Agenda 09/08/2020 Item #16D12 (HOME Grant)09/08/2020
EXECUTIVE SUMMARY
Recommendation to approve and authorize the Chairman to sign the HOME grant -related
Subordination Agreement between Collier County, Community Housing Capital, Inc., and Oak
Marsh, LLC, for the Timber Ridge and Sanders Pine Developments.
OBJECTIVE: To provide affordable housing throughout Collier County.
CONSIDERATIONS: The U.S. Department of Housing and Urban Development (HUD) provides
HOME Investment Partnership funds to address program-specific needs identified in the community.
On June 27, 2017, the Board of County Commissioners (Board) approved the FY 2017/2018 Annual
Action Plan, Agenda Item #16D14 containing project objectives and outcomes. On September 11, 2018,
Agenda Item #16D19, the Board approved the HOME Rehabilitation agreement with Oak Marsh, LLC, to
provide rental rehabilitation to the Timber Ridge and Sanders Pines developments in Immokalee. These
rental properties provide housing to serve low- to moderate-income families. Subsequently, on February
26, 2019, Agenda Item #16D4, the Board approved amendment #1 to the Oak Marsh, LLC, rehabilitation
agreement to update language and rental rates. A substantial amendment to the FY 2017-2018 and FY
2019-2020 Annual Action Plans was approved by the Board on January 28, 2020, Agenda Item #16D1, to
reallocate unobligated funding to Oak Marsh Rental Rehabilitation. As a result of the reallocation of
funding, amendment #2 to the Oak Marsh, LLC, agreement was approved by the Board on January 28,
2020, Agenda Item #16D1.
This Item is to request a subordination agreement associated with the above-noted HOME Rehabilitation
grant agreement. It is necessary because Oak Marsh, LLC, desires to secure a $1,500,000 mortgage in
favor Community Housing Capital, Inc., a non-profit public benefit corporation. As a condition of the
mortgage, the lender, requires their loan documents be superior to the encumbrances of the HOME grant
and land use restriction agreement. The LURA is a HOME requirement detailing the restrictions of the
land use and creates a lien on the property. The HOME program allows for a subordinate position to the
primary lender.
FISCAL IMPACT: This action has no Fiscal Impact. Funds for this project are budgeted in the Housing
Grant Fund (705), Project 33535.
LEGAL CONSIDERATIONS: This Item is approved as to form and legality and requires a majority
vote for Board approval. - JAB
GROWTH MANAGEMENT IMPACT: Signature of the Subordination Agreement will allow the
County to expand affordable housing opportunities for its citizens and further the goals of the Collier
County Growth Management Plan.
RECOMMENDATION: To approve and authorize the Chairman to sign the HOME grant-related
Subordination Agreement between Collier County, Community Housing Capital, Inc., and Oak Marsh,
LLC, for Timber Ridge and Sanders Pine Developments.
Prepared By: Carolyn Noble, Grants Coordinator, Community & Human Services Division
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09/08/2020
ATTACHMENT(S)
1. EXECUTED Oak Marsh Agreement (PDF)
2. EXECUTED Oak Marsh Amendment #1 Executed (PDF)
3. EXECUTED Oak Marsh Amendment #2 (PDF)
4. Oak Marsh Subordination Agreement Final (PDF)
5. Recorded Amended and Restated LURA #2 (PDF)
6. Recorded LURA #1 (PDF)
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09/08/2020
COLLIER COUNTY
Board of County Commissioners
Item Number: 16.D.12
Doc ID: 13178
Item Summary: Recommendation to approve and authorize the Chairman to sign the HOME
grant-related Subordination Agreement between Collier County, Community Housing Capital, Inc., and
Oak Marsh, LLC, for the Timber Ridge and Sanders Pine Developments.
