Item F03 F3
BOARD OF COUNTY COMMISSIONERS
COUNTY of MONROE �� i Mayor Holly Merrill Raschein,District 5
The Florida Keys Mayor Pro Tern James K.Scholl,District 3
Craig Cates,District 1
Michelle Lincoln,District 2
' David Rice,District 4
Board of County Commissioners Meeting
January 31, 2024
Agenda Item Number: F3
2023-1922
BULK ITEM: No DEPARTMENT: County Land Acquisition And Land
Management
TIME APPROXIMATE: STAFF CONTACT: Christine Hurley
AGENDA ITEM WORDING:
Approval of a Resolution of the Monroe County Board Of County Commission nominating property for
up to $2,240,000 for a zero interest 50-year affordable housing construction loan for hard construction
costs for development of 56 affordable rental units on property legally described as A Portion of Tracts
A and B, Revised Plat of Amended Plat of Sugarloaf Shores, Section F (PB 6-9) as shown in Exhibit A
and Exhibit B with Parcel ID#00166976-011300 and Parcel ID#00166976-011400.
ITEM BACKGROUND:
Rural Neighborhoods, Inc. (RN), Developer, is proposing to construct 56 affordable housing units as
follows:
6 units at 30% of Area Median Income(AMI)
14 units at 50% of AMI
6 units at 60% of AMI
26 units at 70% of AMI
3 units at 80% of AMI
1 unit at 120% of AMI
56 TOTAL UNITS
*Land Authority funding may be used for affordable housing as long as the maximum income of
residents does not exceed 160% of AMI.
1405
RN has indicated they have successfully secured $ 2,375,000 in Low Income Housing Tax Credits and
$4,900,400 in SAIL funds. Estimated construction costs and unknown insurance costs are the reasons
RN is indicating they expect to need $2,240,000 in gap funding. They have requested these funds come
from the Monroe County Land Authority.
The developer has provided a Development Cost Pro Forma as part of their Florida Housing Finance
Corporation (FHFC) funding request (attached). To date, the Developer has not bid construction, and
once those bids are known, then staff will be able to provide a full review of the request, with assistance
from Hana Eskra, Consultant.
This resolution requests the MCLA consider funding the project up to the amount requested by the
developer with a final amount to be determined once the construction funding is known.
PREVIOUS RELEVANT BOCC ACTION:
10/18/23 - BOCC discussed project and two options - $2,240,000 in construction funding or $2,800,000
for purchase of the land for the project; while the BOCC directed staff work on the purchase of the land,
after further analysis of a legal settlement agreement between the Developer and adjacent
neighborhood, it was determined a land purchase would be too complicated, since there is a settlement
agreement that requires a detailed deed restriction be filed with the property. Therefore, staff are
recommending we go back to the Developer's original request for construction funding.
INSURANCE REQUIRED:
No
CONTRACT/AGREEMENT CHANGES:
N/A
STAFF RECOMMENDATION: Approval
DOCUMENTATION:
Pro Forma from Rural Neighborhoods
BOCC Proposed Resolution(revised).pdf
FINANCIAL IMPACT:
N/A. Funding would come from the Monroe County Land Authority.
1406
RURAL NEIGHBORHOODS
Billlding- UVable Places far- Workigg Fa/77111es
f
Post Office Box 343529, 19308 SW 38011 Street, Florida City, FL 33034
Telephone 305-242-2142 Facsimile 305-242-2143
eighbo orkv
CHARTERED MEMBER
August 291h, 2023
Ms. Christine Hurley
Monroe County Land Authority
1200 Truman Avenue
Suite 207
Key West, FL 33040
Re: Request for MCLA Capital for Landings at Sugarloaf Key (56 units)
Dear Ms. Hurley:
Rural Neighborhoods, Incorporated (RN), Developer, and The Landings at Sugarloaf Key, LLC (LSK),
Owner, request $2,240,000 in funding from the Monroe County Land Authority in furtherance of
our planned fifty-six (56) unit rental community situated on Lower Sugarloaf Key in unincorporated
Monroe County, FL.
