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Agenda 04/22/2014 Item #16D13 4/22/2014 16.D.13. EXECUTIVE SUMMARY Recommendation to approve a Resolution consenting to the transfer of an Affordable Housing Multifamily Development known as Saddlebrook Village Apartments located on Davis Boulevard and approving an Assignment and Assumption of the Affordable Housing Density Bonus Agreement and a termination of the Affordable Housing Density Bonus Agreement on March 24, 2015,the date upon which the fifteen year affordability period expires. OBJECTIVE: To consider a Resolution authorizing and approving the assignment of the Affordable Housing Density Bonus Agreement to a subsequent purchaser of the Saddlebrook Village Apartment project and a termination of the Affordable Housing Density Bonus Agreement on March 24,2015. CONSIDERATIONS: Background: In 1990, the Commission, pursuant to the Comprehensive Plan and its authorizing statutes, enacted Ordinance 90-89, entitled the Collier County Affordable Housing Density Bonus Ordinance (the "Ordinance"). The purpose and intent of the Ordinance is to assist in providing low, moderate, and very low income housing through the use of density bonuses which allow an increase in the number of residential dwelling units per acre allowed on property proposed for development,thereby decreasing the per unit cost of land and development. The Ordinance establishes an Affordable Housing Density Bonus Program that provides the process by which a developer may apply for a density bonus and implements this program by requiring that an affordable housing density bonus shall only be available to a developer through an affordable housing density bonus agreement between the developer and the Commission. In 1997, the Commission and CEI/Kensington, along with another entity, entered into an Affordable Housing Density Bonus Agreement dated as of December 9, 1997 and recorded in the Official Records of Collier County, Florida at Official Records Book 2374, Page 2544 (Attachment 1, Exhibit A). The Density Bonus Agreement applies to a 33.79 acre site legally described in the Density Bonus Agreement upon which was planned to be constructed a multifamily housing project in two Phases, Phase I being a 140-unit development known as Saddlebrook Village (hereinafter the"Project"), with Phase II being the remainder of the property. CEI/Kensington owned only the Phase I portion of the property. The Phase II portion was owned by another entity, which eventually developed that part of the property into an affordable multifamily project now known as Tuscan Isles. CEI/Kensington, as the original developer of Phase I, constructed Saddlebrook Village, with construction being substantially complete in 1999. The Project was financed by the issue of bonds by the Housing Finance Authority of Collier County, which has a performance monitoring requirement under a Land Use Restriction Agreement,which is similar to a Density Bonus Agreement in that it contains low income rental requirements. The Density Bonus Agreement requires that 80 % of the units be rented to persons or families with income of 60% or less of Area Median Income (AMI) and 20% be rented to persons or families with income of 50% or less of AMI. Because the Project at the same time received an allocation of low income housing tax credits from the Florida Housing Finance Corporation ("Florida Housing"), its compliance with these rental limitations has been continually monitored by Florida Housing's monitoring agent,First Housing Development Corporation. Staff has reviewed the monthly reports,entitled "Florida Housing Finance Corporation, Program Report-Recap of Tenant Income Certification Information" showing the Project is,and has continuously been,in compliance with these incomes set-aside standards. /-■ Packet Page-891- 4/22/2014 16.D.13. On March 8, 2013, the original developer, CE1JKensington, sold the Project to Saddlebrook Apartments LLC,(the"Current Owner")an experienced and financially capable owner/operator of affordable housing projects in Florida. One of the terms of the Density Bonus Agreement is that during the term of the agreement the developer may not assign, delegate, or otherwise transfer all or part of its duties, obligations, or promises under the agreement to any successor in interest to the property without the consent of the Commission. Accordingly, in February, 2013 the Current Owner requested the Commission to consent to the assignment of the original developer's rights and obligations under the Density Bonus Agreement and the assumption of such rights and obligations by the Current Owner. At its meeting of February 26, 2013, the Commission adopted Resolution 2013-44, approving the assignment of the Density Bonus Agreement by authorizing the execution and recording of an Assignment and Assumption of Density Bonus Agreement (Attachment 1 and Exhibit A thereto),which assigned the duties and obligations of the Density Bonus Agreement to the Current Owner, and, among other things,required the Current Owner to cure the then-existing County Code violations. After owning the Project for the past 13 months, and curing the Non-Compliance Issues (discussed below), the Current Owner has entered into an agreement to sell the Project to Saddlebrook Seven LLC, (the "Purchaser") also an experienced and financially capable owner/operator of affordable housing projects in Florida. As was the case with the 2013 transaction described above,the transfer of the Project may be done only if the Commission consents to the assignment of the Density Bonus Agreement and the assumption of the obligations under the Density Bonus Agreement by the Purchaser. As was the case in 2013,the Purchaser is not requesting any changes to the Density Bonus Agreement, and is assuming and, intending to operate under the Density Bonus Agreement as it was originally written. Factors to consider in authorizing assignment of Density Bonus Agreement: tTh Neither the Density Bonus Agreement nor the Ordinance contains any standards with respect'to the criteria to be used in determining whether to approve an assignment of a Density Bonus Agreement. However, the Housing Finance Authority, which issued the bonds for the construction of the Project, has a Land Use Restriction Agreement(LURA)that, like the Density Bonus Agreement,prohibits assignment without the Authority's consent. The LURA provides that the Authority shall consider the financial and managerial capability of the proposed purchaser to operate the project in accordance with the provisions of the LURA. In addition,Florida Housing,which has a low income tax credit agreement with the Seller, also requires approval of an assignment. On April 7,2014,the Housing Finance Authority held a meeting to consider the request of the Purchaser to permit the assignment of the LURA. After considering voluminous financial and operational experience data submitted by the Purchaser, the Authority voted unanimously to approve the assignment, and directed its general counsel to work with