Item O15
BOARD OF COUNTY COMMISSIONERS
AGENDA ITEM SUMMARY
Meeting Date: January 28. 2009
Division: County Attorney
Bulk Item: Yes XX No
Staff Contact Person: Pedro Mercado
AGENDA ITEM WORDING:
Approval of Resolution to extend the default date for the SHIP mortgage issued to Woods Comer.
ITEM BACKGROUND:
The County provided a construction loan for the purposes of building affordable housing units on
Islamorada. The mortgage was entered in to on July 23, 2007 with the Middle Keys Community Land
Trust (MKCLT). The mortgage was due and payable on May 1, 2008. Monroe County and :MKCLT
agreed to allow for incremental repayment as the units were sold. :MKCLT requires additional time to
complete the sales of the units and payoff the construction loan.
PREVIOUS RELEVANT BOCC ACTION:
Approved a resolution at the May 21,2008 BOCC meeting extending the due date on the loan to June
30, 2008. Approved subsequent resolutions extending the due date until July 31, 2008~ November 30,
2008~ and, most recently, until January 31,2009.
CONTRACT/AGREEMENT CHANGES:
Extends the due date on the loan from July 31,2008 to March 31,2009.
STAFF RECOMM:ENDA nONS:
Approval
TOTAL COST: N/A
BUDGETED: Yes
No
COST TO COUNTY: N/ A
SOURCE OF FUNDS:
REVENUE PRODUCING: Yes-#)o_ AMOUNT PER MONTB Year
APPROVED BY: County Att/~ OMBlPurchasing _ Risk Management _
DOCUMENTATION: Incl:ted XX NotRequired_
DISPOSITION:
AGENDA ITEM #
Revised 2/05
RESOLUTION NO. -2009
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF MONROE COUNTY, FLORIDA,
EXTENDING THE DEFAULT DATE FOR THE SHIP
MORTGAGE ISSUED FOR WOODS CORNER.
WHEREAS, on July 23, 2007, the Board of County Commissioners of Monroe County
(County), Florida, executed a SHIP construction mortgage in the amount of $315,000 with the
Middle Keys Community Land Trust (MKCL T) for affordable housing at Woods Corner,
Islamorada, Florida~ and
WHEREAS, the mortgage was due and payable on April 30, 2008~ and
WHEREAS, MKCLT has obtained certificates of occupancy on some of the units but is not
prepared to vmte a check to the County for the amount of the construction loan~ and
WHEREAS, it is anticipated that SHIP mortgages will be executed for each unit purchase~
and
WHEREAS, the SHIP budget has some administrative monies budgeted which could be
transferred through a companion resolution to cover the issuance of the individual purchase
mortgages until the construction mortgage is satisfied through checks to be issued by MKCL T at
each closing; and .
WHEREAS, it is necessary to extend the due date on the construction loan mortgage in the
amount of $315,000 and recorded at OR Book 2310, Pages 1991 through 1995, or to find the
mortgagor in default; and
WHEREAS, the County has previously agreed to extend the due date on the construction
loan; and
WHEREAS, MKCL T needs additional time to complete the sales of the Woods Comer
units Of face default;
NOW THEREFORE BE IT RESOLVED by the Board of County Commissioners of
Monroe County, Florida that:
Section 1. The previously extended due date of January 31, 2009, of the $315,000 SHIP
mortgage between the mortgagor Middle Keys Community Land Trust (MKCL T) and the
mortgagee Monroe County (County) is hereby extended to March 31, 2009.
Section 2.
This resolution shall be effective as of January 31,2009.
Page 1 of 2 Pages
Res Extend Due Date MKCLT SHIP Mtg
On Woods Corner to 3/31/2009
PASSED AND ADOPTED by the Board of County Commissioners of Monroe County,
Florida, at a regular meeting of said Board held on the 28th day of January, 2009.
Mayor George Neugent
Mayor Pro Tern Sylvia Murphy
Commissioner Kim Wigington
Commissioner Heather Carruthers
Commissioner Mario DiGennaro
(SEAL)
Attest: DANNY L. KOLHAGE, Clerk
BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA
By:
By:
Deputy Clerk
Mayor/Chairman
o
Page 2 of 2 Pages
Res Extend Due Date MKCLT SHIP Mtg
On Woods Corner to 3/31/2009
RESOLUTION NO. 504 - 2008
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF
MONROE COUNTY, FLORIDA, EXTENDING THE DEFAULT DATE FOR
THE SHIP MORTGAGE ISSUED FOR WOODS CORNER.
WHEREAS, on July 23, 2007, the Board of County Commissioners of Monroe County
(County), Florida, executed a SHIP construction mortgage in the amount of $315,000 with the
Middle Keys Community Land Trust (MKCLT) for affordable housing at Woods Comer,
Islamorada, Florida; and
WHEREAS, the mortgage was due and payable on April 30, 2008; and
WHEREAS, MKCL T has obtained certificates of occupancy on some of the units but is not
prepared to write a check to the County for the amount of the construction loan; and
and
WHEREAS, it is anticipated that SHIP mortgages will be executed for each unit purchase;
WHEREAS, the SHIP budget has some administrative monies budgeted which could be
transferred through a companion resolution to cover the issuance of the individual purchase
mortgages until the construction mortgage is satisfied through checks to be issued by MKCL T at
each closing; and
WHEREAS, it is necessary to extend the due date on the construction loan mortgage in the
amount of $315,000 and recorded at OR Book 2310, Pages 1991 through 1995, or to find the
mortgagor in default; and
and
WHEREAS, the County previously agreed to extend the due date on the construction loan;
WHEREAS, MKCLT needs additional time to complete the sales of the Woods Comer
units or face default;
NOW THEREFORE BE IT RESOLVED by the Board of County Commissioners of
Monroe County, Florida that:
Section 1. The previously extended due date of November 30,2008, of the $315,000 SHIP
mortgage between the mortgagor Middle Keys Community Land Trust (MKCL T) and the
mortgagee Monroe County (County) is hereby extended to January 31, 2009.
Section 2.
This resolution shall be effective as of December 17, 2008.
Res Extend Due Date MKCLT SHIP to 1/31/09 1
Mtg on Woods Corner
.
,
PASSED AND ADOPTED by the Board of County Commissioners of Monroe County,
Florida, at a regular meeting of said Board held on the 17th day of December, 2008
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"<~~~:DANNY L. KOLHAGE, Clerk
BY.~~
eputy Clerk
Mayor George Neugent
Mayor Pro Tem Sylvia Murphy
Commissioner Mario DiGennaro
Commissioner Kim Wigington
Commissioner Heather Carruthers
~
Yes
Yes
-
Yes
-
~
BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA
By /;-~.t!. 'rJoI.4,4--
Mayor
. '~1.
..~ .-
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Res Extend Due Date MKCLT SHIP to 1/31/09 2
Mtg on Woods Corner