Resolution 1996-150
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RESOLUTION NO. 96-~
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS, COLLIER COUNTY, FLORIDA,
AMENDING RESOLUTION 95-699 TO REFLECT THE
INCREASED MORTGAGE AMOUNT FROM THE FLORIDA
HOUSING FINANCE AGENCY FROM $12,500,000 TO
UP TO $13,000,000; AUTHORIZING THE
SUBORDINATION OF LIEN FOR IMPACT FEES FOR
TURTLE CREEl( APARTMENTS, A 268 UNIT
AFFORDABLE RENTAL HOUSING PROJECT.
WHEREAS, Collier County has recognized and attempted
to address the lack of adequate and affordable housing for
moderate, low, and very low income households in Collier
County and the need for creative and innovative programs
to assist in the provision of such housing by including
several provisions in the Collier County Growth Management
Plan, including: objective 1.4, policy 1.4.1. objective
1.5, policy 1.5.2, policy 1.5.3, p~icy 1.5.4, policy
1.5.5,
policy 1.5.6;
objective 1.6,
policy 1.6.3;
objective 2.1, policy 2.1.1, policy 2.1.2, policy 2.1.3,
policy 2.1.5, and policy 2.1.6 of the Housing Element; and
WHEREAS, Turtle Creek, Ltd., a Florida Limited
Partnership, undertook the development of Turtle Creek
Apartments, a two hundred and sixty-eight (268) unit
affordable rental housing community on a site located in
Collier County, Florida, of Which Turtle Creek, Ltd. is
owner; and
WHEREAS, on September 5, 1995 the Board of County
Commissioners granted an
impact
fee deferral
for
$1,276,355.36 embodied in Resolution No. 95-479.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTy
COMMISSIONERS OF COLLIER COUNTY, FLORIDA, THAT:
The board of County Commissioners hereby acknowledges
and agrees that:
1. In compliance with the provisions of the Collier
County Impact Fee ordinances, Turtle cr.ek, Ltd. he.
demonstrated to the County that a subordination of the
1001 000 p,d56
16A 2
MAR 2 6 1996
collateral in the form of cash in the amount of $355.36 and a cash
equivalent financial instrument payable to the County which
together will yield to th~ County the full amount of the deferred
impact fees, i.e., the sum of One Million Two Hundred Seventy-six
Thousand
Three
Hundred
Fifty-fhe
Dollars
and
36/100
($1,276.355.36) at the expiration of the period of the deferral,
April 1, 2002, i.e., a United States Treasury Zero Coupon Sond
which will mature at the end of the deferral period, April 1, 2002,
and upon maturity, would yield an amount equal to the amount of the
deferred fees.
County covenants and agrees that it will not
nsgotiate the bond unless and until the deferred impact fees become
due and payable pursuant to the terms of the Agreement for 100%
Deferral of Collier County Impact Fees dated August 4, 1995, and
that all monies received by negotiation of the bond shall be
applied to the payment of said deferred impact fee obligation owing
by Turtle Creek, Ltd.
3. The County hereby covenants and consents and agrees to
subordinate its rights, interest and lien pursuant to the Agreement
for lOOt Deferral of Collier County Impact Fees recorded in OR Book
2097, Page 908, Public Records of Collier County, Florida to the
li~n of the Mortgage and Security Agreement ("Mortgage") from
Turtle Creek, Ltd. to Florida Housing Finance Agency in the
principal amount of Thirteen Million Dollars ($13,000,000) plus
ac~rued interest and all advances authorized under the Mortgage.
!
Thi.B Resolution adopted after motion, second and majority vote
favoring. !3ame.
DA::'E:P~~
". .. ",
AT'I'EST' ",. ',.'
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. :0, Dwight E. Br.ce"'" Clerk
tF~,Mr~\~~PI'
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Appr~ved'as'to .form
an le~al sufficiency:
BOARD OF COUNTY
COLLIER C
By:
Attorney
l-llOZ:n
lOOK OOOPAG[157
1 ^
6 2"
..'ft
MAR 2 6 1996~'
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