the County to obtain Commission approval to an assignment of the Density Bonus Agreement to the Purchaser. Florida Housing has also considered the Purchaser's ability, and has consented to the assignment. A copy of the resolution of the Authority approving the assignment is attached(Attachment 2). Action of the Current Owner in Curing Violations of County Code: At the time the Commission considered the assignment of the Density Bonus Agreement to the Current Owner in February, 2013, the Project was the subject of numerous code violations, as evidenced by the Notices of Violation issued by County Code Enforcement. These violations were also violations of the LURA and the Florida Housing low income tax credit agreement, as evidenced by the "Unsatisfactory" report issued by First Housing Development Corporation to Florida Housing. The documents reflecting these violations were designated the "Non-Compliance Issues" referred to in the Assignment and Assumption of Density Bonus Agreement, and are attached as Exhibit C to that document. Following the acquisition of the Project, the Current Owner undertook the repair of the structural deficiencies that were PTh Packet Page-892- 4/22/2014 16.D.13. the subject of the code violations, and these repairs have been completed and Certificates of Occupancy issued. First Housing, as compliance monitoring agent for Florida Housing, inspected the Project and issued its close-out letter, signifying that the Non-Compliance Issues had been cured on October 4, 2013 (Attachment 3). There is a separate item on the April 22, 2014 agenda requesting Board approval of a satisfaction and release of the related code enforcement lien. ACTION REQUESTED: If the Commission determines to permit the assignment of the Density Bonus Agreement, it needs to adopt the attached resolution(the "County Resolution", Attachment 4), which authorizes the Chairman to execute the Assignment and Assumption Agreement. The attached resolution also authorizes the Chairman to execute and deliver a Termination of Land Use Restriction Agreement in substantially the same form as Exhibit C to the Agreement. The Density Bonus Agreement authorizes a termination after 15 years after the last rental unit is CO'd, or at such time as may be mutually agreed. Since the Land Use Restriction Agreement, which also requires the low-income set-aside will terminate on March 24, 2015; it is recommended that the Density Bonus Agreement be terminated on the same date. The Agreement and Exhibit C provides the process by which the new owner may apply for, and obtain, a termination of the Density Bonus Agreement. County HHVS Staff supports a termination date of March 24, 2015 because the 15-year affordability period has expired. Housing, Human and Veteran Services staff supports the actions requested and recommendations presented in this Executive Summary. FISCAL IMPACT: There is no cost to the County for this action. By its terms, the Purchaser is responsible for all costs associated with this transaction. The Resolution and Assignment and Assumption Agreement will be recorded at the Purchaser's expense. If any additional expenses are incurred by the County in processing this transaction, they should be invoiced and forwarded to the Purchaser, for payment at closing,which should take place about April 30, 2014 GROWTH MANAGEMENT IMPACT: The successful operation of this Project helps satisfy the Growth Management objective of providing affordable housing. LEGAL CONSIDERATIONS: The Current Owner must obtain the Board's express written approval of the Assignment and Assumption in accordance with Paragraph 6 of the Density Bonus Agreement which provides that the Board's consent may be withheld for any reason whatsoever. This item is approved as to form and legality and requires a majority vote for Board approval. —JAB RECCOMMENDATION: That the Board approve and authorize the Chairman to sign the Resolution and Assignment and Assumption of Affordable housing Density Bonus Agreement and Termination of Affordable Housing Density Bonus Agreement attached hereto collectively as Attachment 4. Prepared by: Donald A. Pickworth, General Counsel,Housing Finance Authority of Collier County;Elly Soto McKuen, Operations Analyst;Housing,Human and Veteran Services Attachments: See following page 1. Resolution 2013-44, adopted 2/26/13 consenting to transfer of Density Bonus Agreement and authorizing execution of Assignment and Assumption of Affordable Housing Density Bonus Agreement,with following Exhibits attached: A. Executed Assignment and Assumption of Affordable Housing Density Bonus Agreement Packet Page-893- 4/22/2014 16.D.13. B. Affordable Housing Density Bonus Agreement,dated December 9, 1997 C. Non-Compliance Issues 2. Housing Finance Authority of Collier County Resolution 2014-01 adopted April 7, 2014, determining that Purchaser has financial and managerial capability to carry out its obligations under the Land Use Restriction Agreement and authorizing the execution and delivery of an Assignment and Assumption of Land Use Restriction Agreement 3. First Housing Close-Out letter dated October 4,2013. 4. Proposed Resolution to be adopted by BCC consenting to assignment of Density Bonus Agreement to Purchaser and containing form of Assignment and Assumption of Affordable Housing Density Bonus Agreement and termination of the Affordable Housing Density Bonus Agreement on March 24,2015. Packet Page-894- 4/22/2014 16.D.13. COLLIER COUNTY Board of County Commissioners Item Number: 16.16.D.16.D.13. Item Summary: Recommendation to approve a Resolution consenting to the transfer of an Affordable Housing Multifamily Development known as Saddlebrook Village Apartments located on Davis Boulevard and approving an Assignment and Assumption of the Affordable Housing Density Bonus Agreement and a termination of the Affordable Housing Density Bonus Agreement on March 24, 2015,the date upon which the fifteen year affordability period expires. Meeting Date: 4/22/2014 Prepared By Name: McKuenElly Title: Grant Support Specialist,Housing, Human&Veteran 4/8/2014 6:12:16 PM Submitted by Title: Grant Support Specialist,Housing,Human&Veteran Name: McKuenElly 4/8/2014 6:12:17 PM Approved By Name: GrantKimberley Title: Director-Housing, Human and Veteran S, Housing,Human&Veteran Services Date: 4/10/2014 4:51:55 PM Name: AlonsoHailey Title: Operations Analyst,Public Services Division Date: 4/11/2014 10:11:58 AM Name: RobinsonErica Title:Accountant,Senior, Grants Management Office Date: 4/11/2014 12:10:11 PM Packet Page-895- 4/22/2014 16.D.13. Name: CarnellSteve ^ Title:Administrator-Public Services,Public Services Division Date: 4/11/2014 2:11:18 PM Name: BelpedioJennifer Title: Assistant County Attorney, CAO General Services Date: 4/15/2014 10:20:22 AM Name: KlatzkowJeff Title: County Attorney, Date: 4/15/2014 1:43:21 PM Name: PattersonAmy Title: Manager-Impact Fees &EDC, Business Management&Budget Office Date: 4/15/2014 1:47:39 PM Name: FinnEd Title: Management/Budget Analyst, Senior, Transportation Engineering&Construction Management