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Item J3 LAND AUTHORITY GOVERNING BOARD AGENDA ITEM SUMMARY Meeting Date: November 17. 2004 Bulk Item: Yes No l Department: Land Authority Agenda Item Wording: Approval of a resolution authorizing the purchase and conveyance of Seacrest Apartments in Marathon in partnership with the Middle Keys Community Land Trust, Inc. Item Background: The Land Authority has entered into an agreement to purchase this 14-unit apartment complex located at 2049151 Street Ocean in Marathon. The purposes of this resolution are to 1) approve the purchase price of $1,460,000; 2) approve the purchase agreement executed by the Executive Director; 3) authorize staff to close the transaction; 4) authorize the Chairman to execute a deed conveying title to the Middle Keys Community Land Trust Inc.; and 5) authorize the imposition of restrictive covenants on the deed. The deed restrictions are similar to those previously used by the Land Authority when conveying property to MKCL T, except 1) use of the property is limited to rentals (no homeownerhip); 2) the restrictions refer directly to statutory definitions (rather than paraphrasing said definitions); 3) MKCL Tis required to obtain certifications from the Monroe County Housing Authority that all tenants comply with the income and affordability restrictions; and 4) the MKCL T President will sign the restrictions acknowledging acceptance. The agenda packet includes the purchase agreement and a spreadsheet indicating the legal description, purchase price, and estimated closing costs. Advisory Committee Action: On October 28,2004 the Committee voted 5/0 to approve this item. Previous Governing Board Action: On October 20, 2004 the Board approved adding the subject property to the Acquisition List. On September 21, 2004 the Board addressed a non-compliance issue with MKCL T property on 73rd Street by authorizing the release of affordable housing deed restrictions upon the repayment of the Land Authority's acquisition costs. Contract/Agreement Changes: N/A Recommendation: Approval Total Cost: $1.476.695.50 Cost to land Authority: $1.476,695.50 Budgeted: Yes ~ No _' Source of Funds: Land Authority (Tourist Impact Tax and State Park Surcharge) Approved By: AttorneY-L Executive Director Approval: County Land Steward . ~.~~ - \ ark J. Rosch To Follow: Not Required: Documentation: Included:-1L- Disposition: Agenda Item LA #3 PURCHASE CONTRACTS 11/17/04 Envr. Audit, Survey, Purchase Appraisals or Title Attorney Recording Acquisition Property Price Clean-up Insurance Fee Fee Total Sea Crest Heights Subdivision (PB3-60) Lots 19-22 (StewarVSeacrest Apartments) Acquisition from Stewart $1,460,000.00 $9,800.00 $6,350.00 $500.00 $10.00 $1,476,660.00 Conveyance to Middle Keys Community Land Trust N/A N/A N1A N/A $35.50 $35.50 Total $1,476,695.50 AGREEMENT FOR THE PURCHASE OF LANDS THIS AGREEMENT is made and entered into this 2$ day of ()e,fo be fL and between , 2004, is by Fred H. Stewart hereinafter style the Seller(s), for themselves, their heirs, executors, administrators. successors and assigns, and the MONROE COUNTY COMPREHENSIVE PLAN LAND AUTHORITY (hereinafter, "Land Authority") acting by and through the Executive Director of the LAND AUTHORITY. WITNESSETH: 1. In consideration of Ten Dollars ($10.00) in hand, paid by the LAND AUTHORITY, the receipt of which is hereby acknowledged, the Seller{s) agree to sell to the LAND AUTHORITY certain lands upon the terms and conditions hereinafter set forth, and for the price of $1,460,000.00. for all of the lands and other interests, which lands shall include all tenements, hereditaments, together with all water and other rights, easements, appurtenances, and any and all of the Seller's rights in or arising by reason of ownership thereunto belonging, owned by them, situate and lying in the County of Monroe, State of Florida, more particularly described as follows; to-wit: Lots 19,20, 21, and 22, $eaerest Haights (PB 3-60), aka Seaerest Apartments, located at 204 9111 Street Ocean In Marathon, together with the personal property Identifiod in Attachment A. RE #350690,350700,350710, ilnd 350720 2. The Seller{s) agree that they have full