HomeMy WebLinkAboutResolution 469-2003
RESOLUTION
469 0 2003
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.
WHEREAS, Monroe County has committed SHIP funding 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
Apartments, 102 units new units of affordable rental housing on Stock Island; and,
WHEREAS, the Monroe County Local Housing Assistance Plan, which defines the terms and
conditions on which SHIP funding commitments are based, provides that mortgage loans in support of
rental housing shall be for a term of fifteen years and provide forgiveness of principal at a rate of 1/15th
annually; and,
WHEREAS, the developer of the project has requested 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
recovers its investment of SHIP funding.
NOW, THEREFORE, BE IT RESOLVED, by the Board of County Commissioners of Monroe County,
Florida, that the County hereby:
Authorizes that the SHIP Program mortgage loan commitment, previously provided to Meridian
West, Ltd., for construction of 102 units of affordable rental housing on Stock Island, be amended to
provide for a balloon loan of fifteen years with repayment of principal amount due upon maturity. All
other terms as committed shall remain in full force and effect. It is recognized that said terms are not
provided for within Monroe County's Local Housing Assistance Plan but are more favorable to both
parties than provided for in the Local Housing Assistance Plan.
PASSED AND ADOPTED, by the Board of County Commissioners of Monroe County, Florida at a
regular meeting on said Board on the -1.5..th. day of Octobe. A.D., 2003
Mayor Spehar
Commissioner Nelson
Commissioner Neugent
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and legal sufficiency:
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Page 1 of 1
MONROE COUNTY ATTORNEY
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