Meeting Date: 09/08/2020
Prepared by:
Title: – Community & Human Services
Name: Carolyn Noble
08/12/2020 10:12 AM
Submitted by:
Title: Manager - Federal/State Grants Operation – Community & Human Services
Name: Kristi Sonntag
08/12/2020 10:12 AM
Approved By:
Review:
Community & Human Services Leslie Davis Additional Reviewer Completed 08/12/2020 4:30 PM
Community & Human Services Tami Bailey Additional Reviewer Completed 08/13/2020 2:47 PM
Community & Human Services Maggie Lopez Additional Reviewer Completed 08/17/2020 4:24 PM
Community & Human Services Kristi Sonntag CHS Review Completed 08/18/2020 12:15 PM
Operations & Veteran Services Kimberley Grant Level 1 Reviewer Completed 08/18/2020 4:49 PM
Public Services Department Todd Henry Level 1 Division Reviewer Completed 08/19/2020 11:06 AM
Public Services Department Steve Carnell Level 2 Division Administrator Review Completed 08/19/2020 11:35 AM
Grants Erica Robinson Level 2 Grants Review Completed 08/21/2020 12:32 PM
County Attorney's Office Jennifer Belpedio Level 2 Attorney of Record Review Completed 08/24/2020 1:16 PM
County Attorney's Office Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Completed 08/24/2020 2:39 PM
Office of Management and Budget Debra Windsor Level 3 OMB Gatekeeper Review Completed 08/24/2020 2:55 PM
Grants Therese Stanley Additional Reviewer Completed 08/25/2020 5:54 PM
Budget and Management Office Ed Finn Additional Reviewer Completed 08/26/2020 10:12 AM
County Manager's Office Geoffrey Willig Level 4 County Manager Review Completed 09/01/2020 9:21 AM
Board of County Commissioners MaryJo Brock Meeting Pending 09/08/2020 9:00 AM
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Packet Pg. 1427 Attachment: EXECUTED Oak Marsh Agreement (13178 : Oak Marsh Subordination Agreement)
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16.D.12.bPacket Pg. 1475Attachment: EXECUTED Oak Marsh Amendment #1 Executed (13178 : Oak Marsh Subordination Agreement)
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.THIS,INSTRTMENT PREPARED BY
AND AFTER RECOPDNG TO tsE
RET,URNED TO:
Robert Cheng, Esi.
Shufis & Bd).Ypri.I,tP
200 South Biscilyre Bduievird
Suite 4100
Miariri, Elofida 33'131
ASOVE SPACE RESERVED FOR
RECORDING PURPOSES ONLY
suBoRprNAtroN: AGREmmNT
THIS SUBORDINATION AGREEMENT (this ill\grgemegl?1) is made a,s pf the
-
day of ; 2020, by and among COMMUMTY IIOUSING CAPITAL, INC,,
a nonprofit public benefit corporlition orgaiiized rurder fie laws of the State gf Catifornia- (the
"Lendot"), whose irddress is 402 East Howaid Aveiue, Deqatut, Georgia 30030, COLTIER
COU]ITY,, a polifioal sribdivision of tho State ,pf Florida (the "Countv!'), whose address is
County Manqggr's. Office; 3299 Tamiami Trail East, Suite 202, Niiples Florida 34112-5:746 and
OAK MARSH, LLC, a Florida limited liability company ("Borrower), whose address is 19308
S.W.38O'h S-treet, Florida City, Florida 33034.
RECITALS
A. Borrower exgouted and delivered to Lendor a promissory note (the. "I.{ote!') datod
.October 21, 2016 in the original principal amouit ,of, $i,500,000.00, evidencing a loan
(the "Loan") secued by a mortgage dated October 21,2016, frori.r Bbrrower in favor of Lender
and,reoorded on Novembqr l, 2016, )n Offrcial Recordq Book 5329, at Page 279, ofthe,PubliG
Records of Collier .Coringy, Florida, (ihe l'MElgage"). The {vlortgage encumbers ihe teal
trQpefiy descdbed in ElhibiillAl aftached,hereto arid made a" part herebt the irhproveinehts
.theieon, and certain personal prope4y relating thereto (ooltectively; the "Properw").. Hereinaller
thc Notg, thg Mbrtgage, and any and all orher documents seouiing the Loan are collectively
refened to as the "Lorin Docimehts]'.
