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HomeMy WebLinkAboutItem J3 J3 BOARD OF COUNTY COMMISSIONERS COUNTY of MONROE Mayor James K.Scholl,District 3 The Florida Keys Mayor Pro Tern Michelle Lincoln,District 2 Craig Cates,District I David Rice,District 4 Holly Merrill Raschein,District 5 Board of County Commissioners Meeting May 21, 2025 Agenda Item Number: J3 2023-4023 BULK ITEM: No DEPARTMENT: Planning & Environmental Resources TIME APPROXIMATE: STAFF CONTACT: Cheryl Cioffari/ Christine Hurley N/A AGENDA ITEM WORDING: Approval of a resolution approving $9,582,900.00 for acquisition and construction funding to the Monroe County Housing Authority for 18 affordable rental units at property located at 23038 Overseas Highway, Cudjoe Key, FL consisting of Lots 1 through 6, Block 3 of Cudjoe Ocean Shores Subdivision (PB 5-107), utilizing accumulated surplus Tourist Development Tax and Tourist Impact Tax revenues collected through September 30, 2024 for the purpose of providing housing that is affordable and available to employees of private sector tourism-related businesses in the County in accordance with Ch. 2024-219, Laws of Florida. ITEM BACKGROUND: The Monroe County Housing Authority (MCHA) is proposing to develop 18 new units at 23038 Overseas Highway, Cudjoe Key, FL consisting of Lots 1 through 6, Block 3 of Cudjoe Ocean Shores Subdivision (PB 5-107) (the "Property"). The Property will be purchased by Monroe County, utilizing the Land Authority as agent, for acquisition. Once purchased, the Property will be leased to the Monroe County Housing Authority (MCHA) who will act as the development and management partner. The 18 new units at the Property will be solely occupied by heads of households working in a private sector tourism-related business. Of the $9,582,900.00 requested by MCHA, staff recommends utilizing $6,868,243.00 from DAC 1 and $2,714,657.00 from DAC 2 as shown in the table below: Monroe County Affordable Tourism Housing Program - Funding by District Advisory Committee (DAC) boundaries Encumbered DAC 1 DAC 2 DAC 3 qADAC 5 TOTAL Project Totals Projects: KW Stock Island- West 7 mile— MM90.939- 7 Mile Long Key County line Funding Available $16,868,243.00 $2,714,657.00 $6,273,123.00 $5,347,920.00 $35,000,000.00 Cudjoe Project- 1 6o $1,670,000.00 Acquisition 2845 Cudjoe Project- Construction $6 8 ri8.2d3.00 $V.Odd.6 57.00 $7,912,900.00 $9,582,900.00 Funding Approved/proposed encumbrances with $16,868,243.00$2,714,657.00 $6,273,123.00 $2,276,867.00 $5,347,920.00 funds transferred between DACs Remaining Balance $- $- $ ��$1,519,190.00 $- The County will disburse total cost of purchase plus closing costs to the seller of the Subject Property and the remaining funding to the MCHA, upon receipt from MCHA and approval by the County's Senior Director of Planning and Environmental Resources, or her designee, of the following: 1. a written loan commitment (if needed) from a lender for the entire project cost (currently it is anticipated the project may not need private funding); and 2. a proforma showing the entire project cost, certified by a licensed design engineer or architect; and 3. written confirmation from the City of Marathon indicating permits are ready for issuance for the 18 units; and 4. Proof of recorded Land Use Restriction Agreement (LURA) as described in Section 4 of the attached Resolution. Prior to disbursement of any portion of the $9,582,900.00, the County and/or MCHA shall sign and record a Land Use Restriction Agreement (LURA) restricting use of the Subject Property to affordable housing in accordance with section 380.0666(3)(a), Florida Statutes, for 99 years. Finally, it is anticipated this project, developed by the Housing Authority will revenue share with the County, after operating funds and a building maintenance reserve account are funded, so additional units can be developed within the County for affordable opportunities for more households. PREVIOUS RELEVANT BOCC ACTION: April 17, 2024 - Board directed staff to prepare an ordinance to allow for the authorized use of Tourist Development and Tourist Impact Tax revenues as set forth in SB 1456. May 15, 2024 - Board approved Ordinance No. 018-2024 which authorized "accumulated surplus" funds to be transferred to an account to be held directly by the County or Land Authority for use in accordance with provisions of SB 1456 with adoption of a policy or resolution setting forth the process for distribution and expenditure of the accumulated funds to be approved by the Board at a later date. August 21, 2024 - Board directed staff to bring back information to the Board concerning the collection of tourist tax revenues. September 11, 2024 - Board directed staff to bring back information from the Affordable Housing Advisory Committee (AHAC) and the Tourist Development Council(TDC). October 16, 2024 - Board directed staff to bring back information from AHAC and the TDC and seek input from the cities regarding potential projects within their respective jurisdictions. November 19, 2024 - Board gave direction for use of the accumulated surplus Tourist Development 2846 Tax and Tourist Impact Tax revenues collected through September 30, 2024 to be spent as closely as possible to the 5 year average of where the funds were collected by District Advisory Committee (DAC) boundaries, in an amount not to exceed $35 million for the purpose of providing housing that is affordable and available to employees of private sector tourism-related businesses in the County in accordance with Ch. 2024-219, Laws of Florida and to use the North American Industry Classification System (NCAIS) to define "tourism related affordable housing". December 11, 2024 - Board approved Resolution 544-2024 establishing the Monroe County Affordable Tourism Housing Program and setting forth the program qualifications, restrictions, and conditions for funding affordable housing projects utilizing the accumulated surplus Tourist Development Tax and Tourist Impact Tax revenues collected through September 30, 2024, in an amount not to exceed $35 million for the purpose of providing housing that is available to employees of private sector tourism-related businesses in the County in accordance with Ch. 2024-219, Laws of Florida. INSURANCE REQUIRED: No CONTRACT/AGREEMENT CHANGES: N/A STAFF RECOMMENDATION: Approval. DOCUMENTATION: Resolution.Cudj oe.TDC.housing.5.21.25.docx Application.Cudj oe.2303 8.Overseas.Hwy.FINAL.pdf TDC Housing Program- MCHA Cudjoe Project proposal - MCHA budget 5-8-25 update.pdf Proj ect.Funding.by.DAC.pdf Resolution 544-2024 FINANCIAL IMPACT: Utilization of $9,582,900.00 from TDC Surplus consisting of $6,868,243.00 from DAC 1 and $2,714,657.00 from DAC 2. 2847 RESOLUTION -2025 A RESOLUTION OF THE MONROE COUNTY BOARD OF COUNTY COMMISSIONERS APPROVING $9,582,900.00 FOR ACQUISITION AND CONSTRUCTION FUNDING FROM THE MONROE COUNTY AFFORDABLE TOURISM HOUSING PROGRAM UPON MONROE COUNTY HOUSING AUTHORITY RECEIVING A LOAN COMMITMENT (IF REQUIRED) FOR FUNDING FOR THE ENTIRE PROJECT AND UPON RECEIPT OF BUILDING PERMITS FROM MONROE COUNTY FOR 18 UNITS WHICH WILL BE DESIGNATED FOR EMPLOYEES OF PRIVATE SECTOR TOURISM-RELATED BUSINESSES IN ACCORDANCE WITH MONROE COUNTY RESOLUTION 544-2024 ON PROPERTY LEGALLY DESCRIBED AS A LOTS 1 THROUGH 6, BLOCK 3,OCEAN SHORES SUBDIVISION,ACCORDING TO THE PLAT THEREOF AS RECORDED IN PLAT BOOK 5,PAGE 107, OF THE PUBLIC RECORDS OF MONROE COUNTY WITH PARCEL ID # 00187650-000000, 00187680-000000, 00187690-000000 AND 00187700-000000; SUBJECT TO A LAND USE RESTRICTION AGREEMENT (LURA); AND AUTHORIZING THE MAYOR TO EXECUTE DOCUMENTS IN SUPPORT OF THE PROJECT. WHEREAS, Ch. 24-219, Laws of Fla., (SB 1456)became effective on July 1, 2024; and WHEREAS, Ch. 24-219, § 4, Laws of Fla., provides that counties, which are designated as an Area of Critical State Concern (ACSC), and which levy both a tourist development tax pursuant to F.S. 125.0104, and a tourist impact tax pursuant to F.S. 125.0108, may use any accumulated surplus from such taxes collected through September 30, 2024, not to exceed $35 million, whether held by the county directly, or by a land authority in the county created pursuant to F.S. 380.0663, for purposes of providing housing which is available to employees of private sector tourism-related businesses in the county; and WHEREAS, Ch. 24-219, § 4, Laws of Fla., further provides that any housing financed with funds from the surplus may be used only for purposes of providing "affordable" housing, as defined in F.S. 420.0004, for a period of no less than 99 years for employees of private sector tourism-related businesses as defined in Monroe County Resolution 544-2024; and WHEREAS, pursuant to F.S. 420.0004, for one or more natural persons or a family, the total annual adjusted gross household income must be less than 120 percent of the median annual adjusted gross income for households within the state; and WHEREAS,Ch. 24-219, § 4,Laws of Fla.,further provides that expenditure of such funds is subject to approval by a majority vote of the BOCC; and Page 1 of 4 2848 WHEREAS,in anticipation of Ch. 24-219, Laws of Fla.,becoming law, on May 15, 2024, the Board of County Commissioners (BOCC)passed Monroe County Ordinance 018-2024, which authorized the "accumulated surplus" funds to be transferred to an account to be held directly by the County or Land Authority and authorized for use in accordance with state law; and WHEREAS,within said Ordinance,the BOCC stated that"[t]he BOCC will adopt a policy or resolution setting forth the process for distribution and expenditure of accumulated funds for affordable housing in accordance with the conditions as set forth in SB 1456"; and WHEREAS, the BOCC adopted Resolution 544-2024 establishing the Monroe County Affordable Tourism Housing Program (hereinafter "the Program") setting forth the program parameters, restrictions, and conditions for evaluation of potential affordable housing projects which qualify for this funding and the subsequent distribution and expenditure of the accumulated funds for selected affordable housing projects in accordance with the requirements as set forth in Ch. 24-219, § 4, Laws of Fla.; and WHEREAS, the Monroe County Land Authority (MCLA) negotiated the proposed agreement on the Board's behalf pursuant to an interlocal agreement between MCLA and the County authorizing MCLA to act as purchasing agent for the Monroe County Affordable Tourism Housing Program which will be considered at the May 21, 2025 Board of County Commissioners meeting; and WHEREAS, the Monroe County Housing Authority (hereinafter MCHA) is proposing to develop 18 new affordable housing units on land located at 23038 Overseas Highway,Cudjoe Key, legally described as Lots 1 through 6, Block 3, Cudjoe Ocean Shores, according to the plat thereof as recorded in Plat Book 5, Page 107, of the Public Records of Monroe County with Parcel ID Nos. 00187650-000000, 00187680-000000, 00187690-000000 and 00187700-000000 (subject property); and WHEREAS, the MCHA has plans to develop 18 affordable new housing units to be solely occupied by heads of households employed by a private sector tourism-related business whose income does not exceed 120 percent of the median annual adjusted gross income for households within the state; and WHEREAS, the MCHA has applied to the Program for $9,582,900.00 in acquisition and construction funding to facilitate purchase of the subject property and subsequent development; and WHEREAS, MCHA has requested $9,582,900.00 be disbursed upon issuance of building permits for the 18 units; and WHEREAS, the Board has determined that it should utilize tourist development tax revenue from two District Advisory Committees (DAC) consisting of$6,868,243.00 from DAC 1 and $2,714,657.00 from DAC 2 toward the acquisition of the subject property and subsequent construction of affordable housing on Cudjoe Key; and Page 2 of 4 2849 WHEREAS, the Board of County Commissioners considered this resolution at a meeting held on May 21, 2025; NOW, THEREFORE, BE IT RESOLVED BY THE MONROE COUNTY BOARD OF COUNTY COMMISSIONERS: Section 1. The above recitals are true and correct and incorporated herein. Section 2. Monroe County hereby commits $9,582,900.00 in FY25 for acquisition funding for Monroe County and construction funding for the Subject Property to Monroe County Housing Authority (MCHA). Section 3. The County will disburse total cost of purchase plus closing costs to the seller of the Subject Property and the remining funding to the MCHA, upon receipt from MCHA and approval by the County's Senior Director of Planning and Environmental Resources, or her designee, of the following: 1. a written loan commitment(if required) from