Item O4
BOARD OF COUNTY COMMISSIONERS
AGENDA ITEM SUMMARY
Meeting Date: July 16.2008
Bulk Item: Yes XX No
Division: County Attorney
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 (MKCL T) and provided for incremental repayment as the units were sold. MKCL T requires
additional time to complete the sales of the units and payoff the construction loan,
PREVIOUS RELEVANT BOCC ACTION:
Approved the resolution at the May 21, 2008 BOCC meeting extending the due date on the loan to June
30,2008
CONTRACT/AGREEMENT CHANGES:
Extends the due date on the loan from April 30, 2008 to July 31, 2008,
STAFF RECOMMENDATIONS:
Approval
TOTAL COST: N/ A
BUDGETED: Yes
No
COST TO COUNTY: N/A
SOURCE OF FUNDS:
REVENUE PRODUCING: Yes
No
AMOUNT PER MONTH
Year
APPROVED BY: County Atty 1- OMB/Purchasing _ Risk Management_
DOCUMENTATION:
Included XX
Not Required_
DISPOSITION:
AGENDA ITEM #
Revised 2/05
RESOLUTION NO. -2008
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF MONROE COUNTY, FLORIDA,
EXTENDING THE DEFAULT DATE FOR THE SIDP
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 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 previously approved one extension of the due date on the
construction loan to June 30, 2008; 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 June 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 July 31, 2008,
Section 2.
This resolution shall be effective on June 18, 2008,
Res Extend Due Date M KCL T SHIP
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PASSED AND ADOPTED by the Board of County Commissioners of Monroe County,
Florida, at a regular meeting of said Board held on the 18th day of June, AD, 2008,
Mayor Mario DiGennaro
Mayor Pro Tern Charles "Sonny" McCoy
Commissioner Sylvia Murphy
Commissioner George Neugent
Commissioner Dixie Spehar
(SEAL)
Attest: DANNY L. KOLHAGE, Clerk
BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA
By:
By:
Deputy Clerk
Mayor/Chairman
Res Extend Due Date MKCLT SHIP
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