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Item Q05 BOARD OF COUNTY COMMISSIONERS AGENDA ITEM SUMMARY Meeting Date: July 15.2009 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 SIDP mortgage issued to Woods Comer to August 31, 2009. 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. MKCL T requires additional time to complete the sales of the units and pay off 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; January 31,2009; March 31,2009; May 31,2009. CONTRACT/AGREEMENT CHANGES: Extends the due date on the l~an from May 31, 2008 to August 31, 2009. STAFF RECOMMENDATIONS: Approval TOTAL COST: N/A BUDGETED: Yes - No - COST TO COUNTY: N/A SOURCE OF FUNDS: __0 REVENUE PRODUCING: Yes No AMOUNT PER MONTH Year APPROVED BY: County Atty7A OMBlPurchasing ~ Risk Maoagemeot_ - DOCUMENTATION: Included XX Not Required_ 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 smp construction mortgage in the amount of $315,000 with the Middle Keys Community Land Trust (MKCLT) 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 write 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 fmd 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 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 May 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 August 31, 2009. Section 2. This resolution shall be effective as of May 31,2009. . .. Page 1 of 2 Pages Res Extend Due Date MKCL T SHIP Mtg On Woods Corner to 8/31/2009 PASSED AND ADOPTED by the Board of County Commissioners of Momoe County, Florida, at a regular meeting of said Board held on the 15th day of July, 2009. Mayor George Neugent - Mayor Pro Tern Sylvia Murphy - Commissioner Kim Wigington - Commissioner Heather Carruthers - Commissioner Mario Di Gennaro - (SEAL) BOARD OF COUNTY COMMISSIONERS Attest: DANNY L. KOLHAGE, Clerk OF MONROE COUNTY, FLORIDA By: By: Deputy Clerk Mayor/Chairman - 4 Page 2 of 2 Pages Res Extend Due Date MKCLT SHIP Mtg On Woods Corner to 8/31/2009 Page 1 of 1 Peters-Katherine From: Marie Brouillette [BrouilletteM@kwha.org] Sent: Friday, June 26,20094:31 PM To: Peters-Katherine; Mercado-Pedro Cc: Hutton-Suzanne Subject: RE: MKCL T - Casey.... Re: Woods Corner Resolution Please extend to August 31 st and we will see if he can get these units closed. Thank you. Marie From: Peters-Katherine [mailto: Peters-Katherine@MonroeCounty-FL.Gov] Sent: Friday, June 26, 20094:31 PM To: Mercado-Pedro; Marie Brouillette Cc: Hutton-Suzanne Subject: RE: MKCLT - Casey.... Re: Woods Corner Resolution Pedro and Marie - The last I show re: Woods Corner was from BOCC 4/15/09 - Item N-15: Resolution No. 120-2009 extending mortgage due date to May 31,2009. I don't see anything after for May 20th or June 17th soee meetings. Do you want me to prep Resolution for July 15th soee meeting extending another 3 months from the May 31st expiration date (through August 31st) or do you want to go longer than the 3-month clip? From: Mercado-Pedro Sent: Friday, June 26, 2009 3 :44 PM To: Marie Brouillette Cc: Hutton-Suzanne; Peters-Katherine SUbject: RE: MKCLT - Casey.... I don't believe we did an extension last month but I'll ask Kathy to double check. If one wasn't done, I'll work with Kathy on prepping a new extension for the July agenda. Have a good weekend also. From: Marie Brouillette [mailto:BrouilletteM@kwha.org] Sent: Friday, June 