Item L1
BOARD OF COUNTY COMMISSIONERS
AGENDA ITEM SUMMARY
Meeting Date: March 17, 2003
Division:
Special Program Office
Bulk Item: Yes X
No
Department: Monroe County Housing Authority
AGENDA ITEM WORDING: 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.
ITEM BACKGROUND: In December 2002 the Monroe County SHIP Program provided the
Housing Authority of the City of Key West, Florida a $300,000 mortgage loan for construction
financing for Roosevelt Gardens, a 96 unit affordable housing rental project. The Authority now is
considering applying for financing from the Florida Housing Finance Corporation's SAIL Program for
financing of additional project amenities and restructure the projects existing debt at more favorable
terms. The SAIL program would require the SHIP loan to be subordinate and approval of subordination
is required prior to the SAIL application deadline of March 31, 2004.
PREVIOUS RELEVANT BOCC ACTION:
Dec. 02 Monroe County SHIP Program mortgage loan ($300,000) to Housing Authority of the
City of Key West for Roosevelt Gardens affordable housing.
.
CONTRACT/AGREEMENT CHANGES:
None
STAFF RECOMMENDATION:
Approval. Actual Subordination Agreement to be negotiated by all lenders and subject to approval by
BOCC.
TOTAL COST:
$-0-
$-0-
BUDGETED: Yes n/a No n/a
COST TO COUNTY:
SOURCE OF FUNDS:
n/a
REVENUE PRODUCING: Yes n/a No n/a
APPROVED BY: County Altr1~ OMB
DIVISION DIRECTOR APPROVAL:
AMOUNT PER: Month n/a Year n/a
mg_
Risk Management_
anuel Castillo, Sr., Executive Director
Monroe County Housing Authority
DOCUMENT A nON:
Included X
To Follow
Not Required_
AGENDA ITEM #
LJ
DISPOSITION:
RESOLUTION
- 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 _ day of , A.D., 2004
Mayor Nelson
Commissioner Spehar
Commissioner Neugent
Commissioner McCoy
Commissioner Rice
BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA
By:
Mayor Nelson
SEAL MONROE COUl\lrY ATTORNEY
ATTEST: APPRO~M:
Approved as to form and legal sufficiency: ~~U7~ . _~
Date.ASS~~~~fJ/{j~TORNEY
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