right, power and authority to convey, and that they will convey to the LAND AUTHORITY the fee simple title together with legal and practical access thereto clear, free and unencumbered, except subject to the following easements or reservations: Existing easements for canals, ditches, flumes, pipelines, railroads, public highways and roads, telephone, telegraph, power transmission lines and public utilities. The LAND AUTHORITY, at the LAND AUTHORITY'S expense, within the time allowed to deliver evidence of title and to examine same, may have the real property surveyed and certified by a registered Florida surveyor. If the survey discloses encroachments on the real property or that improvements located thereon encroach on setback lines, easements, lands of others, or violate any restrictions, contract covenants, or applicable governmental regulations, the same shall constitute a title defect. Seller(s) shall convey a marketable title subject only to the aforementioned liens, encumbrances, exceptions or qualification set forth herein. Marketable title shall be determined according to applicable title standards adopted by authority of the Florida Bar and in accordance with law. The LAND AUTHORITY shall have sixty (60) days from the effective date of this Agreement in which to examine title. If title is found defective, the LAND AUTHORITY shall, within this specified time period, notify Seller(s) in writing specifying defect(s). If the defect(s) render title unmarketable the Seller(s) will have one hundred twenty (120) days from receipt of notice within which to remove the defect(s), failing which the LAND AUTHORITY shall have the option of either accepting the title as it then is or rescinding the contract herein; thereupon the LAND AUTHORITY and the Seller(s) shall release one another of all further obligations under this Agreement. The Seller(s) will, if title is found unmarketable, use diligent effort to correct defect(s) in title within the time provided therefore, including the bringing of necessary suits. ~~1-f.~. ~O'd TOO'oN OV:Zl 170,8T 1JO T8rS-S6~-so~:aI ^lI~OH1n~ aN~l 'J'W 3. The Seller(s) further agree not to do, or suffer others to do, any act by which the value or title to said lands may be diminished or encumbered. It is further agreed that any 1085 or damage occurring prior to the vesting of satisfactory title in the LAND AUTHORITY by reasons of the unauthorized cutting or removal of products therefrom, or because of fire, shall be borne by the Seller(s); and that, in the event any such loss or damage occurs, the LAND AUTHORITY may refuse, without liability, to accept conveyance of said lands, or it may elect to accept conveyance upon an equitable adjustment of the purchase price. 4. The Seller(s) further agree that during the period covered by this instrument officers and accredited agents of the LAND AUTHORITY shall have at all proper times the unrestricted right and privilege to enter upon said lands for all proper and lawful purposes, including examination of said lands and the resources upon them The Seller(s) hereby waive their rights to any and all claims against the LAND AUTHORITY or Monroe County associated with, or arising from ownership of, said lands and this waiver shall survive closing. 5. The Seller(s) will execute and deliver upon demand of the proper officials and agents of the LAND AUTHORITY a good and sufficient deed of warranty conveying to the LAND AUTHORITY a safe title to the said lands of such character as to be satisfactory to the legal counseJ of the LAND AUTHORITY and said deed shall provide that the use, occupation and operation of the rights-of- way, easements and reservations retained therein, shall be subordinate to and subject to such rules and regulations as may be prescribed by the LAND AUTHORITY governing the use, occupation, protection and administration of lands. 