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AHAC Agenda 06/18/2024Collier County Affordable Housing Advisory Committee (AHAC) AGENDA ***Meeting Location Change *** CareerSource of Southwest Florida 3050 North Horseshoe Drive, Suite 110 Naples, Florida 34104 June 18, 2024, 9:00 AM AHAC MEMBERS Steve Hruby, Chair Jennifer Faron, Vice Chair Mary Waller, Member Gary Hains, Member Hannah Roberts, Member Andrew Terhune, Member Commissioner Chris Hall, BCC Liaison Arol Buntzman, Member Todd Lyon, Member Paul Shea, Member Thomas Felke, Member COLLIER COUNTY STAFF Jamie French, Department Head, GMCD Michael Bosi, Director, Planning & Zoning Jaime Cook, Director, Development Review Cormac Giblin, Director, Housing Policy & Economic Development Sarah Harrington, Planning Manager, Housing Policy & Economic Development Derek D. Perry, Assistant County Attorney, County Attorney's Office Donna Guitard, Management Analyst I, GMCD NOTE: ALL PERSONS WISHING TO SPEAK ON ANY AGENDA ITEM MUST REGISTER PRIOR TO SPEAKING. ALL REGISTERED SPEAKERS WILL RECEIVE UP TO THREE (3) MINUTES UNLESS THE TIME IS ADJUSTED BY THE CHAIRMAN. DURING COMMITTEE DISCUSSION, COMMITTEE MEMBERS MAY ASK DIRECT QUESTIONS TO INDIVIDUALS. PLEASE WAIT TO BE RECOGNIZED BY THE CHAIRMAN AND STATE YOUR NAME AND AFFILIATION FORTH E RECORD BEFORE COMMENTING. IF YOU ARE A PERSON WITH A DISABILITY WHO NEEDS ACCOMMODATION IN ORDER TO PARTICIPATE IN THIS MEETING, YOU ARE ENTITLED, AT NO COST TO YOU, THE PROVISION OF CERTAIN ASSISTANCE. PLEASE CONTACT THE COLLIER COUNTY FACILITIES MANAGEMENT DEPARTMENT. ASSISTED LISTENING DEVICES FOR THE HEARING IMPAIRED ARE AVAILABLE IN THE COUNTY COMMISSIONER'S OFFICE. 1. CALL TO ORDER & PLEDGE OF ALLEGIANCE 2. ROLL CALL OF COMMITTEE MEMBERS AND STAFF 3. APPROVAL OF AGENDA AND MINUTES a. Approval of today's agenda 4. INFORMATIONAL ITEMS AND PRESENTATION a. LGAO (Local Government Area of Opportunity) Applicant Presentation (S. Harrington) a. Rural Neighborhoods, Renaissance Hall Senior Living, LLLP i. 100 units: 15 units at 30% AMI; 35 units at 50% AMI; 4 units at 60% AMI; 44 units at 70% AMI; 2 units at 80% AMI; ii. Preference: None iii. Naples iv. Affordability Period of 99 years b. McDowell Housing Partners, Ekos Old 41 i. 90 units: 14 units at 30% AMI; 34 units at 60% AMI; and 42 units at 70% AMI ii. Preference: Essential Service Personnel (ESP), County Employees and Veterans. iii. 58-one bedroom/one-bath; 20 two-bedroom/two full baths; 12 three-bedroom/two-bath units iv. Naples v. Affordability Period of 99 years 5. PUBLIC COMMENT a. Persons wishing to speak must register prior to speaking. All registered speakers will receive up to three (3) minutes unless the time is adjusted by the Chairman. 6. DISCUSSION ITEMS a. Remote participation during summer months (S. Harrington) 7. STAFF AND COMMITTEE GENERAL COMMUNICATIONS 8. NEW BUSINESS 9. ADJOURN 10. NEXT AHAC MEETING DATE AND LOCATION: July 161h, 2024, at 9:00 AM Conference Room 609/610 - Growth Management Community Development Department 0 a b 0 X W L C L a ta C x d � 3 a A b o d w o .0 x R C V a u R � p L G a tp I.a O d a is G un L 7 o as V 'p N cc = 0 P. p O CL O A. O CL 0. � 0 i4 0 CL 0 0 0 0 P. O N T y y � O❑ C p U UW= O F b C O cC p q :4 U U .0 U � ao a to q CC, bA N V] U b rL' C. U o U �.� � �•' U N � o U 0 °° ° i Z ;a c w U 0a 0 N> N U A Q LGAO APPLICATION SUMMARY Applicant Rural Neighborhoods McDowell Housing Partners Name of Project Renaissance Hall Senior Living, LLLP Ekos Old 41 Location Naples- Golden Gate City Naples- North Naples Parcels 36560040008 143160001 Acreage 19.62 acres total; 2.16 acres for Senior Housing 3.71 acres Number of Units Proposed 100 Units 90 Units Total Proposed Development $35,165,931 $32,652,555 Cost 15 Units at 30% AMI 14 Units at 30% AMI 35 Units at 50% AMI 4 Units at 60% AMI 34 Units at 60% AMI 44 Units at 70% AMI 42 Units at 70% AMI AH Commitments 2 Units at 80% AMI Completed in Phases; Will provide a timeline of Estimated Completion Date 2027: Q3 anticipated schedule Growth Management Plan hi compliance In compliance Zoning MPUD CPUD; *Use Live Local Act Existing Roadways / Needs Arterial roads available Commercial arterial roads available CAT Bus Stops available; Location on two No CAT Bus Stops; Location not on any Routes. Closest stop is US-41 & Transit Route Availability Routes. hnmokalee Road. On Lee County Bus Route with Transfer to CAT Utilities Availability Yes Yes Environmental Soil Concerns None Considerations FEMA Flood Zone AE; AH; X; X500 AE; AH Designation Renaissance Hall Senior Living RENAISSANCE HALL SENIOR LIVING Unincorporated Golden Gate, Florida RENAISSANCE HALL SENIOR LIVING, LLLP RURAL NEIGHBORHOODS June 6, 2024 Renaissance Hall Senior Living RURAL NEIGHBORHOODS Building Livable Places for Working Families Post Office Box 343529, 19308 SW 380" Street, Florida City, FL 33034 Telephone 305-242-2142 Facsimile 305-242-2143 H�r6- CHWTUET NEMBER June 6t", 2024 Ms. Kristi Sonntag Collier County Community and Human Services 3339 East Tamiami Trail, Building H, Suite 213 Naples, FL 34142 Re: Renaissance Hall Senior Living Application for LGAO Funding Dear Ms. Sonntag: Rural Neighborhoods, Incorporated, Developer, and Renaissance Hall Senior Living, LLL., Applicant, are pleased to present the submission of Renaissance Hall Senior Living for the Collier County Local Government Area of Opportunity Funding Commitment for the Florida Housing Finance Corporation RFA 2024-201. The Developer and Applicant request the minimum $460,000 per the RFA, and the parties include an offer to accept a shorter term resulting in a more rapid repayment than required under the local government solicitation. The proposed rental community meets all threshold requirements: • The proposed RHSL is in unincorporated Collier County, FL on Tract 5 of the Golden Gate Golf Course PUD in the Golden Gate neighborhood near Collier Boulevard (SR 951). It is on a parcel leased to it from Collier County government. Evidence of site control is provided herein in the form of a ground lease of the subject parcel. The lease extends for a period extending of not less than 99 years. • RHSL provides a set aside of rental units in accordance with Low Income Housing Tax Credits and Florida Housing Finance Corporation. Further, the rental community exceeds the set aside for special needs households established by Collier County, FL. • RN and RHSL provide evidence authorizing the property to be used for the proposed use in the form of the ground lease, Developer Agreement and approved PUD ordinance. - '--- —0 June 6, 2024 Renaissance Hall Senior Living ■ The Developer and Owner commit to requested affordability period of 99 years. I look forward to working with local government. Sin rely, 6 / en Kirk President Rural Neighborhoods, Incorporated, General Partner of Renaissance Hall Senior Living, LLLP June b, 2024 Renaissance Half Senior Living TABLE OF CONTENTS Cover Letter 2 Table of Contents 4 Applicants Development and Construction Experience 5 Experience and Quality of Development Team g Applicant's Management Experience 10 Financial Feasibility 12 Applicant's Performance and Compliance Under County Contracts 21 Cost Reasonableness of Project 22 Resident Services 23 Units and Development Amenities 25 Energy Efficiency 33 Set Aside Commitments 34 Maximum Economic Impact 35 Developments Providing a Lift to the Neighborhood et al 36 Proximity to Transportation, Services and Employment 41 Leveraging of County Funds with other Resources to meet FHFC Required 45 Contribution Level/Leveraging of County Funds to Achieve Greater Impact FHFC Requirements for Permanent Contribution w/Minimum Loan Term 46 Exhibit A: Developer Agreement with Collier County, FL 47 Exhibit B: Lease between Renaissance Hall Senior Living and Collier County Exhibit C: PU❑ Ordinance re Zoning Exhibit D: Rural Neighborhoods Developer Past and Present Experience of the Firm June 6, 2024 Renaissance Hall Senior Living APPLICANT'S DEVELOPMENT AND CONSTRUCTION EXPERIENCE (10 Points) Rural Neighborhoods, Incorporated, Developer, is an award -winning, nonprofit developer established under §501 (c)(3) of the Internal Revenue Code and offers an unmatched record of excellence. it has developed nearly 2,500 affordable and workforce housing units throughout 35 or more rental communities statewide. The Prior Experience Chart illustrates strong expertise in Florida Housing Finance Corporation Low income Housing Tax Credits (10 projects), SAIL (10), HOME (7), CDBG, and other Federal, state and local programs. Tax credit investors include Alliant Capital, Citibank, City Real Estate Advisors, Fifth Third Bank, J.P. Morgan Chase and PNC Bank. Rural Neighborhoods are experts in land entitlement, sitework, and infrastructure development. Its Everglades Village rental community, a 511-unit, 120-acre Miami -Dade campus, marks large scale rezoning, site drainage, roads, water distribution, sewer collection success in a similar flood plain as RHSL. RN tackles difficult -to -develop parcels including those with environmental hazards, unsuitable soils, or wetlands and retains biological consultants, testing labs, and legal counsel to manage environmental and water management issues. From time -to -time, it has established special taxing and Brownfield districts to meet site lighting, infrastructure needs, and to leverage additional capital. In the immediately adjacent Phase I Renaissance Hall at Old Course, the Developer confronted land contaminated with arsenic and FEMA MT-2 Conditional Letter of Map Amendment Fill requirements and successfully navigated Florida Department of Environmental Protection, South Florida Water Management District, FEMA and Collier Site Development Permit approvals. It is consequently well -qualified to complete similar permit approvals for RHSL and has a successful, working relationship with permit authorities. Rural Neighborhoods has constructed 2,048 rental units using licensed, independent general contractors contracted through negotiated and competitive bid methods applicable to its funding sources. It has no conflicts of interest relationships with prospective builders. Notwithstanding, contractors are required to provide 100% performance and payment bonds and have demonstrated multifamily housing experience. Past contractors include Deangelis Diamond, Verdex, AMF and DEC Contracting - each of which has private sector, educational, health care and governmental construction experienced. RN retains Nelson Mullins, a national law firm, to provide contract and construction law representation to assure proper construction ccntractterms and conditions, performance and payment band, conditional and unconditional lien releases and to help resolve construction disputes should circumstances arise. National awards include the Fannie Mae Foundation Maxwell Award of Excellence in Low Income Housing, the American Business Media William Littleford Award, Rural LiSC Hurricane Recovery Award, LISC Rural Champion and Housing Assistance Council Community Service Award. Rural Neighborhoods most recent December 315`, 2022, consolidated audit evidence financial strength to serve as Developer. It has Cash and Cash Equivalents totaling $22,679,036, Total Assets of $188,051,404, and Total Net Assets of $62,915,981, The December 315', 2023, June 6, 2024—M Renaissance Nall Senior Living Consolidated audit is expected to be complete on June 30", 2024, and will be made available upon issuance. Total annual revenue in the period ending December 3151, 2022, was $16,531,196, Project Name Location Project Type ## of Units Funding. Year Camp lOod Florida Keys Community Land Trust Monroe Single-Famiit 4 Foundation/Disaster 2017 Postmaster Miami -Dade Garden 55 LI HTC 2023 Seahorse Cottages/The Avenues at Big Pine Key Monroe Single -Family g y 37 HOME 2023 Casa Amigos Collier County Garden 24 FHFC +FHLB 2023 New Hope Community 1 Martin Garden 60 HOME + USDA 2022 New Home Community 2 Martin Garden 57 HOME + USDA 2022 Joseph Lee Gardens Martin Garden 33 HOME + USDA 2022 INPH Scattered Sites Martin Single -Family, Garden 25 NSP 2022 Deer Creek Senior Housing Alachua Mid -Rise 62 LIHTC + CDFI 2022 Cannery Row at Redlands Crossing Miami -Dade Mid -Rise 112 LIHTC+ Citibank 2021 Casa OMiCA Miami -Dade Garden 128 FHFC SAIL 2021 Tradewinds Hammocks Monroe Garden 66 LISC + LIHTC + MCLA 2019 Pollywog Creek Senior Housing Hendry Garden 29 HUD 202 2018 Hatchers Preserve Collier Single -Family 18 HOME 2017 Timber Ridge Sanders Pines Collier GardentSingle-Family 75 LIHTC + HOME+SHIP 2016 Esperanza Place Collier Garden 45 FHFC SAIL+ USDA 2016 Scattered Site Collier Single -Family 5 HOME 2014-2017 Everglades Migrant Housing Miami -Dade Townhomes 30 FHFC SAIL+ USDA 2012 Cypress Cove Polk Garden 80 LIHTC + HOME 2011 Orchid Grove Miami -Dade Garden 80 LIHTC + HOME 2011 Pollywog Creek Commons Hendry Garden 40 FHFC SAIL + USDA 2011 Pollywog Creek Commons If Hendry Garden 24 FHFC SAIL + USDA 2011 Manatee Village 4 Hillsborough Garden 27 FHFC SAIL + USDA 2010 Eden Gardens II Collier Gardenrrownhomes 37 FHFC SAIL + USDA 2009 Everglades Supportive Housing Collier Single -Family 4 FHFC + HOME + CDBG 2009 Eden Gardens Apartments Collier Garden[Townhomes 51 LIHTC + USDA 2009 Oaks at Shannon's Crossing Okeechobee Townhomes 100 LIHTC + USDA 2008 Casa Cesar Chavez Miami -Dade Garden 144 FHFC SAIL + FHLB 2007 Live Oak Villas II Saint Lucie Garden 80 LIHTC + FHFC SAIL 2007 Everglades RRH Miami -Dade Townhomes 15 USDA 2006 Live Oak Villas Saint Lucie Garden 104 LIHTC 2005 Manatee Village Hillsborough Garden fit USDA 2005 Manatee Village SRO Hillsborough Garden 128 DCA + USDA 2005 Main Street Village Collier Garden 79 FHFC HOME + USDA 2003 Everglades Village Miami -Dade SF. Duplex Townhome 466 USDA 1996 2380 Homestead Housing Authority Miami -Dade Garden 40 USDA 2006 San Juan Bosco Phase I Hillsborough Garden 53 ❑CA + USDA 2008 2,473 June 6, 2024 Renaissance Hal! Senior Living Rural Neighborhoods and Renaissance Half Senior Living provide a tentative timeline below indicating key milestones. The initial two milestones are Subject to Florida Housing Finance Corporation processing, rankings and legal appeals that may be submitted by other applicants. The residential community should complete construction and begin lease -up in February 2026. RFA 2024-201 SUBMITTALTIMELINE • Per FHFC Pubiished Schedule • Rankings Estimated October 1�' ■ Two -Month Legal Challenge 07/2024 INVITATION TO FHFC CREDIT UNDERWRITING 12/2024 • LIHTCAwarded PREDEVELOPMENT 09/2025 • 100% Plans and SDP Approved Lender and Equity Underwriting • GC Pricing FINANCIAL CLOSING 11/2025 • Building Permits Issued • GC Contract • Executed Loan Agreements • Executed Tax Credit Equity 75% CONSTRUCTION COMPLETION 11 /2026 Accept Collier County LGAO S460K CONSTRUCTION COMPLETION 02/2026 Lease -Up; 34 units per month STABILIZATION 06/2027 • 90 Days at or above 90% Occupancy • Fle Cost Certifications and 8609s PERMANENT LOAN CONVERSION 07/20271 June 6, 2024 Renaissance Hall Senior Living EXPERIENCE AND QUALITY OF DEVELOPMENT TEAM (5 Points) Rural Neighborhoods, Developer, its Principal, Steven Kirk, and predecessor entities have been in the housing and community development business since 1982 and have developed nearly 2,500 units since 1994. Mr. Kirk is assisted by Dorothy Cook, ACIP, who serves as Planner and Project Manager. Ms. Cook is a veteran of SW Florida having served on the staff of the SW Florida Regional Planning Council and as Executive Director of the Empowerment Alliance of SW Florida. Mr. Kirk and Ms. Cook have partnered on successful local developments ranging from Hatcher's Preserve, Casa Amigos and the Esperanza Place Neighborhood Housing Center. RN is responsible for a variety of successful apartmentcommunitiesthroughout Florida ranging from the Lower Florida Keys to Gainesville. These properties are 100% affordable and workforce properties and include senior communities (Cannery Row at Redlands Crossing, Pollywog Creek Senior Housing, Deer Creek Senior Housing and La Cabana under construction], targeted occupational housing jFarmworker], special needs (Everglades Supportive Housing homeless, Casa Cesar Chavez, Casa OMICA, and Manatee Village SRO housing], disaster response [Seahorse Cottages I and li and The Avenues] and essential service personnel [Renaissance Hall at Old Course]. Renaissance Hall Senior Living brings national and Total expertise to its Development Team. Q. Grady Minor and Associates. LLC is RHSL's project civil engineer and land use specialists led by project managers Wayne Arnold and Michael Delate. The firm has served southwest Florida since 1981. Environmental consultants Langan Engineering and Environmental Services bring South Florida, national and international experience. Langan has 50+ years of experience in 40 locations. The firm has strong relationships with Florida DEP, SFWM❑ and other regulatory agencies. Financial analysis and Low -Income Housing Tax Credit guidance is provided to RN and RHSL by ❑ominium, among the most innovative affordable housing and development companies in the nation. Affordable Housing Finance ranked ❑ominium 1' in the Top 50 Affordable Housing Developers and 3rd in the Top 50 Affordable Housing Owners in 2021. The firm projects its portfolio reaching 40,000 affordable housing apartments in 2025. Nelson Mullins serves as project counsel. The firm is a full -service AM Law 100 firm of more than 1,000 attorneys, policy advisors and professionals. It has assisted Renaissance Hall Senior Living in the execution of its Developer Agreement and Lease with Collier County, FL. It provides ongoing professional expertise on investor and debt instruments including, but not limited to, Low Income Housing Tax Credits and Bond financing. It also reviews construction contracts on behalf of RN and RHSL. These professional firms noted have worked with Rural Neighborhoods staff as a team for the previous 30 months on Renaissance Hall at Old Course and have established a pattern of strong communication among our Development Team and in their professional relationships June 6, 2024 Renaissance Half Senior Living with counterparts in the Office of the County Attorney, Real Estate Division, Growth Management and Community and Human Services. June 4, 2024 Renaissance Hall Senior Living APPLICANT'S MANGEMENT EXPERIENCE {5 Points) Renaissance Hall Senior Living will be managed by Everglades Housing Group, Incorporated (EHG), an IRS 501{c}(3) charitable corporation controller! by Rural Neighborhoods. EHG will be ►- responsible for all property management tasks including rental marketing, tenant qualification, lease administration, work orders, preventive maintenance, and capital improvements. It will be charged with maximizing occupancy, reducing collection loss, lessening turnover, and administering resident programs. EHG staff will be the primary contact with residents and will be located on -site. It will also provide property management to the adjacent Renaissance Hall at Old Course's 252-unit rental community strengthening operational scale and staffing depth. EHG has specific experience in regulatory compliance and will ensure RHSL adheres to all commitments and conditions arising from Florida Housing Finance Corporation, Collier County, and other funding sources. Real Page/One-Site software, a major industry standard, will be utilized to track project demographics, income certification, rent rolls and related reports. EHG uses an electronic key management system to control, monitor and audit key use by allowing only authorized users access. Presently, EHG manages 3 Collier County income - restricted rental properties totaling 336 units; six of eight of these communities are subject to annual compliance monitoring by the Collier County Community and Human Services Division. EHG has a strong, successful track record in meeting local government compliance requirements beginning in 2004. Similarly, EHG has a strong record meeting FHFC and USDA Rural Development's physical and compliance inspections for many of these same properties. EHG is engaged in the management of affordable rental housing in the Florida Keys, Miami - Dade, Collier, Hendry, Martin, Okeechobee. and Hillsborough counties. It currently manages 1,725 rental units with an experienced multilingual, multicultural workforce of 54 employees. EHG has the requisite financial strength to serve as the fiduciary manager of the rental community with net assets of $2,010,834 and revenues of $1,487,751 as of its draft December 31 ', 2023, audited financial statement. EHG is an approved management company under USDA Rural Development, US Housing and Urban Development, and Florida Housing Finance Corporation. It is also an accepted manager for numerous private sector financial institutions including PNC Bank, City Real Estate Advisors, Community Housing Capital, LocaI Initiatives Support Corporation and PGIM Real Estate. The table below is indicative of the Everglades Housing Group's management experience: PROPERTY NAME LOCATION A # UNITS YEAR MANAGED PROGRAMS New Hope CommunityI Indiantown 60 2023 -To Date RD 514.516; FHFC HOME New Hope Community2 Indiantown 57 2023 -To Date RD 514-516; FHFC HOME June 6, 2024� Renaissance Hall Senior Living seph Lee Gardens Indiantown 44 2023 -To Date RD 515; FHFC HOME rNSPSF Homes Stuart 25 2023 - To Date NUD NeighborhoodStabiIizationsa Amigos lmmokalee 24 2023 -To Date FHFC SAIL (FW); FHLB AHP Casa OMICA Florida City 128 2022- To Date SAIL Farmwork (FW) Pollywog Creek Unaccompanied Senior Housing Labelle 29 2018-To Date HUD 202 Elderly y Housing Manatee Village 4 Ruskin 27 2010 -To Date RD 514-516; FHFC SAIL; CDBG; FW Manatee Village Ruskin 62 2005 -To Date RD 514-516; CDBG; SHIP, Farmworker Manatee Village SRO Ruskin 128 2005 - To Date CDBG; SHIP, FW Unaccompanied Pollywog Creek I Labelle 40 2011 -To Date RD 514-516; FHFC SAIL, FW Creek If Labelle 28 2011 -To Date RD 514-516; FHFC SAIL, FW Ridge at rs Pines Immokalee 75 2016 -To Date FHFC LIHTC; FHFC SAIL; FHLB et Village lmmokalee 79 2004 -To Date RD 514-516; FHFC HOME; FHLB, FW rdens LP KG lmmokalee 51 2009 -To Date RD 514-516; FHFC LIHTC; FHLB, FW rdens IT lmmokalee 37 2009 -To DateRD 514 516; Fi IFC SAIL; FHLB, FW lades e Housin lmmokalee 4 2009 - To Date FHFC DEMO, Homeless ers erve r e lmmokalee 18 2017 -To Date HOME Everglades Farmworker Villa e Florida City 466 1995 - To Date RD 514-516; FHLB, Farmworker Everglades Rural Rental Housin Florida City 15 2008 - To Date RD 515 Migrant Housin Florida Ci tY 30 2012 -To Date RD 54-516, FHFC SAIL, Mi rant FW [Everglades FHFC DEMO; FHLB, asa Cesar Chavez Florida City 144 2007 - To Date FW Tradewinds Unaccompanied Hammocks Key Largo 66 2019- To Date LIHTC, !-TOME, Other FNPS Scattered Site Single Family2017-To lmmokalee 5 Date HOME Esperanza Place lmmokalee 48 2017-To Date USDA RD, SAIL, FW Florida Keys Community Land Big Pine Key 4 2020 To Date Monroe County Trust Seahorse and Avenues Big Pine Key 31 2023 To Date CDBG-DR Total 1 1'3725 June b, 2024 Renaissance Hall Senior Living FINANCIAL FEASILITY (5 Points) Renaissance Hall Senior Living offers detailed financial projections below for review. First, Total Development Cost estimates are provided showing total sources and uses at $35,165,931 or $351,659 per unit. Unit construction costs are $260,000 per unit for the planned mid -rise ESS (concrete) structure. First mortgage financing is sought from Community Housing Capital, a NeighborWorks America community development financial institution and a recipient of US Treasury Capital Magnet Funds. The blend of these latter CMF funds to assist households below 50% of AMI will result in an expected below market interest rate. Tax credit financing is sought from the Local Initiatives Support Corporation and National Equity Fund, Inc., their social investment arm. Letters of intent from these lenders are included. Firm grant commitments have been made by Collier County including $538,347 in State and Local Fiscal Recovery Grant, $2,319,716 in HOME, $1,335,703 in HOME ARP and $328,706. Such sources are split between construction and permanent financing to meet local government retainage requirements. Sources also include land value of $3,000,000 in market value but such amount is not shown given the $1 per annum lease for 99 years. This leverages public resources. LGAO funds required from Collier County by Florida Housing Finance Corporation are planned for the shortest period possible. RHSL proposed to: • Not draw the funds until the Development reaches 75% construction completion offering local government more flexibility; and • Reducethe 30-YearTerm and make repaymentto local government in Year 16+1-, more specifically, to repay the local government contribution in that initial year after achievement of the 15-Year IRS compliance period. This reduces the issuance, amortization period and return of local government investment by approximately 45%. The LGAO loan from Collier is planned to not be drawn down until completion of Further, Rural Neighborhoods as Developer intends to defer an estimated $2,500,000 in eligible Developer Fee to assist in construction and permanent financing. This fee will be deferred and earned from project cash flow. Rural Neighborhoods anticipates the use of "income averaging" in implementing Low Income Housing Tax Credits for the project. This will enable RHSL and RN to offer a broader range of AMI units. This enables this rental community project to better serve the income diversity present in the Golden Gate neighborhood; units set aside at 30%, 50%, 60%, 70% and up to 80% will ensure those at lower incomes will not be cast -burdened. For example, in a traditional LIHTC project in which most units are set aside at 60% AMI income and rent, households earning 50% income are still faced with 60% rents. RHSL distributes rents among numerous set asides ensuring a better match between applicant income and rent as shown below. Notwithstanding this goal, the LIHTC investor and market studies will shape if such as final AMI distribution is feasible. June 6, 2024 Renaissance Hall Senior Living RENSAISSANCE HALL SENIOR LIVING Sources and Uses of Funds Saurcesof Funds Cantruction Permanent Per Unit Note: 1 st Mortgage Debt: Community Housing $ 8,D00,000 $ 80,004 Capital $ - Construction Loan $ 24,000,000 $ - LIHTC Equity 1st $ 2,955,369 $ 2.955,369 S 29,554 Installment (15%) LIHTC Equity 2nd Installment (75%) $ - $ 14,776,844 $ 147,768 LIF TC Equity 3rd Installment (10%) $ $ 1,970,246 $ 19,702 Collier County SLFRF Grant $ 430,686 $ 538,347 $ 4,307 Collier County HOME ARP Grant $ 1,855,773 $ 2,319,716 $ 23,197 Collier County HOME Grant $ 1.068,562 $ 1.335,703 $ 13,357 Collier County CDBG Grant S 263,765 $ 329,706 $ 3,297 Collier County LGAO Loan $ 368,003 $ 460,000.00 $ 4,600.00 Deferred Developer Fes $ - $ 2,480,0o0 $ 24,800 Totai Sources of Funds $ 30,942,155 $ 35,165,931 $ 350,583 UsesofFunds Contruction Permanent Per Unit Land Acquisition $ $ _ $ - Cvnstruction Casts $ 26,000,033 $ 26,000,000 $ 260,000 Inerim Escrowed Funds $ 2.003.165 $ 2,003,165 $ 20,032 Lender or Invester Reserves $ $ 395.728 $ 3,957 ProfessionatServcices $ 1,119,000 $ 1,119,000 $ 11,190 Construction Financing Casts $ 254,343 S 254,343 $ 2,543 Permanent Financing Costs $ 175,912 $ 175,912 $ 7,759 Closing Costs $ 94,692 $ 94,692 $ 947 Tax Credit Fees $ 272,766 $ 272,766 $ 2,728 Developer Fee $ 1,000,000 $ 4,850,325 S 48,503 Per FHFC Requirements Total uses of Funds $ 30,919,878 $ 35,165,931 $ 351,659 June b, 2024 Renaissance Hall Senior Living The current unit and income mix serves households from Extremely Low Income (30% AMi) to Low Income (80% AMI) and produces $1,356,629 in annual revenue at projected FY25 Adjusted Rents, i.e. less electrical utilities to be paid by resident. HALL SENIOR LIV I REN UNSSANIT NIT MIX AND TARGETING ING 11 Unit Description NET 2024 NET 2025 Number MonthLy Annual Rents Est Rents of Units Income Income One Bedroom/One Bath $ 523 $ 554 13 $ 7,207 $ 86,483 30% AM I One Bedroom/One Bath $ 914 $ 969 32 $ 31,003 $ 372,035 50%AMI One Bedroom/One Bath $ 1,110 $ 1,177 2 $ 2,353 $ 28,238 60% AM] One Bedroom/One Bath $ 1,306 $ 1,384 41 $ 56,759 $ 581,105 70%AMI One Bedroom/One Bath $ 1,502 $ 1,594 2 $ 3,189 $ 38,265 80%AMI Two Bedroom/Two Bath $ 620 $ 657 2 $ 1,314 $ 15,773 30%AMI Two Bedroom/Two Bath $ 1.089 $ 50%AMI 1,154 3 $ 3,463 $ 41,556 Two Bedroom/Two Bath $ 1,324 $ 1,403 2 $ 2,807 $ 33,683 60%AMI Two BedroomlTwo Bath $ 1,559 $ 1,653 3 $ 4,958 $ 59,491 70% AM I Two BedroomlTwo Bath 80%AMI $ 1,794 $ 1,902 Q 100 $ 113,052 $1,356,629 The Pro Forma Income and Expense exhibits below demonstrate sound Debt Service Coverage of 1.21 for all debt in Year 1 ranging to 1.37 over 15 years. This meets DSC as will be required by debt lenders and provide some remaining variance should cost of funds, construction cost or operating expenses vary. Income is projected increasing at 2% per annum with expenses at 3% per annum as is affordable housing industry standard. June 6, 2024 Renaissance Hall Senior Living RENAISSANCE HALL AT OLD COURSE YEAR 7 PER UNIT OPERATING PRO FORMA #r Units 100 FINANCIAL COSTS =YEAR YEAR 1 Per Unit Gross Potential Rental Income $ 1,356,629 $ 13,566.29 Laundry Income 48,000 $ 480.00 Misceltaneous Income 15,000 $ 150.00 Gross Potenitallncome $ 1,419,629 $ 14,196.29 Physical Vacancy Loss: 5.000/a (70,981) $ (709,81) Collection Loss: U0% (14,196) $ (141,96) Totat Effective Grass Income 1,334,451 $ 13,344.61 Fixed. Real Estate Taxes $ 41,250 $ 412.50 Insurance 200,000 $ 2,000,00 Variable: Management Fee: 5.000/a 66,723 $ 667.23 General and Administrative 40,Q00 $ 400.00 Payroll Expenses 135.000 $ 1,350.00 Utitities: Common Areas. Water, Sewer, Trash 80,000 $ 800.00 Marketing and Adverising 10,000 $ 100.00 Maintenance and Repairs 35,000 $ 350,00 Contract Services 15,000 $ 150.00 Grounds Maintenance and Landscaping 12,000 $ 120.00 Security _ $ - Reserve for Replacements: $300 P/U/PIY 30,QQ,0 $ 300.00 Total Expenses $ 664,973 $ 6,649.73 Net Operating Income $ 669,479 $ 6,694,79 Debt Service Payments First Mortgage [$8.000,000:6.00°/a @ 35Yrs] $ 547,382 $ 8,828.74 Second Mortgage [$460,006;1'A Balloon Yr 16] $ 4,600 $ 74A 9 Total 0ebt Service $ 551,982 $ 8,902-94 Debi Service Coverage (ALI) 1.21 Cash Ftow After Debt Servicel $ 117,497 $ 1,895.11 June 6, 2024 Renaissance Hall Senior Living PRO FORMA wcom E AND EXPENSE: YEAR 1-15 FINAlIC1AiCa618 Years Yau2 Ywr3 Ya.r4 V ma Yeer6 Y-7 Yaar9 Yvar9 year SO Ye4r i7 Yeer Year19 Yurf4 R-W Inccm. @2%PIA Ye�1 S6 0r.. PornrdW p-wt ml . $ 1105PIM S 1,380.7$2 S 1,411.437 8 1.439.66E 8 1,46B.459 5 1-497.526 S 1,527.765 5 1,558,340 S 1,589307 $ 1,621.Y37 $ 1.85V23 T 1.UW796 5 i,72a,$3a 5 1,79-0.944 S 1,790,04- l u.ndrylnpdn< 48.000 43,960 49,939 $OZM 51.6$7 52,999 54,055 55,137 50.240 $7.034 58.512 S%BB2 60,87E a2.6sa 63.32: Teem Charges and Feae f5A00 .15,700 r5,6O6 16,919 16235 16.561 t6,692 n_2�i 17,ST 17y25 18,285 i6,651 CPow Pomndtal Yrmme S 1A1A828 S Ie448,027 ¢ 1A76,962 S 1,506,5g2 S 1,6381652 S 1,8E7,365 S 1.596,733 S 1.620.707 5 103,522 S 1,68G,$96 S 1,7$"20 ¢ _ 1,785,130 S 19,p24 1.800,483 S 1p,.W_G _ 19,T9: 1.838.447 S 7,878r 17f Pnyelcm Vwa7j Los:: 5.9M I70.681] 72.401 73,9 75,326 MAD 76.809 79,037 81,535 53,166 84.929 M526 56.257 Cn9rcnon Loss'F.00".i 114,1561 7$950 3y,730 a0,72a 3i.34_a 31,575 72,614 M022 91,622 03-M L91a160eEAPon ieaalncom. 1,534,451 f,340,66® -29,Sg0 1.373,603 T,g01,p68 1,425,08E _ 1,457,668 1,486,522 37.76E 3:.922 ae,p1P 35 w 36,Ous 36,72_3 37.W E4pens9a �6M PIA 1,816,58 1,546,865 1.$77,827 l.w%S83 1,641.571 1,674,wa 1,707.831 1.742.049 R-1. Fea Em4c Taxes 4f25P 42,488 42,262 4E,075 46.42 47,92P 41256 50.732 52,754 51829 55,437 57,100 MAU M577 Rraurance 200.000 206.000 212,180 219,545 226.102 231AB5 238,810 246.975 253,334 260y5a 26B,733 276.84i 285,152 E2,394 vGc: 29.;7p7 aa%518 M9n06em.m F-5.00% 66,723 67,333 S&WO 7u.ma 71,454 7Z967 7d,3d1 M.826 77,344 MAO 80.459 82,079 C-nl.and AN nnmrabw 40.000 41,200 42A35 43,709 45,020 AL371 47.702 49,195 51671 03,720 Fl!0a5 07,102 pqy Lem - 135,000 T39,05a 143,222 A7.516 T51,9d4 1SAIS02 52A91 53,757 55.869 57,0$0 59,745 00,504 ud6[Iaa 90,000 161.197 1KIM 111.014 17g,144 181,420 196,ffi2 IMAM 196,252 2a4,200 82,400 $4,672 97,418 M041 92.742 95,524 96,g96 107,347 104,3E2 107,523 110.730 114,001 117,489 12T,P07 Markq =An IRdepao 10,00p lOSOp T0.809 10.927 11,255 11,593 11,941 72,299 12,66a 13.M ain[amnce and R M1 lyPOwin9sg 13,429 13."2 16,25E 74,655 15,126 can[re[ 35,O0P B6,aeP 37,132 36,245 3S.3m 46.575 41,792 KtNa 44,3a7 45466i 47,037 48,448 49,902 51,399 Conpar45arrcea 15r000 15.450 15,614 16,391 16,a&1 17,399 17.911 1axm 19,002 15,572 3Z941 Graunde Haintea,nnm 9nd 20,T59 20,704 27,36E 22.p20 22.089 Lardaq ine 12,080 12,380 $z7$i MIA 13,50E 13,011 14,32E 14.758 15.201 15,857 M127 18.611 17,Tp9 Suwaly - - T7,622 18,151 Rexarr.rorReolacemeav� 5300 hi 111T1Y _ 30.000 _ d0.900 g],py'j 37_'fS2 __33-7 _ 3A.776 _ .fir $ 3e a99 39.OQa 39, 41 AO.3r7 _ 41M7 _ 4177a ¢1.C.5§ Taal Expenae9 S 884,978 5 863.53T S 703,3G3 S 723.777 $ 744.790 5 766,47B ¢ 788,B83 8 877,600 $ 836,190 $ 859.472 $ 864.467 S 910,198 3 936,042 E 863,945 8 krts. a0n81ncemv g 669,479 S 563,730 $ 670,230 9 6n,288 S 684,29E $ 691,24E S 590'133 $ 704,95E $ 711,099 S 776,355 S 724,97E S 731,376 992,008 Pabrt Barnes Paymeina $ 737,721 8 742,940 S 7$0.Og9 FIr5t MDrLgW 5 547,082 S 547,3$2 5 547,387 S 547,102 S SA7,382 S 547.392 S $47,2g2 $ 547,382 E 547,352 $ 547,382 8 547,392 $ $47,362 S 547,352 5 547,382 S 547,362 SeccndmrtpO 4,6pP 7n L TC As' -el M maip-nl Fee- Tara1 Bahr 9k Mee S 551,58; $ 547.456 $ 847,382 S 547,262 $ 547,382 $ Sol= 6 54714M $ 647.382 $ $47;M S 547,362 E 647,y82 6 647,382 $ 547,382 S S47,382 5 547,862. CSs6i Flow, Vier Oent Serr�ee 5 117,497 $ 115,673 5 12490 3 129,90E S 136,814 $ T42,867 8 150.757 S 157,57E S 164,317 $ 170,973 $ 177,S34 $ 182,993 $ Man 5 156,564 S 2OZE57 OSC-e17rIM a t]2 131 1.22 126 1-25 1.76 1.28 129 1.30 1.31 1-32 1.34 1.35 1.36 OSC- Second MwgMo 1.21 1.21 1.22 1:4 1m 7.2E T-28 1.29 1,30 1.3T 1.32 1.34 1.63 1.37 O5C-PEl Fiwl>;:>Gpv arM F9oa _ - 121 1.22 1TR 1.25 1.2E 1-30 1,3E 1.37 - - .121 __128 ----__T.29 _ T,S1_ 1.32 1.34 I -as 1.36 1.37 June 6, 2024 COMMUNITY=' HOUSING CAPITAL. June 6, 2024 Steven Kirk President Rural Neighborhoods 19308 SW 380th Street Florida City, FL 33034 Re: Renaissance Hail Senior Living Dear Steve, 402 F. Howard Avenue Decatur, GA 30030 (404) 373-5662 Community Housing Capital, Inc. ("CHC" ), subject to underwriting, CHC's loan committee approval and execution of lender approved loan documentation, is pleased to consider financing along the lines of the following if the loan was closed today: Borrower: Renaissance Hall Senior Living, LLLP Guarantor: Rural Neighborhoods Loan Amount- 1. TB❑ Construction Loan 2. Up to $8,000,000 Permanent Loan Maximum LTV: Not to exceed 90% I. Construction Loan: to provide financing for the construction of Renaissance Hall Senior Living, a 100-unit senior multi -family development located in unincorporated Collier County, FL on Tract 5 of the Golden Gate Golf Couse PUD in the Golden Gate neighborhood near Collier Boulevard (SR 95) and developed, constructed, owned and operated by Renaissance Hall Senior Living, Purpose LLLP. 2. Permanent Loan: far Renaissance Hall Senior Living, a 100-unit senior multi- family development located in unincorporated Collier County, FL on Tract 5 of the Golden Gate Golf Couse PU❑ in the Golden Gate neighborhood near Collier Boulevard (SR 95) and developed, constructed, owned and operated by Renaissance Hall Senior Living, LLLP. 1. Construction Loan: 24-months with a pre -approved option to extend an Maturity: additional 6-months at CHC's discretion- 2- Perm Loan: 15- ear term, with an applied 35- ear amortization- 1 , Monthly interest only payments. At the time of construction loan close a capitalized interest reserve will be established and drawn upon monthly to cover any required interest payments. At maturity or conversion to Perm Loan all Repayment: principal and accrued interest shall be due and payable. 2. Monthly principal and interest based on a 35-year amortization. Perm loan conversion requirement of 90% occupancy for 90-consecutive days with a minimum ❑SC of 1.15x. 402 E. Howard Avenue COMMUNITY HOUSING CAPITAL Decatur, GA 30030 (404) 373-5662 1. Secured Overnight Financing Rate (SOFR) + 150 bps, floating adjusting Interest Rate as of monthly. (6-83% as of 616/2024) the date hereof: 2. Perm Loan will be funded from CHC cash proceeds or via a Federal Home Loan Bank execution, if funded today rate would approximate 6.0%, given the qualification of Capital Magnet Funds. A) $2,000 Application Fee B) Origination Fee of 100 bps of each loan amount Fees: C) Documentation Fee of $250 payable at acceptance of commitment. D) Legal Fee: Actual third -party legal fee incurred a) for initial closing on the Line, and b) for securing advances on the Line. 1) First deed of trust on the land and improvements 2) Pledge of ownership interest in Borrower (SPE) Security: 3) UCC pledge of FFE (for operating properties) 4) Assignment of rents and leases (for operating properties) 5 All tranches shall be cross -defaulted This letter is not intended to create a legally binding obligation or commitment between CHC and Renaissance Hall Senior Living, LLLP, but is merely an expression of interest in the proposed financing. It does not contain all the required terms and conditions of a loan and is subject to credit underwriting and approval by CHC, which may not be forthcoming or, if forthcoming, may not be on the terms stated above. For example, interest rates are constantly being reviewed by CHC and the method of calculating and amount may change. This letter is not assignable and not intended to benefit any third party. Since 2000, Community Housing Capital has originated over 420 loans totaling more than $621 million to 140 NeighborWorks& organizations. This activity has facilitated $2.1 billion in affordable housing development creating more than 17,860 units of affordable housing located in 42 states across the country - For further assistance, please contact Donyetta Edwards at 678-538-9925- Sincerely, Donyetta Edwards Loan Officer $v Date Renaissance Hall Sen )r Living. LLLP B'�: Steven Kirk Rural Neishborhoads. its Maria -in- General Partner Liall 3V111V1 L1V1L1�, LLLP PO Box 343529 Florida City FL 33034 Re: Renaissance ,lrl'all Senior Living (The "Project") Unincorporated Collier County, Florida Dear Mr. Kirk: We are pleased to present the following summary of terms for an equity investment in Renaissance Hall Senior Living, LLLP, which will own and operate a newly constructed 100-unit low income housing project for senior tenants to be known as Renaissance Hall Senior Living, located in unincorporated Collier County, Florida. This summary of terms is based on the information we have received and is further based on certain assumptions made by NEF regarding the development budget, lease - up schedule, pro -forma operating statements, and ownership structure. Renaissance Hall Senior Living, the applicant, is the beneficiary of the equity proceeds. Investment Entity: Renaissance Hall Senior Living, LLLP, a Florida limited liability limited partnership. NEF as Investor Limited Partner will be entitled to 99.98% ownership interest. Annual Low -Income Housing Tax Credit Allocation (NEF, as Investor Limited Partner, will be entitled to 99.98% of LIHTCs): $2,142,000 Low -Income Housing Tax Credits purchased: $21,420,000 Price per LIHTC: $0.92 Total Tax Credit Equity: $19,702,459 501 Severith Avenue, 7`1 FL, New York, NY 10018 P 212.455.9800 F 212.81S.0901 www.nefinc.org June 6, 2024 ' ' -, Renaissance Hall Senior Living Page 2 Equity Paid Prior to Construction Completion: $17,732,213 Equity Pay -In Schedule: Capital Contribution #1 (15.0%) at Closing $2,955,369 Capital Contribution #2 (75.0%) at 98% Construction Completion $14,776, 844 Capital Contribution #3 (10.0%) at Achievement of Stabilized Operations, Final Certificates of Occupancy, Conversion of Construction Loan to Permanent Debt, Delivery of 8609 and First Year Tax piling $1,970,246 Capitalized Operating Reserve: Amount of Operating Reserve to be determined during credit underwriting process, if any. Annual Replacement Reserve Requirement: No less than $3001unitlyear, increasing 3.0% annually Due Diligence Fee: $55,000, paid at closing. Other Terms and Conditions: 1) The General Partner must have a firm commitment for construction financing and fixed-rate permanent financing with terms, conditions and lender acceptable to NEF. 2) Receipt, review, and approval of the appraisal, market study, environmental and geological reports, plans and specifications, contractor and architect agreements, and such other due diligence as is customary and reasonable for an equity investment of this nature and amount. 3) The Capital Contributions are based on mutually agreed upon closing date, construction schedule and lease -up schedules. 501 Seventh Avenue, 711 R., Nevv York, NY 10018 P 212.455.9$00 F 212.818.0901 www.nefinc.org .tune 6, 2024 j_} I Renaissance Hall Senior Living Page 3 4) The terms of this letter are subject to change based upon investor yield requirements at (lie time of credit award After you have reviewed the terms outlined above, please contact me with any questions or issues that you may have. This letter shall expire December 31, 2024. Sincerely, NATIONAL EQUITY FUND, INC. Mark Furey Vice President, Originations Accepted: Renaissance Hall Senior Living, LLLP BY: Rural Neighborhoods, Incorporated, a Florida not -for -profit, its General Partner BY: Steven Pres4ent DATE: 4 l !W-/ 501 Seventh Avenue. 