Item N05BOARD OF COUNTY COMMISSIONERS
AGENDA ITEM SUMMARY
Meeting Date: August 19, 2009 Division: County Attorney
Bulk Item: Yes XX No
Star Contact Person: Pedro Mercado
AGENDA ITEM WORDING:
Approval of Resolution to extend the default date for the SHIP mortgage issued to Woods Corner to
December 31, 2009.
ITEM BACKGROUND:
The County provided a construction loan for the purposes of building affordable housing units on
Isiamorada. 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 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; August 31, 2009.
CONTRACT/AGREEMENT CHANGES:
Extends the due date on the loan from August 31, 2009 to December 31, 2009.
STAFF RECOMMENDATIONS:
Approval
TOTAL COST: N/A INDIRECT COST: NIA BUDGETED: Yes No
DIFFERENTIAL OF LOCAL PREFERENCE: N/A
COST TO COUNTY: NIA
SOURCE OF FUNDS:
REVENUE PRODUCING: Yes o AMOUNT PER MONTH
APPROVED BY: County Attp� OMB/Purchasing Risk Management
DOCUMENTATION; Included XX Not Required
DISPOSITION:
Revised 2/05
AGENDA ITEM #
Year
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 (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 MKCLT 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 Corner
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 August 31, 2009, of the $315,000 SHIP
mortgage between the mortgagor Middle Keys Community Land Trust (MKCLT) and the
mortgagee Monroe County (County) is hereby extended to December 31, 2009.
Section 2. This resolution shall be effective as of August 31, 2009.
Page 1 of 2 Pages
Res Extend Due Date MKCLT SHIP Mtg
On Woods Corner to 12/31/2009
PASSED AND ADOPTED by the Board of County Commissioners of Monroe County,
Florida., at a regular meeting of said Board held on the 19th day of August, 2009.
Mayor George Neugent
Mayor Pro Tem Sylvia Murphy
Commissioner Kim Wigington
Commissioner Heather Carruthers
Commissioner Mario Di Gennaro
(SEAL)
Attest: DANNY L. KOLHAGE, Clerk
By:
Deputy Clerk
BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA
By:
Mayor/Chairman
'AO ' DE UOUNTY�ATT ERiV
PR ED AS T
PEDRO J. Mz
ASSISTANT COED i Y F;f l'C)i 6:VcY
Date
Page 2 of 2 Pages
Res Extend Due Date MKCLT SHIP Mtg
On Woods Corner to 12/31/2009
RESOLUTION NO. 204 -2009
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF MONROE COUNTY, FLORAS
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 construe CL mortgg� amble housing f $3 Woods Corn
the
Middle Keys Community Land Trust (MKT)
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 constriction mortgage is satisfied through checks to be issued by MKCLT 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 May 31, 2009, of the $315,000 SHIP
mortgage between the mortgagor Middle Keys Community Land Trust (MKCLT) 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 MKCLT SHIP Mtg
on Woods Comer to 8/31/2009
PASSED AND ADOPTED by the Board of County Commissioners of Monroe County,
Florida, at a regular meeting of said Board held on the 15th day of July, 2009.
Mayor George Neugeat f
Mayor Pro Tom Sylvia Murphy Yes
Commissioner Kim Wigington Yes
Commissioner Heather Carruthers
Commissioner Mario Di Gennaro Yes
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At DA�Ni�iY L. KOLHAGE, Clerk
By:
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BOARD OF COUNTY COMMISSIONERS
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By: —
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Page 2 of 2 Pages
Res Extend Due Date MKCLT SHIP Mtn
On Woods Comer to 8/31/2009
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4 2
Page 1 of 2
Peters -Katherine
From: Peters -Katherine
Sent: Thursday, July 30, 2009 1:13 PM
To: Peters -Katherine; 'Marie Brouillette'; Hutton -Suzanne; Mercado -Pedro
Subject: RE: Wood Comer- MKCLT
Have drafted AIS/Resolution with extension to Dec. 31It for Pedro's review/stamp, etc. for placement on the August 19tn
BOCC agenda.
From: Peters -Katherine
Sent: Thursday, July 30, 2009 12:05 PM
To. 'Marie Brouillette; Hutton -Suzanne; Mercado -Pedro
Subject: RE: Wood Corner - MKCLT
Sorry, didn't see this yet. Want me to draft Resolution with extension to Dec. 311?
From: Marie Brouillette [mailto:BrouilletteM@kwha.org]
Sent: Thursday, July 30, 2009 11:34 AM
To: Hutton -Suzanne; Mercado -Pedro
Cc: Peters -Katherine
Subject: RE: Wood Corner - MKCLT
If I thought for a moment we could get money from them I would be the first to push for it but I know for a fact that they are
broke. First State Bank is going to bridge the difference for the 41h purchaser between the sale of their property and a first
mortgage. To be honest with you, I am just amazed he has found anyone at all. He owes First State more than us and since
they are in first place we would end up loosing. If he can get them closed by December 315t, I will kiss the ground! If we can,
let's ask the BOCC for December 3111 to be on the safe side and not have to bring this issue up ever again ,,,„„here's hoping.
Marie
From: Hutton -Suzanne [mailto:Hutton-Suzanne@Mon roeCounty-FL.Gov]
Sent: Thursday, July 30, 2009 11:26 AM
To: Marie Brouillette; Mercado -Pedro
Cc: Peters -Katherine
Subject: RE: Wood Corner - MKCLT
Pedro is out until Monday, but the answer to your question is: yes, we should do a new resolution. Extend it to what date?
Geez, we could try a year so we wouldn't have to keep extending it. But will the BOCC say enough is enough? Maybe they
should just force MKCLT to pay up the rest.
Suy4r".A qamoz
County Attorney
Monroe County
PO Box 1026
Key West, R 33041-1026
305-292-3470
From: Marie Brouillette [mailto:BrouilletteM@kwha.org]
Sent: Thursday, July 30, 2009 11:23 AM
To: Mercado -Pedro; Hutton -Suzanne
Cc: Peters -Katherine
Subject: Wood Corner - MKCLT
7/30/2009
Wage 2 of 2
Pedro,
Attached is the resolution extending the MKCI_T construction loan to August 31, 2009. Of the 4 remaining units, 1 closed this
week, a second will close next week. The 31d unit does not look favorable since this applicant did not go with Bank of America
who has already approved the project so their primary mortgage company might kick the loan back because of the leasehold.
The 4th unit is unfortunately tied up with the sale of the purchasers' primary residence and until they close on that unit they
cannot purchase this one.
Should we request another extension to October 31st at the August 19th meeting? The clerk's office can only issue SHIP
checks for this project if there is a resolution extending the construction loan and I don't want to get caught with a good sale
that can't close because we don't have the extension in place.' Thank you. Marie
From; Pam Hancock [mailto:phancock@monroe-clerk.com]
Sent: Thursday, .duly 30, 2009 11:09 AM
To: Marie Brouillette
Cc: Kathy Peters; Laura Deloach - Hartle
Subject: Resolution 204-2009
Attached is the above -mentioned Resolution that was adopted by the BOCC at the July 15th meeting. A certified copy of the
Resolution is in my office for you to pick up.
7/30/2009