B. The Corrnty has provided to Borrower a HOME grant in rhe amount of Three
Hundred Thousand and No/100 ($300,000.00) (the 'lQriginel.i{OME]Gra1it') in ooririeotiori with
Borrower's rehrrbilitation of Timber Ridee uis*d"rt Pine R"s"*., l,r*o6lee, .Florida, which
.is located qthin'the PropErty (the "Preipsl"L fo1 the pqrpose of enlancing tenant life and
preserve affordable rental housing for very low and low incomE pErsons.theiein,
C. The County has provided to. Bo.do.wer an additiirnal EJOIy{E. gaant in }he dmount
of Seventy Five Tirousand and No/I00 ($75,000.00) (the "Additional HOME Grant") for'an
agEregatq amount to Borrower of Tluee Huafued Seventy Five fhoy.sand and No/100
5;000,00) in oonnection with Borrower's rehabilitation of. the Project. Hereinafter tbe
in:il HOME Grant and the Additionat HOME Grant are collectively referred to herein as the
MrADOcs !993908? 3
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D. ln connection with the Original HOI@ Grant, the County requires Bonower to
execute and,deliv€r to, thC County a tand Use Restr:iclion Agreement (the 'rl-and Use Restriction
Agreemeht:l). In cgnnpction with the Additional HOME Grant, the. County requirds Borrower to
execute and deliver to the Counly an Amended and Restated Land Use Restriction Agreemeni
("Amended and Restated Laid Us ', and together with the Land Use
Restriction Agreemeqt, the 'ILURA"). The County requires Bonower to exgcute the LLIRA to
ensure that eleven (1 1) housing units within the Project shall be leased, rented or made available
on a continuous basis for rental to extremely low, very low, and lpw-incor-ne persons, in
accordance with the teiTns and provisions of thg ],URli.
E. Lehtler requires that the Loan DoCuments be a lien On tle Property sirperior to the
enoumbrances oithe LUM and thar the rights oflender under the Lpan Docurnenti be superior
to the rights of the County and Bonowef un{er the,LURA. Len{er Will nor approve of the
LURA unless the. County and Borrower,agree to subordinate their rights ,arid obligations under
theLURA.
F, Borrower and the County hereby agree to subordinate the LIJRA to the Loan
Documents, on iurd subject to the terms, conditions 4nd tgquiremenis set forth in thisAgreement.
AG,REEMETI{T
NOW, THEREFORE, in consideration of the sum of TEN AND NO/100 DOLLARS
($10,00) and other good and valuable consideration, Ilom one to the othei paid, the receipt and
sufficiency wheteofis hereby aoknowledged, the parties agree as follows:
l. Recitals, The Recitals are true and corect and are made apart hereof,
2. Subordination.
(p) The LUR-A and the right to repayment of the HOME Grant are now and
forever hereafler rnadd subordinate and inferior to the Loan Documents and to all debt evidenced
or secured by the Loah Documents including principal, interest, costs 4nd expenses, and to any
and ail, extensions, modifications, amendments, enlargements or tenewals thereof or fuJure
advascestmqde thereunder, Fufiher, thP County heleby covenants arid agrees that the LURA and
the right to repayment olthe HOME Grant are and shall at all times continue tb be subordinate,
subject, and inferior to the. rights of Lender under the Loan. Docunents, and that the liens, rights
(including approval and consent rights), remedies, payment intqrests, priority interests, and
security interests granted to the County pursuant to or in connection rvith the LURA, arc hereby
expressly acknowledged to be in all respects and at all times, subjei;t" subordinate and inferior in
all respects to the liens, rights (including appfoval and consent rights), ieiiredies, payment,
priority and security interests gianted to Lender pursuant to the Loan Documents and the terms,
covenants, conditions, operations and effects thereof.
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3. Conditions Precedent to Remedial Action. If a default occurs under the LURA
and is the Colrnty agrees that, withoul Lendells prior wri.tten
or remedies it may have under the LURA tlnless andconsent, it will not etercise any righrs or remedies it may have under the LURA unlcss and
until it has giveh Lendbr at least thirty (30) days' prior, written notice. Lender shatl have lhe
right, but not the obligation, to cure any LURA Defaulr within the same time period fgr curing a
consent, it will not etercise any
until it has givei Lendbr at least
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default which is given to the Borrower under the LURA, exoept that Lelde-r's time_period for
cule shall begin oh the date on which it rqceives notice of the i,lIRA Defa.u,lt. A1l aqounts
advaircdd or expend'ed by Lender to gure. a LURA Defa.qit shall be deemed to have been
advanced by Lender pursuant to, and shall be secured. by the lien of. the Mcirtgage.
4. Insurance. Condemnation, In the event of partial or total destruction of the
Property, which resultS in the payment of in5ur.ance proceeds, or !n the event ofa condemtration
or similar proceeding. which results in the payment ofan award, the proceeds or award shall be
applied in accordancg with the relevanl provisions ofthe Mortgage.