6. In consideration whereof the LAND AUTHORITY agrees that it will purchase all of said lands and other interests at the price of $1,460,000.00. The LAND AUTHORITY further agrees that, after the preparation, execution, delivery and recordation of the deed, and after the legal counsel of the LAND AUTHORITY shall have approved the title thus vested in the LAND AUTHORITY, it will cause to be paid to the Seller(s) the purchase price by a check drawn on the account of the LAND AUTHORITY. The LAND AUTHORITY shall pay the following expenses associated with the conveyance of the property: deed recording fees, settlement fees, abstract fees, title ex~mination fees, the Buyer's attorney's fees, and title insurance, as well as the prorata share of prepaid real property taxes allocable to the period subsequent to the vesting of title in the LAND AUTHORITY, or the effective date of possession of such real property by the same, whichever is earlier. The Seller(s) shall pay the expenses of documentary stamps to be affixed to the deed and any real estate commissions. FUll possession of the premises shall pass to the LAND AUTHORITY as of the date payment is made to the Seller(s) subject only to the reservations stated in Section 2 above. 7. It is mutually agreed that an abstract, title insurance policy or other evidence of title to the; property herein contracted to be sold, satisfactory to the legal counsel of the LAND AUTHORITY will be obtained by the LAND AUTHORITY at its expense. The Seller(s) expreSSly agree herein to furnish to the LAND AUTHORITY any documents in Seller(s)'s possession establishing evidence of title including, but not limited to, abstracts, title commitments, title policies and opinions of title. 8. It is mutually understood and agreed that the LAND AUTHORITY may assign this contract. 9. It shall be the obligation of the Seller(s) to pay all taxes and assessments outstanding a$ liens at the date title vests of record in the LAND AUTHORITY, whether or not such taxes and assessments are then due and payable 10. It is mutually understood and agreed that notice of acceptance of this agreement shall be given to the Seller(s) by mail addressed to the Seller(s) at the following address: 2,1/ J, 2 ~O'd TOO'uN 117:(:1 170.81 1JO r81S-S6(:-so~:al ^lI~OHln~ aN~l 'J'H 204 91Bt Street Marathon, FL 33050 and shall be effective upon date of mailing and shall be binding upon all of the Seller(s) without sending a separate notice to each, except as such obligation may be affected by the proYisions of paragraph 6 hereof. 11. The property shall be delivered at closing free of any tenant or occupancy whatsoever, unless said tenant is acceptable to the LAND AUTHORITY. 12. The effective date of this agreement shall be that date when the last one of the Seller(s) and the lAND AUTHORITY has signed this agreement. 13. If the Seller(s) wish to proceed with this transaction, the Seller(s) have until October 19, 2004 to sign and return this contract to the LAND AUTHORITY. The closing date shall be on or before December 1, 2004 unless extended by mutual consent of the parties, failing which either party shall have the option of terminating this Agreement and the parties shall release one another of all further obligations under this Agreement. 14, The parties acknowledge that the Middle Keys Community land Trust, Inc. has a valid contract to purchase the subject property, Accordingly, this Agreement is contingent upon said parties terminating said contract and the associated deposit being returned to Middle Keys Community Land Trust, Inc. 15. Notwithstanding any provision of this Agreement to the contrary, the closing of this transaction is contingent upon approval of the Land Authority Governing Board. The LAND AUTHORITY, at its sole discretion. shall have right to terminate this Agreement for any reason until December 1, 2004. unless said due diligence period is extended by mutual consent of the parties. IN WITNESS WHEREOF, the Seller(s) have hereunto signed their names and affixed their respective seals on the day first above written and therefore the SelJer(s) for and in consideration of the Ten Dollars ($10.00) hereinabove acknowledge as received, have and do hereby grant unto the LAND AUTHORITY or its authorized representative, or any other office or agent of the LAND AUTHORITY authorized to purchase said lands, the option and right to enter into this Agreement for Purchase within sixty (60) days from the execution thereof by the Seller(s), and to purchase said lands as herein provided. Sellerl Fred H. Stewart ::;;f~~~&;;;tJZf;- Ifr;75- Otf Signature Date 305- 2SQ '-01 s I Social Security Number Phone Number The MONROE COUNTY COMPREHENSIVE PLAN LAND AUTHORITY, acting by and through its EXECUTIVE DIRECTOR, has executed this agr~eru.ent on behabof.., thef1v10NROE COUNTY COMPREHENSIVE PLAN LAND AUTHORITY this Z~ day of I <;W Of(/..