HomeMy WebLinkAboutResolution 282-2025 RESOLUTION NO. 282 -2025
A RESOLUTION OF THE MONROE COUNTY BOARD OF
COUNTY COMMISSION RESCINDING AND REPLACING
RESOLUTION 037-2024; AND NOMINATING PROPERTY
FOR $6,720,000 AS A ZERO INTEREST 50-YEAR
AFFORDABLE HOUSING CONSTRUCTION LOAN FOR
HARD CONSTRUCTION COSTS FOR DEVELOPMENT OF
56 AFFORDABLE RENTAL UNITS ON PROPERTY
LEGALLY DESCRIBED AS A PORTION OF TRACTS A
AND B, REVISED PLAT OF AMENDED PLAT OF
SUGARLOAF SHORES, SECTION F (PB 6-9) WITH
PARCEL ID NO. 00166976-011300 AND PARCEL ID NO.
00166976-011400.
WHEREAS, The Landings at Sugarloaf Key, LLC, (hereinafter "Developer") has a
contract to purchase a site legally described as a portion of Tracts A & B, Revised Plat
of Amended Plat of Sugarloaf Shores, Section F (PB 6-9) as shown in Exhibit A and
Exhibit B with Parcel ID#00166976-011300 and Parcel ID# 00166976-011400; and
WHEREAS, the Developer received approval of a project for 88 affordable rental units
which was later reduced through legal settlement agreement to 56 affordable rental
units; and
WHEREAS, the property owner has obtained 56 Rate of Growth Ordinance (ROGO)
allocations through reservation by the Board of County Commissioners, which will
control the maximum affordability rates for the developed affordable housing and which
may be more restrictive than those rates required by Monroe County Land Authority
Statute 380.0666 (3)(a); and
WHEREAS, the Developer has received an award of an annual allocation of$2,375,000
in Low Income Housing Tax Credits (LIHTC) and $4,900,400 in SAIL funds from the
Florida Housing Finance Corporation (hereinafter "FHFC"); and
WHEREAS, the annual allocation of credits is expected to generate $19,116,638 from
the investor for the project; and
WHEREAS, in August 2023, the Developer requested a zero interest, 50-year
construction loan in the amount of $2,240,000 from the Monroe County Comprehensive
Plan Land Authority (hereinafter "Authority") to fill a funding gap caused by increased
construction costs, increased interest rates, and increases in wind, flood, and builders
risk insurance, since the initial FHFC award; and
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WHEREAS, the Board of County Commissioners adopted Resolution 037-2024, on
January 31, 2024, requesting the Authority to assist in development of Sugarloaf
Landings by providing a zero interest, 50-year construction funding loan for up to
$2,240,000 on a portion of Tracts A and B, Revised Plat of Amended Plat of Sugarloaf
Shores, Section F (PB 6-9) as shown in Exhibit A and Exhibit B, with Parcel ID#
00166976-011300 and Parcel ID# 00166976-011400 (hereinafter "Subject Property") for
affordable rental housing; and
WHEREAS, Resolution 037-2024 acknowledged that the amount of the request could
change when the construction bid was obtained; and
WHEREAS, in May 2025, the Developer requested to increase the construction loan
amount to a total of $6,720,000 based on continuing increases in construction costs, a
lower than anticipated market price for sales of LIHTCs and increases in impact fees,
insurance rates and utility installation fees; and
WHEREAS, a Subsidy Layering Report received from the FHFC underwriter, along with
the Developer's proforma, has been reviewed by the Authority's consultant professional
on workforce and affordable housing, and based on this information, the consultant
concurs the loan amount is justified to support the development of the affordable
housing units; and
WHEREAS, Monroe County desires the Authority to assist in development of Sugarloaf
Landings by providing a zero interest, 50-year construction funding loan for up to
$6,720,000; and
WHEREAS, as required by Monroe County Land Authority Statute 380.0666 (3)(a),
Authority Funds will be transferred to the County for County disbursement to the
Developer;
NOW, THEREFORE, BE IT RESOLVED BY THE MONROE COUNTY BOARD OF
COUNTY COMMISSIONERS THAT:
Section 1. The above recitals are true and correct and incorporated herein.
Section 2. The Board of County Commissioners Resolution 037-2024 is hereby
rescinded and replaced by this Resolution.
Section 3. The County hereby nominates the Subject Property for up to $6,720,000 for a
zero interest, 50-year construction funding loan for the project by the Authority.
Section 4. As evidenced by Resolution 34-2025, the Authority will encumber $3,460,000
in FY26, and $3,260,000 in FY27 pending availability of FY27 funds, for a total of
$6,720,000 in a zero interest, 50-year construction funding loan for the project.
Encumbrances may be moved to future years depending on fund availability.
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Section 5, Upon receipt of:Florida:Housing:•Fi.nance•Corporation closing.documents,•The
• ..Authority:will transfer:•FY26 :funds:to:the Countyi•for disbursement.to the Developer, as :•:: .
described:in Section 4 herein:. :The balance :will• be :transferred :in:• FY27.:or future years. • • • .: ::
dependingon-fund :availability..•: : • • :
' • . ' • Section.'6. This:.re•solution•'s:hall take effect:immediately upon:•its adoption. , : i• :
PASSED AND ADOPTED. by:the .Monroe. County:Board of .Cou•nty• Commission at.:a•
• : regular:meeting on this 20th day of.August, 2025.' ' •:: • . :: i. . H
:Mayor James K. :Scholl, District•3 •: • • Yes ' .. • . ' :. . ..
