Item G13 G13
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: G13
2023-1923
BULK ITEM: No DEPARTMENT: Land Authority Governing Board
TIME APPROXIMATE: STAFF CONTACT: Christine Hurley
9:25 AM
AGENDA ITEM WORDING: Approval of a resolution of the Monroe County Comprehensive Plan
Land Authority committing to encumber 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 subject to a Land Use Restriction Agreement (LURA).
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
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residents does not exceed 160% of AMI.
RN has indicated they have successfully secured $ 2,375,00 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.
The Monroe County Board of County Commissioners passed a resolution requesting 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.
The resolution indicates the Land Authority's willingness to fund the project up to the amount
requested, with the final amount to be determined after construction bids are included in the proforma.
ADVISORY COMMITTEE ACTION: On January 8, 2024 the Committee voted 4/0 to recommend
approval of the proposed resolution.
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:
Proposed Resolution.pdf
Rural Neighborhoods Request Letter for MCLA Construction Funding.pdf
FINANCIAL IMPACT:
1857
N/A
1858
RESOLUTION NO.
A RESOLUTION OF THE MONROE COUNTY
COMPREHENSIVE PLAN LAND AUTHORITY
COMMITTING TO ENCUMBER 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
I D#00166976-011400 SUBJECT TO A LAND U S E
RESTRICTION AGREEMENT (LURA).
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, as evidenced by Resolution XX-XXXX, 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
Page 1 of 5
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Exhibit B, with Parcel ID# 001 66976-01 1 300 and Parcel ID# 00166976-011400
(hereinafter "Subject Property") for affordable rental housing; and
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
WHEREAS, the proposed development of 56 affordable rental units on the subject
property for affordable rental housing is consistent with the policies of the County's
Comprehensive Plan and Land Development Regulations; and
WHEREAS, the Land Authority Advisory Committee added the project to the Land
Authority Acquisition List and considered this resolution on January 8, 2024 and voted
4/0 to recommend approval, provided the number of units does not exceed 56 and the
loan amount does not exceed $2,240,000;
NOW, THEREFORE, BE IT RESOLVED BY THE MONROE COUNTY
COMPREHENSIVE PLAN LAND AUTHORITY THAT:
Section 1. The above recitals are true and correct and incorporated herein.
Section 2. The Authority is hereby committing to encumber up to $2,240,000 for a zero
interest, 50-year construction funding loan for the project.
Section 3. Once the Developer has bid the construction and has a more refined cost
estimate of the development costs for the project, the Land Authority Governing Board
will review and finalize the actual loan amount to be used for hard construction costs
only and not for pre-development costs.
Section 4. Upon acceptance of funds, the Developer shall sign and record a promissory
note, mortgage, and Land Use Restriction Agreement (LURA) shown in Exhibit "C"
restricting use of the Subject Property to affordable housing in accordance with Section
380.0666(3)(a), Florida Statutes in perpetuity.
Section 5. This resolution shall take effect immediately upon its adoption.
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PASSED AND ADOPTED by the Monroe County Comprehensive Plan Land Authority
at a regular meeting on this day of 2024.
Commissioner Craig Cates
Commissioner Michelle Lincoln
Commissioner James Scholl
Commissioner Holly Raschein
Chairman David Rice
(Seal)
ATTEST: MONROE COUNTY COMPREHENSIVE
PLAN LAND AUTHORITY
Christine Hurley David P. Rice
Executive Director Chairman
Approved as to form and legality
Gregory Oropeza, Esquire
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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
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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 S56002'40"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.
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Exhibit C
BALLOON PROMISSORY NOTE
For the purposes of this Note the following definitions shall apply:
PRINCIPAL AMOUNT: $ U.S.
DATE OF NOTE: , 2024
MATURITY DATE: , 2074
INTEREST RATE: (0.00%) Zero Percent
BORROWER:
LENDER: MONROE COUNTY COMPREHENSIVE PLAN LAND
AUTHORITY, a land authority under Section 380.0663(1), Florida
Statutes and Monroe County Ordinance No. 031-1986, with an
address of 1200 Truman Avenue, Suite 207, Key West, Florida
33040
THIS PROMISSORY NOTE(the "Note") is made by Borrower for the benefit of Lender.
SUCH THAT;
FOR VALUE RECEIVED,the Borrower does hereby covenant and promise to pay to the
order of the Lender or to its successors or assigns, at the Lender's Address or at such other place
as the Lender may designate to the Borrower in writing from time to time, in legal tender of the
United States, the Principal Amount of this Note, or so much thereof as may be advanced by the
Lender pursuant to Mortgage and Security Agreement of even date herewith between the Borrower
and the Lender (together with any amendments, modifications, supplements or restatements
thereof,the"Mortgage,"the capitalized terms used herein and not otherwise defined herein having
the meanings given to such terms in said Mortgage), a lump sum balloon payment of all
outstanding principal on or before , 2074.