71' FL, New York, NY 10018 P 212.455.9800 F 212.818.0901 www.nefinc.org Renaissance Hall Senior Living APPLICANT'S PERFORMANCE AND COMPLIANCE UNDER COUNTY CONTRACTS 05 Points) Rural Neighborhoods and its related principals and entities have met or exceeded performance and compliance measures related to Collier County contracts beginning in 2007 and continuing through 2024. The list of local government awards is extensive and includes, but is not limited to: • HOME CHDO Grant $200,000 Eden Gardens I, 2006 • SHIP Loan $442,000 Eden Gardens 1 2007 ■ HOME Grant $224,000 Eden Gardens I and II 2007 • HOME Grant $250,000 Eden Gardens I and li 2007 ■ CDBG Grant $192,000 Eden Gardens I and 112007 • CDBG Grant $74,71 S Hatchers Preserve 2013 • HOME $2,224,755 Hatchers Preserve 2014 -2016 ■ SHIP Grant $805,406.50 Owner Occupied Rehabilitation 2020 • Forgivable Loan $496,369 Main Street Village 2018 • HOME $375,000 Timber Ridge at Sanders Pines 2018 ■ HOME Grant Florida Non -Profit Housing • COVID $36,158.71 Cares Act 2020 • CDBG Grant $691,679 Esperanza Place Community Center 2020 ■ SHIP Forgivable Loan $443,580 Timber Ridge at Sanders Pines 2021 ■ SHIP Forgivable Loan $250,000 Casa Amigos 2023 • SHIP Grant $1,223,721 Owner Occupied Rehabilitation 2022 ■ SHIP Grant $200,000 Just Roofs 2022 !Vote: Specific grant and loan amounts shown above may have subsequent amendments or close-out values which increase or decrease the listed amount. Similarly, dates should be considered approximate. June 6, 2024 Renaissance Hall Senior Living COST REASONABLENESS OF PROJECT (5 Points) Renaissance Hail Senior Living and Rural Neighborhoods provides a detailed Total Development Cost breakdown in the Financial Feasibility exhibits above showing total costs of $351,659 and construction costs of $260,00 per unit. The Applicant and Developer will make every effort to control project costs while retaining rental community quality and integrity. Surface parking, for example, is one project element that maintains project affordability -The Applicant and Developer are experts in engaging the project architect, civil engineer and general contractor in value engineering throughout plan development leading to the most cost-effective construction means and methods possible. The scale of RHSL and Renaissance Hall at Old Course will result in savings through efficient site use including pre -installation of water and sewer mains to the property boundaries by Collier County, local government's off -site construction of the western 9reenway drainage swa le, and Phase I construction of Collier Boulevard (SR 951) turn lanes. Savings will also accrue from Phase I construction ❑f entrance features including gate control and video surveillance, shared amenities, maintenance structures and trash compaction. Strong working relationships with Growth Management, Real Estate ❑ivision, Office of the County Manager, Community and Human Services ❑ivision and Board of County Commissioners enable predevelopment, design and permitting to move forward in an expeditious and a cost-effective manner. Note: Pricing listed in the Total Development Cost exhibits herein are subject to change due to the Florida Housing Finance Corporation selection timeline, credit underwriting process and requisite approvals of the Board of Directors. June 6, 2024 ? Renaissance Hall Senior Living RESIDENT PROGRAMS (5 Points) Though FHFC requires applicants to select 4 services., RHSL will not be limited to the minimum requirement. 1. RHSL will provide 24-hour support to assist residents in handing urgent issues. These issues may include an apartment maintenance emergency, security, safety concern, or a health risk incident in their apartment or on the property. This assistance may include staff: a. visiting or coordinating a visit to a resident's apartment to address an urgent maintenance issue; b. responding to a resident being locked out of their- apartment; c. contacting on -site security or the police to address a concern; d. providing contact information to the resident and directing or making calls on a resident's behalf to appropriate community -based erergency services or related resources to address an urgent health risk incident; e. calling theresident's informal emergency contact; or f. addressing a resident's urgent concern about another resident. 2. RHSL will provide financial management skill training to senior residents by qualified trainers not less than quarterly, consisting of at least .two hours of training be quarter, on topics ranging from: a. tax issues for eiders and retirees; b. budgeting tips for fixed income households; c. avoiding scams that target elders; d. strategies to maximize social security benefits; and e. preparing a will and estate planning. 3. RHSL will aid with light housekeeping, grocery shopping and/or laundry. The management company will provide residents with a list of qualified service providers and will coordinate, at no cost to the resident, the scheduling of services. EHG will verify that services referral information is accurate and up to date at least once every six months. 4. Resident check -in will be provided to RHSL tenants. EHG sill use an established system for checking in with each resident on a pre -determined basis not less than ❑nce per day at no cost to the resident unless they choose not to participate. In addition to the FHFC options, Renaissance Hall Senior Living will provide additional resident services. June 5, 2024 Renaissance Hall Senior Living 5. RHSL will establish a health and wellness program in which Health screenings for residents receive quarterly clinical health care screenings PeapleOver 65 ranging from blood pressure monitoring, pulse, temperature, cholesterol, and glucose checks. Space will 00000 be provided for services to be delivered. G roup health u education will also be included in the health � promotianldisease prevention program. -�- 6, Resident activities will be provided on -site between the hours of 8:00 AM and 7:00 PM, not less than twice per month. These will include celebrations of h oliday events as well as regularly scheduled activities such as a sewing club or cooking class. 7. RHSL will maintain a newspaper, magazine and library reading room that provides 5 or more subscriptions and a minimum of 100 ?. books that can be borrowed by residents at no cost. 8. Technology for seniors' classes will be offered quarterly that train elders on basic computer access, password protection, use of cable TV devices and review of cellular and internet plans. June 6, 2024 Renaissance Hall Senior Living UNJT AND DEVELOPMENT AMENITIES (5 Points) Renaissance Hall Senior Living features excellent amenities for individual units, the Development, and the broader Renaissance Hall campus. Utilizing a shared amenities agreement which enables joint use of all facilities by the residents of RHSL and Renaissance Hall at Old Course, tenants will be able to access multiple common spaces. Included in the main Amenity Center situated less than 80 feet from RHSL are: ■ 2,062 SF Multipurpose Clubhouse ■ 332 SF Business Center • 4-lane, 25 Yard ADA Accessible Pool ■ 394 Yoga/Aerobic Center + 1,080 SF Fitness Center/Gym • 1,135 SF Leasing Office • Playground • Restrooms and Equipment Storage The large, free-standing clubhouse contains a common space for residents to gather, socialize and form relationships together with a kitchen for the use of residents. Its north outdoor sitting area fronts the future Golden Gate Golf Course and small lake. Its east outdoor space fronts a Naples Children's Foundation -funded, state -of -the art playground. Covered walkways connect to the adjacent business center which is equipped with a computer room replete with scanner, printers and photocopier. The leasing office is an access point to communicate with property management staff and to access parcel drop-off and pick-up from online sites such as Amazon and others. The pool, gym and its yoga/aerobic center provide both seniors and families recreational access through age -appropriate classes and individualized training. The Renaissance Hall campus also includes a nearby dog park. Resident seniors will have common space amenities within their mid -rise building as well. This provides residents with a choice of a more private space to congregate or an intergenerational setting to socialize. Smaller ground floor clubhouse meeting space, business center and fitness areas are scaled for their use without leaving their air- conditioned building. Senior rental apartments are designed to June 6, 2024 Renaissance Hall Senior Living provide expansive views to the green space (golf course) to the north and to the large amenity center to the east. Lush landscaping will be planted to provide attractive shade areas for residents to access the outdoors as they choose. Renaissance Half Senior Living provides quality amenities in all residential units. Plywood cabinets, luxury vinyl tile flooring, carpeted bedrooms, Energy Star appliances and ceiling fans are planned. RHSL units will include: • Broadband infrastructure with a minimum of 100 Mbps download and 20 Mbps upload accessibility in each unit. • Glass door and window coverings for each unit ■ Cable or wireless TV hook-up ■ 20% of RHSL units will have roll -in showers to accommodate aging in Grab SO place. AUA Guideiiaes ■ Horizontal grab {cars will be in place around each tub and/or shower. T ■ Reinforced walls will be constructed for future installation of horizontal - rab bars around each toilet. RoOars For g mower andrw eau,wOQ 0 Unit bathrooms having a vanity cabinet will be outfitted with at least one roll -out shelf or drawer. • Each master bedroom closet will have adjustable shelving. ■ Kitchen }case cabinets will include a large bottom cabinet which includes an "over - travel" feature that allows drawers to extend past the cabinet front, Typical 2-Bedroom Senior Apartment Renaissance Hall Senior Living and Rural Neighborhoods are fully committed to Federal and state law and building code regulations that °. require programs, activities, and facilities -_ be readily accessible to and usable by persons with disabilities. RHSL`s design shall follow Federal and state accessibility requirements (2010 ADA Standards, Section 504, Fair Housing Act, or Florida Building Code, Accessibility) whichever affords the greater level of accessibility for the residents and visitors. Space required to be made accessible to mobility -impaired residents and their visitors, including those in wheelchairs, will include June 6, 2024 Renaissance Hall Senior Living accessible routes and entrances, paths of travel, primary function areas, parking, trash bins, mail and package receiving areas for residents, pool and other amenities, including paths of travel to amenities and laundry rooms, including washers and dryers. June 6, 2024 No us It i lei$ •15,4' ', �- it _ J i 1. j itiC--------------------- LI i i o $ W.nr i w � 31SISIA iDN n,D'tl ° III r N II� f 3 L 7 F c ...�-.� ..q-.86 DI F-1 71 d o W d a a Q J 0 h U 8 J W LLI Df LL LLr v LL J L�tl a a co ¢ u Q V� U rp O¢V V] N rii �Nd UN W Z = U LL., ❑wU ❑U acL"i aN w 2Q dNF m �2 paa �?V a. u❑� wai > F �F can i A VMY&Vd 31VD N-4o7a-9 � fo .00 L LL to jam'{ LL �ii�J � r LU Z Z w �y NN 0 1 LU 02 LLI Q L) • ,1 �� Q 0 m ; f it 1 Q£-�s�l :CIE NQZq MS311VHJ,9Z f;.',' � ram LYJ 4. a �xa j H gaz W o mul �� U J U W 00 wL7 � �za Q� �a LUa L)L) Lo LL NO ti LLJ J °LL v r-i MS 7d NI6Z C r Q LLJ L ] L�I1 a co w m O LL, m n Z ❑ LeJ 2 z! �s a In L O > Z LLJQ co 2 PLLJ ❑_ co 2 Q' L [i" ZLIw r 3N: LU � > LLI(d) IL 'Lug Ix 0 c LLI LLJ 0 Z LU V LPL w ❑ LU N z ❑ J :p 1. rs ,•;� Q U, Y E• S y La Z 7 =• ; ¢ La LLI w • 7 o"¢ w� N Vj �,ti 2N w J LU to LL ~ F�� ❑ E11 6] C!] , 5 •� Lu U L ; N r 1 ❑ • +_L, _ z c LLI LL m W LfJ LL y ❑ N z a Z N N CL N U CL Q 0000 D � x LU L N GAS v 0 U O LL G �c 11.E LLI � FIL _ ❑05 ¢ L LU❑ >N t� ]LJ Q �= ❑— - O ai LU uj C ❑LL J Q Q ct <]` in W F d LU ❑ w LU [] Z LU uJ Z e Q wow Q'Z LU AA ¢s vj OZn� LLI w ❑ m h £ Q ❑C-) CD~ as LU p_zzw H ¢02Il N zU0�❑ LLJ= J 0' W LLI Q w uJ I- e awozo- Of QLU C] Lu z Z � ❑ Lu r CV Renaissance Hall Senior Living ENERGY EFFICIENCY (5 Points) Renaissance Hall Senior Living will be designed with energy efficiency as a core feature. RHSL will achieve either the ICC National Green Building Standard or Florida Green Building Coalition certification for the mid -rise structure once completed. The Developer has a superb green certification record having achieved green status for 100% of its most recent 34 buildings and 229 units built in 2022 and 2023. Renaissance Hall will incorporate Energy Star certified appliances [refrigerator and dishwasher], an Energy Star certified ventilation fan in all bathrooms and ceiling fan in all bedrooms and living room. It will use high efficiency residential electric water heaters rated 0.95 EF or 0.92 UEF. Low flow water fixtures will be installed in all bathrooms, i.e. toilets, faucets, and showerheads. Low or No-VOC paint will be used for all interior walls. Design features will also include a programmable thermostat and humidistat in each unit; use of Energy Star certified roofing materials; sensors, timers or motion detectors on all outdoor lighting attached to buildings; and will achieve Florida Yards and Neighborhoods certification on all landscaping. Importantly, Renaissance Hall Senior Living' design will include mitigation measures to attenuate sound from Collier Boulevard and Naples Airport and incorporate radon reduction options should radon be found post -construction testing. These steps will help meet more stringent HUD noise and radon mitigation standards. June 6, 2024 Renaissance Hall Senior Living SET -ASIDE COMMITMENTS (7 Points) Renaissance Hall Senior- Living will exceed Collier County's request to set aside at least 10% of the units in the Development to an at -risk population, e.g., homeless, seniors, special needs, etc. Indeed, 100°I° of the units will be set aside to households in which a resident is senior, e.g., age 62 or older. To serve those with special needs within the senior designation even better, Rural Neighborh000ds will set aside not less than 10% of overall units to those who are Extremely Low Income. RHSL will engage with a Special Needs Household Referral source to refer one- half of all ELI units to the rental community through a Memorandum of Understanding. Presently, it expects to partner with Sunshine Health to refer persons with a disabling condition or persons with disabilities for ELI units. These referrals will be accepted at lease -up and throughout the lengthier FHFC affordability period. Renaissance Hall is also committed to the requirements of HOME ARP funds committed to it from Collier County. This funding requires a specific number of units to be set aide from the following qualified populations: ■ Homeless, as defined in section 103(a) of the McKinney-Vento Homeless Assistance Act (42 U.S.C. 11302 a)); ■ At -risk of homelessness, as defined in section 401(1) of the McKinney-Vento Homeless Assistance Act (42 U.S.C. 113600 )}; • Fleeing, or attempting to flee, domestic violence, dating violence, sexual assault, stalking, or human trafficking, as defined by the Secretary; • In other populations where providing supportive services or assistance under section 212(a) of the Act(42 U.S.C. 12742(a)}would preventthe family's homelessness orwould serve those with the greatest risk of housing instability; and ■ Veterans and families that include a veteran family member that meet one of the preceding criteria. June 6, 2024 Renaissance Hall Senior Living MAXIMUM ECONOMIC IMPACT (3 Points) The project will maximize economic impact by providing both short- and long-term investment In the neighborhood. Short term jobs (such as those held by architectural and engineering professionals, environmental and geotechnical consultants, and construction workers) will be created for the project to he approved and constructed. Long-term property management jobs will also be created to maintain the rental community's quality and Building 100 affordable homes generates: overall compliance. Upon completion of the project, residents and $11.7 "llocalljobs 161 $2.2 employees will patronize local million million businesses and service projects and in localineome in the flrstyear alarie In taxes and owherrevenues will add dollars into the local' for ioeaIgovernmerns Since' Noansl W mcyux W Hem 8m&u economy. Renaissance Hall will also increase the number of affordable housing units in the Golden Gate area and enable more businesses to be created and existing businesses to grow. Residents in an income- and rent -restricted apartment will not be cost -burdened by high housing costs and will have greater disposable income and more spending power to invest in the local economy. Rural Neighborhoods as Developer intends to award a significant portion of the professional services associated with the project to one or more certified M1nority/Woman-owned business enterprise. For example, selection of an MBE architect represents a commitment of an estimated 60% of the project's professional services budget, Commitments such as this both maximize and diversify economic impact. RHSL will be an ad valorem taxable rental community, Accordingly, it will generate income toward local government budgets. Rural Neighborhoods anticipates the use of income averaging in implementing Low Income Housing Tax Credits for the project, This will enable RN and RHSL to offer the broadest range of AMI units possible. This enables this project to best serve the income diversity present in the Golden Gate neighborhood: units set aside at 30%, 50% and up to 80% to ensure those at lower incomes will not be cost -burdened. For example, in a traditional LIHTC project in which most units are set aside at 60% AM income and rent, households earning 50% income are still faced with 60% rents. RHSL distributes rents among numerous set -asides ensuring a better match between applicant income and rent. June 6, 2024 Renaissance Hall Senior Living DEVELOPMENTS PROVIDING A LIFT TO THE NEIGHBORHOOD AND ADDED REVITALIZATION AND NEIGHBORHOOD IMPROVEMENT ( 10 Points) Renaissance Hall Senior Living contributes to revitalization of the former Golden Gate Golf Course into the mixed -use vision promulgated by the Board of County Commissioners that includes senior affordable housing, essential services workforce housing, residential health care in theform of a veterans' nursing home, training space and government office space. [See Golden Gate Golf Course MPUD Plan]. Each element provides a lift to the neighborhood, revitalizes an obsolescent golf course, and brings investment to the important Collier Boulevard corridor, The multifaceted approach takes a long, unused vacant parcel and turns it into an aesthetically pleasing rental community with ample amenities. Importantly, Renaissance Hall Senior Living (Phase 2) and its initial phase, Residential Hall at Old Course (Phase 1), set the methodologies for subsequent mixed -use development in garnering Florida Department of Environmental Protection, FEMA CLOMR-F and South Florida Water Management District permits that enable the mitigation of a local brownfield and its arsenic contaminated soils. [See Environmental Permits]. Moreover, the completion of current predevelopment initiatives such as procurement of overall site drainage in consultation with local government has provided solutions to site challenges that benefit all other users on other PUD tracts. Site improvements set out in the current, approved Site Development Plan include turning lanes off Collier Boulevard into the Phases I and 2 site that will accommodate the planned new rental housing and alleviate traffic impacts. Investment in 2023-2024 (in anticipation of the rental development) includes newly installed water and sewer infrastructure that will serve both RHSL, RHQC and the Veteran's Nursing Home. Rural Neighborhoods as Developer also adds value through its expertise in advising local government on Florida's key brownfield financial incentives through the Voluntary Cleanup Tax Credit, Florida Sales Tax Refund for Building Materials and Florida Brownfield Job Bonus Refund. in taking the lead effort as "first in", RN and RNSL stimulate both the economics and timeline of subsequent mixed -use development by others. June 6, 2024 ■ South Florida Water Management District Individual Environmental Resource Permit No. 11-108738-P Date Issued: April 30, 2024 Permittee: Collier County Board of County Commissioners Facilities Management 3335 Tamiami Trail East, Suite 101 Naples, FL 34112 Project: Renaissance Hall at Old Course Application No. 230331-38140 Location: Collier County, See Exhibit 1 Your application for an Individual Environmental Resource Permit is approved. This action is taken bases! on Chapter 373, Part IV, of Florida Statutes (F.S.) and the rules in Chapter 62-330, Florida Administrative Code (F.A.C.). Unless otherwise stated, this permit constitutes certification of compliance with state water quality standards under section 401 of the Clean Water Act, 33 U.S.C. 1341, and a finding of consistency with the Florida Coastal Management Program. Please read this entire agency action thoroughly and understand its contents. This permit is subject to: • Not receiving a fled request for a Chapter 120, F.S., administrative hearing. • The attached General Conditions for Environmental Resource Permits. • The attached Special Conditions. • All referenced Exhibits, All documents are available online through the district's ePermitting site at www.sfwmd. ovlePermittin If you object to these conditions, please refer to the attached "Notice of Rights" which addresses the Procedures to be followed if you desire a public hearing or other review of the proposed agency action_ Please contact this office if you have any questions concerning this matter. If we do not hear from you in accordance with the "Notice of Rights", we will assume that you concur with the District's action. The District does not publish notices of action. If you wish to limit the time within which a person may request an administrative hearing regarding this action, you are encouraged to publish, at your own expense, a notice of agency action in the legal advertisement section of a newspaper of general circulation in the county or counties where the activity will occur, Legal requirements and instructions for publishing a notice of agency action, as well as a noticing format that can be used, are available upon request. if you publish a notice of agency action, please send a copy of the affidavit of publication provided by the newspaper to the District's West Palm Beach office for retention in this file. If you have any questions regarding your permit or need any other information, please call us at 1-800-432-2045 or email ePermits@sfwmd.gov. C � �� Lisa Prather, PWS Section Administrator June 6, 2024 _?� ` Federal Emergency Management Agency Washington, D.C. 20472 May 20, 2024 CERTIFIED MAIL RETURN RECEIPT REQUESTED Chris Hall Chair, Collier County Board of Commissioners 3299 Tamiami Trail East, Suite 303 Naples, FL 34112 Dear Chris Half: IN REPLY REFER TO: Case No.: 24-04-1835R Community Name: Collier County; FL Community- No.: 120067 104 We are providing our comments with the enclosed Conditional Letter of IV Revision (CLOMR) on a proposed project within your community that, if constructed as proposed, could revise the effective Flood Insurance Study (FIS) report and Flood Insurance Rate Map (FIRM) for your community. If you have any questions regarding the floodpIain management regulations for your community, the National Flood Insurance Program (NFIP) in general, or technical questions regarding this CLOMR, please contact the Director, Mitigation Division of the Federal Emergency Management Agency (FEMA) Regional Office in Atlanta, GA, at (770) 220-5406, or the FEMA Mapping and insurance eXchange (FMIX) toll free at 1-877-336-2627 (1-877-FEMA MAP). Additional information about the NFIP is available on our website at hUs://www,fema.gov/flood-insurance. S incere ly, Patrick "Rick" F. Sacbibit, P.E., Branch Chief Engineering Services Branch Federal Insurance and Mitigation Administration Enclosure. Conditional Letter of Map Revision Comment Document cc: William Lang, CFM Floodplain Coordinator Collier County Maria C. Bravo, P.E., Ph.D Lago Consulting and Services, LLC June 6, 2024 Deftntis FLORIDA DEPARTMENT OF Ron Governor Environmental Protection Jeanette Nueex Lt. Governor Southwest District Office Shawn Hamilton 13051 North Telecom Parkway #101 Secretary Temple Terrace, Florida 33 63 7-092 6 August 11, 2023 VIA EMAIL: r iatnes&d3g.com Ron James Dominion Due Diligence Group 201 Wylderose Drive Midlothian, VA 23113 Subject: Site Status Discussion on August 10, 2023 Tract 5 Former Golden gate Golf Course Collier Boulevard and Golden Gate Parkway Naples, Collier County, Florida ERIC_18400 Dear Mr, ,lames: Thank you for discussing the status of Tract 5 of the Former Golden Gate Golf Course with myself and Mike Schackne of Langan Engineering and Environmental Services, Inc. on August 10, 2023. Discussion of the site involved the sufficiency of the: Soil Management Plan (SMP) submitted to the Florida Department of Environmental Protection (DEP)and site assessment tasks yet to be completed. The Florida DEP finds the SMP to be acceptable. The SMP may be performed as part of an Interim Source Removal (ISR) prior to completion of site assessment or as part of a Remedial Action following completion of site assessment. Based on our discussion yesterday, implementation of the SMP will most likely occur prior to completion of site assessment. 1. Following completion of ISRISMP activities at Tract 5, additional site assessment will be undertaken to address DEP comments dated August 4, 2023. 2. Following completion of site assessment, post -active remediation monitoring of groundwater will be conducted to demonstrate the stability of any groundwater contamination at the site. Following completion of groundwater monitoring, the site will close with conditions using institutional controls restricting soil and groundwater and engineering controls managing soil on the Tract 5 property. The DEP understands some site assessment tasks may be completed prior to initiation of the SMP. 1. Please provide notice of field activities per Rule 62-780.220(1), F.A.C., and Rule 62- 780.525(5)(a)l, F.A.C. Please submit a Site Assessment Status Report (SASR) within 60-days of completion of the site assessment event. June 6, 2024 Site Status Discussion August 10, 2023 Tract 5 of the Former Golden Gate Golf Course Page 2of2 When ISRISMP activities commence: 1. Please provide notice of field activities per Rule 62-780.220(I), F.A.C., and Rule 62- 780,525(5)(a)I, F.A.C. 2. Please ensure that interim source removal/SMP status reports are submitted every 60-days during ISRJSMP activities. 3. Please submit a final ISRISMP report as part of a SASR within 60-days of completion of ISRJSMP activities. The SA SR should include information per Rule 62-780(7)(a) I -IS, F.A.C. and Rule 62-780.525(9), F.A.C. If you find you are unable to submit the document by the specified date, please request a time extension in accordance with Rule 62-780.790, F.A.C., including a detailed explanation for the requirement for the time extension. The time extension request shall be received by the DEP at least 20 days prior to the time the action is to be initiated. The failure of the Person Responsible for Site Rehabilitation to submit requested information or meet any time frame herein shall be a violation of Chapters 376 and 403, Florida Statute (F.S.), and shall be enforceable by the DEP pursuant to Sections 376.303 and 403.121, F.S., unless otherwise addressed by a Cleanup Agreement Document. Should you have any questions or concerns, please contact me at above letterhead for the Southwest District, by telephone at (813) 470-5756, or by email at 'ohn.r.se a loridaDEP. ov. Please reference the DEP Site # ERIC_] 8400 in your communications. Sincerely, P 7 John Sego, F.G. Professional Geologist II Permitting and Waste Cleanup Program ec: Helen Li, PGIM, helen.IQpjzim.corn Mike Shackne, Langan, mschackne@lanizan.com lanizan.com John Sego, SWD, johri.r.sepo@FloridaDEP.gov June 6, 2024 Renaissance Hall Senior Living PROXMITY TO TRANSPORTATION, SERVICES AND EMPLOYMENT (5 Points) Renaissance Hall Senior Living's direct, adjacent access to Collier Sculevard (SR 951) and 1-75 N/S entrances at 0.85M offers private transportation corridors for countywide travel to jobs, medical care, and government services. Plansto widen SR 951 before 2030 will further improve personal vehicle transportation as 4-lane access expands to six. Public transportation is easily accessible with the site's proximity to Collier County Transit Bus Routes 19 and 25. [See attached route maps]. These routes provide residents with public transportation options in multiple directions and destinations. Residents can access the entire CAT system from these routes to travel throughout Collier. , Pharmaceutical and medical services are available to senior residents at multiple locations. Prescription drugs are located 4.75M and 1.24M from RHSLoffering consumer choice. Routine care at Estates Medical Center is 0.76M from the subject property; major hospital medical and emergency services are 7.OM away at Physician's Regional Hospital. Fresh food and groceries are a neighborhood resource at the Golden Gate Farmers Market (1.17M) and Winn -Dixie (1.35M). Educational access is close by - just over 1/2 mile is Mike Davis Elementary and just under one mile is Golden Gate High School. The Golden Gate Corn munity Center 1.24M NW of the RHSL offers community meetings, parks and recreation and more. The revitalized Golden Gate Golf Course, located immediately adjacent to the subject property, will be completed concurrent to RHSL and provide walking traits and a 9-hole golf course for active seniors. Renaissance Hall is well situated to area employers, be it retail, office, educational, medical or other public and private sectors. Service Service Name Service Address Distance Bus StopCity Gate Blvd Bus Stop Collier Blvd @ City Gate 0.4fl Mile Route 19,22 and 25 Blvd. Grocery Winn-Dixie1.35 �I849 Golden Gate Mile Parkway Grocery GG Farmers Market 47 Golden Gate 1 A 7 Mile Parkwa Pharmae Gulf Shore Apothecary 11669 Collier Blvd 0.75 Mile Pharmacy Wa! reens 4747 Golden Gate Pkwy 1.24 Mile Medical Estates Medical Center 11725 Collier Blvd 0.76 Mile Medical Physician's Regional 830❑ Collier Blvd 7.00 Mile Public Schools Mike Davis Elementary 3215 Magnolia Pond 0.58 Mile Drive Public Schools 1 Golden Gate High School 2925 Titan Way 0.95 Mile Park and Community Golden Gate Community Center Center and Library 4701 Golden Gate Pkwy 1.22 Mile June 6, 2024 Renaissance Hall Senior Living Note: Florida Housing Finance Corporation will not require applicants eligible for the Local Government Areas of Opportunity Designation to achieve a minimum number of total proximity points nor use Proximity Funding Preference when selecting the highest-ranking applications in the LGA❑ category. 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C98ter W Timepaint W 0 Transfer Station ; Park _1 Acute Slop t Park & Aide •�- June 6, 2024 Renaissance Hall Senior Living LEVERAGING OF COUNTY FUNDS WITH OTHER RESOURCES TO MEET FHFC REQUIRED CONTRIBUTION LEVEL AND LEVERAGING OF COUNTY FUNDS TO ACHIEVE GREATER NEIGHBORHOOD IMPACT (7 Points) Renaissance Hall Senior Living and Rural Neighborhoods will leverage $460,000 in LGAO funds from Collier County through pursuit of private, local, state, and federal funds. First, RN as Developer agrees to defer 50% of its permitted Developer Fee. This evidences RN's financial investment in the rental community representing - an estimated $2,500,000 fee deferral that is then reduced aver the subsequent 15 years from cash flow. The precise amount will be determined In credit underwriting. RHSL has leased the subject parcel from the Board of County Commissioners for a period of 99-years, a term commensurate with the required affordability period herein. [See Lease Agreement in Exhibits]. This is a leveraged value estimated at $3,000,000 (based on a market value of approximately $30,000 per apartment door.) Leveraged value is an even greater dollar amount given that RHSL's site and building improvements are returned to Collier County at the termination of the lease. Accordingly, the estimated $36M investment to be made in 2024-2025 together with subsequent rehabilitation during Its economic life, and other capital Improvements will fully accrue to local government, Few, if any, other applicants have a similar leverage commitment. Rural Neighborhoods as the sole, nonprofit general partner in the limited liability limited partnership expects to have access to U.S. Treasury's Community Development Financial lnstitution Funds Capital Magnet Funds (CMF). The CMF Program enables nonprofit affordable housing organizations to finance affordable housing solutions that benefit individuals and families with low-income. Utilizing a CDFI lender that is a recipient of CMF funds enables RN to borrow its 15' mortgage capital at below market interest rates commensurate with its commitment to serve households below 50% AM]. RN will also use its past success in attracting the Federal Home Loan Bank Affordable Housing Program to seek direct subsidies up to $1 M from the FHLB-Atlanta to add additional leverage. RN and its related entities have been awarded AHP monies more than a dozen times. This leverages greater neighborhood impact in several ways. First, this leverage provides greater assurance that the rental community will be constructed in an economic climate of high, escalating construction costs, high interest rates and declining LIHTC investor prices for available credits. Equally important, this leverage will result in a superior rental community replete with resident services and amenities placing less reliance on nondescript buildings and extreme value engineering. June 6, 2024 ' Renaissance Hall Senior Living ABILITY TO MEET FHFC REQUIREMENTS FOR PERMEANT CONTRIBUTION WITH MINIMUM LOAN TERM (3 Points) Renaissance Hall Senior Living will apply to Florida Housing Finance Corporation under RFA 2024-201 Housing Credit Financing for Affordable Housing Developments Located in Small and Medium Counties. The application will achieve all necessary scoring criteria and preferences to be a competitive application. The local government contribution is intended to be part of the permanent financing as required by FHFC. The proposal will adhere to or exceed the criteria outlined by Collier County, specifically, a 1 interest rate, 30-year term, loan to be fully amortized over a 30-year period, with a balloon payment due when the 151 mortgage is paid off or refinanced. To meet Collier County's preference to achieve the minimum loan term, RHSL will agree to: Not draw the funds until the Development reaches 75% construction completion offering local government more flexibility; and Reduce the 30-YearTerm and make repaymentto local government in Year 16+1-, more specifically, to repay the local government contribution in that initial year_after achievement of the 15-Year IRS compliance period. This reduces the issuance, amortization period and return of local government investment by approximately 45%. June 6, 2024 Renaissance Hall Senior Living EXHIBIT A: DEVELOPER AGREEMENT WITH COLLIER COUNTY, FL June 6, 2024 SECOND AMENDMENT TO DEVELOPER AGREEMENT (GOLDEN GATE GOLF COURSE HOUSING PROJECT) This SECOND AMENDMENT TO DEVELOPER AGREEMENT ("Second Amendment") is entered into this � Iy of Yna. a. ' , 2024 ("Effective Date"), by and between Rural Neighborhoods, Incorporated, a Florida not -for -profit corporation ("Developer or Rural Neighborhoods") and Collier County, a political subdivision of the State of Florida ("County"), Developer and County are collectively referred to herein as the "Parties" and each, individually, as a "Party". RECITALS: WHEREAS, Rural Neighborhoods has been selected by the Board of Collier County Commissioners through a Developer Agreement dated November 10, 2020 ("Original Agreement"), to construct rental apartments to meet a crisis in the affordability and availability of senior, veterans, and essential service personnel such as health care workers, educational staff and first responders that impacts the economic, commercial, and residential development of the community; and WHEREAS, the Original Agreement was amended by that certain First Amendment to Developer Agreement on April 23, 2023. the "First Amendment", which replaced Exhibit "A''. amended Exhibit "B", and replaced Paragraph 3.4 of the Original Agreement. which the Original Agreement, as amended by the First Amendment, is hereinafter collectively referred to as the "Developer Agreement", attached hereto and incorporated by reference; and WHEREAS, Rural Neighborhoods is organized for charitable and lawful purposes not for pecuniary- profit under Chapter 617, Florida Statutes, including, but not limited to, the lessoning the burdens of government through community redevelopment and the provision of housing; and WHEREAS, Rural Neighborhoods is Federally tax-exempt under Section 501(C)(3) of the Internal Revenue Code and must not be operated for the benefit of private interests nor may the net earnings or the organization inure to the benefit of any private shareholder or individual; and WHEREAS, the Developer and County desire to amend the legal description identified as Exhibit "A" to the Developer Agreement to identify an Essential Services Phase i ("Phase 1") legal description and a Senior Phase 2 ("Phase 2") legal description to assist with the phased development funding of the Project by Developer's single -purpose legal entities as stated in Section 2.1 of the Developer Agreement; and WHEREAS, the Developer and County desire to amend Exhibit "B" to the Developer Agreement to remove "track changes" and to amend certain Ianguage in the Income Targeting Criteria; and WHEREAS, the Developer and County desire to amend the construction time. NOW, THEREFORE, in consideration of mutual benefits and the public interest and other good and valuable consideration the Developer Agreement is amended as follows: 00 1. Recitals; Exhibits. The above recitals are true and correct, are hereby incorporated herein by reference, and form a material part of this Second Amendment. All Exhibits are hereby incorporated herein by reference and accordingly deemed a part of this Second Amendment. 2. Legal Descriptions. Exhibit "A" of the Developer Agreement is hereby replaced by Exhibit "A" attached hereto and incorporated by reference, identifying a Phase I site legal description consisting of approximately 19.62 acres for Essential Services Units and a Phase 2 site legal description consisting of approximately 2.16 acres for Senior Units, 3. Exhibit "B". Exhibit "B1" of the Developer Agreement is hereby replaced by Exhibit "B" attached hereto and incorporated by reference. 4. Parapraph 3.4. Paragraph 3.4 of the Developer Agreement is deleted in its entirety and replaced with the following: 3.4 Within fifteen (15) days of the Effective Date of this Second Amendment, Developer agrees to provide a timeline of the anticipated schedule for Phase 1 and will provide the Lessor with any significant changes to such schedule. Developer shall secure a written commitment of project funding for Phase 1 ("Funding Commitment") by May 30, 2024. If Developer is unable to secure the Funding Commitment by May 30, 2024, Lessor may exercise its option to terminate this Ground Lease or, at its sole discretion, Lessor may grant additional time to Developer to secure the Funding Commitment. The above referenced deadline may be extended at the discretion of the Board of County Commissioners. Developer shall commence construction of Phase 1 within six (6) months of the Funding Commitment. If Developer commences construction of the Phase 1 project within six (6) months following receipt of the Funding Commitment, the Phase 2 Developer shall be granted twelve (12) months from the date of the receipt of the Funding Commitment to obtain a commitment of project funding towards the Senior unit housing project as outlined on Exhibit "B". SIGNATURE BLOCKS ON NEXT PAGE REMAINDER OF PAGE INTENTIONALLY LEFT BLANK DO-0 IN WITNESS WHEREOF, Developer and County have hereto executed this SECOND AMENDMENT TO DEVELOPER AGREEMENT on the day and year first above written. AS TO THE DEVELOPER: Witness (signature) J'ISA f o CtiQ—S (print name) Witness (signature) (print name) AS TO COUNTY: ATTEST: CRYSTAL K. KINZEL, Clerk Attest as to Chairman's , DE signature only Approvedlasito form and legality: Salty car,V,;sistant County Attorney vt k Rural Neighborhoods, Incorporated, a Florida not -far -profit corporation By: Ste 0enKir;k,resident BOARD OF COUNTY COMMISSIONERS, COLLIER COUNTY, FLORIDA By: / 1 44 " Ch a 1, CHAIRMAN to d: C5 C CD fn fn w r N M J J a r _m 2 X w hale 7 Essential Service DESCRIPTION: A PARCP i Or L400 LMU M M4Cr Vl WWEM GAFE (W e. PART r. A$ '�COKOM Ar FLAT BOOK 7. PAGU 147 MIAMIG.N 75' AM MAC7 a, Gd1KM GATE NrL'i 9 PART 2• AS FWCOMXV W RAT 0QoA( R NO$ fWA YhWCW t 172. SON OF TN[ +VIA.IG kXC Of MWEA MNN. FJ VMrK pAricu. NEING Ard'FF YARTICULARty aEsGRI$f7} AS FaLLORS jYEC94MVG AT FOE SOI.'ryEIST CCNhYP fy 7RACT x; GGFMN rwATE LA r A PA47 I. A$ RECJFO0 IN RAF SCXW -#� P,AXS fU TFAirh GH PIP. PuSuc AEtiPPD9 Of COLLIER L r FLO�O+. NEW--E SDUTH Vr527s• .Esr AL WAG TW SOi/TM 4WE C'F 5AP T1HCr x- FOR X 4 115 fE27 is TFl`t NWN 07404F" WST IXPAFFT SAW SWN LAt FOR 115.M FEE7 %O A iZ7M Of CW7 kPIPA`' {f r�F.TE'E MgR1HR6Tf�r M 91- 'ELM ALONG hE AMC CV A YAW FWAL C6KM1C to THE LEFT ALAWA; A ea%oil OF 35 Go FE£T TPwOlAcFT A CENTI:Al AAKLE CIF 9174'Sf' MID OEIW Si.197EN7E6 BY A J;J 3 MACH ML4M NPYn+-W2J�M' MEST FOR 5R FO FrEr: F 49cE souk AT54 w Pier FOR r454O FEET TO A Pow OF CummrLwF F+IEMGE NORTHgESEEIPLF 79. 90 FE'[T AL ONG nC +VFL OF A 'AMYWa L prWf[ LO ME R 4W7 ft%VC A AKMI.'S C4 $a VO FEPt n4?DLA7+ A CEWX% ANGLE f Pr 9)'-U'4Z� AAD 050YG. 51,87ENWO 9Y A CNpRp W404 9FWN AU97H 4E' Fjr40 *M fC* 7F 67 FELT TFt?JCE WR7N W3 r W- WVE FOR P.OM 50 FELT- NVIIUE AOMY WM'5Y MS. FdR 7Shc FaT; } TyEMCE MCwN 4Ctf 19f' EAST FOR n-Q FIEL;' Si TFr K NWrk 4w-I ST' EILVI, Fop 57.9) FEET•' [. r1{Fl[f Spr7M 00'791Q1- C4S r, RA4 r FI r.Lpi FT•IT: MC'ACE MDR7M aP]'S O7" FAST. FOR 12a W FEET, WW6 AAW?Pf ORNWM£ST: 'OR J+r97 FLEET. nifA SCMlrM ASr30•S7' R[sr, FUR 2y7 04 FEET }4: r.+ENCE NORM WJrV WsFOR 2G5. tl7 FEET ff rFeC Now ' 9T2a''M EAST, FOR 70l is F'IE7. f nwA CE 5OWN OfT79li9" CAST. FOR 9n5.95 FIFF: }� rMENCE -qM^ 99.19 W ' • BUM fUR 712r FFE'7: ' FFEWE SdRH W'40'f 9EA.5 , FOR jell. A9 FEEL; r 7IYWCE S if QF'59'-". £A57. FOR Me. FUT 7efE7rCE AFOA7k 82'47'40' ,FAST. FW 224y FEET Lra AR r7TFASECMAr ■f"R 7hE EAST LffdE OF TAFf AFU'dErrt Nl)C4E17 T:LAGT A E SONF). OV2S'M- LAST. A OK SAO UV LAVE FOR 30.'J7 FITT Tit NEF'OF'r PF BEG4rMIHG Gr 7W PAROM 005CMrOEa f4.7Q7N: CGNTAM2Nf r9 M Af,PM rUrtf OR LESS. NOTES T B&OVA3 son MEMEC.A ARE aI9Eo or TkC suit FLAW CW�DMLAT( SSSTra ESTARispow 9r )+i AKTCAK_ Groo A^, SCK4%7 FOR FEaRM GIST ZOAq 1)!.E AirW WN T"O AaMMWW O DINro LMG6 RrA CPS Aehf RaeFl(MS A' n! MOr ACFECor AND REFER FO MC $PJM LASE CIF ""Cr x: OOADCM G-TE NSFr 6 7 T, Al ACCORPCO A PLAT APMW 3. A46ET r47 hMrOLX7F r51, Or AE ARIA" NMVRP.9 OF ML2IR C171AFFr. FEOMSEIA AS MEGA 7 F sTU% ?J- N 2 &WEASOVS PPIVl.