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HomeMy WebLinkAboutItem G05COUNTY of MONROE The Florida Keys BOARD OF COUNTY COMMISSIONERS Mayor Michelle Lincoln, District 2 Mayor Pro Tem David Rice, District 4 Craig Cates, District 1 James K. Scholl, District 3 Holly Merrill Raschein, District 5 Regular Meeting February 18, 2026 Agenda Item Number: G5 26-0353 BULK ITEM: No DEPARTMENT: MC Land Authority Governing Board TIME APPROXIMATE: 9:25 AM STAFF CONTACT: Cynthia Guerra AGENDA ITEM WORDING: Monroe County Land Authority Executive Director Monthly Report for February 2026 (through January 31, 2026). ITEM BACKGROUND: N/A PREVIOUS RELEVANT GOVERNING BOARD ACTION: N/A INSURANCE REQUIRED: No CONTRACT/AGREEMENT CHANGES: N/A STAFF RECOMMENDATION: Approval DOCUMENTATION: FINANCIAL IMPACT: Effective Date: Expiration Date: Total Dollar Value of Contract: Total Cost to County: Current Year Portion: Budgeted: Source of Funds: CPI: Indirect Costs: Estimated Ongoing Costs Not Included in above dollar amounts: Revenue Producing: If yes, amount: Grant: County Match: Insurance Required: G5. Monroe County Land Authority Executive Director Monthly Report for February 2026 (through January 31, 2026). MEMORANDUM Office of Monroe County Land Authority TO: Board of County Commissioners FROM: Cynthia Guerra, MPA, CFM Executive Director DATE: February 18, 2026 SUBJECT: Monroe County Land Authority & County Monthly Acquisition/Disposition Report ending — January 31, 2026* *Certain programs may not be reporting as of this date because of the way their revenues or expenditures occur The Monroe County Land Authority (MCLA) receives recurring revenue for property acquisitions from two primary sources. Pursuant to section 380.0685, Florida Statutes, the Land Authority receives a nark surcharge on admission and overnight occupancy at state parks within the unincorporated area of Monroe County and pursuant to section 125.0108, Florida Statutes, and sections 23-178 and 23-179, Monroe County Code, the Land Authority receives a 50% share of the 1% tourist impact tax charged on lodging in the Keys. In addition to these recurring revenues, the Land Authority has received land acquisition grants from the State of Florida and the US Army Corps of Engineers in the past. Beginning in FY22, MCLA successfully worked with the Florida Department of Environmental Protection (FDEP) to allow MCLA to pre -acquire lands within Florida Forever and then resell the parcels to the State of Florida. The chart demonstrates the "revenue" MCLA is receiving as FDEP purchases the land from MCLA. The goal was for MCLA to sell $5 Million of land per year to FDEP, based on the Stewardship Bill. Unfortunately, FDEP is now in the process of discontinuing this pre -acquisition system due to a budget reduction. FDEP's legislative appropriation for Florida Forever acquisitions was reduced from $100 million in Fiscal Year 2025 to $ 18 million in Fiscal Year 2026. On June 24, 2025, FDEP notified MCLA that all Florida Forever funding is now obligated and there will be no funding available for the State to purchase pre -acquired land from MCLA until the Legislature appropriates additional funds. The Land Authority will continue to make purchases within Florida Forever areas and will pursue reinstating the partnership as soon as additional State funding is made available. More detail on the partnership with FDEP is explained further in the report. The following chart demonstrates the previous 12 years of park surcharge and tourist impact tax revenue for the MCLA with the addition of the FDEP resales. 1 of 15 Monroe Cottttt tatld Atet9ior t Revenue • Current Year & U YeJars of Historic Data P1 Vom Wisp, vodaF, WNW a t4nC1!EI 4 .,.�..„», fi ............................. .f.;................................. -- 9T- ��____ // ///// //" // ///////// i �4 ".»,lam .,,, ..,,, ..,,, ..,,, ..,,, .., ,Ap tp�lth WON .................................................... i 11TS4 T�Y'ryY4y'V''Y2'k'98C'2' RfW'St / / / / i / / l..///i l///l.%/ � S�Et1 ;'' 'Ep autNM1b F«•SiQ!' 'dEC"n 1d . ♦%4Nia�aa � '0'82�E 401E FIS'CA1,YFwhRNNY P,r, re;.,avum,mmu M,aaM�M.uumur &u w�wM,mmiu 6d ro4'" � �. ,.� 14mm ro12 1i fintl? 7M9hS4 GV96 i 44r ... k,.aVd@ T4, T:w roaurM4me e,,...,,,. 1 4ad mt CUR 4wa % 145 mE b 9Ae 7d& 5 a5, wm4 .,4t5 d^ro'1' `'"� i� frnl„�✓F 5 fF Py �A �, �. I [ 4�� 1ld fl � S"33,045 9 v,aM¢,1NI,Ma Id � 11 hritr iauxam :U MYdMdi O Sgrai5$d sr $QuF4gf 4 rv42243M4 2wa�,4wu4 ro�as.,.� lu�'fi 4f,4�44 F' .. ...ro�.��,,,.....w .... 4�u 4a w.,..,. � $M4 A.,9m 4 .. a��r.�rlr ....�.ro4 20W ^Mk.^i M6 NN 'span POV Pfu74 7Mik m#', ron14 '°'°'"Pi.bk IMTMRthAm. Y.x'WW.wt"R"rkal ., ..» t4loHd. X.Y.11.51P 'S'&f f"DIT The 208'5 DEP treat tanW., b DEP umh— in ht-- Cumq of 1.tM rh'A M3s aw •'-.9 . Our rntx bCi {sbkiaan 4— eanoibw. swards th. IrSM -..,g g..$. .............................. Mon a Coun..._1.aad Authar E: anddures, - Currant Year.R 12 Years Historic Data _ _............................. 20114 2015 2016 24187 2918 2Pt1a 242E 2021 2022 202.3 2P124 __._. 