Item H3
LAND AUTHORITY GOVERNING BOARD
AGENDA ITEM SUMMARY
Meeting Date: May 19,2004
Bulk Item: Yes No X
Department: Land Authority
Agenda Item Wording: Report on Tradewinds Hammocks Phase II.
Item Background: Staff is working with the Housing Authority and the project developer (Tradewinds
Hammocks II, LLC) to prepare a Memorandum of Understanding (MOU) and ground lease with respect
to the 52 units of moderate income homeownership housing proposed as Tradewinds Hammocks
Phase II.
While this work was underway, staff has learned that the principals of Heritage Partners Group XIX, Inc.
(the 50% partner in Tradewinds Hammocks II, LLC) are barred from applying for funding from the
Florida Housing Finance Corporation due to a variety of financial and non-compliance issues. Staff has
also been advised by FHFC that the US Department of Housing and Urban Development is apparently
investigating Heritage. In light of this information, staff is now exploring the feasibility of proceeding with
this development without Heritage.
Advisory Committee Action: On November 24, 2003 the Advisory Committee voted 3/0 to approve a
homeownershiplland lease scenario, subject to the owner/developer's willingness to reduce the
purchase prices to a maximum of $200,000 on a dollar-for-dollar basis if additional funding is available.
Previous Governing Board Action: On 2/22/01 the Board denied the $924,000 loan request. On
4/11/01 the Board was sued by the owner/developer. On 8/16/01 the Board approved the $924,000
loan request. On 12/17/03 the Board conceptually approved a conversion to moderate income
homeownership, subject to the developer providing certain follow-up documentation. On 2/18/04 the
Board approved purchasing the property and conveying same to Housing Authority, provided the
Housing Authority wishes to participate in the project.
Contract/Agreement Changes: N/A
Staff Recommendation: To be determined.
Total Cost: $
Budgeted: Yes
No
Cost to Land Authority: $
Source of Funds:
Executive Director Approval:
4n~d~
M rk J. Rosch
Approved By: Attorney
Documentation: Included: X
To Follow:
Not Required:
Disposition:
Agenda Item LA #3