• +[REam AM W 0.3 SLVA4Y FM AND OECYVS PbDWaF. ! 1NS SKETCH AW6"'o"' R NFLU on-Wr 7E 70MRAL 9rluFuw Aw FAL OR THE PIMA 10 hw C. l OF A LYE#SEL 1i41111M k.+hC"N .MC rrATIR N0 A9EYTrM W pF%ETnCM15 TO FT45 SiWbfy -W AFE PER "V; MinW 71£ SIMIES5EP M%NrN aikkii7 OF TFE stA> PAFTr. • NOT A Sl1RVflr .T Qa W rr F�...�,= MA Grady roar Mk D.L. [:hil Ya7E9nrm: lard :ion t+lwn F7dIMM'I'F [.awlRrapr.irttilYvlF rw w yn rprrr/,r1f rM v ry IJIMWF'.F 1�Irwh�IF �nrN FWMu �FnuMr aiFy 917 EI1{ .a. Gf/ITYFAAf fFbf EAFi IN.r. Y1014T114.YNi SKETCH AND DE SCRIPTf6H A PARCEL OF LA.NO LYING IN SECTION 27 TOWNSHIP 49 SOUTH• RAWGE ZCr EAST C pLUER COVi{TY_ FLORIOA acr .sn .mu, w sun rr a r alawr s• Fuy cnccAa rry rap � ly AiMCOp[ Mwp.: F, Spa f1Mi6 Ip7f ry .0 n•F3Ir•s4.pa. z *del O N fw. , atA.x u Q Zk sm'a ,T w 0- EXHIBIT Ay PAGE 2, SKETCFl COLLIER SOU"AM rSR as» ut xa.ia iar�rwti s7� .sn77•f �>a m' carat pmr I ryl7! is ++mow) IprcT r FM 2;tl"clwr cow 0, NEY V sn ul -Utz" rrrr-n 17.s•- r ti-ssu• 1.i17131- wJPK'YfY iLS.F' oran.e' fA]'].'C7 Lr' �1 �fxi3f �7 NIA 7} %i •1.r� Vf YT" .era,yre l r�s -WJ,Scw �oaso e,,. K+ll*1'� MI-m a..rmv%rr or-n•dr• 5C 9' 73 r'-� 77 M1 l r" I N � II 1I � L�.� 1III s 11 --- lJ -'9- OJ �3 1 : fsafljF$Ai" 1 b 1 y r�caao � fX = C'N7i9 L "N a ' 06• 70C' aI O' car PUV ZMAG 0 alSCALE: l = 200' Pe - r BMW 7u a . Rix RMraDD F8WW r patcp ona"y EsG c N # lidwRG rvcRWRMUCT Rl� e - ODU ASY.if ❑ mtlrvw rtanr. -WL75 r-t [v J. • . L[M7R5 6wK(M maCC7gr [� SKETCH Mo OE SCRIFT1ON Gra{IyA9 Ennr C liiq rr�..e •----cat.:. rw T ued.® rr. in L� -I- V-M 34w A PARCEL OF LAND > Deems KGII 1:h11 FibdnFCTec Slrr.�a F'fapnf7s I.wtdtrapr 1N9KrcTx LYING R# m x r. iaa• p ne.xlM ... .., �s w .l � '�•�•� nos. UCTION 77 TOfYrg9GUT!. RANGE — ET ~ a3 bw W sR-w "- ..ur..::q sm.. Carr COLLIER COUNTY. FLCRIW i n.e lHFFI' 7 d ) w 1 W EXHIBIT A - Leased Land tPhase 2 Senior] DESCRIPTION: A 14LRCEl 4r LAMp L7A1C xvrEsv IRACT A; R7..IXIV G,rL LQrr & AAPOT P. A5 RECOM" 1P PLAl �' $r PAU$ Afl TfnU04 r$ I Or 71F FL�l91-C r COAC3$ GC Cd.LfF OCLNTY FZ04XA WNG Miff PARr4RI U XWROEO AS R LOrS COMMOLFI4 47 7 t VDPTWMT CA7AE]o W TRACT V GOWEN GATE LAAGA 4 PAiFr 1• AS 'U F, :7Ar SOLW A PACES I47 PHROLC7+ 1!I OF Tif PLS.0 RECAti'Z OF CMLa C'OWrr, raL R" Tfoa ALOAC " MdrR3e LpE 0/ SAO ZWF A- SOLRFr elU'AS' MW A L16TMSA W 27.3 V fM..' ?Fi OFAAEW SAG Ai ON EAIE SOUTH =;P,r7' EAST. A MPW4;I OF 5+.9T FWt A9 Tr¢ FloW OF aOCGAwaWr OF 1p.£ Awm CF lAmp Mfi£N Lt 7P&h f SOUTH OCr7Yb1'1793 UST, A WrAPCf or 3FM WCf S&flT' Ei*M"' II ST, A &VMcf 4r P20Ov FM N WRM MW7k OP24'OJ_ MK A CWAMIE Pr rl.W FC[7,, P EMCt SElufl, M'X'ZWr WSr, A VWAMCE ar 5712 Far. nV0a SVU,'h Wrftrl' OW,, A WAV2 OF 20(2 tat,rlWMC; South e'2p'Jr iW A MXVIM Py fe.dl ffW. f Eh NORFtA cV2r•ol- MESr,, A WANX° Or W Ps M7,, 7WKE WRYM 2FM 57' Wa A A'� OF 27116 MT TV TW -AM), yr AFGWN MG. CGWA*MPZ 2. 15 AMW5, MORE Gr+ LESS. m a t m T MOTES: I SSWWA;S SHOW "CRVW ARE BASE? LVr Ae STAFE WRAC COORCOOIE PSTIR i5'rAfi WIM it TW AWMA aIL E3 MTAC SLW4Y FW FEC)" FAST ZOFLC omi aonm wTH I990 AGA75YLENr affnL A97 COMAMt XN[ MPS OMCAwrod M rME ALl7T fLr1 am AmD a rn .rwx A¢Fi:* M TMr AURW LWX OF TAACT A-, Mil" 17ATE LW & AAR'r I, AS JFtM9PE0 F! son L`-7 o'r ALIT BWK A PA ES I47 'i✓•ITOUaO l5r, O< THE RUSLC AIEC0905 Cli o=lul omom, 004.+,F, by RIG FLOT04 As oWC S Ww'u• w_ C,EGI�CT Ll6 Z /1.4Al iD S SKV*w yEN![w ARE AV us. SEPKr Ue 7 AND aGMNL5 rKMOA. p CODE now x Fm SA27L1, AND OESCIPS°l vrr 6 M P"FN rr ME OAXARAL S16AMTl AE APO STJAL ?VAE MA 01 rw pout SaGAw RASE AM„^ d,.7Ae $fs[ PF A LCfhsm RQRrom SLVVEYG9 No WiwfR AV AODaXVOS OR VELETUAS 70 T}* SI7IIrEY LAP ARE PERUMED 07"tlVA 01¢ F?'PRESSED GATE sWZvm3 1IWTMW CoNsrAAr Or Tw gaw< PARTyr FEE V-1414" ON ' NOT A SURVEY 7r,EE1 I d T SKETCHAHD OE SCR IPMN v c..4 ulr. r ,.wraFieA, r A —--- GradyMhior � A PARCEL OF urm �.Iu Ishii Dorm LYING IN ., ,A, IQe.mrtltr .n. IYwor,:1 ..rr,1 w.uae TOWNSHIP a9 SRl1T1•i, SECUW 27 RANCE 28 EAST GIa„r� � rsr &-Nu'pup rN 447 1I44 . wA. yrAoy'vl. r Cox Yu, urn ::& F-lu Oft COLLIER COUNTY, FLORIDA �'�� N Q x iL I Poe - . `.. EXHIBIT A - LaasW Land (Phase 2) Senior page 2 COLLER BOL EVARV {SR 951) it mwvrtry ��"� !?vYf1L'I M•li' n a zlr rz e �y�,g—sarxsrti rmoo' aura nwr r itnr• B� ra tt rn-ry, S AFcr"A- r 7_1 � i r q _�OF}➢R S�� 77K r.a-rrnry acr' �, f -L� F • �� rov7s'bri ![76 re' o�xlllrr' � Lf 9C t +e 4J5rSrAM7 ` rs L k AFC rfWk GY - GHW I:NG'nr CB = OrAt9 &AW Fe = RAT ZIX SCAT E- 1- = 200' PD9 = PW Y 6EwW4K TMRN+ Wr H06£ 9ELu EnL+V+GER OH PX -W er CO17�ner LK I.,r JAWS NEOVCSO FR04 MENOEU Or -PLAY SCALE rau REPROD [Ibn IrtFSK LL2 L1 AVMZ [ n t�iYprL3 p�d[t x awff xw i T4 "WA r. win I-1 Or ,r ` SKETCH AW CESC�RtPrlOH a I r.q.n.er,r d.rvrr, rA. c tc se �. ra3 [, ra (Iy M inor _..� .t.n341 34 &«� A PARCEL OF IAMD be cope f = In t:hll F'a lnr+rs I,arpl tiunnnrx 1lrrnlrr+ Iralarrnpr ►nillrrleF LYING IN 4 s•• M. ' t r.x u� FxaMr,r� rM w._. u.rrr.rsr �nr..v n.w SECTIOfi 27 TA1NlJSFiIPd95Ol7Tf1, RANGE 29 ER$T ti DA7t n enx +satsira rxe d}.II►yr pAy ; a—I.a�s+ lm*%01l la .y. r: redrMlevr.rea Om Mw T IALW. KIM Gat JER GOV NTY. FLORICIA � a1FEFY 7 d 7 � EXHIBIT B rnase i anu rnase z unit it otats anu i ypes Minimum Number of Units Maximum Number of Units (Overall) 350 (Overall) 372 Target Number of Senior Units 100 Target Number of Senior Units 120 Target Number of Essential 250 Target Number of Essential 252 Services Units Services Units Note: Five percent (a%) of Senior and Essential Services units shall be targeted to persons considered to be veterans. Income and Rent Targeting Goal Seniors Income Target Percent Minimum Maximurn Note: Developer may AMI Rent Level Set -Aside # of Units # of Units elect to use IRS §42 28% 28% 10% 10 12 Income -Averaging as a 60% 60% 90% 90 108 set -aside election in 4% or 9% Horsing Credit transactions, Its election ` enables income levels to beset -aside between 60% - 80% AMI, balanced by units set - aside belong 60%. Essential Services Income Target Percent Minimum Maximum Note: All units shall be ! AMI Rent Level Set -Aside # of Units # of Units rented with priority given to Essential 50% 50% 9% 22 22 Service Personnel 80% 80% 11 % 28 28 employees. 120% 100% 80% 200 202 ESP Occupational Preferences include: Tier 1: Healthcare, Education and Emergency Services Tier .2; - Government Income Targeting Criteria Developer shall undertake best efforts to obtain project financing that enables developer to construct residential rental units that meet the Income and Rent Targeting Goals shown in the charts above with particular emphasis on Target Rent Levels indicated in Column 2. Developer agrees to an initial maximum Debt Service Coverage Ratio (DSC} of 1.25 DSC; DSC ratios in excess of 1.25 stealI require Developerto reduce initial rents to a level that results in a DSC not greater than 1.25 DSC. The intent of this requirement is to reduce rents [Exhibit B continued on next page] and bring projected rents closer to the Income and Rent Targeting Goals. Future rents for each Target Rent Level, i.e., 28% AMI, 50% AMI, 60% AMI, 80% AMI, and 120% AMI, shall not exceed Rent Limits established for an Effective Date by the U.S. Department of Housing and Urban Development for Collier County, Florida. Local government shall undertake best efforts to obtain Federal, state, and other housing resources, impact fee deferrals or alternate means of off -site improvements to enable Income and Rent Targeting Goals to be achieved. Developer shall also undertake best efforts to obtain additional grant and/or equity contributions from participating Foundations and others to enable Income and Rent Targeting Goals to be achieved, The Parties agree to a mutual review of pro forma total development costs, income, and expenses prior to Developer accepting a financial commitment from an outside lender and/or equity investor. The Parties agree to the inclusion of the participating Foundations in the mutual review. The Parties further agree that cash flow from the Project shall be described and distributed in accordance with Phase I and Phase 2 income sharing agreements by and between Ruiral Neighborhoods, either Renaissance Hall at Old Court LLC or Renaissance Hall Senior Living, LLLP, the Collier Community Foundation and Collier County. The Phase 2 income sharing agreement will be negotiated separately amongst the parties. The Phase I and Phase 2 income sharing agreements will be presented to the Board of County Commissioners for approval prior to the loan closing for each respective phase. Grant funds provided by Collier County, Florida are subject to Federal and state rules and regulations including, but not limited to, Program Income as applicable. DEIVELOPER AGREEMENT {THE FIRST AMENDMENT TOGETHER WITH THE ORIGINAL AGREEMENT} ON FOLLOWING PAGES. P� P 1'1RST AMENU1+lE.NT TO DEVELOPER AG11E?i-MP41'I' (G0LDF"N CATS GOLF CO I10USIN(: 11R0.1EC1') -I'llis FIRST AMENI MEIN'T TD 1)EVE I,OPF1It AGItEr PvTEN"r C'Ai%IFNDfvlFN-I"-) is entered into this � +day 01' 2023 (1 lie "I:11l cti\ c Dale"). by and bet\Ncen Rural Neighborhoods. incorporated, a florid❑ nol-ror-prn it corporation ("Developer or floral Nc1ghborhoods''] and Copier Coll a poliIizal Suhdivisioil ol'the State nITIorida ("C1u11tv"). RF crrAL.S: WHEREAS. Rural Neighborhoods has been -,elected hx lhu Board of Collier C oulliv Commissioners IhnwgIt a DuvuIopincnt Agreement dated Noteniber 10. "020. ni(achcd hcreIt� as I:xhihil "C to conslroci rental apartments to meet it crisis Iit the alTordability and availability of tienior. veteran~. aild essential service persomicI such as hcaltll Carc u[yrkers. educational starf'u�lc! Jim responders that impacts the economic. commercial. and residential development of the community: and WIIEREAS, Rurat! Ncighborhoods is orpanired Rv Charitill) lc ,uxl 1,1W luI ])urpnscs not iitr llcCuJiiilt'y' jlrnli( under Chapter 617, J-1olida 5tUlUICs, i1lCludlIip. hlrt not limited to. the lessoning Ilie hurdcns of govern metli lhroitgh comIll U11iIV redev-ClnPill cnl Iu1cl the provisicm 01'11ousi11g; and WIII"REIAS. Rural Ncighh[u-hoods is FCXicralll tax-excnlpt under Section 501(C)(3) of' [lie Internal Rc%cotuc Code and mum not be operated for the 1-miefit ol'pri.atc interests nor may the nct Carninps or lllc 'ode inure to the henclit ol'anv private shareholder ❑r itldivi[9u41: and WI.1EREAS, the Developer and CoIttity desire W cxClu[]c the Green way iden tiIled wlthizi the Residential 'Tract localed on the Master Concept Plan or PU D Ordinance No. ?U??-! 3. rr[tm the property it) be used hy' Developer and accordingly anlcnd the legal description idettti(wd its Fxhibil -A .. to the Devcloper Agrecmcnl: and W11FREAS, the i)eveloper and CO U111y. additionally. dCSil'e u} anlCnd the Unit Total and -1-N•pes arld ]ncomc and ]tent 'Target Goal as set lorth in IAllihit "i3" to the Developer Agreement_ inld W11EREAS. the I)CI'el[lpei' and C ounI y fUI-(lie r des irC In aIII C:ld the Cunstrttcticf:t time. N0W, TIIt",RF.FORE. in consldcratt]oil ❑ I'm utual belle fits and (lie pub IIC interest and WIWI' goad and valuable consideration the Dcvcloper Agrccnicttt is amended its Collows: 1. The legal detict'iption and skeIch se( lilrtli as Exhibit "A" of the Doveloper rAprocnlent is licret)v replaced by Fxhilia "A." attached 11CrC 0. L U1111 1lumhers. types and median inconic qualifications as set Iorth in E'xhihit "13" of'thu Developer Agreement is hereby amcn[]Cd a5 ShoWrl he1nW. 3. Paragraph 3.4 oFthe UCvcIoper Agreement is deleted in its entirety anti replaced witil the 16110vvinp: V: lvc 1 u l 6 1 18 C Pd 118 i. Within 45 days of Hie 1sl'feclive Date c,f' the First Amendment to Developer Agreement, Developer agrees to prcn ide a firllelinc ofthe anticipated schedule for cacti Phase oC construClion of the Protect and wiII prrn'iCie 111c COU111y e i11t any Significant changes to Such schedule. 1f Devel„pc i- is Lrnahir fo SL:eure a commilmenl of project funding for an inili;,l Phase within six (0) months from illy Doter oI'IIic I'llueIivC I)aIC of Ilse f.C,ise or lhi cl'lectiVC d,11r of f111,11 ttliprOval of kind use. as evidenced by PUD vppro►.af. the County may exercise its option to lerminale this .greened!. SltcSuld Developer Uc L1n.t17le [0 SCCIil-C a Ckmilinitment of Ill'olect ILnlding for the itlltial Phase �Villlin Six (6) nlnnlhs_ an additional six (6) months may be granted hi the Board Of'COLLmy Commissioners all Its sole IiISci-cli(ill. Should De, eloper ohtain a conimitment (ov ards [lie initial or fany suhseyucnt 131lasc and cc,lnrltence cnnS11.1.1 ioil e,if drat Phase within twelve (12) months followilig receipt of such financing commilmcnt. Developer shall lie granted im additional twelve (12) month period to obtain a linancing Commitment of project lim icing, tmvardS an additional Phase. and sn col unlit ccsmplctC build DLit of'tlie 1'rgjecl. The above referenced duadllnes way be emended at die discretion of the county Manager or desibncc. LIP to six (6) Mulldls. vvithout the necessity- of obtaining approv"d (11,111e Board of -County Commissioners, Remainder of Pqw IwontinnalIN l.ell 131ank tiigllature Page it) Follow Vag z'_nri, 1N WITNESS WHEREOF, Developer and C OLIlltl 1WVC heron CXMikerl ihis FIRST AM EN1)-MENT TO 0EVELOVF",R AG11F;I+:MF,rN T un lllr cia\' anti ti't,u' first abme written. AS TO THE DEVELOPER: 1�'itncys [si�nattlre Le (print name) '�+�rinL'titi (Si�ililltll'L'}�` - 1€�riltt narrlc)-�- -- AS TO COUNTY: AI.Ff ('RVO111, K. K1N .1tT. Clerk ctif'Courts ttl4st ss to Cnal�rnnn'�- Eina'.1JrE' bril}t Apincl►eLitrs1;,�aild lcgaliLv: JOTre}' A. tJaizt4v. . C"r„ 3nty Attorney Rural Ncighbol-110(41s. incorporated. a UInrida nw-I'Or-profiit c:nrpgratiori 13►: :ti'en 14iriti -r•i�slClcnl RR-NRD OF COUNTY CO'.k[MISSIONF RS. C'[]1, 17It CC) ijN"['Y. FLORIDA Rick I c)C astrn. Chairman Iapi 3„lh EXHIBIT A —Legal Description �1. -'i C 'j1 P 1p I F- .1 •.4 L'. F. -Ak 11 p p 4 1� 4 % Id%% I Im w E- (1c1 AA.D rjrZ,L-.p. r. I. arfLL I or Aw I .I ov I: K.& i W. .6 "'PtIk 'a 4 Af! I , V k k3m 't 10. ROD uL _�; (�N_ u i-S 'AT I Lk CNlt USWe" Ar,%n P1 Ah-2 d�IM 44 1-CH) A I M5 E 19 F -t;T _�Ll ir, 0 , : QU.1 t , p , �,X*A ; � __k W, Pnpu 4 111, 6 EXHIBIT a Unit 'I'01,11IN 1111d T ►•11es !`9iniltt1 m Nu111hcrof-Ilrlils - --- -Maximum N11111ber ul'l)nits _. (Orerall) i�. s5[] , _ [[)s cr1E1] 400372, I l•nrvul Nulttherof•.Seniclr I.IniIs 1 1011target 1Vumhcr 11i Sell illr Lfnits ;44i?[i I'argel Number o F F-isentinI ,St} � I:lrgct INkiIII bcr [ll' I;Stie:i in i{It} 272 - Seri iets L Itlilti Sr1 s ieeti Units — _ ItirelC: FiIvpeIverrl 0 q7;l rrI',5'r+riru• rued L'i.%vPNkr1,5'e hire., rrrrits shall be 1rayciveI1rr Jrcrsurrs L,mrs rkrvrJ ru 1�r sWe1 erns' --- I ILCO111 L' land item 'r:lrReting tf:nalls Seniors Income •1.11rgct Rent I'ercent Minim[un f1 Maxununl 11 Note: Ovi- loper mar elve-i AeN1I _ _ bevel I Sul -Aside kit I'Hits cal 11ti[+ lriuse JJZ,`f§42 Jrrcrmrc- E N ;4 12 Avvr•iryi lg rr.s a ser-aside f j 60% fiD°•. -00WA108 1 elec•rinrr ire 4'% ur 11maing Credit rru+rsrrrvnrrr,c. Its vle'r•riary 1 f errrrhlr.r iur wilt. Irve1•s w he i svi-reside• belt1't'e n 00",� - 1 ' ,r'fl"•„ :I;t!!. hulunc•r•rl hs• legit.+ srr-reside below liU", L:ssential Services Inome Target Rees Percent Set- T Minimum # Arl:sximum H � Note:.411 merits• shall be _A NMI I.cve1 Asidc I of Units till Units } rerrrrcl frith priorus' givell 6050% 6€l%-5€}°/n-- XWn ci° , 1 4�2 T 24-22 to E5semirri •Sot'vjce I 8i1e1•n fi{}°u - ??ter i 1 io �r?r'$ +? �8 1'r'+'•sns ncl e�urphl irces. 44-2 .. ---.----_-- -- ._ .�______ . __....� 1:;5'I' !]r.•�rrlxrlJrirral 1201!/t I WAX, €4;.-8 0k;, 0-200 0 201 --- 1'rc'Awcrree•s iric'hate. { ' aril 4-01" 24 0 Tier l: lirr11111 ave, A hrc•ulion watt A'm vI'gene l' l ,Sur1; if.'Ps Der 2: - Government Incomc TargeIing Criteria Developer s11c111 undemake hest ol'filrts Io nbmin project iin"111uing that enables Dc eloper to COTISAYUCt lcsidLrltitll rental tlni[s drat lnrtt 111C 111CO111e Lind Itent 111E'.oH e Targeting C.ivals `ifttrwn in the charts Above With lrlrtieulnr esllph:lsis nn 1•argel IZe111 I evcls indicaled in Column 2. I)eveIi111er agrees to a trtaximum Debt Servicc C' mcrage ratite (l)S(•) e+i- I.?i I)SC; DSC ratios 111 exces's A' 1,25 shall require i)evc1t117e1- to s'educe initiid rent, tcs a Icvc1 [i1.1t resullS in a debt scrv•icc cox -crap: ratio 1101 greener 111alz Q5 I)SC. The intent Of this re(luirc111e11t is to r[;du,:t: rents and bringing pro.jectcd rents closer to the Income and Rent -targeting Kioak4mnE)to44;:. Pagc S 1,1'{1 Local government shall LInM-1ake lest cflitrts to obtain Federal. StatL'. alld 0(her 110USilIg NSOLiIWS. IInpacI i'ct: ticl,erraIs oI- aIlerlutIe means o! off siie 1mpro N-cm enIs I enable Income and ltcsll Targeting Coals to he nchlevcd. Dcx-viopci, Shall also unticrtahe hest efforts to Obtain additional gralit aIIdlnr cc] uit� contributions Cron I participit llltp I i111nk lllinns Lind others to cmihIe InconIc anLl RenI I argetimg ( 14):1lti lei he at! 111r' eel. The parties agree to a ttltatuai review of prn forma trial de elorment Costs. aired income; and cxllcllses prior I❑ I)eveloper acceltting a IInatnt:ial co In Ili itmen t from um aulside lender andAw equity invcstor. -Fite parties ltgrec to tllc inclusi0Il of tlic J iM-licipill iil!n' l"ntlndalinns in 111c mutual review, The parties further three dial excess profits of'thc Devcloptttenl (--A"d-4w'-e�e wiA,) ~vile he (11rected to I {fast fund a Ilte 1"0LIncl111iL)11 i►�-paf4w-r }-w vCoIdedic;ticd sulc€} Its the dc�e€t}lmtcnt or pi-escrVatilrn ttl' a17u1-Chtlzlc Ilausing in C'ollicr County its further deIdled in u ne or niore NM 0 ,'s tic twee n t11C_1_0lllldilli«n.('t�llics_C 01.111 EY; and RLira I Ncighhor}zntlds to_tv ] roiled Ill the Board ofC'ount C'tltttniissioncrs inior to mall closin Grant funds provided by Collier Coymy, LL arc subject Its federal ail state rules and IV Pulations incluClirlgbut not limited to, Program Izicome as a plicablc. I%Igr h u! f, P 18 OCJ Exhibit T" DEVELOPER AGI21+,i',Iti7T;NT (G(]I.,DEN UATE GOLF COURSE 110USING .i1110 EC'i') �r.� + 1" p l'1-113 DEVi:LOi'I;R AGRrF-,IVM T (thc "AgrceinenC) is made s it.�- aar die day of iV o ft , 20 -q Yhy and k1wccn Rural Ncighborhooda, Incorporuted ("Developer") and Collier County, a political subdivision of the State of Floridn (the "Colt nty"), REC.f'1'AUS MM REAS, On L)cccntber 10, 2019, the Rofird or County Commissioners wrovctl issuing a solicitalion tar interest to devclop an approximately 27-acre tract of land for affordable housing. The panel is more commonly described as the Golden Gate ❑tif Coursr, (ludo 36560040008). 'The legal dcscfiplinn of SuLh MR) prnPCrty k attached hereto as Exhibit "A" (tli(. "Property") W1MIRAS, On Deccmber 13, 2019, lnvitntion to Negotiritc (1'1.N) No. 20-7698 wns aliened on the Collier County Procurement Services I)lvisioil Onlille i31ddIi1g Systeln wllh [Itu intent of obtaining proposals from interesle:l and qualified wridurs in accordalncc with the tcru,s, conditions and specifications of tltc ITN. WHEREAS, On ,lutturu,y 28, 2020, Developer submittal a tinicly response to ITN No, 20.7698. The County receir•cd a total of 0 responses from intcrestcd dcvclopers. WHEREAS, Oil June 9, 2020, Developer wns scicctcd by tlic Board of Collier County C0n7nikSiQncrs to enter ncgotiations for the devclopinent of the Propeity pursuant to solicitation ITN No. 20-7698; and WIIEILI:AS, the County intends to, pursuant to Florida Statutce, Scotion 125.379, to 1case tam Property to Developer (or its successor and assigns), pursuant to a 99-year ground lease (the "Ground Lease"), for development and use by Developer (defined below) to improve the: Property, with such improvements to include, but not be limited to nffardalile residantiril rental units; And WHERZLAS, Developer may hitcnd to apply for ricIditional financing frnlli Floricla Housing Finance Corporation ("F1-I C:") under FI-IrC's competitive Request for Application process or other public and private sources. W1-11,REAS, Ucveloper and the County desire to men)orialice the [ernts and conditions pursuant to which ricvcittper will improve the Property, and Lhc manner in which any related escrow account shall be established; and NOW, THEREFORE, in conslduration of mutual benefits and the public interest rind nthcl' good and vulusii]le GUnsidcrativns, the rcccipt and sufficiency of which ore hereby acknowledgcd, (lie psi -Li cis hereto agree as follows. Section 1. 13ac11111% 1.1 7'11e al-fove recitals are true and currecl, Lire hereby incorpornled herein by rcferencc, and form FL material prier of this Agreement. All Exhihils and 1)evelnpeu's subnlissioll to 11W 20-7648 are hereby inrogioreted herein by rcferciiec and accordingly deemed a part of this Agreement. Section 2. Otyncrahin. 2.1 Developer will form nnc or MUM single -purpose legal entities (tile 'Troject O vner") to serve as applicant entities which will scck phased development furlditlg Rum FJ4FC or other public and private sources to own the planned phased devcloprucrit. Section 3. Design and Construction-Tirncline, 3.1 Developer plans to use the Property (i.e. dire. hind Allocated to this Project and described in Tsxhibit A herein) For construction of affordable housing for Seniors veterans and EssenLinl Services Personnel. Tlic development shall he composed of one or more buildings, with at lust 350 units (the "Project") with on grade pniking. The Developer may he entitled to develop ldditional writs in accordance with applicable land use requirements not to execed the numUcr allowable under the PUD. Units slap include features such as solid surface countertops; plywood cabinets; ceramic and/or vinyl plank flooring; full-size Energy Star appliances including raagc, refrigerator microwave, and dishwasher; and LED lighding or equivalent. Community amenities will consist of a rnirinnllii ul nisi -sit;: inunagement and maintenance.; clubhouse or multipurpose community room; interview or cxaul room, swinuning, pool, fitness center; mcdinlconlputer room; and outdoor tat lot. 13cvclol,or agrees to cause tllc dns411, permitting, and construction of the Pro7jcrt [o be completed at its sole cost and expense in accordwicc with those plans and specifications approved by the County. 3.2 Developer ngrees that any ilitprnvcminls 0n the Property Will Only inclucic die Project rind rent tiny rnmrnarrisll dcveloprrient or outdoor storage. 3.3 Developer may cause the Project to be constructed in phases. Upon approval of the plans, spacificadolls, and permits by [lie authorities having jurisdiction over the Projccl (the "Governnlentnl Authorities") and approval cF financing by others, the Project Owner shloll Promptly construct the Pro .jcet. In so doing, [lie 1'rojec[ Owner shall: (a) comply with the pet-mits and all other applicable laws, approvals, codes and rcquirements of orders P[amulgated by all Governmental Authodtlos (the "Approvals"), (b) llelforuu rr11 work ill d safe and workrnnnlike mnnncr, and (e) ensure construction comrnenccs and is substantially eomplote in accordance with the Approvals. 3.4 Developer ngrees to prnvidc a timeline of the anticipated schedule for construction of the Project rind will provide the County with any sigliificsnt changes to such sclicdule. If the Developer is unable to secure a camnlitmem ❑f project funding for an initial pliass: widiht 12 rnoiiths from the effective elate of final approval of land use as evidenced by PUD approval the County may exercise its option terminate this agreement. Should the Developer he unable to SCCII['C 11 C0111111ltilielit cif projccl funcl'st:b within 12 months, an additional Ii 6 118 12 mmiths may be gron(ed by the Board of County Commissioners a1 its sale discretion, Should Developer obtain a commitment towards (lie initial or any subsequent please and coinnicnce construction oil that please within twelve (12) nronths, Developer Ghall lie granted Fitz additional twelve (12) month period to obtain a cutmnitment of project financing inwards and (additional phnse and so on until build out of the Devr.Iraliment. The above rcferciiced deadlines may be extended at tho discretion of the County Mnrrugcr nr designee up to six na❑tiths. Section 4. Rent:and Income Restrictions 4.1 Developer commils to restrict all units in the devclopment in accordance with nttaclied Exhibit B, "Unit InCOTM and Ren( C3makdovn", Exhibit 13, "Unit Income and Rent r3reakdown" may be amended by up to 10% by the County Manager or designee, amendment4 grcaicr than i 0°/e shall require approval by the Board of County Commissioners. Sccti❑n 5. F"Ilyironrnentill Provisions. 5.1 Developer has insprdcd the Propeily, is familiar with the condition of the Property, including (he underlying cnvirotrtmntal conditions, and based on the foregoing, anti subject to receilit, review and acceptance of all County reports below agrees to accept such Property "ns is" and with all faults, and assumes ale risks associated with I)ursuing the Project in necordance with this Agreement and all applicable law. In inducing the Developer to accept Property "as is", the County shall provide to the Developer all environmental, engineering, feasibility and other reports in its possession or ordered necessary for detannination that the Project can be constructed at lltc Proly-ty. Developer will have thirty (30) days from the Effective mate of approval of tlic property's Intent to Convert to accept or decline to proceed. By mutual agreement, Devcloper and County may extend this period for on additional (hirty (30) d<<ys to allow Dcveloper to have its own inspections perForrned. In case of Fin issue arising from any reporl or condition, Developer and County iigt= to attempt to negotiate a resolutiun for not less than thhty (30) additional days prior t❑ termination of the ngrcemerit, 5.2 Developer shrill not (a) knowingly cause or permit the escape, disposal or rcica w of any liaxardous subMrCd: On the f rnperty, or (b) knowingly allow the storage or use of SUCli Wbs(ances or miaedeils in any marina not sanctioners by law or by Ilie higliest standards prevailing in the industry for the sroragc and it Se of such subs lances or rniStcriais un the Propci-ly, or (c) knowingly allow nny such materials or substances to be bruught mute the Property except to use in (lie ordinary course of Developer's bvsiness or by lessees of the residential units. Section 6. Utility Costs and Related Inavrovements. 6.1 The County will nat he required to makL improvements or incur any costs in connection with the development and maintenance of the residential Project, includirig roads, sidewalks, landscaping, stcrm, water facrlities, cte. All costs associnted with any cunnectivity or Upgraded service for venter, sewer or caber utilities for the benefit Of the project, including any traffic signals, and the installation and costs of those irnpruyenienis, Hand when required, shall be at the sn IV cost and expense of Developer. Pa �...� - G ! 18 t1.2 The County acknnwlcdga: rile JTN Mated frnanc;iul support such as impact fees rind grallls may be availRb[c to the scicctcd developer through separate local governmelit action And rcpro.Ycnls in good faith its willingness t❑ nssist Developer in identifying any such financial assistance availnhle, Section 7. Performance of Development. 7.1 Tho Plnject will be constructed iu a good and workman Iikt; manner atld in compliance Willi all applicrible laws, at Develn1mr's sole cast and expense. 'lire project Owner shall Ile rv; pnndhle for obtaining all governmental ptaznits. licenses and apprtivals nccrmary, for the rnnstructinn of the Project, Developer shall bu respunsiblc For n11 applicable impact, building, and utility connection fees imposed by any guvernnlclttai authority, cxeept for the gavcrtlnlental authority's ability to defui such fLcs, with respect to the Project ar.d ❑cvoloper's irse thereof: without lirrtiting the foregoing, during any pLriods of construction, maintenance or repair of tilt Project, Developer Will I11Rnit0l' all construction, Inninteritince and reptih Rctivky oil the Property to ensure cotnpliaricc with l]ie requircrlcnls contained hct•cin. Section H. Performance Bond. 8.1 Developer shall cause its general cL,rltractor to Furnish a payment and performance bond in !Form and substance srtisfactory to the Comity in amount equal to one hundred pereent (IUD%) of the constxtiction crusts for each phase of (lie Project as certified by Developer's engineer of record or general contractor, which shall be issued by a surety having a credit rating of "A" nr higher - Section a. burly Termination nrid Ground Le se J3eouire",alilg 9.1 'ilto T)sveloper shall deliver to the County the construction timeline provided to 111e eunstruction and permanent Itridcrs, investor and/or the tax credit equity partner, iF any. F41ci1 nlonlh the f)avcloper shall provide a const,iictirn progress certificate and if' the c:ntlstrtic#inn scllCduic is 6 months or more behind (lie construction tiniclinc, the County may mplauc the Dcvcloper with nnothcr dcmlorcr with the necessary cxperictiQc w complete the Project, providcd, however, before replacing the Developer, the County shall have tile concurrence of the construction and permanent lender, investor undlor tax credit equity partner, In addition, the County shall provide the construction and permanent ]ceder, investor and/or tnx credit equity partner a reasonable period of time to cure identified Project delays before cominancing such action. 9.2 Developer and County acknowledge a grffuncl lease shall be uscrl to convey tha lImperty and that the form of such conveynnec must he finuneeable, e.g. tenant shall be able to kfili7c the ground lease as collateml in the normal course of busbirss. Any ground lease shall provide that if u lender or investor were to fureclosc bccausc of tcnitat's clefouft, the ic:ldcr or investor shall be able to succeed [lie tenant's rights undci the lease. Similarly, such ground louse shrill require th❑ County to file appropriate notice of any teriant defaults and provide ample opportunity for the lender or invcstur to cure these defaults befurc termination Of tilt ground Pp G 1 18 Icnge. The Counly shall have slue obligation 10 enter into a liew Icnsc with lire lcncicr or investor un the same terms and conditions Rs the original ground lt:asc if the grnulid lease is terminated upon tenant's default ❑r i11 the CVC]rl of the rejection ofIlie gro,ird lease in hunlcr•uptcy. Section 11). AssignrneIt. O.I COUnty a r kriow I mlge,; that sources of public or priva(c financiiig milli lag, but not limited to, Florida Housing pinnace Corporation may require the Developer to forrn 011c or more single puiposc entities ("51'lw") to sect[ And SCCUM fern€ing. Developer may assign this Developer Agreement without the prior written cnnscnt of lire County to the SPE whose nwiority incnrtler or partner shall Ix: an RMInte of Developer. Affiliate is herein defmcd as a Single llurJ)lSC legal entity controlled, through mcnibetship or general pattnership intrvcst, by Di2velolrcr. Developer must provide written notice to C,`nunty of airy assignment to an Affiliate MINri thirty (30) days of such conveve.nee. Any purported nssigrim oil l to a non -Affiliate without 111t: cxpretis written consent of Counly shrill be considered void from its inception. It is hereby acknowledged and ngrecd between the purlics that all euvenants, conditions, ngreuments, and undertakings cnntlifned in this AFreenicnt shall extend to and he biliding upon the iespectivo assigns of the respective paruu.s huieLo, The Developer miry also assign u pnrtiulr of'the pruperty to all nffiliatc without prior written consent of the County in order to facilitate phased develupl1writ. Definition of affiliate slialI be in accordance with this fnragraph. Section 11. Public Records. 11.1 l3cvcloper understands that by virLuc of this AgMeMeuL all nr its doeumenis, records and materials of any kind, rclatinf; to the relations}lip created hereby, shall he open to the public for inspection in accurdance with Florida law. If Dove toper will net on behalf of the County, as provided under section 119.011(2), 17laridn Statlrtcs, Developer, subject to the Lerms of section 297.058(1)(c), Floridn Statutes, and any other applicuble legal And equitable reincdics, shall: 11.2 (A) Keep and maintain public records requiird by the County to perform tho service. (13) Upon request rrom the Coujtty's custodian of public records, provide; the County with a copy of the rcqucsicd records or allow Lbe records to be inspected or copied wlthiii a reasonable tlrrie at a cost that docY not exceed tlic cost provided by F1orldn InW. (C) Ensurc that public records drat are exempt or confidential and exempt from public records disclosure requircrnents are not disclosed except as autlrnrixed I.ry law for the. dUratiori of tile contract term and following cOmpiction of the contract if Developer does not transfer the records to the County. (P) Il' DEVELOPER HAS QUESTIONS REGARDING TI4F APPLICATION 01- CHAPTE11 119, FLORIDA STA'IUT S, TO D E V ELOPER'S MJTY TO 11R0V1 DF P I I J.311C REC0RDS RELATING TO THIS AC1RE MINT, C;ON'FAC'1" 1'11H CUSTODIAN OF PUBLIC RECORDS AT: Collicr Comity'Boal-d ofCounty Commissioners i.flmmunlention mud C ustoll m- Rc1Ntalns Divtglf7n 3299 Tantl.tmi Trail Fast 5nite 102 Naples, FL 34112 (239)252-806P PublicRccordltcnucst colhcrcoimt 11. Jov Section I2. 1VilieelIn11Cq u. (A) Lntim Agi-ccmcnt. This Agreement sets forth all of the protnises, covenants, ngreurnents, conditions and understandings between the parties hereto, and supersedes all prior and contemporaneous agi-cernents, uncicrst3nri1113s, indllCClr]entS nr conditions, express or implied, oral fir written, cxctpt ns hcrcin contained. (B) Pronuuns. Ml pronouns and any vnrinlinns thereof sitnll be deemed to refer to ilia mrisculine, Feminine and neuter, singtiinr or plural, as the identity of the party or liar -ties, personal representatives, surccscnrs nr assigns mny require. (C) Counterpart . Thiti Agreement may he executed in one or rriorc cottnterpnrts, each of which shall tic deemed on original, but all OF Which shall together constitute one-in-the-samc instrument. (D) QQVerning l_awVcnLle. This Agreement shall be construed and interpreted according to the laws of lhu SWL: of Florida, and all duly adopted ordinances, reguWluns, and policies of the County nuw is, effect and those hereinafter adopted. The ]oeation Tar st:tticnterlt of arty slid all claims, contrUYC liCS, or dlspuws, arising out or Or rclaLing to any par: of this AgreemenL, ur any brunch hereof, shall he Col Iier County, Florida. (f:) Bitidine Ef cct. This Agi-cement shall be binding upon and enforceable by and against the parties hereto and their beneficiaries, heirs, successors and assigns and shrill be cieerned to "run with the land." This Agreement shnll also inure to the benefit of both parties herclo and their respective bmcficiarics, heirs, successors and assigns, (F) Recordg. Qn. This Agreement may be recorded by Developer in the Public Acctnds of Cullicr County, Florida, ;end successors, heirs and zssigns of Dcvcloper, including btiL not limited to builders or developers, shall hr, hound by the terms of this Agreement, and shall lilcewise be entitled to its bencfas. (U) Notice. Auy notice to be given shall. be is writing and shall lie Sent by ccrtitied snail, return receipt requested, to the party being noticed tit Llrr. following; addrosscs: :J G if to the County: Collier County 1'rocurratu:tzt l 3295 Tarniami 'frail East i+laplus, Florida 34112 and: Collier County Con ttnunity aad flumun Services l 3339 Tarniarni Trail East 0211 Naples, Florida 34112 Attention: Directur l with is copy to; County Attorney's Office Collier County 3299 Tanliaini Trail Fast, Suite 800 I 'Naples, Florida 34112 ! Attention: The County Attorney If to Developer: �a QQ435�4 FL.D r aia �+ n: ,1F /Attention: with a copy to: Sl,.� E f s p „, - L- A rtention: __�Ze 12s-4 AC,e �S g (II) eration. 'l•hc County and Devcloper each covenant and agree to mutually cooperate with one another in gaud faith, and tc Gxocute and deliver such ether or additionerl documents and instruments as may be rcascuRbly requested in order to cf£cotuaw the aj�'reeMe11Is set ford hcrein. (1) hrf'cctive Date. This Agreement shall becotne affective upon the date the last of the parties to this Agreement uxectrtes this AgreemenI (the "Effective Date" j, P) C n irts. if and to the extent them is a: conflia between the Lertrts and conditions of this Annexation agreement Laid the teens and conditions of tiny staff reports or summaries or letters of approval related to or pertaining to Developer Property, the terms and r.nndi6ons of this Agreement shall conhol. Section 12. Alternnt.c Dispute Resolution 12.1 In case of a dispute crmcorning this Agreement or tiic Developmvut, Ole patties agree to Attempt in good faith to resolve flit dispute amicably prior Lo call rmencirrg litigation. Il a dispute cannot be resolved in 30 business slays, tic parties will commence 7 (V 1 18 infonral or formai mcd41tian with a neutral person agreed upon by ilic parties who is familiar with Ole subicct matter of the dispute. If they cannot agree upon such a person within 15 business days thereafter, they will request the Chief Judge (or dasignee) to appaint a qualified Mediaier, Mediation will commence within 10 Business hays afRct agr=ment or appo'sntrnont of the Mediator and be compii:ied watt 30 days thereafter. The parties may expand the deadlines upon inuhtaI agreeinc nt. The pfulics will share eq,ially the cost of the Mediator. ]Signature Pages Follow] 8 n'70 IN IVITN ESS WIIE;tF,()F, the Pall ics IWVC C%CCLIICd I?js Agi-ecincrit as oFthe day and year below their respective signatures. Signed, seined and delivered In the presence elf- l + l Name:: Date:_- f rinsed Name • /: r 1'rintcd NaMel fi7-n'FF OF FLORIDA COUNTN' OF r The for going instrum nt was acknowlcciged I-,CForc Tile b, means of physical prcsepFc O , day of by v5 the Who is pc{snrTall} kn[Twn to Inc nr Who pm uccrl as ideRtlfcatlon- (iti}otary slam llscal} /4v ru�,' ISSA TIMES /$ '/;} Howl iubll[ • Stilt a! fiarldl f 1 GamrnhSI1RA GG 174h119 er °l )Ay Calm, Ejpk FI 1+'+r t 1, IOi l " landed t h rcu IN ,it lan+l ml Iry AIi In. 1.3i" I'uhlic - ------ M7. Co1111nissi(III Number: e—, 14 aI My C onuilissiull expires: 3 (-v ra'J4a,--5 ` �j Po G 1 10 Sigl,ul, scaled ind dclivued C dlicr Co►u,ty, A poIldr- l suNtivision In the Presence of: ':f the Stale uITIorida _. By. _ Name v T } r S Datc;_ _I V G ,�Ud{ ) Printed Name Prinled Name STATE OF 11-,0111DA � -may � � � 'r (-'OT)NTY OF COLLIER the fvreguing iiisll uiucl,l was uckd,srwlcdged Wore jao- moans of physical Presence this __ clay of 2[1 _, by [ ] its tli•��af Cc11icf Comity, a politioat subdivision of the Slate of I-'bxida, who isis� feisonaliy known to me yr who produced_ 1tiC[lli(ICESiloil �~ CNotary stampAcal) Notary I Lblic My Commission Numhar: My Commission expires: ATTEST Approved as to form ntt':l leEt:►liiy CRY STA1, K. KINZHL, CLEW Asx , nt County�fY �f1- r iQ �il�ii3i#a[#"5 !� 3da I EAH1E311 "A" PARCEL NO, 5 LEGAL DESCRIPTION A PARCEL OF LAND LYING IN THAT PART OF TRACT W. GOLDEN GATE. UNIT 8 PART 1. ACCORDING TO THE MAP OR PLAT THEREOF AS RECORDED IN PLAT SCOK 5, PAGES 147 THROUGH 151 AND THAT PART OF TRACT'A' OF GOLDEN GATE UNIT 8 PART 2 ACCORDING TO THE MAP OR PLAT THEREOF AS RECORDED IN PLAT BOOK 3, PAGES 107-A THROUGH 112, ALL OF THE PUBLIC RECORDS OF COLLIER COUNTY. FLORIDA. BEING DESCR15ED AS FOL LC4NS: COMMENCING AT THE SOUTHEAST CORNER OF SAID GOLDEN GATE- UNR 8 PART 1 S'U5OIVISI04• RUN S88'D4'1?Vt ALONG THE SOUTH LINE OF SAID SUBDIVISION FOR A DISTANCE OF 34.00 FEET TO THE POI', OF BEGINNING; THENCE CONTINUE S38'G4'17'W ALONG SAID LINE FOR A DISTANCE OF 25027 FEET TO THE EASTERLY LINE OF BLOCK 272 OF SAID SUSONISION; THENCE ALONG SAID LIN=_ NW40`411Y FOR A DISTANCE OF 258.70 FEE" TO A POUFOF CURVATURE; THENCE 19.77 FEc f ALONG THE ARC OF A CURVE TO THE LEFT HAVING A RADIUS OF 50.00 FE . A CENTRAL ANGLE OF 91.24'51' ANO A CHORD DISTANCE OF 71.53 FEET: BEARING N48'23 A W TOA POINT OF TANGENCY; THENCE S87'54291Y FOR A DISTANCE OF 232.95 FEET TO THE SOUTHEAST CORNER OF BOCK 278 OF SAID SU8DN7SION: THc NCE ALONG THE EAST LINE OF SAID BLOCK 278 AND THE NORTHERLY EXTENSION OF SAID LINE 1`100.31'5M FOR A CISTANCE OF ^..748.84 FEET: THENCE LEAVING SAID LINE N89.30'57'E FOR A DISTANCE OF S85.72 FEET; THENCE 60OK9103'E FOR A DISTANCE OF 2.043.27 FEET TO THE POINT OF BEGINNING, THE ABOVE DESCR15E3 APPRO)Q:VATELY 1.111,900 SOUARE ET OR 25-53 ACRES OF LAND. SKEMM OF DESCRIPTION w�roFnor15u.Al �relc l�.Tau;r•r r,—,xv wz�>cr ANR: A9 A= YID—T—O ,PSG .111: Np /. a�Al]%Ci T.1:T •1•fA.'.Y31 WTc L•NR 14JJR2A9 @CUmr®W PGAi 90CI(>. )iGEa fcf+� TeIAOJ:N :::. ]S TIE?u3C Y�LAUS CF ;�,rl.a xarm. ncAcr. oq 1� o �+ m TRACT "A" GOLDEN GATE UNIT 8 PART 2 (PLAT BOOK 9. PACES 107-A THROUGH 112 GOLDEN GATE UNIT 8 PART 1 (PLAT BCOK 5, PAGES 147 THROUGH ;51 BLOCK 272 ME AM y CXX - CURVE TABLE J CURVE RADIUS DELTA LENGTH CHORD BEARING d m 3 CI 50.07 91-2451' 79.7, 71.58' N 0 m lu I- LXX - LINE TABLE ❑-1n —. Q —J E LINE 8EAPJNG DISTANCE C>08 L1 S88 D4'17'N 34,07 w - 1.2 588'04'l7lN 2932i S L3 NOO'46'41'/Y 256.70' L4 S87'5429YJ 232.95' LS N85'3U57^c 585.72' POINT OF COMMENCEMENT SOUTH;AST CORNER OF TRACT GOLDEN GATE UNR 8 PART 1 (PLAT BOOK 5. PAO _S 147.13' ) 1 COLLIJt COUNi'! 30ARD OF COhlhtiSSIDN_RS SI�TCH Of DESCRIPTION erar,r�,. 4F wo,.u3 u-an�a•:,c�cAr�vn1>r P V(i 1 A3 i3Jf>JEJ N pJ1T 3CCA 5 i�G--".: �]-15: AIA i PCinpN OF TR)LT A•^.�DlDEl 6tP_ L•Nlf a ryyy{ 2A5 NPl»RD£� ��>`J' aCY:4:h:.5 :P.