The planned rental community will provide income-restricted housing ranging from Extremely Low-
Income households earning 30% AMI (6 units) to Moderate Income at 120% AMI (1 unit) with a
majority of units at Low Income between 50% and 70% of AMI.
Number of AMI Level,at or
Residential Units Percentage of Units below: Types of Units
0 0.000% 20%
6 10.714% 30%
0 0.000% 40% AT Housing Credit Units
14 25.000% 50%
6 10.714% 60%
26 46.429% 70% Joint HC Units/Workforce
3 5.357% 80% Housing Units
0 0.000% 80%
OR Non-HC,Workforce Housing
Set-Aside Units
1 1,786% 120%
SS 98.214% Total qualifying HC Units
56 100.0009'. r jj f;f Total Units
60.000% Average AM)of the
Oa.;a Qualifying Units
1407
Four buildings are planned with two bedrooms - two bath and three bedrooms - two bath models.
ELI units will be distrusted equitably among bedroom/bathroom type.
Number of
Number of Units per
Bedrooms/Bathrooms per Bedroom/Bathroom Type prorata ELI Distribution
Unit
0 Bedroom/1 bathroom 0 0
1 Bedroom/1 bathroom 4 1
2 Bedrooms/1 bathroom 0
2 Bedrooms/1.5 bathrooms 0 5
2 Bedrooms/2 bathrooms 48
3 Bedrooms/2 bathrooms 0
3 Bedrooms/2.5 bathrooms 4 0
3 Bedrooms/3 bathrooms 0
4 Bedrooms/2 bathrooms 0
4 Bedrooms/2.5 bathrooms 0
4 Bedrooms/3 bathrooms 0 0
4 Bedrooms/3.5 bathrooms 0
4 Bedrooms/4 bathrooms 0
Totals 56 6
Florida Housing Finance Corporation [FHFC] is projected to provide $2,375,000 in Low Income
Housing Tax Credits and $4,900,400 in SAIL funds. Through the sale of LIHTCs, an investor limited
partner to be selected is scheduled to provide $21,847,815 in investment. FHFC's Review Committee
recommended the above LIHTCs and SAIL awards in its August 24th, 2023, meeting. These awards
will be presented to the FHFC Board of Directors on September 8th, 2023, for expected formal
approval.
Accordingly, Landings at Sugarloaf Key (Landings) is positioned to move forward given other
critical accomplishments including but not limited to:
• legal settlement with Lower Density for Lower Sugarloaf, LLC, and others critical of the
original proposal of 88 units;
• support of these prior opponents for the reduced number and project plan;
• extension of the requisite ROGOS necessary for permit issuance and construction;
• building and site plan reconfiguration believed in accordance with Live Local Act; and
• tentative Florida Housing Finance Corporation refinancing described above.
Nonetheless, construction inflation and soaring interest rates since initial FHFC award, Planning
Commission approval, DOAH/Circuit Court challenges, and settlements result in a significant
funding gap that must be filled for the project to remain viable and meet a critical Monroe County
need for affordable housing. Concurrent rises in insurance premiums similarly impact operating
1408
expenses and limit conventional debt available to the Landings. MCLA financial support is critical
to project success.
Landings requests $2,240,000 in the form of a non-amortized loan at zero percent interest with
a balloon payment due in fifty (50) years. This is commensurate with similar affordable housing
investments committed to other properties. The Developer and Owner are prepared to provide an
extended affordability period acceptable to the Land Authority.
This request is based on a Total Development Cost of $32,876,167. This is premised on a
construction start in 2024 Quarter 2 and continued unprecedented escalation of construction
pricing. I have attached both a construction and permanent analysis of the debt and equity
capital stack.
It should be noted funds requested could be expended to two MCLA periods ending September
301h, 2024, and September 30th, 2025. Fund disbursement could be structured to overlap your
fiscal years.
Thank you for your consideration of this request. I am available to respond to any questions
which the Land Authority Board or you may have. Please telephone me at 305-242-2122 (0),
305-242-2188 (Direct Line) or 305-298-1100 (cell) at any time.