2oy25" .w. 2024 Key �tdeet. _ $Qy Ss2,zaasEts $6 2,art $nn SB $:Y $ 2xuz,452 N616da Keys $2„436,449 $1,814,447 $2, 500„UO S2,4,'n'075 $1 iO3,748 ,rr,2,62.4,2423 $637,971.''... : r,550,429 `,r6,240,781. $95,'797,42.7 $;,,274,804"431,957 52,Q1(xj $C S52s 5%th `;27 5111,3f2w5'..... ;+r0 $0 $123,„ 25 $123,5%so E14.W)0 010E P 22,2'A4,IRO 412,000,000 510.004,460 $8,,117C,4SF 521.004,Q4E $6,240,281 s aNW,421 Eon 000 444 2A gp4P1 wwid � $4,�w7YA,g82,4 7 Evkd 27&;, M E4A$6 Bkk%d, MI,4 Ne,w44a $91w......... u u 4 ^^m, afiD X 144 NIS 2C11M GY17 .DIEM 2014 2010 ?f11t 2022 ZUS 2024 d025201 6 .. The 7025 KW fatal Includes a ft million Initial disbursement for the new morn Clam Plata ands and $6 17 million far the t atts at Bahama VEttacre ......... ......... ......... ......... ......... 2of15 The MCLA manages or partners in a variety of land acquisition and management programs. This report includes fiscal year-to-date progress for Land Authority activities which may include the following programs: • MCLA Acquisitions/Dispositions o City of Marathon o Village of Islamorada • Density Reduction Acquisition Program • Less Than Fee Acquisition Program • Administrative Relief Program • Code Compliance Foreclosure Properties Reuse • Affordable Housing • Tourism -Based Sector Employee Housing Program • Florida Forever Program • Density Reduction Resale Program • Conservation Land Stewardship Program MCLA Acquisitions / Dispositions Contact: Mark Rosch 305-295-5180 The following table summarizes all acquisition projects where MCLA has acquired or assisted in the acquisition of real property interests since MCLA's first acquisition in Fiscal Year 1988 through Fiscal Year 2024. MCLA "tea - gAi2os egftil ALrU��� i'tur s, Gunservaduon 1,758 4,750 4,11 0 $60,878,943 Densuty deadu' _ S 26 2 0 $12 , 25 d en . Reduction duct - LTF 83 104, 14 0 so Density uc - VH8P 21 23 1 ' Affix,dalge Housing 3 12 113 1,33dO $60,463,271 Recreation 30 156 126 0 $7,276,697 Sofid Waste 1 4 74 0 $2,212,5 Total 2,002 5„242 4,41 1,330 $130,9154,935 The following budget outlook table demonstrates land the MCLA is currently working on acquiring or selling January 1, 2026, through January 31, 2026: 3of15 V U3 M U3 M Y3 a c J LL d N U R Y CL dd .d. C a U d d U' d 0 a d ? m a E � owv I w TO Q X d z C O O a w w❑ a d N J N N m N d I}i LL IrL 3 LL LL O w N NI co 0 o co noo on w o N O O N N OJ EA EA f9 0 N O O � N N � o U o c d c U o 0 a Q 9 ? c x C o c o c cU O c c �v.c m 0 o y0 w w U? Q y O O Q Q Q 0 T m Y N U 7 m 0 N N Y Y Y N ,6 LL C � LL LL r con ac�i � m rn O to V3 V3 V3 V3 V 69 N N N 3 v � o o O O ER �rnrnrnrnwrn rn v v v v v v ch N O) m V OJ - CO V3 � to N � V3 EA to EA to o cp V H3 °9 0 t0 V 3 cO 0 c0 V FA R O L7 C � =0 O J 6 - J N F 0 O d S C R N R N J 2 N a O d ._ d m a c O c J O s c J s O10 d r N d H N d Y R U d m Vdl d a '3 M W O C E O U N U a y y U J a °> a LL LL m K Q� W N( -6 m N o CO m m 'oo jga cm ws c 0 0 C d d LL O d O m 0 0 LL (J (n m U (2 C7 LL LL LL m y .� fA O O O O O O O O O O O O O O O O O O O O O C 7 7 7 7 0 m m W cp O O - N----- N N N N N V V V DER �-Y3 f9 Y3 -- H369 E9 H3 tR tR FR H3 U36A U3 H3 �FA N� R a O O d n A N o _ � 0 Q ° )V7 C J da > �s CO= 'P U 2 U d� r Q N Q Q D d IL J R a LU a m o N D u d m m J t U c o E5 m s m Q ~_ .m c N o d R S m U Q U O Y m r d 0 m c m p d LL' i O (0 U d W E N J Y in LL J- H m to d t0 if C N o o E 6 E U U g m W m 3 W O a w m W y° O U N E a Coo o H a O N Z j Y o o LL o o m `o m m d d o a `m o o° m m y d N CL C� N LL LL 3 o a3i o m (7 N S J J m Y U S m U 2 z U> s Zi K 2 Q U (D (D 2 J 2 LL j N O s x x x x x x x x x x x x x x x x x x x x x x x x x x m civ �n w w o o n ono 000Mrn � c0 a7 N N V (DM V ER � V3 V3 63 0 N Q T LO 15 MCLA Acquisitions — City of Marathon Contact: Cynthia Guerra 305-295-5180 The City of Marathon adopted Resolution 2016-48 requesting the purchase of 432 parcels as conservation land. Most of these parcels are inside the Florida Forever project boundary. The City has agreed to manage any of the parcels MCLA acquires that are not ultimately conveyed to the State of Florida. To assist in the acquisition process, the City has provided habitat, density, and Transfer of Development Rights information for the 432 parcels. On December 12, 2023, the Marathon City Council approved an Interlocal Agreement between the City and MCLA to allow the City to contribute funds toward MCLA purchases if the price is above appraised value or to allow the City to fully fund the purchase if the City is acquiring the property and MCLA's staff is acting as the City's agent. The MCLA Governing Board approved the agreement on December 13, 2023. In FY 24, MCLA purchased 6 parcels of conservation land in Marathon. Of these acquisitions, 5 parcels were inside the Florida Forever project in Marathon, so MCLA resold those parcels to the State. The remaining parcel was outside Florida Forever, so MCLA conveyed that parcel to the City. In FY 25, MCLA purchased 15 parcels of conservation land in Marathon. To date for FY 26, MCLA has purchased 7 parcels of conservation land in Marathon. MCLA Acquisitions — Village of Islamorada Contact: Cynthia Guerra 305-295-5180 The Village of Islamorada passed Resolution 23-02-11 