+-+R�I:Gv 1i2 O''SE v.:giC.iEG0..3 Cv iC0 D 250 500 Iwo — SCALE: 1' = 5:0' 46'23V'o"JJ SKETCH OF DESCRIPTION NOT A SURVEY SEE PAGE 2 FOR LEGAL DESCRIPTION =A9'AL ?4GINEE?jlO CONBJLTANf7, INL. iAR1CA BUSIN_33 AV-yCPlA1 NON t . � 20. RJCNARO J, 2 ING Vf PROFESSIO,WL SJRV-YOR AND MAP DR,, FLORIDA CERM, C.TE I'C,'.ZS NOT VALID V47ROUT—,H= 51GNATJK--AND THE OR,--P R,4SZD SEAL OF A 10RIDA LICIU4E1 SURJ_'1.ORAN0 WPFER ^ATE OF 3;OiATl1R_ • �V I Rj EXI•IIBIT B Unit Tuhils anti Types Miltinium NUMber of Units 350 Maximum NumE ts (Uverall}� lj4QQ Target Number of Senior Units jjj 100 `��0 lac ethumberof 5ts 100 Target Number of Essential ' Z50 'arget Number alservices Units Serts 300 Nate: Five percent (5%) of 5erfror and Essen VOI Servkes units shoIt be targeted to persons cansldered to be veterans, Inrumtr itad Hent Targeting Canal Seniors lncnmeAMl Target fdent I'erccnt Mininturn H Maximum 0 Nate:oeyslepermayelrctrnase7Ns Level Set -Aside of UniiS of Units9aarn[vmr-avrrsryrngoscsrt•aslde der, twit in 4sR or 9% HbuSrnrJ Crrdrt 30% _ 30% 1f]$5 i6 _N�A_ rransocfrons- +ts rlcctkn enoCks 60% 60% 9046 g0 N/A Income revels fa br sec-eskre ortwern 6nK • &7%ArX, hoMmed by irnks •— ____ � r r-arrde brkr w 6n K _ Essential Services Income ANTI target (tent Percent Set- Minimum/ p maximum # +safe: All unlis snoll be rented with _ Level Aside of Units of Units p 010 Overt to EMEArlal Servrre Anson nrl Cn iployrci. 60% 60% 8% .. _ 20 24 80% 80% 25% 63 75 fSl+ptruAarionnrr�rrrarprinctudc' 100% 80% �57% 142 _ 171 T!cIJ-HevdfhforC,EducaYon, 120% 100% d% 0 0 Emcrtmcy Scrvkos 144% 10{344 10% 25 30 f7rr7.6oyrrnmrar Income Targeting Criteria Oevelvper shall undertake best efforts to obtain project financing that enables Develope* to construct residential rental units that meet the Income and Rent rncomr Targctlrsg Goal shown In the charts above with particular emphasis on Target Rent; Levels indicated In Column 2. Developer agues to a maximum debt sery re coverage ratio of 1.25 (I)SC). ❑SC ratios In excess of 1-25 shall require Developer to reduce Initial rents to a level that resuhs in a debt servfcc coverage ratio not greater than 1.25 03C. The Intent of this requirement Is to reduce rents bringing projected rents closer to the Interne and Rent Targeting lGoal� amounts - Local government shall undertake best efforts to cbtain Federal, state and other housing resources, Impact fee deferrals or alterrate means of off -site Improvements to enabla Income and Rent Targeting Goals to be achieved. Developer shall also undertake best efforts to obtain additional grant and/or ogtslty contributions from ryartlelpating Fnundaflonc and others to enable Income and Rent Targeting Goals to be achieved The parties agree to a mutual review of pro forma total development costs and Income and expense projections prior to Developer accepting a f{nancial commitment from an outside fender and/or equity investor. The parties agree to the Fnclution of participating Foundations In the mutual review. The parties further agree that excess prctlts of the Development (should there be any) will he directed to a trust fund at the Foundation In partnership with Collier County, dedicated solely to the development or preservation of elrordable housing In CalilorCounty. Renaissance Hall Senior Living LEASE OF RENAISSANCE HALL SENIOR LIVING PARCEL FROM COLLIER COUNTY, FL June 6, 2024 COLLIER COUNTY STANDARD FORM LONG-TERM GROUND LEASE (Phase 2) t" This Long -Term Ground Lease ("Ground Lease") is made effective the Qi day of ov�cln 2024 (the "Effective Date"), by and between Renaissance Hall Senior Living, LLLP, a Florida limited partnership ("Lessee or Developer"), and Collier County, a political subdivision of the State of Florida ("Lessor or County"). Lessor and Lessee may sometimes be referred to herein as "Parties". Lessee is a special purpose entity of Rural Neighborhoods, Inc., a Florida not -far -profit corporation, and the sole member of Lessee ("Rural"). RECITALS: WHEREAS, the Lessor is the owner of certain real property that is more commonly described as the Golden Gate Golf Course as Parcel Number 36560040008 by the Collier County Property Appraiser located in the Collier County, Florida 34104 ("Premises"); and WHEREAS, on December 13, 2019, the Board of Collier County Commissioners ("Board") issued Invitation to Negotiate (ITN) #20-7698 ``Housing and Land Development Component at the Former Golden Gate Golf Course" ("Solicitation"); and WHEREAS, on June 9, 2020, Rural was selected by the Board to enter into negotiations for development of a portion of Premises pursuant to the Solicitation; and WHEREAS, Rural is organized for charitable and lawful purposes not for pecuniary profit under Chapter 617, Florida Statutes, including, but not Iimited to, the lessoning the burdens of government through community redevelopment and the provision of housing; and WHEREAS, Rural Neighborhoods is considered Federally tax-exempt under Section 501(C)(3) of the Internal Revenue Code and must not be operated for the benefit of private interests nor may the net earnings of the organization inure to the benefit of any private shareholder or individual; and WHEREAS, on November 10, 2020, the Board entered in Developer Agreement with Rural which memorialized the terms and conditions for development of a portion of the Premises under a 99-year lease to construct rental apartments to meet a crisis in the affordability and availability of senior, veterans, and essential service personnel such as health care workers, educational staff and first responders that impacts the economic, commercial, and residential development of the community (the "Development", and as it relates to this Ground Lease, the "Project'); and WHEREAS. on April 25. 2023, the Board executed a First Amendment to Developer Agreement amending the legal description identified as Exhibit A to the Developer Agreement, and amending the unit total and types as set forth in Exhibit B to the Developer Agreement; and WHEREAS, the Developer Agreement allows the Developer to construct the Development in phases and to have each ground lease in the name of a related entity; and (CAO WHEREAS, on the execution date hereof, the Board executed a Second Amendment to Developer Agreement amending the legal description, identified as Exhibit A to the Developer Agreement, to identify an Essential Services Phase 1 ("Phase I ") and a Senior Phase 2 ("Phase 2") legal description; and WHEREAS, the phased development of the Property necessitates the involvement of different lenders for Phase I and Phase 2, and the Parties desire this Ground Lease to relate specifically to Phase 2, and on the execution date hereof, the Parties have executed that certain Collier County Standard Form Long -Terre Ground Lease relating specifically to Phase I; and WHEREAS, Section 15 of this Ground Lease anticipates a special purpose entity ("SPE") of Rural as the Lessee of this Ground Lease and that SPE is the Lessee herein; and WHEREAS, it is the Board's finding that it is in the public interest to implement the Developer Agreement with terms and conditions set forth below and at the conclusion of this Ground Lease the land and improvements small revert to Collier County. WITNESSETH: NOW, THEREFORE, in consideration of Ten Dollars ($10.00) and other good and valuable consideration exchanged amongst the Parties, and in consideration of the covenants contained herein, the Parties hereby enter into this Ground Lease on the following terms and conditions: 1. Conveyance. On the terms and conditions set forth in this Ground Lease, and in consideration of Lessee's performance under this Ground Lease, the Lessor conveys to the Lessee the present possessory interest in the land described below. 2. Description of Leased Land. The land being leased to Lessee pursuant to this Ground Lease, has a legal description set forth in Exhibit A, annexed hereto and made a part hereof, and is hereinafter referred to as the "Leased Land," and is a portion of the Premises. 3. Conditions to Conveyance. Lessee warrants and represents to Lessor that it has examined the title and boundaries of the Leased Land. Accordingly, this conveyance is subject to all of the following: (a) Any and all conditions, restrictions, encumbrances and limitations now recorded against the Leased Land, together with any beneficial easements granted herein; (b) Any and all existing ;coning laws or ordinances; and (c) Lessee's satisfactory performance of all terms and conditions of this Ground Lease. 4. Use of Leased Land. The purpose of this Ground Lease is for Lessee to provide affordable housing which use the Board of County Commissioners has found to be in the public's interest. Accordingly, Lessee, together with all successors and assigns (including but not limited to a Leasehold Mortgagee, or its nominee or designee), shall utilize the Leased Land in strict OOPIC) accordance with the Rural's Response to Invitation to Negotiation 20-7698, and Developer Agreement, as amended and as summarized in Exhibit B, annexed hereto and made a part hereof, as allocated to the Phase 2 Project (i.e., to build one or more buildings with a total of One Hundred (100) to One Hundred Twenty (120) residential dwelling units with on grade parking, together with ancillary uses and/or amenities incident thereto to be solely utilized for the uses described in Exhibit B), subject to Sections 5 and 16 hereof. In the event Lessee shall cease to use the Leased Land after completion of the Project for the purposes described in Exhibit B, and such cessation of use shall continue for a period of twelve (12) consecutive months, this Ground Lease, at the option of the Lessor, shall be terminated and Lessee shall surrender and vacate the Leased Land to the Lessor within thirty (30) days after notice of such termination, unless Lessee shall re- commence operations within such thirty (30) day period. Notwithstanding the foregoing, said thirty (30) day period shall be tolled if such cessation is caused by events beyond the control of the Lessee such as Force Majeure (as hereinafter defined), casualty or if such cessation is due to temporary closing for reconstruction or repairs to the Project, or any portion thereof. 5. Phased Development. The Project may be constructed in phases (each, a "Phase" and collectively, the "Phases"). Consistent with Section 16 of this Ground Lease, Lessee, with the prior written notice to the Lessor, may delegate its authority to develop one or more of the Phases of the Project by sublease, partial assignment, assignment, or joint venture as approved by the Board of County Commissioners. Such delegation shall not relieve Lessee of its obligation under this Ground Lease. As used in this Ground Lease, the term "Developer- shall refer to Lessee or any assignee, successor, sublessee, cc -developer or joint venture of Lessee, involved in the development of the Project or any portion thereof. Upon approval of the plans, specifications, and permits by the authorities having jurisdiction over the Project (the "Governmental Authorities") and approval of financing by lenders and/or investors, as applicable, the Developer shall promptly construct the Project. In so doing, the Developer shall: (a) comply with the permits and all other applicable laws, approvals, codes and requirements of orders promulgated by all Governmental Authorities (the "Approvals"), (b) perform all work in a safe and workmanlike manner, and (c) ensure construction commences and is substantially complete in accordance with the Approvals. 6. Developer's Obli ation to Build and Modifications to Project. Developer shall design, permit and construct in compliance with all applicable governmental regulations, at its sole cost and expense, the Project. The plans, specifications and building design for the Developer's improvements ("Improvements") to be constructed on the Leased Land are subject to reasonable approval by Lessor. Prior to applying for any building permit for improvements to the Leased Land, Developer shall submit to Lessor for its approval such plans and specifications necessary to obtain a building permit for Developer's intended improvements. Lessor shall have thirty (30) days after receipt of any submittal by Developer to review Developer's submittals and provide a written response as to whether the submittal is approved as submitted, not approved as submitted (which disapproval shall specify the reasons therefor). or Lessor may provide Developer with requested changes. Any plans and specifications presented to Lessor for approval for the Project or any Phase thereof shall be deemed approved if not disapproved in writing by Lessor within such thirty (30) day period. If the submittal is not approved or if Lessor requests changes, Developer shall submit revised plans that will meet with Lessor's reasonable approval or incorporate the requested changes into the plans. If Developer determines not to revise its plans for any Phase of the Project in accordance with this Section, then Developer may terminate its sublease or sub -sublease or reassign its lease to Lessee. Developer may make nonmaterial changes to the approved plans from time to time to accommodate site issues or operating changes to Developer's use of the Leased Land. Material changes from the approved plans will require Lessor's written approval, which approval shall not be unreasonably withheld, conditioned or delayed. Lessor will provide Developer with requisite authorization to apply for permits once plans are determined to be acceptable by Lessor. All plans shall be in conformity with Collier County standards. Within 90 days of the Effective Date, Developer agrees to provide a timeline of the anticipated schedule for the Phase 2 Project and will provide the Lessor with any significant changes to such schedule. Under the terms of the Phase 1 ground lease, if the Phase 1 developer commences construction on the Phase 1 Essential Services project within twelve (12) months following the date of receipt of a commitment for funding ("Phase 1 Funding Date"), the Phase 2 Developer is granted a period of twelve (12) months from such Phase 1 Funding Date to obtain a written commitment of project funding for this Phase 2 Project ("Funding Commitment"). Developer shall secure the Funding Commitment within twelve (12) months following the Phase I Funding Date. If Developer is unable to secure the Funding Commitment within such time period, Lessor may exercise its option to terminate this Ground Lease or, at its sole discretion, Lessor may grant additional time to Developer to secure the Funding Commitment. The above referenced deadline may be extended at the discretion of the Board of County Commissioners. Upon commencement of construction of each Phase. Developer shall diligently pursue said construction of such Phase to completion and complete said construction on or before twenty-four (24) months from commencement of construction, subject to delays beyond the control of the Developer, including Force Majeure. Developer shall be solely responsible for the costs of repairing any damage (other than ordinary wear and tear) to Lessor's water and sewer facilities or other infrastructure located within the Leased Land resulting from construction or use by such Developer, its agents, officers or employees. Prior to commencement of construction of any Phase of the Project, Developer must demonstrate to Lessor that it has sufficient funds or commitments therefor necessary to complete such Phase of the Project, and Developer shall, prior to construction commencement of each Phase, cause its general contractor to post a payment and performance bond or like security in form and substance satisfactory to the County in amount equal to one hundred percent (100%) of the construction costs for such Phase of the Project as certified by Developer's engineer of record or general contractor, which shall be issued by a surety having a credit rating of "A" or higher. Any entitlements, permits, and/or easements that are necessary to construct and use the Project as set forth in Exhibit "B" shall be pursued by Developer. Lessor will join in or otherwise authorize Developer to pursue such applications. Developer shall pursue such applications with reasonable diligence and in a timely and commercially reasonable manner consistent with the prevailing standard of practice applicable to handling and processing land use matters in Collier County, Florida. 7. Term of Ground Lease. The term of this Ground Lease shall commence on the Effective Date and, unless terminated earlier by the Parties in accordance with the terms hereof, shall terminate on the ninety-ninth (99th) year anniversary from the Effective Date (`-Term"), There is no option to renew. If Lessee holds over after the expiration of the lease Term, such tenancy shall be from month to month under all of the terms, covenants and conditions of this Ground 0�_P_10 Lease subject, however, to Lessor's right to seek Iegal relief to eject Lessee from the Leased Land as a holdover. 8. Rent. The Lessee agrees to pay the Lessor the sum o f $10.00 per annum, in advance, for each year of the Term, which may, at Lessee's option, be prepaid at any time for the remainder of the Term. 9. Net Lease. This is a fully net Icase, with Lessee responsible for all its costs, fees and charges concerning the Leased Land. Accordingly, Lessee shall promptly pay when due and prior to any delinquency all such costs, fees, taxes, permit, trash removal services, assessments. utility charges, impact fees and obligations of any kind that relate to the Leased Land. Lessee will indemnify and hold Lessor harmless from any and all actual claims, costs and obligations arising from Lessee's use of the Leased Land other than attributable to Lessor. In case any action or proceeding is brought against Lessor by reason of Lessee's use of the Leased Land, Lessee shall pay all costs, reasonable attorneys' fees, expenses and liabilities resulting therefrom and shall defend such action or proceeding if Lessor shall so request other than attributable to Lessor, at Lessee's expense, by counsel reasonably satisfactory to Lessor. It is specifically agreed however, that Lessor may at its own cost and expense participate in the legal defense of such claim, with legal counsel of its choosing. 10. Liens and Mortgages. a) With the exception of land use restrictions required for grant funding and impact fee waiver, Lessor shall not in any way encumber or Iien the Leased Land and shall promptly remove any and all encumbrance or liens it placed against the Leased Land of its doing. With exception of the aforementioned land use restrictions, all persons are put on notice that the interest of the Lessee in the Leased Land shall not be subject to liens or encumbrances made by the Lessor. b) Lessor acknowledges and agrees that it will not be possible for Developer to construct the Project without obtaining a loan or loans from one or more lenders secured by mortgage(s) on Lessee's or DeveIoper's leasehold interest in the Leased Land (each, a "Leasehold Mortgagee") and/or equity investments from one or more Equity Investors (as hereinafter defined). Therefore, Lessor hereby covenants and agrees that its interest in this Ground Lease is and shall be subject to, subordinate and inferior to any loan obtained by the Developer for the purpose of financing the development and/or operation of the Project, and to the Iien of Leasehold Mortgagee ("Leasehold Mortgage"), assignments of rents and leases, security agreements, and other collateral, security documents or instruments required by any Leasehold Mortgagee, and to all renewals, extensions, modifications, consolidations, replacements and refinancing and to all advances made or hereafter to be made upon the security of the Leasehold Mortgage, assignments of rents and leases, security agreements, and other collateral, security documents or instruments. Lessor shall, at Developer's request, join, execute and/or deliver any and all Leasehold Mortgages, assignments of rents and leases, security agreements, and other collateral, security documents or instruments as may be required by such lender or lenders in order to subject and subordinate the Lessor's interest in this Ground Lease to the lien of such documents or instruments, and upon Developer's request shall join, execute and/or deliver any and all such further instruments or assurances as any such lender or lenders may reasonably deem necessary to evidence or confirm OCAO the subordination of this Ground Lease or, to the extent not prohibited under the law, allowed the encumbrance of the Lessor's interest herein to the lien of any such Leasehold Mortgage, assignments of rents and leases, security agreements, and other collateral, security documents or instruments. Provided, however, and notwithstanding anything contained herein to the contrary, Lessor shall not be required to suffer, incur, accept or assume any personal liability for any such financing. loans or indebtedness, or any costs or expenses thereof., or any other indebtedness or liability of Developer thereunder, and any Leasehold Mortgage, assignments of rents and leases, security agreements, and other collateral, security documents or instruments of any nature whatsoever which the Lessor may be called upon to join, execute and/or deliver under and pursuant to this section shall expressly exculpate Lessor from and against any and all such personal liability. Lessee may, without Lessor's consent, assign or mortgage this Ground Lease (including any options it contains) to any Leasehold Mortgagee under a Leasehold Mortgage. A Leasehold Mortgagee (and anyone whose title derives from a Leasehold Mortgagee) may, without Lessor's consent, hold a foreclosure sale or exercise the power of sale, take title to this Ground Lease, and transfer or assign this Ground Lease, either in its own name or through a nominee. For the avoidance of doubt, Lessee acknowledges and agrees that Lessor's Fee Estate shall not be subject to any foreclosure by the Leasehold Mortgagee or by any other mortgagee that may have an interest in the Leased Land. Nothing in this section shall be construed as a waiver of Lessor's rights under Chapter 713, Florida Statutes. c) Lien and Encumbrance. Developer may encumber or lien this Ground Lease with any encumbrance, inchoate lien for taxes or municipal obligations, utility and access easements, affordability covenants, restrictions required by Section 42 of the Internal Revenue Code of 1986, as amended, other encumbrances incurred in the ordinary course of business of Developer, and other matters set forth in policy for title insurance insuring Developer's interest in this Ground Lease. d) Rights_of Leasehold Mortgagee. Upon foreclosure or assignment in lieu of foreclosure of the Leasehold Estate, pursuant to the terms of the applicable Leasehold Mortgage, the most senior Leasehold Mortgagee shall have the right to acquire this Ground Lease in its own name or the name of a nominee without consent or approval of Lessor. In the event that Lessees interest hereunder is acquired by a Leasehold Mortgagee, or its nominee or designee, then such Leasehold Mortgagee, or its nominee or designee, shall also have the right to further assign or sublet the Leasehold Estate hereunder to a third party without the consent or approval of Lessor. e) Non -Merger. This Ground Lease shall not terminate as to the Leasehold Mortgage because of any conveyance of leasehold interest in this Ground Lease to Lessor or of the Lessor's interest hereunder to the Lessee. Accordingly, if this Ground Lease and the Fce Estate in the Leased Land are commonly held, then they shall remain separate and distinct estates. They shall not merge without consent by all Leasehold Mortgagees. 11. Lessee's Obligation to Maintain Leased Land and Improvements and Comliy with All Lawful Requirements. Lessee, throughout the Term of this Ground Lease, at its own cost, and without any expense to the Lessor, shall keep and maintain the Leased Land and Improvements in good, sanitary and neat order, condition and repair, and shall abide with all applicable lawful requirements. if the Leased Land and Improvements are not in such compliance in the reasonable opinion of Lessor, Lessee will be so advised in writing. If corrective action is not begun within SOP10 thirty (30) days of the receipt of such notice Lessee shall be subject to applicable fines or penalties available under Collier County law. 12. Quiet Enio ment. Lessee shall be entitled to quiet enjoyment so long as Lessee is not in default under Section 18 hereunder, on any of the terms of this Ground Lease. Accordingly, Lessee shall have the exclusive right to use the Leased Land during the Term. During the Term, Lessee may, in its soic discretion, construct, improve, alter, maintain, or renovate the Project. Any such work may be undertaken by Lessee at any time or times during the Term hereof and no consent or approval of Lessor shall be required unless such work consists of major alterations from plans and specifications originally approved by Lessor as more fully provided for herein. Lessor agrees to co-operate with Lessee in connection with the construction and agrees to execute any documents required by governmental authorities and any lender or investor evidencing Lessee's rights hereunder and consenting to such work. During the Term of this Ground Lease. Lessee may erect appropriate signage on the Leased Land and the improvements constructed by Lessee thereon. Any such signage shall be in compliance with all applicable codes and ordinances. 13. Casualty and Condemnation. (a) Casualty, if any Phase of the Project is destroyed, or damaged to any extent by fire or other casualty, and Lessee shall apply any insurance proceeds (`Proceeds") to rebuild or restore the Leased I. and to substantially its condition prior to such casualty event, unless the Lessee provides the Lessor with a written determination that rebuilding or restoring the Leased Land to such a condition with Proceeds within a reasonable period of time is impracticable or would not be in the best interests of the Lessee. If the Lessee elects not to repair or replace the improvements, then Lessee or Lessor may terminate this Ground Lease as to the Phase or Phases affected by the casualty by providing notice to the other party within ninety (90) days after the occurrence of such casualty, The termination will be effective on the ninetieth (90th) day after Lessee makes such election, unless extended by mutual written agreement of the Parties. During the period between the date of such casualty and the date of termination, Lessee will cease its operations as may be necessary or appropriate. If this Ground Lease is not terminated as set forth herein, or if the Leased Land is damaged to a less than material extent, as reasonably determined by Lessee, Lessee will proceed with reasonable diligence, at no cost or expense to Lessor, to rebuild and repair the Leased Land to substantially the condition as existed prior to the casualty, The Proceeds shall be paid to Lessee, or as otherwise directed by Leasehold Mortgagee. (b) Condemnation. Lessee may terminate this Ground Lease as part of a condemnation Project, and Developer may terminate its sublease or sub -sublease as part of a condemnation of its respective Phase of the Project. 14, Access to Leased Land. Lessor, its duly authorized agents, contractors, representatives and employees, shall have the right after forty-eight (48) hour written notice to Lessee, to enter into and upon the Leased Land during normal business hours, or such other times with the consent of Lessee, to inspect the Leased Land, verify compliance with the terms of this Ground Lease, or make any required repairs not being timely completed by Lessee, provided, if Lessor wishes to access/enter any residential unit, it must do so in compliance with the applicable residential lease. OGNO 15. Termination and Surrender. Unless otherwise mutually agreed by the Parties, within thirty (30) days after termination of the lease Term, Lessee shall redeliver possession of the Project to Lessor in good condition and repair subject to normal wear and tear. Lessee shall have the right at any time during Lessee's occupancy of the Leased Land to remove any of its personal property, equipment, and signs provided, however, at the termination of this Ground Lease, Lessor shall have the option to demolish and remove all improvements made by Lessee to the Leased Land upon Lessee's vacation thereof, or to retain said improvements with fixtures on the Leased Land which improvements and fixtures will become the property of the Lessor upon Lessee's vacation of the Leased Land. 16. Assignment or Sublease. Lessor acknowledges that sources of public or private financing including, but not limited to, Florida Housing Finance Corporation may require Developer to form one or more single purpose entities (each, an "SPE") to seek and secure funding, for portions of the Project. Lessee may assign this Ground Lease, or a portion of the Leased Land, without the prior written consent of the Lessor to the SPE whose manager, authorized member or general partner shall be an "Affiliate" of Lessee. "Affiliate" is herein defined as a SPE controlled, through membership or general partnership interest, by Lessee. Lessee must provide written notice to Lessor of any assignment to an Affiliate within thirty (30) days of such conveyance. During the Term of this Ground Lease, Lessee upon the prior written approval of the Lessor, which approval shall not be unreasonably withheld or delayed, shall be permitted from time to time, to assign or otherwise transfer all or any portion of its rights under this Ground Lease to an SPE or such other organizations, firms, corporations, general or limited partnerships, unincorporated associations, joint ventures, estates, trusts, or any other entities as Lessee shall select, subject to the following conditions, by virtue of an assignment, partial assignment, or sublease (each, a "Transfer"): a) Lessee shall not be in default under this Ground Lease at the time of such Transfer; b) Any Transfer of all or any part of Lessee's interest in this Ground Lease and the Leased Land shall be made expressly subject to the terms, covenants and conditions of this Ground Lease, and such assignee or sublessee shall expressly assume all of the obligations of Lessee under this Ground Lease applicable to that portion of the Leased Land being assigned or transferred, and agree to be subject to all conditions and restrictions to which Lessee is subject, but only for matters accruing while such transferee holds the transferred interest. c) There shall also be delivered to I..essor a notice which shall designate the name and address of the transferee and the post office address of the place to which all notices required by this Ground Lease shall be sent. d) Such transferee has experience successfully operating and maintaining properties similar to the Project. e) Such transferee of Lessee (and all succeeding and successor transferees) shall succeed to all rights and obligations of Lessee under this Ground Lease with respect to the portion of the Leased Land so transferred, and subject to the terms of the document of Transfer, CGDPIO including the right to mortgage, encumber and otherwise assign and transfer. As between Lessee and the transferee, the assignment or sublease shall allocate such portion, if any, of the Rent and any other payments and obligations under this Ground Lease to be paid or provided to Lessor by the transferee. f) Such transferee of Lessee (and all succeeding and successor transferees) shall succeed to all rights and obligations of Lessee under the Income Sharing Agreement dated . of 2024, and shall honor the terms and conditions therein. g) Once a Transfer has been made with respect to any portion of the Leased Land, the transferee and Lessor may thereafter modify, amend or change this Ground Lease with respect to such portion of the Leased Land, so long as Lessee has been released from all rights and obligations under this Ground Lease pertaining to the transferred portion of the Leased Land, all subject to the provisions of the assignment or transfer, so long as they do not diminish or abrogate the rights of Lessee (or anyone claiming through Lessee) as to any other part of the Leased Land, and no such modification, amendment or change shall affect any other part of the Leased Land or this Ground Lease thereof. h) Except as may otherwise be specifically provided in this Section 16, upon a Transfer, such transferor shall be released and discharged from all of its duties and obligations hereunder which pertain to the portion of the Leased Land transferred for the then unexpired Term of this Ground Lease. i) Any act required to be performed by Lessee pursuant to the tcnns of this Ground Lease may be performed by any transferee of Lessee and the performance of such act shall be deemed to be performed by Lessee and shall be accepted by Lessor as Lessee's act, provided such act is otherwise performed in accordance with the terms of this Ground Lease. References in this Ground Lease to "Lessee" shall be deemed applicable to a sublessee or assignee, as well as to the Lessee named in the introductory paragraph. j) Lessee shall provide Lessor with copies of all subleases and sub -subleases entered into during each quarter. Lessor agrees to grant non -disturbance agreements for sublessee(s) and/or sub -sublessees) which provide, in the event of a termination of this Ground Lease which applies to the Phase or portion of the Leased Land covered by such sublease and/or sub -sublessee, due to a Default by Lessee, such sublessee and/or sub -sublessee will not be disturbed and will be allowed to continue peacefully in possession directly under this Ground Lease as the successor Lessee, provided that the following conditions are met: (a) any sublessee and/or sub -sublessee shall be in compliance with the terms and conditions of its sublease; and (b) any sublessee and/or sub -sublessee shall agree to attorn to Lessor. 17. Insurance. (a) Lessee shall maintain general liability and property liability insurance policy(ies), for not less than hive Million and 00/100 Dollars ($5,000,000.00) combined single limits during the Term ofthis Ground Lease (which may be through an umbrella or excess liability policy). If such amounts are less than required by Leasehold Mortgagee, Lessee shall comply with the amount required by Leasehold Mortgagee. (b) From the completion of the first Phase of the Project, Lessee shall also maintain standard fire and extended coverage insurance on the additions and improvements located on the Leased Land and all of Lessee's property located on or in the Leased Land including, without limitation, furniture, equipment, fittings, installations, Fixtures (including removable trade fixtures), personal property and supplies, in an amount not less than the then -existing full replacement value, but in no case less than the amount required by the Leasehold Mortgagee. From the completion of the first Phase of the Project, Lessee shall maintain flood insurance for no less than the Federal Maximum limits required for any building that is located within a flood zone. (c) All of the above -described liability insurance policy(ies) shall list and continuously maintain Lessor as an additional insured thereon. The property insurance policy shall list the Lessor as its interest may appear. Evidence of such insurance shall be provided to Lessor and the Collier County Risk Management Department, 3311 Tamiami Trail Fast — Bldg. D, 34112 Naples, Florida, 34112, prior to the insurance taking effect; and shall include a provision requiring not less than ten (10) days prior written notice to Lessor in the event of cancellation or material reduction in policy(ies) coverage. The issuer of any policy must have a Certificate of Authority to transact insurance business in the State of Florida and must be rated "A" or better in the Most current edition of Best's Insurance Reports. Each insurer must be responsible and reputable and must have financial capacity consistent with the risks covered. Each policy must contain an endorsement to the effect that the issuer waives any claim or right of subrogation to recover against Lessor, its employees, representatives and agents. (d) Failure to continuously abide with all of these insurance provisions shall be deemed to be a material breach of this Ground Lease and Lessor shall have the remedies set forth below. 18. Defaults and Remedies. (a) Defaults by Lessee. The occurrence of any of the following events set forth below without such event being cured or remedied will constitute a "Default by Lessee" to the greatest extent then allowed by law: (i) Lessee's abandonment of Leased Land and its determined non-use continues for ninety (90) consecutive days and discontinuation of Lessee's operation. (ii) Lessee's failure to commence construction on the Phase 1 Project within six (6) months following receipt of the Funding Commitment. (iii) Lessee's failure to complete construction on the Phase 1 Project within twenty-four (24) months from commencement of construction. (iv) After construction completion of any Phase of the Project, Lessee's failure to utilize such Phase of the Leased Land as set forth in Exhibit B, which continues for more than one (1) year after such failure -subject to the provisions in Section 4 above. (v) Any lien, other than those permitted encumbrances under Section 10, is filed against the Lessee's interest on the Fee Estate, and the same remains unreleased for a 9 period of sixty (60) days from Lessee's notice unless within such period Lessee is contesting in good faith the validity of such lien and such lien is appropriately bonded. (b) Remedies of Lessor. (i) In ethe event of any Default(s) by Lessee, Lessor, may apply all rights under this Ground Lease, by law and equity against the Lessee; provided, however, that (A) Lessor shall have first provided written notice of any Lessee Defaults) to Lessee, along with all Leasehold Mortgagees or each equity investor in an SPE to which this Ground Lease is assigned (either in whole or in part) or to which a portion of the Leased Land is subleased (each, an "Equity Investor"), which parties shall be provided an additional ninety (90) days to cure such Default(s) by Lessee before Lessor may exercise its remedies in this section, and (B) any rights of Lessor shall be exercised only with respect to the Phase or other applicable portion of the Leased Land with respect to which such Lessee Default occurred, and not any other Phase. (ii) If Lessee fails to cure within the time frames specified in this section, Lessor may, at its option, terminate this Lease, in which event Lessee shall immediately surrender the Premises to Lessor. (iii) If Lessee fails to promptly pay, when due, the rent or any other sum payable to Lessor under this Ground Lease, and if said sum remains unpaid for more than ten (10) days past the due date, the Lessee shall pay Lessor a late payment charge equal to five percent (5%) of each such payment not paid promptly and in full when due. Any amounts not paid promptly when due shall also accrue compounded interest of two (2%) percent per month or the highest interest rate then allowed by Florida law, whichever is higher ("Default Rate"), which interest shall be promptly paid by Lessee to Lessor. (iv) In the event of a Default by Lessee, Lessor may sue for direct, actual damages arising out of such Default by Lessee or apply for injunctive relief as may appear necessary or desirable to enforce the performance and observance of any obligation, agreement or covenant of Lessee under this Ground Lease, or otherwise. Lessor shall be entitled to reasonable attorney's fees and costs incurred arising out of Lessee's default under this Ground Lease. (c) Default by Lessor. Lessor shall in no event be charged with default in the performance of any of its obligations hereunder unless and until Lessor shall have failed to perform such obligations within thirty (30) days (or such additional time as is reasonably required to correct such default, but not to exceed an additional ninety (90) days) after written notice to Lessor by Lessee properly and in meaningful detail specifying wherein, in Lessee's judgment or opinion, Lessor has failed to perform any such obligation(s). (d) No Remedy Exclusive. No remedy herein conferred upon or reserved to either party is intended to be exclusive of any other available remedy or remedies, but each and every such remedy will be cumulative and in addition to every other remedy given under this Ground Lease or hereafter existing under law or in equity. No delay or omission to exercise any right or power accruing upon any event of default will impair any such right or power nor be construed to be waived, but any such right and power maybe exercised from time to time and as often as may be deemed expedient. OCPIO (e) Non -Waiver. Every provision hereof imposing an obligation upon Lessee is a material inducement and consideration for the execution of this Ground Lease by Lessee and Lessor. No waiver by Lessee or Lessor of any breach of any provision of this Ground Lease will be deemed for any purpose to be a waiver of any breach of any other provision hereof or of any continuing or subsequent breach of the same provision, irrespective of the length of time that the respective breach may have continued. Miscellaneous Legal Matters 19. This Ground Lease shall be construed by and controlled under the laws of the State of Florida. In the event of a dispute under this Ground Lease, the Parties shall first use the County's then -current Alternative Dispute Resolution Procedure. Following the conclusion of this procedure, either party may file an action in the Circuit Court of Collier County to enforce the terms of this Ground Lease, which Court the Parties agree to have the sole and exclusive jurisdiction. 24, Other than that certain Developer Agreement dated as November 1O, 2020, as amended, this Ground Lease contains the entire agreement of the Parties with respect to the matters covered by this Ground Lease and no other agreement, statement or promise made any party, or to any employee, officer or agent of any party, which is not contained in this Ground Lease shall be binding or valid. In the event of a conflict between the Developer Agreement and the Ground Lease, the Ground Lease shall prevail. Time is of the essence in the doing, performance and observation of each and every term, covenant and condition of this Ground Lease by the Parties. 21. In the event state or federal laws are enacted after the execution of this Ground Lease, which are applicable to and preclude in whole or in part the Parties' compliance with the terms of this Ground Lease, then in such event this Ground Lease shall be modified or revoked as is necessary- to comply with such laws, in a manner which best reflects the intent of this Ground Lease. 