a lender for the entire project cost; and 2. a proforma showing the entire project cost, certified by a licensed design engineer or architect; and 3. written confirmation from the City of Marathon indicating permits are ready for issuance for the 18 new units; and 4. Proof of recorded LURA pursuant to section 4 below. Section 4. Prior to disbursement of any portion of the $9,582,900.00, the County and/or MCHA shall sign and record a Land Use Restriction Agreement (LURA), to be drafted and provided by the Monroe County Attorney's Office,restricting use of the Subject Property to affordable housing in accordance with section 420.0004,Florida Statutes, and the Monroe County Affordable Tourism Housing Program, for 99 years. Section 5. The Mayor and County Administrator are hereby authorized to execute documents in support of MCHA's funding. Section 6.As consideration for donating land to this project, the MCHA will share income from the rentals on this property, less funds needed to operate and maintain the buildings and program, which the County will use for future affordable housing development. Section 7. This resolution shall take effect immediately upon its adoption PASSED AND ADOPTED by the Board of County Commissioners of Monroe County, Florida, at a regular meeting held on the day of , REMAINDER OF PAGE INTENTIONALLY LEFT BLANK SIGNATURES ON FOLLOWING PAGE Page 3 of 4 2850 Mayor James K. Scholl, District 3 Mayor Pro Tem Michelle Lincoln, District 2 Commissioner Craig Cates, District 1 Commissioner David Rice, District 4 Commissioner Holly Merrill Raschein, District 5 BOARD OF COUNTY COMMISSIONERS OF MONROE COUNTY, FLORIDA BY MAYOR JAMES K. SCHOLL (SEAL) ATTEST: KEVIN MADOK, CLERK DEPUTY CLERK Approved for form and legal sufficiency by: Robert B. Shillinger, Jr. Monroe County Attorney Page 4 of 4 2851 APPLICATION MONROE COUNTY PLANNING& ENVIRONMENTAL RESOURCES DEPARTMENT 71 ai Monroe County Affordable Tourism Housing Program Application The purpose and intent of the Program is to facilitate the purchase, development, construction, and/or rehabilitation ofaffordable housingprojects which serve private sector tourism-related businesses and meet the Program guidelines and requirements as set forth in the Resolution 544-2024. iiiiiiiiiiiiiiiiiiiiiillillillillillillilliillillilillillillillillillillillillillillillillillillilliillillillillillillilliillillillilliillillillillillillillillillillillillillilliillillillillillillilliillillillilliillillillillillillillillillillillillillilliillillillillillillilliillillillilliillillillillillillillillillillillillillilliillillillillillillilliillillillilliillillillillillillillillillillillillillilliillillillillillillilliillillillilliillillillillillillillillillillillillillilliillillillillillillilliillillillilliillillillillillillillillillillillillillilliillillillillillillilliillillillilliillillillillillillillillillillillillillilliillillillillillillilliillillillilliillillillillillillillillillillillillillilliillillillillillillilliillillillilliillillillillillillillillillillillillillilliillillillillillillilliillillillilliillillillillillillillillillillillillillilliillillillillillillilliillillillilliillillillillillillillillillillillillillilliillillillillillillilliillillillilliillillillillillillillillillillillillillilliillillillillillillilliillillillilliillillillillillillillillillillillillillilliillillilillillilI Date of Submittal: 05 /01 /2025 Month Day Year Applicant/Agent Authorized to Act for the Property Owner: MONROE COUNTY HOUSING AUTHORITY Applicant(Name of Person,Business or Organization) Name of Person Submitting this Application 1400 KENNEDY DRIVE, KEY WEST, FL 33040 Mailing Address(Street,City, State and Zip Code) 305-296-5621 EXT. 254 Daytime Phone Email Address Property Owner: Monroe County BOCC (pending acquisition) (Name/Entity) Contact Person 1100 SIMONTON STREET, KEY WEST, FL 33040 Mailing Address(Street,City, State and Zip Code) 305-289-2500 Daytime Phone Email Address Legal Description of Property: (If in metes and bounds, attach legal description on separate sheet) 3 1-6 CUDJOE OCEAN SHORES CUDJOE KEY Block Lot Subdivision Key 00187700/00187690/00187680/00187650-00000 1239666; 1239658; 12396410; 1239615 Real Estate(RE)Number Alternate Key Number VACANT LAND OVERSEAS HIGHWAY,CLIDJOE KEY 23 Street Address(Street,City, State,Zip Code) Approximate Mile Marker Up a toy 12,'06,202 Page 1 of 4 2852 Affordability of Units. All units constructed or developed with Tourist Development Council(TDC)Accumulated Surplus funding requires the units to be maintained as affordable for a period of no less than 99 years and be consistent with the definitions provided within F.S.420.0004,(i.e.,for one or more natural persons or a family,the total annual adjusted gross household income must be less than 120 percent of the median annual adjusted gross income for households within the state). RRen,t l Affordable 11ousii>g Units Monroe f ouu,my 2024 Qualifying Income Limits Income Limits for Since Paeans rw wry t' � tatra�rs Mode rate 11 1usehota Size % 1l00% 12i1"1 1 tr rwin 41,8-(0 $66,A50 $111,600 ]001 220 ;w 1"s•m°somas 47,710 $76,:1 1'V ~i95,40fl, $ 1„ 480 t1 Ms $51,700 so"95o, 107„4( 12' ,4 'ii 4 i' rSOa Is 5nVi;1o25 WTI„"�5+n�4ul�ndd0 �w m119.:�4'��h���^^"wp "�ry1I43,1C60 t'la'nom'ms ' 4,4 I0, , itl m 00 i Z$,9 41 11 m4,tm-i10 11 tssma sons $69.2C0 1 V 0,750 $138,i111) $166.080 7Parrsomalss S74.NXI i 11,41 1I44ri 1'(1 1'77„(001 11 8 Pcr,aurs $78,750 : 126.1;1M S 157,50) �111d�.1,11;1V11 N-1 MCC 4vlfA-m m9l xaiod"40 Hoiuwrg p:Maidu ail Income:hunts for Married or l)wnestiic Partners Household Size V'ery Low Low Median i u enite 50% 8010'1s 100% 1�,2VIO ............................_.. 2 Pcrsollsm sI,613101 S101 '800 127."2V111i $152„640 2 us"rmuAs 157.1mt l V141,601 S i 43, $171,84,01 4 J� rssmma;s S719,533 $127,267 1s 159w1:11m7 $A 91:D,111i() ervu mu's 913,933 $4 27,467, t i dl ti7 11211t12411 psma`;ssaIurs $92.267 $147,667 iMI,533 $221„440 7 peis mws 598,00 $1157,%7 L1 9 2, 2 3 1 $236001 1Pcrsoas I S 105,000 $161sku1;V,111p $210,0001 12�2,1111�N 6",w"40m sa.utl.a'p mba111 *Please note the income limits are amended annually. Please indicate type of proposed project. Check all that apply: ❑✓New construction of residential dwelling unit(s); ❑Rehabilitation of residential dwelling unit(s); ❑✓ Purchase of existing parcel(s), developed or undeveloped; ❑Purchase of existing residential unit(s) or development(s); and/or ❑ Other.Please describe: Four contiguous lots, currently used as a storage business. Proposed agcuisition and subsequent development of 18 units. Please indicate type and number of residential units to be provided: ❑Studio/efficiency apartment(s); units ❑1 bedroom/ 1 bathroom apartment(s); units ❑2+bedroom/bathroom apartment(s); units ❑ Family type units with multiple bedroom/bathrooms. units Uppaao� 12,'06,2.02% Page 2 of 4 2853 Please indicate the type of qualified employees you wish to house, subject to affordability criteria,in order of preference. (Rank in order of 1-4. 1 being the highest priority and 4 being the lowest priority.) 0 Single employees 1 0 Employees with dependents 0 Entry-level employees 0 Managers 1 Please indicate the sector of the 2022 North American Industry Classification System (NAICS) Categories for the private sector tourism-related business. Select all that apply and provide any supporting documentation. 0 Sector 71. Arts, Entertainment, and Recreation 0 Sector 72. Accommodation and Food Services. 0 Subsector 487 of Sector 48-49. Scenic and Sightseeing Transportation. Amount of funding requested: $9,582,900 Provide a detailed description of the project: The parcels(1.35 acres)on Cudjoe Key will be purchased by Monroe County and subsequently leased to Monroe County Housing Authority(MCHA).MCHA will be the developer and management partner. Provide a detailed timeline of the construction and development plan (can be part of detailed description of project): Provide a Business Pro-Forma that outlines and substantiates the request for funding. The Pro-Forma should include anticipated development costs (acquisition, construction architectural/engineering fees),total number of units, rental rates and incomes, operating expenses, distribution of rental income,financing sources,loans, operating pro-forma, gap analysis,summary, etc. Projects which are already funded and/or required to provide affordable housing shall not be funded. iiiiiiiiiiiiiiiiiiiiiillillillillillillilliillillillillillillillillillillilillillillillillillillilliillillillillillillilliillillillillillillillilillillilillillillillillillillilliillillillillillillilliillillillillillillillilillillilillillillillillillillilliillillillillillillilliillillillillillillillilillillilillillillillillillillilliillillillillillillilliillillillillillillillilillillilillillillillillillillilliillillillillillillilliillillillillillillillilillillilillillillillillillillilliillillillillillillilliillillillillillillillilillillilillillillillillillillilliillillillillillillilliillillillillillillillilillillilillillillillillillillilliillillillillillillilliillillillillillillillilillillilillillillillillillillilliillillillillillillilliillillillillillillillilillillilillillillillillillillilliillillillillillillilliillillillillillillillilillillilillillillillillillillilliillillillillillillilliillillillillillillillilillillilillillillillillillillilliillillillillillillilliillillillillillillillilillillilillillillillillillillilliillillillillillillilliillilI Uppaao� 12,'06,202 Page 3 of 4 2854 Is this project receiving any other types of funding? ❑ YES/ R NO If Yes,please list other sources of funding. s the proposed project required as a part of inclusionary housing requirements and/or eve etapprovals? YES/10 NO Is this request for funding part of a Public Private Partnership? ❑ YES/Cl NO If Yes,this requires an additional process by Florida Statute. Any and all projects which involve a or more oft the following will be given greaterweight in consideration. Please check all that apply. R Projects which propose partnerships with existing governmental entities, i.e., Key West Housing Authority, Monroe County Housing Authority,Monroe County Land Authority; El Projects which propose partnerships with existing non-profits that have demonstrated the ability to develop affordable housing in Monroe County,meaning who have developed at least ten(10) affordable housing units over the past 5 years; • Scattered site(s)developments which utilize existing scarified single-family lots that have no protected habitat; • Projects which propose allowing Monroe County to utilize the rental income, after necessary deductions for administration,building reserves,etc., for inclusion in a separate interest-bearing account to be used in the future to provide additional affordable housing within Monroe County.(If yes,information should be included in pro-forma.) Does this project have all required approvals,permits,development orders or other requiredentitlements? ❑YES/19 N If Yes,please provide copies of approved development orders and/or building permits. I,the Applicant,certify that I am familia t the information contained in this application,and that to the best of my knowledge such information is true " p' te,af6Rcurate. Signature of Applicant: , Date: 5 Z- IS' STATE OF - COUNTY OF Sworn o and subscribed before me,by means of either physical r. nce online notarization, o da of ,� 20 b day of , (PRINT NAME OF P RSON MAKIN .n„rAT,, ENT) who is u, ersonally known to me produced s dentificf A � LISSETTE CUERVCS CAREY • commission#HH 347 SIYtl��.OFNOT p ,„ J ua ._ �:...w OTAY... .. IC NA OF N S O PUBLIC NW CONMSSION EXPIRES: Updated U/06/2024 Page 4 of 4 2855 Is this project receiving any other types of funding? ❑ YES/ ❑. NO If Yes,please list other sources of funding. Is the proposed project required as a part of inclusionary housing requirements and/or development approvals? ❑ YES/ ONO Is this request for funding part of a Public Private Partnership? ❑ YES/ 0 NO If Yes,this requires an additional process by Florida Statute. Any and all projects which involve one or more of the following will be given greater weight in consideration. Please check all that apply. R Projects which propose partnerships with existing governmental entities, i.e., Key West Housing Authority, Monroe County Housing Authority,Monroe County Land Authority; ❑Projects which propose partnerships with existing non-profits that have demonstrated the ability to develop affordable housing in Monroe County,meaning who have developed at least ten (10) affordable housing units over the past 5 years; ❑ Scattered site(s) developments which utilize existing scarified single-family lots that have no protected habitat; ❑ Projects which propose allowing Monroe County to utilize the rental income, after necessary deductions for administration,building reserves, etc., for inclusion in a separate interest-bearing account to be used in the future to provide additional affordable housing within Monroe County. (If yes,information should be included in pro-forma.) Does this project have all required approvals,permits, development orders or other required entitlements? ❑ YES/ ONO If Yes,please provide copies of approved development orders and/or building permits. I,the Applicant,certify that I am familiar with the information contained in this application, and that to the best of my knowledge such information is true, complete and accurate. Digitally signed by Christine Christine Hurley Hurley Signature of Applicant: Date:2025.05.06 09:40:45-04'00' Date: STATE OF COUNTY OF Sworn to and subscribed before me, by means of either ❑ physical presence OR ❑ online notarization, on day of 20 , by , (PRINT NAME OF PERSON MAKING STATEMENT) who is ❑ personally known to me OR ❑ produced as (TYPE OF ID PRODUCED) identification. SIGNATURE OF NOTARY PUBLIC PRINT, TYPE OR STAMP COMMISSIONED NAME OF NOTARY PUBLIC MY COMMISSION EXPIRES: UJp&i� cd V 2/06/202/1 Page 4 of 4 2856 tl � 1 .w i � i 1 ���j' "d0Y �✓ ,., �6�U�� ,^/J'���fiw�N yi% 'V i � 1 1 � '.rJi�� (�� � ,m � t iiii i �� Illh llll ,,,, gym, w m, IIII ° iiii�.,���� o „ Co � �� �� � �I ° ����� �ii �i� °°�� IIII ° ��� �ii iiii i ° IIII 1ro irmin°i mmn..... C udi ,,,, IIII iro j ,,,, :, 11112irollperty III iiii.,i ° rrriatli ° i11111 1. Property is offered for sale at$1,900,000(Ml....S#6126 a?) and is under contract for$1,600,000 2. Four contiguous canal front parcels on Overseas Highway, currently used as a storage business 3. 