The Borrower will be in default under this agreement and all the documents given in
connection herewith and Lender may declare the sums secured herein immediately due and
payable upon the occurrence of any of the following Events: (i)upon any default in the payment
of any sum after the same shall become due hereunder or due by the Borrower hereof to the Lender
under any other promissory note or under any security instrument or other written obligation of
any kind now existing or hereafter created; or (ii) upon the insolvency, bankruptcy, dissolution,
death or incompetency of the Borrower, or(iii) if Borrower fails to perform any of the Affirmative
Duties to be performed by Borrower in this Agreement or any document given in connection
herewith, including but not limited to that certain Land Use Restriction Agreement executed on
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even date herewith, and such failure continues for 30 days after written notice thereof has been
given to Borrower by the Lender.
While Borrower is in default and at any time thereafter during the continuance of such
default,the Lender may, at the same or different times, declare the amount then remaining unpaid
on any notes or renewal notes issued under this Agreement to be forthwith due and payable,
anything herein contained or in any note or any renewal note to the contrary notwithstanding.
This Note and all of the other Obligations are secured by a real estate Mortgage,
Assignment, and Security Agreement of even date herewith from the Borrower to the Lender(the
"Mortgage"), encumbering real property situated in the State of Florida, to which reference is
hereby made for a description of said real property and other collateral, the nature and extent of
the security, the rights of the Lender in respect thereof and the terms and conditions upon which
this Note is issued. The Lender shall be under no duty to enforce payment out of the Collateral
securing this Note.
A default under the terms of the Mortgage or any of the other Loan Documents executed
in connection therewith shall be and constitute a default under this Note. The unpaid balance of
the Principal Amount, plus accrued and unpaid interest thereon, and all of the other Obligations,
shall become due and payable at the option of the Lender upon the happening of any event by
which said sums shall or may become due and payable under the terms of the Mortgage or the
other Loan Documents.
This Note may not be changed orally, but only by an agreement in writing, signed by the
party against whom enforcement or any waiver, change, modification or discharge is sought.
The provisions of this Note shall be construed and interpreted, and all rights and obligations
of the parties hereunder determined in accordance with the laws of the State of Florida. This note
is being executed and delivered by the Borrower to the Lender in Monroe County, Florida.
Dated this day of , 2024:
Borrower:
By:
As:
1865
This Instrument Prepared By:
Gregory S. Oropeza,Esq.
OROPEZA, STONES&CARDENAS,PLLC
221 Simonton Street
Key West,FL 33040
305-294-0252
FLORIDA DOCUMENTARY STAMP TAX IN THE AMOUNT OF $ AND INTANGIBLE TAX IN
THE AMOUNT OF$ ARE DUE WITH RESPECT TO THE NOTE DATED AND ARE
PAID AND AFFIXED TO THIS INSTRUMENT. THE PROMISSORY NOTE SECURED BY THIS
MORTGAGE IS A BALLOON MORTGAGE AND THE PRINCIPAL BALANCE OWED UPON
MATURITY IS $
MORTGAGE AND SECURITY AGREEMENT
This Mortgage and Security Agreement is made this day of between
("Mortgagor"), and MONROE COUNTY
COMPREHENSIVE PLAN LAND AUTHORITY, a land authority under Section 380.0663(1),
Florida Statutes and Monroe County Ordinance No. 031-1986, with an address of 1200 Truman
Avenue, Suite 207, Key West, Florida 33040
WITNESSETH:
WHEREAS, Mortgagor is indebted to Mortgagee in the principal sum of
and 00/100 DOLLARS ($ ), as evidenced by that certain promissory
note of even date herewith,executed by Mortgagor has delivered to Mortgagee(the"Note"),which
by reference is made a part hereof to the same extent as though set out in full herein;
NOW, THEREFORE to secure the performance by Mortgagor of all covenants and
conditions in the Note and in this Mortgage and in all other instruments securing the Note, and in
order to charge the properties, interests and rights hereinafter described with such payment and
performance and to secure additional advances, renewals, extensions and modifications thereof
and for and in consideration of the sum of Ten and No/100 Dollars ($10.00), Mortgagor does
hereby mortgage, sell, pledge and assign to Mortgagee and where applicable grant a security
interest in:
THE MORTGAGED PROPERTY
(A) All of the land in the County of Monroe, State of Florida, known as the property
located at , with a parcel identification number of 00166976-011300
& 00166976-011400, more particularly described as:
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SEE EXHIBIT"A"ATTACHED HERETO
"the Mortgaged Property"
To have and to hold the same,together with all the improvements now or hereafter erected
on such property and all fixtures now or hereafter attached thereto, together with each and every
tenements, hereditaments, easements, rights, powers, privileges, immunities and appurtenances
thereunto belonging or in anywise appertaining and the reversion and reversions, remainder and
remainders, and also all the estate, right, title, interest, homestead, right of dower, separate estate,
property, possession and claim whatsoever in law as well as in equity of Mortgagor of, in and to
the same in every part and parcel thereof unto Mortgagee in fee simple.