22. Except as otherwise provided herein, this Ground Lease shall only be amended by mutual written consent of the Parties hereto or by their successors in interest. Notices hereunder shall be given to the Parties set forth below and shall be made by hand delivery, facsimile, overnight delivery or by certified mail. If given by certified mail, the notice shall be deemed to have been given when received or first required. For the purpose of calculating time limits which run from the giving of a particular notice the time shall be calculated from actual receipt of the notice. Time shall run only on business days which, for purposes of this Ground Lease shall be any day other than a Saturday, Sunday or legal public holiday. Notices shall be addressed as follows: If to Lessor: County Manager Collier County Manager's 011'ice 3299 East Tamiami Trail Naples, Florida 34112 If to Lessee: Renaissance Hall Senior Living, LLLP CIO Dural Neighborhoods, Inc. 19308 SW 380th St., Florida City, FL 33034 Attention: Steven Kirk with a copy to: Nelson Mullins Riley Scarborough LLP 390 N. Orange Ave., Suite 1400 Orlando, Florida 3280I Attention: Morry Osborn, Esq. Notice shall be deemed to have been given on the next successive business day to the date of the courier waybill if sent by nationally recognized overnight delivery service. 23. Lessee is an independent contractor and is not any agent or representative or employee of Lessor. During the Term of this Ground Lease, neither Lessee, nor anyone acting on behalf of Lessee, shall hold itself out as an employee, servant, representative or agent of Lessor. Neither party will have the right or authority to bind the other party without express written authorization of such other party to any obligation to any third party. No third party is intended by the Parties to be a beneficiary of this Ground Lease or to have any rights to enforce this Ground Lease against either party hereto or otherwise. Lessee acknowledges that Lessor is not providing any vacation time, sick pay, or other welfare or retirement benefits normally associated with an employee -employer relationship and that Lessor excludes Lessee and its employees from participation in all health and welfare benefit plans including vacation, sick leave, severance, life, accident, health and disability insurance, deferred compensation, retirement and grievance rights or privileges. 24. Neither party to this Ground Lease will be liable for any delay in the performance of any obligation under this Ground Lease or of any inability to perform an obligation under this Ground Lease if and to the extent that such delay in performance or inability to perform is caused by an event or circumstance beyond the reasonable control of and without the fault or negligence of the party claiming Force Majeure. "Force Majeure" shall include an act of God, war (declared or undeclared), sabotage, riot, insurrection, civil unrest or disturbance, military or guerrilla action, economic sanction or embargo, civil strike, work stoppage, slow -down or lock -out, explosion, fire, earthquake, severe weather condition, hurricane, flood, lightning, wind, drought, pandemics, or the binding order of any governmental authority. 25. Lessee will not transport, use, store, maintain, generate, manufacture, handle, dispose, release or discharge any Hazardous Materials upon or about the Leased Land, nor permit employees, representatives, agents. contractors, sub -contractors, sub -sub -contractors, material men and/or suppliers to engage in such activities upon or about the Leased Land except in the ordinary course of business. 26, In compliance with Section 404.056, Florida Statutes, all Parties are hereby made aware of the following: Radon is a naturally occurring radioactive gas that, when it has accumulated in a building in sufficient quantities, may present health risks to persons who are exposed to it over time. Levels of radon that exceed federal and state guidelines have been found in buildings in Florida. Additional information regarding radon and radon testing may be obtained from your County Public Health Department. �CAO 27, The Lessor agrees to reasonably cooperate with any audits that are required to be conducted in accordance with the provisions set forth in Florida Statutes, Section 20.455(5), 28. Lessee shall execute this Ground Lease prior to it being submitted for approval by the Board of County Commissioners. A memorandum of this Ground Lease may be recorded by the County in the Official Records of Collier County, Florida. within fourteen (14) days after the County enters into this Ground Lease, at Lessee's sole cost and expense. 29. Lessor acknowledges that Lessee's Leasehold Mortgagee or Equity Investor may request changes to this Ground Lease, Lessor agrees to reasonably amend this Ground Lease as necessary to accommodate the Leasehold Mortgagee and/or Equity Investor, 30. In addition to any rights of the Leasehold Mortgagee or Equity Investor, if, within ninety (90) days after the mailing of any notice of termination or such later date as is thirty (30) days following the expiration of the cure period, if any, afforded Lessee, such Leasehold Mortgagee or Equity Investor cure Default by Lessee, Lessor agrees to accept such cure as though tendered by Lessee, in which event, this Ground Lease shall be restored to good standing, 31, Subject to the rights of any Leasehold Mortgagee or Equity Investor to effectuate a cure following a Default under the Lease by the Lessee, any easements granted in accordance with this Ground Lease shall remain in effect for the term of the Ground Lease; however, upon the termination of the Ground Lease, the County, at its sole option, shall have the unilateral right to terminate such easements and to unilaterally record a termination document evidencing the same in the Public Records of Collier County. 32. Notwithstanding anything to the contrary herein, during the Term of this Ground Lease, the Lessor shall not transfer, encumber or otherwise dispose of the Fee Estate or the Leased Land or any interest therein without the prior written consent of the Lessee, Equity Investor, and all Leasehold Mortgagees, 33. This Ground Lease may be modified by virtue of the powers and authority vested in the Collier County Manager, Collier County, or Board of County Commissioners. 34. Each party hereto shall, at any time and from time to time within ten (10) days after being requested to do so by the other party, any Leasehold Mortgagee or Investor in writing, execute, acknowledge, and address and deliver to the requesting party (or, at the latter's request, to any existing or prospective mortgagee, transferee, Investor or other assignee of the requesting party's interest in the Leased Land or under this Ground Lease which acquires such interest in accordance with this Ground Lease), a certificate in recordable form, certifying (a) that this Ground Lease is unmodified and in full force and effect (or, iF there has been any modification thereof, that it is in full force and effect as so modified, stating therein the nature of such modification); (b) that Lessee has accepted possession of the Leased Land, and the date on which the Term commenced; (c) as to the dates to which rent and other charges arising hereunder have been paid; (d) as to the amount of any prepaid rent or any credit due to Lessee hereunder; (e) as to whether, to the best of such party's knowledge, information and belief, the requesting party is then in default in performing any of its obligations hereunder (and, if so, specifying the nature of each such default); and (f) as to any other fact or condition reasonably requested by the requesting party; and OCAO acknowledging and agreeing that any statement contained in such certificate may be relied upon by the requesting party and any such other addressee. 35. If any provision of this Ground Lease be held to be void or unenforceable under the laws of any place governing its construction or enforcement, this Ground Lease shall not be void or vitiated thereby but shall be construed to be in force with the same effect as though such provisions were omitted. 36. Lessor and Lessee acknowledge and agree that during the Term, each applicable Developer shall be the owner of all improvements constructed or to be constructed on its Phase of the Leased Land, and as such, such Developer shall be entitled to all depreciation deductions and the credits or other benefits for income tax purposes relating to such improvements. 37. Lessee shall have the option, but not obligation, to name one or more buildings for one or more individuals or entities providing financing or other assistance for any portion of the Project; provided, however, Lessor shall retain the right to require Lessee to change the name upon not less than 60 days prior written notice if the individual or entity associated with such name: (i) commits or is accused of committing an act involving moral turpitude under federal, state or local law, or (ii) commits an act of significant public disrepute or becomes the subject of a scandal such that Lessor believes, in its reasonable discretion, that the value or the Project has been or will be negatively affected. TIIE BALANCE OF THIS PAGE LEFT BLANK, SIGNATURE PAGE FOLLOWS IN WITNESS WHEREOF, the Lessee and Lessor have hereto executed this Ground Lease the day and year first above written. AS TO THE LESSEE: Renaissance Hall Senior Living, LLLP -VV!tness (signature) (Print name) Witness (signature) (Print name) AS TO THE LESSOR: ATTEST*- �=;;:...i. !. CRY5T : " KINZB�13�lerk rm and legality: County Attomey ; 3 ,\Vy By: Rural Neighborhoods, Incorporated, a Florida not -for -profit corporation, its general partner By: Ste en K'srk, •esident BOARD OF COUNTY COMMISSIONERS, COLLIER COUNTY, FLORIDA By. Chri all, CHAIRMAN IN WITNESS WHEREOF, Rural Neighborhoods, Incorporated joins in and consents to this Long -Term Ground Lease for Phase 2 on the date first written above. Joinder by: fitness (signature) Tint name) Witness (signature) �a leS (Print name) Rural Neighborhoods, Incorporated, a Florida not -for -profit corporation By: Ste ri �K�irk,resident GAS EXHIBIT A - Leased Land {Phase 2 Senior] nPlc T F71ATtnM A AIAZL 0 LNO t791C armr >VV 'F; CRBCR uiE UW a PARE F. 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II �� _ 1 °_ I_ • i I • J��L7_ f �J x 4w sMU7 'a x LEr�m w u a ARC tLKfy c7+ clean LGION ❑ ] fl0 ?Oi 400' =FIAT NXK SCALE: I' = 200• PPOO = Pp 7 PT errA~1 nos wr RA�lh-Tr a££ti CNL&ISPIA cW PM POW aF )FX R = I8{pV5 r Fa:OucFO r10- irUCWN REASCFr SGtt[ CF6V Lr FOR 4TWYCII�h ITL\5C/VS A = AE17+1 .xGL[ tr (lE1ou 04409( LM wcrkw � raa cfce,'se�n ,-r a r SKETCH AND OESCRIMON "o , UF�w�y� P.A. tc$So Br fin .1.wl A PARCEL 4F LAND y � Igacan[ mIw � L'is11 Fa i iM tiartrrrina 1'4anp�wl. I.Me7Mcap• ►nilhnix SECTION 27 N 9CA1.F aAre. r.7vg rvzvnn awWnn lA win. :I r.a f rY LNG ilf Os It:Mnn3a� TQriNSHIP, ag SOUFH, RANGE 26 EAST F- r►[ a-rrrasona ; lw—ta SFr - LW.Y47 IP41 wro Cr omf. - — Fm tlww ::gl vl MA COLLIER COUNTY, FLORipA � SIEEr - I e 7 � TOGETHER WITH an easement for ingress, egress and utilities over, under and through the fallowing described parcel: Beneficial Ingress, E ress and Utility Easement Parcel # I : A PARCEL OF LAND LYING IN TRACT "A", GOLDEN GATE UNIT 8, PART 1, AS RECORDED IN PLAT BOOK 5, PAGES 147 THROUGH 151 OF THE PUBLIC RECORDS OF COLLIER COUNTY, FLORIDA, SAID PARCEL BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING ATTHE SOUTHEAST CORNER OF TRACT "A", GOLDEN GATE UNIT 8, PART 1, AS RECORDED 1N PLAT BOOK 5, PAGES 147 THROUGH 151, PUBLIC RECORDS OF COLLIER COUNTY, FLORIDA; THENCE NORTH 00°28'56" WESTALONG THE EAST LINE OF SAID TRACT "A" FOR 119.44 FEET TO THE POINTOF BEGINNING OF THE HEREIN DESCRIBED PARCEL; THENCE SOUTH 89°30'57" WEST DEPARTING SAID EAST LINE FOR 24.80 FEET; THENCE NORTH 01°58153" WEST, FOR 30.21 FEETTO A POINT ON A CURVE; THENCE NORTHEASTERLY 28.10 FEET ALONG THE ARC OF A NON -TANGENTIAL CURVE TO THE LEFT HAVING A RADIUS OF 47.00 FEETTHROUGH A CENTRAL ANGLE OF 34°15'41" AND BEING SUBTENDED BY A CHORD WHICH BEARS NORTH 67°04'39" EAST FOR 27.69 FEET TO AN INTERSECTION WITH SAID EAST LINE; THENCE SOUTH 00°28'56" EAST ALONG SAID EAST LINE FOR 40.77 FEET TO THE POINT OF BEGINNING OF THE PARCEL DESCRIBED HEREIN; CONTAINING 858 SQUARE FEET OR 0.02 ACRES, MORE OR LESS. 3ue:a se Y f P06 POC V ".' -A• CC( L7ER SOUL FVARO `SR 0 r) :n T 1V xe.zr u= ..y • gESCRIPtlON 1 FAAVI Y i, 2 ."+ q r�rr-'r '- ara[ N Ih .= c%, a.'rs• CC••_.Y� i[WMA, SR+:•'A.'e_ XkC IrW M47i':iN;r giyw. Ma .5 axa:HS D •;' �1�." �� "•.Irf4i-R; .R.• SCAL : 1" .-'1•E Y:ir!F.[AC; i�h(a' I]• Y`k[ !':.lfk uT :.N:� A, N►' f „.• �x -r,r: !., ! k;. `:1 �(rp, [ti'+tif c h, �. P'.rrR'.•,f' r.AN' iv r..f i45? I W, c' rr, +rA'• I+Ar Ma�L -Lly Lreu-. !I. �... ur.' 'wc• �' 'i:� J=a •F �•!• �•• •,,! r,y* .,. ...anr'ar. Cr rn± re•F."+ E� { xF'..-i' rR.^.0 nlk•'d'F- REA' A• •.-alC y yaiflfa nRaC Fl �e aLl, c•��a,f.;.': sa�n' a::�lr..• us+ ,Y 4'vc sA:a J<sr ...Ye •cv r!>x �• ' ` I'rfT r a fr. N' ;:c 4 r. NAFM.S s.$INx an[ W-W-' uY ,.,[ y•A rr el .! i.q.St! x7rn•wL.sr q:• rr.ry .ldr Lry i:...�•,c .>•N ra :•4! .:;wc r-4 O(-irr:F%ATL "51n w e5.M1!'r•'!l1 t,+ '•,f ."?-rAAA GE•yt' :C W_ f1 • gtr�iArri ..Yt:. iLFa , +.rr [F' wF Y: . O.G: �..> s rfil ° n : J7 F:'IW 5L0wY • :!M r;iNrw f,.y'f jnyf 'YJiS :? ,, ■,"I. �9lT; +ICI ,.�4Ew;w . ::,,Y+qy rrr�„[E = .='r'!!•. •+' AV W:',r. r.'.N.'f'v:Yd R" c r•: r 9., ' MI NWt T UTIA4tV 0M MAYS N' fRN 'JR'j[•NrArl;r.5 .�4 i • '"?W 0 wr• A.• K"R••. .I'1''7 r' N •: • �'Y' .� •f r ?, "r - s ;,••r.V: R: 7x fa7' NE r.VW "Ep PEFC. rJ TMX LAS. u�FY X NX '.1nuf ar:n':..:x'AC'.1.7 wk :'. +ra• .1 . � l: '. • ... M1..: •v a r.:.R�• . :: -aM1'r w :'..W(•';r-. A�•+;' a" :7LG['f JlTC LWR v.A.'f r- Ay M:Zr;ia R. ar PAe1Z13 117 NAAnlf. 1, fY ?I•f RA gr"r4 ,!, ryes'.C.f oAn.f.S n',rr• Q?5i ii� 47Fr:. - r - s'Y •. '� :ccr'FP f: �Y1' rL�yfiM /i Qi'JP $l�Rr i.�:L•'9E• f•^j• :J'M :Cr: 'V.•y4 A 4A[�::5 ::1 4'0:] f!L'Y•I •r'at:_::'r • �IN:I+AL I �.�F I.1C• aY�rC J• /.'fy'-Sri' AN_' r.F':vS 5l.w:i Y,:F'1 Y. a !.•,wy i.nL•+ {y,4a� qi y.0 7 G•IIF+65:'F vm>r+R r!LP[JM1 JWr .f1 u 5 siekeLr frix .yp utLvwe s r��gear Ssf•l-6 �• ✓:.3r r;,w "+a ;eE, c�J•aw r in F Y .t 6.ww-X:'sfl-5.'- N5'. -r'P 1:6Js .!4'. CwEC1,E� if iJri ' +1'rG rif5:4�e 70k .3 -'hE Y.l^ N°`?•L,' "r _- �aat-- -',rrc¢ aR6-.Z r..r+ ?:/RL .IM-1 v" ay :1.! om 4 sCwn.w( A- h .E Cf l L[ h, r7'C•i �,' t•.sr F,.d r.}S �ilr' rC: .'$ •;.kT 0, BE- y.FC i r 1X=?a. %N. Of 5LD we'[r.q bA 'rrq `S+r eCy-:w+ Y 1f]'Q LWS ULAFAi Frl, rxrA.- 4%: !RiAlSCh[ [f4( kiwErtiK[rRl, .q''fJRrNi !'_/Arrrf; p?-fr rx Ik 51vw ". w1!w/�KINwA.. e7M !%�r,T:AAM°kP sWal"-� rW>7�,!•A1prrF' H'0ti7XrA SllRVEY' I swcr I a • E KETCH ANC DESC R IPTIOF[ Il rr.m rl«....n w.ri.•.. r ! (;ra�ly�lilntfr r\i�I�INr•,A PAR C£L Of L RlVO M+,I. •:nn,. r I,.•e, :ie, I. .-..n ,.. P ■ LYING IN w; [;hll I':,+elnrrl. I«uld tir.ln rl nFr k'm,r'r. Ll I.NrJ., .I n' In hUrrlo-' .n r Wu. In 1n.a.� I•r.n i4., I. .....,.., SEGYION 27 I [}YYNSFP F' �9 $CJII[H RANGE 7ti F ksl w.,,al..rr,.nr rpr •FI7 !I rr N•ra f: r.r.e, 4ie •r .rr Rr I�•, W.J. r..i J"d COLLIER COL)NTY• FL.ORI[)A •x""1 P''„'rY TOGETHER WITH an easement for ingress, egress and utilities over, under and through the following described parcel: Beneficial Ingress, Egress and Utilitv Easement Parcel42: A PARCEL OF LAND LYING IN TRACT "A", GOLDEN GATE UNIT 8, PART I, AS RECORDED IN PLAT BOOK 5, PAGES 147 THROUGH 151 OF THE PUBLIC RECORDS OF COLLIER COUNTY, FLORIDA, SAID PARCEL BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE NORTHEAST CORNER OF TRACT "A", GOLDEN GATE UNIT 8, PART I, AS RECORDED IN PLAT BOOK 5, PAGES 147 THROUGH 151, PUBLIC RECORDS OF COLLIER COUNTY, FLORIDA; THENCE SOUTH 00°28'56" EAST ALONG THE EAST LINE OF SAID TRACT "A" FOR 437.20 FEET; THENCE SOUTH 89331'04" WEST, DEPARTING SAID EAST FOR 35.99 FEET TO THE POINT OF BEGINNING OF THE HEREIN DESCRIBED PARCEL: THENCE SOUTH 00028'59" EAST, FOR 31.75 FEET; THENCE SOUTH 89030'57" WEST, FOR 9.44 FEET TO A POINT OF CURVATURE; THENCE WESTERLY 22.20 FEET ALONG THE ARC OF A TANGENTIAL CURVE TO THE LEFT HAVING A RADIUS OF 47.00 FEET THROUGH A CENTRAL ANGLE OF 2703'50" AND BEING SUBTENDED BY A CHORD WHICH BEARS SOUTH 75059'02" WEST FOR 21.99 FEET; THENCE SOUTH 62c2707" WEST, FOR 5T55 FEET TO A POINT OF CURVATURE; THENCE SOUTHWESTERLY 10.17 FEET ALONG THE ARC OF A TANGENTIAL CURVE TO THE LEFT HAVING A RADIUS OF 27,00 FEET THROUGH A CENTRAL ANGLE OF 21 °3445" AND BEING SUBTENDED BY A CHORD WHICH BEARS SOUTH 5103944" WEST FOR 10.1 1 FEET TO A POINT ON A CURVE; THENCE NORTH WESTERLY 84.96 FEET ALONG THE ARC OF A NON -TANGENTIAL. CURVE TO THE RIGHT HAVING A RADIUS OF 53.00 FEET THROUGH A CENTRAL ANGLE OF 91050'58" AND BEING SUBTENDED BY A CHORD WHICH BEARS NORTH 6002TO9" WEST FOR 76.15 FEET TO A POINT OF REVERSE CURVATURE; THENCE NORTHWESTERLY 29.I7 FEET ALONG THE ARC OF A REVERSE CURVE TO THE LEFT HAVING A RADIUS OF 27.00 FEET THROUGH A CENTRAL ANGLE OF 7505T25" AND BE 1NG SUBTENDED BY A CHORD WHICH BEARS NORTH 52030'21 " WEST FOR 27.08 FEET; THENCE SOUTH 89°30'57" WEST, FOR 4.52 FEET TO A POINT OF CURVATURE; THENCE WESTERLY 4,99 FEET ALONG THE ARC OF A TANGENTIAL CURVE TO THE LEFT HAVING A RADIUS OF 7.00 FEET THROUGH A CENTRAL ANGLE OF 40049'55" AND BEING SUBTENDED BY A CHORD WHICH BEARS SOUTH 69"05'59" WEST FOR 4.88 FEET: THENCE SOUTH 48°4I'0I" WEST, FOR 1 1.16 FEET; THENCE SOUTH 89030'57" WEST, FOR 26.36 FEET; THENCE NORTH 45029'03" WEST, FOR 9.83 FEET TO A POINT OF CURVATURE; THENCE WESTERLY 5.50 FEET ALONG THE ARC OF A TANGENTIAL CURVE TO THE LEFT HAVING A RADIUS OF 7.00 FEET THROUGH A CENTRAL ANGLE OF 45°00'00" AND BEING SUBTENDED BY A CHORD WHICH BEARS NORTH 67059'03" WEST FOR 5.36 FEET; THENCE SOUTH 89030'57" WEST, FOR 181.88 FEET; THENCE NORTH 00°29'03" WEST, FOR 51.12 FEET, THENCE NORTH 48°11-01" EAST, FOR 1.33 FEET; THENCE NORTH 89°30'57" EAST., FOR 29.00 FEET TO A POINT ON A CURVE; THENCE SOUTHEASTERLY 34.56 FEET ALONG THE ARC OF A NON -TANGENTIAL CURVE TO THE LEFT HAVING A RADIUS OF 22.00 FEET THROUGH A CENTRAL ANGLE OF 90000'00" AND BEING SUBTENDED BY A CHORD WHICH BEARS SOUTH 45029'03" EAST FOR 31.11 FEET: THENCE NORTH 89°30'57" EAST, FOR 129.88 FEET TO A POINT OF CURVATURE; THENCE NORTHEASTERLY 5.50 FEET ALONG THE ARC OF A TANGENTIAL CURVE TO THE LEFT HAVING A RADIUS OF 7.00 FEET THROUGH A CENTRAL ANGLE OF45"00'00" AND BEING SUBTENDED BY A CHORD WHICH BEARS NORTH 6700'57" EAST FOR 5.36 FEET; THENCE NORTH 44030'57" EAST, FOR 9.83 FEET; THENCE NORTH 89030'57" EAST, FOR 26.36 FEET; THENCE SOUTH 49039'08" EAST, FOR 11.16 FEET TO A POINT OF CURVATURE; (Continues next page) THENCE EASTERLY 4.99 FEET ALONG THE ARC OF A TANGENTIAL CURVE TO THE LEFT HAVING A RADIUS OF 7.00 FEET THROUGH A CENTRAL ANGLE OF 40049'55" AND BEING SUBTENDED BY A C14ORD WHICH SEARS SOUTH 70004'06" EAST FOR 4.88 FEET; THENCE NORTH 89030'57" FAST, FOR 22.14 FEET TO A POINT OF CURVATURE; THENCE NORTHEASTERLY 5.50 FEET ALONG THE ARC OF A TANGENTIAL CURVE TO THE LEFT HAVING A RADIUS OF 7.00 FEET THROUGH A CENTRAL ANGLE OF 45000'00" AND BEING SUBTENDED BY A CHORD WHICH BEARS NORTH 6700'57" EAST FOR 5.36 FEET; THENCE NORTH 44030'57" EAST, FOR 19.05 FEET TO A POINT OF CURVATURE; THENCE NORTHEASTERLY 18.06 FEET ALONG THE ARC OF A TANGEN'T1AL CURVE TO THE RIG1 IT HAVING A RADIUS OF 23.00 FEET THROUGH A CENTRAL ANGLE OF 45"00'00" AND BEING SUBTENDS❑ BY A CHORD WHICH BEARS NORTH 67000'57" EAST FOR 17.60 FEET; THENCE NORTH 89030'57" EAST, FOR 78.6I FEET; THENCE SOUTH 00*28'27" EAST, FOR 17.50 FEET TO A POINT OF CURVATURE; THENCE SOUTHEASTERLY 34.56 FEET ALONG THE ARC OF A TANGENTIAL CURVE TO THE LEFT HAVING A RA1)1US OF 22.00 FEET THROUGH A CENTRAL ANGLE OF 90000'37" AND BEING SUBTENDED BY A CHORE] WHICH BEARS SOUTH 45028'45" EAST FOR 31.12 FEET; THENCE NORTH 89'30'57" EAST, FOR 1 1,73 FEET TO A POINT OF CURVATURE; THENCE EASTERLY 12,85 FEET ALONG THE ARC OF A TANGENTIAL CURVE TO THE LEFT HAVING A RADIUS OF 47.00 FEET THROUGH A CENTRAL ANGLE OF 15040'10" AND BEING SUBTENDED BY A CHORD WHICH BEARS NORTH 81040'52" EAST FOR 12.81 FEET TO THE POINT OF BEGINNING OF THE PARCEL DESCRIBED HEREIN; CONTAIN ]NO 21.465 SQUARE FEET OR 0.49 ACRES, MORE OR LESS. N[ TABL£ ^ - •R / -'- aw r P]•Tw l �0 J 3 i1]'7 "T F _ _•r:..._ it � s m'+rtxr � 11 s rF'.rpr• . 'v. ra • 16 s arx Yr w m.N' ' 1!W 5 �r'>r lr r• w rwrM 17 w L'li 9J• • f 1 r 'T- • erx J,• , el h 14'-R2je• F i >I es' ==i K Frl'J Y• 1 � Je •• n'�YC raxJ' . Jx• Fpy77r• C •'.•7 wr= 7- X7.77` pt M4 nir• ' y n :i7Sr 917 . a ram' a fc ' r••sr_ CUWC TAULC siw.e / sx'ws .ivtrr � sa" c•ac ru.+.e r.�+m �x:� t' :,._:' is rn 1irc7�+9 Ja• . a1 n' I t] 7r7G' rP�f !7r]a'r-•-531'19'n'w fn r+ , C. N0.' :h:r T.f 3: :`3•{h?1.II7: •"R T :70F f•] ru' .99�r .g 1!- 57tll •�' r w 13lo r3"•9; rc' h C ✓-77 J_•' w s Jw' v :ar raa s.3c' as•xnL•ir erra��rr +- C f.' •.W S.7G F.'r�']�'r♦ lrpJ•"F 7-Tf' J r:1 of x" , �a L11 dry. �r� e w'�v'r _Irra co' F' ! POC +F C �� L' •iaY!"fY ��n 0 7 1A, lrll'_ r•.p •. �c• rw.( ;�t'I i• 1•cL= .. NOTES y� ■ .g'aww'y ShG Ii. F•FF ON AVC cY5ED :1. ;i+F Si.:F RiAAF Cal^-h: XE 81 -XF ff M"' G,'..t= 5JA", frw x.'cj Gr E&V rl•wF. .FA] Pvi•x F+T+I 1999 A0.NiT�Crr' G9%A°ICiT JTr.:,F4N vG "re'•Lhy'A r,f:YS j,Pr .."a,� rUE%: V�+MGW►. 4Ri' �:EtlJt i� r/X +19� ;NE 'a Q, r.%':1C& lfrr i.SY'; +l -Af" F. 4 glLCJr:'7CG W 71-F fa'+Nr A r'1Gf5 rr7 1!rPj�r_';yr T'J1, V rh♦_ rL'&,Y %. '�•-F,:j :M :�I.•[,Y ^�L•krr, F, rrV�H /� fM,•,C S:i r;r� M-2016' fA" 7. fiNcy a'a!,:5 SrF:'Aw •,C.V{i_•Y .F,e M u 9 'TQPy-,ra-7 ANO `Jl Un 1p .! Tpn 3'x:r K W0 'R1rrw,fi N = Myrt A.r,, J? r4d G11 1"Al ..WiJ•4F' AtiCL S.`.0 VW 'n•L C>Vi", PGN+:'ME AfO :-WAL SCAL Gf r 1M.7r M021•Ll Ati7 y�. :'•CI:. Al M'ogr.VN5 09 L."IrKws .S 'r'5 r �vrF•, W � rafwrrykL WTADp •• r'r.t GrME55f:'7 rwrr Tf.V SKETC14 AND DESCRIPTION ['CR^WNoT 11 adyN 11 nnl" U I; rM•3t.••r.,T f,rru,r 1.5 u,.1 .la,•x .I. r y, ?C•4EC•CP t+ a _ _•jo NO w.-ir ,pi lrgn Il,. &L ;I B s1- APARCEL CIF LAND sn:e: 1rre 1;j3fjkrnurH'r]v �nHHjluTlrtnvs , 1i,INI11'rr I: 114 MA1x' LI'1 hk11, 1-� LrrNG IN xl. L7 lQyTE Od+YS:E3 r+,r ,rar�lf,gr•ilil r..r .f,.m�L�••r:r'I n�,.•.-r•a...u. A TOYVNSHIP 44 SQL}TFf RANGE 26 EAST SOUTH q kr•�r ':y NX 56S •L 16rwA+,X'auY 44% P If II ... fLiar Vt.- 1-NT-4. ni Ilwl C00 IER COUNYv- FU7R!DA 0CP cD Skormwaler F-p*Knerd Area Legal U aDESCRIPTION: f] A PARME C9 LWO LYtW NO TR4-F 'A. WTE LWT A PART 1. A$ BECD 7 YY HAT BG•GR S. PAGE5 fir TN1 OUL rS1 AMV TgwGr li 1. GOLDEN CATE LYYIr s PMr i. AS RECOF73 % N PLAr BOOK 9, A45LF to FA 7WOLWR IJi. BUFN OF THE 7{nUC A£SSWDS OF CIX1dER L'GTRM FLOACIA. SAM aA%Xl dETNI". NOW PWFIG 4AR17 oENCR,eEO A57 RCLLOWS' l3i kj � CIIyYQ%Ctw: AT 7++E SfW>-.$A57 Cf1WM1'EF OF 17iAC1 it. C]L.7Eii 6LIE GMI 4 FSWI !. AS RiC',X.ZiO 0 RAT dQCyr S, pApi5 too +HNO�JL14 1 I r 151. WJBLC RECOWS OF C'QLLVr COUNFFY, rLOPoOL t7NENe IC SOUTH aF5723' SENT ALONG TW SOLU4 LINE OF 4WD TRACT 7Y FOR YX.25 FEEr m TIE POW OF &FOINN'I'n or niE gERCW DESCRIBED PAITCfl�• R `, THENCE ALa%G rW 6lTPVDARy or 540 t7LHC7 7A' RYF MC NLLORRHG r 45OlW5ff AND 015T►/rx5- { t f. SOlT+H er5223' WEST, FOR 29-39 F£CT•. f� i NtPM f%rJr'.W NEST FOR 259-75 FEET TO A POW LW A GRIP£: 3. kCWTWWE'STMF PV.9'3 FEET ALONG 71E AFC OF A CLIR'E TP TFIE LEFT HAVING A RADWS OF 50-04 FM 7PR UCk A CEhTR4 Ma-C Or . 0 97'3575' AW BEING SrA9rFH O Ur A C-00RO &1 C'M SEARS MOM WOW WIM FOR i1.59 FhTF m a. SOUTH 87e2'43' HEST. FOR 2MM FEEr. j RIENCE Wrom D731'3.1' WEST. kaw TFC ScLCNOARr Ar SAO RrAC7 A" AND AHE mOgn 1ERLr 090toV6AlA7R rhEREDF, FOR r.WY.27 Fn7 TO C: A POW ON A CAAFVt;' THENCE AIOW H HILT 109.97 FEET ALONG TW ARC OT A NOR-FAAIGE•NtWL CNO'i rO TW LEFT NAvw5 A RADIUS OF 441. 12 FEET THROLIGM A f l 0 CENTR••L ANGLEOr W12'W D AY;, 5LA9TENOED ErT A C+ORO WHICH SEARS NORTH Wt 9'T9' WEST FOR P09.463 faT M A P(W1 0' it J (p] REVTRSE CV"I'LIRE. I` S rWEWE WR1111VA £&T 219• 72 FEE* ALONG hoof ARC OF A RELEASE CWn[ ID "If FGHr KHMC A RACYOS OF I I W FELT r PDU&C r A I � CENTRAL AM'3E CA< 11734'15' AND X'MIC SLWrENPED $T A CHORD 11TYCN SEARS m0r-W J V;'2!' FAST FOR rSSS5 FFE'F,. 0 _I TMEhCE N097W W28W FAST FEIR J44. r3 FM TO A POINT ON A GLVW.. G m THENCENATRrTfEAsrER:r 1).AS FITT ALONG W ARC Of A CLOW TO ;K LFJ7 NAINHC A RAO%.g a 10.00 FEET THRr OCm A CVVRAI AmaC I E OF 1L77$SS' AM e[RHt• Si+67(1FLCL EST A CriCWO wroic" SEARS HQRIFI 5sw'K' EAST rOR 2os2 raj, [ rp� -0 Q WINCE NDR7H ;;WW'47^ rASI, FOR 27.66 FiY7;' S y THENCE -4074 CP']a 7d• EAST, FGW sk to PM. ` new sovm 20'Sa7Y •'EST FOR 701" FEM. 'L $ E i•+E1RCE AWT1T e9.7e'3E' f'E5% FOA 3a7.57 FEET, ' w rNfNCi SOUTH 01T3 r ISO" £Asr, FOR 2nOd HER- m o +++ IC'E FO PgASOUTH e9"3D'97" HEST, R 4-72 FEET,, y �THENCE SOUrFl 00'79 bJ� EAST, MRJ3O IS F{x7 fI tNr`CE NOW" tl9'!A'S7' EA-" ""' Safi ":,LT., rQ j E $0UM 0"r„W' EAST. FOR r,GOOSp E-EET 10 A PO71T DF LT/A4MTIA'C,• I IHEMrF 5OV*V A57My 79. 90 F¢T ALONO THE ARC IV A CIRNE 10 TFC LEFT r"VIW A WK5 Pr Sa.00 nlT n4RMJ(;N A C'ENTRPC ANOLE 11 y OF 91.,W42" AW BEAC 9UHrEAd7E3 8r A cxm WHICH CIGARS SOUTH Jr FS 410' EASY FOR 71.67 FELT..' � I rr FI DO 1WJIGE NOR1n' aTSA Y9' EASr. MR Iirxro I M TO A POINT OF CLTW mw, �wN� Iuo RJ TW-NCE SLUIFIGASTE]RL r 55.84 FITT A6� TkC ARC DF A CLwm 70 Thi ROMW IrAM C A RUW6 Or 3.5. DO FEF'F Th1 otfoK A CENTRAL WOLF OF 9T2411` AND BERIG R07R NaM aF A CHORD WHICH M475 SOUTH A".7776' EAST rM W. tO FEET. C.4CI� m fibj DeVnt SOUTH fUW 4 r' EAST FOR JM 90 FEFr TO THE PC.*T OF aEGIWmVG OF RE PARCEL AESGNrt ft 7 ISO COOT Nluo .. 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Pr A R - autl5 aEpJcED FROM NIEtr0E0 WPJAT SCAlE Lea 71 a%0A Se.Fe-HW AND Y►P0117+ No ADDRIONS of mrr.ore 717 rks ► WDI A11C.E FOR Ncpgoovcrc. posom SAISCY SGWW � PCurT ArFP wMOLrr Fill ■RaTPM CDVVW of TTt( - DOOM DAVIX w r.GIA�'Cr0'.R f SKETC14 AND DESCR1PT1 N n"'.'"'I'ar ma Q rwT Ic.e. w wa++ua Y� r C.EC R n Im Gradinor Leo Auml In A PARCEL OF LAND aecpoF RhQr 4e SW.W 11 34134 � iCNE. 1'. ae6' U%IlKnont'r I•jIFOSUINrnFY! F'2MWr% 1„ dp WHpr .►rrlHlrr L% LYING IN SECTION 27 DAM to3+ 3 .a r .ae .e •.rr •., �.� ..rn a �smlT r.r... a .n TOWN SMP49 SOUTH- RANGE 26 EAST FiP a rasat ws 14WLA+nrtn YTnw7 1r 1I a.. CJrttrMl..r CON 7-rr � 4.Wl COLLIER COUNTY. FLORIDA x smetT x a 21 EXHIBIT B Unit Totals and Types Minimum Number of Units 350 Maximum Number of Units 372 (Overall) (Overall) Target Number of Senior Units 100 Target Number ol' Senior Units I20 Target Number of Essential 250 Target Number of Essential 252 Services Units Services Units Note: Five percent (5%) of Senior and Essential Services units shall be targeted to persons considered to be veterans. Income and Rent Targeting ( Goal Seniors Income Target Percent Minimum Maximum Note: Developer may AMI Rent Level Set -Aside # of Units #1 of Units elect to use IRS §42 28% 28% 10% 10 12 Income -Averaging as a 60% 60% 90% 90 108 sel-aside election in 4% or 9% Housing Credit transactions, Its election enables income levels to be set -aside between 60% - 80% AMI, balanced by units set - aside below 60%. Income AMI Essential Services Target Percent Minimum Maximum Rent Level Set -Aside # of Units # of Units 50% 50% 80% 80% 120% 100% 9% 22 22 11% 28 28 80% 200 202 Note: All units shall he rented with priority given to Essential Service Personnel employees. ESP Occupational Preferences include. - Tier 1: Healthcare. Educut ton and Emergency Services Tier 2: - Government Income Targeting Criteria Developer shall undertake best efforts to obtain project financing that enables developer to construct residential rental units that meet the Income and Rent Targeting Goals shown in the charts above with particular emphasis on Target Rent Levels indicated in Column 2. Developer agrees to an initial maximum Debt Service Coverage Ratio (DSC} of 1.25 DSC; DSC ratios in excess of 1.25 shall require Developer to reduce initial rents to a level that results in a DSC not greater than 1.25 DSC. The intent of this requirement is to reduce rents [Exhibit B continued on ne_rt page] 010 and bring projected rents closer to the Income and Rent Targeting Goals. Future rents for each Target Rent Level, i.e., 28% A,MI, 50% AMI, 60% AMI, 80% AMI, and 120% AMI, shall not exceed Rent Limits established for an Effective Date by the U.S. Department of Housing and Urban Development for Collier County, Florida. Local government shall undertake best efforts to obtain Federal, state, and other housing resources, impact fee deferrals or alternate means of off -site improvements to enable Income and Rent Targeting Goals to be achieved. Developer shall also undertake best efforts to obtain additional grant and/or equity contributions from participating Foundations and others to enable Income and Rent Targeting Goals to be achieved. The Parties agree to a mutual review of pro forma total development costs, income, and expenses prior to Developer accepting a financial commitment from an outside lender and/or equity investor. The Parties agree to the inclusion of the participating Foundations in the mutual review. The Parties further agree that cash flow from the Project shall be described and distributed in accordance with Phase I and Phase 2 income sharing agreements by and between Rural Neighborhoods, either Renaissance Hall at Old Court LLC or Renaissance Hall Senior Living, LLLP, the Collier Community Foundation and Collier County. The Phase 2 income sharing agreement will be negotiated separately amongst the parties. The Phase I and Phase 2 income sharing agreements will be presented to the Board of County Commissioners for approval prior to the loan closing for each respective phase. Grant funds provided by Collier County, Florida are subject to Federal and state rules and regulations including, but not limited to, Program Income as applicable. 0 Renaissance Half Senior Living EXHIBIT C: PUD ORDINANCES/ZONING June 6, 2024 " ORDINANCE NO. 2022- 14 AN ORDINANCE OF THE BOARD OF COUNTY COMMISSIONERS OF COLLIER COUNTY, FLORIDA TO CREATE A SUBDISTRICT ON PART OF FORMER GOLDEN GATE GOLF COURSE AND ABUTTING HOTEL, BY AMENDING ORDINANCE NO. 89-05, AS AMENDED, THE COLLIER COUNTY GROWTH MANAGEMENT PLAN FOR THE UNINCORPORATED AREA OF COLLIER COUNTY, FLORIDA, SPECIFICALLY AMENDING THE GOLDEN GATE CITY SUB -ELEMENT OF THE GOLDEN GATE AREA MASTER PLAN ELEMENT AND GOLDEN GATE AREA FUTURE LAND USE MAP AND MAP SERIES, BY CHANGING THE LAND USE DESIGNATION FROM URBAN MIXED USE DISTRICT, URBAN RESIDENTIAL SUBDISTRICT TO URBAN -COMMERCIAL DISTRICT, GOVERNMENT PUBLIC SERVICES, RESIDENTIAL TOURIST AND COMMERCIAL SUBDISTRICT TO ALLOW UP TO 75,000 SQUARE FEET OF GOVERNMENTAL FACILITY USES AND 120 BEDS FOR GROUP HOUSING USES AT A FAR NOT TO EXCEED .60; UP TO 26 UNITS AN ACRE FOR HOTEL/MOTEL USES AND 16 DWELLING UNITS AN ACRE FOR MULTI -FAMILY AND TIME SHARE USES AND 60,000 SQUARE FEET OF C-3, COMMERCIAL INTERMEDIATE ZONING DISTRICT USES ON 6.16± ACRES; AND UP TO 15,000 SQUARE FEET OF C-4, GENERAL COMMERCIAL ZONING DISTRICT USES ON .42f ACRES. THE SUBJECT PROPERTY CONSISTS OF AN AGGREGATE OF 20.1f ACRES AND IS LOCATED ON THE SOUTH SIDE OF GOLDEN GATE PARKWAY APPROXIMATELY 1/2 MILE WEST OF COLLIER BOULEVARD IN SECTION 27, TOWNSHIP 48 SOUTH, RANGE 27 EAST, COLLIER COUNTY, FLORIDA; AND FURTHERMORE, DIRECTING TRANSMITTAL OF THE ADOPTED AMENDMENT TO THE FLORIDA DEPARTMENT OF ECONOMIC OPPORTUNITY; PROVIDING FOR SEVERABILITY AND PROVIDING FOR AN EFFECTIVE DATE. [PL202100016101 WHEREAS, Collier County, pursuant to Section 163.3161, et. seq., Florida Statutes, the Florida Local Government Comprehensive Planning and Land Development Regulation Act, was required to prepare and adopt a comprehensive plan; and WHEREAS, the Collier County Board of County Commissioners adopted the Collier County Growth Management Plan on January 10, 1989; and [21-CMP-01111/1707882/111 13 1 of 3 CC Govt PSS - SSGMPA PL20210001610 3/22/22 WHEREAS, the Community Planning Act of 2011 provides authority for local governments to amend their respective comprehensive plans and outlines certain procedures to amend adopted comprehensive plans; and WHEREAS, D. Wayne Arnold, AICP, of Q. Grady Minor & Associates, P.A. and Jeff Davidson, P.E., of Davidson Engineering, Inc. representing Petitioner Collier County requested an amendment to the Golden Gate City Sub -Element of the Golden Gate Area Master Plan and Map Series; and WHEREAS, pursuant to Subsection 163.3187(1), Florida Statutes, this amendment is considered a Small -Scale Amendment; and WHEREAS, the Subdistrict property is not located in an area of critical state concern or a rural area of opportunity; and WHEREAS, the Collier County Planning Commission (CCPC) on March 17, 2022 considered the proposed amendment to the Growth Management Plan and recommended approval of said amendment to the Board of County Commissioners; and WHEREAS, the Board of County Commissioners of Collier County did take action in the manner prescribed by law and held public hearings concerning the proposed adoption of the amendment to the Golden Gate City Sub -Element of the Golden Gate Area Master Plan and Map Series of the Growth Management Plan on April 26, 2022; and WHEREAS, all applicable substantive and procedural requirements of law have been met. NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF COUNTY COMMISSIONERS OF COLLIER COUNTY, FLORIDA, that: SECTION ONE: ADOPTION OF AMENDMENT TO THE GROWTH MANAGEMENT PLAN The Board of County Commissioners hereby adopts this small-scale amendment to the Golden Gate City Sub -Element of the Golden Gate Area Master Plan Element and Golden Gate City Land Use Map and Map Series in accordance with Section 163,3184, Florida Statutes. The text and map amendment is attached hereto as Exhibit "A" and incorporated herein by reference. SECTION TWO: SEVERABILITY. If any phrase or portion of this Ordinance is held invalid or unconstitutional by any court of competent jurisdiction, such portion shall be deemed a separate, distinct and independent provision and such holding shall not affect the validity of the remaining portion. [21-CMP-01111/1707882/11113 2 of 3 CC Govt PSS - SSGMPA PL20210001610 3/22/22 SECTION THREE: EFFECTIVE DATE. The effective date of this plan amendment, if the amendment is not timely challenged, shall be 31 days after Board adoption. If timely challenged, this amendment shall become effective on the date the state land planning agency or the Administration Commission enters a final order determining this adopted amendment to be in compliance. No development orders, development permits, or land uses dependent on this amendment may be issued or commenced before it has become effective. PASSED AND DULY ADOPTED by the Board of County Commissioners of Collier County, Florida this day of _ �2 r , 2022. ATTEST: CRY5'pAl1 K. KINZEL, CLERK Approved as to form and legality: Heidi Ashton-Cicko, Managing Assistant County Attorney BOARD OF COUNTY COMMISSIONERS COLLIER CO , DADA By: Wi iam L. McDaniel, Jr., Chairman Attachment: Exhibit A — Proposed Text Amendment and Maps [21-CMP-01111/1707882/11113 CC Goat PSS - SSGMPA PL20210001610 3/22/22 This ardl of Stage}s Off ce rice filed With the Sec rotary �• > � a 4- day of , and acknowledgement, of that va filin eceived this day Of By 3 of 3 PL20210001610 EXHIBIT A GOLDEN GATE CITY SUBELEMENT OF THE GOLDEN GATE AREA MASTER PLAN A. Goals, Objectives, and Policies 1 B. Land Use Designation Description Section 5 1. URBAN DESIGNATION A. Urban — Mixed Use District 6 1. Urban Residential Subdistrict 2. High Density Residential Subdistrict 3. Downtown Center Commercial Subdistrict 4. Government Public Services Residential Tourist and Commercial Subdistrict B. Urban — Commercial District 8 1. Mixed Use Activity Center Subdistrict 2. Golden Gate Urban Commercial Infill Subdistrict 3. Santa Barbara Commercial Subdistrict 4. Collier Boulevard Commercial Subdistrict C. LIST OF MAPS 11 Golden Gate City Future Land Use Map High Density Residential Subdistrict —1989 Boundaries of Activity Center Downtown Center Commercial Subdistrict Urban Mixed Use Activity Center — Golden Gate Parkway and Coronado Parkway Golden Gate City Urban Commercial Infill Subdistrict Santa Barbara Commercial Subdistrict Collier Boulevard Commercial Subdistrict Government Public Services Residential Tourist and Commercial Subdistrict *** *** *** *** *** Text break *** *** *** *** *** A. GOALS, OBJECTIVES AND POLICIES *** *** *** *** *** Text break *** *** *** *** *** 2/8/2022 Text underlined is added; text stFike thF9blgh is deleted. Page 1 of 5 Rows of Asterisk (** *** **) denotes break in text. CAO PL20210001610 Policy 1.1.4: The URBAN Future Land Use Designation shall include Future Land Use Districts and Subdistricts for: A. Urban — MIXED USE DISTRICT 1. Urban Residential Subdistrict 2. High Density Residential Subdistrict 3. Downtown Center Commercial Subdistrict 4. Government Public Services Residential Tourist and Commercial Subdistrict B. Urban — Commercial District 1. Mixed Use Activity Center Subdistrict 2. Golden Gate Urban Commercial Infill Subdistrict 3. Santa Barbara Commercial Subdistrict 4. Collier Boulevard Commercial Subdistrict *** *** *** *** *** Text break B. Land Use Designation Description Section 1. URBAN DESIGNATION A. Urban — MIXED USE DISTRICT *** *** *** *** *** Text break [page 1] *** *** *** *** *** [page 5] *** *** *** *** *** 4. Government Public Services, Residential Tourist and Commercial Subdistrict [page 8] 2/8/2022 This Subdistrict is 20.1± acres in size and is located on the south side of Golden Gate Parkway approximately 1/2 mile west of Collier Boulevard. The Government Public Services, Residential Tourist and Commercial Subdistrict is comprised of three parcels. Parcel 1 is intended to provide a variety of government, civic and institutional land uses. Parcel 2 is intended to provide for development of residential tourist uses consistent with the permitted and accessory uses allowed in the RT, Residential Tourist Zoning District and commercial uses consistent with the C-3 Commercial Intermediate Zoning District. Parcel 3 is intended to provide commercial uses consistent with the permitted and accessory uses allowed in the C- 4, General Commercial Zoning District. Development within the Subdistrict shall be subiect to the following: Text underlined is added; text StFike thFeUgh is deleted. Rows of Asterisk (** *** **) denotes break in text. Page 2 of 5 c`90 PL20210001610 a. The subdistrict shall be rezoned to a Planned Unit Development (PUD) b. The rezone Ordinance must include development standards and buffers to insure compatibility with surrounding properties c. Allowable governmental services shall include general governmental offices including those associated with planning tax collection property appraiser supervisor of elections building review and similar administrative uses as well as libraries community centers parks and recreational uses, group housing museums and other public uses as identified in the required PUD Zoning Ordinance. Allowable Residential Tourist uses shall include hotel/motel multi -family and timeshare uses. d. Parcel 1 development is limited to a maximum intensity of 75,000 square feet of governmental facility uses and up to 120 beds for group housing uses not to exceed an FAR of 0.6 for group housing uses. Parcel 2 development is limited to a maximum of 26 du/ac for Hotel/Motel uses and 16 du/ac for multi -family and timeshare uses and 60,000 square feet of commercial uses consistent with the C-3, Commercial Intermediate Zoning District Parcel 3 development is limited to a maximum intensity of 15,000 square feet of commercial uses consistent with the C-4 General Commercial Zoning District *** *** *** *** *** Text break *** *** *** *** *** C. LIST OF MAPS [page 11] Golden Gate City Future Land Use Map High Density Residential Subdistrict —1989 Boundaries of Activity Center Downtown Center Commercial Subdistrict Urban Mixed Use Activity Center — Golden Gate Parkway and Coronado Parkway Golden Gate City Urban Commercial Infill Subdistrict Santa Barbara Commercial Subdistrict Collier Boulevard Commercial Subdistrict Government Public Services Residential Tourist and Commercial Subdistrict 2/8/2022 Text underlined is added; text s*Fike t e gh is deleted. Page 3 of 5 Rows of Asterisk (** *** **) denotes break in text. PL20210001610 GOVERNMENT PUBLIC SERVICES, RESIDENTIAL TOURIST AND COMMERCIAL SUBDISTRICT Collier County, Florida � �■ r. rs� �� a s� i#11RllimH ■ ■y� i ■ �.� !■!1�■1111 ii lili!!!11! :aZ M`i ! ■� ■ai!!liiii! �i-■ l!!!!l111 ■!l1Mlw!■■ girls ■!!!milli■■ !1!!ll i,l111 a # ■ ■ ��l1l�#�ilm■!1 ��i�i MEN IN OHM son sling mom mm 0 500' i .000' PMPARED OM: GRAPHICS AND rEDMi',4, SVPPOW SECT -ON CCWUN'TY OCYELO"AW AND [MvMOPWmTq SERNGCS WS;Oft r4E! Eu1C: ??I?? 2/8/2022 LEGEND I� m low r ■GOVERNMENT PL9UC SERVICES. RESIOEvin►; TOLOW AND COLOARCiAL SLADISTWCT Text underlined is added; text StFik through is deleted. Rows of Asterisk {** * * * *I denotes break in text. Page 4 of 5 PL2021GO01610 2J8/2D22 aura m3moo s� 9 a� Wjt w � Em7[lJ iA w y vJ a E LJ t7 m c V' 7 chi S O d � V E (3F �U - CA -is V'UVSNV91 INVS = ~ i z Lp'a im Ib r S� FpE �, C3 FF H J .11 s E !