which requested the purchase of 68 parcels within the Village of Islamorada, wholly within the Florida Forever list. Islamorada has agreed to maintain any purchase made by the MCLA within the Village of Islamorada if MCLA purchases them and the State of Florida does not purchase them after they are pre -acquired. The resolution also provides acreage, assessed values, zoning, development rights, and habitat information useful to appraisers. Islamorada also passed Resolution 23-07-59 adding additional land to their acquisition priorities. On December 12, 2023, Islamorada Council reviewed a proposed Interlocal Agreement between Islamorada and MCLA to allow them to fund purchases over and above appraised value or outright purchases, with Land Authority staff acting as agents. The MCLA Governing Board approved the agreement on December 13, 2023. Land Authority staff worked on several purchases with Islamorada in FY 24, but there were no acquisitions. In early 2025, Village staff conducted outreach to vacant property owners. In FY 25, MCLA made purchase offers for two properties in Islamorada and negotiations have continued in FY 26 but to date the owners have not agreed to sell. Density Reduction Acquisition Program Contact: Paunece Scull 305-295-5180 The Density Reduction Program goal is to purchase lands that do not consist of significant habitat for the purpose of retiring the associated density (Transferable Development Rights or TDRs). From 2016 through the end of FY 25, the BOCC purchased 27 density reduction properties at a cost of $2,848,266. Additionally in FY 25, the BOCC received 1 density reduction property as a transfer from the Land Authority. FY 2�ress: As of December 31, 2025, the BOCC has purchased 0 density reduction properties at a cost of $0. 5of15 Less Than Fee Acquisition Program Contact: Paunece Scull 305-295-5180 The Less than Fee Program's goal is to purchase Development Rights from owners of lots zoned IS, IS-M and URM adjacent to the seller's primary residence. Property owners can continue to use the land for accessory, non - habitable space structures permitted by county land use regulations, such as a pool, open yard, or garage. From 2018, the County has acquired 103 Less than Fee Development Rights from 103 lots and spent a total of $5,438,631. Fiscal Year EN Number of Lots 2019 39 2020 33 2021 2 In response to the pandemic, LTF activities were suspended in April 2020, and authorized to resume in October 2021. 2022 3 2023 5 2024 21 2025 0 — Program suspended due to budget constraints 2026 0 — Awaiting County direction to resume program FY 2026 Progress: Funds for FY 2026 are limited. As of December 31, 2025, there have been: • 0 contracts signed by Sellers, • 0 contracts approved by the Board, and • 0 contracts closed. ROGO Administrative Relief Program Contact: Mark Rosch 305-295-5180 Monroe County has a ROGO administrative relief program. Applicants who have been unsuccessful in obtaining a ROGO allocation after competing in the ROGO system for four years may apply to the County for administrative relief Prior to processing an Administrative Relief purchase, County staff ask MCLA staff whether the site is a priority purchase. If MCLA responds affirmatively, then County staff request the BOCC to review the administrative relief application and if the BOCC determines the appropriate form of administrative relief is a purchase offer, MCLA offers to purchase the property. Acquisitions of this type are funded from the ROGO Reserve Fund in the MCLA budget. Applicants who decline MCLA's purchase offer may remain in the ROGO system and continue to compete for an allocation. In FY 24 the BOCC referred a total of five properties (with requests for six allocations) to MCLA for purchase offers. Of this total, two properties were purchased by MCLA, two properties are currently under contract for purchase, and one applicant (one property with a request for two allocations) declined MCLA's purchase offer. In FY 25, BOCC did not refer any properties to MCLA for purchase offers. In FY 26, the BOCC has made one referral to date and MCLA is currently in negotiations to purchase that property. 6of15 Code Compliance Foreclosure Properties Reuse Contact: Cynthia Guerra 305-295-5180 The Monroe County Code Compliance Department forecloses on long-term code liens through a process designated by the County Commission. After foreclosure, the land may be suitable for multiple uses within County Departments or may also be useful for conservation purposes or density reduction. It could also be eligible for the resale program. Because the Land Authority manages several of these programs on behalf of the County, the County Commission agreed through interlocal agreement to have the Land Authority coordinate the review and use of these sites. In FY 25, the County acquired 3 parcels of conservation land through Code Compliance actions. One of these parcels was acquired through foreclosure auction and two of the parcels were acquired through a settlement agreement. These parcels were added to the County's Conservation Lands Inventory for