1.35 acres(approx.9,000 sq.ft.),Tier 3, Mixed l..se/Cscrr merciaa Future I. and l..se Designation, Suburban Commercial Zoning, Flood Zones ACC-9,AE-1 0,ACC-`fl`fl,VE-1 2&VCR-`fl a . Eligible for up to 19 units, proposed for 18 units. Nine ROGO allocations are currently available; additional early-evacuation allocations may be available for the site following pending text amendments to the Comprehensive Plan and I....and [Development Code 5. I....ive I....ocaa Act may provide for development at a higher density 6. Development of 19 units within the Suburban Commercial District would require a Major Conditional l.Jse pursuant to I. DO ` 30-93(c)(9) unless exempted through the I....ive I....ocaa Act provisions 7. Property is located within District Advisory Committee(DACs) boundary 2(Stock Island through west end of 7-mile bridge), woo funds are available from DAC 1, DAC 2 and DAC 3 8. Property will be acquired by Monroe County and [eased to the Monroe County HousingAuthority as the development and management partner 9. Per Monroe County BOCsCs Resolution 544-2024,this project will be required to record a I....and l..se Restriction Agreement to restrict the project to affordable tourism housing 11112irojec:,t III ti ,,,, 11 iiii.,i ::IIII ti d 11 iiii.,i ,,,, ,,,, IIII ° IIII i-ri ,,,, iiii.,it c',,osts as III ro IIII ' ,,,, Ill, IIII iii.,uro ,,,, " o a iiii.,i ty I1111 ° u s ii iiii ig Authority After the allocation of$10,000,000 in Tourism Housing Program funds to Poinciana Plaza,the DAC 1 available budget is$6,868,243 2. DAC 2 available budget is$2,714,6 a? 3. DACs Budget available for site development is the sum Of $6,868,243 from DAC 1 and$2,714,6 a?from DAC 2,for a total of$9,82,900 . Because the project will likely be fully funded without the need to take on debt,this project will provide rental income and the Housing Authority will revenue share with the County after expenses and a reserve for building mairiteriarice is established so the County can create additional affordable housing with those resources. 1 2857 co LO co N N O O O 6 O O CD �O O O 0 P' C3 O a7 4 Lo / I1 O d C (p a 1.9. - - 0 o 0 0 0 O O O O O 0 0 6 6 6 6 J O O CD CD CD CD Q O a) O O O N O O N 0 (D a) (LO r Cl) c-I r r Cis (O O "',D CD O C� d c m in GN1 U a Y n M r Q ci Cl) O C,7 C O O CD r T co 00 p 00 'D W a) IIIIIII%�i Q 'oA rn G1 'n r p c a n t",j +,.,,y N M 19 ...o N � pliil IPI�( O +',D O O C� O d Cl) Cl) Cl) coO N r•',q N Y -1 Q ap CV) Cl) Cl) p N O N t'`! N CD CD D 4D LO N (NO D M D Q) �illllli 0 y CD Y U N Iq N O CCD CD O .-i N CD C Vt,�ys Cl! U 00 f D 06 00 in Y W C 00 Cl EPr K} fR �lmll�u � d o�& N r ; C ii„ 00%0%1. cu um m N • f % L r to �+ Vuu� c on � � C d (L O II 7 w m �.. • .. U y V — C CS In vd it S 0O f, d U d a� Q U U In U d O III O cu (6 d d d Q U m d > O O It ? a a sb r ' U > c tt o o O 'CU L)U o c, o o 7 n � E c •_ o n 0 r w o a ii d U U , % � ¢ or ,) 0 / IP9 wc�in> RESOLUTION NO. 544 -2024 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF MONROE COUNTY, FLORIDA, ESTABLISHING THE MONROE COUNTY AFFORDABLE TOURISM HOUSING PROGRAM FOR PURPOSES OF FUNDING AFFORDABLE HOUSING DEVELOPMENT PROJECTS WHICH PROVIDE AFFORDABLE HOUSING AVAILABLE TO EMPLOYEES OF PRIVATE SECTOR TOURISM-RELATED BUSINESSES IN THE COUNTY IN ACCORDANCE WITH CH. 24-219, § 4, LAWS OF FLA.; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, Ch. 24-219, Laws of Fla., (SB 1456) became effective on July 1, 2024; and WHEREAS, Ch. 24-219, § 4, Laws of Fla., provides that counties, which are designated as an Area of Critical State Concern (ACSC), and which levy both a tourist development tax pursuant to F.S. 125.0104, and a tourist impact tax pursuant to F.S. 125.0108, may use any accumulated surplus from such taxes collected through September 30, 2024, not to exceed $35 million, whether held by the county directly, or by a land authority in the county created pursuant to F.S. 380.0663, for purposes of providing housing which is available to employees of private sector tourism-related businesses in the county; and WHEREAS, Ch. 24-219, § 4, Laws of Fla., further provides that any housing financed with funds from the surplus may be used only for purposes of providing "affordable" housing, as defined in F.S. 420.0004, for a period of no less than 99 years; and WHEREAS, pursuant to F.S. 420.0004, for one or more natural persons or a family, the total annual adjusted gross household income must be less than 120 percent of the median annual adjusted gross income for households within the state; and WHEREAS, Ch. 24-219, §4,Laws of Fla.,further provides that expenditure of such funds is subject to approval by a majority vote of the BOCC; and WHEREAS, in anticipation of Ch. 24-219, Laws of Fla.,becoming law, on May 15, 2024, the Board of County Commissioners (BOCC)passed Monroe County Ordinance 018-2024,which authorized the "accumulated surplus" funds to be transferred to an account to be held directly by the County or Land Authority and authorized for use in accordance with state law; and WHEREAS,within said Ordinance,the BOCC stated that"[t]he BOCC will adopt a policy or resolution setting forth the process for distribution and expenditure of accumulated funds for Page 1 of 6 2859 affordable housing in accordance with the conditions as set forth in SB 1456"; and WHEREAS, the BOCC wishes to adopt through resolution a policy setting forth the program parameters, restrictions, and conditions for evaluation of potential affordable housing projects which qualify for this funding and the subsequent distribution and expenditure of the accumulated funds for selected affordable housing projects in accordance with the requirements as set forth in Ch. 24-219, § 4, Laws of Fla. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MONROE COUNTY, FLORIDA: SECTION 1: RECITALS AND LEGISLATIVE INTENT. The foregoing recitals and statements of legislative intent are true and correct and are hereby incorporated as if fully set forth herein. SECTION 2: PURPOSE AND INTENT. The Monroe County Affordable Tourism Housing Program ("Program") is hereby established. The purpose and intent of the Program is to facilitate the purchase, development, construction, and/or rehabilitation of affordable housing projects which meet the Program guidelines and requirements as set forth in this Resolution,which may be amended from time to time. SECTION 3: DEFINITIONS. (A) Affordable shall have the same meaning as § 420.0004, Florida Statutes. (B) BOCC shall mean the Monroe County Board of County Commissioners. (C) Land Use Restriction Agreement (L URA) shall mean a deed restriction restricting the units purchased, developed or rehabilitated using funding from this Program as affordable for a period of no less than 99 years. (D) Private Sector Tourism-Related Businesses shall mean those businesses physically located and operating within Monroe County, and who fall within one (1) or more of the following 2022 North American Industry Classification System (NAILS) Categories: 1. Sector 71. Arts, Entertainment, and Recreation. 2. Sector 72. Accommodation and Food Services. 3. Subsector 487 of Sector 48-49. Scenic and Sightseeing Transportation. (E) Program shall mean the Monroe County Affordable Tourism Housing Program. (F) Project(s) shall mean affordable residential housing consisting of one (1) or more residential dwelling unit(s) and which meet the Program requirements. (G) Qualified Employees shall mean employees of private sector tourism-related businesses who meet the affordable income qualifications and who possess no ownership interest in a residential property in Monroe County or the contiguous counties of Miami-Dade and Collier counties. (H) Surplus funds shall mean accumulated excess of revenue in an amount not to exceed $35,000,000.00. Page 2 of 6 2860 SECTION 4: PROGRAM GUIDELINES. The Program will provide financial assistance for the purchase, construction, or redevelopment of affordable housing Projects subject to the following guidelines: (A)Types of Projects 1. The following types of projects will be considered for complete or partial funding: a. New construction of residential dwelling unit(s); b. Rehabilitation of residential dwelling unit(s); c. Purchase of existing parcel(s), developed or undeveloped; d. Purchase of existing residential unit(s) or development(s); and/or e. A mix of any of the above. (B)Types of Residential Units. 1. Projects should include the following type(s) of housing units, in order of preference: a. studio/efficiency apartment(s); b. 1 bedroom / 1 bathroom apartment(s); c. 2+bedroom/bathroom apartment(s); and/or d. Family type units with multiple bedroom/bathrooms. 2. Projects with multiple residential units may include a mix of these types of residential units. (C)Types of Qualified Employees 1. Projects should prioritize the following type(s) of Qualified Employees, subject to affordability criteria, in order of preference: a. Single employees; b. Employees with dependents; c. Entry-level employees; and/or d. Managers. (D)Additional Considerations. 1. Any and all Projects which involve one or more of the following will be given greater weight in consideration: a. Projects which propose partnerships with existing governmental entities, i.e., Key West Housing Authority, Monroe County Housing Authority, Monroe County Land Authority; b. Projects which propose partnerships with existing non-profits that have demonstrated the ability to develop affordable housing in Monroe County, meaning who have developed at least ten (10) affordable housing units over the past 5 years; c. Scattered site(s) developments which utilize existing scarified single-family lots that have no protected habitat; d. Projects which propose allowing Monroe County to utilize the rental income, after necessary deductions for administration, building reserves, etc., for inclusion in a separate interest-bearing Page 3 of 6 2861 account to be used in the future to provide additional affordable housing within Monroe County. 2. The following types of Projects shall not be funded: a. Projects which are already funded and required to provide affordable housing; and/or b. Projects required to be built pursuant to inclusionary housing requirements and/or development approvals linked to a market- rate and/or commercial project. 