Item G2LAND AUTHORITY GOVERNING BOARD
AGENDA ITEM SUMMARY
Meeting Date: October 17, 2007
Division: Land Authority
Bulk Item: Yes No X Contact / Phone #: Mark Rosch / 295-5180
Agenda Item Wording: Approval of a resolution authorizing the encumbrance of Bahama Conch
Community Land Trust property located at 307 and 307Y2 Julia Street in Key West.
Item Background: The Bahama Conch Community Land Trust requests approval to encumber 307
and 307Y2 Julia Street in Key West as security for a one-year $275,000 loan. The subject property is
developed with two residential units. The loan proceeds will be used to fund 1) property rehabilitation
at three BCCLT affordable housing properties and 2) underwriting and pre -development expenses to
rehabilitate or develop four additional BCCLT affordable housing properties. BCCLT plans to repay the
loan with the proceeds of a construction loan.
BCCLT's proposed encumbrance requires Board approval pursuant to Land Authority deed restrictions.
Advisory Committee Action: On September 26, 2007 the Committee voted 5/0 to approve this item.
Previous Governing Board Action: The Board authorized the purchase of 307 and 307Y2 Julia Street
in partnership with BCCLT on April 17, 2002
Contract/Agreement Changes: N/A
Staff Recommendation: Approval.
Total Cost: N/A Budgeted: Yes No
Cost to Land Authority: N/A Source of Funds: N/A
Approved By: Attorney X County Land Steward
Documentation: Included: X To Follow: Not Required:
Disposition: Agenda Item
BAHAMA CONCH
COMMUNITY
LAND TRUST OF
KEY WEST INC.
325 Julia Street, Key West, Florida 33040
Telephone: 305-294-0884
Fax:305-294-8901
www.bcclt.org
September 20, 2007
Mark Rosch, Executive Director
Monroe County Land Authority
1200 Truman Avenue
Key West, FL 33040
RE: Affordability Covenant #4 — Refinancing Limits
307 Julia Street
Dear Mark,
K4
SEP
As per our discussion on Tuesday, we are requesting time on the MCLA Advisory meeting
agenda for September 26, 2007 to discuss the above referenced covenant.
BCCLT, in compliance with our grant agreement with the Southernmost Homeless Assistance
League for the rehabilitation of 307 & 307 '/z Julia Street and 209 Petronia Street, have approval
for a loan of $275,000 from Marine Bank to fulfill our final obligations to that project.
According to the covenants, we can only use this loan for capital improvements on 307 Julia
Street.
We would like to discuss with the Board this covenant and its implications and ask the Board to
amend the use of these funds so that we can use the remainder of the funds from the loan for
some of the pre -development expenses for the rehabilitation and new construction of 211, 213,
222 Petronia Street and 904 Emma Street, all properties purchased by the MCLA for BCCLT.
We have approximately $1,137,000 awarded to us by the Florida Housing Refinance Corporation
for these projects and we are putting together our funding package for the remainder of the
project's cost and we would like some consideration from the Board to help us make this happen.
My Deputy Director and I will attend the meeting and will present our case to the Board. If you
need any further information, please feel free to call me at (305) 304-6765.
Thanks in advance for your support and cooperation in this matter.
Sincerely,
Nonna n Sawyer-Atanda
Executi e Director
...Preserving Communities for Future Generations.
RESOLUTION NO.
A RESOLUTION OF THE MONROE COUNTY
COMPREHENSIVE PLAN LAND AUTHORITY AUTHORIZING
THE ENCUMBRANCE OF BAHAMA CONCH COMMUNITY
LAND TRUST OF KEY WEST, INC. PROPERTY LOCATED AT
307 and 307Y2 JULIA STREET IN KEY WEST.
WHEREAS, Bahama Conch Community Land Trust, Inc. (hereinafter "BCCLT") has received a
$715,000 grant from the Southern Homeless Assistance League (hereinafter "SHAL") to fund a
portion of the rehabilitation of BCCLT-owned affordable housing properties located at 307 Julia
Street, 307Y2 Julia Street, and 209 Petronia Street in Key West; and
WHEREAS, BCCLT estimates the balance of the rehabilitation expenses on said properties in
excess of the SHAL grant to be approximately $100,000; and
WHEREAS, pending underwriting approval, BCCLT has been approved to receive a $1,137,644
grant from Florida Housing Finance Corporation (hereinafter "FHFC") toward the rehabilitation of
211 and 213 Petronia Street and the development of 222 Petronia and 904 Emma Street, all of
which are BCCLT-owned affordable housing properties in Key West; and
WHEREAS, BCCLT anticipates approximately $100,000 in underwriting and pre -development
expenses for the FHFC rehabilitation and development projects; and
WHEREAS, BCCLT proposes to finance the above referenced expenses associated with the
SHAL and FHFC grant projects with a one-year, $275,000 loan secured by a lien encumbering
307 and 307Y2 Julia Street; and
WHEREAS, BCCLT plans to repay said loan with the proceeds of a construction loan on the
211, 213, and 222 Petronia Street and 904 Emma Street properties; and
WHEREAS, said lien for the proposed one-year $275,000 loan requires approval by the Monroe
County Comprehensive Land Authority pursuant to affordability covenants recorded at Official
Records Book 1798, Page 1567; and
WHEREAS, the Land Authority Advisory Committee considered BCCLT's proposal at a meeting
held on September 26, 2007 and voted 5/0 to recommend approval; NOW, THEREFORE,
BE IT RESOLVED BY THE MONROE COUNTY COMPREHENSIVE PLAN LAND AUTHORITY:
Section 1. BCCLT is authorized to encumber 307 and 307Y2 Julia Street in Key West with a lien
securing a one-year loan in the amount of $275,000.
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Section 2. BCCLT is authorized to use the proceeds from said loan to pay for rehabilitation
expenses for 307 Julia Street, 307Y2 Julia Street, and 209 Petronia Street in Key West and
underwriting and pre -development expenses at 211 Petronia Street, 213 Petronia Street, 222
Petronia Street, and 904 Emma Street in Key West.
PASSED AND ADOPTED by the Monroe County Comprehensive Plan Land Authority at a
regular meeting on this day of 12007.
(Seal)
ATTEST:
Mark J. Rosch
Executive Director
Approved for Legal Sufficiency
Larry R. Erskine
MONROE COUNTY COMPREHENSIVE
PLAN LAND AUTHORITY
Charles "Sonny" McCoy
Chairman
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