(B) Together with a security interest in all personal property, excluding household
goods which are not purchased with the proceeds of the Note, and fixtures affixed to or located on
the property described in paragraph(A).
(C) Together with all rents, leases, issues,profits, revenue, income proceeds and other
benefits from the property described in paragraph (A) hereof to be applied to the indebtedness
secured hereby, provided however, that permission is hereby given to Mortgagor so long as no
default has occurred hereunder,to collect,receive, and use such benefits from the property as they
become due and payable, but not in advance thereof.
(D) All insurance policies and proceeds thereof and all condemnation proceeds,awards,
damages, and claims relating to or derived from the property described in paragraphs (A), (B) and
(C) hereof.
(E) Everything referred to in paragraphs(A), (B),(C)and(D)hereof and any additional
property hereafter acquired by Mortgagor and subject to the lien of this Mortgage or any part of
these properties is herein referred to as the "Mortgaged Property."
PROVIDED ALWAYS, that if Mortgagor shall pay to Mortgagee the Note at the times
and in the manner stipulated therein and in all other instruments securing the Note, including
renewals, extension or modification thereof, and in this Mortgage and in all other instruments
securing the Note,to be kept,performed or observed by Mortgagor,then this Mortgage shall cease
and be void, but shall otherwise remain in full force and effect.
Mortgagor covenants and agrees with Mortgagee as follows:
I. Compliance with Note and Mortgage; Warranty of Title. Mortgagor shall
comply with all provisions of this Mortgage and of every other instrument securing the Note,
including but not limited that certain Land Use Restriction Agreement executed on even date
herewith by Mortgagor in favor of Mortgagee, and will promptly pay to Mortgagee the principal
and all other sums required to be paid by Mortgagor under the Note and pursuant to the provisions
of this Mortgage and of every other instrument securing the Note. Mortgagor covenants that
Mortgagor owns and is indefeasibly seized of the Mortgaged Property in fee simple, that the
Mortgaged Property is free from all encumbrances except as noted in the legal description above,
that Mortgagor has lawful authority to convey, mortgage and encumber the same as provided by
the Mortgage, that Mortgagee may peaceably and quietly enjoy the Mortgaged Property, and that
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Mortgagor will defend the Mortgaged Property against the claims of all persons whomsoever, and
that Mortgagor so warrants.
2. Payment of Taxes and Liens. Mortgagor shall pay all the taxes, assessments,
levies, liabilities, obligations and encumbrances of every nature now on the Mortgaged Property
or that hereafter may be imposed,levied or assessed upon this Mortgage or the Mortgaged Property
or upon the indebtedness secured hereby. All such payments are to be made when due and payable
according to law before they become delinquent and before any interest attaches or any penalty is
incurred.
3. Insurance. Mortgagor shall keep the Mortgaged Property and the improvements
now existing or hereafter erected on the Mortgaged Property insured as may be required from time
to time by Mortgagee against loss by fire, other hazards and contingencies (including flood hazards
and related occurrences in the event any portion of the Mortgaged Property is located in a flood
hazard area as may be identified from time to time) in such amounts and for such periods as may
be required by Mortgagee. Mortgagor shall pay promptly, when due, any premiums on such
insurance. All insurance shall be carried with companies approved by Mortgagee and the policy
and renewals thereof shall be held by Mortgagee and have attached thereto loss payable clauses in
favor of and in form acceptable to Mortgagee. In the event of loss,Mortgagor shall give immediate
notice by mail to Mortgagee and Mortgagee may make proof of loss if not made promptly by
Mortgagor. Each insurance company concerned is hereby authorized and directed to make
payments for such loss directly to Mortgagee instead of either to Mortgagor or Mortgagor and
Mortgagee jointly. Insurance proceeds or any part thereof may be applied by Mortgagee at its
option, after deducting therefrom all its expenses including attorney's fees, either to the reduction
of the indebtedness hereby secured or to the restoration or repair of the property damaged.
Mortgagee is hereby authorized, at its option, to settle and compromise any claims, awards,
damages,rights of action and proceeds,and any other payment or relief under any insurance policy.
In the event of foreclosure of this Mortgage or other transfer of title to the Mortgaged Property in
extinguishment of the indebtedness secured hereby, all right,title, and interest of Mortgagor in and
to any insurance policies then in force shall pass to the purchaser or grantee.
4. Condemnation. If the Mortgaged Property or any part thereof shall be damaged
or taken through condemnation (which term when used herein shall include any damage or taking
by any governmental authority or any other authority authorized by the laws of the State of Florida
or the United States of America to so damage or take and any transfer by private sale in lieu
thereof), either temporarily or permanently,the entire indebtedness and other sums secured hereby
shall, at the option of Mortgagee, become immediately due and payable. Mortgagee shall be
entitled to all compensations, awards, damages, claims, rights of action and proceeds of, or on
account of any damage or taking through condemnation and is hereby authorized, at its option, to
commence, appear in and prosecute, in its own or Mortgagor's name, any action or proceeding
relating to any condemnation, and to settle or compromise any claim in connection therewith. All
such compensations, awards, damages, claims, rights of action and proceeds, and any other
payments or relief, and the right thereto, are hereby assigned by Mortgagor to Mortgagee and
Mortgagee after deducting therefrom all its expenses including attorney's fees may release any
monies so received by it without affecting the lien of this Mortgage or may apply the same in such
manner as Mortgagee shall determine, to the reduction of the sums secured hereby and to any
prepayment charge provided in the Note,this Mortgage or any other instrument securing the Note.
