Item G2
LAND AUTHORITY GOVERNING BOARD
AGENDA ITEM SUMMARY
Meeting Date: February 15, 2006
Division: Land Authoritv
Bulk Item: Yes No...x..
Staff Contact Person: Mark Rosch
Agenda Item Wording: Approval to add the Islamorada Motel to the Acquisition List.
Item Background: The Middle Keys Community Land Trust (MKCL T) proposes to purchase the
Islamorada Motel as an affordable housing site. MKCL T proposes to fund the purchase with a loan
from the Florida Housing Finance Corporation and proceeds from the sale of the property's transient
development rights. In case these sources prove insufficient, MKCL T proposes that the Land Authority
be a backup funding source. The property's asking price is $2,300,000.
The MKCL T development plan calls for the demolition of the existing 12-14 unit motel, followed by the
construction of 12 attached townhouse units (5 low income and 7 moderate income units). MKCL T
would then sell the townhouse units to income-qualified homebuyers subject to a long-term ground
lease. The 0.8-acre site is zoned Tourist Commercial (TC) and has been nominated by the Islamorada
Village Council.
The addition of property to the Acquisition List is a preliminary, non-binding step indicating the Board's
desire to pursue acquisition. Further Board action is required before entering into a purchase contract.
Advisory Committee Action: On January 25,2006 the Committee voted 4/0 to approve this item.
Previous Governing Board Action: None.
Contract/Agreement Changes: N/A
Staff Recommendation: Approval
Total Cost: $ To be determined Budgeted: Yes _ No
Cost to Land Authority: $ To be determined Source of Funds:
Approved By: Attorney ~
County Land Steward _'
Executive Director Approval:
~O, ~04d
.
Mark J. Rosch
Documentation: Included: X
To Follow:
Not Required:
Disposition:
Agenda Item _
~
ISLAMORADA MOTEL
PROJECT SUMMARY
The Middle Keys Community Land Trust (MKCL T) anticipates securing a grant/loan from the Florida
Housing Finance Corporation in the amount of $1.8M for the purpose of acquiring land for the
development oflow income affordable/workforce homeownership housing. We have identified a
property in Islamorada for acquisition.
The Islamorada Motel, located at 87760 Overseas Highway, Islamorada (Lots 4,5,6,7, Block 9,
Plantation Beach Subdivision), consists of 35,887 square feet on four (4) contiguous lots, with four
structures originally built in 1954 containing 12-14 transient units. Zoning is currently Tourist
Commercial (TC). The existing zoning allows for development of deed restricted affordable housing.
The Middle Keys Community Land Trust seeks to acquire the property, either independently or in
partnership with the Monroe County Land Authority (MCLA), with the support of the Village of
Islamorada. If successful, we propose the construction of twelve (12) new attached 2 and 3 bedroom
townhouse units. Five (5) units would be dedicated to low income homebuyers and seven (7) units
would be available to moderate income homebuyers.
The project would be subject to the MKCLT securing a Nominating Resolution from the Village
Council (APPROVED 1/23/06), upon recommendation of the Village's Workforce/Affordable Housing
Committee (APPROVED 1/10/06) and Land Acquisition Advisory Committee (APPROVED 1/19/06).
In advance of closing our primary objective would be to market the existing Transient Development
Rights to secure sufficient funding as to not need the participation of the MCLA. We are presently
working cooperatively with the Village staff/attorney to pursue this opportunity. As an alternate option,
we are pursuing the participation of the Monroe County Land Authority. Should the MCLA participate
and the Village recognizes and allows for the transfer of transient development rights in the future, the
proceeds of that sale would be committed to repay the Monroe County Land Authority.
Current Asking Price:
Anticipated MKCL T Participation:
Anticipated Other/MCLA Participation:
$2,300,000
$ 850,000
$1,450,000
$2,300,000
Updated 1/24/06
RESOLUTION NO. 06-01-02
A RESOLUTION OF THE VILLAGE COUNCIL OF
ISLAMORADA, VILLAGE OF ISLANDS, FLORIDA
NOMINA TING A PROPERTY FROM ACQUISITION
FOR AFFORDABLE HOUSING BY THE MONROE
COUNTY COMPREHENSIVE PLAN LAND
AUTHORITY; AND PROVIDING AN EFFECTIVE
DATE.
WHEREAS, the lslamorada, Village of Islands, Florida (the "Village")
Comprehensive Plan, Goal 3-1, provides that is responsive to the diverse housing needs
of current and future residents; and
WHEREAS, the Village Workforce Housing Study identified the critical need for
the creation of additional affordab1e/ workforce housing units within the Village; and
WHEREAS, the Middle Keys Community Land Trust, Inc., (the "Land Trust") is
a community based non profit organization with a mission to create and preserve
affordable / workforce housing and is experienced in the acquisition, construction,
financing and management of affordable housing in the Florida Keys; and
WHEREAS, the Village Council has entered into a professional Services
Agreement with the Land Trust, which specifies under Section 1.1, that the Land Trust
shall identity available properties and work with the Village to dctcrminc the
appropriateness of each property for acquisition and development; and
WHEREAS, the Land Trust has identified and the Village concurs that it is
appropriate for affordable housing.
NOW THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL
OF ISLAMORADA, VILLAGE OF ISLANDS, FLORIDA, AS FOLLOWS:
Section 1.
Recitals. The above recitals are true and correct and are
incorporated herein by this reference.
Section 2.
Nomination of Property. The Village nominates real property
located within the Village and further identified by the legal description attached hereto
as "Exhibit A" for acquisition housing by the Land Trust.
Section 3.
Effective Date.
This resolution shall become effective
immediately upon its adoption.
The foregoing Resolution was offered by Councilman Forster, who moved for its
adoption on first reading. This motion was seconded by Councilman Sante, and upon
being put to a vote, the vote was as follows:
FINAL VOTE AT ADOPTION
VILLAGE COUNCIL OF rSLAMORADA, VILLAGE OF ISLANDS
Mayor Robert Johnson
Vice Mayor Patty Schmidt
Councilman Mike Forster
Councilman Michael Reckwerdt
Councilman Chris Sante
ABSENT
NO
YES
YES
YES
PASSED AND ADOPTED ON T
rd DAY OF JANUARY, 2006
~~
PATTY SCHMIDT, VICE MAYOR
AITEST:
V;e~K ~
APPROVED AS TO FORM AND LEGALITY
FOR THE USE AND BENEFIT OF ISLAMORADA,
VILLAGE OF ISLANDS ONLY
VILLAGE ATTORNEY
EXIDBIT A
Real Property located in the Village of Islamorada, Florida described as follows:
Legal Description: Lots 4,5,6,7, Block 9, Plantation Beach Subdivision
RE Number: 00414360-000000
AlK!A: Islamorada Motel
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