- , 2004. Il/~"~~j~~~ft). ;"18'1(!;;;)~i' ~... " &-;..: ~ .'<;~0 \;;_ '_ ,.' ,.. oJ '\ 0,' r r \- I , ,;f;;;;-. ,;" i ( J \ LJ,~ I'- ~-< I: i ~W J '''I)"/! \~~;;_.:1 ~iJ.~ i " ~~"'\ ;... ,.#* ~f. -1/.J MONROE COUNTY COMPREHENSIVE PLAN LAND AUTH~TY "^\. V~ Mark J, Rose I xecutive Director 3 uO'd TOO'oN cv:cT uO.8T 1JO T8TS-S6c-so~:aI ^lI~OH1n~ aN~l 'J'W 10/27/2004 13:05 3057434227 EXIT FL. 1<[/5 A'ITACHMENT A SEA CREST APPLIANCE INVENTORY SHEET APARTMENT # 1 Refrigerator - General Electric - Model# TBX1451ZCL WH Stove/Range - Hotpoint (New) Room Air Ccnditioner- Gold Star- Model# LW-LIOIOCl Ceiling Fan ~ Hunter Blinds (4) APARTJIENT#2 Remgerator - General Electric - Model# TBX1451ZCLVIH StovelRange - Brown - Model# VEMl1 0 Room Air Conditioner- Gold Star- Model#L\V-L101OCI Ceiling Fan - Hampton Bay Blinds (4) APARTMENT # 3 Refrigerator - Kenmore - MODEL# 8472481 StovelRange - Sun Ray Room Air Conditioner - Whirlpool- MODEL# AC.I 122XD 1 Ceiling Fan - Hampton Bay Blinds (4) APARTMENT # 4 Refrigerator - General Electric - Mode1# TBX1451ZCL\V1I StovelRange - Roper - MODEL# FEP210VLG Room Air Conditioner - Whirlpool - MODEL# ACE082XAO Ceiling Fan - Hampton Bay :Blinds (4) APARTMENT # 5 Refrigerator - Conservator by Crosley-MODEL# CR13FFW StoveIRange - Brown - Model# VEMIIO Room Air Conditioner - Gold Star - ModeI# LW-LIOIOCl Ceiling Fan - Hampton Bay Blinds (4) PAGE 03/(\4 18/2i!2Boa !3:0b 2[157434227 E"<, IT FL K[Y'S PAGE 04/04 APARTME~T#6 Refrigerator - General Electric - Model# TBX1451ZCLWH Stove/Range - Brown - Model# VEM11 0 Room Air Conditioner - Fi-eiderich - MODEL# EP 1 04249 Ceiling Fan - Hampton Bay Blinds (4) APARTMENT# 7 Refrigerator - General Electric - Model# 1 FX20ZMA StoveIRange - Brown Model# VEMll 0 Room Air Conditioner - Gold Star - MODEL# L W-L1010C1 Ceiling Fan - Hampton Bay Blinds (4) APARTMENT # 8 Refrigerator - Hotpoint - Model # CTX18L YZBRWH Stove/Range - Bro'Wll Model# VEMII 0 Room Air Conditioner-Gold Star- MODEL# LW-L10 lOC1 Ceiling Fan - Hampton Bay Blinds (4) APARTMENT # 9 Refiigerator - General Electric - Model # TBX1451ZCLWH StovelRange - General Electric - Model # J356UKIWH Room AirConditioner-Gold Star-MODEL# LW-L101 OC1 Ceiling Fan - Hunter Blinds (4) APARTMENT # 10 Refrigerator - Roper - RT12VKXEWOO Stove/R:mge - Brown Model# VEMll 0 Room Air Conditioner - Gold Star - MODEL# L W-LlOIOCl Ceiling Fan - Hampton Bay Blinds (2) 10/27/2004 13:05 30574:34227 E><IT FL ~<E\'S ., APARTME1VT # 11 Refiigerator - Rop~ - RTl2VKXEWOO StoveIRange - Brown Mode1# VEMIl 0 Room Air Conditioner- Gold Star-MODEL# LW.LIOlOCl Ceiling Fan - Hampton Bay Blinds (2) APARTMENT # 12 Refrigerator - Roper - RTl2VKXEWOO Stove.lRJmge - Brown Mode1# VEMll 0 Room Air Conditioner - Gold Star - MODEL# L W-Ll OIOel Ceiling Fan - Hunter Blinds (2) APARTMENT # 13 Refrigerator - Genera! Electric Profile - MODEL#TFHW27RRA StoveIR.ange - Hotpoint - MODEL# RV787WBl WW Room Air Conditioner - Gold Star - MODEL# L W-Ll 01 OCl Ceiling Fan - Hampton Bay Blinds (3) APARTMENT # 14 Refrigerator - Whirlpool- MODEL# RF315PXXW Stove/Range - Hotpoint - MODEL# ClX18L YDRWH Room Air Conditioner- Gold Star - MODEL# L \V-L 101 OCl Ceiling Fan - Hunter Blinds (2) COMMON GROUNDS LAUNDRY ROOM 2 @ Whirlpool Washing Machines - MODEL# CAP2762EWO 2 @ "Whirlpool Clothes Dryers - MODEL# CGP2961EWO Sellers Signature d" h-tt(' -Ii ..i~ N1' \, 0---- . \) Buyers Signature Buyers Signature F'AGE 02/04 lIJ /J"',-;Lb Date - ~ l "v- r Date 10,z..S'DLf Date RESOLUTION NO. A RESOLUTION OF THE MONROE COUNTY COMPREHENSIVE PLAN LAND AUTHORITY AUTHORIZING THE PURCHASE AND CONVEYANCE OF SEACREST APARTMENTS IN SEA CREST HEIGHTS SUBDIVISION IN MARATHON IN PARTNERSHIP WITH THE MIDDLE KEYS COMMUNITY LAND TRUST, INC. FOR THE PURPOSE OF PROVIDING AFFORDABLE HOUSING. 