� n �• r � �# St �1Vl5Zf�1Ml S OF Text underlined is added; text sulke thFawghis deleted. Rows of Asterisk (** * * * **) denotes break in text. Page 5 of 5 �� C) ORDINANCE NO. 2022-_ja_ AN ORDINANCE OF THE BOARD OF COUNTY COMMISSIONERS OF COLLIER COUNTY, FLORIDA TO ALLOW DEVELOPMENT OF THE GOLDEN GATE GOLF COURSE PROJECT BY AMENDING ORDINANCE NUMBER 2004-41, AS AMENDED, THE COLLIER COUNTY LAND DEVELOPMENT CODE, WHICH ESTABLISHED THE COMPREHENSIVE ZONING REGULATIONS FOR THE UNINCORPORATED AREA OF COLLIER COUNTY, FLORIDA BY AMENDING THE APPROPRIATE ZONING ATLAS MAP OR MAPS BY CHANGING THE ZONING CLASSIFICATION OF THE HEREIN DESCRIBED REAL PROPERTY FROM GOLF COURSE (GC), RESIDENTIAL TOURIST (RT), COMMERCIAL INTERMEDIATE (C-3), AND GENERAL COMMERCIAL (C-4) ZONING DISTRICTS WITHIN WELLFIELD RISK MANAGEMENT SPECIAL TREATMENT OVERLAY ZONES W-1 THROUGH W-3 (ST/W-1 TO ST/W-3) TO A MIXED -USE PLANNED UNIT DEVELOPMENT (MPUD) ZONING DISTRICT WITHIN WELLFIELD RISK MANAGEMENT SPECIAL TREATMENT OVERLAY ZONES W-1 THROUGH W-3 (ST/W-1 TO ST/W-3) FOR A PROJECT TO BE KNOWN AS GOLDEN GATE GOLF COURSE MPUD TO ALLOW CONSTRUCTION OF A MAXIMUM OF 30,000 SQUARE FEET OF COMMERCIAL DEVELOPMENT ON THE COMMERCIAL TRACTS; UP TO 400 RESIDENTIAL DWELLING UNITS ON THE RESIDENTIAL TRACT WITH A MAXIMUM ACTUAL HEIGHT OF 95 FEET; UP TO 75,000 SQUARE: FEET OF GOVERNMENT FACILITIES AND 120 GROUP HOUSING UNITS ON THE PUBLIC USE TRACT AND COMMUNITY FACILITY TRACT; AND UP TO 158 HOTEL/MOTEL UNITS AND UP TO 98 TIMESHARE UNITS OR MULTI- FAMILY UNITS AND 60,000 SQUARE FEET OF INTERMEDIATE COMMERCIAL (C-3) USES ON THE RESIDENTIAL TOURIST TRACT WITH A MAXIMUM ZONED HEIGHT OF 100 FEET; AND PROVIDING FOR REPEAL OF ORDINANCE NOS. 84-78 AND 99-56 RELATING TO PRIOR REZONES. THE PROPERTY IS LOCATED ON THE SOUTHWEST CORNER OF GOLDEN GATE PARKWAY AND COLLIER BOULEVARD IN SECTION 27, TOWNSHIP 49 SOUTH, RANGE 26 EAST, COLLIER COUNTY, FLORIDA CONSISTING OF 171.6f ACRES; AND BY PROVIDING AN EFFECTIVE DATE. (PL20210001047) WHEREAS, D. Wayne Arnold, AICP, of Q. Grady Minor & Associates, P.A. and Jeff Davidson, P.E., representing Collier County, petitioned the Board of County Commissioners to change the zoning classification of the herein described property; and WHEREAS, the Special Treatment Zones ST/W-1 through ST/W-3 are not changed by this rezone. NOW THEREFORE, BE IT ORDAINED BY THE BOARD OF COUNTY COMMISSIONERS OF COLLIER COUNTY, FLORIDA that: [2 1 -CPS-02129/1707478/11176 1 of Golden Gate Golf MPUD 4-26-22 SECTION ONE: The zoning classification of the herein described real property located in Section 27, Township 49 South, Range 26 East, Collier County, Florida is changed from Golf Course (GC), Residential Tourist (RT), Commercial Intermediate (C-3) and General Commercial (C-4) Zoning Districts within Wellfield Risk Management Special Treatment Overlay Zones W-1 through W-3 (STIW-1 to STIW-3) to a Mixed - Use Planned Unit Development (MPUD) Zoning District within Wellfeld Risk Management Special Treatment Overlay Zones W-1 through W-3 (STIW-1 to STIW-3) for a project to be known as the Golden Gate Golf Course MPUD to allow construction of a maximum of 30,000 square feet of commercial development on the Commercial Tracts, up to 400 residential dwelling units on the Residential Tract, up to 75,000 square feet of government facilities and 120 group housing units on the Public Use Tract and Community Facility Tract, and up to 158 hotel/motel units and up to 98 timeshare units or multi -family units and 60,000 square feet of Intermediate Commercial (C-3) uses on the Residential Tourist Tract, in accordance with Exhibits "A" through "F", attached hereto and incorporated by reference herein. The appropriate atlas map or maps as described in Ordinance No. 2004-41, as amended, the Collier County Land Development Code, is/are hereby amended accordingly. SECTION TWO: This Ordinance shall become effective upon filing with the Department of State and on the date that the Growth Management Plan Amendment in Ordinance No. 2022 -_LLf_ becomes effective. PASSED AND DULY ADOPTED by super -majority vote of the Board of County Commissioners of Collier Garrity, Florida, this d[�day of 2022. BOARD OF C MMISSIONERS CRYS�Ak` K1N 1;,--CLERK COLL}jjER fr' Y FLO A MAL� Ile. By: SSS!!-JJ��LL JJ :-Dep Clerk Wil ' L. McDaniel, Jr., Chairman Approved as to form and legality: Lif , 1 /,\-" Hei i Ashton-Cicko Managing Assistant County Attorney Attachments: Exhibit A — Permitted Uses Exhibit B — Development Standards Exhibit C — Master Plan Exhibit D — Legal Description Exhibit E — Requested Deviations from LDC Exhibit F — Developer Commitments [21-CPS-0212911707478111176 Golden Gate Golf MPUD 4-26-22 This ordinoric.e f!W with the Se r ary of re's cffice tile snLl day of and acknowledg�llt of that ►,d Win received this 9f By 2 of 2 EXHIBIT A LIST OF PERMITTED USES Regulations for development of this PUD shall be in accordance with the contents of this document and all applicable sections of the Growth Management Plan (GMD), the Land Development Code (LDC), and the Administrative Code in effect at the time of approval of the first Site Development Plan (SDP) or plat. Where the PUD ordinance does not provide development standards, then the provision of the specific sections of the LDC that are otherwise applicable shall apply. MAXIMUM INTENSITY/DENSITY: This MPUD shall be limited to the following: Residential Tract: 400 residential dwelling units Commercial Tract: 30,000 SF Public Use Tract: 75,000 SF government facilities and 120 group housing units* Community Facility Tract: 120 group housing units* Golf Course Tract: Subject to limitations in E and F below Residential Tourist Tract: 158 hotel/motel units and up to 98 time share or multi -family units and 60,000 SF of C-3 commercial uses *A maximum of 75,000 SF government facilities and 120 group housing units shall be permitted for the overall PUD. The uses are subject to a trip cap identified in Exhibit F of this MPUD. Residential development, within the Residential Tract, is subject to an Affordable Housing Agreement between the Developer and Collier County. No building or structure, or part thereof, shall be erected, altered or used, or land used, in whole or in part, for other than the following: A. RESIDENTIAL TRACT— PRINCIPAL USES: 1. Multi -Family residential dwelling units 2. Leasing offices B. RESIDENTIAL TRACT— ACCESSORY USES: 1. Customary accessory uses and structures, such as but not limited to, a clubhouse, pavilions, community gardens and courtyards for residents and their guests. 2. Water management facilities. 3. Indoor and outdoor recreational facilities and uses for residents and their guests, such as but not limited to greenways, swimming pools, playgrounds, and tennis courts. 4. Community center, for residents and their guests 5. Retail services that serve as an integral part of the multi -family development and for residents only, such as a coffee shop, yoga studio or market. 6. Greenways C. PUBLIC USE TRACT— PRINCIPAL USES: 1. Administration of Public Health, Veteran's Affairs, Environmental Quality, Land and Wildlife Conservation, Housing, Urban Planning and Community Development (9431 — 9451, 9511— 9532, 9611— 9651) (Golden Gate Golf Course MPUD PL20210001047) (April 21, 2022) Page i of 18 2. Administrative Service Facilities, General Government Services (9199) 3. Essential services, as defined by the LDC 4. Library 5. Museum 6. Park, Open Space and Recreational Uses, including golf courses and greenways 7. Park and Recreational Service Facilities 8. Property Appraiser Office (9311) 9. Safety Service Facilities 10. Group housing, compliance with 5.05.04 of the LDC, subject to FAR of .60 (see Exhibit E, Deviation #4). D. PUBLIC USE TRACT —ACCESSORY USES: 1. Accessory uses and structures that are incidental to the principal uses permitted in the Public Use Tract. 2. Greenways 3. Water management facilities E. GOLF COURSE TRACT— PRINCIPAL USES: 1. Golf Course 2. Hiking trails, walkways, multi -use paths and observation decks 3. Passive recreational uses F. GOLF COURSE TRACT —ACCESSORY USES: 1. Uses and structures that are incidental to uses listed in the Golf Course Tract. 2. Recreational facilities that serve as an integral part of the golf course, including but not limited to clubhouse, community center, driving range, shuffleboard courts, swimming pool, tennis facilities, snack shops and restrooms. 3. Pro shops with equipment sales, no greater than 1,000 square feet, associated with a golf course. 4. Water management, as allowed by the LDC. 5. Restaurants and driving range, associated with a golf course, 350 seats limited to the restaurant and bar area and provided that the hours of operation are no later than 12:00 a.m. Amplified indoor sound shall be permitted during business hours. The facility is subject to the Collier County Noise Ordinance. 6. Maintenance facilities and buildings. 7. Greenways G. COMMERCIAL TRACTS —PRINCIPAL AND ACCESSORY USES: Parcel A: All permitted principal and accessory uses listed within the C-3 'Commercial Intermediate Zoning District'. Parcel B: All permitted principal and accessory uses listed within the C-4'Commercial General Zoning District'. (Golden Gate Golf Course MPUD PL20210001047) (April 21, 2022) Page 2 of 18 H. COMMUNITY FACILITY USE TRACT— PRINCIPAL USES 1. Group Housing, compliance with 5.05.04 of the LDC, subject to FAR of .60 (see Exhibit E, Deviation #4), including nursing and personal care facilities (8051— 8059) 2. Non-residential uses including: a. Essential services b. Parks, open space and recreational uses c. Childcare centers d. Community facility uses such as schools, libraries, safety service facilities, and community centers. e. Communication and utility facilities 3. Any other principal use, which is comparable in nature with the foregoing list of permitted principal uses, as determined by the Board of Zoning Appeals ("BZA") or the Hearing Examiner by the process outlined in the LDC. I. COMMUNITY FACILITY USE TRACT —ACCESSORY USES: 1. Accessory uses and structures that are incidental to the principal uses permitted in the Community Facility Use District, 2. Medical doctor offices, rehabilitation facilities 3. Indoor and outdoor recreational facilities 4. Cafeterias and restaurants for use of residents and guests only. 5. Greenways 6. Water management, as allowed by the LDC. J. RESIDENTIAL TOURIST TRACT— PRINCIPAL USES 1. Multi -family 2. Hotels, motels 3. Time share facilities 4. C-3, Commercial Intermediate Zoning District permitted uses 5. Any other principal use, which is comparable in nature with the foregoing list of permitted principal uses, as determined by the Board of Zoning Appeals ("BZA") or the Hearing Examiner by the process outlined in the LDC. K. RESIDENTIAL TOURIST TRACT—ACCESSORYUSES: 1. Accessory uses and structures that are incidental to the principal uses permitted in the Residential Tourist and C-3'Commercial Intermediate' Zoning Districts. 2. Shops, personal service establishments, eating or drinking establishments, dancing and staged entertainment facilities, meeting rooms and auditoriums, where such uses are an integral part of an apartment hotel, hotel or motel. (Golden Gate Golf Course MPUD PL20210001047) (April 21, 2022) Page 3 of 18 EXHIBIT B LIST OF DEVELOPMENT STANDARDS The standards for land uses within the development shall be as stated in these development standards tables. Standards not specifically set forth herein shall be those specified in applicable sections of the LDC in effect as of the date of approval of the SDP or subdivision plat, TABLE I PUBLIC USE TRACT DEVELOPMENT STANDARDS PRINCIPAL USES ACCESSORY USES MINIMUM LOT AREA 10,000 square feet N/A MINIMUM LOT WIDTH 100 feet N/A MINIMUM YARDS (EXTERNAL) From Golden Gate Parkway *1 0 feet 0 feet From Abutting Residential Properties 100 feet 50 feet average, however no less than 35 feet at any one location From Greenways 0 feet 0 feet MINIMUM YARDS (INTERNAL) Internal Drives (Measured from back of curb) 10 feet 10 feet Lakes (measured from the Lake Maintenance Easement) 5 feet 5 feet MINIMUM DISTANCE BETWEEN STRUCTURES 10 feet 10 feet MAXIMUM HEIGHT Zoned 45 feet 35 feet Actual 55 feet 45 feet MINIMUM FLOOR AREA (FIRST FLOOR) 1,000 square feet N/A *1 All projects providing a front yard setback greater than zero feet must accommodate pedestrians, bicyclists, or be designed with a combination of planting, seating and hardscaped areas. Note: Nothing in this PUD document shall be deemed to approve a deviation from the LDC unless it is expressly stated in a list of deviations. (Golden Gate Gol(Course MPUD PL20210001047) (April 21, 2022) Page 4 of 18 TABLE II RESIDENTIAL TRACT DEVELOPMENT STANDARDS PRINCIPAL USES ACCESSORY USES MINIMUM LOT AREA N/A N/A MINIMUM LOT WIDTH N/A N/A MINIMUM LOT DEPTH N/A N/A MINIMUM SETBACKS From Collier Boulevard 25 feet 15 feet From Abutting Residential (Western Tract Boundary) *1 80 feet 50 feet average, however no less than 35 feet at any one location From Southern PUD Boundary 25 feet 10 feet From Greenway 0 feet 0 feet From Internal Drives (Measured from the back of curb) 15 feet 15 feet From Lakes (measured from the Lake Maintenance Easement) 0 feet 0 feet MINIMUM DISTANCE BETWEEN STRUCTURES 20 feet 10 feet MAXIMUM HEIGHT Multi -Family: Zoned Actual 45 feet 55 feet 35 feet 45 feet Multi -Family for Seniors: Zoned Actual 85 feet 95 feet 35 feet 45 feet MINIMUM FLOOR AREA (PER UNIT) 600 square feet N/A Note: Nothing in this PUD document shall be deemed to approve a deviation from the LDC unless it is expressly stated in a list of deviations. (Golden Gate Golf Course MPUD PL20210001047) (April 21, 2022) Page 5 of 18 TABLE III GOLF COURSE TRACT DEVELOPMENT STANDARDS PRINCIPAL USES ACCESSORY USES MINIMUM LOT AREA N/A N/A MINIMUM LOT WIDTH N/A N/A MINIMUM LOT DEPTH N/A N/A MINIMUM SETBACKS *2 From Collier Boulevard 0 feet 50 feet From Western PUD Boundary 0 feet 50 feet average, however no less than 35 feet at any one location From Southern Golf Course Tract Boundary 0 feet 50 feet From Northern Golf Course Tract Boundary 0 feet 50 feet From Greenway 0 feet 0 feet From Internal Drives (Measured from the back of curb) 0 feet 0 feet From Lakes (measured from the Lake Maintenance Easement) 0 feet 5 feet MINIMUM DISTANCE BETWEEN STRUCTURES MAXIMUM HEIGHT *1 Zoned 35 feet 35 feet Actual 45 feet 45 feet MINIMUM FLOOR AREA N/A N/A *1 Netting and supporting infrastructure for golf driving range are exempt from maximum height limitations listed above but will not exceed 200 feet. Non -parking lot lighting for the driving range will be limited to 60' in height. *2 Clubhouse, maintenance building, driving range, restaurants and pro shop uses shall be a minimum of 50 feet from external residential uses. Pitch and chip practice area and putting greens are not subject to the 50 foot setback. Note: Nothing in this PUD document shall be deemed to approve a deviation from the LDC unless it is expressly stated in a list of deviations. (Golden Gate Golf Course MPUD PL20210001047) (April 21, 2022) Page 6 of 18 TABLE IV COMMERCIAL TRACT DEVELOPMENT STANDARDS PRINCIPAL USES ACCESSORY USES MINIMUM LOT AREA N/A N/A MINIMUM LOT WIDTH N/A N/A MINIMUM LOT DEPTH N/A N/A MINIMUM SETBACKS From Collier Boulevard *1 25 feet 20 feet From Golden Gate Parkway *1, 2 20 feet 20 feet From Western Tract Boundary 15 feet 15 feet From Northern Golf Course Tract Boundary 0 feet 0 feet From Internal Drives (Measured from the back of curb) 10 feet 0 feet From Lakes (measured from the Lake Maintenance Easement) 0 feet 0 feet MINIMUM DISTANCE BETWEEN STRUCTURES MAXIMUM HEIGHT Zoned 35 feet 35 feet Actual 45 feet 35 feet MINIMUM FLOOR AREA 1,000 SF 1,000 SF *1 All projects providing a front yard setback greater than zero feet must accommodate pedestrians, bicyclists, or be designed with a combination of planting, seating and hardscaped areas. *2 Parcel B — Zero foot front yard setback Note: Nothing in this PUD document shall be deemed to approve a deviation from the LDC unless it is expressly stated in a list of deviations. (Golden Gate Golf Course MPUD PL20210001047) (April 21, 2022) Page 7 of 18 TABLE V COMMUNITY FACILITY TRACT DEVELOPMENT STANDARDS PRINCIPAL USES ACCESSORY USES MINIMUM LOT AREA N/A N/A MINIMUM LOT WIDTH N/A N/A MINIMUM LOT DEPTH N/A N/A MINIMUM SETBACKS From Collier Boulevard 25 feet 20 feet From Western PUD Boundary *1 100 feet 50 feet From Northern Golf Course Tract Boundary 0 feet 0 feet From Greenway 0 feet 0 feet From Internal Drives (Measured from the back of curb) 10 feet 0 feet From Lakes (measured from the Lake Maintenance Easement) 0 feet 0 feet MINIMUM DISTANCE BETWEEN STRUCTURES MAXIMUM HEIGHT Zoned 35 feet 35 feet Actual 45 feet 35 feet MINIMUM FLOOR AREA 1,000 SF 1,000 SF *1 Non -Golf Course Uses permitted within the Greenway in accordance with LDC Section 5.05.15 H.2 shall have an average 50 foot setback from abutting residential zoned property and no less than 35 feet at anyone location. Note: Nothing in this PUD document shall be deemed to approve a deviation from the LDC unless it is expressly stated in a list of deviations. (Golden Gate Golf Course MPUD PL20210001047) (April 21, 2022) Page 8 of 18 TABLE VI RESIDENTIAL TOURIST TRACT DEVELOPMENT STANDARDS HOTEL/MOTEL/TIMESHARE/ MULTI -FAMILY USES *3 COMMERCIAL USES *3 PRINCIPAL ACCESSORY PRINCIPAL ACCESSORY MINIMUM LOT AREA 1 Acre N/A 10,000 SF N/A MINIMUM LOT WIDTH 150 feet N/A 75 feet N/A MINIMUM LOT DEPTH N/A N/A N/A N/A MINIMUM SETBACKS From Golden Gate Parkway *1 20 feet 10 feet 25 feet 25 feet From Internal PUD Boundary 0 feet 0 feet 0 feet 0 feet From Southern Golf Course Tract Boundary *2 0 feet 0 feet 0 feet 0 feet From RT Zoned Property 15 feet 0 feet 15 feet 15 feet From Internal Drives (Measured from the back of curb) 10 feet 0 feet 10 feet 10 feet MINIMUM DISTANCE BETWEEN STRUCTURES N/A N/A 10 feet 10 feet MAXIMUM HEIGHT Zoned 100 feet or 10 stories N/A 50 feet 50 feet MINIMUM FLOOR AREA 1,000 SF N/A 700 SF N/A *1 All projects providing a front yard setback greater than zero feet must accommodate pedestrians, bicyclists, or be designed with a combination of planting, seating and hardscaped areas. *2 Golf course tract boundary is not considered a front yard. *3 If redevelopment occurs on the Residential Tourist Tract, with uses permitted within the C-3 zoning district, then the C-3 development standards will be applicable. 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BEGIN AT THE NORTHEAST CORNER OF TRACT "A", GOLDEN GATE UNIT 1, PLAT BOOK 5, PAGES 60 THROUGH 64, PUBLIC RECORDS OF COLLIER COUNTY, FLORIDA, THE SAME BEING A POINT ON THE WEST RIGHT-OF-WAY OF COLLIER BOULEVARD; THENCE ALONG SAID RIGHT-OF-WAY, SOUTH 00°28'56" EAST, A DISTANCE OF 5,145.44 FEET TO THE SOUTHEAST CORNER OF TRACT "A", GOLDEN GATE UNIT 8 PART 1, PLAT BOOK 5, PAGES 147 THROUGH 151, PUBLIC RECORDS OF COLLIER COUNTY, FLORIDA; THENCE ALONG THE BOUNDARY OF SAID TRACT "A" FOR THE FOLLOWING SIX (6) COURSES AND DISTANCES, 1) SOUTH 87°55'11" WEST, A DISTANCE OF 335.06 FEET; 2) THENCE NORTH 00°29'07" WEST, A DISTANCE OF 258.71 FEET TO A POINT ON A CURVE TO THE LEFT; 3) THENCE NORTHWESTERLY 79.93 FEET ALONG THE ARC OF SAID CURVE, HAVING A RADIUS OF 50.00 FEET, A CENTRAL ANGLE OF 91-35'35", (CHORD BEARING NORTH 46°16'54" WEST, A DISTANCE OF 71.69 FEET); 4) THENCE SOUTH 87°55'09" WEST, A DISTANCE OF 233.53 FEET; 5) THENCE NORTH 00°29'07" WEST, A DISTANCE OF 1,294.31 FEETTO A POINT ON A CURVE TO THE LEFT; 6) THENCE NORTHWESTERLY 335.72 FEET ALONG THE ARC OF SAID CURVE, HAVING A RADIUS OF 210.00 FEET, A CENTRAL ANGLE OF 91°35'44", (CHORD BEARING NORTH 46°17'01" WEST, A DISTANCE OF 301.09 FEET) TO A POINT ON THE BOUNDARY OF TRACT "A", GOLDEN GATE UNIT 8 PART 2, PLAT BOOK 9, PAGES 107A THROUGH 112 OF SAID PUBLIC RECORDS; THENCE ALONG SAID BOUNDARY FOR THE FOLLOWING SEVENTEEN (17) COURSES AND DISTANCES, 1) SOUTH 87°55'09" WEST, A DISTANCE OF 1,404.72 FEET TO A POINT ON A NON TANGENTIAL CURVE TO THE LEFT; THENCE NORTHERLY 282.64 FEETALONG THE ARC OF SAID CURVE, HAVING A RADIUS OF 712.77 FEET, A CENTRAL ANGLE OF 22°43'13", (CHORD BEARING NORTH 12°07'31" WEST, A DISTANCE OF 280.79 FEET); 2) THENCE NORTH 23°29'07" WEST, A DISTANCE OF 994.26 FEET; 3) THENCE NORTH 66°30'53" EAST, A DISTANCE OF 600.00 FEET; 4) THENCE SOUTH 23°29'07" EAST, A DISTANCE OF 543.32 FEET TO A POINT ON A CURVE TO THE LEFT; 5) THENCE SOUTHEASTERLY 556.70 FEET ALONG THE ARC OF SAID CURVE, HAVING A RADIUS OF 465.00 FEET, A CENTRAL ANGLE OF 68°35'44", (CHORD BEARING SOUTH 57°47'00" EAST, A DISTANCE OF 524.05 FEET); 6) THENCE NORTH 87°55'09" EAST, A DISTANCE OF 655.68 FEET TO A POINT ON A CURVE TO THE LEFT; 7) THENCE NORTHEASTERLY 324.02 FEET ALONG THE ARC OF SAID CURVE, HAVING A RADIUS OF 210.00 FEET, A CENTRAL ANGLE OF 88-24-14", (CHORD BEARING NORTH 43-43-02" EAST, A DISTANCE OF 292.82 FEET); 8) THENCE NORTH 00°29'07" WEST, A DISTANCE OF 661.52 FEET TO A POINT ON A CURVE TO THE LEFT; 9) THENCE NORTHWESTERLY 219.91 FEET ALONG THE ARC OF SAID CURVE, HAVING A RADIUS OF 210.00 FEET, A CENTRAL ANGLE OF 60-00-00", (CHORD BEARING NORTH 30-29-07" WEST, A DISTANCE OF 210.00 FEET); 10) THENCE NORTH 60°29'07" WEST, A DISTANCE OF 715.08 FEETTO A POINT ON A CURVE TO THE LEFT; 11) THENCE WESTERLY 194.26 FEET ALONG THE ARC OF SAID CURVE, HAVING A RADIUS OF 210.00 FEET, A CENTRAL ANGLE OF 53-00-00", (CHORD BEARING NORTH 86°59'05" WEST, A DISTANCE OF 187.41 FEET); 12) THENCE SOUTH 66'30'53" WEST, A DISTANCE OF 600.52 FEET TO A POINT ON A CURVE TO THE LEFT; 13) THENCE SOUTHERLY 329.86 FEET ALONG THE ARC OF SAID CURVE, HAVING A RADIUS OF 210.00 FEET, A CENTRAL ANGLE OF 90°00'00", (CHORD BEARING SOUTH 21°30'51" WEST, A DISTANCE OF 296.98 FEET); 14) THENCE SOUTH 23°29'07" EAST, A DISTANCE OF 100.00 FEET; 15) THENCE SOUTH 66°30'53" WEST, A DISTANCE OF 600.00 FEET; 16) THENCE NORTH 23°29'07" WEST, A DISTANCE OF 25.00 FEET TO A POINT ON A CURVE TO THE RIGHT; 17) THENCE NORTHERLY 487.72 FEET ALONG THE ARC OF SAID CURVE, HAVING A RADIUS OF 1,215.00 FEET, A CENTRAL ANGLE OF 23°00'00", (CHORD BEARING NORTH 11°59'06" WEST, A DISTANCE OF 484.45 FEET); THENCE ALONG SAID BOUNDARY AND THE PROLONGATION THEREOF, NORTH 00°29'07" WEST, A DISTANCE OF 1,665.00 FEET TO THE (Golden Gate Golf Course MPUD PL20210001047) (April 21, 2022) Page 12 of 18 NORTHWEST CORNER OF TRACT "B", GOLDEN GATE UNIT 1, PLAT BOOK 5, PAGES 60 THROUGH 64, OF SAID PUBLIC RECORDS; THENCE ALONG THE BOUNDARY OF SAID TRACT "B" FOR THE FOLLOWING FOUR (4) COURSES AND DISTANCES, 1) NORTH 89°30'53" EAST, A DISTANCE OF 605.00 FEET; 2) THENCE SOUTH 00°29'07" EAST, A DISTANCE OF 475.00 FEET TO A POINT ON A CURVE TO THE LEFT; 3) THENCE SOUTHEASTERLY 329.87 FEET ALONG THE ARC OF SAID CURVE, HAVING A RADIUS OF 210.00 FEET, A CENTRAL ANGLE OF 90-00-00", (CHORD BEARING SOUTH 45-29-07" EAST, A DISTANCE OF 296.98 FEET) TO A POINT ON THE BOUNDARY OF TRACT "A" OF THE AFOREMENTIONED GOLDEN GATE UNIT 8 PART 2; THENCE ALONG SAID BOUNDARY, NORTH 89-30-53" EAST, A DISTANCE OF 510.00 FEET TO A POINT ON THE BOUNDARY OF TRACT "A" OF THE AFOREMENTIONED GOLDEN GATE UNIT 1, THE SAME BEING A POINT ON A CURVE TO THE LEFT; THENCE ALONG SAID BOUNDARY FOR THE FOLLOWING THREE (3) COURSES AND DISTANCES, 1) NORTHEASTERLY 329.87 FEET ALONG THE ARC OF SAID CURVE, HAVING A RADIUS OF 210.00 FEET, A CENTRAL ANGLE OF 90°00'00", (CHORD BEARING NORTH 44°30'53" EAST, A DISTANCE OF 296.98 FEET); 2) THENCE NORTH 00°29'07" WEST, A DISTANCE OF 475.00 FEET; THENCE NORTH 89°30'53" EAST, A DISTANCE OF 893.76 FEET TO THE NORTHWEST CORNER OF GOLF CREST OF NAPLES, A CONDOMINIUM, OFFICIAL RECORDS BOOK 779, PAGE 358 OF SAID PUBLIC RECORDS; THENCE ALONG THE BOUNDARY OF SAID GOLF CREST OF NAPLES FOR THE FOLLOWING SEVEN (7) COURSES AND DISTANCES, 1) SOUTH 33-25-57" EAST, A DISTANCE OF 101.54 FEET; 2) THENCE SOUTH 07°30'43" WEST, A DISTANCE OF 242.09 FEET; 3) THENCE SOUTH 67°56'47" EAST, A DISTANCE OF 49.29 FEET; 4) THENCE NORTH 89°30'13" EAST, A DISTANCE OF 138.41 FEET; 5) THENCE NORTH 00°29'07" WEST, A DISTANCE OF 190.41 FEET; 6) THENCE NORTH 12°46'13" EAST, A DISTANCE OF 60.02 FEET; 7) THENCE NORTH 00°29'07" WEST, A DISTANCE OF 94.98 FEET TO A POINT ON THE NORTH LINE OF THE AFOREMENTIONED TRACT "A" OF SAID GOLDEN GATE UNIT 1; THENCE ALONG SAID NORTH LINE FOR THE REMAINING TWO (2) COURSES AND DISTANCES, 1) NORTH 89-30-53" EAST, A DISTANCE OF 89.50 FEET; 2) THENCE SOUTH 75°29'07" EAST, A DISTANCE OF 80.23 FEET TO THE POINT OF BEGINNING. LESS AND EXCEPT PARCEL BEING THE LANDS DESCRIBED IN OFFICIAL RECORDS BOOK 4098, PAGE 3967 AND PAGE 1131, PAGE 1230 ALSO BEING A PORTION OF TRACT "A", GOLDEN GATE UNIT 8 PART 2, PLAT BOOK 9, PAGES 107A THROUGH 112, ALL OF THE PUBLIC RECORDS OF COLLIER COUNTY, FLORIDA BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCE AT THE NORTHWEST CORNER OF TRACT "A", GOLDEN GATE UNIT 8, PART 2, PLAT BOOK 9, PAGES 107A THROUGH 112, PUBLIC RECORDS OF COLLIER COUNTY, FLORIDA; THENCE ALONG THE WEST LINE OF SAID TRACT "A", SOUTH 00°29'07" EAST, A DISTANCE OF 649.27 FEET; THENCE NORTH 89°30'53" EAST, DEPARTING SAID WEST LINE A DISTANCE OF 336.31 FEET TO A POINT ON THE BOUNDARY OF THE LANDS DESCRIBED IN OFFICIAL RECORDS BOOK 1131, PAGE 1230, OF SAID PUBLIC RECORDS AND THE POINT OF BEGINNING OF THE PARCEL OF LAND HEREIN DESCRIBED; THENCE ALONG THE BOUNDARY OF SAID LANDS FORTHE FOLLOWING TWO (2) COURSES AND DISTANCES, 1) NORTH 03-16-23" EAST, A DISTANCE OF 183.92 FEET; 2) THENCE NORTH 10°35'02" EAST, A DISTANCE OF 113.36 FEET TO A POINT ON THE BOUNDARY OF THE LANDS DESCRIBED IN OFFICIAL RECORDS BOOK 4098, PAGE 3967 OF SAID PUBLIC RECORDS; THENCE ALONG THE BOUNDARY OF SAID LANDS FOR THE FOLLOWING FIVE (5) COURSES AND DISTANCES, 1) NORTH 00°44'11" WEST, A DISTANCE OF 16.91 FEET; 2) THENCE NORTH 12°22'36" EAST, A DISTANCE OF 31.94 FEET TO A POINT ON A CURVE TO THE LEFT; 3) THENCE NORTHERLY 78.51 FEET ALONG THE ARC OF SAID CURVE, HAVING A RADIUS OF 577.88 FEET, A CENTRAL ANGLE OF 07°47'03", (CHORD BEARING NORTH 08°29'05" EAST, A DISTANCE OF 78.45 FEET); 4) THENCE NORTH 89°15'56" EAST, A DISTANCE OF 89.59 FEET; 5) THENCE SOUTH 00°44'11" EAST, A DISTANCE OF 116.40 FEETTO AN INTERSECTION WITH THE NORTH LINE OF THE AFOREMENTIONED LANDS DESCRIBED IN OFFICIAL RECORDS BOOK 1131, PAGE 1230 OF SAID PUBLIC RECORDS; THENCE ALONG THE BOUNDARY SAID LANDS FOR ALL OF THE REMAINING COURSES AND DISTANCES, NORTH 89°15'49" EAST, A DISTANCE OF 86.04 FEET; THENCE SOUTH 47°36'49" EAST, A DISTANCE OF 196.55 FEET; THENCE SOUTH (Golden Gate Golf Course MPUD PL20210001047) (April 21, 2022) Page 13 of 18 23°14'36" WEST, A DISTANCE OF 104.18 FEET; THENCE SOUTH 00°38'10" EAST, A DISTANCE OF 75.04 FEET; THENCE SOUTH 89°25'14" WEST, A DISTANCE OF 331.54 FEET TO THE POINT OF BEGINNING, RESULTING PARCEL CONTAINING 171.81 ACRES, MORE OR LESS. (Golden Gate Golf Course MPUD PL20210001047) (April 21, 2022) Page 14 of 18 EXHIBIT E LIST OF DEVIATIONS Deviation #1: Relief from LDC Section 4.07.02 B.2 PUD "Design Requirements," which requires PUDs to provide landscape buffers along the perimeter of PUD boundaries, to instead require no hedge or wall within the landscape buffers where the greenway is located. Deviation #2: Relief from LDC Section 4.06.02 A "Landscape Buffers," which requires landscape buffers between separate land uses, to instead allow no landscape buffers between separate land uses internal to the PUD. Deviation #3: Relief from LDC Section 4.05.04 G "Parking Space Requirements," to allow a reduction in requirement of off-street parking spaces for consistency with the Golden Gate Parkway Overlay District and to meet actual parking demands. This includes: a. No additional off-street parking required for outdoor dining/seating areas for restaurants. b. If the subject property is within 330' of an improved public transit facility, such as a bus shelter, bus transfer facility, or park and ride site, the required number of off-street parking spaces shall be reduced by 10 percent. c. The affordable housing development shall have the option to reduce the number of off-street parking spaces by 10 percent. d. Parking for hotel uses may be shared with adjacent commercial properties under separate ownership, consistent with the previously approved parking agreement recorded in OR Book 2090, Page 1194. The parking agreement shall remain valid even if the RT parcel is redeveloped. Deviation #4: Relief from LDC Section 5.05.04 D.1., "Group Housing", which requires the maximum floor area ratio (FAR) shall not exceed 0.45 to instead allow an FAR of 0.60 for Group Housing uses within the PUD. (Golden Gate Golf Course MPUD PL20210001047) (April 21, 2022) Page 15 of 18 EXHIBIT F LIST OF DEVELOPMENT COMMITMENTS The purposed of this Section is to set forth the development commitments for the development of this project. 1. GENERAL A. One entity (hereinafter the Managing Entity) shall be responsible for PUD monitoring until close- out of the PUD, and this entity shall also be responsible for satisfying all PUD commitments until close-out of the PUD. At the time of this PUD approval, the Managing Entity is Collier County. Should the Managing Entity desire to transfer the monitoring and commitments to a successor entity, then it must provide a copy of legally binding documentthat needs to be approved for legal sufficiency by the County Attorney. After such approval, the Managing Entity will be released of their/its obligations upon written approval of the transfer by County staff, and the successor entity shall become the Managing Entity. As Owner and Developer sell off tracts, the Managing Entity shall provide written notice to County that includes an acknowledgement of the commitments required by the PUD by the new owner and the new owner's agreement to comply with the Commitments through the Managing Entity, but the Managing Entity shall not be relieved of its responsibility under this Section. When the PUD is closed -out, then the Managing Entity is no longer responsible for the monitoring and fulfillment of PUD commitments. B. Issuance of a development permit by a county does not in any way create any rights on the part of the applicant to obtain a permit from a state or federal agency and does not create any liability on the part of the county for issuance of the permit if the applicant fails to obtain requisite approvals or fulfill the obligations imposed by a state or federal agency or undertakes actions that result in a violation of state or federal law." (Section 125.022, FS) C. All other applicable state or federal permits must be obtained before commencement of the development. D. Lights shall be shielded to avoid light spillage into other properties. E. At the time of Plat or Site Development Plan (SDP) the applicant shall provide errant golf ball netting or other engineering solution for development in the Golf Course Tract limited to the Golf Course and Driving Range. This shall include signed and sealed engineering drawings including but not limited to proposed location layout plans, errant golf ball devise design, and details to insure no golf balls exit the Golf Course Tract. 2. TRANSPORTATION A. The maximum total daily trip generation for the PUD (excluding RT Tract) shall not exceed 687 two-way PM peak hour net trips based on the use codes in the ITE Manual on trip generation rates in effect at the time of application for SDP/SDPA or subdivision plat approval. B. The maximum total daily trip generation for the RT Tract shall not exceed 234 two-way PM peak hour net trips based on the use codes in the ITE Manual on trip generation rates in effect at the time of application for SDP/SDPA or subdivision plat approval. (Golden Gate Golf Course MPUD PL20210001047) (April 21, 2022) Page 16 of 18 C. To promote walkability, pedestrian connectivity shall be provided between land uses and Collier Boulevard and Golden Gate Parkway. Pedestrian access from the Greenway Tract shall be provided to the "Residential", Public Use", and "Community Facility" project development tracts. D. 4± acres along the eastern MPUD boundary shall be reserved for future Collier Boulevard right- of-way improvements. E. Existing access points for the Commercial and RT Tracts on Golden Gate Parkway shall remain until each site is redeveloped. 3. ENVIRONMENTAL A. TREE PRESERVATION A total of 2,285 trees were found to meet Collier County's tree count criteria, in accordance with LDC Section 3.05.07; therefore, requiring a minimum tree preservation of 571 trees (2,285 existing trees x 25% = 571). Per LDC Section 3.05.07 A.2, trees which die shall be replaced with 10-foot high native canopy trees on a one for one basis. Total tree count for the MPUD = 571 trees Per LDC Section 5.05.15 G.2.e, existing trees shall be preserved and retained within the greenways, or within the golf course, at a minimum ratio of 1 canopy tree per every 2,000 square feet of greenway provided. The total Greenway area provided is 16.45±-acres (716,562 SF); therefore, requiring a total of 358 canopy trees to be retained and/or provided within the greenways (716,562 SF /2,000 SF = 358). The vegetation will be provided concurrent with development of each tract abutting the greenway. B. Best management practices shall be utilized for any use that may store hazardous materials. C. Prior to site clearing activities for each tract, the development footprint will be surveyed for potential listed plant and animal species. If listed species are determined to be present a management plan shall be provided in accordance with agency guidelines. 4. AFFORDABLE HOUSING A. The developer of the Residential Tract has agreed to construct up to 400 rental dwelling units for residents in income and rental ranges as approved by the Collier County Board of County Commissioners in the accompanying Developer Agreement. 5. UTILITIES A. The Owner shall convey a County Utility Easement (CUE) and declaration of restrictions of CUE to the Collier County Water -Sewer District for infrastructure through the property. The CUE and declaration of restrictions of CUE shall be 30 feet in width and shall extend from a point on Collier Boulevard (CR 951) to the northwest corner of the PUD. The CUE and declaration of restrictions of CUE shall be shown on any final subdivision plat and shall be conveyed in accordance with the Collier County Utilities Standards and Procedures Ordinance, free and clear of all liens and (Golden Gate Golf Course MPUD PL20210001047) (April 21, 2022) Page 17 of 18 encumbrances, within six months of the effective date of this PUD Ordinance. The declaration of restrictions of CUE will be binding on future owners. 6. LANDSCAPING A. Landscape buffers adjacent to Golden Gate Parkway shall only be required for the Commercial and RT Tracts upon redevelopment of each parcel. 7. GREENWAY A. The passive recreation uses within the Greenway shall be identified at the time of plat or site development plan approval for each conversion project. Such uses may include, open space, nature trails, a park, playground, exercise equipment, and multi -use paths or other passive recreational uses that were vetted at the Stakeholder Outreach Meetings or approved by the Board of County Commissioners. B. The lighting and building or structure setbacks within the Greenway are subject to LDC section 5.05.15 H. Design Standards, however, the minimum average 50-foot setback and no less than 35 feet at any one location from lands zoned residential shall not apply to the shared common tract line between the Greenway tract and any internal conversion project development tract. The setbacks requirements are applicable to the shared common tract line between the Greenway tract and existing surrounding lands zoned residential. C. The County shall be the maintenance entity for the Greenway until such time the Board of County Commissioners elects to assign its responsibility to another entity. At the time of subdivision plat approval, the Greenway shall be recorded as a tract of land along with a recorded restrictive covenant and greenway maintenance easement over the conversion project development tracts, where applicable. (Golden Gate Gof Course MPUD PL20210001047) (April 21, 2022) Page 18 of 18 Renaissance Hall Senior Living EXHIBIT D: RURAL NEIGHBORHOODS PAST AND PRESENT EXPERIENCE OF THE FIRM June 6, 2024 RURAL NEIGHBORHOOD'S AWARD -WINNING EXECUTIVE TEAM Steven Kirk, President Steven Kirk has served as President since 1994 and has developed more than 2,400 affordable and workforce housing units and community facilities ranging from public parks and neighborhood retail space to childcare and health centers in communities from the Florida Keys to Gainesville. He has served on the Governor's Hurricane Housing Task Force and Florida Consumer's Council. Mr. Kirk has received numerous awards. He was named a Robert F. Kennedy Fellow and the recipient of the Lyndhurst Foundation Young Career Prize for civil rights advocacy in the South. His work has received prestigious professional housing awards including Fannie Mae Foundation's Maxwell Award of Excellence in Low -Income Housing, the Littleford Award for Public Service, Housing Assistance Council's Community Service Award, LISC Rural Champion and Miami -Dade Agriculturist of the Year. Mr. Kirk sits on numerous housing and neighborhood boards including the NeighborWorks NNA, Chapman Partnership and Redland Christian Migrant Association Prior to employment at RN, he served as Vice President of the Enterprise Fund. He earned a B.A. in Economics from Duke University. Dr. Michele Ennis, Ph.D., Chief Financial Officer Dr. Ennis leads Rural Neighborhoods' financial accounting and human resources team. Dr. Ennis is a past Finance and Human Resources Department Director and 17-year veteran of Wicomico County, Maryland. There she assisted the County Manager in the execution and oversight of operational and capital improvement budgets, interpreting financial information and managing cash funds and investments. In her human resources and personnel role, Dr. Ennis maintained county compliance with Federal and state employment and labor laws. Dr. Ennis has also served as an Adjunct Professor at Salisbury University and Delaware State University teaching financial and managerial accounting. She holds a Ph.D. in Organizational Leadership from the University of Maryland Eastern Shore, an MS in Human Resource Management from Wilmington University and a B.S. in Accounting from Salisbury University. Corey O'Gorman, ACIP, Principal Planner) Real Estate Development Mgr. Mr. Gorman shares a dual appointment as Real Estate Development Manager with Rural Neighborhoods. He earned a BA in Environmental Sciences from Rollins College and is a past board member of the Florida Housing Coalition and the Florida Redevelopment Association. He is an active member of the Florida Trust for Historic Preservation and the American Planning Association. Mr. Gorman has significant Total government experience as Manager of the Gainesville Community Redevelopment Agency and served as a Senior Planner Tor Lee County and the City of Titusville. He has assisted RN far more than ! 0 years providing predevelopment, project and construction management services including his current oversight of Deer Creek Senior Housing and RN's planned Indiantown Non -Profit portfolio acquisition. Rural fil"i—A—dwi-, u NI XS Us■QigIbO,ffiLIPaLB.Ild6 -PIMATE CHARTERED MEMBER�A RURAL NEIGHBORHOODS Dorothy Cook, ACIP, Principal Planner/ Neighborhood Revitalization Mgr. Ms. Cook is graduate of Florida State University with an M.A. in Urban and Regional Planning. She serves as Neighborhood Revitalization Manager and Principal Planner at Rural Neighborhoods. Ms. Cook previously server{ as a Principal Planner at the Southwest Florida Regional Planning Council and as Executive Director of the Empowerment Alliance of SW Florida prior to joining RN. She led the Empowerment Alliance's development of homeownership subdivisions in the SW Florida Empowerment Zone. Ms. Cook is experienced in land entitlements, intergovernmental relations, and project management. She directed rural Collier's Hurricane Irene Unmet Needs Housing Committee and spearheads RN's Eden Park-Esperanza Place Redevelopment Plan. Alphonse Townsel, Chairperson Mr. Townsel is President of Al Townsel, Inc., a community development consulting firm headquartered in Miami. His clients range from the Urban _ = League of Greater Miami, New Urban Development to local CDCs, Community Redevelopment Agencies, related agencies and churches. 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N o� 0 `co � ❑ zi � O o ❑ � tom] U 0 +� u7 co [u i , _ .__I E U co 4 0 0 r 10 a o a 0 C] Q o r o rr- 0 i-- a a LO LO U D c: LL � fig H3 6s {q} L L ■ ■ e� CD N O r N O CV i11 N C\I 0 0 CV CCV CV [C7 N Cll co �c r 0 O O < co {� y10 d LL N a o ❑ 0 CO Ir CY] U) a' McDowell HOUSING PARTNERS Ekos Old 41 Collier County 2024 NOFA Related to FHFC RFA 2024-201 Local Government Area of Opportunity Funding Application �.� ra ■ i�'6� ■air-- r� ,�-� Arta �._ .. aWN +.low, r A� 3-- Submitted To: Collier County Government C/o Community and Human Services Division Kristi Sonntag, Director 3339 East Tamiami Trail, Building H., Suite 213 Naples, FL 34112 777 Brickell Ave, Ste. 1300 P:. -:. Miami, FL 33131 .... Table of Contents CoverLetter...........................................................................................................1 ii. Exhibit 2 — Development Summary..................................................................... 3 iii. Exhibit 3 — Development Timeline....................................................................... 8 iv. Exhibit 4 — Financing Summary..........................................................................11 V. Exhibit 5 — Operating Proforma.........................................................................15 VI. Exhibit 6 — Site Control...................................................................................... 20 Vli. Exhibit 7 — Zoning................................................................................................21 Vlii. Exhibit 8 —Project Selection Criteria................................................................ 