Sincerely,
Stev np Kirk_
�._ _..
resident
1409
Date Submitted: 2023-08-07 14:05:53.920 1 Form Key: 9334
RFA 2023-212 Housing Credit Viability Funding for Developments located in Monroe County that have an Active
Award of SAIL Financing and 9 Percent Housing Credits
Section 4.A.6
Development Cost Pro Forma
RFA 2023-212 DEVELOPMENT COST PRO FORMA (Page 1 of 7)
NOTES: (1) Developer fee may not exceed the limits established in Rule Chapter 67-48,F.A.C.,or this RFA.Any portion of the fee that
has been deferred must be included in Total Development Cost.
(2) Because Housing Credit equity proceeds are being used as a source of financing,complete Columns 1 and 2.The
various FHFC Program fees should be estimated and included in column 2 for at least the Housing Credit Program.
(3) General Contractor's fee is limited to 14%of actual construction cost(for Application purposes,this is represented by
A1.1.Column 3),rounded down to nearest dollar.The General Contractor's fee Must be disclosed. The General Contractor's
fee includes General Conditions,Overhead,and Profit.
(4) For Application purposes,the maximum hard and soft cost contingencies allowed cannot exceed(a)5%of hard and soft costs
for the Development Category of New Construction;or(b)15%of hard costs and 5%of soft costs for Development Categories of
Rehabilitation,with or without Acquisition,as further described in Rule Chapter 67-48,F.A.C.,or this RFA.
(5) An Operating Deficit Reserves(ODR)can be included in C.DEVELOPMENT COST,but cannot be used in determining
the maximum Developer fee. Applicants may include an ODR amount that does not exceed$3,500 per unit on the Development
Cost Pro Forma as part of the Application process.An OUR required by an equity provider,first mortgage lender,or Credit
Underwriter will be sized in credit underwriting.Any reserves in excess of the maximum allowed will be reduced by the
Corporation to the maximum allowed during Application scoring.
(6) Commercial,retail,and office space are not functionally related and subordinate to the residential units,and are not
considered to be community service facilities.As such,these costs are neither considered in eligible basis nor included
in the TDC Comparison Testing process.
(7) Although the Corporation acknowledges that the costs listed on the Development Cost Pro Forma,Detail/Explanation Sheet,
Construction or Rehab Analysis and Permanent Analysis are Subject to change during credit underwriting,Such costs are
subject to other cost limitations provided in Rule Chapter 67A8,F.A.C.,or this RFA as applicable.
USE THE DETAIL/EXPLANATION SHEET FOR EXPLANATION OF*ITEMS. IF ADDITIONAL SPACE IS REQUIRED,ENTER THE
INFORMATION ON THE ADDENDA LOCATED AT THE END OF THE APPLICATION.
What was the Development Category of the Proposed Development: New Construction
Indicate the number of total units in the proposed Development: 56 Units
1 2 3
HC ELIGIBLE HC INELIGIBLE TOTAL
COSTS COSTS COSTS
DEVELOPMENT COSTS
Actual Construction Costs
Demolition 0.00
Commercial/Retail Space s-rote(6) ____L0_0
New Construction Activities 17,136,000.00 0.00 17,136,000.00
*Site Work(explain off-site work in detail) 400,000.00 50,000.00 450,000.00
Rehab Construction Activities 0.00 0.00
*Other(explain in detail) 100,000.00 — 0.00 100,000.00
A1.1.Actual Construction Cost $ 17,636,000.00 $ 50,000.00 $ 17,686,000.00
A11.2,General Contractor Fee"'""(3)
(Max.14%of A1.1.,column 3) $ 2,476,040.00 0.00 $ 2,476,040.00