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 and dispose of interests in real property for the purpose of providing affordable housing to very low, low, and 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, the Middle Keys Community Land Trust, Inc. (hereinafter MKCL T) is a not-for-profit Florida corporation organized for charitable purposes that include providing for the development and preservation of decent, permanently affordable housing for low and moderate income people in the Middle Keys area; and WHEREAS, MKCL T has entered into an agreement to purchase Seacrest Apartments, also known as Lots 19-22 of Sea Crest Heights on 91 st Street Ocean in Marathon (hereinafter "subject property") subject to participation by the Land Authority; and WHEREAS, Marathon City Council Resolution #2004-124 nominates the subject property for purchase by the Land Authority as an affordable housing site in partnership with MKCL T; and WHEREAS, said Resolution requests that the Land Authority convey the subject property to MKCL T for development and management as affordable rental units; and WHEREAS, on behalf of the Land Authority, the Land Authority Executive Director has entered into an agreement to purchase the subject property; and WHEREAS, at meetings held on September 30, 2004 and October 28, 2004, the Land Authority Advisory Committee voted 3/0 and 5/0, respectively, to recommend approval of the purchase and conveyance, subject to the conditions contained in this Resolution; and WHEREAS, the Governing Board wishes to approve the Advisory Committee's recommendations; NOW, THEREFORE, BE IT RESOLVED BY THE MONROE COUNTY COMPREHENSIVE PLAN LAND AUTHORITY: Section 1 The Governing Board finds that the $1,460,000 purchase price does not exceed the average of two appraisals commissioned by the Land Authority. Page 1 of 2 Section 2 The Governing Board approves the purchase agreement entered into by the Executive Director and authorizes staff to proceed to closing and acquire the subject property. Section 3 The Chairman of the Land Authority Governing Board is hereby authorized to sign a deed conveying the subject property to the Middle Keys Community land Trust, Inc. Said deed shall restrict future use of the property to the requirements specified in Attachment A. 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 Sufficiency Larry R. Erskine Page 2 of 2 ATTACHMENT A AFFORDABILlTY COVENANTS 1. Affordability Period. These affordability requirements shall run in perpetuity with the property in favor of the Monroe County Comprehensive Plan Land Authority (hereinafter "MCLA"). 2. Income limits, Use and Transfer Restrictions. Middle Keys Community Land Trust, Inc. (hereinafter "MKCL T") shall make the property available as rental housing in accordance with the conditions specified below. 2.1. Rental HousinQ. MKCL T shall retain title to the property and shall not subsequently transfer title without approval of MCLA. 2.1.1. Use & Occupancy. The subject property shall be operated, managed and otherwise administered as permanently affordable rental housing and such other uses incidental to residential use as may be permitted by local zoning and land use regulations. 2.1.2. Income Qualified Tenants. Occupancy of rental housing units shall be restricted to very low income persons, low income persons, or moderate income persons as defined in ~420.0004, Florida Statutes. 2.1.3. Affordability. Rents shall be affordable as defined in ~420.0004, Florida Statutes. 3. Profit. MKCL T is a not-for-profit corporation. MKCL T is prohibited from earning profit on the subject property. 4. Refinancino Limits. MKCL T shall be prohibited from encumbering the land for any purpose without the prior approval of MCLA, except for encumbrances for projects resulting in capital improvements to the property. 5. Affordability MonitorinQ. Prior to occupying the property, all tenants must be certified by the Monroe County Housing Authority as to compliance with Paragraphs 2.1.2 and 2.1.3 above. MKCL T shall be responsible for obtaining said certifications from the Monroe County Housing Authority and shall provide a copy thereof to MCLA. Covenants Acknowledged and Accepted by Middle Keys Community Land Trust, Inc. 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