26,20093:27 PM - To: Mercado-Pedro Cc: Hutton-Suzanne SUbject: MKCLT - Casey.... I have received 2 applications from potential buyers of the units at Woods Corner, were you able to get an extension on the construction loan last month? Should we/you put one in on June 30th for the July meeting just in case he can get these units sold? If he can get these two closed he will only have 2 left, 1 is spoken for however the buyers have not sold their property yet. I will find out the status and hopefully but I am not counting my chicken, fingers or toes, we might get this puppy closed once and for all.....1 can only wish. Have a nice weekend. Marie ... 6/26/2009 RESOLUTION NO. 120_2009 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF MONROE COUNTYt 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, MKCLT 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 c~nstruction 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, 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 March 31, 2009, of the $315,000 SHIP mortgage between the mortgagor Middle Keys Community Land Trust (MKCL T) and the mortgagee Monroe County (County) is hereby extended to May 31,2009. Section 2. This resolution shall be effective as of March 31, 2009. 4 Page 1 of 2 Pages Res Extend Due Date MKCL T SHIP Mtg On Woods Corner to 5/31/2009 PASSED AND ADOPTED by the Board of County Commissioners of Monroe County, Florida, at a regular meeting of said Board held on the] 5th day of April, 2009. Mayor George Neugent Yes Mayor Pro Tem Sylvia Murphy Yes Commissioner Kim Wigington Yes Commissioner Heather Carruthers Yes ,.:" "~.'" -;; -'.., . . Commissioner Mario Di Gennaro .....Y.e.fL /,. )_'_'-:.:.~(1) v f- ':',,' ',' \\'~ d.>.:". .,)J~;::;' . . :':.'(~W~J;;,"\:.;; . .: BOARD OF COUNTY COMMISSIONERS '...$~~:fm.~ L KOLHAGE~ Clerk OF MONROE COUNTY, FLORIDA ,...." ~ .....". ~ . -....:.. in By:G~ By: y.-i!.. ~,~ Dlputy Clerk Mayor/Chairman .::c Si-- ~ ~ ~ ~ "'-C"';l__ _ .... ::0 r- Z ." f"'J 0,." _ :::QI 0 ~;:o--... ()- ;:I;: r- - "'1l o' -' 0 ~ ()-;;t: :J:I ~;uo "1:,11 ..... --. r- ... ...., -I Cj:::C -- f11 :;< ;-I:J> t.) (") "T1 c> .. Q r /Tl G.) ;::I) ell G:1 ~/ (0 q .. Page 2 of 2 Pages Res Extend Due Date MKCL T SHIP Mtg On Woods Corner to 5/31/2009 . RESOLUTION NO. 041 -2009 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF MONROE COUNTY, FLORIDA, EXTENDING THE DEFAULT DATE FOR THE SBIP MORTGAGE ISSUED FOR WOODS CORNER WIlEREAS, 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 Comer, Islamorada, Florida; and WHEREAS, the mortgage was due and payable on April 30, 2008; and WHEREAS, MKCLT bas 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 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 purcbase mortgages until the construction mortgage is satjsfied through ohecks to be issued by MKCL T at eacb 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, MKCLT needs additional time to complete the sales of the Woods Comer units or filce default; - NOW THEREFORE BE IT RESOLVED by the Board of County Commissioners of Monroe County, Florida that: Section L The previously extended due date of January 31. .2009, of the $315,000 SlllP 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. Res Extend Dueoate MKClT SHIP Mtg Page 1 of 2 pages On Woods Comer 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 -I.e.s- Mayor Pro Tern Sylvia Murphy ~ Commisllioner Kim Wigington .J.ML Commissioner Heather Carruthers -XmL Commissioner Mario DiGennaro Yes BOARD OF COUNTY COMMISSIONERS OF MONROE COllN'rY, FLORIDA lly:fi-~~. >n-.,4-- Mayor/Chairman 3: Q i :!:! ~c"))> r- ::::or-~ aJ (T1 OtTl-< C /'1'1;t1 - ." n::s::r- 0 0 o("')~ :.:0 C::-o ~ ::0 z::Or- --In::2: ~ ;<:-f~ S' (") 0 ""1'1 m en ;a r f'I'I 0" Q ,- Res Extend Due oak MKCLT SHIP Mtg Page 2 of 2 Pages On Woods Comer to 3/31/2009 .. ~ .. . ....