Agenda 09/14/2010 Item # 6D
Agenda Item No. 60
September 14, 2010
Page 1 of 5
Office of the County Manager
Leo E. OChs, Jr.
3301 East Tamiami Trail- Naples Florida 34112 - (239) 252-8383 - FAX; (239) 252-4010
August 19, 2010
Mr. Jason Larson
Creative Choice Homes XIV, Ltd.
4243 D North/ake Boulevard
Palm Beach Gardens FL 33410
Re: Public Petition Request regarding a SHIP loan extension.
Dear Mr. Larson:
Please be advised that you are scheduled to appear before the Collier County Board of
Commissioners at the meeting of September 14, 2010, regarding the above referenced subject.
Your petition to the Board of County Commissioners will be limited to ten minutes. Please be
advised that the Board will take no action on your petition at this meeting. However, your petition
may be placed on a future agenda for consideration at the Board's discretion. If the subject
matter is currently under litigation or is an on-going Code Enforcement case, the Board will hear
the item but will not discuss the item after it has been presented. Therefore, your petition to the
Board should be to advise them of your concern and the need for action by the Board at a future
meeting.
The meeting will begin at 9:00 a.m. in the Board's Chambers on the Third Floor of the W.
Harmon Turner Building (Building "F") of the government complex. Please arrange to be present
at this meeting and to respond to inquiries by Board members.
If you require any further information or assistance, please do not hesitate to contact this office.
Sin~/ .. t
~/#A ~r ;',
Mike Sheffield c:-:;
Assistant to the County Manager
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cc: Jeffrey Klatzkow, County Attorney
Marla Ramsey, Public Services Administrator
Marcy Krumbine, Housing and Human Services Director
Agenda Item No. 60
September 14,2010
Page 2 of 5
Reauest to SDeak under Public Petition
Please print
Name: Jason Larson for Creative Choice Homes XIV, Ltd.
Address: 4243-D Northlake Blvd
Palm Beach Gardens, FL 33410
Phone: 561-627-7988 ext 218
Date of the Board Meetina YOU wish to sDeak:
Must circle yes or no:
Next BOCC Meeting
Is this subject matter under litigation at this time?
Ves I No
Is this subject matter an ongoing Code Enforcement case? Ves I No
Note: If either answer is "yes", the Board will hear the item but will have no
discussion regarding the item after it is presented.
Please eXDlain in detail the reason YOU are reauestina to sDeak (attach additional
pace if necessary):
Attached.
Please eXDlain in detai/the action you are askina the Commission to take (attach
additional Daae if necessary):
Attached,
H:\Mary-Jo\Public Petition Request Form - 2008 new form.doc
Agenda Item No. 6D
September 14, 2010
Page 3 of 5
CREATIVE CHOICE
August 16, 2010
County Manager
Collier County Government Complex
3301 East Tamiami Trail
Naples, FL 34112
RE: Creative Choice Homes XIV,.Ltd. SHIP Loan Extension
Deal Sir,
We are the recipient of a $200,000 SIDP loan provided by the County for Tuscan Isle
Apartments, a 298 unit affordable housing development located at 8650 Weir Lane
Naples, FL 34104-9550. . "
The development was financed with tax ex~pt bonds and low income housing tax
credits issued by Florida Housing Finance Corporation. The County's SHIP ioan isa
second lien position to the first mortgage.
The original note is dated November 1,2003 with a maturity date of November 1,2010,
At the present time, we are unable to repay the loan in"full, as there currently exists no
source of financing for this type of transaction.
Historically the only source of second mortgage financing has been the local government.
I was not involved in the original closing of the" loan; however, with these types of
trans8ctions it is unusual for a loan to.have a term of less than 15 years, as IS years is the "
term of the initial affordRbility period,
We are asking for a loan extension of 10 years, with a new maturity date of November 1,
2020. At that time it is projected that we will have a debt to equity ratio which will allow
~e/1. ertyt.o be refInanced for a repayment of the County SHIP loan in full,
Z"J::,y, "
J~ . "
Creative Choice Homes XIV, mc" Sole General Partner
Agenda Item No. 60
September 14,2010
Page 4 of 5
Creative Choice Homes XIV, Ltd
4243 Northlake Blvd.
Suite 0
Palm Beach Gardens, FL 33410
December 31,2009
Collier County Government
Housing ana Human Services, Building H
3301 E. Tamiami Trial
Naples, FL 34112
Attn: Frank Ramsay
RE: Creative Choice Homes XIV, Ltd
Loan type: Ship Loan
Our auditors, Habif, Arogeti & Wynne, UP are currently engagecl in an audit of our financial statements.
Please furnish, directly to them, the following information pertaining to our mortgage note to you a8 of
December 31, 2009:
Original note date: November 1, 2003
Original note amount: $200,000.00
Unpaid principal balance:_$200,OOO.OO
00/0
Interest rate: .
Tenns of payment of principal:_ Sa Iloon Loan
Date to which interest has been paid: N/ A - 00/0
Accrued interest due as of December 31,2009: Nj A - 00/0
Maturity date:
November 1, 2010
Nature of mortgage and descriptions and location of the property mortgaged:
Affordable Housing - 8587 Harot Drive,
Naples, FL 34104
Agenda Item No. 60
September 14, 2010
Page 5 of 5
Amounts of deposit with you In escrow for:
A Insurance: N/A
B, Real estate taxes: N/A
C. Mortgage Insurance: N/A
D. Other: N/A ' .
Please Include a detailed analysis of the activity In the escrow accoun1S held by you for the year
ended December 31, 2009
Amounts of deposit with you for:
A Reserve for replacement N/A
B. Residual receipts: N/A
C. Other: N/A
Please provide a detailed analysis of the activity in the reserve accounts held by you for the year
ended December 31, 2009.
Our audItors have also requested that you confirm the following information from your records:
Are defaults on this loan known to you? YES ~
To your knowledge, Is this loan in default as of 12/31120097 YES ~~
Have defaults, if any, been cured? YES NO-
The nature of defaults, including violations of loan covenants (If none, plnse $0 Indicate):
After completing the information (attach additional sheets if necessary) and signing and dating your
reply, please fax this confll1Tlation directly to our auditors at nO-351-3351, or mall to Habif. Arogeti &
Wynne, LLP, Attn: Michele Mosetti, 5 Concourse ParkwaY, Suite 1000, AUan1a, GA 30328. If you have
any questions Ing this confirmation, you may contact our auditors at 770-353-7195.
Sincerely,
-
To: Habit, Arogeti & Wynne. LLP
The Information furnished to you with this letter regarding the mortgage obligation of Creative Choice
Homes XIV. Ltd agrees with our records as of December 31, 2009
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