Item G11 G11
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
October 16, 2024
Agenda Item Number: G11
2023-2870
BULK ITEM: No DEPARTMENT: Land Authority Governing Board
TIME APPROXIMATE: STAFF CONTACT: Cynthia Guerra
9:25 AM
AGENDA ITEM WORDING:
Approval of a Resolution of the Monroe County Comprehensive Plan Land Authority approving
$6,170,457 for construction funding to the City of Key West for 28 homeownership units on property
legally described in Exhibit A with ID# 00001630-000801, 318 Fort Street, Key West, Florida, 33040,
subject to a Land Use Restriction Agreement (LURA) restricting income limits for households
purchasing the units found in Exhibit B, inclusive of an Individual Land Use Restriction (LURA) to be
recorded upon purchase of individual condominium units, and authorizing the Chairman to execute
documents in support of the project.
ITEM BACKGROUND:
The City of Key West is developing 28 new units at The Lofts located at 318 Fort Street in Key West
with Bahama Village on Fort, LTD, consisting of 18 two bedroom units and 10 three bedroom units.
Key West adopted Resolutions requesting funding as follows:
Resolution 22-290: $4,028,250
Resolution 23-289: $ 900,000
Resolution 24-185: $1,242,207
$6,170,457
Each unit will be subsidized based on unit type and income level as follows:
INDIVIDUAL SUBSIDY AMOUNT PER UNIT TYPE
Initial Subsidy Non- Income Maximum Bedroom Total
#of Units Street Purchase Subsidized Purchase
Price/Unit Investment/Unit Cost/Unit Level Price/Unit Size Subsidy
2 710Fort 110,571.00 �$80,578.00 $161,156.00 Very-Low 60%AMIx 2-Bedroom $161,156
Street 0.75
2799
I Street
$89
'484.00 $89' AM Fort 485.00 $178 969.00 Very-Low 60% x
I* 3-Bedroom $89,485
7 710 Fort $161,156.00$107,438.00 $268,594.00 Low 61%-80% 1.5 x AMI* 2-Bedroom $752,066
Street
4 710 Fort $178,969.00$119,312.00 $298,281.00 Low 61%-80% 1.5 x AMI* 3-Bedroom $477,248
Street
9 710 Fort $376 031.00$322 313.00 $698 344.00 Median/Middle 3.5 x AMI* 2-Bedroom $2 900 817
Street 81%-140%
5 710 Fort $417 594.00$357 937.00 $775 531.00 Median/Middle 3.5 x AMI* 3-Bedroom $1 789 685
Street 81%-140%
TOTAL $6,170,457
Funds will be disbursed to the City of Key West upon recordation of the condominium documents.
Units are deed restricted in perpetuity at income limits less than 160% of Area Median Income. Key
West may deed restrict the units further, based on the income levels they wish to serve as shown above
in the table. Subsidy amounts are assumable by a future purchaser of a condominium unit, upon proof
of income eligibility.
ADVISORY COMMITTEE ACTION: On September 25, 2024 the Committee voted 510 to
recommend approval.
PREVIOUS RELEVANT BOCC ACTION:
N/A
INSURANCE REQUIRED:
No
CONTRACT/AGREEMENT CHANGES:
N/A
STAFF RECOMMENDATION: Approval
DOCUMENTATION:
KeyWestBaha aVillage3.2Acres20MCLAResolAcgListFunding-GB.pdf
KeyWestBahamaVillage3.2Acres 11 KWResol22-290requesting$4,028,250.pdf
KeyWestBahamaVillage3.2Acres 161,'WResol23 m289requesting$900,000AdditionalFunding.pdf
FINANCIAL IMPACT:
N/A
2800
RESOLUTION NO.
A RESOLUTION OF THE MONROE COUNTY
COMPREHENSIVE PLAN LAND AUTHORITY APPROVING
$6,170,457 FOR CONSTRUCTION FUNDING TO THE CITY OF
KEY WEST FOR 28 HOMEOWNERSHIP UNITS ON PROPERTY
LEGALLY DESCRIBED IN EXHIBIT A WITH ID# 00001630-
000801, 318 FORT STREET, KEY WEST, FLORIDA, 33040,
SUBJECT TO A LAND USE RESTRICTION AGREEMENT
(LURA) RESTRICTING INCOME LIMITS FOR HOUSEHOLDS
PURCHASING THE UNITS FOUND IN EXHIBIT B, INCLUSIVE
OF AN INDIVIDUAL LAND USE RESTRICTION AGREEMENT
(LURA) TO BE RECORDED UPON PURCHASE OF INDIVIDUAL
CONDIMINIUM UNITS, AND AUTHORIZING THE CHAIRMAN
TO EXECUTE DOCUMENTS IN SUPPORT OF THE PROJECT.
WHEREAS, the Naval Properties Local Redevelopment Authority of the City of Key West
(hereinafter KW) are partnering to develop a site located at 318 Fort Street in Key West with
Bahama Village on Fort, LTD., with 98 rental units and 28 condominium for sale units consisting
of 18 two bedroom units and 10 three bedroom units known as the 3.2 Acres Site (hereinafter
Subject Project); and
WHEREAS, the Key West City Commission has adopted Resolution 22-290 requesting
$4,028,250, Resolution 23-289 requesting $900,000, and Resolution 24-185 requesting
$1,242,207 for a total of $6,170,457 from the Land Authority toward construction 28
condominium "for sale" units to be reserved for homeownership in order to provide these units
to lower income households/families on the Subject Project; and
WHEREAS, Section 380.0666(3)(a), Florida Statues, empowers the Monroe County
Comprehensive Plan Land Authority (hereinafter "Land Authority") to contribute tourist impact
tax revenue to the City of Key West for the construction of affordable housing in Key West; and
WHEREAS, the Subject Project will provide affordable housing to persons whose income does
not exceed 160 percent of the Area Median Income in accordance with section 380.0666(3)(a),
Florida Statues or less if required by the City of Key West; and
WHEREAS, the Land Authority Advisory Committee considered this resolution at a meeting held
on September 25, 2024 and voted 5/0 to recommend approval; NOW, THEREFORE,
BE IT RESOLVED BY THE MONROE COUNTY COMPREHENSIVE PLAN LAND
AUTHORITY:
Section 1. The above recitals are true and correct and incorporated herein.
Section 2. The Land Authority hereby approves $6,170,457 in construction funding for the
Subject Project as a grant to City of Key West in exchange for a deed restriction (Land Use
Restriction Agreement [LURA]) incorporated hereto as Exhibit B, that requires all units
constructed with Land Authority funding to be owned by families whose income does not exceed
160 percent of median family income for the area at the time of purchase, which applies to 28
ownership units that may be located on the real property described in the legal description
2801
attached hereto and incorporated herein as Exhibit A. Nothing in the LURA shall preclude the
City of Key West or any other entity from setting more restrictive income limits.
Section 3. Said funds shall be disbursed to KW upon recordation of the condominium
documents. The City of Key West will record the Land Use Restriction Agreement (LURA) for
Individual Units, found in Exhibit D, of the LURA attached as Exhibit B with the subsidy amount
per unit as a lien at each closing on each condominium unit. The subsidy amount is
transferrable when a subsequent sale of a condominium unit occurs.
Section 4. The Land Authority Chairman and Executive Director are hereby authorized to
execute documents in support of the City of Key West project, as may be required by the Florida
Housing Finance Corporation or any other granting agency attesting to said funding
commitment by the Land Authority.
Section 5. This resolution shall take effect immediately upon its adoption.
PASSED AND ADOPTED by the Monroe County Comprehensive Plan Land Authority at a
regular meeting on this day of , 2024.
(Seal)
Commissioner Craig Cates
Vice Chairwoman Michelle Lincoln
Commissioner Holly Raschein
Commissioner James Scholl
Chairman David Rice
ATTEST: MONROE COUNTY
COMPREHENSIVE PLAN LAND
AUTHORITY
Cynthia Guerra David Rice
Acting Executive Director Chairman
Approved as to form and legality:
Greg Oropeza, Esquire
2802
Page 2 of 2
EXHIBIT"A"
LEGAL DESCRIPTION OF PROPERTY
A PORTION OF THE LANDS DESCRIBED IN A QUITCLAIM DEED FROM THE U.S.
GOVERNMENT (GRANTOR) TO THE CITY OF KEY WEST (GRANTEE) AS RECORDED IN
OFFICIAL RECORDS BOOK 1839, PAGE 410, OF THE PUBLIC RECORDS OF MONROE
COUNTY, FLORIDA, DESCRIBED AS:
A PORTION OF LAND LOCATED ON THE ISLAND OF KEY WEST, MONROE COUNTY,
FLORIDA, SAID PARCEL ALSO LOCATED IN TRUMAN ANNEX (FORMERLY U.S. NAVY)
AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCE AT THE NATIONAL OCEAN SURVEY TRIANGULATION STATION, GSL,
BEING A BRASS DISC SET IN CONCRETE, LOCATED ON THE OUTER MOLE OF
TRUMAN ANNEX, THE COORDINATES OF WHICH ARE N 81,406.14 AND E 386,795.78
(1983/89), BASED ON THE U.S. COAST AND GEODETIC SURVEY MERCATOR GRID
COORDINATE SYSTEM WHICH HAS FOR ITS ZERO COORDINATE A POINT OF
LATITUDE NORTH 24020'00" AND 500.00 FEET WEST OF LONGITUDE WEST 81000,00"
THENCE N 74038'54" E, A DISTANCE OF 901.39 FEET TO THE POINT OF BEGINNING OF
THE LANDS GRANTED TO THE CITY OF KEY WEST AS DESCRIBED IN OFFICIAL
RECORDS BOOK 1839, PAGE 410 OF SAID PUBLIC RECORDS; THENCE ALONG THE
BOUNDARY OF THE LANDS AS DESCRIBED IN SAID QUITCLAIM DEED FOR THE
FOLLOWING EIGHT (8) COURSES AND DISTANCES: N 88001'07" E, A DISTANCE OF
57.69 FEET (1); THENCE N 01°52'38" W, A DISTANCE OF 2.77 FEET (2); THENCE N
88013'17" E, A DISTANCE OF 19.93 FEET (3); THENCE S 19°53'46" E, A DISTANCE OF
549.69 FEET (4); THENCE S 00020'55" E, A DISTANCE 409.16 FEET (5); THENCE N
89049'18" E, A DISTANCE OF 100.84 FEET (6); THENCE S 33056'54" E, A DISTANCE OF
842.47 FEET (7) TO THE NORTHWEST RIGHT-OF-WAY OF ANGELA STREET; THENCE S
55059'51" W ALONG SAID RIGHT-OF-WAY, A DISTANCE OF 105.64 FEET (8) TO THE
SOUTHWESTERLY RIGHT-OF-WAY OF FORT STREET ACCORDING TO THE CITY OF
KEY WEST STREET MAP DATED MAY 26, 1955; THENCE S 33°54'27" E, ALONG SAID
RIGHT-OF-WAY, A DISTANCE OF 52.55 FEET TO THE POINT OF BEGINNING OF THE
SALE PARCEL HEREIN DESCRIBED; THENCE CONTINUE S 33°54'27" E ALONG SAID
RIGHT-OF-WAY, 233.94 FEET TO A LINE BEING 33.00 FEET SOUTH OF AND PARALLEL
WITH THE SOUTHEASTERLY BOUNDARY LINE AND ITS NORTHEASTERLY EXTENSION
OF TACTS TOWER AS DESCRIBED IN OFFICIAL RECORDS BOOK 1839, PAGE 410, OF
SAID PUBLIC RECORDS; THENCE S 56°05'33" W ALONG SAID PARALLEL LINE, A
DISTANCE OF 305.76 FEET; THENCE N 33°49'42" W, 33.00 FEET TO THE
SOUTHEASTERN BOUNDARY LINE OF SAID TACTS TOWER; THENCE N 56005'33" E
ALONG SAID BOUNDARY, A DISTANCE OF 175.87 FEET TO THE NORTHEAST
BOUNDARY OF SAID TACTS TOWER; THENCE N 33054'27" W ALONG SAID BOUNDARY,
100.00 FEET; THENCE S 56°05'33" W A DISTANCE OF 24.17 FEET; THENCE N 33054'27"
W, 30.82 FEET; THENCE N 56°58'05" W, 15.81 FEET; THENCE N 33°01'55" E, 37.25 FEET;
THENCE S 56058'05" E, 25.40 FEET; THENCE N 56005'33" E, 30.69 FEET; THENCE N
33054'27" W, 35.41 FEET; THENCE N 56005'33" E, 15.48 FEET; THENCE N 12°49'09" E,
42.22 FEET; THENCE N 56°05'33" E, 39.07 FEET TO THE SOUTHWESTERLY RIGHT-OF-
WAY OF FORT STREET AND THE POINT OF BEGINNING.
