Resolution 1996-214
MAY - 7 1996
RESOLUTION NO. 96- 214
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS, COLLIER COUNTY, FLORIDA,
AMENDING RESOLUTION 96-150 TO REFLECT THE
INCREASED MORTGAGE AMOUNT FROM THE FLORIDA
HOUSING FINANCE AGENCY FROM $13,000,000 TO
UP TO $13,500,000; AUTHORIZING THE
SUBORDINATION OF LIEN FOR IMPACT FEES FOR
TURTLE CREEK APARTMENTS, A 268 UNIT
AFFORDABLE RENTAL HOUSING PROJECT.
WHEREAS, Collier County has recognized and attempted
to address the lack of adequate and affordable housinq 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, policy 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
impact
an
fee
deferral
for
$1,276,355.36 embodied in Resolution No. 95-479.
WHEREAS, on March 26, 1996 the Board of County
Commissioners granted an amendment of Resolution 95-699 as
Resolution 96-150.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COKKISBIONERS OF COLLIER COUNTY, FLORIDA, THAT:
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MAY - 7 1996
The Board of County Commissioners hereby acknowledges
and agrees that:
1. In compliance with the provisions of the Collier
County Impact Fee ordinances, Turtle Creek, Ltd. has
demonstrated to the County that a subordination of the
County's rights, interests and lien is necessary to obtain
financing for Turtle Creek Apartments, an affordable
housing project consisting of two hundred sixty-eight
(268) multi-family dwelling units; and
2. In compliance with the provisions of the Impact
Fee Ordinances, the Owner will deliver to the County
substitute 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 the County the
full amount of the deferred impacts fees, i.e., the sum of
One Million Two Hundred Seventy-six Thousand Three Hundred
Fifty-five 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 Bond 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 negotiate 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
1995, and that all
moneys 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 100% Deferral of Collier
County Impact Fees recorded in OR Book 2097, Page 908,
aDDK 000 PIG[ 114
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MAY - 7 1996
Public Records of Collier County, Florida to the lien of
the Mortgage and Security Agreement ("Mortgage") from
Turtle Creek, Ltd. to Florida Housing Finance Agency in
the principal amount of up to Thirteen Million Five
Hundred Thousand Dollars
($13,500,000)
plus accrued
interest and all advances authorized under the Mortgage.
This Resolution adopted after motion, second and majority
vote favoring same.
DATED:~A}
;',
.,," I',!,',
".'ATTEST':, ",
" Dwight' ;:~, (.Br"ck,
. "/', ('" "
" ,
Clerk
BOARD OF COUNTY COMMISSIONERS
COLLIER COUNTY, FLORIDA
"
" 'Ap roved a~"to form
"''''!1~" ,1~W~,1"';mf f iciency:
~
~J~li~~~JiliL~
Assistant County Attorney
doc 183112
.
~OOK 000 PA>t115
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