3. Projects which shall also be considered, in no order of preference: a. Public-Private Partnerships (P3s); and/or b. Purchase of existing residential dwelling developments with a county lease back to original owner for management and lease with required LURA restrictions on the subject property. SECTION 5: REQUIREMENTS. Any and all Projects selected for funding by Monroe County are subject to the following requirements: (A)Application to Monroe County for funding; (B)Encumbrance of funding for a specific Project is subject to approval of a majority vote of the BOCC by separate Resolution; (C)Prior to distribution of funds, recording of a LURA drafted and provided by the Monroe County Attorney's Office; (D)No amount of the funding in this program may be used to develop commercial property; (E) Only rental residential dwelling unit(s) shall be considered; (F) Any other requirements in this Resolution, as may be amended from time to time; and (G)Any other requirements as may be outlined in the specific project funding Resolution, as may be amended from time to time. SECTION 6: COUNTY GUIDELINES. (A)The County Administrator shall facilitate the Program and delegate responsibilities of the Program to county staff as deemed necessary in his/her sole discretion,which should include, but not necessarily be limited to, an application process and a webpage. County Administrator may enlist third-party reviewers or administrators for income and employment verification. (B)Application package should include, at a minimum: 1. Detailed description of the project, including address/Parcel ID and business plan, if applicable; 2. Included or potential building plans, if any; 3. Any current land restrictions; 4. Amount of funding requested and detailed documentation to support request. (C)Staff shall review and evaluate Project applicants and provide a written recommendation to the BOCC for approval/disapproval of funding along with a Page 4 of 6 2862 draft Resolution, if applicable. Staff may, in its discretion, seek additional information from the applicant(s)prior to finalizing staff recommendations. (D)When reviewing and evaluating Projects, staff should consider allocation of the surplus funds by the percentage of total funding earned within the geographical boundaries of the tax collection districts as defined in Monroe County Code of Ordinances Chapter 23, Article VI. (E)Funding shall only be issued after a project has received building permits and all funding needed to complete the project has been approved as demonstrated by loan commitments, to assure the project can be completed. SECTION 7: TENANT ELIGIBILITY. (A)Only Qualified Employees who meet the affordable income qualifications in § 420.0004, Florida Statutes, shall be eligible to apply for rental of any residential dwelling unit(s)purchased and/or funded by this Program. (B)Tenants will be required to submit proof of eligibility at the time of application and again at the time of annual lease renewal. (C)Only one full-time resident of the household needs to be, and remain, an employee of a private sector tourism-related business for the household to qualify. All members of the household must meet the affordable income limits, according to the local government affordable housing regulations, which differ amongst local governments in the county. SECTION 8: TENANT LEASE TERMS. Any and all leases to tenant(s) for dwelling unit(s)purchased and/or funded by this Program shall meet the following requirements: (A)Shall be in writing; (B)Shall reference the LURA; (C)Any and all rental leases to tenant(s) shall be for a period of one (1)year. (D)Lease may only be renewed subject to the BOCC's rules of the Program which include, but are not limited to, tenant income and employment eligibility. (E)Lease shall include an early termination provision in the event the qualified applicant(s) is/are no longer eligible. (F) Maximum monthly rental rates shall not exceed the applicable annual Monroe County Maximum Monthly Rental Rates unless the rental residential dwelling unit(s)is/are located within the physical geographical boundaries of the City of Key West, Marathon, or Islamorada. In that case, the tenant shall be subject to the City of applicable Cities' Maximum Monthly Rental Rates for the respective income category. SECTION 9: CONSTRUCTION AND INTERPRETATION. This Resolution, being necessary for the health, safety, and welfare of the residents of and visitors to Monroe County, shall be liberally construed to effect(uate) the public purpose(s) hereof. Interpretation of this Resolution shall be construed in favor of the Monroe County Board of County Commissioners, and such construction and interpretation shall be entitled to great weight in adversarial administrative proceedings, at trial, in bankruptcy, and on appeal. Page 5 of 6 2863 SECTION 10: NON-RELIANCE_BY NON-PARTIES AND NO THIRD-PARTY RIGHTS OR BENEFICIARIES. Nothing contained herein shall create or be construed :or interpreted to create any relationship,contractual or otherwise,with,or any rights in favor of, any third party. No person or,entity shall be entitled to rely upon this Resolution or any provision hereof to enforce or attempt to enforce any claim or entitlement to or benefit of any service or, program contemplated hereunder. SECTION.11: SECTION HEADINGS. Section headings have been inserted into this Resolution as a matter of convenience for reference only,and shall not be used in the interpretation or construction of this Resolution or any part thereof. SECTION 12: NO LIABILITYY. Monroe County expressly reserves and in no way shall be deemed to have waived,for itself or for its officer(s), employee(s), or agent(s), any sovereign, governmental, and other similar defense, immunity; exemption, or protection against any suit, cause-of-action, demand, or liability. SECTION 13 SEVERABILITY. If any provision of this Resolution, or any part or portion thereof, is held to be invalid or unenforceable by.any administrative hearing officer or court of competent jurisdiction,the invalidity or unenforceability of such provision, or any part or portion thereof, shall neither limit or impair the operation, enforceability;or validity of any other provision of this Resolution,or any remaining part(s)or portion(s)thereof All other provisions of this Resolution and remaining part(s)or portion(s)thereof,shall continue unimpaired in full force and effect. PASSED AND ADOPTED by the Board of County Commissioners of Monroe County, Florida, =at a regular meeting of said board on the 1 l th day of December 2024. Mayor James K. Scholl Yes Mayor Pro Tern Michelle Lincoln Yes Commissioner Craig Cates Yes Commissioner David Rice Yes _ .s Commissioner Holly Merrill Raschein Yes (SEAL) ' BOARD OF COUNTY COMMISSIONERS' g 11�TTES1EVIN MADOK,CLERK OF MONROE COUNTY,FLORIDA B y: DE UTY CLERK AYOR/CHAIRPERSON APPROVED AS TO FORM&LEGAL SUFFICIENCY Monr a ounty Attorney's Office thalia Melues'Archei Ass tant County Attorney Page 6 of 6 2864 Liz Yongue From: Gomez-Krystal <Gomez-Krystal@MonroeCounty-FL.Gov> Sent: Friday, May 16, 2025 9:33 AM To: Ballard-Lindsey; County Commissioners and Aides; Kevin Madok; Pamela Hancock; Senior Management Team and Aides; Liz Yongue; InternalAudit Cc: Shillinger-Bob; Williams-Jethon; Cioffari-Cheryl; Livengood-Kristen; Rubio-Suzanne; Pam Radloff; County-Attorney; Allen-John; Danise Henriquez; Hurley-Christine; Rosch- Mark; Gambuzza-Dina; Beyers-John; InternalAudit; Kevin Madok; Valcheva-Svilena; Powell-Barbara; Guerra-Cynthia; Powell-Barbara Subject: Item J3 BOCC 05/21/2025 REVISED BACKUP Attachments: AIS 4023.pdf, Project.Funding.by.DAC.revised.pdf Categories: Orange Category Good morning, Please be advised that the agenda item backup has been revised for item J3. "Approval of a resolution approving$9,582,900.00 for acquisition and construction funding to the Monroe County Housing Authority for 18 affordable rental units at property located at 23038 Overseas Highway, Cudjoe Key, FL consisting ofLots I through 6, Block 3 of Cudjoe Ocean Shores Subdivision (PB 5-107), utilizing accumulated surplus Tourist Development Tax and Tourist Impact Tax revenues collected through September 30, 2024 for the purpose ofproviding housing that is affordable and available to employees ofprivate sector tourism-related businesses in the County in accordance with Ch. 2024-219, Laws ofFlorida. " Sincerely, Executive Administrator Monroe County Administrator's Office 1100 Simonton Street, Suite 2-205 Key West, FL 33040 (305)292-4441 (Office) (305)850-8694(Cell) Courier Stop#1 Notary Public w.r o n r y e c_ u�n1y:�:V_e.gpy i».c z..- Y .�.. _rn nroecou�_n�.Y..-.�..:.i» .Y. PLEASE NOTE: FLORIDA HAS A VERY BROAD RECORDS LAW. MOST WRITTEN COMMUNICATIONS TO OR FROM THE COUNTY REGARDING COUNTY BUSINESS ARE PUBLIC RECORDS AVAILABLE TO THE PUBLIC AND MEDIA UPON REQUEST. YOUR EMAIL COMMUNICATION MAY BE SUBJECT TO PUBLIC DISCLOSURE. 1 J3 BOARD OF COUNTY COMMISSIONERS COUNTY of MONROE Mayor James K.Scholl,District 3 The Florida Keys Mayor Pro Tern Michelle Lincoln,District 2 Craig Cates,District I David Rice,District 4 Holly Merrill Raschein,District 5 Board of County Commissioners Meeting May 21, 2025 Agenda Item Number: J3 2023-4023 BULK ITEM: No DEPARTMENT: Planning & Environmental Resources TIME APPROXIMATE: STAFF CONTACT: Cheryl Cioffari/ Christine Hurley N/A AGENDA ITEM WORDING: Approval of a resolution approving $9,582,900.00 for acquisition and construction funding to the Monroe County Housing Authority for 18 affordable rental units at property located at 23038 Overseas Highway, Cudjoe Key, FL consisting of Lots 1 through 6, Block 3 of Cudjoe Ocean Shores Subdivision (PB 5-107), utilizing accumulated surplus Tourist Development Tax and Tourist Impact Tax revenues collected through September 30, 2024 for the purpose of providing housing that is affordable and available to employees of private sector tourism-related businesses in the County in accordance with Ch. 2024-219, Laws of Florida. ITEM BACKGROUND: The Monroe County Housing Authority (MCHA) is proposing to develop 18 new units at 23038 Overseas Highway, Cudjoe Key, FL consisting of Lots 1 through 6, Block 3 of Cudjoe Ocean Shores Subdivision (PB 5-107) (the "Property"). The Property will be purchased by Monroe County, utilizing the Land Authority as agent, for acquisition. Once purchased, the Property will be leased to the Monroe County Housing Authority (MCHA) who will act as the development and management partner. The 18 new units at the Property will be solely occupied by heads of households working in a private sector tourism-related business. Of the $9,582,900.00 requested by MCHA, staff recommends utilizing $6,868,243.00 from DAC 1 and $2,714,657.00 from DAC 2 as shown in the table below: Monroe County Affordable Tourism Housing Program - Funding by District Advisory Committee (DAC) boundaries Encumbered DAC 1 DAC 2 DAC 3 qADAC 5 TOTAL Project Totals Projects: KW Stock Island- West 7 mile— MM90.939- 7 Mile Long Key County line Funding Available $16,868,243.00 $2,714,657.00 $6,273,123.00 $5,347,920.00 $35,000,000.00 Cudjoe Project- 1 6o $1,670,000.00 Acquisition 1 Cudjoe Project- Construction $6 8 ri8.2d3.00 $V.Odd.6 57.00 $7,912,900.00 $9,582,900.00 Funding Approved/proposed encumbrances with $16,868,243.00$2,714,657.00 $6,273,123.00 $2,276,867.00 $5,347,920.00 funds transferred between DACs Remaining Balance $- $- $ ��$1,519,190.00 $- The County will disburse total cost of purchase plus closing costs to the seller of the Subject Property and the remaining funding to the MCHA, upon receipt from MCHA and approval by the County's Senior Director of Planning and Environmental Resources, or her designee, of the following: 1. a written loan commitment (if needed) from a lender for the entire project cost (currently it is anticipated the project may not need private funding); and 2. a proforma showing the entire project cost, certified by a licensed design engineer or architect; and 3. written confirmation from the City of Marathon indicating permits are ready for issuance for the 18 units; and 4. Proof of recorded Land Use Restriction Agreement (LURA) as described in Section 4 of the attached Resolution. Prior to disbursement of any portion of the $9,582,900.00, the County and/or MCHA shall sign and record a Land Use Restriction Agreement (LURA) restricting use of the Subject Property to affordable housing in accordance with section 380.0666(3)(a), Florida Statutes, for 99 years. Finally, it is anticipated this project, developed by the Housing Authority will revenue share with the County, after operating funds and a building maintenance reserve account are funded, so additional units can be developed within the County for affordable opportunities for more households. PREVIOUS RELEVANT BOCC ACTION: April 17, 2024 - Board directed staff to prepare an ordinance to allow for the authorized use of Tourist Development and Tourist Impact Tax revenues as set forth in SB 1456. May 15, 2024 - Board approved Ordinance No. 018-2024 which authorized "accumulated surplus" funds to be transferred to an account to be held directly by the County or Land Authority for use in accordance with provisions of SB 1456 with adoption of a policy or resolution setting forth the process for distribution and expenditure of the accumulated funds to be approved by the Board at a