SAID LANDS LYING WITHIN SECTION 6, TOWNSHIP 68 SOUTH, RANGE 25 EAST, CITY
OF KEY WEST, MONROE COUNTY, FLORIDA.
2803
EXHIBIT B
LAND USE RESTRICTION AGREEMENT
BAHAMA VILLAGE CONDOMINIUM, KEY WEST, FLORIDA
PARCEL IDENTIFICATION NUMBERS 00001630-000801
2804
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
BAHAMA VILLAGE CONDOMINIUM, KEY WEST, FLORIDA
PARCEL IDENTIFICATION NUMBERS 00001630-000801
THIS LAND USE RESTRICTION AGREEMENT (hereinafter "Agreement") is made
and entered into as of the day of ,2024,between the BAHAMA VILLAGE
ON FORT, LTD., a Florida limited partnership (hereinafter "Grantor"), THE NAVAL
PROPERTIES LOCAL REDEVELOPMENT AUTHORITY OF THE CITY OF KEY WEST
(hereinafter "Navy Redevelopment Authority"), THE CITY OF KEY WEST, FLORIDA
(hereinafter the "City"), 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 Key West, Florida bearing
Parcel Identification Number 00001630-000801 as more particularly described in Exhibit "A"
attached hereto and incorporated herein (the "Property"); and
B. The Navy Redevelopment Authority,a dependent district of the City,as the fee title
holder of the Property and Grantor, as tenant, entered into that certain Ground Lease Agreement
dated July 15, 2022, recorded on July 19, 2022, in Official Records Book 3185, Page 1, Public
Records of Monroe County, Florida, as amended by that certain Amendment to Ground Lease
Agreement dated November 13, 2023,recorded on November 14, 2023, in Official Records Book
3250, Page 2166, Public Records of Monroe County, Florida for the lease of the Property to
Grantor together with that certain Declaration of Affordable Housing Restrictions dated July 15,
2022 and recorded on July 20, 2022 in Official Records Book 3185, Page 113, Public records of
Monroe County, Florida; and
C. At the request of the City and in accordance with Land Authority Resolution No
the Land Authority approved construction funding in the amount of
Six Million One Hundred Seventy Thousand Four Hundred Fifty-Seven and 00/100 Dollars
($6,170,457.00) for the purpose of reducing the sales price of twenty-eight (28) newly
constructed home ownership condominium units located on the Property; and
D. Grantor intends to sell the twenty-eight (28) individual condominium units, which
at the time of the initial sale of each unit, each purchaser shall execute a Land Use Restriction
100297510-v3} 1
2805
Agreement for Individual Units (the"Unit LURA")memorializing the individual per unit subsidy
specific to the respective unit in accordance with the schedule set forth on Exhibit`B"hereto; and
E. As a condition of extending funding to the City to provide for development of
affordable housing on the Property, the City, Navy Redevelopment Authority and Grantor
have agreed that the Property shall comply with the affordable housing requirements specified
herein; and
F. TRUIST BANK ("Truist"), holds a first mortgage encumbering the Property
described in that certain Leasehold Mortgage, Assignment of Rents, Security Agreement and
Fixture Filing dated as of March 11, 2024 which is recorded in Official Records Book 3266 at
Page 1069, aforesaid records, and has consented to this Agreement as set forth in the Joinder
attached hereto and incorporated herein as Exhibit"C".
G. Subsequent to the filing of this Agreement, the Property will be submitted to
condominium form of ownership. The Declaration of Condominium of Bahama Village
Condominium(the"Declaration of Condominium")to be recorded to form the condominium form
of ownership shall incorporate therein the requirements of this Agreement.
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, City, Navy Redevelopment Authority 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, City
and Navy Redevelopment Authority hereby covenant and agree as follows:
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, City and Navy Redevelopment Authority,
their respective 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 prevailing Area Median Income
for Monroe County,adjusted for assumed household size based on the number of bedrooms
in the unit. Nothing herein shall preclude the City or any other entity providing affordable
housing on the Property from setting more restrictive income limits than those imposed by
this Agreement, including but not limited to, the Declaration of Affordable Housing
Restrictions dated July 15, 2022,in Official Records Book 3185,Page 113,Public Records
of Monroe County,Florida. Subsidy amounts provided by the Land Authority are set forth
on the schedule in Exhibit`B" attached hereto and incorporated herein.
100297510-A 1 2
2806
1.03 At the time of the initial sale of each unit, each purchaser shall execute a Unit LURA on a
form substantially similar to the form attached hereto as Exhibit"D".
1.04 The City shall be responsible for ensuring compliance with the restrictions in this Article I
to the extent of confirming compliance for income eligibility and purchase restrictions at
initial sales and subsequent resales.Nothing herein shall be implied to require that the City
or the Navy Redevelopment Authority shall be responsible for enforcing the conditions,
limitations or restrictions contained in the Declaration of Condominium referred to in
paragraph G above.
1.05 All of the twenty-eight (28) condominium units shall be sold to third party purchasers in
compliance with this Agreement within twenty-four (24) months from the time each unit
obtains a certificate of occupancy.
ARTICLE II
CONSIDERATION
In addition to other purposes, the Land Authority agrees to issue construction funds of
$6,170,457.00 to the City after the City has entered into an agreement with the Grantor
outlining how funding will be disbursed to the Grantor and after a written request has been
forwarded to the Executive Director of the Land Authority, for use by the Grantor, to buy
down the cost of each individual condominium unit to an affordable level as defined by the
City, as shown in Exhibit `B". In consideration of said Land Authority extension of
funding for the foregoing purposes, the City, Grantor,joined by the Navy Redevelopment
Authority and the Land Authority have entered into this Agreement. The City agrees to
provide at the time of conveyance, each time one of the 28 units is conveyed, a closing
statement, prior to closing, that shows the purchase price and subsidy amount, as well as
income qualification information demonstrating the purchaser of the unit annual income is
less than 160% of the prevailing Area Median Income for Monroe County.
ARTICLE III
RELIANCE
In performing its duties hereunder, the Land Authority may rely upon statements and
certificates of the City and Grantor, purchasers, 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 City and 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.
100297510-A 1 3
2807
ARTICLE V
ENFORCEMENT
If Grantor or City default in the performance of its obligations under this Agreement or
breaches any material covenant, agreement or warranty of Grantor or City 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, City, and Truist (the "Cure
Period"), then the Land Authority may take any action at law or in equity or otherwise to address
said default(s), including, but not limited to an action to recover on a per unit basis the funding
provided in accordance with Exhibit `B" for non-compliance with Article 1.04 above. However,
if the default stated in such notice can be corrected,but not within the Cure Period, and if Grantor
and City adopt a plan to correct or cure the default and commences the correction within the Cure
Period, and thereafter diligently pursues the same to completion within such extended period as
may be agreed upon between the parties, the Land Authority shall not have waived its right of
enforcement if the default remains uncured after the expiration of the extended cure period.
The Land Authority hereby agrees that Truist shall have the right,but not the obligation,to provide
a cure of Grantor's default,and should Truist offer to cure Grantor's default during the Cure Period
or any agreed upon extended time thereafter,the Land Authority hereby agrees to accept such cure
by Truist as if the cure had been made by Grantor.
ARTICLE VI
RECORDING AND FILING; COVENANTS TO RUN WITH THE LAND
6.01. Upon execution Grantor and City 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, City, Navy Redevelopment
Authority and Land Authority and their respective successors and assigns during the term of this
Agreement.
ARTICLE VII
GOVERNING LAW
100297510-A 1 4
2808
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 party
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: Bahama Village on Fort, Ltd.
1649 Atlantic Blvd.
Jacksonville, FL 32207
Attn: Jason O. Floyd
Truist: Truist Bank
CIG-CRE Loan Admin Atlanta Office
303 Peachtree Street NE, 3rd Floor
Mail Code GA-ATL-803-05-03-40
Atlanta, Georgia 30308
Email: CIG-CRELegalNotices@Truist.com
With a copy to: Truist Bank
1010 Kennedy Drive
Key West, Florida 33040
Attention: Dale Bittner
Email: dale.bittner@truist.com
with a copy to (for information purposes only):
Womble Bond Dickinson(US) LLP
Attn: Vanessa Morris, Esq.
1331 Spring Street,NW, Suite 1400
Atlanta, Georgia 30309
100297510-A 1 5
2809
Email: Vanessa.Morris@wbd-us.com
City and Navy Redevelopment Authority:
City of Key West
1300 White St.
Key West, FL 33040
Attention: City Attorney
Any party may change said address by giving the other parties hereto notice of such change
of address in accordance with the foregoing provisions.
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.