5. Notices, All notices hereunder shall be in writing and shall be deemed to have
been suffieiently given or seryed for all purposes when presented
after mailing when sent by registered or certified mail, return receit
or thlee (3) days
after mailing when sent by registered orafter mailing when sent by registered or certified mail, return receipt requested, postage prepaid,
to the addresses set forth above, or at such other address of which a party shall have notified the
larty giving such notice in wiiting.
6. No Waiver. The giving of consent by Lender to the execution and recording of
the LURA is not and. shall not be deemed a waiver of Lender's rights to prohibit any otherjunior
mofigage ox encumbrance on the Prqperty, No delay on the part of Lender or the County in the
exercise of 4ny right or remedy hereunder or under the Mortgage qr the LURA, respectively,
shall operate as a waiverof any righl hereunder.
7. Counterparts. The parties hereto agree that this Agreement may be executed in
multiple counterparts, each of which shall be an original, but all of which shall constiture one and
the same instrument:
'8. Costs of Enforcement. Should suit be brought to enforce the provisions of this
Agreement, the provailing party shall be entitled,to recover its reasonable attomeys' fees incuned
both at trlal and on appeal.
graph l{eadines. The headings of the various paragraphs oithis Agieement
only for the purposes of convenience, and are not part of this Agr€ement and
shall not be deemed in anlr marner to modifii, explain or restrici any of the provisions of thi5
Agreement.
10, Choice of Law. This Agreement sha[1 :be construed, interpreted, enforced and
govemed by and ih accotdahce with the lawS of the State of Ficisida, excluding thg. principles
therEof governing confliots o,f law If any provision shall be held prohibited or'invalid under
applioable law, suo-h provision shall be ineffeo.tiye to the extent of such prohibition or rinvalidity
without invalidatiirg any other provision of this Agreement.
11. Bindiire. Effect. This Agreement shall be bindirig upon the Borrower and the
County and their respective heirs, successors and assigns and shall inure to the benefit of Lender,
its successors and assigns.
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ISTGNATURE PAGES TO FOLLOWI
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EXECUTED the day and year above mentioned.
LENDER:
COMMUNITY
INC., a nonprofit
organized under
Caiilbmia
HOUSING CAPITAL,
public benefit corporation
the laws of the State of
STATE OF GEORGIA
COUNTY OF DEKALB
The fbregoing instrument was acknowledged before me by means ofX physical presence or
E online notarization, this 24m day of April, 2020, by Alvin Saafrr, as Chief Credit OlTicer
of COMMUNITY HOUSING CAPITAL, INC., a nonprofit public benefit corporation
organized under the laws of the State of California, on behalf of the corporation, who X is
personally known to me or n has produced as identification.
Commission No.:
My Commission Expires: (. z I z I
Print Name:By: -'; 't''
Nane: Alvin
Notary Public, State of Georgia
Name: Lra-r Sr.cN1
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PdhtNime;
COLLTER COiJNT,Y,
a polilic4l subdivi$ion..of lhe Stat€rof Elorida
By:
Naqe:
Title:
STATEOFFTORIDA
COLIN,TY OF
The foregoingrinstrurhent was aoknowledged before me by nieans of ! physioal presence or
E online not4rizationi this _ d4y of ,.2O20, by _----r as
of COLIIBR COIINTY, a political subdivicion of the State of Eloridh, on
behalf of the countyl wllo E is personally knornn to me or D has produced
as identification.
@
Name:
Commission Nb.:
My Commission Expiresr
AT'IES'I
C]RYSl'AI- K. K1NZEL. CLERK
BY:
ApPloved as lo lbrm and lctirllity
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BORROWER:
OAK MARS}I, LLC,
a Florida limited iiability company
S]ATE OF FLORIDA
couNrY oF /t/il'/// )lLt
The foregoing instrument was acknowledged before rte by means of E/physicat presence or
n online notarization, this //V day of Jllt t' , 2020, by Steve Kirk, as President of
OAK MARSH, LLC, a Florida limited liability companJ, on behalf qf the company, who E"--
ispersonal1yknowntomeorEhasproduced-asidentification.