Date: 4/15/2014 4:56:59 PM Name: StanleyTherese Title: Management/Budget Analyst, Senior, Grants Management Office Date: 4/16/2014 9:35:15 AM Name: OchsLeo Title: County Manager, County Managers Office Date: 4/16/2014 9:57:04 AM . • Packet Page-896- INSTR 4809319 OR 4894 PG 1193 RECORDED 3/8/2013 4:23 PM PAGES 76 DWIGHT E. BROCK, CLERK OF THE CIRCUIT COURT, COLLIER COUNTY FLORIDA 4/22/2014 16.D.13. REC $647.50 INDX $1.00 RESOLUTION NO.2013- 44 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF COLLIER COUNTY CONSENTING TO THE TRANSFER OF AN AFFORDABLE HOUSING MULTIFAMILY DEVELOPMENT KNOWN AS SADDLEBROOK VILLAGE APARTMENTS;CONSENTING TO THE ASSIGNMENT OF DUTIES AND OBLIGATIONS AND THE ASSUMPTION OF THE DUTIES AND OBLIGATIONS UNDER A CERTAIN AFFORDABLE HOUSING DENSITY BONUS AGREEMENT DATED DECEMBER 9, 1997; AUTHORIZING THE FORM OF, EXECUTION BY THE CHAIRWOMAN AND DELIVERY OF AN ASSIGNMENT AND ASSUMPTION OF AFFORDABLE HOUSING DENSITY BONUS AGREEMENT RELATING TO SADDLEBROOK VILLAGE APARTMENTS AND PROVIDING FOR CERTAIN DETAILS THEREOF; AUTHORIZING THE CHAIRWOMAN OF THE BOARD TO EXECUTE THE TERMINATION OF LAND USE AGREEMENT IN ACCORDANCE WITH THE TERMS OF THE DENSITY BONUS AGREEMENT; AUTHORIZING THE PROPER OFFICERS TO DO ALL THINGS NECESSARY OR ADVISABLE;AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the Board of County Commissioners of Collier County (the "Commission"), pursuant to its authority under the Florida Local Government Comprehensive Planning Act and the comprehensive plan adopted pursuant thereto has enacted Ordinance 90-89, entitled the Collier County Affordable Housing Density Bonus Ordinance(the"Ordinance");and WHEREAS,purpose and intent of the Ordinance is to assist in providing low,moderate and very low income housing through the use of density bonuses which allow an increase in the number of residential dwelling units per acre allowed on property proposed for development, thereby decreasing the per unit cost of land and development; and WHEREAS,the Ordinance establishes an Affordable Housing Density Bonus Program that provides the process by which a developer may apply for a density bonus and implements this program by requiring that an affordable housing density bonus shall only be available to a developer through an affordable housing density bonus agreement between the developer and the Commission;and WHEREAS, the Commission and CEI/Kensington, a Florida limited partnership, by and through its general partner,Colonial Equities Inc,and Outreach Housing Corporation,entered into that certain agreement entitled"Agreement Authorizing Affordable Housing Density Bonus and Imposing Covenants and Restrictions on Real Property"dated as of December 9,1997 and recorded in the Official Records of Collier County, Florida at Official Records Book 2374, Page 2544 (the "Density Bonus Agreement");and WHEREAS,the Density Bonus Agreement applies to a 33.79 acre site legally described in Packet Page-897- OR 4894 PG 1194 4/22/2014 16.D.13. the Density Bonus Agreement upon which was planned to be constructed a multifamily housing project in two Phases, Phase I being a 140-unit development known as Saddlebrook Village (hereinafter the "Project"), with Phase II being the remainder of the property, and not owned or controlled by the Seller;and WHEREAS,CEI/Kensington owned and was responsible for developing pursuant to the Density Bonus Agreement only the Project, and not Phase II, and has in fact developed and operated the Project;and WHEREAS,the Density Bonus Agreement provides,inter alia,that during the term of the agreement the developer may not assign, delegate, or otherwise transfer all or part of its duties, obligations, or promises under the Density Bonus Agreement to any successor in interest to the property without the express written consent of the Commission;and WHEREAS, CEI/Kensington, as Seller, and Saddlebrook Apartments LLC, as Purchaser have entered into a contract under which Purchaser is to acquire the ownership of the Project from the Seller; and WHEREAS,pursuant to the requirements of the Density Bonus Agreement,the Purchaser has requested the Commission to consent to the transfer of the Project from Seller to Purchaser and to the assignment of the Seller's rights and obligations under the Density Bonus Agreement and the assumption of such rights and obligations by the Purchaser;and WHEREAS, the Commission has considered the determinations of the Housing Finance Authority of Collier County,a body corporate and politic created by the Commission by Ordinance 80-66 enacted July 29, 1980, to the effect that the Purchaser, as defined herein, has the requisite financial and managerial capability to carry out its obligations as the proposed transferee;and WHEREAS, the Commission intends, by the adoption of this resolution, to signify its consent to the transfer of the Project to the Purchaser, and its consent to the assignment and assumption of the duties and obligations of the Density Bonus Agreement to the Purchaser pursuant to the Assignment and Assumption of Density Bonus Agreement referred to herein. NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF COLLIER COUNTY,FLORIDA THAT: Section 1. Consent to Transfer of Project. The Commission hereby consents to the transfer of the Project to Saddlebrook Apartments LLC effective upon the Closing Date,and subject to the Agreement (as defined herein) and this Resolution. As used in this Resolution, the term "Closing Date" shall mean the date the Project is conveyed by Borrower to Purchaser by deed or other appropriate instrument. Closing Date is currently expected to be February 29,2013. 2 Packet Page -898- OR 4894 PG 1195 4/22/2014 16.D.13. Section 2. Authorization and Approval of Assignment and Assumption of Density Bonus Agreement. The form and content of the Assignment and Assumption Of Affordable Housing Density Bonus Agreement (the "Agreement") presented at this meeting and attached hereto as Exhibit"A"is hereby authorized and approved by the Commission. The Chairwoman of the Commission is hereby authorized to execute the Agreement and attest thereto,in substantially the form set forth in Exhibit A hereto,together with such changes,modifications and deletions as they, with the advice of Commission's Counsel, may deem necessary and appropriate. Such execution and delivery shall be conclusive evidence of the approval and authorization thereof by the Commission. Section 3. Delivery of Agreement. Commission's Counsel shall deliver the Agreement upon the satisfaction of the condition that payment has been made of all fees and expenses of the Commission and its professionals, or that any fees or expenses due the County under the Density Bonus Agreement have been paid. Section 4. Further Actions and Ratifications of Prior Actions. The officers,agents and employees of the Commission are hereby authorized and directed to do all acts and things required of them by the provisions of the Agreement and this Resolution. All actions heretofore undertaken by the officers, agents and employees of the Commission