Signature Pages Immediately Following
100297510-A 1 6
2810
COUNTERPART SIGNATURE PAGE TO
LAND USE RESTRICTION AGREEMENT
IN WITNESS WHEREOF, Grantor has 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:
BAHAMA VILLAGE ON FORT, LTD., a Florida
limited partnership
Print:
By: Bahama Village on Fort GP, LLC, a Florida
Adddress: limited liability company, its General Partner
By: Vestcor, Inc. a Florida corporation, its Manager
By:
Jason O. Floyd, Vice President
Print:
Address:
STATE OF FLORIDA
COUNTY OF DUVAL
The foregoing instrument was acknowledged before me by means of physical presence this
day of , 2024 by Jason O. Floyd, as Vice President of Vestcor, Inc.,
Manager of Bahama Village on Fort GP, LLC, General Partner of BAHAMA VILLAGE ON
FORT, LTD., a Florida limited partnership. 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.:
100297510-A 1 7
2811
COUNTERPART SIGNATURE PAGE TO
LAND USE RESTRICTION AGREEMENT
IN WITNESS WHEREOF, The Naval Properties Local Redevelopment Authority of the
City of Key West has 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: THE NAVAL PROPERTIES LOCAL
REDEVELOPMENT AUTHORITY OF THE
CITY OF KEY WEST
Print:
Address:
By:
Denise Henriquez, Chairwoman
Print:
Address:
Address: 1300 White Street
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 , 2024, by Denise Henriquez, as Chairwoman of THE
NAVAL PROPERTIES LOCAL REDEVELOPMENT AUTHORITY OF THE CITY OF KEY
WEST. 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.:
100297510-A 1 8
2812
COUNTERPART SIGNATURE PAGE TO
LAND USE RESTRICTION AGREEMENT
IN WITNESS WHEREOF, City of Key West, Florida, has 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: CITY OF KEY WEST, FLORIDA
Print:
Address:
By:
Denise Henriquez, Mayor
Print:
Address:
Address: 1300 Whitehead Street
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 , 2024, by Denise Henriquez as Mayor of the CITY OF KEY
WEST,FLORIDA. 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.:
100297510-A 1 9
2813
COUNTERPART SIGNATURE PAGE TO
LAND USE RESTRICTION AGREEMENT
IN WITNESS WHEREOF, Land Authority has 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:
Address:
By:
David P. Rice, Chairman
Print:
Address:
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 , 2024, by David P. Rice, as Chairman of the MONROE
COUNTY COMPREHENSIVE PLAN LAND AUTHORITY, a land authority pursuant to section
3 80.0663(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.:
100297510-A} 10
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EXHIBIT"A"
LEGAL DESCRIPTION OF PROPERTY
A PORTION OF THE LANDS DESCRIBED IN A QUITCLAIM DEED FROM THE U.S. GOVERNMENT
(GRANTOR) TO THE CITY OF KEY WEST (GRANTEE) AS RECORDED IN OFFICIAL RECORDS BOOK
1839,PAGE 410,OF THE PUBLIC RECORDS OF MONROE COUNTY,FLORIDA,DESCRIBED AS:
A PORTION OF LAND LOCATED ON THE ISLAND OF KEY WEST,MONROE COUNTY,FLORIDA, SAID
PARCEL ALSO LOCATED IN TRUMAN ANNEX (FORMERLY U.S. NAVY) AND BEING MORE
PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCE AT THE NATIONAL OCEAN SURVEY TRIANGULATION STATION, GSL, BEING A BRASS
DISC SET IN CONCRETE,LOCATED ON THE OUTER MOLE OF TRUMAN ANNEX, THE COORDINATES
OF WHICH ARE N 81,406.14 AND E 386,795.78 (1983/89), BASED ON THE U.S. COAST AND GEODETIC
SURVEY MERCATOR GRID COORDINATE SYSTEM WHICH HAS FOR ITS ZERO COORDINATE A POINT
OF LATITUDE NORTH 24020'00" AND 500.00 FEET WEST OF LONGITUDE WEST 81°00'00" THENCE N
74038'54"E,A DISTANCE OF 901.39 FEET TO THE POINT OF BEGINNING OF THE LANDS GRANTED TO
THE CITY OF KEY WEST AS DESCRIBED IN OFFICIAL RECORDS BOOK 1839,PAGE 410 OF SAID PUBLIC
RECORDS; THENCE ALONG THE BOUNDARY OF THE LANDS AS DESCRIBED IN SAID QUITCLAIM
DEED FOR THE FOLLOWING EIGHT(8)COURSES AND DISTANCES:N 88'0 F07"E,A DISTANCE OF 57.69
FEET(1);THENCE N 01°52'38"W,A DISTANCE OF 2.77 FEET(2);THENCE N 88°13'17"E,A DISTANCE OF
19.93 FEET (3); THENCE S 19°53'46" E, A DISTANCE OF 549.69 FEET ( 4 ); THENCE S 00°20'55" E, A
DISTANCE 409.16 FEET(5);THENCE N 89°49'18"E,A DISTANCE OF 100.84 FEET(6);THENCE S 33°56'54"
E, A DISTANCE OF 842.47 FEET (7) TO THE NORTHWEST RIGHT-OF-WAY OF ANGELA STREET;
THENCE S 55059'51" W ALONG SAID RIGHT-OF-WAY, A DISTANCE OF 105.64 FEET (8) TO THE
SOUTHWESTERLY RIGHT-OF-WAY OF FORT STREET ACCORDING TO THE CITY OF KEY WEST
STREET MAP DATED MAY 26, 1955;THENCE S 33054'27"E,ALONG SAID RIGHT-OF-WAY,A DISTANCE
OF 52.55 FEET TO THE POINT OF BEGINNING OF THE SALE PARCEL HEREIN DESCRIBED; THENCE
CONTINUE S 33054'27" E ALONG SAID RIGHT-OF-WAY, 233.94 FEET TO A LINE BEING 33.00 FEET
SOUTH OF AND PARALLEL WITH THE SOUTHEASTERLY BOUNDARY LINE AND ITS
NORTHEASTERLY EXTENSION OF TACTS TOWER AS DESCRIBED IN OFFICIAL RECORDS BOOK 1839,
PAGE 410, OF SAID PUBLIC RECORDS; THENCE S 56005'33" W ALONG SAID PARALLEL LINE, A
DISTANCE OF 305.76 FEET; THENCE N 33°49'42" W, 33.00 FEET TO THE SOUTHEASTERN BOUNDARY
LINE OF SAID TACTS TOWER;THENCE N 56005'33"E ALONG SAID BOUNDARY,A DISTANCE OF 175.87
FEET TO THE NORTHEAST BOUNDARY OF SAID TACTS TOWER;THENCE N 33°54'27"W ALONG SAID
BOUNDARY, 100.00 FEET; THENCE S 56005'33" W A DISTANCE OF 24.17 FEET; THENCE N 33054'27" W,
30.82 FEET; THENCE N 56°58'05"W, 15.81 FEET; THENCE N 33001'55"E,37.25 FEET;THENCE S 56058'05"
E, 25.40 FEET; THENCE N 56005'33" E, 30.69 FEET; THENCE N 33054'27" W, 35.41 FEET; THENCE N
56°05'33" E, 15.48 FEET; THENCE N 12°49'09" E,42.22 FEET; THENCE N 56005'33" E, 39.07 FEET TO THE
SOUTHWESTERLY RIGHT-OF-WAY OF FORT STREET AND THE POINT OF BEGINNING.
SAID LANDS LYING WITHIN SECTION 6,TOWNSHIP 68 SOUTH,RANGE 25 EAST,CITY OF KEY WEST,
MONROE COUNTY,FLORIDA.
100297510-A} I I
2815
EXHIBIT"B"
INDIVIDUAL SUBSIDY AMOUNT PER UNIT TYPE
Initial Purchase Subsidy Non-Subsidized Maximum Purchase Total
#of Units Street Bedroom Size Price/Unit Investment/Unit Cost/Unit Income Level Price/Unit Subsidy
2 710 Fort Street $80,578.00 $80,578.00 $161,156.00 Very-Low609A 0.75xAMI* 2-Bedroom $161,156
1 710 Fort Street $89,484.00 $89,485.00 $178,969.00 Very-Low609A 0.75xAMI* 3-Bedroom $89,485
7 710 Fort Street $161,156.00 $107,438.00 $268,594,00 Low61%-80% 1.5x AMI* 2-Bedroom $752,066
4 710 Fort Street $178,969.00 $119,312.00 $29%281.00 Low 61%-80% 1.5x AMI* 3-Bedroom $477,248
9 710 Fort Street $376,031.00 $322,313.00 $698,344,00 Median/Middle 81%-140% 3.5x AMI* 2-Bedroom $2,900,817
5 710 Fort Street 1 $417,594,00 $357,937.00 $775,531.00 Median/Middle 81%-140% 3.5x AMI* 3-Bedroom $1,789,685
$6,170,457
*AMI=most recently published Area Median Income for Monroe County,FL,adjusted for assumed household size based on the number of bedrooms
100297510-v3} 12
2816
EXHIBIT"C"
JOINDER BY TRUIST BANK
JOINDER OF MORTGAGEE
TRUIST BANK whose address 1010 Kennedy Drive, Key West, Florida 33040, having a record
interest, more particularly described as being the owner and holder of a mortgage dated March
11, 2024 in the original principal amount of$7,300,000.00 given by Bahama Village on Fort,
Ltd., a Florida limited partnership ("Mortgagor(s)"), to Truist Bank, a North Carolina
banking corporation, its successors and/or assigns as their interests may appear
("Mortgagee(s)"), encumbering the real property described in that mortgage, which is recorded in
Official Records Book 3266 at Page 1069 (said mortgage is hereinafter referred to as the
"Mortgage"), in the lands described in the Land Use Restriction Agreement between BAHAMA
VILLAGE ON FORT, LTD., a Florida limited partnership,THE NAVAL PROPERITES LOCAL
REDEVELOPMENT AUTHORITY OF THE CITY OF KEY WEST, THE CITY OF KEY
WEST, FLORIDA Grantor(s)/Mortgagee(s), 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 and Grantee, Mortgagee, hereby joins in, consents
to, ratifies and joins in the filing of the Land Use Restriction Agreement for the purpose of
subjecting its mortgage interest to the provisions of the foregoing Land Use Restriction
Agreement, executed or to be executed in favor of MONROE COUNTY COMPREHENSIVE
PLAN LAND AUTHORITY, a land authority pursuant to section 380.0663(1), Florida Statutes
and Monroe County Ordinance No. 031-1986,with the intent that the Mortgage shall be subject to
the Land Use Restriction Agreement, executed at Key West, Florida, on the date indicated below.
IN WITNESS WHEREOF, Mortgagee grants this Joinder and executed this instrument on the
date set forth below.
Witness No. 1 (Print Name) TRUIST BANK, a North Carolina banking
corporation
Witness No. 1 (Signature)
By:
Name:
Title:
Witness No. 2 (Print Name)
Witness No. 2 (Signature) [Bank Seal]
100297510-A 1 13
2817
STATE OF
COUNTY OF
The foregoing instrument was(acknowledged/sworn to and subscribed)before me by means of[ ]physical
presence or [ ] online notarization, this day of , 2024 by
, as of TRUIST BANK who [_] is/are
personally known or[] have produced a driver's license as identification.
[Notary Seal] Notary Public
Printed Name:
My Commission Expires:
100297510-A 1 14
2818
FORM OF UNIT LURA
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 FOR INDIVIDUAL UNITS
BAHAMA VILLAGE CONDOMINIUM, KEY WEST, FLORIDA
PARCEL IDENTIFICATION NUMBER
THIS LAND USE RESTRICTION AGREEMENT (hereinafter "Agreement") is made
and entered into as of the day of , 2025, between the
(hereinafter "Grantor") the CITY OF KEY WEST,
FLORIDA(hereinafter"City"),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 Key West, Florida bearing
Parcel Identification Number , with an address of 710 Fort Street,
Unit ,Key West, Florida 33040 and as more particularly described in Exhibit"A"attached
hereto and incorporated herein (the "Property"); and
B. The Property is a bedroom unit for purchase with a sales price
restricted to X the prevailing area median income for Monroe County, adjusted for assumed
household size based on the number of bedrooms in the unit; and
C. The Navy Redevelopment Authority,a dependent district of the City,as the fee title
holder of the Property and Bahama Village on Fort, LTD, a Florida limited partnership, as tenant,
entered into that certain Ground Lease Agreement dated July 15, 2022,recorded on July 19, 2022,
in Official Records Book 3185, Page 1, Public Records of Monroe County,Florida as amended by
that certain Amendment to Ground Lease Agreement dated November 13, 2023, recorded on
November 14, 2023, in Official Records Book 3250, Page 2166, Public Records of Monroe
County, Florida and ad amended by that certain Second Amendment to Ground Lease Agreement
dated ,recorded on in Official Records Book ,Page ,Public
Records of Monroe County, Florida for the lease of the 918 Fort Street, Key West, Florida 33040,
within which the subject Property is located; and
100297510-v3 1 15
EXHIBIT"D" TO LAND USE RESTRICTION AGREEMENT -FORM OF UNIT LURA
2819
D. Bahama Village on Fort, LTD, a Florida limited partnership was the workforce
housing developer of the Property; and
E. At the request of the City and in accordance with Land Authority Resolution No
the Land Authority approved construction funding in the amount of
Six Million One Hundred Seventy Thousand Four Hundred Fifty-Seven and 00/100 Dollars
($6,170,457.00) for the purpose of reducing the sales price of twenty-eight (28) newly
constructed home ownership condominium units located at 710 Fort Street,Key West,Florida
33040; and
F. As a result of Land Authority Resolution No there
is a subsidy in the amount of that has been applied to the
Property which shall be an encumbrance which runs with the Property.; and
G. Grantor acknowledges that the Developer of the Property received subsidies to
reduce the sales price of the Property and as such, Grantor has agreed that the Property shall
comply with the affordable housing requirements specified herein; and
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:
1.06 The restrictions contained in this Article I shall not expire, shall run with the Property in
perpetuity and shall be binding upon Grantor and his/her/their respective successors, or
assigns.
1.07 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 at the time
of acquisition of the Property. Nothing herein shall preclude the City or any other entity
providing affordable housing on the Property from setting more restrictive income limits
than those imposed by this Agreement, including but not limited to, the Declaration of
Affordable Housing Restrictions dated July 15, 2022 in Official Records Book 3185, Page
113, Public Records of Monroe County, Florida and the Amendment to Declaration of
Affordable Housing Restrictions dated in Official Records Book ,
Page , Public Records of Monroe County, Florida.
1.08 The Property is a bedroom unit which may not be leased or rented and is
restricted in sales price to X the prevailing area median income for Monroe County,
100297510-A 1 16
EXHIBIT"D" TO LAND USE RESTRICTION AGREEMENT -FORM OF UNIT LURA
2820
adjusted for assumed household size based on the number of bedrooms in the unit as a
result of receiving funding in the amount of
($ ). Any instrument transferring an interest in the Property shall include in
bold font, the Notice of Restrictions as set forth on Exhibit `B" attached hereto and
incorporated herein.
1.09 In the event of a resale of the Property by Grantor,the grantee of the Property from Grantor
shall, prior to the sale of the Property obtain a certificate of compliance from the Land
Authority and execute a Land Use Restriction or assumption of this Agreement in a form
satisfactory to the Land Authority and shall execute and record an Assumption of Land
Use Restriction Agreement in the form and substance as set forth on Exhibit"C" attached
hereto and incorporated herein.