22 Cover Letter June 7, 2024 Collier County Government c/o Community and Human Services Division Director, Kristi Sonntag 3339 East Tamiami Trail, Building H, Suite 213 Naples, FL 34112 Re: Development Summary: Ekos on Old 41— Application for LGAO Funding Commitment Dear Ms. Sonntag: McDowell Housing Partners ("MHP") is pleased to present the submission of Ekos Old 41 for the Collier County Local Government Area of Opportunity Funding commitment for Florida Housing Finance Corporation (FHFC) RFA 2024-201. Ekos Old 41 offers the County the highest probability of securing funding through the coveted 9% housing tax credits. We estimate a total of nine (9) applications will be selected for funding under RFA 2024-201, with six (6) specific goals to fund developments with a Local Government Area of Opportunity Funding Preference. Furthermore, FHFC has a goal to fund two (2) developments that are within designated Geographic Areas of Opportunity or HUD -designated Difficult Development Areas (SADDA). Ekos Old 41 will be highly competitive for the coveted funding award by meeting 8 FHFC funding goals. McDowell Housing Partners brings forth the requisite discipline, LOCAL experience, and knowledge, and most of all passion to deliver a quality, attainable housing community for Collier County residents. MHP has an established track record of successfully securing the extremely competitive 9% tax credits and working through the Collier County development process. MHP has successfully secured scarce/competitive funding for over 1,500 units in the past 3 years. Our experience developing, constructing, and operating income restricted housing assets will ensure the development's long-term viability and success. MHP maintains the critical financial capacity, multifamily operating expertise, and local presence to endure the volatile and challenging market conditions that are hindering the other affordable developers across the area. Ekos Old 41 is located on a premium 3.71-acre site on 15805 Old 41 Road, on one of the few main commercial arteries within the North Collier County area (as illustrated in the location map below). The site's location is perfect for a multifamily housing community; the site does not impose on single family homes and is within close proximity to places to valued tenant amenities such as grocery stores, pharmacies, parks, convenience stores, schools, restaurants, places of employment and an array of other retail establishments. We understand the County's objective for this development is to serve a broad range of income levels. Our development program will provide a mix of income/rent set -asides to drive the greatest public benefit to the widest array of underserved citizens. MHP maintains a resolute commitment to work in full collaboration with the County and surrounding neighborhood, and community EKOS OLD 41 - JUNE 2024 stakeholders. The approach of working from the "inside out" has proven to be a key element underlying our reputation and success as a distinguished public/private partnership housing developer. The general development program of Ekos at Old 41 will consist of one five -story elevator served building with 90 units, surface parking and ample open space. The efficient design along with a favorable purchase price affords the luxury of optimizing unit construction within the boundaries of zoning and land use regulation, as well as leveraging the benefits afforded by Senate Bill 102. Income and rent limits will range between 30% - 70% of the area median income (AMI) across the development units. Essential Service Personnel (ESP), County employees and Veterans will have a preference for all units provided. Our unit mix is comprised of 58 one-bedroom/one-bath, 20 two-bedroom/two full baths and 12 three-bedroom/two-bath units. For perspective, this translates to $486 - $1268 monthly rent for one -bedroom units, $586- $1525 for two -bedroom units and $675- $1760 for three -bedroom units. More than 30% below a comparable market -rate community. MHP has over 800 people on the waiting list for Ekos on Santa Barbara and over 300 applications for Ekos Allegro that will be opening in July for occupancy. We would be grateful for the opportunity to deliver another superb community and leverage our lengthy weight list and operational scale on the north side of the county. We look forward to working in partnership with the Collier County to deliver another exceptional development that we would all be proud to call Home. Sincerely, Christopher Shear r Chief Operating Officer McDowell Housing Partners EKOS OLD 41 - JUNE 2024 " Put?lix5upermarket ` Al'd Supermapket pry 'p . �? js .. i 1 � ' � ."i► ... � it "r � 1. ,K�S . �s . t • �oil ilh - ,. a � .. • Zia L► ♦t Mir• � a Commercial Corridar- •'� * • till �l '" �i77Jll 10 IV L • j, F Geographic Area of Opportunity & Small Area of Difficult Development Maps Geographic Area of Opportunity Small Area of Difficult Development w� EKOS OLD 41 - JUNE 2024 4 M U Q W Q o0 Z � N Q 00 co o Q m LU (If LU d U W Q V co coo0ocv CD(D wd LU co � Z Z Lu ct) O =)� w � of W W a-icn0mmas LO 00 a a0 F- LU r- w m J Z J Q J a Z a HJU W Z NI CU Z ZLLO O~� U Z 0 Z J O Q 'C.) W ' Z N J J Q m C O V) O w 9 u E 0 0 0 0 Development SummarX Name of Development Ekos Old 41 Location of Development, by street address, 15805 Old 41 Rd, Unincorporated Collier County. or if no address, by mileage from nearest cross streets. Developer/ McDowell Housing Partners, LLC Location (name of controlling company, 777 Brickell Ave, Suite 1300, Miami, FL 33131 not of LP or LLC). Contact person for application, including Chris Shear, cshear@mcdhousing.com, name, email, (786) 584-2486 and phone numbers New Construction or Rehabilitation New Construction Development Construction Type Mid -Rise Garden, Mid -Rise, High -Rise, Other (explain) Family, Elderly, or other Family Concrete or Wood Concrete Number of Buildings One (1) Number of Stories Per Building Five (5) stories Number of Units 90 Units consisting of 58 1BR/1BA (600 SF) and Number of Bedrooms by unit size 20 2BR/2BA (800SF), 12 3BR/2BA (1,100 SF) Total Development Cost $32,652,555 Cost per unit $362,806 Land Cost $1,790,000 Hard Rehab Cost or Construction Cost $18,964,470 General Contractor Local GC TBD Set Aside Period (perpetuity minimum) 99 Years Set Aside Levels (number of units at each AMI 16% at 30% AMI; 38% at 60% AMI and 47% at level) 70% AMI Set Aside Special Needs (Homeless/By Name 10% List) Current Zoning Commercial (Using Live Local) Evidence of Site Control Purchase and Sale Agreement Geographic Area of Opportunity (Yes or No) Yes Public Transportation Utilized for Lee County and Collier County Bus FHFC Proximity Scoring, Location System EKOS OLD 41 - JUNE 2024 Project Concept Our plan consists of 90 units in one five stories building with surface parking, an ample clubhouse, and open community greenspace. Conceptually the building will be laid out efficiently within a single double loaded corridor building and internal communal spaces. Strategically, the location of the building on the site would be on the southern portion of the site to distance it from the adjacent multifamily development, Somerset Palms. Communal amenities will include a fitness center, a multipurpose community room/clubhouse, playground, community garden, leasing offices, security camera and secured building access. Proposed exterior amenities include covered BBQ and picnic area, dog walk, tot lot, and resort style community pool. , "gip The proposed unit mix will consist of, • 1 Bed/1 Bth — 58 units • 2 Bed/2 Bth — 20 units • 3 Bed/2 Bth — 12 units MHP has worked hard to cultivate a brand and aesthetic feel that is incorporated across all our properties. Similarly, Ekos at Old 41 will feature high -quality interior finishes that will allow residents to take pride in where they live. Units will feature solid surface countertops; plywood EKOS OLD 41 - JUNE 2024 7 cabinets; ceramic and/or luxury vinyl tile flooring; ceiling fans in all bedrooms and living rooms, full-size energy star appliances including range, refrigerator microwave, and dishwasher; washer/dryer hookups in every unit; and LED lighting throughout. Unit closets will have built in wire shelving for added storage and will provide high quality window treatments. move auwu�.,, cuwc,1w fYwCe 14�i �r. Interior Finishes �.v«�� ^^�^•x^ EKOS OLD 41 - JUNE 2024 8 Exhibit 3 — Development Timeline The Development Team's goal is to deliver 90 quality apartment homes as quickly as possible while maintaining the integrity and aesthetics of the development. We are prepared to begin making expenditures on planning, architecture, and engineering to achieve this. We have strong relationships with reputable design teams, including Fugleberg Koch for architecture and Davidson Engineering for civil engineering. Both firms have a long and successful track record in Collier County, ensuring that our development will benefit from their expertise and experience. As soon as we receive an award from FHFC, which is expected during the third quarter of 2024, we will initiate the financial underwriting process, as well as the design development and entitlement processes. We anticipate the financial closing at the end of 2025 and will immediately begin the construction period, with completion expected in the fall of 2027. EKOS OLD 41 - JUNE 2024 9 c o c: T N N ^I , O W C U 4-J d -2 O N o +.+ O L Lon N �v o o 2v w U U a c ----------------------------------------- - i c an LL- c O ,d 0 o o<O, N U J U=N a) T ELu a u 0W� o U LL T U _ ca- = O 7 LL. Q J U • • • •I^ N O N N a 10 a o N a M a a & L. N N a N V N CV Z I 0 J 0 0 Y W Exhibit 4 — Financing Summary Detailed financial projections are enclosed for review. In addition, the Development Team has provided debt and tax credit equity commitments from Key Bank and Raymond James to round out the sources of funding needed to successfully execute this transaction. EKOS OLD 41 - JUNE 2024 QI 061 N O I- O 00 LOO 0 0 0 0 0 0 M O M Z O M O— 0 Z O N f— O O m m N m m f-- -t— o 11! 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Supervision 75,000 Landscape Design 25,000 Interior Design 15,000 Specialty Design Services 15,000 Civil Engineering 175,000 Planning, Zoning & Entitlement Surveying and Platting (Not in Civil) 20,000 Dry Utility Design Construction Material Testing 50,000 Green Building Cart. & Inspections 27,100 Non -Muni Connection Fees & Deposits 45,000 PERMIT & IMPACT FEES Building and Permit Fees 126,000 Impact Fees 1,012,500 Water/Sewer Tap & Connection Fees 270,000 PROFESSIONAL SERVICES & REPORTS Accounting Services 35,000 Appraisal 8,500 Environmental (Ph.l & Ph. ll) 7,500 Market Study 6,500 Plan and Cost Report 5,300 Soil/Geotech Report 15,000 Traffic Study 9,550 Utility Allowance (Energy Consumption Study) 6,500 Developer Legal 300,000 Title Insurance & Recording Fees, Doc Stamps 100,000 OTHER SOFT COSTS Furniture, Fixtures, & Equipment 300,000 Printing, Shipping, and Travel 10,000 Builder's Risk & GL Const. Insurance 167,751 Property Taxes During Construction 25,000 INTERIM COSTS Insurance- Property/Liability (Escrowed) 169,888 Property Taxes (Escrowed) 63,332 Marketing & Lease -up Cost 67,500 CONSTRUCTION LOAN FEES Construction Loan Origination 156,563 Construction Loan Closing Costs 20,000 Construction Loan Legal 65,000 Construction Loan Inpection Fees 65,088 PERMANENT LOAN FEES Permanent Loan Origination 73,000 Permanent Loan Closing Costs 20,000 Permanent Loan Legal 75,000 Permanent Loan Application & Standby 30,113 Permanent Loan Conversion Fees 18,000 Capitalized Interest - Construction Loan 1,784,796 TAX CREDIT FEES State Agency Administrative/Reservation Fees 230,850 State Application Fees 3,000 State Compliance Fee 225,000 Credit Underwriting Fee 25,000 Syndication Fees/Investor Leqal & Due Diliqence 40,000 SOFT COST CONTINGENCY Soft Cost Contingency 131,973 DEVELOPER FEE & OVERHEAD Developer Fee 4,216,640 OPERATING DEFICIT RESERVE Operating Deficit Reserve 291,918 TOTAL DEVELOPMENT COST $ 32,652,555 EKOS OLD 41 - JUNE 2024 14 KeyBank June 6, 2024 Via Email Mr. Christopher Shear McDowell Housing Partners, LLC 777 Brickell Ave., Suite 1300 Miami, FL 33131 Re: Construction and Permanent Financing for 15805 Old 41 Road located in Naples, FL (Collier County). Mr. Shear, KeyBank National Association (the "Bank') has reviewed the project information for 15805 Old 41 Road ("the Project"), to be developed by McDowell Housing Partners, LLC. Based on our review below is an outline of the terms in which KeyBank would consider in the event there is further interest to provide the financing. The terms below are intended to outline a proposal which describes the terms pursuant to which a definitive agreement may be entered and do not constitute a binding contract. A Construction Loan, Permanent Loan, or any other financing by KeyBank National Association is contingent upon, among other things, completion of due diligence, negotiation and execution of definitive agreements and approval of its Credit Administration. Proposal of Terms: Borrower: MHP Collier III, LLC Use of Proceeds of financing for the Project will be used to develop a 90-unit project in Naples, FL with Proceeds: affordability rent restrictions at least 40% @ 60% Area Median Income. Loan Amount: Construction: An amount up to $20,875,000 Permanent: An amount up to $7,300,000 Term: Construction: Up to 30 months Permanent: Minimum 15 years (longer term available) Amortization: Construction: Interest only payable monthly Permanent: Principal and interest payable monthly —40-year Amortization Origination Fee: .75% of the Construction loan shall be paid by Borrower to the Bank, due upon project closing 1% of the Permanent loan shall be paid by Borrower to the Bank, due upon project closing Interest Rate: Construction: all -in rate est. to be 7.75%. Permanent: estimated at 6.75%. Guarantor: Guaranty of Construction Completion, Repayment and Performance will be required. Entities to provide guarantees will to be determined prior to closing of financing. Guaranty of Permanent Loan will be non - recourse with exception to the standard 'bad- boy' carve out acts. Approval of Operating Agreement: The closing of the Loans is conditioned upon the Bank approving the Operating Agreement, and the amount, timing and means of payment of the capital contributions to be received from the Investor, and all related documentation. Appraisal: Bank shall receive prior to the closing date a written appraisal satisfactory to the Bank in all respects including, but not limited, to a market valuation of the Project which includes all tax credit equity and other favorable financing which indicate a loan to value ratio not to exceed eighty percent (80%). Closing Costs: Borrower agrees to pay all expenses including, but not limited to, title company premiums and charges, fees of the Bank's counsel, survey costs, appraisal, environmental site assessment, recording fees and taxes, escrow agent settlement fee, property inspection fees, and all other reasonable expenses in connection with the preparation closing, and disbursement of the Loan. To the extent incurred, the foregoing expenses shall be paid by Borrower whether or not the Loan shall close or be funded. Municipal Considerations: KeyBank is not acting as a municipal advisor or fiduciary and any opinions, views or information herein is not intended to be, and should not be construed as, advice within the meaning of Section 15B of the Securities Exchange Act of 1934. This letter of intent does not represent a contract or a firm commitment. The purpose of this letter is to outline the basic terms under which KeyBank National Association is willing to consider providing financing. This proposal is subject to the Bank's further review under its normal credit underwriting procedures. The terms and conditions as outlined herein may be modified, changed or waived upon further due diligence review by Bank. Pending our normal credit approval process the Bank will issue a formal commitment. This letter of intent is made to the Borrower and is not assignable or transferable to any other party or entity. We wish you success in your application and funding for this Project. Slncerel LPA Jonathan Wittkopf Senior Vice President Senior Relationship Manager Key Community Development Lending RAYMQND JAMES June 6, 2024 Mr. Christopher Shear MHP Collier III, LLC c/o McDowell Housing Partners 777 Brickell Avenue, Suite 1300 Miami, FL 33131 Re: Project: 15805 Old 41 Road Company/Applicant: MHP Collier III, LLC Fund: To be determined Property Location: Naples, Collier County, Florida Dear Mr. Shear, This letter of intent for construction and permanent financing will confirm our agreement ("Agreement") whereby Raymond James Affordable Housing Investments, Inc. ("RJAHI") shall attempt to effect a closing ("Closing") of an investment by a Fund sponsored by RJAHI (the "RJAHI Fund") in the above named company ("Company") on the assumptions, terms, and conditions contained in this letter of intent, or such other assumptions, terms and conditions as are acceptable to you, RJAHI and the RJAHI Fund. Based upon the Company receiving $2,565,000 in annual low income housing tax credits, and further based on terms and conditions as set forth below, the anticipated total equity investment of the RJAHI Fund in the Project is $24,621,537 or $0.96 per low income housing tax credit allocated to the RJAHI Fund, subject to market conditions. The Applicant is the beneficiary of the equity proceeds. The RJAHI Fund anticipates purchasing $25,647,435 (99.99%) of the total low income housing tax credits allocated to the Applicant. The RJAHI Fund's net investment is anticipated to be funded based upon the following schedule: • 20% ($4,924,307) paid prior to or simultaneous with the closing of construction financing • 45% ($11,079,692) paid at 95% construction completion and • Balance ($8,617,538) paid at project stabilization and receipt of 8609s • The amount of equity to be paid prior to construction completion shall be $16,003,999. This letter of intent is subject to RJAHI's satisfactory completion of its normal due diligence, and is also subject to the approval by the Investment Committee of RJAHI of the terms and conditions of the investment in its sole discretion based on then current market conditions, including availability of investment funds and pricing for tax credits. Raymond James Affordable Housing Investments, Inc. A Subsidiary of Raymond James Financial, Inc. 880 Carillon Parkway • St. Petersburg, FL 33716 800-438-8088 Toll Free • 727-567-8455 Fax Visit our Web Site at www.RJAHI.com Since 1987, Raymond James Affordable Housing Investments and our affiliates have been involved with the development of affordable housing. We have provided equity for nearly 2,200 tax credit properties nationwide. We look forward to working with you. Sincerely, "�4 Sean Jones VP - Director of Acquisitions Raymond James Affordable Housing Investments, Inc. Exhibit 5 — Operating Proforma A fifteen -year operating pro forma is enclosed for review. The Development Team has employed conservative underwriting measures to ensure that the development can withstand fluctuations in the capital markets and operating expenses. EKOS OLD 41 - JUNE 2024 15 H 00 O Oco O N U.) 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'l;; 888 ..... ..... ..... . �; „ .,, ..... ..... ..... .... « \! 2( g§ ..... ..... ..... |!! )))sli si{\{ !,!�_|.§._|[).—|i),—) ] (;! _|! |!! �!!A .1 §P.M |!))!! |! . §!!!!! 10 3 Qeaee ^^^ �, <e 'd 6 v6 eov�16vorn 6n 6avni c ovcm n� ,Yi_M ma ew Mom gi Mqh O N N M No N O M h h N ONN� uNt vi e �mmm�rn7,�n ewmi� 0° •-•-•- �c°'c"�uio^ .Yin �Y, nhe aem `r°vo�a me m n� �e a N o a^one r me gs ro v 6 ^aeoo 0000m ��o! m r mrn�vn RQh No N ^^^ ev rn�v m� Meeee ° ^•-^ Ma a me ,jeN6 � aem rnvm �e ry 0 0 0 0 o tO No g< mo °\°°\°°\° NA M O m No N 0 ^^ 9 V N 1 �N M10 yy Nego° eee ee° a\°\° C O ^ ^ GGS. . . i o h o a M N Z 0 W W W m =` �, E c H U w f O > f O `� `m= 2 a 9 aU N 4 LL C W�l K m g » um -mt7 0 LL Ma .0 a�2 FQ �.� d o j mQ c K E E� F c a G n O an ao a a`pspw xx z N 0 N W Z J 0 N 0 Y W Exhibit 6 — Site Control The copy of the Purchase and Sale Agreement, in the name of the single purpose entity that will be applying under RFA 2024-201 is enclosed for your review. EKOS OLD 41 - JUNE 2024 20 DocuSign Envelope ID: 6FF57B11-2C5C-42DF-8993-D935CF702B8F Commercial Contract 1 1. PARTIES AND PROPERTY: MHP Acquisitions, LLC. 2 agrees to buy and DGCB.B LLC 3 agrees to sell the property at: 4 Street Address: 15805 Old 41 Rd (Parcel #00143160001) 5 Naples, FL 34110 6 Legal Description: 10 48 25 S 30FT OF N112 OF N112 OF SW114 OF NE114, N 230FT OF S112 OF N112 OF 7 SW1I4 OF NE114, LYING W OF US 41 3.08 AC Folio #00143160001 8 and the following Personal Property: None 9 10 (all collectively referred to as the "Property") on the terms and conditions set forth below. ("Buyer") ("Seller") 11 2. PURCHASE PRICE: $ 1,600,000.00 12 (a) Deposit held in escrow by: Buyers attorney within 3 days of acceptance _ $ 50 000.00 13 Nelson Mullins Riley & Scarborough LLP ("Escrow Agent") (chacks are subject to actual and final collection) 14 Escrow Agent's address: 390 N. orange Ave., suite 1400 Phone: (sso) Roy-zs17 Email: morry.osborn@nelsonmullins.com Orlando, FL 32801 15 (b) Additional deposit to be made to Escrow Agent 16 within 1 days (3 days, if left blank) after completion of Due Diligence Period or 17 []within days after Effective Date $ 35 000.00 18 (c) Additional deposit to be made to Escrow Agent 19 X within 6€3 days (3 days, if left blank) after completion of Due Diligence Period or 20 $ 75,000.00 21 (d) Total financing (see Paragraph 5) 22 (e) Other See Attached Addendum 23 (f) All deposits will be credited to the purchase price at closing. 24 Balance to close, subject to adjustments and prorations, to be paid 25 via wire transfer. $ $ See Attached Addendum $ 1,440,000.00 26 For the purposes of this paragraph, "completion" means the end of the due Diligence Period or upon delivery of 27 Buyer's written notice of acceptability. 28 3. TIME FOR ACCEPTANCE; EFFECTIVE DATE; COMPUTATION OF TIME: Unless this offer is signed by Seller 29 and Buyer and an executed copy delivered to all parties on or before June 7, 2024 , this offer 30 will be withdrawn and the Buyer's deposit, if any, will be returned. The time for acceptance of any counter offer will be 31 3 days from the date the counter offer is delivered. The "Effective Date" of this Contract is the date on which the 32 last one of the Seller and Buyer has signed or initialed and delivered this offer or the final counter offer or 33 NIA . Calendar days will be used when computing time periods, except time periods of 5 34 days or less. Time periods of 5 days or less will be computed without including Saturday, Sunday, or national legal 35 holidays. Any time period ending on a Saturday, Sunday, or national legal holiday will extend until 5:00 p.m. of the next 36 business day. Time is of the essence in this Contract. 37 4. CLOSING DATE AND LOCATION: See attached Addendum 38 (a) Closing Date: This transaction will be closed on On or before December 10 2024 (Closing Date), unless 39 specifically extended by other provisions of this Contract. The Closing Date will prevail over all other time periods 40 including, but not limited to, Financing and Due Diligence periods. In the event insurance underwriting is suspended rr DS Buyer } ( } and Selle (V j ( ) acknowledge receipt of a copy of this page, which is Page 1 of 8 Pages. LCC-5x Rev. 7123 ©2023 Florida Realtors® in%'C.11 trot Prhpertirs Corporation, 3&18 Taminmi Trail N Suite 402 Na pies F1, 341 F13 Phone: (23% 261, 460 Fax: (2.39) 20.7579 Old 41 Rd (35865) B ritt"ny Amerine Produ cod with Lone Wolf Transactions (zpForm Ed ition) 717 N H9rwpod St, Suite MoI Dallas, TX 75201 -6 dwolF. com DocuSign Envelope ID: 6FF57B11-2C5C-42DF-8993-D935CF702B8F 41 on Closing Date and Buyer is unable to obtain property insurance, Buyer may postpone closing up to 5 days after 42 the insurance underwriting suspension is lifted. 43 (b) Location: Closing will take place in Collier County, Florida. (If left blank, closing will take place in the 44 county where the property is located.) Closing may be conducted by mail or electronic means. 10, 72 6. TITLE: Seller has the legal capacity to and will convey marketable title to the Property by X❑ statutory warranty 73 deed ❑ special warranty deed [-]other , free of liens, easements and 74 encumbrances of record or known to Seller, but subject to property taxes for the year of closing; covenants, 75 restrictions and public utility easements of record; existing zoning and governmental regulations; and (list any other 76 matters to which title will be subject) None 77 78 provided there exists at closing no violation of the foregoing and none of there prevents Buyer's intended use of the 79 Property as 8D (a) Evidence of Title: The party who pays the premium for the title insurance policy will select the closing agent 81 and pay for the title search and closing services. 6aI!aFlo" } at (check one) ❑ Seller's X] Buyer's expense and 82 within 15 days after Effective Date or at least days before Closing Date deliver to Buyer (check one) 83 X❑ (i} a title insurance commitment by a Florida licensed title insurer setting forth those matters to be discharged by 84 Seller at or before Closing and, upon Buyer recording the deed, an owner's policy in the amount of the purchase 85 price for fee simple title subject only to exceptions stated above. If Buyer is paying for the evidence of title and 86 Seller has an owner's policy, Seller will deliver a copy to Buyer within 15 days after Effective Date. ❑ (ii.) an 87 abstract of title, prepared or brought current by an existing abstract firm or certified as correct by an existing firm. 88 However, if such an abstract is not available to Seller, then a prior owner's title policy acceptable to the proposed 89 insurer as a base for reissuance of coverage may be used. The prior policy will include copies of all policy 90 exceptions and an update in a format acceptable to Buyer from the policy effective date and certified to Buyer or DS Buyer } { and Belle (l� acknowledge receipt of a copy of this page, which is Page 2 of 8 Pages. CC-5x Rev. 7123 (D2023 Florida Realtors0 Produced with Lone Wolf Transactions (zip Farm Edieon) 717 N Harwood St, Suite 2200. Dallas. Tx 75201 w� Avolf,xorn 014 41 Rd (I 'SOS) DocuSign Envelope ID: 6FF57B11-2C5C-42DF-8993-D935CF702B8F 91 Buyer's closing agent together with copies of all documents recited in the prior policy and in the update. If such 92 an abstract or prior policy is not available to Seller then (i) above will be the evidence of title. prior to the expiration of the Due ifence Period, 93 (b) Title Examination: Buyer will, deliver written notice to Seller 94 of title defects. Title will be deemed acceptable to Buyer if (1) Buyer fails to deliver proper notice of defects or (2) 95 Buyer delivers proper written notice and Seller cures the defects within 34 days from receipt of the notice 96 ("Curative Period"). Seller shall use good faith efforts to cure the defects. If the defects are cured within the 97 Curative Period, closing will occur on the latter of 10 days after receipt by Buyer of notice of such curing or the 98 scheduled Closing Date. Seller may elect not to cure defects if Seller reasonably believes any defect cannot be 99 cured within the Curative Period. If the defects are not cured within the Curative Period, Buyer will have 10 days 10D from receipt of notice of Seller's inability to cure the defects to elect whether to terminate this Contract or accept 101 title subject to existing defects and close the transaction without reduction in purchase price. 102 (c) Survey: (check applicable provisions below) 106 Seller has delivered Survey and Tax Receipts for last 3 years 107 prepared for Seller or in Seller's possession, which show all currently existing structures. In the event this 108 transaction does not close, all documents provided by Seller will be retumed to Seller within 10 days from the 109 date this Contract is terminated. 110 [ Buyer will, at ❑ Seller's k Buyer's expense and within the time period allowed to deliver and examine 111 title evidence, obtain a current certified survey of the Property from a registered surveyor. If the survey reveals 112 encroachments on the Property or that the improvements encroach on the lands of another, ❑ Buyer will 113 accept the Property with existing encroachments X❑ such encroachments will constitute a title defect to be 114 cured within the Curative Period. 115 (d) Ingress and Egress: Seller warrants that the Property presently has ingress and egress. 116 7. PROPERTY CONDITION: Seller will deliver the Property to Buyer at the time agreed in its present "as is" condition, 117 ordinary wear and tear excepted, and will maintain the landscaping and grounds in a comparable condition. Seller 118 makes no warranties other than marketability of title. In the event that the condition of the Property has materially 119 changed since the expiration of the Due Diligence Period, Buyer may elect to terminate the Contract and receive a 120 refund of any and all deposits paid, plus interest, if applicable, or require Seller to return the Property to the required 121 condition existing as of the end of Due Diligence period, the cost of which is not to exceed $ (1.5% of 122 the purchase price, if left blank). By accepting the Property "as is", Buyer waives all claims against Seller for any 123 defects in the Property. (Check (a) or (b)) 124 ❑ (a) As Is: Buyer has inspected the Property or waives any right to inspect and accepts the Property in its "as is" 125 condition. 126 Ex]1ttU (b) Due Diligence Period: Buyer will, at Buyer's expense and within � days from Effective Date ("Due 127 Diligence Period"), determine whether the Property is suitable, in Buyer's sole and absolute discretion. During the 128 term of this Contract, Buyer may conduct any tests, analyses, surveys and investigations ('Inspections") which 129 Buyer deems necessary to determine to Buyer's satisfaction the Property's engineering, architectural, 130 environmental properties; zoning and zoning restrictions; flood zone designation and restrictions; subdivision 131 regulations; soil and grade; availability of access to public roads, water, and other utilities; consistency with local, 132 state and regional growth management and comprehensive land use plans; availability of permits, government 133 approvals and licenses; compliance with American with Disabilities Act; absence of asbestos, soil and ground 134 water contamination; and other inspections that Buyer deems appropriate. Buyer will deliver written notice to 135 Seller prior to the expiration of the Due Diligence Period of Buyer's determination of whether or not the Property 136 is acceptable. Buyer's failure to comply with this notice requirement will constitute acceptance of the Property in 137 its present "as is" condition. Seller grants to Buyer, its agents, contractors and assigns, the right to enter the 138 Property at any time during the term of this Contract for the purpose of conducting Inspections, upon reasonable 139 notice, at a mutually agreed upon time; provided, however, that Buyer, its agents, contractors and assigns enter 140 the Property and conduct Inspections at their own risk. Buyer will indemnify and hold Seller harmless from 141 losses, damages, costs, claims and expenses of any nature, including attorneys' fees at all levels, and from 142 liability to any person, arising from the conduct of any and all inspections or any work authorized by Buyer. Buyer 143 will not engage in any act12iLlbpt could result in a mechanic's lien being filed against the Property without 144 Seller's prior written cons nt.rl the event this transaction does not close, (1) Buyer will repair all damages to the Buyer � } ( ) and Selle ( } { } acknowledge receipt of a copy of this page, which is Page 3 of 8 Pages. CC-5x Rev. 7123 @2023 Florida Realtorst Produced wllh Lone Wait Transactions (rlpForm Edition) 717 N Harwood Si, Sulte 2200. Dallas, TX 75201 www.lwolf.com Uld a1 Pd (15 05) DocuSign Envelope ID: 6FF57B11-2C5C-42DF-8993-D935CF702B8F 145 Property resulting from the Inspections and return the Property to the condition it was in prior to conduct of the 146 Inspections, and (2) Buyer will, at Buyer's expense release to Seller all reports and other work generated as a 147 result of the Inspections. Should Buyer deliver timely notice that the Property is not acceptable, Seller agrees that 14B Buyer's deposit will be immediately returned to Buyer and the Contract terminated. 1 1.5o n�rtiaci rnnr{� �f } a�irlal "walk_fhrni i�}�" incnorfinn of fhn PrnpoUW. Qrialormino r nm� li�nho t��ytb fhic i �rag�nh r 4 152 8. OPERATION OF PROPERTY DURING CONTRACT PERIOD: Seller will continue to operate the Property and any 153 business conducted on the Property in the manner operated prior to Contract and will take no action that would 154 adversely impact the Property after closing, as to tenants, lenders or business, if any. Any changes, such as renting 155 vacant space, that materially affect the Property or Buyer's intended use of the Property will be permitted X❑ only with 156 Buyer's consent ❑ without Buyer's consent. 157 9. CLOSING PROCEDURE: Unless otherwise agreed or stated herein, closing procedure shall be in accordance with 158 the norms where the Property is located. 159 (a) Possession and Occupancy: Seller will deliver possession and occupancy of the Property to Buyer at 160 closing. c., co ner ec and an�r ii�cCar� cnclns_ tr..taaparat+�_a1"ar." 162 (b) Costs: Buyer will pay Buyer's attorneys' fees, taxes and recording fees on notes, mortgages and financing 163 statements and retarding fees for the deed. Seller will pay Seller's attorneys' fees, taxes on the deed and 164 recording fees for documents needed to cure title defects. If Seller is obligated to discharge any encumbrance at or 165 prior to closing and fails to do so, Buyer may use purchase proceeds to satisfy the encumbrances. 166 (c) Documents: Seller will provide the deed; bill of sale; mechanic's lien affidavit; originals of those assignable 167 service and maintenance contracts that will be assumed by Buyer after the Closing Date and letters to each 168 service contractor from Seller advising each of them of the sale of the Property and, if applicable, the transfer of its 169 contract, and any assignable warranties or guarantees received or held by Seller from any manufacturer, 170 contractor, subcontractor, or material supplier in connection with the Property; current copies of the condominium 171 documents, if applicable; assignments of leases, updated rent roll; tenant and lender estoppels letters (if 172 applicable); tenant subordination, non -disturbance and attornment agreements (SNDAs) required by the Buyer or 173 Buyer's lender; assignments of permits and licenses; corrective instruments; and letters notifying tenants of the 174 change in ownershipirental agent. If any tenant refuses to execute an estoppels letter, Seller, if requested by the 175 Buyer in writing, will certify that information regarding the tenant's lease is correct. If Seller is an entity, Seller will 176 deliver a resolution of its governing authority authorizing the sale and delivery of the deed and certification by the 177 appropriate party certifying the resolution and setting forth facts showing the conveyance conforms to the 178 requirements of local law. Seller will transfer security deposits to Buyer. Buyer will provide the closing statement, 179 mortgages and notes, security agreements, and financing statements, 180 (d) Taxes and Pro rations: Real estate taxes, personal property taxes on any tangible personal properly, bond 181 payments assumed by Buyer, interest, rents (based on actual collected rents), association dues, insurance 182 premiums acceptable to Buyer, and operating expenses will be prorated through the day before closing. If the 183 amount of taxes for the current year cannot be ascertained, rates for the previous year will be used with due 184 allowance being made for improvements and exemptions. Any tax proration based on an estimate will, at request 185 of either parry, be readjusted upon receipt of current year's tax bill; this provision will survive closing. 186 (e) Special Assessment Liens: Certified, confirmed, and ratified special assessment liens as of the Closing Date 187 will be paid by Seller. If a certified, confirmed, and ratified special assessment is payable in installments, Seller will 188 pay all installments due and payable on or before the Closing Date, with any installment for any period extending 189 beyond the Closing Date prorated, and Buyer will assume all installments that become due and payable after the 190 Closing Date. Buyer will be responsible for all assessments of any kind which become due and owing after Closing 191 Date, unless an improvement is substantially completed as of Closing Date. if an improvement is substantially 192 completed as of the Closing Date but has not resulted in a lien before closing, Seller will pay the amount of the last 193 estimate of the assessment. This subsection applies to special assessment liens imposed by a public body and 194 does not apply to condominium association special assessments. 195 (f) Foreign Investment in Real Property Tax Act (FIRPTA): If Seller is a "foreign person" as defined by FIRPTA, 196 Seller and Buyer agree to comply with Section 1445 of the Internal Revenue Code, Seller and Buyer will 197 complete, execute, and deli er as directed any instrument, affidavit, or statement reasonably necessary to comply Buyer (�) (_)and Seller( J (_)acknowledge receipt of a copy of this page, which is Page 4 of 8 Pages. CC-5x Rev. 7123 V2023 Florida RealtorsO Produced with Lone Wolf Transaclions [zipForm Edition) 717 N Harwood SE, Suita 2200, QaElas, TX 75201 Old 41 Rd (15SV) DocuSign Envelope ID: 6FF57B11-2C5C-42DF-8993-D935CF702B8F 198 with the FIRPTA requirements, including delivery of their respective federal taxpayer identification numbers or 199 Social Security Numbers to the closing agent. If Buyer does not pay sufficient cash at closing to meet the 200 withholding requirement, Seller will deliver to Buyer at closing the additional cash necessary to satisfy the 201 requirement. 202 10. ESCROW AGENT: Seller and Buyer authorize Escrow Agent or Closing Agent (collectively "Agent") to receive, 203 deposit, and hold funds and other property in escrow and, subject to collection, disburse them in accordance with the 204 terms of this Contract. The parties agree that Agent will not be liable to any person for misdelivery of escrowed items to 205 Seller or Buyer, unless the misdelivery is due to Agent's willful breach of this Contract or gross negligence. If Agent 206 has doubt as to Agent's duties or obligations under this Contract, Agent may, at Agent's option, (a) hold the escrowed 207 items until the parties mutually agree to its disbursement or until a court of competent jurisdiction or arbitrator 208 determines the rights of the parties or (b) deposit the escrowed items with the clerk of the court having jurisdiction over 209 the matter and file an action in interpleader. Upon notifying the parties of such action, Agent will be released from all 210 liability except for the duty to account for items previously delivered out of escrow. If Agent is a licensed real estate 211 broker, Agent will comply with Chapter 475, Florida Statutes. In any suit in which Agent interpleads the escrowed items 212 or is made a party because of acting as Agent hereunder, Agent will recover reasonable attorney's fees and costs 213 incurred, with these amounts to be paid from and out of the escrowed items and charged and awarded as court costs 214 in favor of the prevailing party. 215 11. CURE PERIOD. Prior to any claim for default being made, a party will have an opportunity to cure any alleged 216 default, if a party fails to comply with any provision of this Contract, the other party will deliver written notice to the non- 217 complying party specifying the non-compliance. The non -complying party will have 5 days (5 days if left blank) after 218 delivery of such notice to cure the non-compliance. Notice and cure shall not apply to failure to close. 219 12. FORCE MAJEURE: Buyer or Seller shall not be required to perform any obligation under this Contract or be liable 220 to each other for damages so long as performance or non-performance of the obligation, or the availability of services, 221 insurance, or required approvals essential to Closing, is disrupted, delayed, caused or prevented by Force Majeure. 222 "Force Majeure" means: hurricanes, floods, extreme weather, earthquakes, fire, or other acts of God, unusual 223 transportation delays, or wars, insurrections, or acts of terrorism, which, by exercise of reasonable diligent effort, the 224 non -performing party is unable in whole or in part to prevent or overcome. All time periods, including Closing Date, will 225 be extended a reasonable time up to 7 days after the Force Majeure no longer prevents performance under this 226 Contract, provided, however, if such Force Majeure continues to prevent performance under this Contract more than 227 30 days beyond Closing Date, then either parry may terminate this Contract by delivering written notice to the other 228 and the Deposit shall be refunded to Buyer, thereby releasing Buyer and Seller from all further obligations under this Contract. 229 13. RETURN OF DEPOSIT: Unless otherwise specified in the Contract, in the event any condition of this Contract is 23c not met and Buyer has timely given any required notice regarding the condition having not been met, Buyer's deposit 231 will be returned in accordance with applicable Florida Laws and regulations. See 23. Additional Terms and attached Addendum. 232 14. DEFAULT: 233 (a) In the event the sale is not closed due to any default or failure on the part of Seller other than failure to make 234 the title marketable after diligent effort, Buyer may elect to receive return of Buyer's deposit without thereby 235 waiving any action for damages resulting from Seller's breach and may seek to recover such damages or seek 236 specific performance, If Buyer elects a deposit refund, Seller may be liable to Broker for the full amount of the 237 brokerage fee. 238 (b) In the event the sale is not closed due to any default or failure on the part of Buyer, Seller may either (1) 239 retain all deposits) paid or agreed to be paid by Buyer as agreed upon liquidated damages, consideration for the 240 execution of this Contract, and in full settlement of any claims, upon which this Contract will terminate or (2) seek 241 specific performance. If Buyer fails to timely place a deposit as required by this Contract, Seller may either (1) 242 terminate the Contract and seek the remedy outlined in this subparagraph or (2) proceed with the Contract without 243 waiving any remedy for Buyer's default. 244 15. ATTORNEY'S FEES AND COSTS: In any claim or controversy arising out of or relating to this Contract, the 245 prevailing parry, which for purposes of this provision will include Buyer, Seller and Broker, will be awarded reasonable 246 attorneys' fees, costs, and expenses. 247 16. NOTICES: All notices will be in writing and may be delivered by mail, overnight courier, personal delivery, or 248 electronic means. Parties agree to send all notices to addresses specified on the signature page(s). Any notice, 249 document, or item given by or delivigred to an attorney or real estate licensee (including a transaction broker) 250 representing a party will be asrfffrcg� ve as if given by or delivered to that party. Buyer ( ) ( ) and Selle } { } acknowledge receipt of a copy of this page, which is Page 5 of 8 Pages. CC-5x Rev. 7123 V2023 Florida Realtors@ Produced with Lone Wolf Transactions (zipForm Edition) 71T N Hamood St, Sulte 2200. Dallas, TX 75201 w .lwalfxam pad d1 Rd (MOS) DocuSign Envelope ID: 6FF57B11-2C5C-42DF-8993-D935CF702B8F 251 17. DISCLOSURES: 252 (a) Commercial Real Estate Sales Commission Lien Act: The Florida Commercial Real Estate Sales 253 Commission Lien Act provides that a broker has a lien upon the owner's net proceeds from the sale of 254 commercial real estate for any commission earned by the broker under a brokerage agreement. The lien upon the 255 owner's net proceeds is a lien upon personal property which attaches to the owner's net proceeds and does not 256 attach to any interest in real property. This lien right cannot be waived before the commission is earned. 