with respect to the provisions of the Agreement are hereby ratified and approved. Without limiting the generality of the foregoing,the Chairwoman is authorized to execute a Termination of Land Use Restriction Agreement ("Termination Document")in substantially the form attached as Exhibit D to the Agreement upon receipt from Purchaser of an executed Termination Document at such time as the Density Bonus Agreement has terminated in accordance with the terms thereof. Section 5. Effective Date. This Resolution shall take effect immediately upon its passage. This Resolution adopted this 26th day of February,2013 after motion,second,and majority vote in favor of passage. AfI"E;ST: DWIGHT E.BROCK,CLERK BOA'•e OF COU COMMISSIONERS CO L'M• CO ,FLORIDA By: . _ • gteR Sit aid Georgia A.Hiller,Esq. SI�j j tllfv Only `��', Chairwoman Approval as to.forni d legal Sufficienc'i `,:1' By: c 1 La- Jennifer .White,Asst.County Attorney Packet Page -899- OR 4894 PG 1196 4/22/2014 16.D.13. EXHIBIT"A"TO COUNTY RESOLUTION FORM OF ASSIGNMENT AND ASSUMPTION AGREEMENT 4 Packet Page -900- OR 4894 PG 1197 4/22/2014 16.D.13. THIS INSTRUMENT PREPARED BY AND RETURN TO: Donald A.Pickworth,Esq. 5100 Tamiami Trl N Suite 103 Naples,Florida 34103 SPACE ABOVE THIS LINE RESERVED FOR RECORDER'S USE ASSIGNMENT AND ASSUMPTION OF AFFORDABLE HOUSING DENSITY BONUS AGREEMENT (Saddlebrook Village Apartments) THIS ASSIGNMENT AND ASSUMPTION OF AFFORDABLE HOUSING DENSITY BONUS AGREEMENT (this"Agreement")is dated as of M PrPICH 8,2013 (the "Effective Date" as defined herein), by and between Saddlebrook Apartments LLC, a Florida limited liability company (the "Purchaser"), CEI/Kensington, Ltd. a Florida limited partnership (the "Seller"),and the Collier County Board of County Commissioners, as the governing body of Collier County,Florida,a political subdivision of the State of Florida(the"Commission"). WITNESSETH: WHEREAS, the Commission, pursuant to its authority under Section 163.3161 Fla. Stat., et. seq. (the Florida Local Government Comprehensive Planning and Land Development Regulation Act) has enacted Ordinance 90-89, entitled the Collier County Affordable Housing Density Bonus Ordinance(the"Ordinance");and WHEREAS,purpose and intent of the Ordinance is to assist in providing low, moderate and very low income housing through the use of density bonuses which allow an increase in the number of residential dwelling units per acre allowed on property proposed for development, thereby decreasing the per unit cost of land and development;and WHEREAS, the Ordinance establishes an Affordable Housing Density Bonus Program that provides the process by which a developer may apply for a density bonus and implements this program by requiring that an affordable housing density bonus shall only be available to a developer through an affordable housing density bonus agreement between the developer and the Commission;and 1 Packet Page-901- OR 4894 PG 1198 4/22/2014 16.D.13. WHEREAS,the Commission and CEI/Kensington, a Florida limited partnership,by and through its general partner, Colonial Equities Inc., and Outreach Housing Corporation, entered into that certain agreement entitled "Agreement Authorizing Affordable Housing Density Bonus and Imposing Covenants and Restrictions on Real Property" dated as of December 9, 1997 and recorded in the Official Records of Collier County, Florida at Official Records Book 2374, Page 2544(the Affordable Housing Density Bonus Agreement,and hereafter,the "DBA"); and WHEREAS, the DBA applies to a 33.79 acre site legally described in the DBA upon which was planned to be constructed a multifamily housing project in two Phases, Phase I being a 140-unit development known as Saddlebrook Village (hereinafter the"Project"), with Phase II being the remainder of the property, and not owned or controlled by the Seller;and WHEREAS, CEI/Kensington owned and was responsible for developing pursuant to the DBA only the Project, and not Phase II,and has in fact developed and operated the Project;and WHEREAS, the DBA provides, inter alia. that during the term of the agreement the developer may not assign, delegate, or otherwise transfer all or part of its duties, obligations, or promises under [the DBA] to any successor in interest to the property without the express written consent of the Commission; and WHEREAS, the Purchaser and the Seller have entered into that certain Real Estate Purchase and Sale Agreement with Escrow Instructions dated as of February 19, 2013 (the "Purchase and Sale Agreement"), pursuant to which the Purchaser is to acquire the ownership of the Project from the Seller; and WHEREAS, pursuant to the requirements of the DBA, the Purchaser has requested the Commission to consent to the assignment of the Seller's rights and obligations under the DBA and the assumption of such rights and obligations by the Purchaser; and WHEREAS, the Commission has adopted a resolution consenting to the assignment and assumption so requested and authorizing the execution and delivery of this Agreement. NOW, THEREFORE, for and in consideration of the mutual covenants, promises and agreements set forth herein,the receipt and sufficiency of which the parties hereby acknowledge, the Purchaser and the Commission agree as follows: Section 1. Definitions. All capitalized terms used in this Agreement and not otherwise defined herein shall have the same meanings as set forth in the DBA, unless the context clearly requires otherwise. Section 2. Applicability only to the Seller and Project. This Agreement applies only to the Seller as defined herein, and only to that portion of the Property as defined in the BDA upon which the Project has been constructed. That portion of the Property to which this Agreement is applicable is described in Exhibit A attached hereto. 2 Packet Page-902- OR 4894 PG 1199 4/22/2014 16.D.13. Section 3. Assignment of Affordable Housing Density Bonus Agreement. The Seller assigns to the Purchaser all of the Seller's right, title and interest in and to the DBA including, without limitation,all of the benefits,duties and obligations of the Seller under the DBA(arising or accruing after the Effective Date), which assignment shall be effective as of the Effective Date. From and after the Effective Date, Seller shall have no liabilities or other obligations under the DBA. Section 4. Assumption of Obligations under Affordable Housing Density Bonus Agreement. From and after the Effective Date, the Purchaser hereby covenants and agrees as follows: (a)to pay and perform all obligations and liabilities,accruing from and after the Effective Date, as and when due under, and in accordance with the terms of, the DBA, whether now or hereafter existing, fixed or contingent; and (b) to be bound by and comply with all covenants, agreements, conditions, restrictions and limitations now or hereafter made by or applicable to the owner of the Project, pursuant to the DBA, and including the representations and warranties set forth in the DBA, accruing from and after the Effective Date, including, without limitation, the