1.10 On or before January 31 of each calendar year the City shall provide to the Land Authority
a compliance report evidencing the Grantor(s) compliance with this Agreement.
ARTICLE II
CONSIDERATION
In addition to other purposes, the Land Authority has extended to the City, for use by the
Grantor for the Property as an inducement to the City and Grantor to restrict use of the Property to
affordable housing in perpetuity. In consideration of said Land Authority extension of funding for
the foregoing purposes, Grantor and 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 City and Grantor, 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 City and 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.
100297510-A 1 17
EXHIBIT"D" TO LAND USE RESTRICTION AGREEMENT -FORM OF UNIT LURA
2821
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), including,but not limited to an action to recover on
a per unit basis the funding provided in the amount of
($ ) for non-compliance with Article I above. 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 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 party
to whom such notice or other communication has been sent.
100297510-A} 18
EXHIBIT"D" TO LAND USE RESTRICTION AGREEMENT -FORM OF UNIT LURA
2822
Land Authority: Monroe County Land Authority
1200 Truman Avenue, Suite 207
Key West, FL 33040
Attention: Executive Director
Grantor:
Any party may change said address by giving the other parties hereto notice of such change
of address in accordance with the foregoing provisions.
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.
Signature Pages Immediately Following
100297510-A 1 19
EXHIBIT"D" TO LAND USE RESTRICTION AGREEMENT -FORM OF UNIT LURA
2823
COUNTERPART SIGNATURE PAGE TO
LAND USE RESTRICTION AGREEMENT
IN WITNESS WHEREOF, Grantor has 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:
Address:
By:
Print:
Address:
STATE OF FLORIDA
COUNTY OF MONROE
The foregoing instrument was acknowledged before me by means of physical presence this
day of , 2024 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.:
100297510-A 1 20
EXHIBIT"D" TO LAND USE RESTRICTION AGREEMENT -FORM OF UNIT LURA
2824
COUNTERPART SIGNATURE PAGE TO
LAND USE RESTRICTION AGREEMENT
IN WITNESS WHEREOF, Land Authority has 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:
Address:
By:
David P. Rice, Chairman
Print:
Address:
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 , 2024, by David P. Rice, as Chairman of the MONROE
COUNTY COMPREHENSIVE PLAN LAND AUTHORITY, a land authority pursuant to section
3 80.0663(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.:
100297510-A 1 21
EXHIBIT"D" TO LAND USE RESTRICTION AGREEMENT -FORM OF UNIT LURA
2825
EXHIBIT"A"
LEGAL DESCRIPTION OF PROPERTY
Unit of Condominium pursuant to the Declaration of Condominium
recorded in Official Records Book , Page Public Records of Monroe County,
Florida.
100297510-A 1 22
EXHIBIT"D" TO LAND USE RESTRICTION AGREEMENT -FORM OF UNIT LURA
2826
EXHIBIT"B"
NOTICE OF RESTRICTIONS
ANY INSTRUMENT OF CONVEYANCE,LEASE,ASSIGNMENT, GRANT OR OTHER
DISPOSITION OF ANY INTEREST IN OR TO ANY PORTION OF THE DEMISED
PREMISES OR TO ANY IMPROVEMENTS ERECTED THEREON WILL BE SUBJECT
TO CERTAIN RESTRICTIONS INCLUDING, BUT NOT LIMITED TO RIGHTS OF
FIRST REFUSAL, USE, OCCUPANCY, INCOME, MEANS, RESALE PRICE, RENTAL
LIMITATIONS, INCLUDING BUT NOT LIMITED TO THOSE SET FORTH IN THE
GROUND LEASE AGREEMENT RECORDED IN OFFICIAL RECORDS BOOK 3185,
PAGE 1 OF THE PUBLIC RECORDS OF MONROE COUNTY, FLORIDA, AS
AMENDED BY THE AMENDMENT TO GROUND LEASE AGREEMENT RECORDED
IN OFFICIAL RECORDS BOOK 3250, PAGE 2166 OF THE PUBLIC RECORDS OF
MONROE COUNTY, FLORIDA, AS AMENDED BY THE SECOND AMENDMENT TO
GROUND LEASE AGREEMENT RECORDED IN OFFICIAL RECORDS BOOK ,
PAGE OF THE PUBLIC RECORDS OF MONROE COUNTY, FLORIDA, THE
DECLARATION OF AFFORDABLE HOUSING RESTRICTIONS RECORDED IN
OFFICIAL RECORDS BOOK 3185, PAGE 113 OF THE PUBLIC RECORDS OF
MONROE COUNTY, FLORIDA, AS AMENDED BY THE FIRST AMENDMENT TO
DECLARATION OF AFFORDABLE HOUSING RESTRICTIONS RECORDED IN
OFFICIAL RECORDS BOOK , PAGE OF THE PUBLIC RECORDS OF
MONROE COUNTY, FLORIDA, AND THE LAND USE RESTRICTION AGREEMENT
RECORDED IN OFFICIAL RECORDS BOOK , PAGE OF THE PUBLIC
RECORDS OF MONROE COUNTY, FLORIDA.
100297510-A 1 23
EXHIBIT"D" TO LAND USE RESTRICTION AGREEMENT -FORM OF UNIT LURA
2827
EXHIBIT"C"
This instrument prepared by and return to:
Oropeza,Stones&Cardenas
221 Simonton Street
Key West,FL 33040
(305)294-0252
LAND USE RESTRICTION ASSUMPTION AGREEMENT AND
CONSENT TO ASSUMPTION OF LAND USE RESTRICTION
The undersigned, (Buyer's Name ), in consideration of the
purchase and sale of the workforce housing condominium unit located at
, which Buyer is purchasing from
("Seller") who executed that certain Land Use Restriction Agreement dated
, filed and recorded on in Official Records Book
at Page , of the Public Records of Monroe County, Florida (the
"LURA") evidencing a sum of ($ ) applied to the subject
property for construction funding. Such LURA is a restriction, to wit:
(the "Property")
And (Buyer's name) does hereby assume and agree to be bound by and comply with the
terms and conditions set forth by and within the LURA and further warrants and represents said
LURA constitutes a valid and subsisting lien upon the Property.
Dated at Key West, Monroe County, Florida this day of 120
Signed, sealed and delivered
in the presence of-
Signature of Witness (Buyer Name)
Printed Name of Witness
Address of Witness
Signature of Witness
Printed Name of Witness
Address of Witness
100297510-A} 24
EXHIBIT"D" TO LAND USE RESTRICTION AGREEMENT -FORM OF UNIT LURA
2828
STATE OF FLORIDA:
COUNTY OF MONROE:
SWORN TO AND SUBSCRIBED before me by means of physical presence or electronic
means, this day of 20 , by (Buyer's Name), who is personally
known by me or has produced as identification.
Notary Public, State of Florida
Notary Public, State of Florida
100297510-A 1 25
EXHIBIT"D" TO LAND USE RESTRICTION AGREEMENT -FORM OF UNIT LURA
2829
RESOLUTION NO. 22-290
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF KEY WEST, FLORIDA, REQUESTING
FUNDING FROM THE MONROE COUNTY LAND
AUTHORITY IN THE AMOUNT OF $4 ,028,250 . 00,
FOR THE CONSTRUCTION OF FOR SALE WORKFORCE
HOUSING AT THE PROPOSED LOFTS AT BAHAMA
VILLAGE DEVELOPMENT LOCATED AT 918 FORT
STREET (OTHERWISE KNOWNS AS THE 3.2 ACRE
SITE) PURSUANT TO SECTION 380 . 066,6 (3) (A) ,
FLORIDA STATUTES, AND IN ACCORDANCE WITH
CITY OF KEY WEST COMPREHENSIVE PLAN POLICY
3-1 . 1 . 7 .
WHEREAS, the City of Key West owns the property at 918 Fort
Street (RE# 00001630-000801) and has executed a 99 year lease
agreement with a developer to construct affordable residences
onsite; and
WHEREAS, the $4, 028, 250 . 00 will partially subsidize the
construction of 28 for sale workforce units at 918 Fort Street;
and
WHEREAS, the City desires to lower the final sales price of
fourteen units currently accessible to individuals with incomes in
the 140% AMI range and this gap funding for construction
facilitates these lower sales prices; and
WHEREAS, the Monroe County Land Authority holds funds on
behalf of the City of Key West that may be dedicated to the
Page 1 of 3
2830
purchase of land or costs of construction for the purpose of
providing workforce housing; and
WHEREAS, the City and the Monroe County Land Authority
shall record a Declaration of Affordable Housing Restrictions
and other legal documents as needed to ensure monitoring and
compliance of homeowner income limits and other provisions of
City ordinances and State statutes applicable to Monroe County
Land Authority funding.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
THE CITY OF KEY WEST, FLORIDA, AS FOLLOWS :
Section 1 : That the funds held by the Monroe County Land
Authority are requested for funding of the construction of 28
proposed for sale affordable workforce housing units on the 3 . 2
acre property located at 918 Fort Street, commonly referred to
as the 3. 2 acre site, adjacent to the proposed 98 rental units. The
property at 918 Fort Street (RE# 00001630-000801) is hereby
nominated to the Monroe County Land Authority for funding in the
amount of four million twenty-eight thousand, two hundred and
fifty dollars ($4, 028, 250 . 00) . This funding shall function to
amend and reduce the multiplier for the required fourteen (14)
Page 2 of 3
2831
owner occupied affordable housing "middle income" units to not
exceed three and one-half times the annual median household income
(100% AMI) (adjusted for family size) for Monroe County, in
accordance with section 122-1472 .
Section 2 : That this Resolution shall go into effect
immediately upon its passage and adoption and authentication by
the signature of the presiding officer and the Clerk of the
Commission.
Passed and adopted by the City Commission at a meeting held
this 6th day of December , 2022
Authenticated by the Presiding Officer and Clerk of the
Commission on 7th day of December 2022 .
Filed with the Clerk on December 2022 .
Mayor Teri Johnston Yes
Vice Mayor Sam Kaufman Yes
Commissioner Lissette Carey Yes
Commissioner Mary Lou Hoover Yes
Commissioner Clayton Lopez Yes
Commissioner Billy Wardlow Yes
Commissioner Jimmy -kley ,, Yes
T RI JO NST , MAYOR
ATTEST:
CHER CITY CLERK
Page 3 of 3
2832
pF THE
. 04
KEST.F10 .
THE CITY OF KEY WEST
Post Office Box 1409 Key West FL 33041-1409(305)809-3700
EXECUTIVE SUMMARY
TO: Patti McLauchlin, City Manager
FROM: Katie P. Halloran, Planning.Director
DATE: December 6,2022
RE: A request for approval for fund disbursement of $4,028,250.00
from the Monroe County Land Authority to the City of Key West for
the construction of for=sale affordable housing units at the proposed
Lofts at Bahama Village development at 918 Fort Street (otherwise
known as the 3.2 acre site) pursuant to Section 380.0666(3)(a),
Florida Statutes, and in accordance with City of Key West
Comprehensive Plan Policy 3-1.1.7.
ACTION STATEMENT:
This resolution requests disbursement of affordable:housing construction gap funding from the
Monroe County Land Authority to reduce the sales prices of for-sale affordable housing units at
the Lofts at Bahama Village development proposed:at 918 Fort Street (RE# 0000:1630-000801).
The City of Key West owns the property at 918 Fort Street and has executed.a 99-year lease
agreement with a developer to construct affordable residences onsite. The City desires to lower
the final sales price of fourteen units currently accessible to individuals with incomes in the 140%
AMI range. The overall effect of this construction funding will be to lower the final sales prices
of these fourteen units to allow individuals with household income levels between 81% AMI to
140%AMI to be financially eligible to become homeowners.
BACKGROUND:
The property at 918 Fort Street, commonly referred to as 3.2 acres, is a City-owned property
located within the Historic Neighborhood Commercial District Bahama Village Truman
Waterfront (HNC — 4). The subject property currently holds 126 Building Permit Allocations
(BPAS),which shall be constructed.as both rental and for-sale units. The proposed development
plan is comprised of three buildings, Buildings A and B shall contain 98 rental units;.Building C
shall contain 28 sale units consisting of 18 two-bedroom units and 10 three-bedroom units. The
City Commission approved Resolutions 22-080 and.22-158 earlier this year, which entered the
City into a 99-year ground lease with the `Rental Lessee" for the parcel housing rental units and
`Occupant Lessee' for the parcel housing for-sale units. The major development plan for all three
buildings is currently in the process of acquiring approvals from the City.
