Resolution 114-2004
RESOLUTION
114 - 2004
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF MONROE
COUNTY, FLORIDA, COMMITTING TO SUBORDINATION OF MONROE COUNTY'S
EXISTING STATE HOUSING INITIATIVE PARTNERSHIP (SHIP) PROGRAM MORTGAGE
LOAN TO THE HOUSING AUTHORITY OF THE CITY OF KEY WEST, FLORIDA IN
SUPPORT OF ROOSEVELT GARDENS AFFORDABLE RENTAL HOUSING.
WHEREAS, Monroe County has funded and recorded an existing mortgage loan to the Housing
Authority of the City of Key West, Florida for the purpose of providing construction and permanent
financing of Roosevelt Gardens, a 96 unit affordable housing rental project located in the City of Key
West, and
WHEREAS, the Housing Authority of the City of Key West, Florida is now contemplating securing
additional financing through the Florida Housing Finance Corporation's, State Apartment Incentive
Loan (SAIL) Program to fund the cost of providing additional project amenities and restructure existing
debt at more favorable terms, and
WHEREAS, the Florida Housing Finance Corporation will require that the existing Monroe County
SHIP Program loan be subordinate to the SAIL Program Loan and commitment of said subordination is
necessary as a condition of application for SAIL funding.
NOW, THEREFORE, BE IT RESOLVED, by the Board of County Commissioners of Monroe County,
Florida, that the County hereby:
Commits to the subordination of its existing State Housing Initiatives Partnership (SHIP) Program
mortgage loan ($300,000) to the Housing Authority of the City of Key West, Florida in support of
Roosevelt Gardens, to financing from the Florida Housing Finance Corporation's State Apartment
Incentive Loan (SAIL) Program, contingent upon review and approval of the Subordination Agreement,.
PASSED AND ADOPTED, by the Board of County Commissioners of Monroe County, Florida at a
regular meeting on said Board on the 17th day of March, A.D., 2004
Mayor Nelson
Commissioner Spehar
Commissioner Neugent
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