management as conservation land in perpetuity. To date in FY 26, the County has acquired one parcel of land through Code Compliance actions. The ultimate use of this parcel will be determined by the County. Affordable Housing Contact: Cynthia Guerra 305-295-5180 KWHA Poinciana Housing Project (aka Poinciana Plaza 45-54 units) — The Key West Housing Authority (KWHA) is developing between 45 and 54 new units at Poinciana Plaza in the City of Key West. The number of units depends on variances for setbacks or other required approvals. The City of Key West requested $10,000,000 through Resolution 24-137 of construction funding from the Land Authority Key West fund. The Advisory Committee voted to recommend approval for the project in September 2024 and the Governing Board approved Resolution 01-2025 authorizing the funding on October 16, 2024. The Governing Board approved an amendment to Resolution 01-2025 at the August Governing Board Meeting to correct some erroneous language related to the lender's loan commitment letter which will allow for the first $2,000,000 disbursement. With the approved new Resolution 33-2025 in place, MCLA was able to disburse $2,000,000 in September 2025. KWHA has received and provided to the MCLA a written loan commitment from a lender for the loan amount and a proforma showing the entire project cost, certified by a licensed design engineer or architect, which was required prior to the first disbursement. KWHA also executed the Land Use Restriction Agreement (LURA) restricting use of the subject property to affordable housing in accordance with section 380.0666(3)(a), Florida Statutes in perpetuity. And the LURA which was recorded. MCLA will disburse the remaining $8,000,000 when KWHA provides MCLA with written confirmation from the City of Key West indicating permits are ready for issuance for between 45 and 54 new units. This funding is in the Land Authority's FY26 approved budget. KW Poinciana Plaza (Poinciana Housing Complex -Permanent Homeless Housing aka Continuum of Care) — The City of Key West through their Continuum of Care partner is developing a 20-bedroom, affordable rental project with a common area and kitchen for every 4 bedrooms, at Poinciana Plaza in the City of Key West. They requested $2,800,000 of funding from the Land Authority Key West fund. The City of Key West adopted Resolution 24-137 requesting $2,800,000 for construction funding, which will be disbursed to the City when the City provides written confirmation that permits for the 20 supportive housing units, comprised of 20-bedroom development are ready for issuance. Upon acceptance of funds, the City 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 in perpetuity. The City Commission's request for $2,800,000 is within the proposed MCLA FY26 Budget, pending 7of15 funding availability. The Advisory Committee voted to recommend approval in September and the Governing Board approved Resolution 02-2025 authorizing the funding on October 16, 2024. KW The Lofts at Bahama Village The City of Key West developed 28 new units at The Lofts located at 318 Fort Street in Key West with Bahama Village on Fort, LTD, consisting of 18 two -bedroom units and 10 three -bedroom units. Key West adopted Resolutions requesting funding as follows: Resolution 22-290: $4,028,250 Resolution 23-289: $ 900,000 Resolution 24-185: $1,242,207 $6,170,457 Each unit is subsidized based on unit type and income level as follows: INDIVIDUAL SUBSIDY AMOUNT PER UNIT TYPE Initial Maximum # Subsidy Non -Subsidized Units it purchase Investment/Unit Cost/Unit Income Level Purchase Bedroom Size Total Subsidy price/Unit Price/Unit 2 $80,578.00 $80,578.00 $161,156.00 Very -Low 60% 0.75 x AMI* 2-Bedroom $161,156 1 $89,484.00 $89,485.00 $178,969.00 Very -Low 60% 0.75 x AMI* 3-Bedroom $89,485 7 $161,156.00 $107,43 8.00 $268,594.00 Low 61 %-80% 1.5 x AMI* 2-Bedroom $752,066 4 $178,969.00 $119,312.00 $298,281.00 Low 61%-80% 1.5 x AMI* 3-Bedroom $477,248 9 $376,031.00 $322 313.00 $698,344.00 Median/Middle 3.5 x AMI* 2-Bedroom $2 900 817 81%-140% 5 $417 594.00 $357,937.00 $775,531.00 Median/Middle 3.5 x AMI* 3-Bedroom $1 789 685 81%-140% TOTAL $6,170,457 The Advisory Committee voted to recommend approval in September, 2024, and the Governing Board approved Resolution 03-2025 authorizing the funding on October 16, 2024. In September 2025, the City of Key West and the developer met the conditions to release the funds per Resolution 03-2025 which required the City of Key West to provide the recorded Declaration of Condominium and also execute and record the property Land Use Restriction Agreement (LURA) restricting use of the subject property to affordable housing in accordance with section 380.0666(3)(a), Florida Statutes in perpetuity, so the funds were disbursed to the City of Key West. At closing to individual buyers, each unit is deed restricted in perpetuity at income limits less than 160% of Area Median Income and each have their own LURA. Key West may deed restrict the units further, based on the income levels they wish to serve as shown above in the table. Subsidy amounts are