On July 15, 2022,the lessee executed a Declaration of Affordable Housing Restrictions in regard
to building C,the Declaration states three units within Building C shall be for"very low-income"
persons, eleven units shall be designated for "low-income" persons, and fourteen units shall be
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'fHE
04
ArST,f'.�
THE CITY OF KEY WEST
Post Office Box 1409 Key West,FL 33041-1409(305)809-3700
designated for"middle income persons".
A City Commission resolution to request Land Authority funding to subsidize construction of all
28 for-sale units will allow for lower sales prices of the fourteen"middle income persons"units.
The developer is proposing nine (9) two-bedroom units and five (5) three-bedroom units that
would have sales prices that would drop from the middle income range to the.median income
range. Thus, if approved, the Land Authority funding would allow more households with lower
incomes to access more for-sale units at 918 Fort Street. The Land Authority funding would be
passed through the City of Key West as provided by Section 380.0666(3)(a), Florida Statutes, to
construct twenty eight for-sale units for household income levels between 81% AMI to 140%
AMI.
The following table (Table 1.) reflects the sales price for each of the AMI categories per code
definitions:
Table 1. Per Code Definitions
Unit'Size Very Low Low Median Moderate Middle
60%(1.5) 80% (2.5) 100% (3.5) 120% (5.0) 140%(6.5)
2 Bedrooms $138,750 $230,625 $599,625
3 Bedrooms $153,750 $256,250 $666,250
The following table(Table 2.) reflects the suggested multiplier for the 140%AMI category.
Table 2.Suggested.
Unit Size Very Low Low Median
60%(2.5) 80%(3.1) 100 00% (k3.5)
2 Bedrooms $138,750 $230,625 $322,8T75
3 Bedrooms $153,750 $256,250 $358;7�5.0
In order for the project at 918 Fort Street to be eligible to receive Land Authority funds, the City,
acting as the Naval Properties Local Redevelopment Authority of the City of Key West, must
require future homeowners of for-sale units 'at'918 Fort Street to remain compliant with Land
Authority funding requirements. An Amended and Restated Declaration of Affordable Housing
Restriction and any additional legal document will require that the developer,Bahama Village on
Fort,LTD(Vestcor), and after sales,AH Monroe,will be responsible to ensure future homeowner
income remains below 160% AMI, as provided by Section 380.0666(3)(a) Florida Statutes.
Homeowners that become ineligible will have one year to sell their units, and A.H. Monroe will
have Right of First Refusal (ROFR), to purchase that unit and resell to an income eligible
homebuyer.
PURPOSE AND JUSTIFICATION:
Staff recommends approving the 3.5 multiplier for this project, which would result in decreasing
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p4 THE�nr
Qp, �
THE CITY OF KEY WEST
Post Office Box 1409Key West,FL 33041-1409(305)809-3700
the sale price of the fourteen originally proposed"middle income persons"condo units at 918 Fort
Street. The City of Key West is currently undergoing a housing crisis and has a limited supply of .
housing units available.The City of Key_West would like to partner with AH Monroe and Vestcor
to ensure homeownership units at 918 Fort Street are accessible to a broader range of working-
families and individuals in Bahama Village.The purpose of this approval is to also ensure that the
proposed fourteen"middle income units"',would be accessible to prospective buyers with incomes
from 140%AMI down to 81%AMI:. The City acknowledges concerns raised recently by Bahama
Village community members regarding the sales prices of these units and is working to reduce
these prices to support the community. ..
FINANCIAL IMPACT:
Approval of the disbursement would reduce the total fund balance of the Monroe County Land Authority.
RECONMIENDATION:
Staff recommends approving the request to the. Monroe County Land Authority to disburse
$4,028,250.00 for construction of 28 affordable workforce housing units for the property at 918
Fort Street(RE#00001630-000801), otherwise known as the 3.2 acres in accordance with City
of Key West Comprehensive Plan Policy 3-1.1.7. in order to reduce the for sale price of the
fourteen 14) affordable middle income units from 6.5 times the "middle" household income
(adjusted for family size)down to 3.5 times the annual median income(adjusted for family size).
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CITY OF KEY WEST
Memorandum to the Monroe County Land Authority
TO: Christine Hurley, Executive Director
Monroe.County Land Authority
FROM: Patti McLauchlin, City Manager
DATE: December 6, 2022
RE: Bahama Village 3.2 Lofts
The City of Key West("City")requests Monroe County Land Authority("Land Authority")
funding in the amount of$4,028,250.00 in accordance with City of Key West Comprehensive
Plan Policy 3-1.1.7. This is letter is revised from its first issuance on October 4, 2022, to clarify
the provisions of the request pursuant to discussions between City of Key West and Monroe
County Land Authority staff as they relate to meeting the Land Authority Statute 380.0666(3)(a)
to provide affordable housing to families whose income does not.exceed 160 percent of the
median family income for the area.
BACKGROUND:
The property at 918 Fort Street, commonly referred to as 3.2 acres, is a City-owned property
located within the Historic Neighborhood Commercial District — Bahama Village Truman
Waterfront (HNC — 4). The subject property currently holds 126 Building Permit Allocations
(BPAS),which shall be constructed for both rental and for-sale units. The proposed development
plan is comprised of three buildings, which building C shall contain 28 condominium sale units
consisting of 18 two-bedroom units and 10 three-bedroom units.
On July.15, 2022, the lessee executed a Declaration of Affordable Housing Restrictions in regard
to building C,the Declaration states three units within Building C.shall be for"very low-income"
persons (earning a maximum of 60% of median), eleven units shall be designated for "low-
income"persons (earning a maximum of 80% of median), and fourteen units shall be designated
for"middle income persons (earning a maximum of 140% of median)" ***.
In order to assure compliance with the Land Authority Statute, the City and the Land Authority
will record an Amended and Restated Declaration of Affordable Housing Restriction to ensure
monitoring and compliance associated with MCLA funding is appropriately addressed in the deed
restriction, the lease, and/or other appropriate legal agreements. The amended and restated deed
restriction and other documents as appropriate will include:
• a prohibition on rentals
• a requirement that an owners family income may not exceed 160%AMI during the course
of ownership of a unit. Owner families will have room to grow their income [as families
earning between 81%- 140%of area median income can purchase],to 160%. In the event
an owner's income exceeds 160% AM], then such owner will be required to sell and/or
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convey the unit to an income qualified person within twelve (12) months of becoming
ineligible.AI4 Monroe Inc.has agreed to repurchase any units which are unable to be sold
within the time frame required to sell due to ineligibility. In the case of a passing of an
owner,the title may transfer only to income qualified heirs.
The resale requirements will permit a 1.5% per year increase. For example, if an owner
originally purchased their unit for $200,000.00 on.January 1 of Year 0, the owner would
be permitted to sell those same rights to income.qualified persons under the methods
prescribed herein, after.six (6) full calendar years of ownership, for a maximum Purchase
Option Price of$218,000.000, as long as such sales price would not exceed another valid
sale or transfer price restriction.
• ***A restatement of the for sale price of the fourteen (14) units from 6.5 times annual
middle household income (adjusted for family size) down to 3.5 times annual median
income(adjusted for familysze) provided the City is successful in its request to transfer
$4,028,250.00 to the developer. This language shall be clarified in the 99 Year Ground
Lease Agreement between The Navy Properties Local Redevelopment Authority of the
City of Key West and Bahama Village on Fort,Ltd.
EXPLANATION OF FUNDING:
Number of units to be built with this funding: 28
Purpose of-Funding: Funding is for construction of the home ownership units. Land Authority
funding would lower the sales price of the fourteen "middle income persons" units that will
otherwise be financially accessible to only prospective homeowners at the 140% AMI (Area
Median Income). Land Authority funding for construction of the 28 unit building will broaden the
eligibility of the higher priced for-sale units to future owners at lower income levels. Household
income limits will be in compliance with both City and Land Authority limits.
Subsidy.Per Unit:** The proposed Land Authority subsidy of $4,028,250.00 would provide
construction funding of$143,866.07 per unit toward all 28 units. This will permit a sales price of
the middle income units to be lowered to $322,875 (2 bedroom) or$358,750 (3 bedroom) which
is 3.5 times the income of a family of four at the 100%AMI; this would be a reduction from City
Code Sections 122-1466 and 122-1472 which allows a 2022 maximum sales price of a two-
bedroom unit of$599,625 and a three-bedroom unit at$666,250, according to the executed lease.
The sales prices of nine (9) two-bedroom units, and five (5) three-bedroom units will change
.compared to the language in the existing_ground lease as a result of this gap funding
On September.20, 2022, the City Commission gave approval to staff to move forward with a
revision to the current multiplier for the Workforce Housing-home sales prices for the Area Median
Income groups for this project.
It is our understanding the Land Authority needs a Key West resolution requesting these funds.
Further, we look forward to finalizing all needed amendments to the applicable Declaration of
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Affordable Housing Restrictions to ensure compliance and monitoring for this project.
Once the resolution and declaration are completed, Land Authority staff will present this to the
Land Authority Governing Board for consideration.
Please contact me with any questions and we thank you for your continued partnership to create
deeply needed workforce housing in the City of Key West.
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2838
j
December,5, 2022
City Commission of the-City of Key West Monroe County Land Authority.
c/o Cheri Smith,City Clerk c/o Christine Hurley, Executive Director
1300 White Street 1200 Truman Avenue "
Key West,FL 33040 Key West,FL 33040
Email: esmith cltyofkeywest-Uov: Email: hurley=christinQmoriroecounty fl.gov
RE: City of Key West("City")request to Monroe County Land Authority.("Land Authority")
for Lofts at Bahama Village 3.2
Dear Cheri and Christine:
Bahama Village on,Fort, Ltd., a Florida limited partnership ("Developer"), is party to(i)
that certain Ground Lease Agreement dated July 15, 2022, recorded in the.Official Records of
Monroe County Book 3185, Pagel (the "Lease') and (ii)that certain Declaration of Affordable
Housing Restrictions dated July 15, -2022,.recorded in the Official Records. of Monroe County
Book 3185, Page 113 (the"Affordable Restriction"), both related to the development.of twenty-
eight(28)affordable housing units at 918 Fort St.,Key West,FL 33040(the"'Project").
Developer is aware of the City's effort to request funds from the Land Authority for the
ultimate purpose of reducing the sales price of the units at the Project::.Developer has the
fourteen (14) units designated "middle income" in the Affordable Restriction and .Lease
earmarked for nine (9).two-bedroom units and five (5)three-bedroom units._ Developer will sell
the fourteen (14). subject units,at a sale price not more than 3.5' times the prevailing Monroe
County Area Median Family Income (AMI) adjusted for household size if the City and/or Land
Authority contribute building funds to the Project equal'to the difference in the total maximum
sales price of the fourteen (14) units at the current 6.5 x AMI sale price and.the total maximum
sales price of the fourteen(14)units at the proposed 3.5 x AMI sale price.
For example, using the 2022 AMI, the difference between the total maximum sales.price
of the fourteen (14) units at the current 6.5 x AMI sale price and the total maximum sales price
of the fourteen (14) units at the proposed 3.5 x AMI sale price is $4;028,250.1 If the funding is
received or committed, Developer will execute amendments to the Lease and Affordable
Restriction to reflect the receipt of the gap funding and the reduction to.the proposed :3.5 x
prevailing AMI maximum sale price for the subject fourteen(14)units.
We look forward to our continued cooperation on the Project.
J_ s R.Hoover; P of
nager of GP of Developer
The final"gap"funding amount must be determined at the time of the sale of the units.
00271919-Q
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Doc#2384217 Bk#3185 Pg#113 Electronically Recorded 7/20/2022 at 9:51 AM Pages 14
Filed and Recorded in Official Records of MONROE COUNTY KEVIN MADOK
ElectronicallyREC:$120.50
Prepared by and
return to:
Shawn D.Smith,Esq.
P.O.Box 1409
Key West,FL 33041-1409
(305)909-3773
(For Recorder's Use Only)
DECLARATION OF AFFORDABLE HOUSING RESTRICTIONS
This . Declaration of Affordable Housing Restriction (hereinafter
"Declaration") is made and entered into this_[rJ day of 2022 by BAHAMA
VILLAGE ON FORT,LTD., a Florida limited partnership(the" eclaranV)
This Declaration applies to all of the units which are or may be located on the real
property located in Historic Bahama Village, in Key West, Florida, which is more fully
described in the Legal Description attached hereto and incorporated herein as Exhibit A
(hereinafter"Property").