restrictions concerning the operation of the Project and the leasing of apartment units therein. The Purchaser hereby assumes from and after the Effective Date, all liabilities and other obligations of the Seller under, and agrees to comply with and be bound by all the covenants, agreements, conditions,representations,warranties,restrictions and limitations contained in,the DBA. Section 5. No Release of Seller. The Seller is not released from, and will remain fully liable for the payment of all sums,if any,and the performance of all obligations,arising prior to the Effective Date, under and in accordance with the terms of the DBA. Nothing contained in this Agreement or otherwise will prevent the Commission from pursuing concurrently or successively all rights and remedies available to it pursuant to the DBA or at law or in equity and against any persons, firms or entities whatsoever, and the exercise of any of its rights or the completion of any of its remedies will not constitute a discharge of any obligation of the Seller, with respect to obligations arising prior to the Effective Date, or Purchaser, with respect to obligations arising on and after the Effective Date,under the DBA or this Agreement. Provided however,the Seller shall be released from its obligation to cure the Non-Compliance Issues as defined herein. Section 6. Representations and Warranties of Seller. The Seller hereby represents and warrants to the Commission as follows: (a) The Seller(i) is a limited partnership duly organized,validly existing and in good standing under the laws of the State of Florida, and (ii) has all requisite power and authority to enter into this Agreement and perform its obligations hereunder. (b) To the best of Seller's knowledge, there have been no amendments, supplements or modifications to the DBA or to any other instruments or agreements to which the Seller is a party or by which it is bound and which relate to the DBA. (c) The DBA is in full force and effect, and, except as set forth in the second sentence of this Section, no material breaches, defaults or defenses have been asserted in writing to Seller that have not been cured. Notwithstanding the representations and warranties made by the Seller pursuant to this Section 6(c), Seller has received notice of the 3 Packet Page-903- OR 4894 PG 1200 4/22/2014 16.D.13. deficiencies and non-compliance issues set forth in(1) that certain January 25, 2013 letter from Bridget Tracy of First Housing and accompanying 2012 Annual Management Review, and(2)certain Collier County Code Enforcement Notices of Violation, copies of which are attached hereto as Exhibit "C" hereto (collectively, the "Non-Compliance Issues"). (d) To Seller's knowledge, and other than with regard to the Non-Compliance Issues, (i) Seller has complied with and fulfilled all of the requirements of and has satisfied all conditions under the DBA, or has provided certifications and other documentation that demonstrates the same, in connection with the transactions described in this Agreement and all of the conditions precedent thereto as described in the DBA, and (ii) Seller has not received any invoice or statement that there are any fees and other amounts payable to the Commission under the DBA which are currently due and payable or which have accrued but are unpaid. (e) The execution and delivery by the Seller of this Agreement, and the compliance by the Seller with all of the provisions hereof and of the DBA(i)are within the power of the Seller,(ii)will not conflict with or result in any breach of any of the provisions of, or constitute a default under, or result in the creation of any lien,charge or encumbrance upon any property of the Seller under the provisions of, Seller's partnership agreement or any other agreement or instrument to which the Seller is a party or by which it may be bound, or any license,judgment, decree, law, statute, order, rule or regulation of any court or governmental agency or body having jurisdiction over the Seller or any of its activities or properties, and (iii) have been duly authorized in accordance with the organizational documents of Seller. Section 7. Representations and Warranties of the Purchaser. The Purchaser hereby represents and warrants, as of the date hereof, to the Seller and the Commission as follows: (a) The DBA has been reviewed by the Purchaser and its counsel. The Purchaser is knowledgeable about the Project and has made an independent investigation of all facts and circumstances deemed relevant to it in connection with the acquisition of the Project and has reviewed and is familiar with all of the terms, provisions and conditions of the DBA and all of the obligations thereunder which have been assumed in their entirety by the Purchaser under this Agreement. (b) The Purchaser has obtained all consents, authorizations and approvals from all governmental agencies and other authorities necessary for its acquisition of the Project. The Commission approved the transfer of the Project to the Purchaser, subject to this Agreement,at the Commission's meeting of February 26,2013. (c) The Purchaser represents to the Commission that: 4 Packet Page -904- OR 4894 PG 1201 4/22/2014 16.D.13. (i) it has all requisite power and authority and all necessary licenses and permits to own and operate its properties and to carry on its business as now conducted,including,without limitation,its acting as owner of the Project; (ii) it has full power, authority and legal right to enter into, execute and deliver this Agreement and to assume and perform the obligations under the DBA, and to engage in the transactions contemplated thereby; (iii) it has the creditworthiness and the management ability to operate the Project in the manner contemplated by the DBA; (iv) the correct legal name of the Purchaser is Saddlebrook Apartments LLC, a Florida limited liability company, and it has been properly organized under the laws of the State of Florida and is in good standing in such state as of the date hereof,and is legally authorized to do business in Florida. Section 8. Representations and Warranties of the Commission. The Commission hereby represents and warrants,as of the date hereof,as follows: (a) A copy of the DBA is attached hereto as Exhibit B. The DBA has not to the best knowledge of the Commission,without inquiry, been altered, supplemented, assigned, modified or amended in any respect. (b) The Commission has received all amounts payable to it under the DBA and, to the knowledge of the Commission without inquiry,the Seller is neither in default under or in breach or violation of any other covenant or condition under the DBA except with respect to the Non-Compliance Issues, to the extent applicable under the DBA. The Commission has neither given nor received,to its knowledge without inquiry,notice of any default under the DBA. Section 9. Additional Covenants. Purchaser additionally covenants with the Commission as follows: (a) The Purchaser hereby agrees to pay all fees, costs and expenses incurred by the Commission (including, but