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Agenda 12/09/2025 Item #16D 5 (Chair to sign the First Amendment to the Sponsor Agreement between Collier County and Renaissance Hall at Old Course, LLC, State Housing Initiative Partnership agreement)12/9/2025 Item # 16.D.5 ID# 20253- 495 Executive Summary Recommendation to authorize the Chair to sign the First Amendment to the Sponsor Agreement between Collier County and Renaissance Hall at Old Course, LLC, State Housing Initiative Partnership agreement SHRD-22-001 to extend the performance period, add to the scope of work for payment of impact fees, increase the funding amount by $1,121,747.80, revise Exhibit E for the construction of rental housing units and record an amended and restated mortgage, promissory note and Land Use Restriction Agreement. (SHIP Grant Fund 1053) OBJECTIVE: Development of affordable housing for very low-, low- and moderate-income persons through the State Housing Initiatives Partnership Program (SHIP). And further the County’s strategic plan focuses on Community Development to support comprehensive affordable housing opportunities for Collier residents. CONSIDERATIONS: On July 7, 1992, the William E. Sadowski Affordable Housing Act was signed into law to provide funding to local communities through documentary stamp tax on real estate transactions to promote affordable housing. Under the program, Collier County and the City of Naples receive funds from the State to provide initiatives to expand affordable housing opportunities. The Local Housing Assistance Plan (LHAP) identifies various methods, or strategies, by which funds will be allocated and disbursed. The 2022-2025 LHAP was adopted on April 26, 2022 (Agenda Item #16.D.3), later amended by a technical revision on November 10, 2022, and on July 23, 2024 (Agenda Item #16. D. 3), and on January 28, 2025 (Agenda Item #16.D.2). The LHAP includes the Rental Development Strategy, which permits the County to use SHIP funds to support for-profit or non-profit organizations to construct new rental units within Collier County for income-eligible renters. This SHIP strategy is designed to support landlords/owners who have site control of land to build single-family, multifamily, or mobile/manufactured rental units on scattered sites or within a rental complex. On April 25, 2023, Agenda Item #11.D. The Board approved an agreement with Renaissance Hall at Old Course, LLC (“Sponsor”) for $1,500,000. The funding supports pre-development costs, fees, and construction expenses for a minimum of fifty (50) SHIP-assisted units within a larger two-hundred and fifty-two (252) unit development. The Sponsor has committed to providing twenty-two (22) Very Low-Income and twenty-eight (28) Low-Income units, for a total of fifty (50) affordable rental units. On June 17, 2025, the County Manager extended the agreement term through December 27, 2025, to allow continued progress on the rental housing project, provide time for the organization to secure required approval from the U.S. Department of Housing and Urban Development (HUD) to increase the SHIP award, and accommodate the County’s process to present an additional Impact Fee funding request to the Board of County Commissioners. In accordance with Section 1.5 – Period of Performance, the County Manager is authorized by the Board to grant extensions of up to six months for Sponsor agreements. To further support this rental housing development, Amendment #1 will include an additional $1,121,747.80 for the direct payment of eligible Collier County impact fees through an Inter-Governmental Charge (IGC), as well as an extension of the performance period to June 30, 2027. With these changes, the total award will increase to $2,621,747.80. In addition, Exhibit E – Annual Audit Report Form has been revised to reflect the State of Florida’s current grant award requirements. To ensure long-term affordability, the property will remain income-restricted and rent-restricted for thirty (30) years. In accordance with the FY 2022–2025 Local Housing Assistance Plan (LHAP), the Sponsor executed a Promissory Note on October 11, 2024, and a Land Use Restriction Agreement and Mortgage in favor of Collier County, all of which were recorded in the public records on October 16, 2024. With the proposed amendment, the Sponsor will execute an amended and restated Promissory Note, Mortgage, and Land Use Restriction Agreement to reflect the increased grant award of $1,121,747.80 and add required language from the 2022–2025 LHAP, specifying that one-third of the principal loan will be forgiven every ten (10) years over the thirty (30)-year term. This item is consistent with the Collier County strategic plan objective on Community Development to support comprehensive affordable housing opportunities for Collier residents. Page 5239 of 9661 12/9/2025 Item # 16.D.5 ID# 20253- 495 FISCAL IMPACT: The additional funds are available in SHIP Grant Fund 1053, Project 33807 ($345,020.00), Project 33863 ($238,199.40), and Project 33907 ($538,528.40). The proposed action does not have any impact to the General Fund. GROWTH MANAGEMENT IMPACT: Acceptance of these agreements will allow the County to expand affordable housing opportunities for its citizens and further the goals of the Housing Element of the Collier County Growth Management Plan. LEGAL CONSIDERATIONS: This item has been approved for form and legality and requires a majority vote for Board approval. -SAA RECOMMENDATION(S): To authorize the Chair to sign the First Amendment to the Sponsor Agreement between Collier County and Renaissance Hall at Old Course, LLC, State Housing Initiative Partnership agreement SHRD-22-001 to extend the performance period, add to the scope of work for payment of impact fees, increase the funding amount by $1,121,747.80, revise Exhibit E for the construction of rental housing units and record an amended and restated mortgage, promissory note and Land Use Restriction Agreement. (SHIP Grant Fund 1053) PREPARED BY: Lisa N. Carr, Supervisor-Grants, Community and Human Services Division ATTACHMENTS: 1. First Amendment _Renaissance Hall at Old Course 2. Amended and Restated Mortgage 3. Amended and Restated Promisssory Note 4. 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