A1.3.TOTAL ACTUAL CONSTRUCTION
COSTS $ 20,112,040.00 $ 50,000.00 $ 20,162,040.00
AIIA.HARD COST CONTINGENCY SN,1°(4) $ 1,008,102.00 $ _10.00 $ 1,008,102.00
RFA 2023-212 'Pro Forma'worksheet tab:Page 8 of 18 1410
Date Submitted: 2023-08-07 14:05:53.920 1 Form Key: 9334
RFA 2023-212 Housing Credit Viability Funding for Developments located in Monroe County that have an Active
Award of SAIL Financing and 9 Percent Housing Credits
RFA 2023-212 DEVELOPMENT COST PRO FORMA (Page 2 of 7
1 2 3
HC ELIGIBLE HC INELIGIBLE TOTAL
COSTS COSTS COSTS
General Development Costs
Professional Fees 772,500.00 260.000,00 1,032,500.00
Builder's Risk Insurance 201,690.00 0.00 201,690.00
Local Government Fees&Taxes 112,000.00 0,00 112,000.00
FHFC Costs&Fees loo Note(2) 0.00 506,666.00 506,666.00
Tenant Relocation Costs - 0.00.. 0,00
*Other(explain in detail) 664,690.00 424,000,00 1,088,690.00
A2.1.TOTAL GENERAL DEVELOPMENT
COST $ 1,750,880.00 $ 1,190,666.00 $ 2,941,546.00
A2.2.SOFT COST CONTINGENCY See Net.(4) $ 87,544.00 $ 59,533,00 $ 147,077.00
Financial Costs
Construction&Bridge Funding Costs 255,000.00 255,000.00
Permanent Funding Costs 105,000.00 105,000.00
*Other(explain in detail) 640,000.00 500,000.00 1,140,000.00
A3.TOTAL FINANCIAL COSTS $ 895,000.00 $ 605,000.00 $ 1,500,000.00
ACQUISITION COST OF EXISTING
DEVELOPMENT(excluding land)
Existing Building(s) 0.00 0.00
*Other(explain in detail) 0.00 0.00
B.TOTAL ACQUISITION COSTS OF EXISTING
DEVELOPMENT(excluding land) $ $ $
C.DEVELOPMENT COST $ 23,853,566.00 $ 1,905,199.00 25,758,765.00
(Al.3+Al.4+A2.1+A2.2+A3+B)
Developer Fee See""(`
Developer Fee on Acquisition Costs 0.00 0.00
Developer Fee on Non-Acquisition Costs 4,121,402.00 4,121,402.00
N!,a,0��
D.TOTAL DEVELOPER FEE $ 4,121,402.00 $ 4,121,402.00
IoM;Of ",,,,I,r
E.OPERATING DEFICIT RESERVES"'Note N $ 196,000,00 $ 196,000.00
�W �0
F.TOTAL LAND COST $- $ 2,800,000.00 $ 2,800,000.00
G.TOTAL DEVELOPMENT COST See Note(7) $ 27,974,968.00 $ 4,901,199.00 $ 32,876,167.00
(C+D+E+F)
RFA 2023-212 'Pro Forma'worksheet tab:Page 9 of 18 1411
Date Submitted: 2023-08-07 14:05:53.920 1 Forn-i Key: 9334
RFA 2023-212 Housing Credit Viability Funding for Developments located in Monroe County that have an Active
Award of SAIL Financing and 9 Percent Housing Credits
RFA 2023-212 DEVELOPMENT COST PRO FORMA (Page 3 of 7
Detail/Explanation Sheet
Totals must agree with Pro Forma. Provide component descriptions and amounts for each item that has been
completed on the Pro Forma that requires a detailed list or explanation.
DEVELOPMENT COSTS
Actual Construction Cost
(as listed at Item A 1.)
Off-Site Work: Off-site work includes dedicated right turn line ffromm S.(Point Drive onto US I Overseas Highway
'itdedicatedesdedicated
n' turn
"I' from US
wo C
$1 0,0 ,
1�0,eO(];,and deceleration lane from USI Overseas Highway into N entrance/exit of
00]P Pr,"t 0000 L
ro*ect $250,000
Other: Recreational Amenities including Tot Lot and Picnic PT,,11,.n[$100.000]
General Development Costs
(as listed at Item A2.)
Other: HC ELIGIBLE=Green Building Certification[$35,000];Inspection Fees[$50,000];Soil Test Report
[$10,000];Title Insurance and Recording Fees[$50,000];Utility Connection Fee[$168,000];FFE
[$150,000];Payment and Performance Bonds[$201,690];HC INELIGIBLE=Insurance[$224,0001;
Marketing/Advertising[$100,000]Title Insurance and Recording Fees[$100,000]
Financial Costs
(as listed at Item A3.)