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Any balance of such monies then remaining shall be paid to Mortgagor. Mortgagor agrees to
execute such further assignments of any compensations, awards, damages, claims,rights of action
and proceeds as Mortgagee may require.
5. Care of Mortgaged Property. Mortgagor shall not remove or demolish any
building or other property forming a part of the Mortgaged Property without the written consent
of Mortgagee. Mortgagor shall not permit, commit, or suffer any waste, impairment or
deterioration of the Mortgaged Property or any part thereof, and shall keep the same and
improvements thereon in good condition and repair. Mortgagor shall notify Mortgagee in writing
within five (5) days of any injury, damage, or impairment of or occurring on the Mortgaged
Property. Mortgagee may, at Mortgagee's discretion, have the Mortgaged Property inspected at
any time and Mortgagor shall pay all costs incurred by Mortgagee in executing such inspection.
6. Mortgagee's Right to Make Certain Payments. In the event Mortgagor fails to
pay or discharge the taxes, assessments, levies, liabilities, obligations and encumbrances, or fails
to keep the Mortgaged Property insured or to deliver the policies,premiums paid, or fails to repair
the Mortgaged Property as herein agreed, Mortgagee may at its option pay or discharge the taxes,
assessments, levies, liabilities, obligations and encumbrances or any part thereof, to produce and
pay for such insurance or to make and pay for such repairs. Mortgagee shall have no obligation
on its part to determine the validity or necessity of any payment thereof and any such payment
shall not waive or affect any option, lien equity or right of Mortgagee under or by virtue of this
Mortgage. The full amount of each and every such payment shall be immediately due and payable
and shall bear interest from the date thereof until paid at the Default Rate, as hereinafter defined,
and together with such interest, shall be secured by the lien of this Mortgage. Nothing herein
contained shall be construed as requiring Mortgagee to advance or expend monies for any of the
purposes mentioned in this paragraph.
7. Payment of Expenses. Mortgagor shall pay all the costs, charges and expenses,
including reasonable attorney's fees whether incurred at trial or appellate level, disbursements and
cost of abstracts of title, incurred or paid at any time by Mortgagee due to the failure on the part
of Mortgagor promptly and fully to perform, comply with and abide by each and every stipulation,
agreement, condition and covenant of the Note and this Mortgage. Such costs, charges and
expenses, shall be immediately due and payable, whether or not there be notice, demand, attempt
to collect or suit pending. The full amount of each and every such payment shall bear interest from
the date thereof until paid at the Default Rate, as hereinafter defined. All such costs, charges and
expenses so incurred or paid together with such interest, shall be secured by the lien of this
Mortgage and any other instrument securing the Note.
8. Additional Documents. At all times this Mortgage is in effect,upon Mortgagee's
request, Mortgagor shall make, execute and deliver or cause to be made, executed and delivered
to Mortgagee and, where appropriate, shall cause to be recorded or filed and thereafter to be re-
recorded or refiled at such time and in such places as shall be deemed desirable by Mortgagee any
and all such further mortgages, instruments of further assurance, certificates and other documents
as Mortgagee may consider necessary or desirable in order to effectuate, complete, enlarge,
perfect, or to continue and preserve the obligations of Mortgagor under the Note and this Mortgage
and all other instruments securing the Note, and the lien of this Mortgage as first and prior lien
upon all the Mortgaged Property. Upon any failure by Mortgagor to do so, Mortgagee may make,
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execute, record, file, re-record, or refile any and all such mortgages, instruments, certificates and
documents for and in the name of Mortgagor. Mortgagor hereby irrevocably appoints Mortgagee
agent and attorney-in-fact of Mortgagor to do all things necessary to effectuate or assure
compliance with this paragraph.
9. Event of Default. Any one of the following shall constitute an event of default:
(a) Failure by Mortgagor to pay, as and when due and payable,any installments
of principal or interest due under the Note, or any deposits for taxes and assessments or insurance
premiums due hereunder, or any other sums to be paid by Mortgagor hereunder or under any other
instrument securing the Note.
(b) Failure by Mortgagor to duly keep,perform and observe any other covenant,
condition or agreement in the Note, this Mortgage, any other instrument securing the Note or any
other instrument collateral to the Note, including but not limited the Land Use Restriction
Agreement executed on even date herewith, or executed in connection with the sums secured
hereby for a period of ten (10) days after Mortgagee gives written notice specifying the breach.
