Item P02BOARD OF COUNTY COMMISSIONERS
AGENDA ITEM SUMMARY
Meeting Date: December 17, 2009
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 Corner.
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. MKCLT requires additional time to
complete the sales of the units and pay off the construction loan. The new extension is being requested
in that enable transactions to close after November 30, 2008 and through January 31, 2009.
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 a second resolution at the July 15, 2008 BOCC meeting extending the due date
until July 31, 2008. Approved Resolution No. 348-2008 on October 15, 2008 extending the due date to
November 30, 2008.
CONTRACT/AGREEMENT CHANGES:
Extends the due date on the loan retroactive from November 30, 2008 to January 31, 2009.
STAFF RECOMMENDATIONS:
Approval
TOTAL COST: N/A
BUDGETED: Yes No
COST TO COUNTY: N/A SOURCE OF FUNDS:
REVENUE PRODUCING: Yes o AMOUNT PER MONTH Year
APPROVED BY: County Attyf".
OMB/Purchasing Risk Management
DOCUMENTATION:
DISPOSITION:
Revised 2/05
Included XX Not Required
AGENDA ITEM #
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 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 November 30, 2008, 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 January 31, 2009.
Section 2. This resolution shall be effective as of December 17, 2008.
Res Extend Dee Date MKCLT SHIP to 1/31/09 1
Mtg on Woods Corner
PASSED AND ADOPTED by the Board of County Commissioners of Monroe County,
Florida, at a regular meeting of said Board held on the 17th day of December, 2009.
Mayor George Neugent
Mayor Pro Tem. Sylvia Murphy
Commissioner Mario DiGennaro
Commissioner Kim Wigington
Commissioner Heather Carruthers
(SEAL)
Attest: DANNY L. KOLHAGE, Clerk
Deputy Clerk
BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA
Mayor
e cOUNTY ATTOHN
RO ED AS T
p I M CADO /
;DaTe
ISTANT o U Y ATTORNEY �! Z d�
Res Extend Due Date MKCLT SHIP to 1/31/09
Mtg on Woods Corner
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