Other: Interest[$1,000,000];FHFC Extension Fees[$140,000]
Acquisition Cost of Existing Developments
(as listed at Item 132.
Other: E
RFA 2023-212 'Pro Forma'worksheet tab:Page 10 of 18 1412
Date Submitted: 2023-88-07 14:05:53.920 1 Form Key: 9334
RFA 2023-212Housing Credit Viability Funding for Developments located in Monroe County that have anActive
Award of SAIL Financing and 9 Percent Housing Credits
nrA 2oxo-21u DEVELOPMENT COST PRO FORMA (Page 4umu
ooworauonow/ns*xeAwALvxm
Amouwr LENDER/TYPE opFUNDS
x.Total Development Costs $__32,8[�167.00
B.Construction Funding Sources:
1 First Mortgage Financing $ ����0.00_
z. Second Mortgage Financing $_________
x. Third Mortgage Financing %_________
^. Fourth Mortgage Financing $__________
o. Fifth Mortgage Financing *_________
n. Sixth Mortgage Financing $_________
r. Seventh Mortgage Financing $_________
o. Eighth Mortgage Financing $_________
o. winam Mortgage Financing $_________
1o.Tenth Mortgage Financing $ <select from
11 *o Equity Proceeds Paid Prior m
Completion vr Construction which
/o Prior m Receipt m Final Certificate
w Occupancy o,m the case of
Rehabilitation,prior mplaced-in
service date as determined by the
Applicant. $ 3,27L�73.00L
12. omoc SAIL $__-4,900\400.00-
1a. Other: $_________
14. Deferred Developer Fee(77.6%) $__ 3,198,594.00 S2 808,00nomu/omoonvo/ona,poo
oomonpm�umos m,oym,w/(o�no�°u)
15 ro�|oon��uouo^ovomes � 3uo7v1ozw
� ~~�������~
C. Construction Funding Surplus
(B^,.Total Construction Sources,
less^Total Development uosw): $ 0.00� m negative number here represents a funding,hom^ l
Met Construction Financing Threshold for sources equal n,exceed uses: voa
Each Attachment must u^listed behind its own Tab. oo NOT INCLUDE ALL ATTACHMENTS BEHIND ONE TAB.
xrAznzs'z1z 'Pro Forma'wm,xs»eet tab:Page nufzx 1413
Date Submitted: 2023-08-87 14:85:51920 1 Form Key: 9334
RFA2U23-212 Housing Credit Viability Funding for Developments located in Monroe County that have onActive
Award of SAIL Financing and 9 Percent Housing Credits
RFA 2023-212 DEVELOPMENT COST PRO FORMA (Page 5 of 7
pEnmmvswT ANALYSIS
mmouwT LENDER/TYPE npFUNDS
*^ Total Development Costs * Ig,8Z6,16Z.00
a. Permanent Funding Sources:
1 First Mortgage Financing $ ���00.00_ Regulated
z. Second Mortgage Financing $ <select
o. Third Mortgage Financing <select
4. Fourth Mortgage Financing $_________
o. Fifth Mortgage Financing *_________
s. Sixth Mortgage Financing $ <select
r. Seventh Mortgage Financing *___________
o. Eighth Mortgage Financing $_________
y. wiovm Mortgage Financing $________.
10. rv^m Mortgage Financing *_________
11. *ouynmoaoon/nc Equity Proceeds * 21,847,8L15.00L
12. omar SAIL * ����0.00_ Other
13. nmoc $__________
14. Deferred Developer Fee(usa%) * 3,52I�2.00_ ��3450,(jO_nomumm000vo/up°/pou
�omooprx�n^mo^ m,00�nv/(ao"ouu:u)
15. Total Permanent Funding Sources��v *
~� 32,876,167.00,
C. Permanent Funding Surplus
m.a Total Permanent Funding Sources,
less^Total Development wm*. $ 0.00� *negative number here represents a funding,xortmxl
Met Permanent Financing Threshold for sources equal o,exceed uses: voo
Each Attachment must ue listed behind its own Tab. oo NOT INCLUDE ALL ATTACHMENTS BEHIND ONE TAB.
npAxoaeo
'Pro Forma'wo,mxeot tab:Page zzof1x 1414
RESOLUTION NO.