WHEREAS,the Property has been leased to Declarant pursuant to that certain 99-year
ground lease by and between The Naval Properties Local Redevelopment Authority of the City
of Key West,a political subdivision of the State of Florida("City of Key West")and Declarant
dated 5.22 and recorded dilly 19t2022 at Book 316 Page Do t- of the Official Records
of Monroe County (the"Lease");
WHEREAS, the City of Key West has required that the Property be subject to
affordable housing restrictions,which shall establish affordable housing categories to facilitate
the development of housing designed to meet the needs of people in the City, establish
eligibility requirements for occupants of such affordable housing,and restrict the sales price of
the Property and requires that the Property be sold at a price substantially less than fair market
value to a purchaser within a specific income range;
WHEREAS, Declarant as well as subsequent purchasers will benefit from the
limitations and regulations placed on the Property by operation of this Declaration;
WHEREAS,the intent of the City of Key West in imposing reasonable regulations on
the Property is to establish and maintain the affordability of the Property for persons with
incomes within a specified range;and
WHEREAS, the intent of Declarant is to preserve through this Declaration the
affordability of the Property and to assign to the City the right to enforce compliance
with this Declaration as an intended beneficiary of this Declaration.
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NOW,THEREFORE,the Declarant agrees that the Property shall be held conveyed,
assigned or leased subject to the following affordable housing restrictions, covenants and
conditions, which shall run with the Property and be binding on all parties having any right,
title or interest in the Property or any part thereof, their heirs, successors and assigns for the
entire term of this Declaration.
I. DEFINITIONS
A. "'Declarant"shall include any subsequent purchaser,devisee,transferee,grantee or
holder of title of the Property or any portion of the Property.
B. "Transfer" means any sale, assignment or transfer, voluntary, involuntary or by
operation of law (whether by deed, contract of sale, gift, devise, bequest, trustee's sale, deed in
lieu of foreclosure, or otherwise)of any interest in the Property, including but not limited to,a fee
simple interest, a joint tenancy interest, a life estate, a leasehold interest, or an interest evidenced
by a land contract by which possession of the Property is transferred and Declarant retains title.
C. "Transferee" shall mean an individual, or individuals, who receive a Transfer of
the Property from the Declarant.
D. "Income"shall mean gross income.
All other terms shall have the same meaning given to them in the Lease and Related
Agreements(as defined in the Lease).
II. TERM AND ENFORCEABILITY
A. This Declaration shall run with the land and with the title to the Property in
perpetuity and bind the Declarant, its successors in interest and assigns,from the effective date
of this Declaration.
B. The Property is held and hereafter shall be held, conveyed, encumbered, used, sold,
leased and occupied subject to the covenants, conditions, restrictions and limitations set forth in
the Lease and this Declaration. All of the herein-stated covenants, conditions, restrictions and
limitations are intended to constitute both equitable servitudes and covenants running with the
land.
C. Any transferee,sublessee,lessee,mortgagee or purchaser of the Property,or of any
portion of or interest in the Property, by the acceptance of a deed or sublease therefore, whether
from Declarant or from any subsequent purchaser of the Property or an Owner/Occupant (as
defined in the Lease), or by the signing of a contract or agreement to purchase or sublease
the same, shall, by the acceptance of such deed, sublease or mortgage, or by the signing of
such contract or agreement, be deemed to have consented to and accepted the covenants,
conditions, restrictions and limitations set forth herein. Any written instrument attempting or
00255797-v4 Page 2 of 8
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Doe.#2384217 Page Number: 3 of 14
purporting to lease or sublease,sell, convey, grant, transfer, exchange assign or mortgage any
legal or equitable rights or interests to the Property (including the interest in the Lease) shall be
deemed null and void, where such instrument purports or evidences an attempt to sell, convey,
grant;transfer,exchange or assign any right or interest to the Property where such instrument is
inconsistent with or contrary to the conditions or covenants contained herein. Any lease,sublease,
deed or instrument of conveyance executed by or on behalf of Declarant or any subsequent
grantee, devisee, heir, assignee or other transferee shall expressly set forth verbatim this and the
foregoing reservations,restrictions and covenants or, in lieu thereof,incorporate them by specific
reference to this Declaration by Book and Page number(s)where recorded in the Public Records
of Monroe County,Florida.
D. In order to preserve through this Declaration the affordability of the Property for
persons with incomes within a specified range, the Declarant hereby grants and assigns to the
City the right to monitor and enforce compliance with this Declaration. Declarant otherwise
reserves the rights necessary to implement the provisions of this Declaration.
III. IDENTIFICATION OF THE UNITS AFFECTED
Pursuant to the Lease, all units on the Property shall be workforce affordable
housing.The affordable housing development located on the Property shall consist of the following
units for sale designated at"low income"or"very low income"or"middle income"
A. Three(3)units designated for"very low-income"persons
B. Eleven(11)units designated for"low-income"persons
C. Fourteen(14)units designated for"middle income"persons
Prior to selling any units within the affordable housing development on the Property,the Declarant
shall record an Identification of Affordable Housing Agreement in the public records of Monroe
County, Florida, which recorded document shall identify which unit are which particular income
level.
IV. OCCUPANCY,SALE AND USE OF THE PROPERTY
A. The Property shall be operated,managed and otherwise administered as affordable
housing and such other uses incidental to residential use as may be permitted by local zoning and
land use regulations.
1. At the time an affordable housing(very low-income)unit is sold,such sales price shall
not exceed one and one-half times the annual median household income (adjusted for
family size)for Monroe County,in accordance with section 122-1472 of the City Code.
2. At the time an affordable housing(low-income)unit is sold, such sales price shall not
exceed two and one-half times the annual median household income (adjusted for
family size)for Monroe County,in accordance with section 122-1472 of the City Code.
3. At the time an affordable housing (middle income) unit is sold, such sales price shall
not exceed six and one-half times the annual median household income(adjusted for
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Doc.#2384217 Page Number:4 of 14
family size)for Monroe County,in accordance with section 122-1472 of the City Code.
4: The following eligibility requirements shall be required of households or persons to
qualify for affordable work force housing units to the extent lawful:
(a) The household or person shall derive at least 70 percent of its or his/her total income
from gainful employment in the county. This section shall not disqualify an
individual previously and continuously qualified who reaches the age of retirement,
or becomes disabled,and is otherwise income qualified.
(b) At the time of sale of an affordable housing(very low income)unit,the total income
of eligible household or persons shall not exceed sixty (60)percent of the median
household income for Monroe County(adjusted for family size). In the event that a
very low income affordable housing unit is leased,the total income of the eligible
household or persons leasing the unit shall not exceed 60 percent of the median
household income for Monroe County (adjusted for family size). During the
occupancy of the rental unit, the household's income may increase to an amount
not to exceed 100 percent of the median household income for Monroe County
(adjusted for family size). In such event,the tenant's occupancy shall terminate at
the end of the existing lease term.The monthly rent for the rental unit,not including
utilities, shall not exceed 25 percent of that amount which represents 60 percent of
the monthly median household income of Monroe County (adjusted for family
size).
(c) At the time of sale of an affordable housing (low income) unit,the total income of
eligible household or persons shall not exceed eighty (80)percent of the median
household income for Monroe County(adjusted for family size). In the event that a
low income affordable housing unit is leased, the total income of the eligible
household or persons leasing the unit shall not exceed 80 percent of the median
household income for Monroe County (adjusted for family size). During the
occupancy of the rental unit, the household's income may increase to an amount
not to exceed 120 percent of the median household income for Monroe County
(adjusted for family size). In such event,the tenant's occupancy shall terminate at
the end of the existing lease term.The monthly rent for the rental unit,not including
utilities, shall not exceed 25 percent of that amount which represents 80 percent of
the monthly median household income of Monroe County (adjusted for family
size).
(d) At the time of sale of an affordable housing(middle income)unit,the total income
of eligible household or persons shall not exceed one hundred forty (140)percent
of the median household income for Monroe County (adjusted for family size). In
the event that a middle income affordable housing unit is leased, the total income
of the eligible household or persons leasing the unit shall not exceed 140 percent of
the median household income for Monroe County (adjusted for family size).
During the occupancy of the rental unit,the household's income may increase to an
amount not to exceed 180 percent of the median household income for Monroe
County (adjusted for family size). In such event, the tenant's occupancy shall
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terminate at the end of the existing lease term. The monthly rent for the rental unit,
not including utilities, shall not exceed 25 percent of that amount which represents
140 percent of the monthly median household income of Monroe County(adjusted
for family size).
5. Eligibility is based on proof of legal residence in the county as demonstrated by
a valid State of Florida driver license or identification card, voter registration card if eligible, and
an employer verification form signed by the employer or sufficient evidence, satisfactory to the
City or its designee,demonstrating income qualification through self-employment.
6. Priority shall be given to families of four or more members for larger sized
affordable housing units.
7. The income of eligible households shall be determined by counting the full
amount, before any payroll deductions, of wages, salaries, overtime pay, commissions, fees, tips,
bonuses, Social Security, annuities, insurance policies retirement funds, pensions, disability or
death benefits unemployment compensation disability or death benefits, unemployment
compensation disability compensation,worker's compensation, severance pay and any net income
from the operation of a business or profession of all household members. Expenditures for business
expansion or amortization of capital indebtedness shall not be used as deductions in determining
net income from operation of a business or profession. Unrelated adults may be qualified
individually for rental purposes provided the total lease payment to the Owner does not exceed the
rent limits established by the City.
8. In the event that a tenant of an affordable housing unit's income shall exceed
the maximum allowable income under this section and such shall occur for the first time during the
last three months of a tenancy,then the Owner/Occupant landlord and tenant may extend a lease for
a period of one year at the affordable rate.
9. The planning board may review a potential tenant's household's income and
unique circumstances to determine eligibility and conformance with the intent of this Declaration
to assure that people in need are not excluded and people without need are not included
V. DEFAULTS AND REMEDIES
A. Upon any violation of the provisions of this Declaration, the City may declare a
default under this Declaration by delivering written notice thereof to the Declarant. After
providing written notice of default, and provide that such default has not been reasonably cured
within thirty(30)days of receipt of such default.notice,the City may apply to a court of competent
jurisdiction for specific performance of the Declaration, for an injunction prohibiting a proposed
sale or transfer or lease in violation of this Declaration, for a declaration that a prohibited transfer
or lease is void, or for any such other relief as may be appropriate.
B. The remedies stated herein shall not be exclusive, but shall be cumulative to all
other remedies and rights the parties may lawfully exercise.
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VI. REQUIREMENTS FOR WRITTEN REPORTS FROM DECLARANT
Declarant shall provide a written report to the City each year on January 1, or on such
other date as specified by the City in writing, which includes a statement that Declarant has
complied with all provisions of this Declaration, or includes Declarant's explanation of any
violation of any provision of this Declaration. The report shall be submitted within thirty (30)
days of the specified date to the City, or to such other person or address designated by the City.
Failure to provide a report in a timely manner, or any misrepresentations on the report, shall
constitute a default under this Declaration.
VIL GENERAL PROVISIONS
A. The City may assign its rights and delegate its duties hereunder in writing
without the consent of Declarant. Upon such assignment, the City shall notify the Declarant.
B. If any action is brought to enforce the terms of this Declaration,the prevailing party
shall be entitled to reasonable attorneys'fees and costs.
C. If any one or more of the provisions contained in this Declaration shall for any
reason be held to be invalid, illegal or unenforceable in any respect, then such provision or
provisions shall be deemed severable from the remaining provisions contained in this Declaration,
and this Declaration shall be construed as if such invalid, illegal, or unenforceable provision had
never been contained herein.
D. The terms of this Declaration shall be interpreted under the laws of the State of
Florida and venue shall lie in Monroe County,Florida.
E. All notices required herein shall be sent by certified mail, return receipt requested,
to the Declarant at 3030 Hartley Road, Suite 310, Jacksonville, FL 32257, with a copy to Smith
Hawks, PL, r38 Simonton Street, Key West, FL 33040 and to the City or its designee at P.O.Box
1409, Key West, FL, 33041, or such other address that either party may subsequently provide in
writing to the other party. In the event of any change in contact information, the parties agree to
record an amendment to this Declaration in the public records of Monroe County,Florida reflecting
such change.