not limited to, reasonable attorneys' fees) in connection with the preparation and/or review and delivery of this Agreement and any other documents executed simultaneously herewith. (b) Purchaser additionally covenants with the Commission as follows: (i) it acknowledges that it has acquired the Project subject to the restrictions and limitations of the BDA. The Purchaser further agrees and acknowledges that any subsequent transfer of the Project, or interests in the Project, prior to the expiration of the Term of Agreement per Section 14 of the BDA, must be approved by the Commission pursuant to Section 6 of the BDA. 5 Packet Page-905- OR 4894 PG 1202 4/22/2014 16.D.13. (ii) Purchaser acknowledges that it will, as part of the acquisition of the Project,(a)enter into an Assignment and Assumption of and Second Amendment to Extended Low-Income Housing Agreement among Seller, Purchaser, and Florida Housing Finance Corporation (the "Florida Housing Agreement")) which provides, among other things,for the monitoring of Purchaser's compliance under the terms of the Florida Housing Agreement and(b)an Assignment and Assumption of Land use Restriction Agreement among Seller,Purchaser, and the Housing Finance Authority of Collier County. Purchaser shall, promptly upon receipt, provide Commission with a copy of any and all reports, reviews, or any other written communications it receives from Florida Housing or First Housing as Compliance Agent under the Florida Housing Agreement. In addition, Purchaser shall provide Commission with copies of any notices of violation, or any other documents in connection with any Collier County code enforcement proceedings. (iii) it agrees to notify the Commission sixty (60) days prior to any change in the legal name, address, organization or structure of the registered entity constituting the Purchaser. (iv) Notwithstanding anything in this Agreement to the contrary, Purchaser acknowledges (i) the existence of the Non-Compliance Issues as defined in Section 6(c)hereof and(ii)Purchaser's receipt of notice of such Non-Compliance Issues and agrees that it assumes all obligations, duties, responsibilities, and liabilities for such Non-Compliance Issues and for the curing of such Non- Compliance Issues to the satisfaction of Florida Housing and First Housing Development Corporation on or before April 25, 2013. Purchaser shall provide Commission with written evidence to demonstrate that it has cured the Non- Compliance Issues. Section 10. Assumption of Fees, Costs, Etc. The Purchaser acknowledges that for the time period from and after the Effective Date,the Purchaser will be responsible for the payment of all fees, costs and payments, it any, due in accordance with the BDA and assumed thereunder and first arising during such time period Section 11. Authorization by the Commission. Based upon the representations, warranties and agreements set forth herein, and in material reliance thereon by the Commission,the Commission has authorized the execution of this Agreement and hereby consents to the transfer of the Project to the Purchaser. By executing this Agreement,the Commission acknowledges that all conditions necessary for the approval of the transfer have been satisfied. Section 12. Authority. The signatories to this Agreement represent that they have the requisite capacity and Authority to execute this Agreement and to assume the obligations referenced herein. Section 13. Notices. Any notices regarding this Agreement or the BDA will be provided to: 6 Packet Page-906- OR 4894 PG 1203 4/22/2014 16.D.13. Seller: CEI/Kensington Ltd. c/o Cascade Saddlebrook LLC 5055 Keller Springs Road,#400 Addison,Texas 75001 Attention:Ted Broadfoot And with a copy to: Riemer&Braunstein LLP 3 Center Plaza Boston,Massachusetts 02108 Attention: Douglas K. Clarke and Lehman Tax Credit Advisor Inc. c/o Lehman Brothers Holdings Inc. 1271 Avenue of the Americas 39th Floor New York,New York 10020 Attention: Joelle Halperin To Purchaser: Saddlebrook Apartments LLC 625 Court Street Clearwater,Florida 33756 Attn: Thomas C.Nash, II,Esquire With a copy to: Macfarlane Ferguson&McMullen 625 Court Street Clearwater,Florida 33756 Attention: Thomas C.Nash II,Esquire To Escrow Agent: First American Title Insurance Company c/o Christopher Lachance 7360 Bryan Dairy Road Suite 200 Largo,Florida 33777 Fax: (727) 549-3422 To Commission: Board of County Commissioners of Collier County,Florida 3299 Tamiami Trail East Naples,Florida 34112 Attention: Chairman With copy to Collier County Attorney's Office 3299 Tamiami Trail East,Suite 800 Naples,Florida 34112 Attn: Jennifer White,Esquire 7 Packet Page-907- OR 4894 PG 1204 4/22/2014 16.D.13. Section 14. Miscellaneous. This Agreement will be construed in accordance with Florida law and will be recorded at Purchaser's expense in Collier County,Florida. Section 15. Effective Date. This Agreement shall become effective upon the recording of a Special Warranty Deed conveying the Project to the Purchaser(the"Effective Date"). Section 16. Termination. Upon termination of the BDA, the Purchaser and the Commission will execute and record a Termination of Affordable Housing Density Bonus Agreement in substantially the form attached hereto as Exhibit D. Section 17 Successors and Assigns. This Agreement shall be binding upon, and shall inure to the benefit of,the parties hereto and their respective successors and permitted assigns. Section 18. Counterparts. This Agreement may be executed in counterparts, and all counterparts together shall be construed as one document. Section 19. Governing Law. This Agreement shall be governed by the laws of the State of Florida,without regard to principles of conflicts of law. Section 20. Incorporation of Recitals. The recitals set forth herein are true and correct and are incorporated herein. ■• • Section 21. Severability. If any covenant, condition,term, or provision contained in this Agreement is held to be invalid by final judgment of any court of competent jurisdiction, the invalidity of such covenant, condition, term, or provision shall not in any way affect any other covenant,condition,term,or provision contained in this Agreement. [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 8 Packet Page -908- OR 4894 PG 1205 4/22/2014 16.D.13. COUNTERPART SIGNATURE PAGE FOR ASSIGNMENT AND ASSUMPTION OF AFFORDABLE HOUSING DENSITY BONUS AGREEMENT (Saddlebrook Apartments Project) IN WITNESS WHEREOF, the Commission, the Seller and the Purchaser have executed this Assignment.and Assumption of Affordable Housing Density Bonus Agreement as of the Effective Date. 124, . BOARD OF COUNTY i MMISSIONERS OF DWIQFTT.B. pROGK;..CI,ERK COLLIE t4 COUNTY,F ORIDA - By By w e ! :' ifir C LER,ESQ. al an s signature only. Approval for Form and Legal Sufficiency: Jenni r B.White �3 Assistant County Attorney ��$ • S-1 Packet Page -909- OR 4894 PG 1206 4/22/2014 16.D.13. COUNTERPART SIGNATURE PAGE FOR ASSIGNMENT AND ASSUMPTION OF AFFORDABLE HOUSING DENSITY BONUS AGREEMENT (Saddlebrook Apartments Project) Seller CEI/Kensington, Ltd.,a Florida limited partnership By: Casca•.e Sad. broil LLC., a Washington lira yd li.bili , .om../:ny, its general partner BY: 111111■ II Nance L-( rrq 6 ea 1n%' 1 Title: A o,17ed 7)ir'd ' Witnesses: P M6-10_ / • rinted am/ l e:: \ Qi�I \l)Qt�Q b I(� -/ P rated Name: L_orc W rye-iet, STATE OF /Cik45 COUNTY OF _ a-(ia5 The foregoing instrument was executed and acknowledged before me this 7day of , 2013, by L&oo tai441- , as ALA 7 j ch-K of`'a5c4t1.6.5( the GP , who executed the foregoing instrument and acknowledged to me that he did such on behalf of the tP . IN WITNESS WHEREOF, I have hereunto set my hand and affixed my seal the day and year in this instrument first above written. 