(c) If either Mortgagor or any guarantor or endorser of the Note: (i) files a
voluntary petition in bankruptcy, (ii) is adjudicated bankrupt or insolvent; (iii) dies or is judicially
determined to be incompetent; (iv) files any petition or answer seeking or acquiescing in any
reorganization, management, composition, readjustment, liquidation, dissolution or similar relief
for itself under any law relating to bankruptcy, insolvency or other relief for debtors, or (v) seeks
or consents to or acquiesces in the appointment of any trustee, receiver, master or liquidator of
itself or of all or any substantial part of the Mortgaged Property or of any or all of the rents,
revenues, issues, earnings,profits or income thereof, or(vi)makes any general assignment for the
benefit of creditors,or(vii)makes any admission in writing of its inability to pay its debts generally
as they become due; or(viii) a court of competent jurisdiction enters an order,judgment or decree
approving a petition filed against Mortgagor or any guarantor or endorser of the Note, seeking any
reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief
under any present or future federal, state, or other statute, law or regulation relating to bankruptcy,
insolvency or other relief for debtors, which order, judgment or decree remains unvacated and
unstayed for an aggregate of sixty (60) days whether or not consecutive from the date of entry
thereof, or(ix) any trustee, receiver or liquidator of Mortgagor of all or any substantial part of the
Mortgaged Property or of any or all of the rents, revenues, issues, earnings, profits or income
thereof, is appointed without the prior written consent of Mortgagee, which appointment shall
remain unvacated and unstayed for an aggregate of sixty (60) days whether or not consecutive.
(d) Any breach of any warranty or material untruth of any representation of
Mortgagor contained in the Note, this Mortgage or any other instrument securing the Note.
(e) The occurrence of any default under the terms of any mortgage or other
security instrument which creates a lien or other security interest on or in the Mortgaged Property.
10. Acceleration. If an event of default shall have occurred, Mortgagee may declare
the outstanding principal amount of the Note and the interest accrued thereon, and all other sums
5
1870
secured hereby, to be due and payable immediately. Upon such declaration such principal and
interest and other sums shall immediately be due and payable without demand or notice.
11. Remedies after Default. Upon an event of default, Mortgagee may proceed by
suit or suits at law or in equity or by any other appropriate proceeding or remedy to: (a) enforce
payment of the Note or the performance of any term hereof or any other right; (b) foreclose this
Mortgage and to sell, as an entirety or in separate lots or parcels, the Mortgaged Property under
the judgment or decree of a court or courts of competent jurisdiction; (c) collect all rents, issues,
profits,revenue, income and other benefits from the Mortgaged Property; (d) appoint a receiver to
enter upon and take possession of the Mortgaged Property and to collect all rents, issues, profits,
revenue, income, and other benefits thereof and apply the same as a court may direct and such
receiver shall have all rights and powers permitted under law; and (e) pursue any other remedy
available to it including, but not limited to taking possession of the Mortgaged Property without
notice or hearing to Mortgagor. Mortgagee shall take action either by such proceedings or by the
exercise of its power with respect to entry or taking possession, or both, as Mortgagee may
determine.
12. No Waiver. No delay or omission of Mortgagee or of any holder of the Note to
exercise any right, power or remedy accruing upon any event of default shall exhaust or impair
any such right,power or remedy or shall be construed to waive any event of default or to constitute
acquiescence therein.
13. Non-Exclusive Remedies. No right,power or remedy conferred upon or reserved
to Mortgagee by the Note,this Mortgage or any other instrument securing the Note is exclusive of
any other right, power or remedy, but each and every such right, power and remedy shall be
cumulative and concurrent and shall be in addition to any other right, power and remedy given
hereunder or under the Note or any other instrument securing the Note, now or hereafter existing
at law, in equity or by statute.
14. Successors and Assigns Bound. Whenever one of the parties hereto is named or
referred to herein, the heirs, successors and assigns of such parry shall be included and all
covenants and agreements contained in this Mortgage,by or on behalf of Mortgagor or Mortgagee,
shall bind and inure to the benefits of their respective heirs, successors and assigns,whether or not
so expressed.
15. Miscellaneous. In the event that any of the covenants, agreements, terms or
provisions contained in the Note,this Mortgage or any other instrument securing the Note shall be
invalid, illegal or unenforceable in any respect, the validity of the remaining covenants,
agreements, terms or provisions contained herein and in the Note and any other instrument
securing the Note shall be in no way affected,prejudiced or disturbed thereby.
16. Attorney's Fees. The term "attorney's fees"as used in this Mortgage includes any
and all legal fees of whatever nature including,but not limited to, attorneys' fees,paralegals' fees,
legal assistants' fees and fees resulting from any appeal of any interlocutory order or final
judgment or any other appellate proceeding arising out of any litigation.
6
1871
17. Obligation of Mortgagor. Mortgagor shall pay the cost of releasing or satisfying
this Mortgage of record.
