Agenda 03/08/2022 Item #16D 5 (1 Release of Lien for Affordable Housing Densitu Bonus Agreement)03/08/2022
EXECUTIVE SUMMARY
Recommendation to approve and authorize the chairman to sign one (1) release of lien for an
Affordable Housing Density Bonus agreement for a unit that is no longer subject to the terms of the
agreement. (Affordable Housing Trust Fund 116)
OBJECTIVE: To support the affordability of housing through the Affordable Housing Density Bonus
(AHDB) Program.
CONSIDERATIONS: Pursuant to Section 2.06 et seq. of the Collier County Land Development Code
(LDC), the identified homeowner executed a lien instrument subject to an AHDB Agreement lien
encumbering their property in the Botanical Place community. The AHDB Program seeks to provide an
incentive to construct affordable housing units in Collier County.
The amount of the County Affordable Housing Density shall be paid as follows: “In the event that we, our
heirs, legal representatives, successors, or assigns sell the Property (including the land and/or the unit)
within fifteen (15) years after the Original Purchase Date, at a sales price in excess of five percent (5%)
per year of the original purchase price, we, our heirs, legal representatives, successors or assigns shall pay
to Collier County an amount equal to one-half of the sales price in excess of the five percent (5%)
increase per year.”.
The following table provides details regarding the associated Affordable Housing Density lien instrument
that has fulfilled the twenty (15) year affordability period. As such, a release of liens is required.
Name Purchase
Date
Purchase
Price
Public
Record
Sold Date Sold
Price
Affordability
Period End
Date
Payoff
Amount
Ericka
Garcia
3/30/2006 $137,134.11 OR4010/
PG 1357
1/19/2022 $270,000 3/30/2021 $0
FISCAL IMPACT: There is no payoff required with this item. The recording fee will be paid out from
Affordable Housing Trust Fund (116).
LEGAL CONSIDERATIONS: This Item is approved for form and legality and requires a majority vote.
-JAB
GROWTH MANAGEMENT IMPACT: The Affordable Housing Density Bonus program assists the
County in meeting some of its goals and objectives in the Housing Element of the Growth Management
Plan.
RECOMMENDATION: To approve and authorize the chairman to sign one (1) release of lien for an
Affordable Housing Density Bonus agreement for a unit that is no longer subject to the terms of the
agreement.
Prepared By: Lisa N. Carr, Senior Grants Coordinator, Community and Human Services Division
ATTACHMENT(S)
1. ROL-Garcia (PDF)
2. AHDB Lien-Garcia, Ericka (PDF)
3. AHDB Payoff Calculation (PDF)
16.D.5
Packet Pg. 723
03/08/2022
COLLIER COUNTY
Board of County Commissioners
Item Number: 16.D.5
Doc ID: 21219
Item Summary: Recommendation to approve and authorize the chairman to sign one (1) release
of lien for an Affordable Housing Density Bonus agreement for a unit that is no longer subject to the
terms of the agreement. (Affordable Housing Trust Fund 116)
Meeting Date: 03/08/2022
Prepared by:
Title: Grants Coordinator – Community & Human Services
Name: Lisa Carr
02/01/2022 1:35 PM
Submitted by:
Title: Manager - Federal/State Grants Operation – Community & Human Services
Name: Kristi Sonntag
02/01/2022 1:35 PM
Approved By:
Review:
Community & Human Services Jacob LaRow Additional Reviewer Completed 02/01/2022 3:06 PM
Community & Human Services Kristi Sonntag CHS Review Completed 02/01/2022 3:59 PM
Community & Human Services Blanca Aquino Luque Additional Reviewer Completed 02/02/2022 11:00 AM
Capital Project Planning, Impact Fees, and Program Management Gino Santabarbara Additional Reviewer Completed 02/03/2022 9:53 AM
Public Services Department Tanya Williams PSD Department Head Review Completed 02/15/2022 8:48 AM
Grants Erica Robinson Level 2 Grants Review Completed 02/15/2022 11:22 AM
County Attorney's Office Jennifer Belpedio Level 2 Attorney of Record Review Completed 02/16/2022 10:10 AM
Office of Management and Budget Debra Windsor Level 3 OMB Gatekeeper Review Completed 02/16/2022 10:11 AM
Growth Management Operations Support Christopher Johnson Additional Reviewer Completed 02/16/2022 2:07 PM
County Attorney's Office Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Completed 02/16/2022 2:15 PM
County Manager's Office Dan Rodriguez Level 4 County Manager Review Completed 02/28/2022 8:24 AM
Board of County Commissioners Geoffrey Willig Meeting Pending 03/08/2022 9:00 AM
16.D.5
Packet Pg. 724
16.D.5.a
Packet Pg. 725 Attachment: ROL-Garcia (21219 : AHDB ROL March 2022)
16.D.5.b
Packet Pg. 726 Attachment: AHDB Lien-Garcia, Ericka (21219 : AHDB ROL March 2022)
PAY OFF AMOUNT CALCULATIONS
Ericka Garcia
Affordable Housing Density Bonus signed:4/6/2006
OR Book: 4010 PG 1357
Annual interest of 5% ,Orginial Sales Price $137,134.11 Compounded
5% @ year
Value
Year 1 4/6/2006 4/6/2007 365 $143,990.82
Year 2 4/6/2007 4/6/2008 365 $151,190.36
Year 3 4/6/2008 4/6/2009 365 $158,749.87
Year 4 4/6/2009 4/6/2010 365 $166,687.37
Year 5 4/6/2010 4/6/2011 365 $175,021.74
Year 6 4/6/2011 4/6/2012 365 $183,772.82
Year 7 4/6/2012 4/6/2013 365 $192,961.46
Year 8 4/6/2013 4/6/2014 365 $202,609.54
Year 9 4/6/2014 4/6/2015 365 $212,740.01
Year 10 4/6/2015 4/6/2016 365 $223,377.01
Year 11 4/6/2016 4/6/2017 365 $234,545.87
Year 12 4/6/2017 4/6/2018 365 $246,273.16
Year 13 4/6/2018 4/6/2019 365 $258,586.82
Year 14 4/6/2019 4/6/2020 365 $271,516.16
Year 15 4/6/2020 4/6/2021 365 $285,091.97
5% per year increase
in value to
04/06/2021 $147,957.86
As of 01/27/2022*
Total Orginial Sales
price + Increase in
Value to 04/06/2021 $285,091.97
Contract Sales Price 270,000.00$
Profit 0.00
50% due county 0.00
16.D.5.c
Packet Pg. 727 Attachment: AHDB Payoff Calculation (21219 : AHDB ROL March 2022)