later date. August 21, 2024 - Board directed staff to bring back information to the Board concerning the collection of tourist tax revenues. September 11, 2024 - Board directed staff to bring back information from the Affordable Housing Advisory Committee (AHAC) and the Tourist Development Council(TDC). October 16, 2024 - Board directed staff to bring back information from AHAC and the TDC and seek input from the cities regarding potential projects within their respective jurisdictions. November 19, 2024 - Board gave direction for use of the accumulated surplus Tourist Development 2 Tax and Tourist Impact Tax revenues collected through September 30, 2024 to be spent as closely as possible to the 5 year average of where the funds were collected by District Advisory Committee (DAC) boundaries, in an amount not to exceed $35 million for the purpose of providing housing that is affordable and available to employees of private sector tourism-related businesses in the County in accordance with Ch. 2024-219, Laws of Florida and to use the North American Industry Classification System (NCAIS) to define "tourism related affordable housing". December 11, 2024 - Board approved Resolution 544-2024 establishing the Monroe County Affordable Tourism Housing Program and setting forth the program qualifications, restrictions, and conditions for funding affordable housing projects utilizing the accumulated surplus Tourist Development Tax and Tourist Impact Tax revenues collected through September 30, 2024, in an amount not to exceed $35 million for the purpose of providing housing that is available to employees of private sector tourism-related businesses in the County in accordance with Ch. 2024-219, Laws of Florida. INSURANCE REQUIRED: No CONTRACT/AGREEMENT CHANGES: N/A STAFF RECOMMENDATION: Approval. DOCUMENTATION: Resolution.Cudj oe.TDC.housing.5.21.25.docx Application.Cudj oe.2303 8.Overseas.Hwy.FINAL.pdf TDC Housing Program- MCHA Cudjoe Project proposal - MCHA budget 5-8-25 update.pdf Proj ect.Funding.by.DAC.pdf Resolution 544-2024 FINANCIAL IMPACT: Utilization of $9,582,900.00 from TDC Surplus consisting of $6,868,243.00 from DAC 1 and $2,714,657.00 from DAC 2. 3 O O a o 4 os o O 0� O h a` Fa ei t» 0 0 0 0 O O 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o m o 0 o O F o0 00 Fa Fri vi vi vi vi N p O _ p O N m o N v M Q M N to m 0 F rn O M O O O O � O � m M Y bD O J Vi i � Efi O O J I Q N 16 o E f0 r >N U O O O O , r n r � N � � N N t U O N IIIAI Y O O � f0 cp 9 f 4 R �b N N �f w � � U C LL m Y C I GN Y U N / N C O N a a� n2. Liz Yongue From: Gomez-Krystal <Gomez-Krystal@MonroeCounty-FL.Gov> Sent: Monday, May 19, 2025 10:53 AM To: Ballard-Lindsey; County Commissioners and Aides; Kevin Madok; Pamela Hancock; Senior Management Team and Aides; Liz Yongue; InternalAudit Cc: Shillinger-Bob; Williams-Jethon; Cioffari-Cheryl; Livengood-Kristen; Rubio-Suzanne; Pam Radloff; County-Attorney; Allen-John; Danise Henriquez; Hurley-Christine; Rosch- Mark; Gambuzza-Dina; Beyers-John; InternalAudit; Kevin Madok; Valcheva-Svilena; Powell-Barbara; Guerra-Cynthia; Powell-Barbara Subject: RE: Item J3 BOCC 05/21/2025 REVISED BACKUP Attachments: MCHA_Cudjoel8Units_conceptual_5-14-25.pdf Categories: Orange Category Good morning, Please be advised that this item has an additional revised backup. From: Gomez-Krystal <Gomez-Krystal@ Mon roeCounty-FL.Gov> Sent: Friday, May 16, 2025 9:33 AM To: Ballard-Lindsey<Ballard-Lindsey@ Mon roeCounty-FL.Gov>; County Commissioners and Aides <County_Commissioners2@monroecounty-fl.gov>; Kevin Madok<kmadok@ Mon roe-Clerk.Com>; Pamela G. Hancock <phancock@monroe-clerk.com>; Senior Management Team and Aides <Senior_Management_Team_and_Aides@ Mon roecounty-fl.gov>; Liz Yongue<eyongue@monroe-clerk.com>; 'InternalAudit@monroeclerkFL.onmicrosoft.com' <InternalAudit@monroeclerkFL.onmicrosoft.com> Cc: Shillinger-Bob<ShiIIinger-Bob@ Mon roeCounty-FL.Gov>;Williams-Jethon <Williams-Jethon@MonroeCounty- FL.Gov>; Cioffari-Cheryl <Cioffari-Cheryl@MonroeCounty-FL.Gov>; Live ngood-Kristen <Livengood- Kristen@ Mon roeCounty-FL.Gov>; Rubio-Suzanne<Rubio-Suzanne@ Mon roeCounty-FL.Gov>; Pam Radloff <pradloff@monroe-clerk.com>; County_Attorney<Cou nty_Attorney@ Mon roeCou nty-FL.Gov>;Allen-John <Allen- John@MonroeCounty-FL.Gov>; 'Danise Henriquez' <d hen riquez@monroe-clerk.com>; Hurley-Christine<Hurley- Christine@MonroeCounty-FL.Gov>; Rosch-Mark<Rosch-Mark@ Mon roeCounty-FL.Gov>; Gambuzza-Dina <Gambuzza- Dina@MonroeCounty-FL.Gov>; Beyers-John <Beyers-John@MonroeCounty-FL.Gov>; InternalAudit@monroeclerkFL.onmicrosoft.com; Kevin Madok<kmadok@ Mon roe-Clerk.Com>;Valcheva-Svilena <Valcheva-Svilena@MonroeCounty-FL.Gov>; Powell-Barbara <Powell-Barbara@MonroeCounty-FL.Gov>; Guerra-Cynthia <Guerra-Cynthia@MonroeCounty-FL.Gov>; Powell-Barbara <Powell-Barbara@MonroeCounty-FL.Gov> Subject: Item J3 BOCC 05/21/2025 REVISED BACKUP Good morning, Please be advised that the agenda item backup has been revised for item J3. "Approval of a resolution approving$9,582,900.00 for acquisition and construction funding to the Monroe County Housing Authority for 18 affordable rental units at property located at 23038 Overseas Highway, Cudjoe Key, FL consisting ofLots I through 6, Block 3 of Cudjoe Ocean Shores Subdivision (PB 5-107), utilizing accumulated surplus Tourist Development Tax and Tourist Impact Tax revenues collected through September 30, 2024 for the purpose ofproviding housing that is affordable and available to employees ofprivate sector tourism-related businesses in the County in accordance with Ch. 2024-219, Laws ofFlorida. " 1 Sincerely, Executive Administrator Monroe County Administrator's Office 1100 Simonton Street, Suite 2-205 Key West, FL 33040 (305)292-4441 (Office) (305)850-8694(Cell) Courier Stop#1 Notary Public vier o n rye c_ u�n jy-�:V_e.gpy PLEASE NOTE: FLORIDA HAS A VERY BROAD RECORDS LAW. MOST WRITTEN COMMUNICATIONS TO OR FROM THE COUNTY REGARDING COUNTY BUSINESS ARE PUBLIC RECORDS AVAILABLE TO THE PUBLIC AND MEDIA UPON REQUEST. YOUR EMAIL COMMUNICATION MAY BE SUBJECT TO PUBLIC DISCLOSURE. 2 oafo.z aof n d P a VHaYI SlOSlIxaxv—xOnoaaavas—Hdod F Q /o j /0 s 5v�t5546 %i„ 1 ro 1 a 0 1 i g i e O O I ,rivr ' 1 s 1 +, mla � 1 Q r ZU U 1 ft c - o 1 1,..: o 1 yam, d �i WOR 1 _ s woe Dial o Liz Yongue From: Burke-Sue <Burke-Sue@MonroeCounty-FL.Gov> Sent: Monday, May 19, 2025 11:50 AM To: Shillinger-Bob; Liz Yongue; Gomez-Krystal Subject: For the Record - FW: TDC Housing funding Item J3 on BOCC agenda Attachments: affordable tourism housing App Lower Keys Community Center (2) (1).PDF; Cypress landing schematic design (1) (1).pdf, LKCCC Cyp Land schedule (1).pdf, LKCCC Cyp Land proformas (1) (1).pdf, LKCCC attach A (1) (1).pdf, Resolution_544-2024 tdc 35m ordinance (1) (1).pdf,J3 (1).pdf Categories: Orange Category Good morning, Following is an email to Mayor Scholl regarding J3 on the 05-21-2025 BOCC Meeting Agenda, for the record. Sincerely, Sue Burke Executive Assistant to Jim Scholl Mayor Monroe County District 3 530 Whitehead Street, Suite 102 Key West, FL 33040 305-292-3430 (Office) 850-341-5041 (Cell) Courier Stop: CLK - Stop #8 Burke-Sue@MonroeCounty-FL.Gov www.monroecounty-fl.gov �A'al k7lF Monroe County, Florida "The Florida Keys" PLEASE NOTE: FLORIDA HAS A VERY BROAD RECORDS LAW. MOST WRITTEN COMMUNICATIONS TO OR FROM THE COUNTY REGARDING COUNTY BUSINESS ARE PUBLIC RECORDS AVAILABLE TO THE PUBLIC AND MEDIA UPON REQUEST. YOUR EMAIL COMMUNICATION MAY BE SUBJECT TO PUBLIC DISCLOSURE. From: Scholl-Jim <Scholl-Jim@MonroeCounty-FL.Gov> Sent: Monday, May 19, 2025 11:01 AM To: Burke-Sue<Burke-Sue@ Mon roeCounty-FL.Gov> Subject: FW:TDC Housing funding Item J3 on BOCC agenda 1 From: jack .flats rjclkflsr .«7pimailocoim> Sent: Monday, May 19, 2025 10:59:45 AM (UTC-05:00) Eastern Time (US &Canada) To: Scholl-Jim < choll.::::��..gm.�«�_�czlnlrc� ��.in�.y Fl...oCov> Subject: TDC Housing funding Item 33 on BOCC agenda You don't often get email from jackflats5O9@gmail.com. (Learn why this is important CAUTION:This email originated from outside of the County. Whether you know the sender or not, do not click links or open attachments you were not expecting. Jim/ Please find attached our proposal for Affordable tourism housing TDC funding under the 544- 2024. This project is proposed for a 5.2 acre parcel on Sugarloaf Key that also includes 28 units of "the Landings" low income workforce housing project. This proposal was originally submitted to the county on May 1, 2025, prior to the submission of the competing Cudjoe Key project that is on the May 21 BOCC agenda(Item J3). This Cypress Landings project makes more efficient use of the TDC funding than the previously approved Key West project, or the current Cudjoe Key and Marathon (recommended for approval)proposals. For our Cypress Landings project: Plans are drawn. Floor plans, and elevations have been submitted. Traffic studies are in the works. The land is owned by the applicant. and will be deed restricted for affordable housing at no cost to the county. Construction drawings are being completed. The contractor is engaged, and actively value engineering the project It is as close to shovel ready as can be. Building permits are possible in October 2025, and we can have residents moving in April 2027 It includes a non-profit partnership-giving it"greater-weight" under Res 544-2024. There is not adequate funding available for both the Cypress landings project and Item J3 the Cudjoe Key land purchase/project on the BOCC agenda- The bulk of the funding for Cypress landings or the Cudjoe Key project would come from DAC 1, with the balance being all of the funding available from DAC 2. The Cypress landings project is nearly seven miles closer to DAC 1 than the Cudjoe Key project. This J3 Cudjoe project at 23038 Overseas Hwy is requesting $9,582,900 for 18 units ($532,383 2 per unit). Cypress Landings is requesting 10,500,000 for 30 units or $350,000 per unit. Cypress landings can adjust its plan to work with less money. The Cudjoe application is inferior to the Cypress landings project because: * The developer does not own the property and development, will take far longer * The proposal does not meet the "minimum" requirements of 544-2024 section 6. * There are no drawings or designs * Several of the required sections of the application were left blank. * There are no descriptions of the type or size of units to be provided as required on page 2 * There is no timeline of the project as required on page 3 * There is no business proforma as required on page 3 * There is a requested subsidy of over $532,283 per unit compared to Cypress landings at $350,000 per unit. It is unclear how much ongoing funding is being promised back to the county for future affordable housing projects under the 544-2024 Ordinance Section-(4)(D)(1)(d) in the Cudjoe proposal because it included no proformas or financial information. But, not all affordable housing projects generate the free cash flow that the county is apparently anticipating. However, the economics of affordable housing projects are such that if there is enough subsidy that no debt is required, then (in the private sector) they can generate returns. Cypress Landings proposal includes private sector debt that would require repayment, making the project less profitable, and also allowing it to reduce as much as possible the TDC funding request, thus stretching the TDC funds much further. This type of funding structure allows for the development of more units now. If the County's preference is to overpay per unit now, and then have recurring income streams:- Cypress Landings can Offer: if it is funded at the same level per unit as the Cudjoe Key proposal- Cypress Landings would immediately give the county 5.46 million dollars to invest in its "separate interest bearing account" for Tuture affordable housing". Alternatively, it would pay the County $225,000 per year for 99 years for future affordable housing needs. I am also happy to put a short term use or return clause to this funding request. Whether the TDC funds can be used in this way, to try to generate "future affordable housing" as opposed to "available to employees of private sector tourism-related businesses in the county" as required by the state statute is a question that I don't believe has been resolved. If Cypress landings does not have a building permit in 8 months, it will relinquish any claim on the money, and the county can put it back to use in the TDC funding Housing program. Cypress Landings is a better use of these TDC funds. Cypress Landings is not afraid of competition. Its complete proposal was submitted prior to the submission Of this J3 item. I am requesting that both proposals, competing for basically the same scarce TDC funds be heard at the same public meeting to discuss which better serves the County, and better utilizes this TDC funding. Unfortunately the Cypress Landings project was not set for the May 21 meeting. 