VIII. CONVERSION TO CONDOMINIUM FORM OF OWNERSHIP
Prior to Declarant or any subsequent owner or transferee converting ownership of the
Property to condominium or a similar form of ownership,pursuant to Lease,Declarant shall obtain
the City's reasonable approval of such condominium documents (including a condominium
declaration) to same and Declarant expressly agrees herein to execute an amended Declaration
as reasonably required by the City.
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IX. MORTGAGE SUBORDINATION
Subject to the terns regarding"Leasehold Mortgages" under the Lease, upon demand by
the City any mortgagee who accepts any or all of the Property as collateral or security for any
purpose or loan shall execute and deliver, in recordable form, its subordination agreement
subordinating its mortgage to the terms and conditions of this Declaration.
[Rest of page intentionally left blank; Signature page to follow]
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IN WITNESS WHEREOF, the Declarant has executed this Declaration as of the date
written below.
BAHAMA VILLAGE ON FORT, LTD., a Florida
limited partnership
By: Bahama Village on Fort GP,LLC, its general
partner
By: Vestcor, Inc., a Florida corporation,its
manager
Signed,sealed and delivered in our presence:
ol mvryt— ( AaL— By:
ttness Name: jt'S e: Qsdn • (—tayw
Y Title: Vj c-e, Prts;W&—T
Witness Name 0 ,,I`p le—
STATE OF FL RIDA_ f
COUNTY OF 1/iU
The foregoin ' s rument was ack owled ed before me [�y physical presence or[ ] online notarization this
1!56y of 2022 by .'F as of Vestcor, Inc., a Florida corporation,
manager of Baham Village on Fort P, LLC, eneral partner of BAHAMA VILLAGE ON FORT, LTD., a
Florida limited partnership, who [vj are personally known to me or [ ] have produced as
identification.
[Notary Sea]] Notary Public
Printed Name:
My Commission Exp es, UM-&Florida
Rebecca L white
My Commission GG 942290
�a Expires 03/2312024
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EXHIBIT A
00255797-v4
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SKETCH AND DESCRIPTION
BAHAMA VILLAGE SALE PARCEL 0 80 160
>::n►or A YALrD suRVEr wrn�our.. PORTION OF TRUMAN ANNEX
:;;;ALL-ACCOh1PANY/NG SHEETS;;i::
(O.R.B.1839,PG.410,M.C.R.) GRAPHIC SCALE IN FEET
CITY OF KEY WEST,MONROE COUNTY,FLORIDA 1"=80'
BLOCK f a s
t r 1
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REVISIONS AWROM&ASSOCIATES,INC. JOB11: 11558-2.1
REVISED PARCEL CONFIGURATION - 04/26/2022 -K.C. A ASS SURVEYING&MAPPING SCALE. 1.=w
REVISED PARCEL CONFIGURATION - 05/20/2022 -K.C. t0� DATE: 0310M22
REVISED PARCEL CONFIGURATION - O6/22/2022 -K.C. s! 50 S.W.2nd AVENUE,SUITE 102
s BOCA RATON,FLORIDA 33432 BY: K.C.
(561)392-2594 /www.AVIROMSURVEY.com CHECKED: K.Mz4vT
�+ausRm'p°� 02M AwRo~&AW0CM a=aN Wb arr.a F.B. WA PG. WA
andiha ho(b.to ft°'°D°' oa+wROWAASSOC,tnrAe SHEET: 1 OF 5
2849
Doe.#2384217 Page Number: 11 of 14
SKETCH AND DESCRIPTION
BAHAMA VILLAGE SALE PARCEL
PORTION OF TRUMAN ANNEX
(O.R.B.1839,PG.410,M.C.R.)
CITY OF KEY WEST,MONROE COUNTY,FLORIDA
:JVOT A VALID SURVEY WITHOUT.:
.... ............__.................................................
ALL ACCOMPANYING SHEETS•:;;;;;
SURVEYOR'S REPORT:
1. Reproductions of this Sketch are not valid without the electronic signature of a Florida licensed
surveyor and mapper. Additions or deletions to this survey map or report by other than the signing
party is prohibited without written consent of the signing party.
2. No Title Opinion or Abstract to the subject property has been provided. It is possible that there are
Deeds, Easements, or other instruments (recorded or unrecorded) which may affect the subject
property. No search of the Public Records has been made by the Surveyor. NOTICE: There may be
encumbrances that are not delineated on this survey that may be found in the Public Records of
Monroe County, Florida.
3. The land description shown hereon was prepared by the Surveyor.
4. Data shown hereon was compiled from instrument(s) of record and does not constitute a boundary
survey.
5. Bearings shown hereon are relative to Grid North of the North American Datum of 1983, Florida
State Plane Coordinate System, East Zone with the southwesterly right—way line of Fort Street having
a bearing of S 33'54'27" E.
6. This map is intended to be displayed at a scale of 1:960 (1"=80') or smaller.
7. Abbreviation Legend: E= Easting; ID= Identification; L.B.= Licensed Business; M.C.R.= Monroe County
Records; N= Northing; O.R.B.= Official Records Book; P.B.= Plat Book; PG.= Page; P.L.S.=
Professional Land Surveyor; P.O.B.= Point of Beginning; P.O.C.= Point of Commencement; R/W=
Right—of—Way.
CERTIFICATION:
I HEREBY CERTIFY that the attached Sketch and Description of the hereon described property is true and
correct to the best of my knowledge and belief as prepared under my direction. I FURTHER CERTIFY that
this Sketch and Description meets the Standards of Practice set forth in Chapters 5J-17, Florida
Administrative Code, pursuant to Chapter 472, Florida Statutes.
Digitally signed by Keith M.Chee-A-Tow,PLS
06/22/2022 ` 'y= C L Date:2022.06.22 14:31:53-04'00'
Date: --- _-- _-- --- --_-- _____
KEITH M. CHEE—A—TOW, P.L.S.
Florida Registration No. 5328
AVIROM & ASSOCIATES, INC.
L.B. No. 3300
E—Mail: Keith@AviromSurvey.com
REVISIONS AVIROM&ASSOCIATES,INC. JOB#: 11558-2.1
REVISED PARCEL CONFIGURATION — 04/26/2022 —K.C. &Asi SURVEYING&MAPPING SCALE: NIA
REVISED PARCEL CONFIGURATION — 05/20/2022 —K.C. DATE: 03/06/2022
REVISED PARCEL CONFIGURATION — 06/22/2022 —K.C.___::JS 50 S.W.2nd AVENUE,SUITE 102
t BOCA RATON,FLORIDA 33432 BY: K.C.
(561)392-2594 /www.AVIROMSURVEY.com CHECKED: K.M.C•A-T
®2m AV/RWAASSOCUYM MC.Y1thfamwed. F.B. NIA PG. WA
INS PIP ISOMPMpeffyof AVJROM&ASSOCIATE$!MG
and Noa nalbei a do.�W+dwxmd gym, + SHEET: 2 OF 5
2850
Doc.#2384217 Page Number: 12 of 14
SKETCH AND DESCRIPTION
BAHAMA VILLAGE SALE PARCEL
PORTION OF TRUMAN ANNEX
(O.R.B.1839,PG.410,M.C.R.)
CITY OF KEY WEST,MONROE COUNTY,FLORIDA
LEGAL DESCRIPTION:
A portion of the lands described in a Quitclaim Deed from the U.S. Government (Grantor) to the
City of Key West (Grantee) as recorded in Official Records Book 1839, Page 410, of the Public
Records of Monroe County, Florida, described as:
A portion of land located on the Island of Key West, Monroe County, Florida, said parcel also
located in Truman Annex (formerly U.S. Navy) and being more particularly described as follows:
COMMENCE at the National Ocean Survey Triangulation Station, GSL, being a brass disc set in
concrete, located on the outer mole of Truman Annex, the coordinates of which are N
81,406.14 and E 386,795.78 (1983/89), based on the U.S. Coast and Geodetic Survey Mercator
grid coordinate system which has for it's zero coordinate a point of Latitude North 24'20'00"
and 500.00 feet west of Longitude West 81'00'00"; thence N 74'38'54" E. a distance of 901.39
feet to the Point of Beginning of the lands granted to the City of Key West as described in
Official Records Book 1838, Page 410 of said Public Records; thence along the boundary of the
lands as described in said Quitclaim Deed for the following eight (8) courses and distances: N
88'01'07" E, a distance of 57.69 feet (1); thence N 01'52'38" W, a distance of 2.77 feet (2);
thence N 88'13'17" E, a distance of 19.93 feet (3); thence S 19'53'46" E, a distance of 549.69
feet (4); thence S 00'20'55" E, a distance 409.16 feet(5); thence N 89'49'18" E, a distance of
100.84 feet (6); thence S 33'56'54" E, a distance of 842.47 feet (7) to the northwest
right—of—way of Angela Street; thence S 55'59'51" W along said right—of—way, a distance of
105.64 feet (8) to the southwesterly right—of—way of Fort Street according to the City of Key
West Street Map dated May 26, 1955; thence S 33'54'27" E, along said right—of—way, a
distance of 52.55 feet to the POINT OF BEGINNING of the Sale Parcel herein described; thence
continue S 33'54'27" E along said right—of—way, 233.94 feet to a line being 33.00 feet south
of and parallel with the southeasterly boundary line and its northeasterly extension of Tacts
Tower as described in Official Records Book 1839, Page 410, of said Public Records; thence S
56'05'33" W along said parallel line, a distance of 305.76; thence N 33'49'42" W, 33.00 feet to
the southeastern boundary line of said Tacts Tower; thence N 56'05'33" E along said boundary,
a distance of 175.87 feet to the northeast boundary of said "Tacts Tower"; thence N 33'54'27
"W along said boundary, 100.00 feet; thence S 56'05'33" W a distance of 24.17 feet; thence N
33'54'27" W, 30.82 feet; thence N 56'58'05" W, 15.81 feet; thence N 33'01'55" E, 37.25 feet;
thence S 56'58'05" E, 25.40 feet; thence N 56'05'33" E, 30.69 feet; thence N 33'54'27" W,
35.41 feet; thence N 56'05'33" E, 15.48 feet; thence N 12'49'09" E, 42.22 feet; thence N
56'05'33" E, 39.07 feet to the southwesterly right—of—way of Fort Street and the POINT OF
BEGINNING.
Said lands lying within Section 6, Township 68 South, Range 25 East, City of Key West, Monroe
County, Florida containing 33,962 square feet (0.78 acres) more or less.
;;'NOT A VALID SURVEY W/7HOUT.::
::::ALL ACCOMPANYING SHEE75:;:`:ii
REVISIONS JOB#: 11568-2.1
AVIROM&ASSOCIATES,INC.
REVISED PARCEL CONFIGURATION - 04/26/2022 -K.C. 6ASS SURVEYING&MAPPING SCALE: WA
REVISED PARCEL CONFIGURATION - 05/20/2022 -K.C. O� DATE: DiesI2022
REVISED PARCEL CONFIGURATION - 06/22/2022 -K.C. 50 S.W 2nd AVENUE.SUITE 102
BOCA RATON,FLORIDA 33432 BY: K.C.
(561)392-2594 /www.AVIROMSURVEY:com CHECKED. K.M.C,A T
'�tISNED ti+t� 02022 AHROAI&ASSOCIATES,INC..InbAlsr..wwd F.B. WA PG. WA
TM daitrh la fh. d AVIROAI6 ASSOCIATES 1NG
erb.rwrW-,b.°r�daoan+�d»+�a+t»,rm�nv SHEET: 3 OF 5
2851
Doc.#2384217 Page Number: 13 of 14
SKETCH AND DESCRIPTION
BAHAMA VILLAGE SALE PARCEL
PORTION OF TRUMAN ANNEX
(O.R.B.1839,PG.410,M.C.R.)
CITY OF KEY WEST,MONROE COUNTY,FLORIDA
P.O.B. 2.77' 19.93'
LANDS GRANTED TO CITY OF KEY WEST N 01'52'38" W N 8813'17" E
(O.R.B. 1839 PG. 410 M.C.R.)
57.69'
N 88'01 07" E
CA N N38 54
W
N
NAI)ONAL OCEAN SURVEY 7RlANGULAAON I �
STA 71ON GSL, BRASS DISC
UZ
N. 81,406.14
E- 386,795.78 I �'
(O.R.B. 1839 PG. 410 M.C.R.) I c SHIPYARD CONDOMINIUM
tj 0
c (O.R.B. 1185, PAGE 287, RCR.)