A RESOLUTION OF THE MONROE COUNTY BOARD OF
COUNTY COMMISSION NOMINATING PROPERTY FOR
UP TO $2,240,000 FOR A ZERO INTEREST 50-YEAR
AFFORDABLE HOUSING CONSTRUCTION LOAN FOR
HARD CONSTRUCTION COSTS FOR DEVELOPMENT OF
56 AFFORDABLE RENTAL UNITS ON PROPERTY
LEGALLY DESCRIBED AS A PORTION OF TRACTS A
AND B, REVISED PLAT OF AMENDED PLAT OF
SUGARLOAF SHORES, SECTION F (PB 6-9) AS SHOWN
IN EXHIBIT A AND EXHIBIT B WITH PARCEL
ID#00166976-011300 AND PARCEL ID#00166976-011400.
WHEREAS, The Landings at Sugarloaf Key, LLC, (hereinafter "Developer") has a
contract to purchase a site legally described as a portion of Tracts A & B, Revised Plat
of Amended Plat of Sugarloaf Shores, Section F (PB 6-9) as shown in Exhibit A and
Exhibit B with Parcel ID#00166976-011300 and Parcel ID# 00166976-011400; and
WHEREAS, the Developer received approval of a project for 88 affordable rental units
which was later reduced through legal settlement agreement to 56 affordable rental
units; and
WHEREAS, the Developer has applied for and received a positive recommendation on
August 24, 2023 to receive $2,375,000 in Low Income Housing Tax Credits (LIHTC)
and $4,900,400 in SAIL funds from the Florida Housing Finance Corporation
(hereinafter "FHFC"); and
WHEREAS, the Developer expects to sell LIHTCs to an investor limited partner to be
selected that will provide $21,847,815 toward the project, and
WHEREAS, the Developer has indicated the project is in need of funding toward
construction because of increased construction costs, increased interest rates, and
increases in wind, flood, and builders risk insurance, since the initial FHFC award; and
WHEREAS, on August 29, 2023 the Developer requested $2,240,000 from the Land
Authority, as a zero interest, 50 year construction loan; and
WHEREAS, Monroe County desires the Monroe County Comprehensive Plan Land
Authority (hereinafter "Authority") to assist in development of Sugarloaf Landings by
providing a zero interest, 50 year construction funding loan for up to $2,240,000 on a
portion of Tracts A and B, Revised Plat of Amended Plat of Sugarloaf Shores, Section F
(PB 6-9) as shown in Exhibit A and Exhibit B, with Parcel ID# 00166976-011300 and
Parcel ID# 00166976-011400 (hereinafter "Subject Property") for affordable rental
housing; and
Page 1 of 5
1415
WHEREAS, the Developer has not bid construction as of yet and the amount of
construction loan funds requested could change; and
WHEREAS, the property owner has obtained 56 Rate of Growth Ordinance (ROGO)
allocations through reservation by the Board of County Commissioners, which will
control the maximum affordability rates for the developed affordable housing and which
may be more restrictive than those rates required by Monroe County Land Authority
Statute 380.0666 (3)(a); and
NOW, THEREFORE, BE IT RESOLVED BY THE MONROE COUNTY BOARD OF
COUNTY COMMISSIONERS THAT:
Section 1. The above recitals are true and correct and incorporated herein.
Section 2. The County hereby nominates the Subject Property for up to $2,240,000 for a
zero interest, 50-year construction funding loan for the project by the Authority.
Section 3. This resolution shall take effect immediately upon its adoption.
Page 2 of 5
1416
PASSED AND ADOPTED by the Monroe County Board of County Commission at a
regular meeting on this day of , 2024.
Mayor Holly Merrill Raschein, District 5
Mayor Pro Tern James K. Scholl, District 3
Commissioner Craig Cates, District 1
Commissioner Michelle Lincoln, District 2
Commissioner David Rice, District 4
BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA
BY:
Mayor Holly Merrill Raschein
(SEAL)
ATTEST: KEVIN MADOK, CLERK
By:
As Deputy Clerk
Approved as to form and legal sufficiency.