assumable by a future purchaser of a condominium unit, upon proof of income eligibility. Nine units closed in November and December of 2025. Six units were scheduled to close in January and February of 2026. KW Poinciana Gardens (conversion of Assisted Living Facility to Permanent Affordable Housing in the form of an Independent Living Rest Home Housing The City of Key West and the Key West Housing Authority are working to convert the Assisted Living Facility (ALF) at Poinciana Gardens into affordable housing in the form of independent living rest home housing units. Since the Poinciana Gardens ALF opened, the Housing Authority has expended more than $4.8 million, the City has expended $1.6 million, and the County has expended $2.8 million, for a total of over $9.2 million to fund the 8of15 financial shortfall for Poinciana Gardens operations. Ongoing operational and financial challenges, including the termination of subsidies from the City of Key West and Monroe County and insufficient community demand for assisted living services, prompted the Housing Authority to evaluate alternative uses for the assisted living units and supported living units. The analysis determined that converting the assisted living and supported living units to affordable housing in the form of independent living rest home units for active seniors would allow for more efficient operations, broaden housing opportunities for seniors, and better utilize Poinciana Gardens. In September of 2025, the Key West City Commission approved a Resolution requesting 1,382,856 from MCLA for conversion of the ALF to affordable housing in the form of independent living rest home housing unit. The MCLA Advisory Committee approved the request on September 24, 2025, and the Governing Board approved the request on October 15, 2025. The disbursement of funds in FY26 is contingent on future FY26 revenues, confirmation of final construction costs, confirmation of the availability of building permits from the City of Key West, and execution of a LURA. Monroe County Scattered Sites/MC Employee Housing — BOCC funded $1 Million for construction in FY23 to build 4 housing units. On 1/18/23, MCLA Governing Board approved conveyance of 4 lots on Big Pine Key: (RE# 00300180- 000100, 190 Sands Road; RE# 00300180-000200, 180 Sands Road; RE# 00300180-001700, 170 Sands Road; and RE# 00300180-001800, 160 Sands Road) to the County and 1 ROGO exemption from Suarez property to Monroe County for use in this program. County planning staff submitted a minor conditional use application to transfer the market rate ROGO exemptions from their current location to the 4 lots on Big Pine referenced above. This application was heard by the Development Review Committee on March 28, 2023. The ROGO exemptions were transferred to the Sands Road lots, the lots have been conveyed to the County and are awaiting a plan for funding the residential development. The Landings at Sugarloaf — A development firm acquired the parcel for development of a large housing development. The neighborhood objected and was able to settle with the developer on development of a project subject to a Settlement Agreement. MCLA was solicited to assist and it was determined that construction funding was an appropriate option to support the project, rather than the more typical land purchase and lease, because the land is encumbered by the settlement agreement that would create unwanted liabilities for the County and Land Authority. On January 31, 2024, the BOCC approved Resolution 037-2024 nominating the project for construction funding and the Governing Board approved Resolution 03-2024 for up to $2,240,000 in construction funding for 56 affordable housing units. The Governing Board also approved hiring Hana Eskra to assist in review of the development proforma and First Housing Development Corporation to conduct a Subsidy Layering Report. Approval of the proforma and the report will be required for the Land Authority to get Governing Board approval of a final determined amount of construction funding needed. The BOCC approved Resolution 114-2025 on February 19, 2025 which extended the reservation of 56 affordable housing ROGO allocations (55 low income and 1 moderate income) until December 31, 2025. The Land Authority received a proforma and a Subsidy Layering Report from the underwriter First Housing Development Corporation. Along with the proforma, the developer included a request to increase financial support from $2,240,000 to $6,720,000. The Land Authority's consultant professional on workforce and affordable housing reviewed the Subsidy Layering Report and the proforma, and based on this information, the consultant concurred the increased loan amount requested is justified to support the development of the affordable housing units at Sugarloaf Landings. The Governing Board approved Resolution 34-2025 on August 20,2025 for the additional funding. The Land Authority will encumber $3,460,000 in FY26, and encumber $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. The FY27 encumbrance may be moved to future years depending on fund availability. 