3 My request is that B be postponed until the June 18 BOCC meeting, and the Cypress Landings project be included on the June 18 meeting agenda where both proposals can be debated. As the developer of the 33 project does not yet own the land, has no schedule or plan, its board has yet to authorize it, a four week delay to decide if it is the right deal at the right time will not impact when these units might come online. I am happy to discuss the merits of the Cypress Landings proposal, and address any concerns about why it was shelved and an incomplete Cudjoe Key application was set and recommended for approval. Regards, Joe Walsh 305-731-9972 4 APPLICATION MONROE COUNTY PLANNING & ENVIRONMENTAL RESOURCES DEPARTMENT �N; ; P��1hdV4n{,17�y Il�^�h A Monroe County Affordable Tourism Housing Program Application The pur7sose and intent of the Program is to.facilitate the purchase, development, construction, and/or rehabilitation of�affc�rdal�le horrsin r prr?jects wlar'ch ser ue prr'vate sector traczrism-related businesses and meet the Program guidelines and requirements as set„f6rth in the Resolution 544-2024. ,n"?„r; „i r <i „=,✓0 v6,, arT✓, t, „i,;,cr ,PrfO,�l:2 ,c,v,?Illd s;;J e/rd„ /,i,�,J/l. „v,„Gu/�„t!I,�e r. r Date of Submittal: May P 1 /2025 Via email Month I�ay Year Applicant/Agent Authorized to Act for the Property weer: Lower Keys Community Center Corp Joseph Walsh Applicant(Narne of Person,Business or Cirganiration) Nai-ne of Person Submitting this Application 429 Caroline Street Frey West Florida 33040 Mailing Address(Street, City, State and dip Code) 30 -731-9972 joe c;tro icalsou .coo Daytime Phone Email Address PropertyOwner: Lower Keys. Community Center Corp Joseph Walsh (Name/Entity) Contact Person 429 Caroline Street Key West Florida 33040 Mailing;Address(Street, City, State and Lip Code) 305-731-9972 joe tropiealsoup.eorn Daytime Phone Ernail.Address Legal Description of.property. (If in metes and bounds, attach legal description on separate sheet) TRACT A REV PLAT OF AMD PLAT PB -9 OR534•-93 /3 UGARLOAF SHORES SEC F REV Sugarloaf Key Block LotSubdivision Key 00166976-011300 1215473 Real Instate(RE)N umber- Alternate Key Number 16720 Overseas Hwy Sugarloaf Key, Fl. 33042 16.7 Street Address(Street,City, State,Gip Cade) Approximate Mile Marker Page 1 of 4 Affordability of Units. All units constructed or developed with Tourist Development Council(TDC)Accumulated Surplus funding requires the units to be maintained as affordable for a period of no less than 99 years and be consistent with the definitions provided within F.S.420.0004,(i.e.,for one or more natural persons or a family,the total annual adjusted gross household income must be less than 120 percent of the median annual adjusted gross income for households within the state). Rental Affordable 1-lousing Units Monroe County 2024 Qualifying Income Limits Income Limits for Single Persons Very Low Low NIM4111 NLoderatt: FlouscltirltlSize SO,Yw gll% 100(No 120% 1 Pcrwn $41.800 S66.850 S83,600 $100.320 21'crsotts IA7.700 $76,350 S95,400 $11.1,480 3 Pc]-NOns 553.700 $85,950 $107,M) $128,880 -1 Persolis 5551,650 S95,450 1 19 i0[1 b143.160 5 Persons $64.450 S1(1a,10() S128.9(H) $154.680 6 Persons S69.200 5110.750 5138-400 :1:166.08O 7Ilerionc S74,004) S119,400 $148,000 $177,600 h Pcrsons $78,7 j0 S I26.0(R) $1,57,500 Vo%ICc GI-t Ddllltilvn, Inctt[me Limits for Married or Domestic Partners Very Law Low 41edi:tn Moderate Floutieltold Site 501% 80% 100% 1201% 2 Pm,01I& S63.601) w 10I AM $127.200 $152,040 3 Persons S71,600 $114,600 $14MOO $171,840 -1 Pc]•sotts S79.533 :5127.267 'S15f),00 S190.1,M) 5 Persons S85,933 1 $137,407 1 $171 A7 1 $206,240 0 Per.40ns SO2.26 i 'S147.007 IM K4.53: !221;440 7 Persons WS.66 7 $157.967 S 197,333 4236 800 8 Persons S 105.00(1 I 'S 16S,000 S210.000 S252.000 po MC[ 4IN-l115j1(uj) *Please note the income limits are attended annually. Please indicate type of proposed project. Check all that apply: [ New construction of residential dwelling unit(s); El Rehabilitation of residential dwelling unit(s); ❑Purchase of existing parcel(s), developed or undeveloped; ©Purchase of existing residential unit(s)or development(s); and/or M Other. Please describe: Please indicate type and number of residential units to be provided: ❑Studio/efficiency apartment(s); units Cl 1 bedroom/ 1 bathroom apartment(s); t) units 0 2+bedroom/bathroom apartment(s); 92 units ® Family type units with multiple bedroom/bathrooms. 8 units 1.l)d,t1od I? (li, c7 •E Page 2 of 4 Please indicate the type of qualifled employees you wish to house,subject to affordability criteria,in order of preference. (Rank in order of 1-4. 1 being the highest priority and 4 being the lowest priority.) 9 Single employees Q Employees with dependents W Entry-level employees W Managers Please indicate the sector of the 2022 North American Industry Classification System (NAICS) Categories for the private sector tourism-related.business. Select all that apply and provide any supporting documentation. 9 Sector 71, Arts, Entertainment, and Recreation R Sector 72. Accontmodation and Food Services. R Subsector 487 of Sector 48-49. Scenic and Sightseeing Transportation. Arnount of Funding requested: $10,500,000 Provide a detailed description of the project: Lower Keys Community Center plans to construct thirty(30)brand new,deed-restricted,affordable housing units,All of these chills will be solely occupied by heads of households working in a tourism related field.The new housing development will be elevated and built above the floodplain. It will Comply with baseline green building standards. it Will CQrnply with all Monroe County and State of Florida affordable housing development requirements.No variances are expected to be required. The property Will lio managed by o professional non-profit management company with experience operating and weltying compliance of workforce housing proloots in Monroe County.. See Atwell A and design Provide as detailed timeline of the construction and development plan (can be part of detailed description of project): Funding Request May 2025. ROG 0(Request June 2025 Construction Documents complete September 2025 Construction contract awarded September 2025 Building Permit issued NovomberiDecember 2025 1 Tenant wait list,vottirg and leasing Dec 2026-March 2027 Construction completed March 2027 Tenants Move in April 2027, See attach timeline Provide a. Business Pro-Forma that outlines and substantiates the request for funding. The Pro-Forma should include anticipated development costs (acquisition,construction architectural/engineering fees),total number of units, rental rates and incoines, operating expenses, distribution of rental income, financing sources, loans, operating pro-forma, gap analysis,summary, etc. Total development cost of cypress Landing expected to be$17,501,393 This project will be affiliated with and on the same parcel as the Landings workforce housing project The attached proforma reflects bids and/or quotes or contracts from professionals and contractors working or the companion Landings workforce housing project. Construction costs have been rising significantly over the past few years.There is considerable uncertainty associated with tariff and other inflationary costs over the next few years. Fw NUMEMMEARMEMEMNweemml Projec-ts which are already funded and/or required to provide affordable housing s�halIII e fun l not be funded. Page 3 of 4 is this project receiving any other types of funding? 9 YES/ 0 NO If Yes,please list other sources of funding. The developer will be contributing land and equity that combined with the Affordable tourism housing funding will be sufficient to complete the project There will be private lender financing on the project or the developer will contribute the balance if private financing is unavailable. There are some financing uncertainties associated with the project. The operating and start-up proformas assume that traditional construction and permanent funding will be available at market rates. .Is the proposed project required as a part of inclusionary housing requirements and/or development approvals? El YES/ W NO Is this request for funding part of a Public Private Partnership? El YES/ 9 NO If Yes,this requires an additional process by Florida Statute, Any and all projects which involve one or more of the following will be given greater weight in consideration. Please check all that apply. 11 Projects which propose partnerships with existing governmental entities, i.e., Key West Housing Authority, Monroe County Housing Authority,Monroe County Land Authority; -0 Projects which propose partnerships with existing non-profits that have demonstrated the ability to develop affordable housing in Monroe County, meaning who have developed at least ten(10) affordable housing units over the past 5 years; El Scattered site(s) developments which utilize existing scarified single-family lots that have no protected habitat; 0 Projects which propose allowing Monroe County to utilize the rental income, after necessary deductions for administration,building reserves, etc,,for inclusion in a separate interest-bearing account to be used in the future to provide additional affordable housing within Monroe County.(If yes,information should be included in pro-forma.) Does this project have all required approvals,permits,development orders or other required entitlements? 0 YES/ W NO If Yes,please provide copies of approved development orders and/or building permits. 1, the Applicant, certify that I am familtu-ji the informatio n I cofffallnWh6 this application, and that to the best of my knowledge such information J,�.trtrC, ��orrioe e and accum Signature of Applicai tr---�� Date: April 30,2025 STATE OF Fl, COUNTY OF Monroe Sworn to and subscribed before me, by means of either U physical presence OR 0 online notarization, on 301h day of April 20 25 by Joseph Walsh I (PRINT NAME OF PERSON MAKING STATEMENT) who is Q personally known to me OR 0 produced -as (TYPE OF ID PRODUCED) identi do SI(73f)RE OF NOTARY PUBLIC PRINT,TYPE OR STAMP COMMISSIONED NAME OF NOTARY PUBLIC MY COMMISSION EXPIRES: Notary PubliC State Of Ftei John Lewis Baker U 2/0 p(i,ntc(l 16/2024 MY corrimission HN 467079 Page 4 of 4 Jill 1 ; Expires 1112712027 4Cypress Landings Affordable Tourism Housing AppLicant and Owner: Lower Keys Community Center C er Developer: Lower Keys Community Center Corp Contact Joe Walsh Milestone description Responsible Progress Start Days Pre evelo ment Benchmarks Cost Analysis Funding availability LKCCC 1/21/2025 90 Site Plan Developed PQH Architects/Graef 1/21/2025 90 Engineers Funding Submittal prepared LKCCC 1/21/2025 90 Funding request submitted LKCCC 5/1/2025 1 Building Plan Drawings PQH Architects/Graef 0% 4/1/2025 105 Engineers Funding Submittal Review and approval LKCCC 0% 5/1/2025 1 Affordable tourism funding reviewed Monroe County 5/3/2025 60 Permit Fee Waiver Prep LKCCC/Planner 6/1/2025 30 Reports and analysis Consultant 5/10/2025 45 ROGO Request LKCCC 6/1/2025 60 Construction Financing Applications LKCCC 8/1/2025 60 Permanent Financing Applications LKCCC 8/1/2025 60 Building Permit Submittal Key Star GC 9/1/2025 1 Building Permit Approval Monroe County Building 9/1/2025 100 Construction Financing closed Bank/LKCCC 10/1/2025 30 544-2024 Funding available Monroe County 12/1/2025 1 Permanent Financing LOi Bank/LKCCC 12/1/2025 15 Construction Notice of Commencement Key Star GC 11/28/2025 1 Start of Construction Key Star GC 12/7/2025 1 Initial Building Completion Key Star GC 3/15/2027 439 Construction Completion Key Star GC 3/31/2027 15 Lease-Up Pre-Leasing TDC/Rural 12/1/2026 120 Neighborhoods Move-in Rural Neighborhoods 4/1/2027 30 100%Leased Rural Neighborhoods 5/1/2027 1 Attachment A Lower Keys Community Center Corp (LKCCC) will build Cypress Landings a new thirty (30) unit workforce housing project at South Point Drive and Cypress Road in Sugarloaf Key. It will be deed restricted Affordable as defined under State Statute 420.0004. In accordance with Section 4 (B)(2) of Monroe County Resolution 544-2024 the Units will be a mix of sizes and bedroom configurations to appeal to a cross section of private sector tourism employees including those that are single, those with dependents, and both entry level and managers. The units will be leased exclusively to tenants who work in private sector tourism related businesses (as defined in Section 3 (D) of Monroe County Resolution 544-2024) failing under NAICS categories