18. No Transfer. It is understood and agreed by Mortgagor that as part of the
inducement to Mortgagee to make the loan evidenced by the Note, Mortgagee has considered and
relied on the creditworthiness and reliability of Mortgagor. Mortgagor covenants and agrees not
to sell, convey, transfer, lease or further encumber any interest in or any part of the Mortgaged
Property without the prior written consent of Mortgagee, and any such sale, conveyance, transfer,
lease or encumbrance made without Mortgagee's prior written consent shall be void. If any person
should obtain an interest in all or any part of the Mortgaged Property pursuant to the execution or
enforcement of any lien, security interest or other right, whether superior, equal or subordinate to
this Mortgage or the lien hereof, such event shall be deemed to be a transfer by Mortgagor and an
event of default hereunder.
19. Default Rate. The Default Rate shall be the highest rate permitted by applicable
law.
20. Changes to Mortgage. No modifications to this Mortgage or to any other loan
document executed in connection herewith shall be valid or effective unless the same is in writing
and signed by Mortgagor and Mortgagee.
21. Documentary Stamp Tax/Intangible Tax. Mortgagor, its heirs, personal
representatives, successors and assigns, indemnify and agree to defend and hold Mortgagee
harmless against Florida documentary stamp and intangible taxes, if any,imposed upon Mortgagee
by virtue of its execution and acceptance of this document or its ownership of the Note, and as
from time to time further modified and restated, including any penalties, interest, and attorneys'
fees incurred by Mortgagee in connection therewith, and all such charges shall be secured by the
lien of the Mortgage, and as from time to time amended, and bear interest at the default rate
provided in the Note from the date of advance by Mortgagee until paid by Mortgagor. The
provisions of this paragraph shall survive the repayment of the Note and the indebtedness
evidenced thereby, and satisfaction of the Mortgage, and shall continue for so long as a claim may
be asserted by the State of Florida or any of its agencies.
Signature Page Immediately Following
7
1872
IN WITNESS WHEREOF, this instrument has been executed on the date first above
written.
WITNESSES:
By:
Print Name:
Print Name:
STATE OF FLORIDA
COUNTY OF .
The foregoing instrument was acknowledged by means of physical presence before me this
day of by as
of
Notary Public
Print Name:
My Commission Expires:
Personally Known (OR) Produced Identification
Type of identification produced
8
1873
THIS INSTRUMENT PREPARED
BY AND RETURN TO:
Gregory S.Oropeza,Esq.
Oropeza,Stones,&Cardenas,PLLC
221 Simonton Street
Key West,FL 33040
LAND USE RESTRICTION AGREEMENT
VACANT LAND SUGARLOAF KEY, FLORIDA
PARCEL IDENTIFICATION NUMBERS 00166976-011400 & 00166976-011300
THIS LAND USE RESTRICTION AGREEMENT (hereinafter "Agreement") is made
and entered into as of the day of , 20 , between
(hereinafter "Grantor" and the MONROE COUNTY
COMPREHENSIVE PLAN LAND AUTHORITY, a land authority pursuant to section
380.0663(1), Florida Statutes and Monroe County Ordinance No. 031-1986 (hereinafter "Land
Authority"), and their respective successors and assigns.
RECITALS
A. This Agreement pertains to the real property located on Sugarloaf Key, Florida
bearing Parcel Identification Numbers 00166976-011400 & 00166976-011300 as more
particularly described in Exhibit"A" attached hereto and incorporated herein (the "Property").
B. In accordance with Land Authority Resolution No, the Land
Authority approved financing in the amount of for the purpose of
development of affordable housing on the Property.
C. As a condition of extending a loan to Grantor for development of affordable
housing on the Property, Grantor has agreed that the Property shall comply with the
affordable housing requirements specified herein.
NOW, THEREFORE, in consideration of the mutual covenants and undertakings set
forth herein, and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, Grantor and Land Authority do hereby contract and agree as follows:
ARTICLE I
COMPLIANCE WITH LAND AUTHORITY REQUIREMENTS
In order to comply with the Land Authority's requirements pursuant to Section
380.0663(1), et seq., Florida Statutes and Monroe County Ordinance No. 031-1986, Grantor
hereby covenants and agrees as follows:
Page 1 of 6
1874
1.01 The restrictions contained in this Article I shall not expire, shall run with the Property in
perpetuity and shall be binding upon Grantor, its successors, or assigns.
1.02 Use of the Property shall be restricted to the provision of affordable housing for families
or households whose income does not exceed 160% of the Area Median Income. Nothing
herein shall preclude Monroe County or any other entity providing affordable housing on
the Property from setting more restrictive income limits than those imposed by this
Agreement.
1.03 The Grantor is responsible for ensuring compliance with the restrictions in this Article I
and expressly agrees to furnish, upon the Land Authority's request, written certification
thereof.
ARTICLE II
CONSIDERATION
In addition to other purposes, the Land Authority has extended a loan to Grantor for the
Property as an inducement to the Grantor to restrict use of the Property to affordable housing in
perpetuity. In consideration of said Land Authority extension of a loan for the foregoing purposes,
the Grantor and the Land Authority have entered into this Agreement.