9of15 Habitat for Humanity (Lower Keys) (Conch Republic 4 sites) - MCLA purchased four sites for $468,000 with four ROGO exemptions and conveyed them to the County. At the December 2023 BOCC meeting, the leases to Habitat were approved. Families have been selected for all of the sites, which include: • Site 6: RE # 00308490-000000; 31530 Avenue D, (corner of 5th Street and Avenue D); bay side of Big Pine Key near MM 31; Block 22, Lot 11, Big Pine Cove (PB 3-131). The unit is completed and is pending its Certificate of Occupancy. The closing is scheduled for February 15, 2026. • Site 7: RE #00300250-000000; 30936 Nathalie Street; bayside of Big Pine Key, MM 31; Block 3, Lot 5, Sam-N-Joe Subdivision (PB 3-76). The unit is completed and has its Certificate of Occupancy. The closing is scheduled for January 15, 2026. • Site 9: RE #00222830-000000; 28269 Julia Avenue; MM 28, bay side of Little Torch Key; Block 1, Lot 8, Amended Plat of Ladies Acre. The closing was on October 8, 2025, and the new residents are in place. • Site 10: RE #00222830-000100; 28249 Julia Avenue; MM 28, bay side of Little Torch Key; Block 1, Lot 9, Amended Plat of Ladies Acre. This closing was on December 10, 2025, and the new residents are in place. The following sites were also acquired by MCLA and then conveyed to BOCC for Habitat development. At the December 2023 BOCC meeting, the leases to Habitat were approved. Families have been selected for all of these sites, which include: • RE# 00305070-000000, 31142 Avenue F, bayside of Big Pine Key near mile marker 31, Lot 13, Block 36, Sands Subd. (PB 1-65). The unit is completed and has its Certificate of Occupancy. The closing is scheduled for January 15, 2026. • RE# 00305850-000000, 31371 Avenue F, bayside of Big Pine Key near mile marker 31, Lot 7, Block 41, Sands Subdivision (PB 1-65). The unit is complete and has its Certificate of Occupancy. There are rental tenants in residence. • RE# 00305880-000000, 31372 Avenue G, bayside of Big Pine Key near mile marker 31, Lot 10, Block 41, Sands Subdivision (PB 1-65). The closing was on December 22, 2025, and the new residents are in place. • RE# 00307000-000000; 31250 Avenue 1; bay side of Big Pine Key near mile marker 31, Lot 9, Block 49, Sands Subdivision (PB 1-65). The unit is completed and is pending its Certificate of Occupancy. The closing is scheduled for February 28, 2026. Additional sites have been acquired by MCLA, conveyed to the County, and leased to Habitat. These sites are programmed for permitting and development in the coming months, including: • RE# 00300580-0000000, 252 Sands Rd, bayside of Big Pine Key near mile marker 31, Lot 18, Block 2, Darios Subdivision (PB3-92) • RE# 00111360-000500, 81 County Rd, bayside of Big Pine Key near mile marker 31, meets and bounds in Section 26 Township 66 Range 29 • RE# 00302940-000000, 31373 Avenue C, bayside of Big Pine Key near mile marker 31, Lot 8, Block 24, Sands Subdivision (PB1-65) • RE# 00308540-000000, 31568 Ave D, bayside of Big Pine Key near mile marker 31, Lot 16, Block 22, Big Pine Cove (PB 1-131) • RE# 00308540-000100, 31562 Ave D, bayside of Big Pine Key near mile marker 31, Lot 15, Block 22, Big Pine Cove (PB 1-131) • RE# 00308540-000200, 31574 Ave D, bayside of Big Pine Key near mile marker 31, Lot 7, Block 22, Big Pine Cove (PB 1-131) • RE# 00300390-000000 and 00300390-000100, 30919 Edwards Rd A & B, bayside of Big Pine Key near mile marker 31, Lot 9, Block 1, Sands Subdivision (PB3-92) 10 of 15 Habitat for Humanity (Middle Keys): Habitat for Humanity Middle Keys requested MCLA purchase a duplex lot for future affordable housing development. MCLA staff obtained a contract from seller Lam and the property purchase was on the April 17, 2024 agenda. The Marathon City Council approved Resolution 2024-45 approving a long-term lease between the City and Habitat for Humanity of the Middle Keys for the development of 2 affordable housing units on the property. The parcel was conveyed to Marathon, and the warranty deed and LURA were recorded on August 23, 2024. MCLA has been pursuing and negotiating on additional parcels in Marathon. Habitat for Humanity (Upper Keys): In June 2023, the Board of County Commissioners reserved 10 low income category affordable ROGO allocations for Habitat for Humanity Upper Keys. Upper Keys Habitat then requested MCLA purchase 10 lots for affordable housing development. In 2024, the Governing Board approved purchases which be leased to Upper Keys Habitat to redevelop affordable housing units. MCLA will convey sites to BOCC and then BOCC will lease to Habitat. Additional parcels are being sought to complete the inventory. Three parcels on Poinciana Lane in Key Largo were conveyed to the BOCC and leased to Habitat for Humanity Upper Keys in December of 2025. Tourism -Based Sector Employee Housing Program Contact: Cynthia Guerra 305-295-5180 Monroe County has successfully identified $35M of surplus Tourist and Development Council (TDC) funds that can be used to purchase or develop housing units to provide affordable housing for employees of tourism -related