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Item I6 2-03-2C1GLl 5: 04P~,1 FROH P 1 LAND AUTHORITY GOVERNING BOARD AOENDA ITEM SUMMARY Meeting Date: Februarv 18. 2004 Bulk Item: Yes No l Department: Land Authoritv - Agenda Item Wording: Commissioner Neugent ~ Approval to appoint Rosie Ladrie to the Land Authority Advisory Committee. Item Background: The appointment of Ms. Ladlie will flit the seat of the Lower Keys resident recently vacated by Louise Matthews. Ms. Ladrie is a resident of Little Torch Key. Advisory Committee Action: N/A Previous Goveming Board Action: NlA Contract/Agreement Changes: N/A Recommendation: Approval Total Cost: $ NlA Cost to Land Authority: $NlA Budgeted: Yes_ No Source of Funds: Commissioner Approval: . Approved By: Attorney 1- Documentation: Included:-1L- To Follow: Not Required: _' Disposition: Agenda Item LA #6 02/02/2004 22:06 FAX J05 872 478i FIRST STATE BANK-BP I4J 002 lIxperiance Education Rosie Ladrie 1995--Present First State Bank of the Florida Keys lower Keys Region Manager - VICe President Responsible fa( 4 Branch Offices Located in Sugaf10af Key I Summel1and Key, and Big Pine Key, including 1 in-store office. 1989-1995 TlB Bank of the Keys Branch Manager - AsSsiant Vice President - Big Pine Key Office 1986-1989 American Pioneer Savings Bank Construction loan Administration Manager - Assistant Vice President 1973-1986 Security First Federal Savings am Loan Assn. Commercial loan Oosing Coordinator - Assistant Vice President 1970-1913 State Fidelity Savings & LOGn FHA & VA Loan Department startup Coordinator 1964-1967 Bell Federal Savings & Loan Association Entry level Mortgage Loan Proc:essor & DoelHTIent Clerk 1967-1975 Institute of Financial Education · Graduate Degree. 1991 University of Oklahoma Commercial Lending School Various Lending, residential, consumer and oonmercial banking iefrinars Management and supervision of personnel serrinars 02/02/2004 22:07 FAX 305 87~ 4787 Interests Community Involvement FIRST STATE BASK-BP 141 003 Quilting,Fishing, boating, scuba diving, white water rafting, hiking, AVid reader , also nkes 1D do COfT1)uter research Past President of the,) L~ Keys Chamber of Commerce, served on Chamber Board of Oireaors for 9 years in various capacities Past President of Big Pine and Lower Keys Rotary Club, served on Rotary Board in varioUS positions. 5cl1oIafship Committee, Kid's Kamival Comrrittee 1994 Graduate of Leade~ Monroe Courty, currentty serving as a diR!ctor Present member of District II Advisory Council having served since 1995 Past Director of Monroe Courtty DonwMic Abuse Center Director of Monroe County Housing Finance Authority Associate Merr1>er of MarathOn & Lower Keys Association of Realtors Associate Member of Aorida Keys Contractors Association RESOLUTION NO. A RESOLUTION OF THE MONROE COUNTY COMPREHENSIVE PLAN LAND AUTHORITY AUTHORIZING PURCHASE OF THE TRADEWINDS HAMMOCKS PHASE II AFFORDABLE HOUSING SITE AND CONVEYANCE OF SAME TO THE MONROE COUNTY HOUSING AUTHORITY, WHEREAS, section 380.0666(3), Florida Statutes (FS) and section 9.3-2, Monroe County Code, empower the Monroe County Comprehensive Plan Land Authority (hereinafter "Land Authority") to acquire an interest in real property for the purpose of providing affordable housing to very low, low, or moderate income persons as defined in section 420.0004, FS, where said acquisitions are consistent with a comprehensive plan adopted pursuant to Chapter 380, FS; and WHEREAS, on August 16, 2001, the Land Authority Governing Board approved Resolution 09- 2001, authorizing a $924,000 zero-interest, 50-year mortgage loan in support of the proposed development of 52 units of affordable rental housing known as Tradewinds Hammocks Phase II on Lots 1 through 14, inclusive, Block 4, Industrial Acres (PB 5-15) (hereinafter "subject property"; and WHEREAS, on May 16, 2000, Tradewinds Hammocks II, LLC recorded affordable housing deed