257 (b) Special Assessment Liens Imposed by Public Body: The Property may be subject to unpaid special 256 assessment lien(s) imposed by a public body. (A public body includes a Community Development District.) Such 259 liens, if any, shall be paid as set forth in Paragraph 9(e), 260 (c) Radon Gas: Radon is a naturally occurring radioactive gas that, when it has accumulated in a building in 261 sufficient quantities, may present health risks to persons who are exposed to it over time. Levels of radon that 262 exceed federal and state guidelines have been found in buildings in Florida. Additional information regarding radon 263 and radon testing may be obtained from your county public health unit. 264 (d) Energy -Efficiency Rating Information: Buyer acknowledges receipt of the information brochure required by 265 Section 553.996, Florida Statutes. 266 1B. RISK OF LOSS: 267 (a) If, after the Effective Date and before closing, the Property is damaged by fire or other casualty, Seller will 268 bear the risk of loss and Buyer may cancel this Contract without liability and the deposit(s) will be returned to 269 Buyer. Alternatively, Buyer will have the option of purchasing the Property at the agreed upon purchase price and 270 Seller will credit the deductible, if any and transfer to Buyer at closing any insurance proceeds, or Seller's claim 271 to any insurance proceeds payable for the damage. Seller will cooperate with and assist Buyer in collecting any 272 such proceeds. Seller shall not settle any insurance claim for damage caused by casualty without the consent of 273 the Buyer. 274 (b) If, after the Effective Date and before closing, any part of the Property is taken in condemnation or under the 275 right of eminent domain, or proceedings for such taking will be pending or threatened, Buyer may cancel this 276 Contract without liability and the deposit(s) will be returned to Buyer. Alternatively, Buyer will have the option of 277 purchasing what is left of the Property at the agreed upon purchase price and Seller will transfer to the Buyer at 278 closing the proceeds of any award, or Seller's claim to any award payable for the taking. Seller will cooperate 279 with and assist Buyer in collecting any such award. 280 19. ASSIGNABILITY; PERSONS BOUND: This Contract may be assigned to a related entity, and otherwise { i is not 281 assignable K is assignable. If this Contract may be assigned, Buyer shall deliver a copy of the assignment agreement 282 to the Seller at least 5 days prior to Closing. The terms "Buyer," "Seller" and "Broker" may be singular or plural. This 283 Contract is binding upon Buyer, Seiler and their heirs, personal representatives, successors and assigns (if 284 assignment is permitted), 285 20. MISCELLANEOUS: The terms of this Contract constitute the entire agreement between Buyer and Seller. 286 Modifications of this Contract will not be binding unless in writing, signed and delivered by the party to be bound. 267 Signatures, initials, documents referenced in this Contract, counterparts and written modifications communicated 288 electronically or on paper will be acceptable for all purposes, including delivery, and will be binding, Handwritten or 289 typewritten terms inserted in or attached to this Contract prevail over preprinted terms. If any provision of this Contract 290 is or becomes invalid or unenforceable, all remaining provisions will continue to be fully effective. This Contract will be 291 construed under Florida law and will not be recorded in any public records. 292 21. BROKERS: Neither Seller nor Buyer has used the services of, or for any other reason owes compensation to, a 293 licensed real estate Broker other than: 294 (a) Seller's Broker: Investment Properties Corp of Naples Christine McManus, CCIM, SIOR , (Company Name) (Licensee) 295 3838 Tamiami Trail N #402, Naples, FL 34103 (239)261-3400(239i261-7579christine()_ipenaples.com (Address, Telephone, Fax, E-mail) 296 who ❑ is a single agent 0 is a transaction broker ❑ has no brokerage relationship and who will be compensated by 297 C Seller ❑ Buyer ❑ both parties pursuant to ❑ a listing agreement ❑ other (specify) 298 299 300 301 (Address, Telephone, Fax, E-mail) Buyer { 7 { } and Selle ( } } acknowledge receipt of a copy of this page, which is Page 6 of 8 Pages. CC-5x Rev. 7123 02023 Florida Realtors® Produced with Lone Wolf Transactions (xipForm Edition) 717 N Harwood St, Suite 2200, Dallas, TX 75201 www.lwolf.corn Old 41 led f 15805) DocuSign Envelope ID: 6FF57B11-2C5C-42DF-8993-D935CF702B8F 302 303 304 305 referred to as "Broker") in connection with any act relating to the Property, including but not limited to 306 inquiries, introductions, consultations, and negotiations resulting in this transaction. Seller rind-BtiV e- agree to 307 indemnify and hold Broker harmless from and against losses, damages, costs and expenses of any kind, including 308 reasonable attorneys' fees at all levels, and from liability to any person, arising from (1) compensation claimed which is 309 inconsistent with the representation in this Paragraph, (2) enforcement action to collect a brokerage fee pursuant to 310 Paragraph 10, (3) any duty accepted by Broker at the request of Seller der, which is beyond the scope of 311 services regulated by Chapter 475, Florida Statutes, as amended, or (4) recommendations of or services provided and 312 expenses incurred by any third party whom Broker refers, recommends, or retains for or on behalf of Seller ewer 313 314 315 316 317 318 22. OPTIONAL CLAUSES: (Check if any of the following clauses are applicable and are attached as an addendum to this Contract): Arbitration Section 1031 Exchange I Property Inspection and Repair Seller Representations 319 23. ADDITIONAL TERMS: 320 321 See Attached Addendum 322 323 324 325 326 327 328 329 Seller Warranty Coastal Construction Control Line Flood Area Hazard Zone Seiler Financing Existing Mortgage I Buyer's Attorney Approval Seller's Attorney Approval Other 330 THIS IS INTENDED TO BE A LEGALLY BINDING CONTRACT. IF NOT FULLY UNDERSTOOD, SEEP[ THE 331 ADVICE OF AN ATTORNEY PRIOR TO SIGNING. BROKER ADVISES BUYER AND SELLER TO VERIFY ALL 332 FACTS AND REPRESENTATIONS THAT ARE IMPORTANT TO THEM AND TO CONSULT AN APPROPRIATE 333 PROFESSIONAL FOR LEGAL ADVICE (FOR EXAMPLE, INTERPRETING CONTRACTS, DETERMINING THE 334 EFFECT OF LAWS ON THE PROPERTY AND TRANSACTION, STATUS OF TITLE, FOREIGN INVESTOR 335 REPORTING REQUIREMENTS, ETC.) AND FOR TAX, PROPERTY CONDITION, ENVIRONMENTAL AND OTHER 336 ADVICE, BUYER ACKNOWLEDGES THAT BROKER DOES NOT OCCUPY THE PROPERTY AND THAT ALL 337 REPRESENTATIONS (ORAL, WRITTEN OR OTHERWISE) BY BROKER ARE BASED ON SELLER 33a REPRESENTATIONS OR PUBLIC RECORDS UNLESS BROKER INDICATES PERSONAL VERIFICATION OF 339 THE REPRESENTATION. BUYER AGREES TO RELY SOLELY ON SELLER, PROFESSIONAL INSPECTORS AND 340 GOVERNMENTAL AGENCIES FOR VERIFICATION OF THE PROPERTY CONDITION, SQUARE FOOTAGE AND 341 FACTS THAT MATERIALLY AFFECT PROPERTY VALUE. r IDS Buyer { ] { ) and Seller C ] CC-5x Rev, 7/23 ] acknowledge receipt of a copy of this page, which is Page 7 of 8 Pages. Produced with Lone Wol[Transactions (vpForm Edition) 717 N Harwood St, Suite 2200, Dallas. TX 75201 tww+.lwalf com Q2023 Florida Realtors@ OJd 41 lid (15805) DocuSign Envelope ID: 6FF57B11-2C5C-42DF-8993-D935CF702B8F 342 Each person signing this Contract on behalf of a party that is a business entity represents and warrants to the other 343 party that such signatory has full power and authority to enter into and perform this Contract in accordance with its 344 terms and each person executing this Contract and other documents on behalf of such party has been duly authorized 345 to do so. 346 347 348 349 350 351 352 353 354 ATTENTION: SELLER AND BUYER CONVEYANCES TO FOREIGN BUYERS: Part III of Chapter 692, Sections 692.201 - 692.205, Florida Statutes, 2023 (the "Act'),1n part, limits and regulates the sale, purchase and ownership of certain Florida properties by certain buyers who are associated with a "foreign country of concern", namely: the People's Republic of China, the Russian Federation, the Islamic Republic of Iran, the Democratic People's Republic of Korea, the Republic of Cuba, the Venezuelan regime of Nicolas Madura, a the Syrian Arab Republic. It is a crime to buy or knowingly sell property in violation of the Act - At time of purchase, Buyer must provide a signed Affidavit which complies with the requirements of the Act. Seller and Buyer are advised to seek legal counsel regarding their respective obligations and liabilities under the Act. 1 355 ir Date: (Signature of Buy 356 M H P Acquisitions, LLC. (Typed or Printed Name of Buyer) 357 Title: Christopher Shear, Chief Operating Officer 358 359 (Signature of Buyer) (Typed or Printed Name of Buyer) 360 Title: 361 Buyer's Address for purpose of notice 362 Facsimile: Docuftned by: 363 ClA6[,L 4 (Si #i aff..) June 7, 2024 Tax ID No.: Telephone: Date: Tax I D No.: Telephone: 777 Brickell Ave, Suite 1300, Miami, FL 3 313 1, Attn: Chris Shear E-mail: cshear@mcdhousing.com Date: 6/7/2024 364 DGC&B LLC Tax ID No.. (Typed or Printed Name of Seller) 365 Title 366 (Signature of Seller) 367 (Typed or Printed Name of Seller) 368 Title: 369 Seller's Address for purpose of notice 370 Facsimile: Telephone Date: Tax ID No.: Telephone- E-mail., Florida REALTORS® makes no representation as to the legal validity or adequacy of any provision of this form in any specific transaction. This standardized form should not be used in complex transactions or with extensive riders or additions. This form is available for use by the entire real estate industry and is not intended to identify the user as REALTOR0. REALTORQ is a registered collective membership mark which may be used only by real estate licensees who are members of the NATIONAL ASSOCIATION OF REALTORSO and who subscribe to its Code of Ethics. The copyright laws of United States (17 U.S. CodeI forbid the unauthorized reproduction of this form by any means including facsimile or computerized forms. Ds Buyer( 6. ') (_)and SellerF-() (_)acknowledge receipt of a copy of this page, which is Page 8 of 8 Pages. CC-5x Rev. 7123 D2023 Florida Realtorsa Produced with Lone Wolf Transaclinns (2ipFdrm Edilbn) 71 T N Harwood $1. Suite 2ZD0. Dallas, TX 75X1 w .lwolf.com Old al Rd (15805) DocuSign Envelope ID: 61`1`571311-2C5C-42DF-8993-D935CF702B8F ADDENDUM TO COMMERCIAL CONTRACT This Addendum to Commercial Contract (the "Addendum") is attached to and incorporated into that certain Commercial Contract dated as of June 7 , 2024 by and between MHP Acquisitions, LLC, a Delaware limited liability company ("Buyer") and DGC & B, LLC, a Florida limited liability company ("Seller") (as may be amended from time to time, the "Agreement'). Any capitalized terms not specifically defined herein shall have the meaning set forth in the Agreement. Nothing contained herein shall constitute or be deemed a release of any obligations or liabilities of Seller or Buyer under the Agreement except as may be provided herein. Except as provided herein, the Agreement remains in full force and effect. To the extent that the terms of this Addendum conflict with or modify the Agreement, the terms of this Addendum shall control. 1. Deposits. a. The deposit described in Section 2(a) of the Agreement shall be the "First Deposit'. The First Deposit shall be held by Escrow Agent in a non -interest -bearing account, to be disbursed only in accordance with the terms of the Agreement and/or this Addendum. Two Thousand Five Hundred and NO/100 Dollars ($2,500.00) of the First Deposit shall become non-refundable upon deposit into escrow, except as set forth in the Agreement and/or this Addendum. Forty -Seven Thousand Five Hundred and NO/100 Dollars ($47,500.00) shall become non-refundable at the expiration of the Due Diligence Period except as set forth in the Agreement and/or this Addendum. The First Deposit will be applied to the Purchase Price at the consummation of the transactions contemplated by the Agreement (the "Closing"). b. The deposit described in Section 2(b) of the Agreement shall be the "Second Deposit." The Second Deposit shall become non-refundable upon deposit into escrow, except as set forth in the Agreement and/or this Addendum. The Second Deposit may be held by the Escrow Agent in the same non -interest -bearing account as the account in which the Escrow Agent holds the First Deposit. The Second Deposit will be applied to the Purchase Price at Closing. c. The deposit described in Section 2(c) of the Agreement shall be the "Third Deposit." The Third Deposit shall become non-refundable upon deposit into escrow, except as set forth in the Agreement and/or this Addendum. The Third Deposit shall be held by the Escrow Agent in the same non -interest -bearing account as the account in which the Escrow Agent holds the First Deposit and Second Deposit. The Third Deposit will be applied to the Purchase Price at Closing. d. The First Deposit, the Second Deposit, and the Third Deposit, to the extent delivered to the Escrow Agent, and the Extension Deposit(s) (as defined in Section 2 below), if applicable, to the extent delivered to the Escrow Agent, shall each be a "Deposit' and are sometimes collectively referred to as the "Deposits". Notwithstanding anything in the Agreement or this Addendum to the contrary, all Deposits will be refundable to Buyer in the event that (i) Seller defaults under the terms of the Agreement and/or this Addendum, as described below in Section 4 of this Addendum; (ii) one or more of the Closing Conditions in favor of the Buyer set forth in Section 5 of this Addendum have not been satisfied; or (iii) as otherwise specifically provided in the Agreement or this Addendum. Addendum to Commercial Contract — Pg. 1 DS DocuSign Envelope ID: 61`1`571311-2C5C-42DF-8993-D935CF702B8F 2. Extension of Closing Date or Due Diligence Period. Buyer shall have the right, at Buyer's sole option, to extend the Closing Date or Due Diligence Period for up to three (3) successive thirty (30) day periods (each an "Extension") by providing notice to Seller in writing of such desire on or before the expiration of the Closing Date (as may be extended), and by depositing an amount equal to Twenty Thousand and No/100 Dollars ($20,000.00) (each an "Extension Deposit") with Escrow Agent by wire transfer. To the extent made, each Extension Deposit may be held in escrow by the Escrow Agent in the same non -interest -bearing account as the account in which the Escrow Agent holds the First Deposit and shall be non-refundable to Buyer upon deposit (except as otherwise set forth in the Agreement and/or this Addendum) and shall be applicable to the Purchase Price at Closing. Any $20,000 paid for extension of due diligence period is not refundable to buyer even if they cancel the contract during the due diligence period. Government Approvals. Seller will cooperate with Buyer in connection with Buyer's due diligence as it relates to Buyer's intended use of the Property as multifamily apartments, which cooperation may include Seller's execution of authorizations or consents for Buyer to obtain approvals from the appropriate governmental agencies for Buyer's intended use of the Property. Seller shall not be responsible for any costs attributable to Buyer obtaining its governmental approvals, and in the event that Seller incurs reasonable fees and costs, including reasonable attorney fees, in assisting Buyer in obtaining its governmental approvals, Buyer shall immediately reimburse Seller for those reasonable costs and fees actually incurred. 4. Default. Notwithstanding anything to the contrary, in the event that Buyer fails to perform its obligations under the Agreement and such failure is through no fault or failure of Seller to comply with its obligations in the Agreement and/or this Addendum, Seller may, as its sole, exclusive and absolute remedy, terminate the Agreement and Escrow Agent shall release to Seller, as full and complete agreed upon liquidated damages, the Deposits. if Seller refuses to close, despite its obligation to close under the Agreement, or if any of the representations, warranties and covenants of Seller will at any time on or before Closing be found to be false or misleading in any material respect, or if Seller is otherwise in default under the terms and provisions of the Agreement and/or this Addendum, Buyer may: (i) terminate the Agreement, obtain the return of its Deposit, and seek damages against Seller; or (ii) seek specific performance of Seller's obligations under the Agreement. Nothing contained herein shall be deemed to limit Buyer's rights or remedies (x) on account of any breach by Seller of any covenants, representations, warranties, indemnities or obligations which survive Closing or (y) on account of any intentional breach of the Agreement and/or the Addendum by Seller to the extent that specific performance is not legally available. Notwithstanding anything to the contrary in the Agreement or this Addendum, there shall be no default of Buyer under the Agreement or this Addendum unless and until Seller shall have provided Buyer with written notice of such default and Buyer shall have failed to cure said default within five (5) days of Buyer's receipt of such notice; provided, however, that if Buyer is unable to cure within said time period, Buyer shall have such additional time as is reasonably necessary to cure such default under the circumstances. 5. Closing Conditions. Buyer's obligation to close the transaction contemplated by the Agreement will be subject to the satisfaction of each of the following conditions on or before the Closing Date: a. Seller is not in default under any term, covenant or condition of the Agreement, and shall have performed all of its covenants, agreements and obligations under the Agreement. Addendum to Commercial Contract — Pg. 2 (D�S f LiL V DocuSign Envelope ID: 61`1`571311-2C5C-42DF-8993-D935CF702B8F b. Each of the representations and warranties of Seller set forth in the Agreement is true, complete and correct on the Effective Date and at the date of the Closing as if made at that time, and the Seller has delivered its certificate to such effect. c. There will not be a sewer, water, building or other moratorium, condemnation or any proceedings in effect which would interfere with the immediate construction and occupancy of Buyer's intended use of the Property ("Moratorium"). d. The Property has not been damaged by any casualty loss or by any environmental matter arising after the Effective Date. e. Sole and exclusive possession of the Property will be delivered to Buyer at Closing. In the event that any of the foregoing conditions precedent to Closing have not been satisfied as of the Closing Date, Buyer will have the right to waive any or all of the foregoing conditions and close the transaction contemplated by the Agreement or Buyer will have the right to terminate the Agreement. Notwithstanding anything to the contrary, in the event Buyer elects to terminate the Agreement by reason of the failure of any of the conditions described in this Section 5, the Deposit(s) will be refunded to Buyer and neither party will have any further rights or obligations hereunder, except those obligations which survive termination of the Agreement. 6. Termination. Notwithstanding anything to the contrary, Buyer reserves the right to terminate the Agreement for any reason prior to Closing by providing written termination notice to Seller, and upon such termination by Buyer, except as set forth herein, any Deposits that have become non- refundable to Buyer through the date of such termination notice shall be released to Seller (except as otherwise set forth in the Agreement and/or this Addendum), and the remainder of the Deposits, if any, shall be refunded to Buyer, and the parties shall be relieved of all further liability under this Agreement, except for any obligation under this Agreement which survives termination of this Agreement. Broker. Except for Christine McManus of Investment Properties Corporation of Naples, a Florida corporation ("Broker"), Seller represents and warrants to Buyer that Seller has not dealt with any real estate broker, salesperson or finder in connection with this transaction. Except for the commission payable by Seller to Broker, Seiler represents and warrants that there is no other commission payable by Seller to an third -party in connection with this transaction. Seller will defend, indemnify and hold Buyer harmless from and against any loss, liability, damage, cost, claim or expense (including reasonable attorney's fees) incurred by reason of any brokerage commission or finder's fee alleged to be payable because of any act, omission or statement of the Seller. The indemnities and representations and warranties of the Seller in this section will survive the Closing. 8. Counterpart Signatures. This Addendum may be executed in two or mare counterparts, and it shall not be necessary that any one of the counterparts be executed by all of the parties hereto. Each fully executed counterpart shall be deemed an original, but all such counterparts taken together shall constitute but one and the same instrument. This Addendum may be executed in multiple copies, and by telecopy or email PDF transmission. [Signatures on following page] ns Addendum to Commercial Contract — Pg. 3 C5 DocuSign Envelope ID: 6FF57B11-2C5C-42DF-8993-D935CF702B8F IN WITNESS WHEREOF, the parties have executed this Addendum as of the date first written above. BUYER: MHP ACQUISITIONS, LLC, a Delaware limited liability company By: Christopher Shear Chief Operating Officer SELLER: DGC & B, LLC, a Florida limited liability company DocuSigned by,�7469C16E��6Name Its: Addendum to Commercial Contract— Pg. 4 C5DS Exhibit 7 — Zoning The development site is Commercially zoned and permits consistent commercial uses under the C-1 through C-3. Senate Bill 102 ("Live Local") and the subsequent Senate Bill 328 ("Enhancement Bill") allow areas zoned for commercial, industrial, or mixed -use to develop multifamily and mixed -use residential, provided that at least 40% of the residential units of the proposed development are affordable for a period of 30 years. Additionally, the site is located in the county's Future Land Use — Urban Residential Subdistrict category. Per the Future Land Use, the purpose of the Urban Residential Subdistrict is to provide higher densities in areas with fewer natural resource constraints and where existing and planned public facilities are concentrated. The development's proximity to the US 41 & Wiggins Pass Rd Activity Center #20 positions it as an ideal location to accommodate the projected population growth and support the existing and future employees of the nearby commercial developments. This makes Ekos Old 41 a natural choice for close and convenient housing, aligning with the objectives of the Future Land Use plan. EKOS OLD 41 - JUNE 2024 21 Exhibit 8 — Project Selection Criteria • Applicant's development and construction experience; McDowell Housing Partners (MHP) is a preeminent attainable (affordable and workforce) development firm in Florida. MHP brings extensive experience in affordable housing development and operations, backed by strong financial capacity and a highly skilled team operating with the utmost integrity. Principals of MHP (the "Development Team") have a proven track record of success utilizing FHFC financing programs and housing credits, specifically within Collier County. We have successfully developed three multifamily tax credit developments of similar scale within Collier County in the past few years, with a fourth development scheduled to close at the end of this year. Our vertically integrated structure encompasses the major components of the development process including dedicated acquisitions/planning, finance, accounting, legal, asset management, and development staff all working in concert throughout the process. MHP is dedicated to creating and preserving high -quality affordable housing communities. Our communities provide America's workforce with safe, secure, and sustainable places to live, while also implementing innovative and valuable resident programs that enhance tenant satisfaction. MHP has assembled a top -tier team of industry professionals with a long history of successfully producing and managing rent- and income -restricted assets. The principals and executives of MHP have developed over 11,000 affordable and workforce housing units using low-income housing tax credits. Since its inception, MHP has secured over $82 million in soft/gap financing and $212 million in LIHTC equity. Despite the challenges posed by COVID-19 and its financial and material impacts, MHP has continuously adapted and persevered. The MHP team has a strong track record of partnering with state and local governments to deliver essential workforce and affordable communities that support families and seniors, helping communities thrive. Our strong financial relationships drive the best economic debt and equity terms in the market. For example, the average price per tax credit is in low $.90s but MHP has secured an average price of $1 per credit on our Collier County developments. • Experience and Quality of development team; McDowell Housing Partners (MHP) are long-term owners of all the assets we develop, which drives our commitment to creating high -quality products and securing optimal financing structures. This ensures that our developments stand the test of time. In the past five years alone, MHP has been awarded subordinate financing from Florida Housing for their SAIL programs and Live Local SAIL program, Federal HOME funds via Broward County and Pasco County, and Surtax from Miami -Dade County. Each of these financing sources comes with specific technical guidelines, and our experience with each program is essential for compliance. Additionally, MHP has worked closely with many national lending institutions to secure tax-exempt bond financing and conventional first mortgages for 9% credit transactions. EKOS OLD 41 - JUNE 2024 22 We often incorporate construction features or amenities that exceed affordable housing standards to enhance our residents' quality of life, even if it means deferring more developer fees or funding these enhancements out of our own pockets. We are also very selective in choosing development sites and opportunities, underwriting deals conservatively to ensure resilience against market changes in both the short and long term. Unlike many affordable housing developers who aim to maximize profit, our goal is to build assets that genuinely add value to the community fabric. MHP and its principals have never developed a community that defaulted on covenants, faced foreclosure, or failed to meet obligations to state housing allocation agencies, lenders, and tax credit investors. Our thorough diligence and project selection process ensure that we have never failed to close a development once awarded competitive financing from FHFC. Please find a comprehensive company overview for MHP enclosed under Exhibit 8, along with a list of all our projects at various stages of completion. Completed Ekos at Jordan Bayou - 39 Units (Carrabelle, FL) - Funded via HOME Ekos Magnolia Oaks - 110 Units (Tallahassee, FL) Ekos at the Preserve - 84 Units (Dallas, TJt( Ekos on Santa Barbara - 82 Units (Naples, FL) - Funded via CDBG Under Construction Ekos at City Heights -179 Units (Austin, TX) - Project closed in January 2022 and is 99% completed/funded. Ekos at Lake Shadow - 96 Units (EatanvilIe, FL) - Project closed in September 2022 and is 98% completed/funded. Ekos Allegro -160 Units {Naples, FL) - Project closed in February 2022 and is 96% completed/funded. South poi rrte Vista I - 124 Units (Goulds, FL) - Project closed in April 2023 and is 71% completed/funded Ekos Cadenza -160 Units (Naples, FL) - Project closed in August 2D22 and is 69%completed/funded. Ekos at Arbor Park- 136 Units (North Port, FL) - Project closed in October 2022 and is 65% completed/funded Douglas Gardens - 410 Units (Pembroke Pines, FL) - Project closed in March 2023 and is 57% corn pletedffunded - Funded via HOME Awarded Funds/Planning Phase Ekos at Bayonet Paint I (APPLICANT) - 114 Units (formerly Bayonet Gardens) (Hu dson, FL} - Project is expected to close in December 2D24 Ekos at Arbor Park II - 66 units + 8,000 SF Commercial (North Port, FL) - Project is expected to close in December 2024 Ekos at Pembroke Park- 150 Units (Pembroke Park, FL) - Project is expected to close in January 2025 South poi nte Vista II - 2D8 Units (Goulds, FL) - Project is expected to close in August 2024 Ekos on Collier 160 Units (Naples, FL) - Project is expected to close in January 2025 Pipeline for Upcoming Applications Ekos at Bayonet Point II - 16D Units (Hudson, FL) Ekos on Evans - 140 Units (Fart Myers, FL) Ekos at the Sanctuary - 175 Units {Miami, FL} • Applicant's management experience, or experience and quality of management company; The Development Team employs professional third -party property managers to ensure we have the best managers and staff in any given market. EKOS OLD 41 — JUNE 2024 23 Currently, we have a Memorandum of Understanding (MOU) with Asset Living to act as the property management agent for Ekos Old 41. Asset Living manages over 200,000 units and employs 5,000 people, with extensive knowledge of LIHTC and workforce housing programs. They are doing a superb job on all fronts within their lease -up and management of our assets within the Collier County market (Ekos on Santa Barbara, Ekos Allegro, and Ekos Cadenza). Utilizing Asset Living on Ekos Old 41 will allow us to leverage larger staff and operational economies of scale to ensure the highest level of resident satisfaction. Regardless of who the property management agent is, MHP takes full responsibility for the condition, maintenance, and performance of our assets. Therefore, MHP employs an in-house team of Asset Managers experienced in the operation and compliance requirements of affordable housing. The Asset Managers ensure our third -party property management companies perform their contractual services at the highest level. They meet with the on -site personnel weekly, require detailed regular reporting, and meet directly with residents to review their satisfaction. This dual layer of oversight has proven to be highly effective. • Financial feasibility to complete and operate the project (including, but not limited to, cost estimates, cash flows, debt service coverage ratios, the percentage of public monies requested compared to project cost; leveraging of public resources, including the requested HFA loan) Please refer to the financial projections provided under Exhibits 4 and 5. Ekos Old 41 is requesting a nominal $5,111 per unit in the LGAO funding commitment from Collier County. We strived to deliver the best per dollar value and return on investment for Collier County with our proposed development program. The LGAO commitment would be just under 2% of the total sources for the project and the remainder of the sources will come from first mortgage proceeds, tax credit equity, and developer equity (deferred developer fee). The development team prides itself on optimizing the terms of our first mortgage debt and tax credit equity to drive reduce/eliminate gaps in funding and provide additional sources to build a better product (more units, larger units, more amenities, etc.). The term sheets are provided under Exhibit 4 for reference. The Development Team takes a conservative approach to underwriting. Our construction costs are based on actual 2024 hard cost for the same product (Mid -Rise Style Developments) in the Southwest Coast of Florida market. In addition, we assume 5% vacancy and collection loss despite the Collier County affordable housing market operating at nearly 100% occupancy. Our operating expenses have been vetted by our asset managers and property managers to insure we are being conservative given the uncertainty of the operations in a post pandemic world. Despite the conservative underwriting of the Net Operating Income, we've sized the initial first mortgage to a 1.20x DSCR. Given the Development Teams recent experience in Collier County with similar mid -rise style development products, we are confident our hard and soft cost budgets are sound. They have a deep sub -contractor base and have delivered multiple projects for the Development Team in EKOS OLD 41 - JUNE 2024 24 Southwest Florida. The Development Team employs a design -build concept whereby the GC works hand -in -hand with the architect and engineer during the design phase to produce construction documents that are fully vetted up front by all parties. This practice has been instrumental in keeping down the number of change orders and timing delays. • Applicant's performance and/or compliance (including any prior defaults) of any prior loans or contracts with Collier County; The Development Team and their respective principals have met or exceeded all performance and compliance measures on Collier County loans and contracts. • The reasonableness of the cost of the development; The projected Total Development Cost (TDC) for Ekos Old 41 is $362,806 per unit. FHFC's maximum TDC under RFA 2024-201 is $434,600 for Mid -Rise New Construction Buildings. The scale of the development will result in savings through economies of scale, an efficient site without major development constraints, efficient floor, and unit plans, as well as a strong contractor who is engaged throughout the design process to drive efficiency and reduce waste. • Resident Programs; FHFC requires applicants to select 3 of 5 resident service options. The Development Team commits to provide Health and Wellness Programs, Employment Assistance Programs, and Financial Management Programs. In addition, we intend to pursue engagements with the county and local non -profits to provide an array of services and programs. • Unit and Development Amenities; Ekos Old 41 will offer top -of -the -line amenities and services to our residents. Each unit will feature solid surface countertops, plywood cabinets, luxury vinyl tile flooring, and full-size Energy Star stainless steel appliances including a range, refrigerator, microwave, garbage disposal, and dishwasher. Additionally, all units will come with side -by -side washers and dryers and window coverings for major fenestrations. The development will be equipped with broadband infrastructure, including cables, fiber optics, wiring, or other necessary installations to ensure accessibility in each unit. Communal amenities will include a resort style swimming pool, a fitness center, a multipurpose community room, dedicated leasing space, security cameras, secured building access, a tot lot, a BBQ and picnic area, a dog park and a community garden • Energy Efficiency; Ekos Old 41 is committed to exceeding the FHFC green building certification requirements by pursuing Silver or Gold level certification under the ICC 700-2020 National Green Building Standard (NGBS) system. Additionally, we will design the development according to the 45L Tax EKOS OLD 41 - JUNE 2024 25 Credit Design guidelines, ensuring it is 50% more energy -efficient and achieves Energy Star Multifamily certification. To demonstrate compliance with these efficiency measures, we will conduct unit -by -unit energy modeling and testing. Furthermore, all our developments will be equipped with the capacity for photovoltaic (solar) systems to maximize energy efficiency in common areas. • Commitment to set -aside at least 15% of the units in the development to Extremely Low - Income Residents (ELI Units) Per the 2024-201 RFA, if the Average Income Test is selected (which Ekos Old 41 is doing) and the development is not an LDA development, at least 15% of the total units (12) must be set aside for Extremely Low -Income (ELI) households(30% AMI). Additionally, 50% of the ELI units must be designated as Link Units for Persons with Special Needs. The Development Team commits to setting aside 6 units (50% of the 12 ELI units) for Homeless and/or Special Needs Households. MHP will enter into an MOU with a local referral agency to place residents in the Link Units. • Maximum Economic Impact; Ekos Old 41 will have a profound economic impact on Collier County, well beyond the housing. The development will provide residents with rents that are more than 30% below the available market -rate options in the area creating additional disposable income for residents to put back into the local economy. The development is scheduled to be fully assessed for ad valorem property taxes, resulting in estimated revenues of over $60,000 annually. In addition, the development will create numerous short and long term jobs through construction trades and subcontractors, service and maintenance contracts, management staff, etc. The strategic location of the development will help prevent the "brain drain" from the community, particularly from Lee County, enabling employers to hire and retain high -quality talent while reducing transportation congestion. By keeping incomes earned within the county, the North Naples local economy will benefit from increased spending at local grocery stores, restaurants, salons, and other businesses, thereby retaining tax revenue and boosting the overall economic health of the area. MHP is open to the LGAO funding commitment in the form of a grant or a loan. If it is desired to structure as a loan MHP is open to reasonable interest rate to be co -terminus with the maturity of the permanent loan (typically 15-17 years). These proposed terms exceed the County's requirements, aiming to significantly enhance the County's economic return to facilitate future attainable housing development throughout the County. • Developments which provide a lift to the neighborhood, and could lead to additional revitalization and/or neighborhood improvement; The development will enhance the local area by transforming a long -vacant parcel into a vibrant community. This project will offer rental apartments along an established transportation and commercial corridor, eliminating the need for new infrastructure. As the first workforce housing EKOS OLD 41 - JUNE 2024 26 development built north of Immokalee Rd, it will promote greater diversity and accessibility in housing across the county. Its proximity to Lee County provides an opportunity for those who typically commute to commercial centers for work to live closer to their jobs. The Ekos Old 41 development site has attracted significant interest from market -rate developers. However, our Development Team has made the necessary expenditures to retain site control because we strongly believe in the location's potential. MHP is actively collaborating with the County to ensure we meet the appropriate density and height requirements under the Live Local Act. • Proximity to public transportation, services, and employment; Ekos at Old 41 is located on Old US 41 Rd. The site's strategic location places it within driving distance of a grocery store, pharmacy, convenience store, and an array of retail establishments. As previously mentioned, the site is adjacent to the North Naples commercial corridor and the US 41 & Wiggins Pass Activity Center which is a hub of commercial spaces that has everything from a City Furniture, CVS Pharmacy, Aldi's Grocery store and Publix Grocery Store to name a few. While Collier County Area Transit does not currently serve this location, it is easily accessible via Lee County Transit Bus Routes 600. • Leveraging of County Funds with other resources that could be used to meet the FHFC required contribution level, and leveraging of County Funds with other funds to achieve greater impact on the community/neighborhood; Affordable housing units are rented at below -market rates, allowing residents to save money on housing costs, allocate more of their income towards other necessities, and build financial stability. The 2017 ULI study 2 out of every 5 households in Collier County are cost -burdened, and 1 out of 5 households are severely cost -burdened. These cost -burdened individuals are essential to the local economy, comprising of nurses, teachers, school employees, public safety servants (officers and firefighters), service industry workers, entry-level professionals (bank tellers, office admins), and government employees. By leveraging County Funds with additional resources, we can meet the FHFC required contribution level and enhance the development's overall impact. This collaborative funding approach will enable us to create more affordable housing units, thus addressing the jobs -housing imbalance in Collier County. A significant portion of the workforce currently commutes daily from outside the county due to a lack of affordable housing options. This development will help reduce commuting times, alleviate transportation congestion, and enable workers to live closer to their jobs. The family demographic in the workforce is crucial for sustaining and driving North Naples' growth and maintaining community vitality. McDowell Housing Partners believes that the individuals served by this development will play a key role in sustaining and driving the overall economic health of the area. EKOS OLD 41 - JUNE 2024 27 • Ability to meet FHFC requirements for the contribution to be a part of permanent financing with minimum loan term. The contribution is intended to part of the permanent financing, as required by FHFC. However, the Development Team will agree not to draw the funds until the development achieves at least 75% construction completion to provide the HFA/County more flexibility and time to leverage their valuable limited subsidy sources. 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