Sector 71, Sector 72, and Subsector 487 of Sector 48-49. Cypress Landings will partner with Rural Neighborhoods Incorporated, an experienced existing non-profit property manager that has developed and through affiliated companies managed multiple affordable housing units in Monroe County in the last five years. Tenants will be will vetted for compliance with the income and employment requirements on an annual and ongoing basis. Rural Neighborhoods will be the majority and managing partner of the Landings workforce housing project, that is currently being developed adjacent to this proposed project. LKCCC will build a wall along Cypress Road shielding the South Point neighborhood from the project. LKCCC will plant large trees and extensive landscaping along this wall to provide more privacy and an attractive appearance along the project's rear elevation. The project will have ample parking. It is expected that all of the traffic to the project will be through driveways developed for the Landings workforce project, and no driveways or access will be created or used along Cypress Road. If access along Cypress Road is required by life safety or other government mandate, the developer will follow these requirements and work to minimize the effects on the neighborhood. The development will be oriented towards the companion workforce housing project away from the single family residences in South Point. Setbacks and landscape buffers will be maximized along the wall on the South side of the project. All of the new units will be elevated above the flood four feet higher than required. The project will have a pool and other site amenities to create a desirable place for tourism industry employees and their families to live. It is expected that private sector tourism employees living at Cypress Landings will work from in the Lower Keys, and from Key West to Marathon. The cost of the project will be impacted by the substantial synergies created by developing these Cypress Landing affordable housing tourism workforce units at a similar time and with the same contractors, engineers, and architects as the Landings affordable housing project adjacent to it. This synergy and repetition of some similar design elements along with upgraded fixtures and appliances will also greatly reduce the total development time. This combination of projects will trim years off the time for the project to come online, and for the units to be occupied by Monroe County tourism focused employees. Bringing new workforce housing projects online in Monroe County is a challenging problem. The cost of construction,the cost of land,the scarcity of suitable development sites and the soft financial and time costs of the development process conspire against projects. Some of these elements are reduced or minimized with the project at this site. Most of the affordable workforce projects developed over the past two decades have had some version of a public private partnership. Some projects have used tax credit funding, some have received density bonuses or used commercial development or development rights transfers to manufacture value, some have received government owned land, and many have received land authority support in one way or another. The Monroe County Affordable Tourism Housing Program authorized under State Statute 420.9075 as amended by Ch 2024-219, and Monroe County Resolution 544-2024 provides a novel additional opportunity for public private partnerships to facilitate the development of workforce housing units. LKCCC believes that its proposal offers the fastest and most efficient mechanism for creating new workforce housing with a portion of this funding. The changes to the State statutes were made in 2024. The County's ordinance providing direction for the implementation of the Affordable Tourism Housing Program was approved at the BCC meeting on December 11, 2024. It is LKCCCs belief that this funding should be put to use as efficiently and quickly as possible. LKCCC was exploring housing opportunities for this location. Some of the pre- construction work can be duplicated saving time, and some of the design work can be duplicated saving money. LKCCC believes that addressing the workforce housing problem is of such magnitude, that it is not seeking any developer fees. The Cypress Landings project zoning, location, design, and use qualifies for review under the development standards commonly called Live Local. The zoning for the property that LKCCC will build Cypress Landings on is SC, with a future land use map of MC (mixed use commercial). The Suburban Commercial district allows affordable housing as a permitted use. State Statute 125.01055 (7)(e) states "A proposed development authorized under this subsection Must be administratively approved and no further action by -.—------------- the board 0f county commissioners iSrequired if the development satisfies the coWOtV's land development regulations for multifamily developments in areas zoned for such use and is otherwise consistent with the comprehensive plan, with the exception of provisions establishing allowable densities, floor area ratios, height, and land use. Such land development regulations include, but are not limited to, regulations relating to setbacks and parking requirements." As previously discussed, the project vvill5GtisfvtheCOuDt«'SappliCab|eMRSreg@rdiDgSetbachS, density, parking, floor area, land use and height/ and will exceed the code for landscaping. State Statute 165.04151/7Va\ requires that "A municipality must authorize multifamily and mixed- use residential as allowable uses in any area zoned for commercial, industrial, or mixed use if at least 40 percent of the residential units in a proposed multifamily rental development are rental units that, for a period ufat least 3O years, are affordable as defined ins. 4]O.00Q4. The Cypress Landings Affordable tourism housing project will meet all of the Live Local requirements. There are nD proposed commercial uses with this project, @nd8|l3OUni[svvil| be8ffOnjab/e8sdefinedin s.42O.00O4. LKCCC continues to expend funds on this project. Architects,engineers, experts, and consultants will have been paid more by the time building permits are issued. LKCCC requests that the potential funding authorized under this application and county ordinance 544- 2024 be made available when the developer has shown that it has the ability tn complete the project by the issuance of building permits for the project, andbyshovvingthatithesceMLifiedfundsoftvvonoi||ion dollars available at permit issuance for the continuing development of the project. 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not expected Marketing/Advertising $ 25,000 manage list compliance Property Taxes $ 36,500 Relocation Costs $ - Soil Test Report $ 18,500 Survey $ 17,500 Deed &Recording Fees $ 85,000 544-2024 requirements Utility and impact Fee $ 482,500 FKAA and Keys Energy Developer Fee Total General Develop $ 1,811,776 Soft Cost Contingency $ 99,647.71 5.50% Financial Costs Loan Origination $ 40,000 During Construction Interest $ 355,200 interest only Loan closing costs $ 25,555.00 Other $ - Ttal Financial Costs $ 420,755 variable on funding date Other $ - Total Land Cost $ 2,775,000 92,500 per unit closely held Total Development Cost S 17, 07,393 Permanent Funding 1st Mortgage Financing $ 4,000,000 Lower Keys land contribution $ 2,775,000 Lower Keys Cash $ 232,393 TDC 544-2024 Program $ 10,500,000 Total Sources 17,507,393 Permanent Fund Surplus $ (0) Monroe County Affordable Tourism Housing Program $10,500,000 DAC II approx proposed $2,800,000 DAC III approx proposed $3,250,000 DAC I approx proposed $4,450,000 Requested MCATHP/Unit $350,000 Cypress Landing Affordable Tourism Housing at Sugarloaf Key Pro Forma # Units 30 Financial Costs Year 1 Year 1 Per;Unit Avg Gross Potential Rental Income $ 979,200 $ 32,640 Laundry Income - $ - Miscellaneous Income - $ - ross Potenital Income 979,200 Physical Vacancy Loss: 5.00% (48,960) $ (1,632) Collection Loss: 1.00% (9,792) $ (326) Total Effective Gross income ,4 Fixed: Real Estate Taxes $ 57,000 $ 1,900 Insurance 99,990 $ 3,333 Variable: Management Fee: 10% 92,045 $ 3,068 General and Administrative 22,500 $ 750 Payroll Expenses 52,500 $ 1,750.00 Utilities: Common Areas.Water, Sewer, Trash 81,000 $ 2,700 Marketing and Adverising 3,000 $ 100 Maintenance and Repairs 36,000 $ 1,200 Elevator 3,150 $ 105 Contract Services 15,600 $ 520 Landscaping 14,250 $ 475 Security - $ - Replacement Reserves $1000/PUPY 30,000 $ 1,000.00 Total Expenses 7, Net Operating Income 413,413 ,7 4 Debt Service Payments First Mortgage[4,000,000 @ 7.0%, 30Years $ 314,352 $ 10,478.40 Second Mortgage - $ - Other Debt - $ - Total Debt Service 314,352 10,478.40 Debt Service Coverage(1 s ) 1®3 Debt Service Coverage(All) 1.32 Cash Flow After Debt Service $ 99,061 $ 1,597.76 Mortgage Amount Rate Per Month Annual $ 4,000,000 7.00% $ 26,196 $ 314,352 0.00% N/A $ - Cypress Lanr,ng Unit Mix and rents Income levels and up to rates of Buildings AMI Rates 100%p 120%fl 1 Total Units 30 11311 $ 2,605 $ 3,126 2BR $ 2,933 $ 3,519 3BR $ 3,258 $ 3,909 First year operations Cypress Landing Proposed rents per month Unit Mix # Units AMI 100 AMI 120 AMI >' 1 Bedroom 5 100%AMI $ 2,000.00 $ 10,000.00 1BR 1 Bedroom 5 120%AMI $ 2,500.00 $ 12,500.00 1BR 2 Bedroom 6 100%AMI $ 2,600.00 $ 15,600.00 21311 2 Bedroom 6 120%AMI $ 3,000.00 $ 18,000.00 2BR 3 Bedroom 4 100%AMI $ 3,025.00 $ 12,100.00 3BR 3 Bedroom 4 120%AMI $ 3,350.00 $ 13,400.00 3BR 15 15 81,600.00 A Annual Gross Rent $ 979,200 5450 MacDonald Ave.Suite 3 Key West, FL 33040 .n Phone:(305)517-6270 keystarconstruction.com Project Name:Cyrpess Landings Owner:Joe Walsh Contract Type:GMP Architect: PQH Date:4/11/2025 f.�gD<rrllf�gg 410 (Ell 1, Y # +>as 01 Yo 02-Sitework 62,837 gsf $ 20.00 $ 1,256,740.00 03-Concrete 48,991 gsf $ 44.69 $ 2,189,638.41 04-Masonry 48,991 gsf $ - $ - 05-Metals 48,991 gsf $ 1.71 $ 84,012.94 06-Woods&Plastics 48,991 gsf $ 15.31 $ 749,889.50 07-Thermal&Moisture Protection 48,991 gsf $ 6.65 $ 325,913.10 _-_— ----------- 08-Openings 48,991 gsf $ 10.47 $ 512,862.40 09-Finishes 48,991 gsf $ 26.64 $ 1,305,229.31 10-Specialties 48,991 gsf $ 1.77 $ 86,935.45 11 Equipment 48,991 gsf $ -- 2.10 $ 103,038.51 _ -- --- 12-Furnishings 48,991 gsf $ 0.26 $ 12 576.69 13-Pools&Amenities 48,991 gsf $ 10.21 $ 500,000.00 14-Conveyance 48,991 gsf$ 2.45 $ 120,000.00 i 15-Mechanical&Plumbing Systems 48,991 gsf $ 24.99 $ 1,224,083.82 - - - - - - 16-Electrical Systems 48,991 gsf $ 18.06 $ 884,864.24 General Conditions 48,9919 $ 19.81 $ 970,640.21 General Requirements 48,991 gsf $ 7.74 $ 379,290.00 Direct Construction Cost $ 212.87 $ 10,705,714.58 GC Performance/Payment Bond 1.000% $ 115,000.00 Subcontractor 0onding Excluded $ - Contractor's Contingency 0.000%, $ General Liability Insurance 2.000% 1 $ 216,414.29 Contractors Fee 5.000% $ 551,856.44 Indirect Construction Cost $ 18.03 $ 883,270.74 Total Construction Cost $ 11,588,985.32 $per GSF/Project Gross Square Feet(GSF) $ 236.55 4 991 Page 1 ,) 0 / IP9 wc�in> RESOLUTION NO. 544 -2024 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF MONROE COUNTY, FLORIDA, ESTABLISHING THE MONROE COUNTY AFFORDABLE TOURISM HOUSING PROGRAM FOR PURPOSES OF FUNDING AFFORDABLE HOUSING DEVELOPMENT PROJECTS WHICH PROVIDE AFFORDABLE HOUSING AVAILABLE TO EMPLOYEES OF PRIVATE SECTOR TOURISM-RELATED BUSINESSES IN THE COUNTY IN ACCORDANCE WITH CH. 24-219, § 4, LAWS OF FLA.; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, Ch. 24-219, Laws of Fla., (SB 1456) became effective on July 1, 2024; and WHEREAS, Ch. 24-219, § 4, Laws of Fla., provides that counties, which are designated as an Area of Critical State Concern (ACSC), and which levy both a tourist development tax pursuant to F.S. 125.0104, and a tourist impact tax pursuant to F.S. 125.0108, may use any accumulated surplus from such taxes collected through September 30, 2024, not to exceed $35 million, whether held by the county directly, or by a land authority in the county created pursuant to F.S. 380.0663, for purposes of providing housing which is available to employees of private sector tourism-related businesses in the county; and WHEREAS, Ch. 24-219, § 4, Laws of Fla., further provides that any housing financed with funds from the surplus may be used only for purposes of providing "affordable" housing, as defined in F.S. 420.0004, for a period of no less than 99 years; and WHEREAS, pursuant to F.S. 420.0004, for one or more natural persons or a family, the total annual adjusted gross household income must be less than 120 percent of the median annual adjusted gross income for households within the state; and WHEREAS, Ch. 24-219, §4,Laws of Fla.,further provides that expenditure of such funds is subject to approval by a majority vote of the BOCC; and WHEREAS, in anticipation of Ch. 24-219, Laws of Fla.,becoming law, on May 15, 2024, the Board of County Commissioners (BOCC)passed Monroe County Ordinance 018-2024,which authorized the "accumulated surplus" funds to be transferred to an account to be held directly by the County or Land Authority and authorized for use in accordance with state law; and WHEREAS,within said Ordinance,the BOCC stated that"[t]he BOCC will adopt a policy or resolution setting forth the process for distribution and expenditure of accumulated funds for Page 1 of 6 affordable housing in accordance with the conditions as set forth in SB 1456"; and WHEREAS, the BOCC wishes to adopt through resolution a policy setting forth the program parameters, restrictions, and conditions for evaluation of potential affordable housing projects which qualify for this funding and the subsequent distribution and expenditure of the accumulated funds for selected affordable housing projects in accordance with the requirements as set forth in Ch. 24-219, § 4, Laws of Fla. