Item M5
BOARD OF COUNTY COMMISSIONERS
AGENDA ITEM SUMMARY
ADD-ON
Meeting Date: June 18.2008
Division: Commissioner Dixie Spehar - District 1
Bulk Item: Yes XX No
Staff Contact Person: Commissioner Dixie Spehar
AGENDA ITEM WORDING:
Approval of Commencement Date Agreement for the Islander Village affordable housing project.
ITEM BACKGROUND:
On 7/19/2006, the BOCC approved the purchase of property located on Stock Island (the old Islander
Drive-In property) contingent upon execution ofa 99-year lease for construction and development ofan
affordable housing project. On 4/18/2007, the Board approved a Ground Lease Agreement with
Islander Village, LLC. The Commencement Date Agreement is being presented pursuant to the Ground
Lease Agreement approved by the Board 4/18/2007 (specifically Section 3.01, Term).
PREVIOUS RELEVANT BOCC ACTION:
7/19/2006 BOCC approved Agreement for Sale and Purchase and 99-year Lease
7/19/2006 BOCC approved Resolution No. 273-2006 reserving (89) affordable dwelling unit allocations
for this project
4/18/2007 BOCC approved corrected Agreement for Sale and Purchase (correcting the name of the
Seller to reflect Drive-In, Ltd. - previously shown as Islander, LLC.) with a leaseback ("Ground Lease
Agreement") to Islander Village, LLC retroactive to the original date of7/19/2006
CONTRACT/AGREEMENT CHANGES:
N/A
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 Arty::).1'-) OMBlPurchasing _ Risk Management_
DOCUMENTATION: Included XX NotRequired_ M
DISPOSITION: AGENDA ITEM #~ .-/
Revised 2/05 JI\ ~
* REVISED BACK-UP.
•
COMMENCEMENT "'ATE AGREEMENT
THIS AGREEMENT is made as of June 2008, by and between MONROE
COUNTY BOARD OF COUNTY COMMISSIONERS ("Lessor") and ISLANDER
VILLAGE, LLC, a Florida limited liability company("Lessee").
WHEREAS, Lessor and Lessee have entered into a Lease dated April 18, 2007,
for Premises designated on Exhibit A attached to the Lease, which was duly recorded at
Book 2301, Page 365, along with a Related Agreement, that certain Agreement for Sale •
and Purchase recorded on June 12, 2007, recorded at Book 2301, Page 350, all of the
Public Records of Monroe County, Florida; and
WHEREAS, the Commencement Date, as further defined in Article III of the
Lease, has occurred; and pursuant to the Lease, Lessor and Lessee desire to confirm
various dates relating to the Lease.
NOW, THEREFORE, Lessor and Lessee agree and acknowledge that the
information set forth below is true and accurate.
Commencement Date: May 29, 2008
• Initial Term Expiration Date: May 28, 2107
The execution of this Agreement shall not constitute'.an exercise by Lessee of its
option with respect to any Extended Term.
EXECUTED as a sealed instrument on the date first set forth above.
(SEAL) 0
LESSOR:
ATTEST: MONROE COUNTY BOARD OF
COUNTY COMMISSIONERS
DANNY L.KOLHAGE, CLERK
By:
By: Mayor Mario Di Gennaro
Deputy Clerk
Witnesses .s to Lessee: LESSER:
ISLANDER VILLAGE, LLC
✓
j
Print Name: ..,/,, t00 B
Edwin O. Swift, Manager
Print Name: ame. ��'
���, MONROE COUNTY ATTORNEY
�.�� AppROV D AS TO FORM:
SUSAN M. GR.. SLEY
ASS STANT COUNTY2.oORNEY
Date