4.. / NOTARY PUBLIC—State of Tex Tex Personally Known ✓ • �,,1,�1 U . 4.&10-&-e- OR C!,Type or Stamp Commissioned Produced Identification lame of Notary Public Type of Identification JetvnniG '(, pie y Produced: __ II My Commission Expires: /o7/6/7?01'/ ., EANNIE M.SHIPLEY 4. = MY COMMISSION EXPIRES �. '%ls,',y;;. Decembers,2014 S-2 Packet Page-910- OR 4894 PG 1207 4/22/2014 16.D.13. EXHIBIT A LEGAL DESCRIPTION OF PROJECT Packet Page-911- OR 4894 PG 1208 4/22/2014 16.D.13. EXHIBIT B RECORDED COPY OF AFFORDABLE HOUSING DENSITY BONUS AGREEMENT Packet Page-912- OR 4894 PG 1209 4/22/2014 16.D.13. EXHIBIT C NON-COMPLIANCE ISSUES Packet Page-913- OR 4894 PG 1210 4/22/2014 16.D.13. EXHIBIT D FORM OF TERMINATION OF AFFORDABLE HOUSING DENSITY BONUS AGREEMENT This Termination of Affordable Housing Density Bonus Agreement is executed as of by the board of County Commissioners of Collier County, Florida (the "Commission") and Saddlebrook Apartments LLC , a Florida limited liability company (the "Current Owner"). WHEREAS, the Current Owner is the assignee of that certain Affordable Housing Density Bonus Agreement dated as of December 9, 1997 as recorded in Official Records Book 2374, Page 2544 of the Public Records of Collier County, Florida, (the "Affordable Housing Density Bonus Agreement");and WHEREAS, the Current Owner, by its execution hereof certifies, represents and warrants to the Commission that: a. The term of the Affordable Housing Density Bonus Agreement as defined therein ended on , 20_ and all conditions precedent to the Termination of the Affordable Housing Density Bonus Agreement have been fulfilled. b. All payments of any amounts due under the Affordable Housing Density Bonus Agreement are fully paid and all obligations thereunder have been met. There is currently no default under the Affordable Housing Density Bonus Agreement. WHEREAS, the Commission has authorized the execution and delivery of this Termination of Affordable Housing Density Bonus Agreement;and WHEREAS, by execution of this Termination of Affordable Housing Density Bonus Agreement by both parties, the Affordable Housing Density Bonus Agreement will be terminated as of the date of its recording in the Official Records of Collier County,Florida IN WITNESS WHEREOF, Commission and the Current Owner hereby agree to terminate the Affordable Housing Density Bonus Agreement. [SIGNATURES AND NOTARIES OF THE PARTIES] Packet Page -914- OR 4894 PG 1211 4/22/2014 16.D.13. EXHIBIT A LEGAL DESCRIPTION OF PROJECT Packet Page-915- OR 4894 PG 1212 4/22/2014 16.D.13. 1,1 tft� 1r 4 Hill iiT 'a. / l !, 111 } lift 11 1.�'� •TeF . poor In %•1171.11 11111,f 11 �! l f1i11}if} b. i 1��;s� ,li 11 t i 11 I tt Wit 1111! I ; ^ Tr 1„� !}lift �t7:1;;;; i;:^4 I€w. l i;iiii ftf1;•tisifHT!'t 1.7 1 // it I i I ! e ¢F i`Eal`al3iii d 1 8 ® ®t i ip i1! 1I!I lt !,1 illlff II 111 ill' i 1111111111 iP 11t[0• 1 I TT EE-t: it, 1711 ! fg i' 1 if `1111;ppi 1i rc !11111 II1 1.11! 1f11il r? 1 it 1 1111 111. ((7$l 5E,•F,ie ldk 1. g::' 1fi•Ii i ¢ i4; i• 1,a i r1 11 11i• 1111 11 11117 jIII S1�° e{ pt 'I. 7111 i I'.}f F I' i I.' I it I `i!-1 € i 7P €1t } +i i. ,T it I T1 fi1 iI f' 1If iii i OR 4894 PG 1213 4/22/2014 16.D.13. 1 'NOT PUTTED' I i \ •o'.BipYnOYm DaI I /� /� thy. •� + _-_-___ _ ... —I/ ii7 �i ��iS 11 o•� I. 4' 1%f ti � htn.41>/ , •llM.FOOD it 333;fi t ii g ' ,�p�,�,','r , \4,41) ��, r O I 7 pp rr O. I, 5Z2§0••13,1111 in' 91; f0���� $ rr .7rk �li rnrroa 1, _ 1 1;1 1 111111 5 J. +•I TOGETHER MTFI jg 1LL7 121 i � �i I 'I ifii€ fI I 1411111111i I 1 ; 1 Viti;i;f; ' t 'eg. i t . O l �� jf tls' Ii ill OP ill ). ,i x;12 14i I ' f 18" 1 �;a4 I iS p � I. log I .`L p'' _ ni s El j Et 11.1 ¢�•• I 1 IC I ��;i= ` X51 • a * t,all IfMS;11� ti .i:-. -rgS e!'4.,. ,.. „ki i E il!I 1 "----"glit.,0 -4. $11 MIIIII ,,11-..—..-_-_-......earii.. . �' Yr7' fir 4 i , ---7-•—*- -gle:11- i.R /1 �'i '' } I - ..E" f'I. ilill'. (_:_(.. _, k 7...i _� g __rw4°iii hT� k ��M liti......1:0 1 ■ r t !!1-041 0611 ) 1 • - 1 At , ____„ .0_,...,...,..., iro 1 •L e / C . rr.r.N . Ili-se- --.../...t.Aezi.I 9�§ 1 i r � . MOW*•.�r MOO�I a•• e v• rt) .]eiit 8 __—______, • T .D.1•nun r.Y��' R}H MOM..Y u!Dr'WO/•WIf.m is 6 ii -r g 3 ......, DAVIS WDDTI'AYD ' a.• T M•47 Un Of..DID WIC !MC RCM K.I}YAM M•ID111 • r OM bw•WUV.•o:*4010 lag oD1....}MR0D.}•1 b.1I1D0*0111 107 .MD..47}11111M WPM.K MANGO _ Dw u.e u uK.}ID ueoe bw IowsY.•D 11tH a••• �... ck Boek&Clerk's National Surveyors Network National coo ennelors�4At T CSM vend TtN Surnys - J w 0(n...I.rD/sc./2 ND)11.-0111,i.r li6 ie:-si: �:w�r_�. Packet Page -917- OR 4894 PG 1214 4/22/2014 16.D.13. EXHIBIT B RECORDED COPY OF AFFORDABLE HOUSING DENSITY BONUS AGREEMENT Packet Page-918- OR 4894 PG 1215 4/22/2014 16.D.13. • '. 2262326 OP.: 2374 PG: 2544 ne triU1 I:1:Uric MUD is Us OIIICIU,UC0111 of 011110 COMM, 11 Esc 1.0 !�''lttet�t 11124/t1 it 03:178 MUt T 1. noel, ewe • AGREEMENT AUTHORIZING AFFORDABLE HOUSING DENSTIMIONIISANIUMEOSML.Q.YENANTs AND RESTRICTIONS ON REAL PROPERTY. /fn THIS AGREEMENT is made as of the day of i!-�fir:/,ir•,c 1997. by and between CEUKensington,Ltd., a Florida Limited Partnership,and Colonial Equities,Inc. and Outreach Housing Corporation and the Collier County Board of County Commissioners (the "Commission"). RECITALS: A. The Developer is the Owner or contrret purchaser of a tract of real property described as(complete legal description)the West''/.of the Southeast'/.of Section 34,Township 49 South, Range 26 East, Collier County, Florida lying South of 1-75; less and except the following: the South 50 feet for Radio Road right-of-way and the East 726.00 feet of the West%, of the Southeast'A of said Section 34(The"Property".The legal and equitable owners include lames R.,Trustee. It is the Developer's intent to construct a maximum of four hundred thirty- eight(438)residential units(the"Units" te-deensi of thirteen(13)units per gross acre on the Property. The gross acreage o[' •• _' - i - . The number of affordable Units constructed by Developer s 116' two hundred two(202), • enting forty-six percent(46%) of the total number of resi•enti.1 Uni "lir I • clop ent. B. In order to co 4. • e r p Ts ob in a density bonus from the N _ . 