No.: c.c.t
Commission Expires:
Nocl PLrb (-StatcofFlorda '
Conrm\slon t CG 126129 |
My Comlr.Expirel h 26 2021
Bodddlh'ou9hr!,lo& l\ourY^'ri'
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EXHIBIT ''A''
ProDertY
All tlat rcal propcrty situate, Iyin8 ard being in Collicr Counry, Florida morepadicularly dcscribed
cs fqllov,/s:
Psrccl ll
Lots 25 to 59, inclusivc; TIMtsER RIDCE LNIT TWO, according !o thc plat ihcre{f rccotded ir
Plat Book 25, plgcs 40 and 41, 6ft}e public. records ofCollier County, Florida.
A,\D
Trgct A of TIMBER RIDCE LNIT TwO. ac.cording to the plst lhereof recordcd irr Plat Book 25,
pages 40 and 41, ofthc public records ofCollicr County, F)orida.
Pirccl I A:
Non cxclusive casement for drainage aad uiilily inslallltion, maintenancB and rnanagcficn(
purpqses. crcatcd ln Grart oi Nbn-Exclusive Cross Eascrnent recordcd in Olficial Records Book
2048r poge 606, of the public recoxls of Collier:County, Florid4 over, upon ard amoss tltc
following describcd property:
Thc Weslqly 15 f€et ofLol 24, ard orc Southerly ?,5 feet of l"ots l8 ltrough 24, TIMBER
IIIDOE t I.IIT ONE, amording to the plat lhcreof recordcd in }lat Book i4, pagcs I and 2,
ofthc public records ofColliei County, Florida.
Parccl 2i
ilhe Nortl on c-hal f of tha: Wcst oue'haif o f the Noah onc.hirlf of lbe South qast ane- quaaer of the
Norihwcst oncquwlu of Section32i Tounship 46 South, Rangc 29 Easl Collier County, Florida
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Packet Pg. 1494 Attachment: Recorded Amended and Restated LURA #2 (13178 : Oak Marsh Subordination Agreement)
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Packet Pg. 1495 Attachment: Recorded Amended and Restated LURA #2 (13178 : Oak Marsh Subordination Agreement)
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Packet Pg. 1496 Attachment: Recorded Amended and Restated LURA #2 (13178 : Oak Marsh Subordination Agreement)
16.D.12.e
Packet Pg. 1497 Attachment: Recorded Amended and Restated LURA #2 (13178 : Oak Marsh Subordination Agreement)
16.D.12.e
Packet Pg. 1498 Attachment: Recorded Amended and Restated LURA #2 (13178 : Oak Marsh Subordination Agreement)
16.D.12.e
Packet Pg. 1499 Attachment: Recorded Amended and Restated LURA #2 (13178 : Oak Marsh Subordination Agreement)
16.D.12.e
Packet Pg. 1500 Attachment: Recorded Amended and Restated LURA #2 (13178 : Oak Marsh Subordination Agreement)
16.D.12.e
Packet Pg. 1501 Attachment: Recorded Amended and Restated LURA #2 (13178 : Oak Marsh Subordination Agreement)
16.D.12.e
Packet Pg. 1502 Attachment: Recorded Amended and Restated LURA #2 (13178 : Oak Marsh Subordination Agreement)
16.D.12.e
Packet Pg. 1503 Attachment: Recorded Amended and Restated LURA #2 (13178 : Oak Marsh Subordination Agreement)
16.D.12.f
Packet Pg. 1504 Attachment: Recorded LURA #1 (13178 : Oak Marsh Subordination Agreement)
16.D.12.f
Packet Pg. 1505 Attachment: Recorded LURA #1 (13178 : Oak Marsh Subordination Agreement)
16.D.12.f
Packet Pg. 1506 Attachment: Recorded LURA #1 (13178 : Oak Marsh Subordination Agreement)
16.D.12.f
Packet Pg. 1507 Attachment: Recorded LURA #1 (13178 : Oak Marsh Subordination Agreement)
16.D.12.f
Packet Pg. 1508 Attachment: Recorded LURA #1 (13178 : Oak Marsh Subordination Agreement)
16.D.12.f
Packet Pg. 1509 Attachment: Recorded LURA #1 (13178 : Oak Marsh Subordination Agreement)
16.D.12.f
Packet Pg. 1510 Attachment: Recorded LURA #1 (13178 : Oak Marsh Subordination Agreement)
16.D.12.f
Packet Pg. 1511 Attachment: Recorded LURA #1 (13178 : Oak Marsh Subordination Agreement)
16.D.12.f
Packet Pg. 1512 Attachment: Recorded LURA #1 (13178 : Oak Marsh Subordination Agreement)