• • Mayor•Pro•Tem Michelle Lincoln,. District 2 : : Yes i: .- . :
. . • : .• . . C. m missioner Craig .Cate ., District 1 Yes . .
Co is i D id Ric ' •mrn s.oner av •e, istrict � ' I :: es • .. . : . : •. .. ::
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• . . • Comm•ss oner Ho.l�l :Me. i � sc ein,. is.nc •: .Yes
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. .. • '. Digitally signed by Jeni-Lee . . ' • :• ' -
. Jeni-Lee MacLaughlin g .. .. �d.. . , . . . •:
. . .. . ' .' Date:2025:08.05 15:25:07-04'00'. ,f.. .. ..
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•' A•pp• roved•:as• •t•o• for• m and.•legal.•s• u• fficien•c•y• .. : • •: .• • : • •• i 1A, -
...Jeni-Lee MacLaughlin, Monroe Count• Assistant Atto.rne ',. -•
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Exhibit A
A portion of Tract A, SUGARLOAF SHORES, SECTION F, according to the Plat thereof as
recorded in Plat Book 6, Page 9 of the Public Records of Monroe County, Florida and being
more particularly described by metes and bounds as follows, to-wit:
LEGAL DESCRIPTION - PARENT PARCEL
Tract B, SUGARLOAF SHORES, SECTION F, according to the Plat thereof as recorded
in Plat Book 6, Page 9 of the Public Records of Monroe County, Florida.
LEASE AREA LEGAL DESCRIPTION -
LANDINGS PARCEL-
A portion of Tract A, SUGARLOAF SHORES, SECTION F, according to the Plat thereof as
recorded in Plat Book 6, Page 9 of the Public Records of Monroe County, Florida and being
more particularly described by metes and bounds as follows, to-wit:
BEGINNING at the intersection of the Southerly Right of Way line of U.S. Highway No. 1 as
shown on said plat of SUGARLOAF SHORES, SECTION F and the Easterly Right of Way line
of South Point Drive as shown on said plat of SUGARLOAF SHORES, SECTION F, said point
also being the Northwesterly corner of said Tract A; thence N56002'40"E along said Southerly
Right of Way line of U.S. Highway No. 1, for a distance of 515.49 feet to a point; thence
S33057'20"E and parallel with said Easterly Right of Way line of South Point Drive, for a
distance of 164.31 feet to a point; thence S56002'40"W and parallel with said Southerly Right of
Way line of U.S. Highway No. 1 for a distance of 515.49 feet to a point; thence N33057'20"W
along the said Easterly Right of Way line of South Point Drive a distance of 164.31 feet back to
the Point of Beginning. Said parcel of land contains 84,700.17 square feet, or 1.944 acres, more
or less.
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Exhibit B
LEGAL DESCRIPTION - PARENT PARCEL
Tract B, SUGARLOAF SHORES, SECTION F, according to the Plat thereof as recorded in Plat
Book 6, Page 9 of the Public Records of Monroe County, Florida.
LEASE AREA LEGAL DESCRIPTION -
DOCKSIDE PARCEL-
A portion of Tract B, SUGARLOAF SHORES, SECTION F, according to the Plat thereof as
recorded in Plat Book 6, Page 9 of the Public Records of Monroe County, Florida and being
more particularly described by metes and bounds as follows, to-wit:
BEGINNING at the intersection of the Southerly Right of Way line of U.S. Highway No. 1 as
shown on said plat of SUGARLOAF SHORES, SECTION F and the Westerly Right of Way line
of South Point Drive as shown on said plat of SUGARLOAF SHORES, SECTION F, said point
also being the Northeasterly corner of said Tract B; thence S33°57'20"E along the said Westerly
Right of Way line of South Point Drive, for a distance of 300 feet to a point on the Northerly
Right of Way line of Cypress Road as shown on said plat of SUGARLOAF SHORES, SECTION
F, said point also being the Southeasterly corner of said Tract B; thence S56°02'40"W along
said Northerly Right of Way line of Cypress Road for a distance of 275.00 feet to a point of
curvature; thence continuing along said Northerly Right of Way line of Cypress Road on a curve
to the right, having a radius of 25.00 feet, a central angle of 35045'14", a chord bearing of
S73055'17"W, a chord length of 7.82 feet, for an arc length of 7.95 feet to a point; thence
N33059'48"W and leaving said curve for a distance of 297.82 feet to a point on the Southerly
Right of Way line of U.S. Highway No. 1 as shown on said plat of SUGARLOAF SHORES,
SECTION F; thence N56002'40"E along said Southerly Right of Way line of U.S. Highway No. 1
for a distance of 282.55 feet back to the Point of Beginning. Said parcel of land contains
84,711.15 square feet, or 1.945 acres, more or less.
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