Included X
To Follow _
Not Required_
AGENDA ITEM # {:J:?
DISPOsmON:
Rev. 01103
RESOLUTION to 2003
A RESOLVTION OF THE BOARD OF COUNTY COMMISSIONERS OF MONROE
COUNTY, FLc;RlDA PROVIDING FOR A CHANGE IN TERMS OF A. MONROE COUNTY
SHIP PROGRAM MORTGAGE LOAN IN SUPPORT OF AFFORDBLE RENTAL HOUSING.
WHEREAS, Monroe County has coDiDiitted SHIP tundina assistance in the amount of $75,000.00 in the
form of a mortgage loan to Meridian West, Ltd., in support of the construction of Meridian West
ApartmcnEl, 102 units new units of affordable rental housing on Stock Island; and,
WHEREAS, the Monroe County Local Housing Assistance Plan, which defines tho terms and
conditions on which SHIP funding commitments arc based, provides that mortgage loans in support of
tental housing shall be for a tonn of fifteen years and provide forgiveness of principal at a rate of UIStll
annually; and,
WHEREAS, the developer of the project has ~ucsted that due to tax liability issues the loan terms be
modified to proVide for repayment of principal upon maturity of the loan, in which Monroe County
rccOVC1'l its investment of SHIP funding.
NOW, THEREFORE. BB rr RESOLVED, by the Board of County Commissioners of Monroe County,
Florida, that tho County hereby:
AuIhorlt.SI that ,he SHIP Program mongtlgs loan commlmumt, prtlVtously providsd to Msridian
W.n, Ltd., for constructloll of 102 unira of offordabJ. ",.tQl housing 011 Stock Islimd, bllI1n87UUd to
provlM for Q balloon loan of ftft..n .,.ars with T8fJQymmU 01 principal amount .. upon maturity. All
ot~r krms '" commitutl shllll T81PIam in full fore, ~ efl'et. It i, rBcogniud that rllid terms are lIDt
p.~vidsd for within Monro. Coll1lty', Local Housing A.s.ristancs Plan bllt are man lavorab16 to both
parti" thml provided for in the weal HOUJinl Assistance PlfJ1L
PASSED AND ADOPmD, by the Board of County Commissioners of Monroe County. Florida at a
regular meetin. on said Board on the _ day of . AD., 2003
Mayor Spehar
Commissioner Nelson
Commissioner Neugent
COUUniSlioner McCoy
Commissioner Rice
BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY., FlDRIDA
By;
Mayor Spehar
SEAL
AlTEST:
Approved as to fonn and legal sufficiency;
Date:
Paaolofl
MONROE COUNTY ATTO!=tNEY
TO FORM:
ERr N. WOlFE
C:'~'''.QO~~TTORUV