BCC Agenda 02/27/2024 Item #11A (Request by Rural Neighborhood Inc. and Renaissance Hall at Old Course, LLC for an extension on the financing commitment deadline to March 26, 2024)02/27/2024
EXECUTIVE SUMMARY
Recommendation to consider a request by Rural Neighborhoods Inc. and Renaissance Hall at Old Course,
LLC for an extension of the financing commitment deadline to March 26, 2024, and approve the Second
Extension to Financing Commitment Deadline in the Developer Agreement and Lease for the Golden Gate
Golf Course Housing Project.
OBJECTIVE: To consider a request by the Developer for the Renaissance Hall at Old Course project to obtain an
interim financing commitment deadline extension in order to finalize documents related to the Golden Gate Golf
Course Housing Project.
CONSIDERATIONS: The response to the Invitation to Negotiate (ITN) was accepted for negotiation by the
Board of County Commissioners (Board) on June 12, 2020. A developer Agreement was approved on November
10, 2020, with subsequent amendments also being approved by the Board. The original deadline for securing Phase
1, Renaissance Hall at Old Course project funding commitments was October 25, 2023. On October 24, 2023, the
Board extended the deadline for funding commitments to February 28, 2024.
If the Board of County Commissioners (Board) approves this item, the Financing Commitment Deadline in the
Developer Agreement and Lease will be extended on an interim basis to Mar ch 26, 2024. The interim time
extension is being requested to provide additional time for finalization of the required documents and return to the
Board for approval of the entire document package. The Developer had previously indicated the documents wo uld
be submitted to HUD at the end of January 2024 and staff and the Clerk requested that the documents also be
provided to the County at that time. The Developer is now committing to submitting its HUD financing application
no later than February 28, 2024. The HUD loan processing time is anticipated to be 60 to 75 days, which may
require future extension of the financing commitment deadline beyond March 26, 2024. The target agenda date to
approve the entire document package is March 12, 2024.
The current Developer Agreement allows the housing to be developed in phases. Phase 2 of the project is not
included in the current requests. The parties are in the process of finalizing the amended leases to reflect the HUD
requirements for phasing, distinct easements for utilities, ingress and egress to Collier Boulevard, required off -site
storm water drainage as well as changes to the Developer Agreement. The Developer Agreement specifies that
excess income from development of the project will be defined in a separate Income Sharing Agreement between
the Community Foundation, the County, and the Developer. The Income Sharing Agreement has been drafted and
is currently being reviewed.
FISCAL IMPACT: The long-term ground lease with Rural Neighborhoods involves 21.78 acres of the former
Golden Gate Golf Course for a nominal annual rent of $10. As provided when the Developer Agreement was
approved on November 10, 2020, funding for the acquisition of the land and/or debt service on same is planned to
come from Infrastructure Sales Surtax Fund (3018).
GROWTH MANAGEMENT IMPACT: Providing land for the development of housing that is affordable assists
the County in addressing some of the goals and objectives of the Housing Element in the Growth Management
Plan.
LEGAL CONSIDERATIONS: This item is approved as to form and legality and requires a majority vote for
approval. - SAA
RECOMMENDATION: That the Board of County Commissioners consider granting an extension of the
financing commitment deadline to March 26, 2024, for Rural Neighborhoods, Incorporated, and execute the Second
Extension to Financing Commitment Deadline in the Developer Agreement and Lease for the Golden Gate Golf
Course Housing Project.
Prepared By: Jennifer A. Belpedio, Real Property Manager, Facilities Management
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02/27/2024
ATTACHMENT(S)
1. Executed Extension RN 022024 (PDF)
11.A
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COLLIER COUNTY
Board of County Commissioners
Item Number: 11.A
Doc ID: 28125
Item Summary: Recommendation to consider a request by Rural Neighborhood, Inc. and Renaissance Hall at Old
Course, LLC for an extension of the financing commitment deadline to March 26, 2024, and approve the Second
Extension to Financing Commitment Deadline in the Developer Agreement and Lease for the Golden Gate Golf
Course Housing Project. (Ed Finn, Deputy County Manager)
Meeting Date: 02/27/2024
Prepared by:
Title: Management Analyst II – County Manager's Office
Name: Geoffrey Willig
02/21/2024 8:28 AM
Submitted by:
Title: Director - Facilities Maangement – County Manager's Office
Name: Ed Finn
02/21/2024 8:28 AM
Approved By:
Review:
Office of Management and Budget Debra Windsor Level 3 OMB Gatekeeper Review Completed 02/21/2024 8:39 AM
County Attorney's Office Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Completed 02/21/2024 9:23 AM
Office of Management and Budget Christopher Johnson OMB Reviewer Completed 02/21/2024 12:33 PM
County Manager's Office Amy Patterson Level 4 County Manager Review Completed 02/21/2024 5:39 PM
Board of County Commissioners Geoffrey Willig Meeting Pending 02/27/2024 9:00 AM
11.A
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11.A.a
Packet Pg. 77 Attachment: Executed Extension RN 022024 (28125 : Rural Neighborhoods extension)
11.A.a
Packet Pg. 78 Attachment: Executed Extension RN 022024 (28125 : Rural Neighborhoods extension)