ARTICLE III
RELIANCE
In performing its duties hereunder, the Land Authority may rely upon statements and
certificates of the Grantor, its tenants, and the residents of the Property believed to be genuine and
to have been executed by the proper person or persons, and upon audits of the books and records
of Grantor pertaining to occupancy of the Property.
ARTICLE IV
TERM
This Agreement shall become effective upon its execution and delivery and shall remain
in full force and effect without expiration,unless modified by mutual written consent of the parties.
ARTICLE V
ENFORCEMENT
If Grantor defaults in the performance of its obligations under this Agreement or breaches
any material covenant, agreement or warranty of Grantor set forth in this Agreement, and if such
default remains uncured for a period of thirty (30)days after written notice thereof shall have been
given by the Land Authority to Grantor, then the Land Authority may take any action at law or in
equity or otherwise to address said default(s). However, if the default stated in such notice can be
corrected, but not within the thirty (30) day period, and if Grantor adopts a plan to correct or cure
the default and commences the correction within the thirty (30) day period (subject to any rights
Page 2 of 6
1875
of tenants in possession of units under a valid lease agreement), and thereafter diligently pursues
the same to completion within such extended period, the Land Authority shall not have waived its
right of enforcement if the default remains uncured after the expiration of the extended cure period.
ARTICLE VI
RECORDING AND FILING; COVENANTS TO RUN WITH THE LAND
6.01. Upon execution Grantor shall cause this Agreement and all amendments and
supplements hereto to be recorded and filed in the official public records of Monroe County and
shall pay all fees and charges incurred in connection therewith.
6.02 This Agreement and the covenants contained herein shall run with the land and
shall bind, and the benefits shall inure to, respectively, Grantor and Land Authority and their
respective successors and assigns during the term of this Agreement.
ARTICLE VII
GOVERNING LAW
This Agreement shall be governed by and construed in accordance with the laws of the
State of Florida, with respect to both substantive rights and with respect to procedures and
remedies.
ARTICLE VIII
NOTICE AND EFFECT
All notices and other communications to be made or permitted to be made hereunder shall
be in writing and shall be delivered to the addresses shown below or to such other addresses that
the parties may provide to one another in accordance herewith. Such notices and other
communications shall be given by any of the following means: (a)personal service or(b)national
express air courier, provided such courier maintains written verification of actual delivery. Any
notice or other communication given by the means described in subsection (a) or (b) above shall
be deemed effective upon the date of receipt or the date of refusal to accept delivery by the parry
to whom such notice or other communication has been sent.
Land Authority: Monroe County Land Authority
1200 Truman Avenue, Suite 207
Key West, FL 33040
Attention: Executive Director
Grantor:
Any parry may change said address by giving the other parties hereto notice of such change
of address in accordance with the foregoing provisions.
Page 3 of 6
1876
ARTICLE IX
MISCELLANEOUS
9.01. If any provision of this Agreement shall be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining portions shall not in any way be affected or
impaired.
9.02. This Agreement may be simultaneously executed in multiple counterparts, all of
which shall constitute one and the same instrument and each of which shall be deemed to be an
original.
Page 4 of 6
1877
COUNTERPART SIGNATURE PAGE TO
LAND USE RESTRICTION AGREEMENT
IN WITNESS WHEREOF, Grantor and Land Authority have caused this Agreement to
be signed, sealed and attested on their behalf by duly authorized representatives, all as of the date
first set forth above.
WITNESSES: Grantor
Print:
By:
STATE OF FLORIDA
COUNTY OF MONROE
The foregoing instrument was acknowledged before me by means of physical presence this
day of 20 by Said
person is personally known to me or has produced a valid driver's license as identification.
Notary Public; State of Florida
Print Name:
My Commission Expires:
My Commission No.:
Page 5 of 6
1878
COUNTERPART SIGNATURE PAGE TO
LAND USE RESTRICTION AGREEMENT
IN WITNESS WHEREOF, Grantor and Land Authority have caused this Agreement to
be signed, sealed and attested on their behalf by duly authorized representatives, all as of the date
first set forth above.
WITNESSES: MONROE COUNTY COMPREHENSIVE PLAN
LAND AUTHORITY
Print:
By:
David P. Rice, Chairman
Print:
Address: 1200 Truman Avenue, Suite 207
Key West, FL 33040
Approved as to form and legality [SEAL]
Gregory S. Oropeza, Esq.
STATE OF FLORIDA
COUNTY OF MONROE
The foregoing instrument was acknowledged before me by means of physical presence
this day of 20_, by David P. Rice, as Chairman of the MONROE
COUNTY COMPREHENSIVE PLAN LAND AUTHORITY, a land authority pursuant to section
380.0663(1),Florida Statutes and Monroe County Ordinance No. 031-1986, on behalf of the Land
Authority. Said person is personally known to me or has produced a valid driver's license as
identification.