N�=
I PARCEL !D. 00013180-000174
m
100.84'
I N 89'49'18" E
c I
0
a
� I S
LANDS GRANTED TO:
I CITY OF KEY WEST s�?�
(O.R.B. 1839, PAGE 410, M.C.R.)
PARCEL ID. 000016JO-000801 c^ i
y
52.55'
i
6
S 33'5427 E /
MATCH LINE(SEESHEETS)
1
0
0 80 160 $
::.........
::.'NOT A VALID SURVEY K77HOUT<
. ......................_.._......_............_..............._.:•:::::
GRAPHIC SCALE IN FEET ;;:acc.ACCOMPan!rrryc.,syEErs;;:;..
1"=80'
REVISIONS AVIROM&ASSOCIATES,INC. JOB#: 11658-2.1
REVISED PARCEL CONFIGURATION - 04/26/2022 -K.C. 6AS&p� SURVEYING&MAPPING SCALE. 1"-BW
REVISED PARCEL CONFIGURATION - 05/20/2022 -K.C. �O~ -V DATE 03l0B12022
REVISED PARCEL CONFIGURATION - 06/22/2022 -K.C. 5U S.W.And AVENUE.SUITE 102
BOCA BATON,FLORIDA 33432 BY: K.C.
(561)392-2594 /www.AVIROMSURVEY.com CHECKED: K.M.0 MT
ISMED+p6+ QZn AVlROM6ASSOMATIM INC.ardghb aid. F.B. WA PC3. NIA
71WaEbMJrbfAo Al0FAWROIN&ASSOCwTENQ
a�a atom not�e�O'° accpWwNodwnTvn,. .. ISHEET: 4 OF 5
2852
Doc.#2384217 Page Number: 14 of 14
SKETCH AND DESCRIPTION 0 80 160
BAHAMA VILLAGE SALE PARCEL
::::NOT A VALID SURVEY WITHOUT.•:
;:..:;ALL,.,acCOMPANYINc,-SHEETS=:�: PORTION OF TRUMAN ANNEX
(O.R.B.1839,PG.410,M.C.R.) GRAPHIC SCALE IN FEET
MATCH LINE(SEE SHEET 4)
CITY OF KEY WEST,MONROE COUNTY,FLORIDA 1"=80'
52.55'_�.
S 33'54'27" E
P.01 a �,1� �+ \ 700 BLOCK
SALE PARCEL(THIS DESCR/PAON) CITY OF KEY WEST��• /
REMAINING PORTION OF
CITY LANDS GRANTED
KEY DWEST >F
(O.R.B. 1839, PAGE 4f0, M.C.R.) �-A \
PARCEL ID. 00001630-000801 s v6 '? \ / Gv /
v C P V/ a�
�3 % -O ? 700 BLOCK
�,� `�� CITY OF KEY WEST
oil-o
FOR RG�'�tOP55�j° �F. 1 J��S���aE r\�c^y \/ Q
QP 800 BLOCK
C CITY OF KEY WEST
��+► `�` `�5 RENTAL PARCEL \\
LINE BEARING DISTANCE
\ L1 S 56'03 33 W 24.17
\ p� L2 N 33'54 27 W 30.82 \-\\
REMAINING PORTION OF \moo L3 N 56'58 05 W 15.81 \o
LANDS GRANTED TO: \ `"� L4 N 33'01 55 E 37.25 \�
CITY OF KEY WEST L5 S 56'58 05 E 25.40
(O.R.B. 1839, PAGE 410, M.C.R.) L6 N 56'05 33 E 30.69
PARCEL 10. 00007630-000801 L7 N 33'54 27" W 35.41
i \ L8 N 56'05 33 E 15,48 \
\ L9 N 12'49'09 E 42.22'
L10 IN 56'05 33 E 39.07 \
--� U.S. NAVAL AIR STATION
PARCEL ID. 000016JO-000800
REVISIONS JOB#: 11558-2.1
AVIROM 8 ASSOCIATES,INC.
REVISED PARCEL CONFIGURATION - 04/26/2022-K.C. Aii SURVEYING&MAPPING SCALE' 1'=W
REVISED PARCEL CONFIGURATION - 05/20/2022-K.C. r0� DATE: 03/06I2022
REVISED PARCEL CONFIGURATION - 06/22/2022 -K.C. S 50 S.W.2nd AVENUE,SUITE 102
< w BOCA RATON,FLORIDA 33432 BY: K.C.
(561)392-2594/www.AVIROMSURVEY.com CHECKED: K.M.0 A T
` �eus,HVED (9)2M AV/R0U8ASS0=7MlNG.drphbnar►td F.B. NIA PG. NIA
and a,mrenora° aorav" mm• SHEET: 5 OF 5
2853
RESOLUTION NO. 3-289
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF KEY WEST, FLORIDA, REQUESTING FUNDING
FROM THE MONROE COUNTY LAND AUHTORITY IN THE
AMOUNT OF $900,000 FOR THE CONSTRUCTION OF
THE FOR SALE WORKFORCE HOUSING UNITS AT THE
LOFTS AT HAHAMA VILLAGE DEVELOPMENT LOCATED AT
918 FORT STREET (OTHERWISE KNOWN AS THE 3.
ACRE SITE)PURSUANT TO SECTION 380. 0666(3) (A) ,
FLORIDA STATUES, AND IN ACCORDANCE WITH THE
CITY OF KEY 'WEST COMPREHENSIVE PLAN POLICY
3-1.1. 7 . ; AUTHORIZING THE CITY MANAGER TO
EXECUTE ALL DOCUMENTS CONSISTENT THEREWITH
UPON CONSENT OF THE CITY ATTORNEY; PROVIDING
FOR AN EFFECTIVE DATE
WHEREAS, the City of Key West awns the property at 918 Fart
Street (RE# 00001630-000801_) and has executed a 99-year lease
agreement with a developer to construct affordable residences
onsite; and
WHEREAS, on December 6, 2022, the City of Key West approved a
disbursemcn'�. o F in C.he amount o F $4, 028, 250 . 00 from the Monroe County
Land Authority Funds to subsidize the construction of 28 for sale
workforce units at 918 Fort Street, and
WHEREAS, the City desires to keep the final sales price of
fourteen units affordable and accessible to individuals with incomes
Page 1 of 4
2854
up to the 140% AMI range and this gap funding for construction
facilitates these lower sales prices; and
WHEREAS, the Monroe County Land Authority holds funds on behalf
of the City of Key West -::hat may be dedicated to the purchase of land
or costs of c;on5truction for the purpose of providing workforce
housing; and
WHEREAS, the City and the Monroe County Land Authority shall
record a Declaration of Affordable Housing Restrictions and other
legal documents as needed to ensure monitoring and compliance of
homeowner income limits, preservation of affordable housing and other
provisions of City ordinances and State statutes applicable to Monroe
County Land Aut'---ority funding.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF KEY WEST, FLORIDA, AS FOLLOWS:
Section 1 : That the fends held by the Monroe County
Land Authority are additional requested funding for the
construction of 28 for sale affordable workforce housing units on
the property located at 918 Fort Street, commonly referred to as
the 3 . 2-acre site, adjacent to the proposed 98 rental units. The
property at 918 Fort. Street (RE# 00001630-000801) is hereby
nominated to the Monroe County Land Authority for an additional
fund.i.n.g request in the amount of nine hundred thousand dollars
Page 2 of 4
2855
($900, 000 . 00) . This funding shall function to provide construction
gap funding for the required fourteen (14) owner occupied
affordable housing median, moderate and middle income units not to
exceed three and one-half times the annual median household income
(100% AMI) (adjusted for family size) for Monroe County, in
accordance with section 122-1472.
Section 2 : That the City Manager is authorized to
execute any necessary documents consistent herewith, upon review
and consent of the City Attorney.
Section 3 : That this Resolution shall ao into effect
immediately upon its passage and adoption and authentication by
the signature of the Presiding Officer and the Clerk of the
Commission.
Passed and adopted by the City Commission at a meeting held
this 12th day of October 2023.
Authenticated by the Presiding Officer and Clerk of the
Commission on 12th day of October 2023 .
Filed with the Clerk on October 12 2023 .
Mayer Teri Johnston Yes
vice Mayor Sam Kaufman Yes
Commissioner Lissette Carey Yes
Page 3 of 4
2856
Commissioner Mary Lou Hoover Yes
Commissioner Clayton Lopez Absent
Commissioner Billy Wardlow Yes
Commissioner Jimmy ,Jkl�--e k-I ey Yes
§�^ >/^ \ / �� ;�, �.�
TFRI 40 H'WNS�'TC 'MAYOR
ATTEST:
—K i—I-R—ii'—9' B'iRi-Ii Wi--N—,. C-T T—YC L E R—K
Page 4 of 4
2857
MEMORANDUM
Date: October 12,2023
To: Honorable Mayor and C(m=issioners
Via: Albert P.Childress'
City Manager
From: Tina Burns
Housing&01munity Development Director
Subject: Request for approval for fund disbursement in the amount of$900,000 from the
Monroe County Land Authority to the City of Key West for the construction of
affordable homeownership units at the Lefts of Bahama Village development at 918
Fort Street(also known;as the 3.2 site)pursuant to Section 380.0666(3)(a),Florida
Statues,and in accordance with the City of Key West Comprehensive Flan Palley
3-1.1.7; and authorizing the City Manager to execute all documents consistent
therein with upon consent of the City Attorney; providing for an effective date.
Introduction
Respectfully request the City Commission to approve an additional disbursement of funding from the
Monroe County Land Authority to provide construction gap funding to reduce the sales prices of the
homeownership units at the Lofts at Bahama Village development at 918 Fort Street and create affordable
housing units;authorizing the City Manager to execute all documents consistent therein with upon consent
of the City Attorney;providing for an effective date.
Back round
The City of Key West owns the property at 918 fort Street commonly referred to as 3.2 acres, located
within the Historic Neighborhood Commercial District—Bahama Village Truman Waterfront.The City
has executed a 99-year lease agreement with the Developer to construct affordable residences onsite.The
residences will consist of 98 rental units that after construction will be managed by A,H.of Munroe
County and an additional 28-affordable homeownership units that will be sold to income eligible low-to-
middle income hornebuyers.
2858
In December of 2022, the City Commission approved an initial disbursement of Monroe County Land
Authority Funding in the amount of$4,028,250.00 to provide for construction gap funding to reduce the
purchase price of the fourteen(14)median,moderate and€aiddle-income units to make them of br&ble
for homebuyers whose income are between 81%AMI to 140%AMI. The initial request has been secured
for the development.
The purchase prices listed below are based off the 2023 H1.1'f3 Income limits."These prices can change yearly
due to 1•lM's updated median limits for Monroe County which historically publishes in April.
Very Low -Low-
Median to Middle
VAuthorftv
iu RFP 60%< 61%to 80% 81%to 1000NO
B
edroom $146,531.00 $244,219.0t1 $634,69fs.{}0
$162,750.00 $271,250.00 $'7'05,250.00
............ ..
GAF Land
ndina
$0.00 $0.00 $292,790.00
3 Bedroom $0.00 $0.00 $325,500.00
,,,at
h4�r it
Alr 1'r iC , Tt) Vo% Ltm I_Ltw k-d4i t tit Nfi&llc
E ...,.r, $40. .011 244 "?i .00 t
The additional funding request of$900,000 will cover the increased costs of the purchase price changes
for 2023 and 2024.
With the first disbursement of$4,028,250.00 from the Monroe County Land Authority Funding and this
added amount of$900,000, total construction gap funding for the project will total $4,928,250.00,
This project is listed as a priority 1 affordable housing goal 2 under new housing in the Key West
Forward 3-year strategic plan.
Procurement
Approval of the requested disbursement would reduce the available funds balance of the Monroe
County Land Authority monies that are allocated for the City of Key West.
Recommendation
Request the City Commission to approve the additional disbursement of funding in the amount of
$900,000 from the Monroe County Land Authority to create affordable housing by providing construction
gap funding to reduce sales prices of the homeownership units at the Lofts at Bahama Village development;
and authorizing the City Manager to execute all documents consistent therein with upon consent of the City
Attorney,providing for an effective date.
2859