businesses. The law that allows these funds to be used for this purpose require a maximum income of 120% of the area median income. The Interlocal Agreement between Monroe County and MCLA was modified in November 2024 to allow the MCLA to assist the County in the implementation of the program. MCLA's primary role was to assist in the acquisition of land. MCLA worked with the County Administrator and the Monroe County Housing Authority to identify parcels to acquire. Among the projects approved by the Board on May 21, 2025, one involved listed private land in Cudjoe. The Land Authority negotiated a purchase agreement for the Cudjoe project, which was approved by the Board on May 21, 2025. The sale was closed on November 21, 2025 and made available to the County and Housing Authority for development. Florida Forever Program Contact: Mark Rosch 305-295-5180 The State of Florida has made substantial investments in the Florida Keys purchasing conservation land pursuant to the Florida Forever Program. This program is administered by the Florida Department of Environmental Protection (FDEP). The State has established three Florida Forever projects in the Keys: • North Key Largo Hammocks • Coupon Bight / Key Deer • Florida Keys Ecosystem As the end of ROGO approaches, the State's long-standing acquisition efforts have been essential to reduce future liability. The County and the Land Authority have advocated that FDEP should aggressively pursue land acquisition in the Keys because over 3,500 privately -owned vacant, undeveloped parcels lie within the Florida Forever project boundaries. The Land Authority has been assisting in this effort by serving as a local partner with FDEP, pursuant to a memorandum of agreement between FDEP and the County. In this role, the Land Authority has been locating suitable properties with willing sellers for FDEP, obtaining due diligence products for FDEP, and pre -acquiring conservation land for resale to the State. Since July 1, 2016, with the passage of the Florida Keys Stewardship Bill, FDEP has spent approximately $15,865,044 and retired 189 development rights as of January 31, 2026. The goal has been for FDEP to spend $5 million annually on acquisition in the Florida Forever boundary. 11 of 15 The table below demonstrates the annual expenditures by FDEP, since passage of the Florida Keys Stewardship Bill through January 31, 2026: STATE FISCAL YEAR STATE PURCHASES FROM PRIVATE SELLERS* STATE PURCHASES OF PRE -ACQUIRED LAND FROM MCLA* TOTAL STATE PURCHASES* 2017 201S 2019 20M 2021 2022 2023 2024 2025 2026 TOTAL $4 $709,246 S2,037,381 S 1, 177,841 $695,492 $89,732 %210,828 $4 S 1,045,998 so $5,966,518 $4 $4 $0 so $4 %607,323 52,924,856 S2,3388,813 53,049,808 $977,727 $9,898,526 $0 $709,246 $2,037,381 S 1,177,841 $695,492 $697,055 $3,135,684 $2,338,813 $4,095,806 $977,727 $15,865,044 *Includes soft costs such as Appraisals, surveying, etc. Since the goal of FDEP spending $5 million annually under the Stewardship Bill has not been achieved by the State making direct purchases from private sellers, Land Authority and FDEP staff established a system during 2022 where MCLA pre -acquires land in Florida Forever projects for resale to the State. As of January 31, 2026, this system has successfully resulted in the State purchasing $9,898,526 of pre -acquired property from MCLA since July 1, 2016 and $5,966,518 in direct purchases since July 1, 2016 for a total of $15,865,044. The following demonstrates the pre -acquisitions. • MCLA/Radenhausen/Port Pine Heights 2nd Addition - Closed $ 46,123 • MCLA/Messera Selman/Cutthroat Harbor Estates - Closed $ 561,200 • MCLA/Carbonell/No Name Key - Closed $ 103,555 • MCLA/Epifano/Crains - Closed $ 38,686 • MCLA/Jattan/Sands - Closed $ 50,752 • MCLA/Koleda/Southern Pines, Kinercha, Sands - Closed $ 979,841 • MCLA/Vero Atlantic 2/Crains - Closed $ 215,891 • MCLA/Ackert - Closed $ 50,752 • MCLA/CarawanHacker - Closed $ 57,507 • MCLA/Coto -Closed $ 20,455 • MCLA/Adams - Closed $ 19,755 • MCLA/Wagner - Closed $ 40,697 • MCLA/Silva - Closed $ 76,747 • MCLA/PilafianHOPE - Closed $ 39,561 • MCLA/Morris - Closed $ 318,065 • MCLA/Alessandrim - Closed $ 129,681 • MCLA/McCullough - Closed $ 126,326 • MCLA/Garcia - Closed $ 97,172 • MCLA/Sea Air Holdings - Closed $ 19,755 • MCLA/DaCosta - Closed $ 233,122 • MCLA/Glidden - Closed $ 51,677 • MCLA/Klimeck - Closed $ 51,677 • MCLA/Knowles -Closed $ 79,322 • MCLA/Valle - Closed $ 20,505 12 of 15 MCLA/Gerson - Closed $ 51,677 MCLA/Barnes - Closed $ 51,677 MCLA/Pilafian KLP - Closed $ 99,539 MCLA/Murphy - Closed $ 51,677 MCLA41FHLK Hilda - Closed $ 16,953 MCLA/Gi1C - Closed $ 85,866 MCLA/Dalsin - Closed $ 173,038 MCLA/Suarez - Closed $ 113,052 MCLA/QuincosesRuiz - Closed $ 101,147 MCLA/HFH Rocky Rd - Closed $ 200,697 MCLA/Specht- Closed $ 60,925 MCLA/HFH Cudjoe Acres - Closed $ 81,255 MCLA/LopezRaymond - Closed $ 20,505 MCLA/HFH Kings Row - Closed $ 38,820 MCLA/GonzalezMY - Closed $ 68,973 MCLA/McSwain - Closed $ 121,697 MCLA/HFH Mad Bob Rd - Closed $ 105,485 MCLA/Nall - Closed $ 50,602 MCLA/Page - Closed $ 51,677 MCLA/GilBessonValdivia - Closed $ 68,973 