Notary Public; State of Florida
Print Name:
My Commission Expires:
My Commission No.:
Page 6 of 6
1879
RURAL NEIGHBORHOODS
&j11c1 r7g- livable Places for Worki77g Famllles
Post Office Box 343529, 19308 SW 38011 Street, Florida City, FL 33034
Telephone 305-242-2142 Facsimile 305-242-2143
eighbo orkr
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%
55 98.214% jn i�J/ O`
„ Total Qualifying HC Units
!I rW01A
56 100.000% 9r�?fo,or��ia%l�s i✓ Total Units
��✓ ri✓hljj%✓�'y r✓?� /f� Average AMI of the
%,, <rfr;r j ,/„% , ,l;,✓i ,'r✓✓ ;%G 1,:;,, 60.000% Qualifying units
1880
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
1881
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 n Kirk
resident
1882
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
At 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 6748,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)
0.00
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 1,e 1,t.(3)
(Max.14%of A1.11.,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
A1.4.HARD COST CONTINGENCY SN*1e(4) $ 1,008,102.00 $ 0.00 $ 1,008,102.00
RFA 2023-212 'Pro Forma'worksheet tab:Page 8 of 18 1883
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 1.Net.(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 So,Net.(4) $ 87,544.00 $ 59,533.00 $ 147,077.00
Max "o
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 so'""n)
Developer Fee on Acquisition Costs 0.00 0.00
A 1,,,<(,i:(6,,t
Developer Fee on Non-Acquisition Costs 4,121,402.00 4,121,402.00
D.TOTAL DEVELOPER FEE $ 4,121,402.00 $ 4,121,402.00
IoM;Of ,;,1, v., zO
E.OPERATING DEFICIT RESERVES"'"'to N $ 196.000.00 $ 196,000.00
n0
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 1884
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 3 of 71
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 A1.)
Off-Site Work: el
work includes dedicated right turn lane from S.Point Drive onto US Overseas Highway
00];and dedicated deceleration lane from US1 Overseas Highway into N entrance/exit of
[$250,000]
1
Other: Recreational Amenities including Tot Lot and Picnic Pavillion[$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[$224,000];
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 82.)
Other:
RFA 2023-212 'Pro Forma'worksheet tab:Page 10 of 18 1885
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 4 of 7)
CONSTRUCTION/REHAB ANALYSIS
AMOUNT LENDER/TYPE OF FUNDS
A.Total Development Costs $ 32,876,167.00
B.Construction Funding Sources:
1. First Mortgage Financing $ 21,500,000.00 Regulated Mortgage Lender
2. Second Mortgage Financing $ <select from menu>----
3. Third Mortgage Financing $ <select from menu>
4. Fourth Mortgage Financing $ <select from menu>
5. Fifth Mortgage Financing $ <select from menu>
6. Sixth Mortgage Financing $ <select from menu>
7. Seventh Mortgage Financing $ <select from menu>
8. Eighth Mortgage Financing $ <select from menu>
9. Nineth Mortgage Financing $ <select from menu>
10.Tenth Mortgage Financing $ <select from menu>---
11. HC Equity Proceeds Paid Prior to
Completion of Construction which
is Prior to Receipt of Final Certificate
of Occupancy or in the case of
Rehabilitation,prior to placed-in
service date as determined by the
Applicant. $ 3,277,173.00
12. Other: SAIL $ 4,900,400.00 Other
13. Other: $ <select from rri
14. Deferred Developer Fee(77.6%) $ 3,198,594.00 vl 808,()0 Rem a in I)CvOk-)Jj ' I ce
-
fo,0 fnrral Ra",rm(d,(J)
15.Total Construction Sources $ 32,876,167.00
C. Construction Funding Surplus
(B.15,Total Construction Sources,
less A.Total Development Costs): $ 0.00 (A negative number here represents a funding shortfall.)
Met Construction Financing Threshold for sources equal or exceed uses: Yes
Each Attachment must be listed behind its own Tab. DO NOT INCLUDE ALL ATTACHMENTS BEHIND ONE TAB.
RFA 2023-212 'Pro Forma'worksheet tab:Page 11 of 18 1886
Date Submitted: 2023-08-87 14:85:51920 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 5 of 7
pEnmmvswT ANALYSIS
mwouwr LENDER/TYPE nrFUNDS
*. Total Development Costs * 2��6,y67.y0
a. Permanent Funding Sources:
1 p/mt Mortgage Financing $__2,600,000.00L Regulated Mortgage Lender
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. miovm Mortgage Financing $_________
10. ro^m Mortgage Financing *_________
11. *ouynmoanon/nc Equity Proceeds * 21�7,81§.00L
12. omar SAIL * 4,900,400.00_ Other
13. nmoc $__________
14. Deferred Developer Fee(uaa%) * 3,52I�2.00_ S___������_nomumm000va/up°/poo
�omoopron^ma^ m,00mna/(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 c=w. $ 0.00� m negative number here represents a funding,xortmol
Met Permanent Financing Threshold for sources equal n,exceed uses: voo
Each Attachment must ue listed behind its own Tab. oo NOT INCLUDE ALL ATTACHMENTS BEHIND ONE TAB.
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