- . '" .... ,.- ....~... ~ - ... . . " B.ESOI.trnON NO. ~04 - 2008 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF MONROE C01JNTY. FLOlUDA, EX.'JMDlNG TIlt DDAlILTDATI: JI'OR 1'HE SIIIP MORTGAGE IS811.D POR WOODSCOlINDt. WRRREAS, 011 July 23~ 2007. tbc Board of County Commissionem of Momoe Cowlty (Coumy), Florida, executed 8 SHIP constnwtion motfBa8e in the UIIOWIt of $315.000 with the Middle ~ Com"""nitY Laud Tmat (MKCLT) :fOr afi'ordabJe bousios $ Wood, Comer. ~Fl~and . WIDlU:AS, the 1lIOl1pge WB8 due and payable OD Apri130, 2008; and 'WIIER:&AS~ MKCLT hu obtai.oed CClItitkata of ~ on some of the IDIib but ia not prepared to write a. dttd: 10 the Caumy fbrthe IIIMMdK of1he CO:OIbuction IOU; and WIIEREAS, it is anticipated that SHIP mortgaps Wi'll be executed fur eaclt unit purcliue; Md WBEUAS. the SHIP budget bas lOb administrative moniea budgeted whidt could be tnms1erred t:1Gush a ~ JaOIIdioo to cover tho iWlDco ()f 1he iDdividuaI JPlIIdJue mortp&es uoti1 the COIHtructlon lIUU't8ft8e is ~ through ch=ks to be illUtd by MkCLT at each cloRns; and WImlEAS. it it necenuy to exteQd die due date on the CODItlUCtion loan DlOft8I8e in the ammmt of $315,000 and reconJed at OR. Book 2310," PIpIl991 through 1995, Of to find the DlO1't88BOr in de18ult; and WIIEREAS. the County previously agqed to extend tile due elate em the com:Inu:tion loan; and WBEREAs, MKCLT neods additional time to t;OmJ'lete the sales or1be Woods Comer units or face detiult; .- NOW 1'B:D.DO.b BE IT BUOLVED by the BoInI of County Conuniuiona:s of Monroo: County. Florida that: Section 1. The previousIy extended due date of November 30,2008. ofibo $315,000 SHIP ruortg.age betMeo the mottsaacr' Middle Keya Community Land Trust (MKCLT) and tIHl .lDOIipgoe Moaroeeom.:y (eaw.y) is &ereby exhladed to Iml1Uy 31. 2009. Section 2. This resoJution shall be eft"ocIivc as of Decernber 1'. 2008. Res I':KbIncf Dura CltIt:8 MICCl.. T SHIP b) 1131/09 1 Mtg on Woods Corner ~ ----. u _,_. <_ ~.... ~....... _~..., .._.. -.........-.. . "".....................--. \ , . . .. .' . I PASSED AND ADOPTED by the Board of County Commiqioncn of Moatoe County. Florida, at a.... meeaingGfAid Botrd held on the 11th da.y of'Deoemb<<. 2008 Mayor George Neugent Yes Mayor Pro Tern Sylvia Murphy I_. .'-"-.,; '.' CommirJa1oncrr Mario Di(ienrmo ~ ~;,'~.:n:',.~..~-fJ~. CommiuionerIChn UlWM.......... y;-- l.~,.,.;~t(.....'.4:\ ~, . . .,.~ --!-... ~:37.:.. ;s\'\~ }'......~\ . ComIIllISIOnarHeather Carrothers Iu.- - .y:./I ".....,~ .t:;.JrI'.t.,....J.:It I "lfV~' \ ."-;r.'t, r .. . !i~'I"~'_\" ,l.n' o. ~ II.. \ ;.~ . ,;!.:j' ".~ ~1 BOAlU)OFOOUNI'Y~ ~L, KOUlAGB. Clmk OF MONROECOUNlY. FLORIDA .C7~ ~~I!. >n......,J-- ~. ~ Clerk Mayor CADO 1 _ I ATTOf'NEY lit oz,Z{ d Y '"", I:J - .::~ :- . ,. . ~ -' -. , . - ..... ., :~j ~ :~ ~.... .. Res Extend Dull Dote MKQ, T SHIP to 1131109 2 Mtg on Wood: qwnsr .