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MONROE COUNTY, FLORIDA: SECTION 1: RECITALS AND LEGISLATIVE INTENT. The foregoing recitals and statements of legislative intent are true and correct and are hereby incorporated as if fully set forth herein. SECTION 2: PURPOSE AND INTENT. The Monroe County Affordable Tourism Housing Program ("Program") is hereby established. The purpose and intent of the Program is to facilitate the purchase, development, construction, and/or rehabilitation of affordable housing projects which meet the Program guidelines and requirements as set forth in this Resolution,which may be amended from time to time. SECTION 3: DEFINITIONS. (A) Affordable shall have the same meaning as § 420.0004, Florida Statutes. (B) BOCC shall mean the Monroe County Board of County Commissioners. (C) Land Use Restriction Agreement (L URA) shall mean a deed restriction restricting the units purchased, developed or rehabilitated using funding from this Program as affordable for a period of no less than 99 years. (D) Private Sector Tourism-Related Businesses shall mean those businesses physically located and operating within Monroe County, and who fall within one (1) or more of the following 2022 North American Industry Classification System (NAILS) Categories: 1. Sector 71. Arts, Entertainment, and Recreation. 2. Sector 72. Accommodation and Food Services. 3. Subsector 487 of Sector 48-49. Scenic and Sightseeing Transportation. (E) Program shall mean the Monroe County Affordable Tourism Housing Program. (F) Project(s) shall mean affordable residential housing consisting of one (1) or more residential dwelling unit(s) and which meet the Program requirements. (G) Qualified Employees shall mean employees of private sector tourism-related businesses who meet the affordable income qualifications and who possess no ownership interest in a residential property in Monroe County or the contiguous counties of Miami-Dade and Collier counties. (H) Surplus funds shall mean accumulated excess of revenue in an amount not to exceed $35,000,000.00. Page 2 of 6 SECTION 4: PROGRAM GUIDELINES. The Program will provide financial assistance for the purchase, construction, or redevelopment of affordable housing Projects subject to the following guidelines: (A)Types of Projects 1. The following types of projects will be considered for complete or partial funding: a. New construction of residential dwelling unit(s); b. Rehabilitation of residential dwelling unit(s); c. Purchase of existing parcel(s), developed or undeveloped; d. Purchase of existing residential unit(s) or development(s); and/or e. A mix of any of the above. (B)Types of Residential Units. 1. Projects should include the following type(s) of housing units, in order of preference: a. studio/efficiency apartment(s); b. 1 bedroom / 1 bathroom apartment(s); c. 2+bedroom/bathroom apartment(s); and/or d. Family type units with multiple bedroom/bathrooms. 2. Projects with multiple residential units may include a mix of these types of residential units. (C)Types of Qualified Employees 1. Projects should prioritize the following type(s) of Qualified Employees, subject to affordability criteria, in order of preference: a. Single employees; b. Employees with dependents; c. Entry-level employees; and/or d. Managers. (D)Additional Considerations. 1. Any and all Projects which involve one or more of the following will be given greater weight in consideration: a. Projects which propose partnerships with existing governmental entities, i.e., Key West Housing Authority, Monroe County Housing Authority, Monroe County Land Authority; b. Projects which propose partnerships with existing non-profits that have demonstrated the ability to develop affordable housing in Monroe County, meaning who have developed at least ten (10) affordable housing units over the past 5 years; c. Scattered site(s) developments which utilize existing scarified single-family lots that have no protected habitat; d. Projects which propose allowing Monroe County to utilize the rental income, after necessary deductions for administration, building reserves, etc., for inclusion in a separate interest-bearing Page 3 of 6 account to be used in the future to provide additional affordable housing within Monroe County. 2. The following types of Projects shall not be funded: a. Projects which are already funded and required to provide affordable housing; and/or b. Projects required to be built pursuant to inclusionary housing requirements and/or development approvals linked to a market- rate and/or commercial project. 3. Projects which shall also be considered, in no order of preference: a. Public-Private Partnerships (P3s); and/or b. Purchase of existing residential dwelling developments with a county lease back to original owner for management and lease with required LURA restrictions on the subject property. SECTION 5: REQUIREMENTS. Any and all Projects selected for funding by Monroe County are subject to the following requirements: (A)Application to Monroe County for funding; (B)Encumbrance of funding for a specific Project is subject to approval of a majority vote of the BOCC by separate Resolution; (C)Prior to distribution of funds, recording of a LURA drafted and provided by the Monroe County Attorney's Office; (D)No amount of the funding in this program may be used to develop commercial property; (E) Only rental residential dwelling unit(s) shall be considered; (F) Any other requirements in this Resolution, as may be amended from time to time; and (G)Any other requirements as may be outlined in the specific project funding Resolution, as may be amended from time to time. SECTION 6: COUNTY GUIDELINES. (A)The County Administrator shall facilitate the Program and delegate responsibilities of the Program to county staff as deemed necessary in his/her sole discretion,which should include, but not necessarily be limited to, an application process and a webpage. County Administrator may enlist third-party reviewers or administrators for income and employment verification. (B)Application package should include, at a minimum: 1. Detailed description of the project, including address/Parcel ID and business plan, if applicable; 2. Included or potential building plans, if any; 3. Any current land restrictions; 4. Amount of funding requested and detailed documentation to support request. (C)Staff shall review and evaluate Project applicants and provide a written recommendation to the BOCC for approval/disapproval of funding along with a Page 4 of 6 draft Resolution, if applicable. Staff may, in its discretion, seek additional information from the applicant(s)prior to finalizing staff recommendations. (D)When reviewing and evaluating Projects, staff should consider allocation of the surplus funds by the percentage of total funding earned within the geographical boundaries of the tax collection districts as defined in Monroe County Code of Ordinances Chapter 23, Article VI. (E)Funding shall only be issued after a project has received building permits and all funding needed to complete the project has been approved as demonstrated by loan commitments, to assure the project can be completed. SECTION 7: TENANT ELIGIBILITY. (A)Only Qualified Employees who meet the affordable income qualifications in § 420.0004, Florida Statutes, shall be eligible to apply for rental of any residential dwelling unit(s)purchased and/or funded by this Program. (B)Tenants will be required to submit proof of eligibility at the time of application and again at the time of annual lease renewal. (C)Only one full-time resident of the household needs to be, and remain, an employee of a private sector tourism-related business for the household to qualify. All members of the household must meet the affordable income limits, according to the local government affordable housing regulations, which differ amongst local governments in the county. SECTION 8: TENANT LEASE TERMS. Any and all leases to tenant(s) for dwelling unit(s)purchased and/or funded by this Program shall meet the following requirements: (A)Shall be in writing; (B)Shall reference the LURA; (C)Any and all rental leases to tenant(s) shall be for a period of one (1)year. (D)Lease may only be renewed subject to the BOCC's rules of the Program which include, but are not limited to, tenant income and employment eligibility. (E)Lease shall include an early termination provision in the event the qualified applicant(s) is/are no longer eligible. (F) Maximum monthly rental rates shall not exceed the applicable annual Monroe County Maximum Monthly Rental Rates unless the rental residential dwelling unit(s)is/are located within the physical geographical boundaries of the City of Key West, Marathon, or Islamorada. In that case, the tenant shall be subject to the City of applicable Cities' Maximum Monthly Rental Rates for the respective income category. SECTION 9: CONSTRUCTION AND INTERPRETATION. This Resolution, being necessary for the health, safety, and welfare of the residents of and visitors to Monroe County, shall be liberally construed to effect(uate) the public purpose(s) hereof. Interpretation of this Resolution shall be construed in favor of the Monroe County Board of County Commissioners, and such construction and interpretation shall be entitled to great weight in adversarial administrative proceedings, at trial, in bankruptcy, and on appeal. Page 5 of 6 SECTION 10: NON-RELIANCE_BY NON-PARTIES AND NO THIRD-PARTY RIGHTS OR BENEFICIARIES. Nothing contained herein shall create or be construed :or interpreted to create any relationship,contractual or otherwise,with,or any rights in favor of, any third party. No person or,entity shall be entitled to rely upon this Resolution or any provision hereof to enforce or attempt to enforce any claim or entitlement to or benefit of any service or, program contemplated hereunder. SECTION.11: SECTION HEADINGS. Section headings have been inserted into this Resolution as a matter of convenience for reference only,and shall not be used in the interpretation or construction of this Resolution or any part thereof. SECTION 12: NO LIABILITYY. Monroe County expressly reserves and in no way shall be deemed to have waived,for itself or for its officer(s), employee(s), or agent(s), any sovereign, governmental, and other similar defense, immunity; exemption, or protection against any suit, cause-of-action, demand, or liability. SECTION 13 SEVERABILITY. If any provision of this Resolution, or any part or portion thereof, is held to be invalid or unenforceable by.any administrative hearing officer or court of competent jurisdiction,the invalidity or unenforceability of such provision, or any part or portion thereof, shall neither limit or impair the operation, enforceability;or validity of any other provision of this Resolution,or any remaining part(s)or portion(s)thereof All other provisions of this Resolution and remaining part(s)or portion(s)thereof,shall continue unimpaired in full force and effect. PASSED AND ADOPTED by the Board of County Commissioners of Monroe County, Florida, =at a regular meeting of said board on the 1 l th day of December 2024. Mayor James K. Scholl Yes Mayor Pro Tern Michelle Lincoln Yes Commissioner Craig Cates Yes Commissioner David Rice Yes _ .s Commissioner Holly Merrill Raschein Yes (SEAL) ' BOARD OF COUNTY COMMISSIONERS' g 11�TTES1EVIN MADOK,CLERK OF MONROE COUNTY,FLORIDA B y: DE UTY CLERK AYOR/CHAIRPERSON APPROVED AS TO FORM&LEGAL SUFFICIENCY Monr a ounty Attorney's Office thalia Melues'Archei Ass tant County Attorney Page 6 of 6