Item G5LAND AUTHORITY GOVERNING BOARD
AGENDA ITEM SUMMARY
Meeting Date:Division:
October 18, 2006 Land Authority
Bulk Item:Staff Contact Person:
Yes No X Mark Rosch
__________________________________________________________________________________
Agenda Item Wording:
Approval of a resolution authorizing the conveyance of 209, 211, 213, and
222 Petronia Street in Key West to the Bahama Conch Community Land Trust, Inc. for affordable
housing.
__________________________________________________________________________________
Item Background:
The proposed resolution imposes affordable housing deed restrictions and
authorizes the Land Authority to convey the properties to the BCCLT. In accordance with the
Legislature’s recent amendment to the Land Authority statute (s. 380.0666(3), FS), the proposed deed
restrictions allow the housing to be occupied by families earning up to 160% of county median income.
The preceding agenda item has additional information regarding the plans for this site.
__________________________________________________________________________________
Advisory Committee Action:
On October 2, 2006 the Committee voted 3/0 with one abstention to
approve the proposed resolution.
__________________________________________________________________________________
Previous Governing Board Action:
On June 21, 2006 the Board approved adding the site to the
Acquisition List.
__________________________________________________________________________________
Contract/Agreement Changes:
N/A
__________________________________________________________________________________
Staff Recommendation:
Approval
__________________________________________________________________________________
Total Cost:Budgeted:
$ 535.50 Yes X No.
Cost to Land Authority:Source of Funds:
$ 535.50 Land Authority
(Tourist Impact Tax collected in Key West)
Approved By:
Attorney X County Land Steward .
Documentation:
Included: X To Follow: Not Required: .
Disposition:
Agenda Item ____
LAND AUTHORITY CONVEYANCE COSTS
10/18/06
PurchaseEnvr. Audit, SurveyTitleAttorneyRecordingTotal
PropertyPriceor Clean-upInsuranceFeeFeeCosts
Key Wes
t
209, 211, 213 and 222
$0.00$0.00$0.00$500.00$35.50$535.50
Petronia St.
RESOLUTION NO. ________
A RESOLUTION OF THE MONROE COUNTY
COMPREHENSIVE PLAN LAND AUTHORITY AUTHORIZING
THE CONVEYANCE OF REAL PROPERTY LOCATED AT 209,
211, 213, AND 222 PETRONIA STREET IN KEY WEST TO THE
BAHAMA CONCH COMMUNITY LAND TRUST, INC. FOR
AFFORDABLE HOUSING.
______________________________________________
WHEREAS, section 380.0666(3), Florida Statutes (FS) and section 9.3-2, Monroe County Code,
empower the Monroe County Comprehensive Plan Land Authority (hereinafter “Land Authority”)
to acquire and dispose of interests in real property for the purpose of providing affordable
housing; and
WHEREAS, the Land Authority has entered into a contract to purchase real property located at
209, 211, 213, and 222 Petronia Street in Key West (RE #00013680-000000 and 00014420-
000000) described in Exhibit A; and
WHEREAS, the Key West City Commission Resolution 06-185 nominates the subject properties
for purchase by the Land Authority as an affordable housing purchase for Bahama Conch
Community Land Trust, Inc.;
WHEREAS, the Land Authority Advisory Committee considered this resolution at a meeting held
on October 2, 2006 and voted 3/0 with one member abstaining to recommend approval; NOW,
THEREFORE,
BE IT RESOLVED BY THE MONROE COUNTY COMPREHENSIVE PLAN LAND AUTHORITY:
The Chairman of the Land Authority Governing Board is hereby authorized to sign a deed
conveying title to the properties identified in Exhibit A to the Bahama Conch Community Land
Trust, Inc. Said deed shall restrict future use of the property as specified in Exhibit B.
PASSED AND ADOPTED by the Monroe County Comprehensive Plan Land Authority at a
regular meeting on this ______ day of _______________________ 2006.
(Seal)
ATTEST: MONROE COUNTY COMPREHENSIVE
PLAN LAND AUTHORITY
________________________ ________________________
Mark J. Rosch Charles “Sonny” McCoy
Executive Director Vice Chairman
Approved for Legal Sufficiency
________________________
Larry R. Erskine
EXHIBIT B
AFFORDABILITY COVENANTS
1.
Affordability Period. These affordability requirements shall run with the property in favor of
the Monroe County Comprehensive Plan Land Authority (hereinafter “MCLA”) and shall not
expire.
2.
Income Limits, Use and Transfer Restrictions. Bahama Conch Community Land Trust of
Key West, Inc. (hereinafter “BCCLT”) shall make the property available as either ownership
housing or rental housing in accordance with the conditions specified below.
2.1. Ownership Housing. BCCLT shall retain title to the land under ownership housing and
shall not subsequently transfer title to the land without prior written approval of MCLA).
Ownership of the improvements, together with a leasehold interest in the land, may be
conveyed by BCCLT subject to the following conditions.
2.1.1. Use and Occupancy. The subject property shall be owner occupied and used as
the homeowner's primary residence and such other uses incidental to residential
use as may be permitted by local zoning and land use regulations.
2.1.2. Income Qualified Buyers. Except in the case of inheritance by the owner’s
spouse, children, or a member of the household who has resided on the premises
for at least a year prior to conveyance by gift or estate, ownership shall be
restricted to households earning less than or equal to 160% of the Monroe County
median income adjusted for household size at the time of conveyance (hereinafter
“Income Qualified Buyer”).
2.1.3. Affordability. For ownership housing, monthly housing costs, defined as principal,
interest, taxes, insurance (PITI), homeowner association fees [if any] and ground
rent, shall not exceed the annual adjusted gross household income multiplied by
0.30 and divided by 12, all in accordance with §420.0004, Florida Statutes.
2.1.4. Resale Limits. The leasehold estate and the improvements located thereon may
be transferred, subject to the provisions of Paragraph 2.1.2 above, provided the
transfer price does not exceed the sum of the price the current owner paid plus
25% of the amount by which the unrestricted market value of the improvements
may have appreciated during the current owner’s period of ownership.
2.1.5. Special Provisions. (None)
2.2. Rental Housing. BCCLT shall retain title to the land and improvements and shall not
subsequently transfer title to same without the prior written approval of MCLA.
2.2.1. Use & Occupancy. The subject property shall be operated, managed and
otherwise administered as permanently affordable rental housing and such other
uses incidental to residential use as may be permitted by local zoning and land use
regulations.
2.2.2. Income Qualified Tenants. Occupancy of rental housing units shall be restricted
to households earning less than, or equal to, 160% of the Monroe County median
income adjusted for household size at the time of initial occupancy (hereinafter
“Income Qualified Tenant”).
2.2.3. Affordability. For rental housing, affordable shall be defined as monthly housing
costs (defined as rent plus utilities not provided by owner) that do not exceed the
annual adjusted gross household income multiplied by 0.30 and divided by 12, all
in accordance with §420.0004, Florida Statutes.
2.2.4. Special Provisions. (None)
3.
Profit. BCCLT is a not-for-profit corporation. BCCLT is prohibited from earning profit on the
subject property.
4.
Refinancing Limits. BCCLT shall be prohibited from encumbering the land for any purpose
without the prior approval of MCLA, except for encumbrances for projects resulting in capital
improvements to the property.
5.
Affordability Monitoring. BCCLT will be responsible for ensuring these affordability
requirements are maintained. Whenever the leasehold estate is transferred BCCLT shall
provide certification to the MCLA documenting these affordability requirements have been
met.
Covenants Acknowledged and Accepted by Bahama Conch Community Land Trust, Inc.
By: _________________________________ Date: _________________