Nathalia Mellies Archer, Monroe County Assistant Attorney
Page 3 of 5
1417
Exhibit A
A portion of Tract A, SUGARLOAF SHORES, SECTION F, according to the Plat thereof as
recorded in Plat Book 6, Page 9 of the Public Records of Monroe County, Florida and being
more particularly described by metes and bounds as follows, to-wit:
LEGAL DESCRIPTION - PARENT PARCEL
Tract B, SUGARLOAF SHORES, SECTION F, according to the Plat thereof as recorded
in Plat Book 6, Page 9 of the Public Records of Monroe County, Florida.
LEASE AREA LEGAL DESCRIPTION -
LANDINGS PARCEL-
A portion of Tract A, SUGARLOAF SHORES, SECTION F, according to the Plat thereof as
recorded in Plat Book 6, Page 9 of the Public Records of Monroe County, Florida and being
more particularly described by metes and bounds as follows, to-wit:
BEGINNING at the intersection of the Southerly Right of Way line of U.S. Highway No. 1 as
shown on said plat of SUGARLOAF SHORES, SECTION F and the Easterly Right of Way line
of South Point Drive as shown on said plat of SUGARLOAF SHORES, SECTION F, said point
also being the Northwesterly corner of said Tract A; thence N56002'40"E along said Southerly
Right of Way line of U.S. Highway No. 1, for a distance of 515.49 feet to a point; thence
S33057'20"E and parallel with said Easterly Right of Way line of South Point Drive, for a
distance of 164.31 feet to a point; thence S56002'40"W and parallel with said Southerly Right of
Way line of U.S. Highway No. 1 for a distance of 515.49 feet to a point; thence N33057'20"W
along the said Easterly Right of Way line of South Point Drive a distance of 164.31 feet back to
the Point of Beginning. Said parcel of land contains 84,700.17 square feet, or 1.944 acres, more
or less.
Page 4 of 5
1418
Exhibit B
LEGAL DESCRIPTION - PARENT PARCEL
Tract B, SUGARLOAF SHORES, SECTION F, according to the Plat thereof as recorded in Plat
Book 6, Page 9 of the Public Records of Monroe County, Florida.
LEASE AREA LEGAL DESCRIPTION -
DOCKSIDE PARCEL-
A portion of Tract B, SUGARLOAF SHORES, SECTION F, according to the Plat thereof as
recorded in Plat Book 6, Page 9 of the Public Records of Monroe County, Florida and being
more particularly described by metes and bounds as follows, to-wit:
BEGINNING at the intersection of the Southerly Right of Way line of U.S. Highway No. 1 as
shown on said plat of SUGARLOAF SHORES, SECTION F and the Westerly Right of Way line
of South Point Drive as shown on said plat of SUGARLOAF SHORES, SECTION F, said point
also being the Northeasterly corner of said Tract B; thence S33°57'20"E along the said Westerly
Right of Way line of South Point Drive, for a distance of 300 feet to a point on the Northerly
Right of Way line of Cypress Road as shown on said plat of SUGARLOAF SHORES, SECTION
F, said point also being the Southeasterly corner of said Tract B; thence S56°02'40"W along
said Northerly Right of Way line of Cypress Road for a distance of 275.00 feet to a point of
curvature; thence continuing along said Northerly Right of Way line of Cypress Road on a curve
to the right, having a radius of 25.00 feet, a central angle of 35045'14", a chord bearing of
S73055'17"W, a chord length of 7.82 feet, for an arc length of 7.95 feet to a point; thence
N33059'48"W and leaving said curve for a distance of 297.82 feet to a point on the Southerly
Right of Way line of U.S. Highway No. 1 as shown on said plat of SUGARLOAF SHORES,
SECTION F; thence N56002'40"E along said Southerly Right of Way line of U.S. Highway No. 1
for a distance of 282.55 feet back to the Point of Beginning. Said parcel of land contains
84,711.15 square feet, or 1.945 acres, more or less.
Page 5 of 5
1419