restrictions consistent with Resolution 09-2001 (OR 1633-729); and WHEREAS, on November 8, 2002, pursuant to Resolution 09-2001, the Land Authority disbursed the $700,000 first draw of the $924,000 loan secured by a mortgage and promissory note (OR 1832-1507); and WHEREAS, to date Tradewinds Hammocks II, LLC has not received the tax credit and SAIL loan financing from the Florida Housing Finance Corporation contemplated in Resolution 09- 2001; and WHEREAS, on November 14, 2003, Tradewinds Hammocks II, LLC requested authorization to convert the proposed development from rental to homeownership and to modify the property's deed restriction to increase the income limits from 100% to 120% of median income; and WHEREAS, the Land Authority Advisory Committee considered this request at a meeting held November 24, 2003 and voted 3/0 with one abstention to recommend approval; NOW, THEREFORE, BE IT RESOLVED BY THE MONROE COUNTY COMPREHENSIVE PLAN LAND AUTHORITY: Section 1, The Land Authority is in receipt of the February 13, 2004 letter from the Monroe County Housing Authority's Executive Director. Provided the Board of Directors of the Monroe County Housing Authority wishes to participate in Tradewinds Hammocks Phase 2 and votes to accept title to the subject property, the Land Authority Chairman is authorized to execute the Land Authority's standard purchase agreement to acquire the subject property from Tradewinds Hammocks II, LLC for a purchase price of $924,000. Page 1 of 2 Section 2. Upon the Land Authority's receipt of title to the subject property, the Land Authority Chairman is authorized to sign a deed conveying said title to the Monroe County Housing Authority, subject to the attached deed restrictions in Exhibit A, for development with affordable housing. PASSED AND ADOPTED by the Monroe County Comprehensive Plan Land Authority at a regular meeting on this day of 2004. (Seal) ATTEST: MONROE COUNTY COMPREHENSIVE PLAN LAND AUTHORITY Mark J. Rosch Executive Director David P. Rice Chairman Approved for Legal Form Larry R. Erskine Page 2 of 2 EXHIBIT "A" DEED RESTRICTIONS The property shall be developed with affordable housing for very low, low, or moderate income persons as defined in section 420.0004, Florida Statutes, consistent with the following affordable housing requirements of the Monroe County Land Authority Development Regulations: 1. The annual adjusted gross income for the owner-occupied or tenant-occupied household shall not exceed 120 percent of the median adjusted gross annual income within Monroe County. 2. The monthly rent or mortgage payments including taxes, insurance and utilities shall not exceed thirty (30) percent of 120% of the median adjusted gross annual income for households within Monroe County divided by twelve (12). 3. Under Monroe County Code Section 9.5-266, the affordable housing dwelling unit is restricted to a maximum of one thousand three hundred (1,300) square feet of habitable space. 4. The applicant has used the affordable housing program to gain additional points in the permit allocation system pursuant to Monroe County Section 9.5- 122.3(6). 5. These deed restrictions shall remain in effect in perpetuity regardless of the ability of the owner(s) or occupant(s) to comply or re-qualify on an annual basis or as otherwise may be required. 6. All of the restrictions herein shall be binding upon any transferees, lessees, heirs, assigns or successors in the chain of title. In addition to the foregoing, in accordance with the Memorandum of Understanding between Monroe County and the Department of Community Affairs dated December 27, 1999, persons currently or formerly housed in an illegal downstairs enclosure who have been or will be displaced as a result of the removal of said enclosures and who meet all applicable affordability requirements shall be given first priority when the Tradewinds Hammocks housing occupants are selected.