Item L1
lAND AUTHORITY GOVERNING BOARD
AGENDA ITEM SUMMARY
Meeting Date: February 28, 2000
Bulk Item: Yes No X
Department: Land Authority
Agenda Item Wording: Approval of a resolution authorizing a local contribution in the form of a
mortgage to subsidize the Tradewinds Hammocks affordable housing development on Key Largo.
Item Background: On February 17, 2000 the Board tabled a resolution authorizing a zero-interest, 50-
year mortgage from the Land Authority in the amount of $1,952,000 and authorizing the Chairman to
sign the corresponding local contribution application form to the Florida Housing Finance Corporation
(FHFC) as a subsidy for the 122-unit Tradewinds Hammocks affordable housing development on Key
Largo.
The developer is working on a revised proposal to address the concerns raised by the Board. The
revised proposal was not finalized by the February 22, 2000 deadline for distributing this agenda item
summary, but staff anticipates that additional documentation will be distributed prior to the February 28,
2000 meeting date.
Advisory Committee Action: On 2/23/00 the Advisory Committee will consider a revised proposal. On
2/1/00 the Advisory Committee voted 5/0 to approve the original 122-unit resolution.
Previous Governing Board Action: On 2/17/00 the Board tabled this item. On 10/14/99 the Board
approved adding a portion of the subject property to the Acquisition List.
Staff Recommendation: To be presented at the meeting, pending receipt of a revised proposal and
Advisory Committee review.
Total Cost: $ to be determined
Budgeted: Yes
No
Cost to land Authority: $ to be determined
Approved By: Attorney
OMB/Purchasing _
Risk Management
Executive Director Approval:
~'~~h
Documentation: Included: X
To Follow:
Not Required:
Disposition:
Agenda Item LA #1
MEMORANDUM
To: James Roberts, County Administrator
From:
Mark Rosch, Executive Director
Monroe County Land Authority
MfL
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Date: February 22, 2000
Subject: Land Authority Agenda Items for February 28, 2000 BOCC Meeting
Please include the following item on the Board of County Commissioners agenda for the above
referenced meeting to be held at the Masonic Temple in Tavernier beginning at 6 PM. Please
schedule the Land Authority item immediately following the Growth Management item on the
same subject.
LAND AUTHORITY GOVERNING BOARD
1. Approval of a resolution authorizing a local contribution in the form of a mortgage to
subsidize the Tradewinds Hammocks affordable housing development on Key Largo.
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