MCLA/Little - Closed $ 67,162 MCLA/Weiss - Closed $ 26,539 MCLA/Albury - Closed $ 59,366 MCLA/Pass - Closed $ 325,235 MCLA/Ruiz Trust - Closed $ 56,705 MCLA/Boyd - Closed $ 20,505 MCLA/Nelson - Closed $ 203,887 MCLA/Tailored Homes, LLC - Closed $ 56,705 MCLA/Yingst - Closed $ 81,844 MCLA/Weinstein - Closed $ 68,973 MCLA/Espinosa - Closed $ 17,422 MCLA/HFHLK/Biggar - Closed $ 345,588 MCLA/Sakowski - Closed $ 142,041 MCLA/Ansell Southern Pines - Closed $ 51,677 MCLA/Easter - Closed $ 51,677 MCLA/Ansell Crains - Closed $ 44,841 MCLA/Atkinson - Closed $ 634,002 MCLA/ShepherdHillHolt - Closed $ 16,497 MCLA/Ronning -Closed $ 20,505 MCLA/Smith - Closed $ 26,864 MCLABorders - Closed $ 39,936 MCLA/Novacek -Closed $ 141,857 MCLA/Ramirez - Closed $ 85,866 MCLA/Marino - Closed $ 61,733 MCLA/Crawdaddy Lots 10 & I I- Closed $ 278,874 MCLA/MarshallJostock - Closed $ 47,800 MCLA/Rose - Closed $ 58,919 MCLA/CatesReynolds - Closed $ 334,141 MCLA/Tropical Isles, Inc. - Closed $ 340,051 13 of 15 • MCLA/Garcia/Gomez/Rodriguez - Closed $ 158,700 • MCLA/Quehl - Closed $ 74,805 • MCLA/ShereManach - Closed $ 203,221 • MCLA/Crawdaddy Lots 8 & 9 — Closed $ 324,984 • MCLA/Bromley — Closed $ 87,732 • MCLA/Roberts/Prine - Closed $ 215,876 • MCLA/Gonzalez - Closed $ 71,108 $ 9,898,526 The pre -acquisition system has been effective in increasing the pace of State closings. As of January 31, 2026, MCLA has either purchased or has a contract to purchase the following properties that are "in the pipeline" for ultimate resale to the State: • HFHLK Dorn Rd/Rainbow Beach • Luong/Palm Villa • Walker Estate/Big Torch Key • Lorenz/Sands • Bryan/Pam Villa • KovacMurano/Niles Channel • Dewitt/Grains • Crow/Grains • Hager Estate/Grains • BordenGarcia/Crains • Cromartie/Crains • Notgrass/Crains • Machado S quitieri/Crains • Cano/Sunset Bay • Van Arsdel-Moore/Crains • MG FL Development LLC/Crains • Weitzel/Crains • Rivero/Sunset Cove • North American Land Corp/N Sugarloaf Acres • Anders/Port Pine Heights • CarlockBrorein/Crains • Guy/Dolphin Estates • Gonzalez/Ramrod Shores • Mucci/N Sugarloaf Acres • LaSelva/The Ladies Acre Unfortunately, FDEP has discontinued this pre -acquisition system due to a budget reduction. FDEP's legislative appropriation for Florida Forever acquisitions was reduced from $100 million in Fiscal Year 2025 to $18 million in Fiscal Year 2026. On June 24, 2025, FDEP notified MCLA that all Florida Forever funding is now obligated and there will be no funding available for the State to purchase pre -acquired land from MCLA until the Legislature appropriates additional funds. The Land Authority will continue to make purchases within Florida Forever areas and will pursue reinstating the partnership as soon as additional State funding is made available. Density Reduction Resale Program Contact: Paunece Scull 305-295-5180 14 of 15 The Monroe County Land Authority manages the County's density reduction efforts. When buildable lots are acquired under the Density Reduction Program, they may be resold to homeowners of contiguous properties or to Property Owner Associations, without the ability of the purchaser to ask for a Rate of Growth Ordinance (ROGO) allocation to build a residential unit with all density stripped from the land. The County Commission adopted an ordinance establishing a "Resale Program" on January 21, 2022. To date, 12 parcels have been resold on Duck Key. They were originally acquired for $940,853 with development rights. The County successfully resold them without development rights for $486,992, an average of $40,583 per Transferrable Development Right (TDR). Following the ordinance, the BOCC adopted a resolution authorizing the resale of 9 lots in Tropical Bay Estates under this program. Of the 9 lots, staff only received bids on 2 lots. These lots were originally acquired for $95,051 with development rights. Both bids were approved by the BOCC on May 18, 2022, and closed in June and July 2022 for a total of $60,100, an average of $30,050 per Transferrable Development Right (TDR). Conservation Land Stewardship Program Contact: Beth Bergh 305-289-6313 The Monroe County Conservation Land Stewardship Program manages conservation properties owned by the Monroe County Land Authority as well as those conservation properties owned by the Board of County Commissioners (like lots dedicated to the County for conservation). Additionally, the program manages state- owned conservation properties where the County is the designated land manager, via lease agreements. Currently, the Land Stewardship staff manages approximately 3,950 County parcels (MCLA & BOCC combined) and 743 state-owned parcels. Management activities on the conservation properties include invasive exotic plant removal, habitat restoration, native planting projects, cleanup of solid waste, and hazard tree trimming. The following table shows updated land management statistics for the month of November 2025: Acreage Acreage of # of State - MONTH YEAR BOCC of BOCC MCLA MCLA owned parcels parcels parcels parcels Parcels managed Managed Managed November 2025 1,228 745 2,722 1,015 743 15 of 15