2 Commission for the Prop- id i Cot tE. Affordable Housing Density Bonus Ordinance No. 90-:• ich density bonu - • 1 to • ted by the Commission in g G ►— N accordance with the strict limn • n®tv` said Ordinance�� z C. The Commission is ►• sity bonus to the Developer authorizing the construction of two hundred and two(202)bonus Units on the Property, if the Developer agrees to construct affordable Units as specified in thi•:Agreement and the Developer covenants and agrees to use the affordable units only as rental property. NOW,THEREFORE,in consideration of the approval and granting of the density bonus of six(6)unite per acre requested by the Developer ant!the benefits conferred thereby on the Property,and for other good and valuable consideration,the receipt and sufficiency of which are hereby acknowledged,the Developer and the Commission hereby covenant and agree as follows: 1. Recitals.The above recitals are true and correct and are incorporated herein by reference. 2. Developer Agreements. The Developer hereby agrees that it shall construct two hundred and two(202)affordable Units which Units shall be rented in accordance with the terms and conditions of this Agreement and as specified by the attached Appendix A.Exhibit A and Exhibit B, which Appendix is incorporated by reference herein and constitutes a part of this Agreement. Units at the Property which are not an affordable Unit("Market-Rate Units")shall 1 Packet Page-919- OR 4894 PG 12 16 4/22/2014 16.D.13. . ' ,, be exempt from the provisions of this Agreement and may he leased or rented by the Developer on terms and conditions acceptable to the Developer in its sole discretion. Within forty-five(45) days from the date that notice is received from the Commission, the Developer shall provide on-site management to assure appropriate security, maintenance and appearance of the development and the dwelling Units. a. The following provisions shall be applicable to the affordable Units: (I) Definitions. Any and all definitions provided by Ordinance No. 90-g9,as amended,arc hereby incorporated by reference.. Phrsing shall mean(a)the phased construction of buildings or structures in separate and distinct stages as shown on a PUD master plan,subdivision master plan or site development plan; or(b)in developments where phastd construction is not depicted on a PUD muter plan,subdivision master plan or site development plan,the construction of buildings or structures in a clearly defined series of starts and finishes that are separate and distinct within the development. ,R CO (2) 3 ti, e mon •le t for the affordable Units shall be pa in accordance with the rent. spe - •e attached r►p dix ,Exhibit A. The monthly rent tr..r• i"� may be increased each ye dat• of this AI e.mcnt s to gas the rent does not exceed 1011 one-twelfth (1/12) of 3 p ( 3( j !lI, '"( p se s 50 percent (for very low C? income),and 60 percent ter ow income of 1 ee'i•er� a.p uc.'. edien adjusted gross annual .A ve income for the household ished annually by ;- . G •artmont of Housing and Urban Development for the area do the Naples G r�i�io•an Statistical Area (MSAI. The ' ordable housing unit rented to a low foregoing notwithstanding, any ren ?L�'a •• 8 income or very low income family shall not exceed 90 percent of the rent charged for a comparable market rate dwelling in the same or similar development. (3) Median Income. For thi•purposes of this Agreement, the median income of the area as defined by the U.S. Department of Housing and Urban Development (HUD) shall be the then current median income fo' the Naples Metropolitan Statistical Area, established periodically by HUD and published in the Federal Register, as adjusted for family size as shown on the tables attached hereto as Appendix A, Exhibit C,which Exhibit shall be adjusted from time to time in accordance with any adjustments that are authorized by HUD or any successor agency. In the event that HUD ceases to publish an established median income as aforesaid,the parties hereto shall mutually agree to snother reasonable and comparable method of computing adjustments in median income. (4) Eligibility and Qualifie.ation of Tenant. Family income eligibility is a three-step process:1)submittal of an application.by a prospective tenant;2)verification of �'\ family income; and 3) execution of an income certification form. All three steps shall be 2 Packet Page -920- OR 4894 PG 1217 4/22/2014 16.D.13. accomplished prior to a tenant being qualified as an eligible family to rent and occupy an affordable housing unit pursuant to the affordable housing density bonus program. No person shall occupy an affordable housing unit provided under the affordable housing density bonus program prior to being qualified at the appropriate levt I of income(low or very low income)in accordance with this Section. The Developer shall be responsible for qualifying tenants by accepting applications from tenants,verifying income and obtaining income certification for all affordable units in the subject development. All applications,forms and other documentation required by this Agreement shall be provided to the Housing and Urban Improvement Director. Qualification by the Developer of any tenant as an eligible tenant family shall be subject to review and approval in accordance with the monitoring and enforcement program created and adopted by Resolution of the Commission. (a) Application. A potential tenant shall apply to the developer, owner, manager, or agent to qualify as a low or very low income family for the purpose of renting and occupying an affordable unit pursuant to the affordable housing e LUZI as density bonus program. The G4 I. Applte- tyr ffordable Housing Unit shall be N provided by the Housing an U ..• ••..• ement Dr ector s .wn in Appendix B.Exhibit A. Lai attached to this Agreement and n.. ;ors -. • t rhea a betel . come TMy' (•lei, • • ification. No affordable housing Unit in the devel•im all . rent-. • a to • ...11C1 Cr household income has not Q, been verified and certified •4 • ordance with this _ e eft and Ordinance No. 90-89, as amended,as a low or very low ccry, ily. Tanen -verification and certification shall• RC be repeated annually to assure confirm., 1,_IblVl . (c) Income Verifiertion. The Developer shall obtain written verification from the potential occupant (including the entire household) to verify all regular sources of income(including the entire household). The most recent year's federal income tax return for the potential occupants(including the entire household)may be used for the purpose of income verification,if attached to the Affordable Housing Applicant Income Verification form, which includes a statement to release information, tenant verification of the return, and a signature block with the date of application. The verification shall be valid for up to ninety(90) days prior to occupancy. Upon expiration of the 90 day period,the information may be verbally updated from the original sources for an additional',0 clays,provided it has been documented by the person preparing the original verification. After this time,a new verification form must be completed. The Affordable Housing Applicant Income Verification form shall be provided by the Housing and Urban Improvement Director as shown in Appendix B,Exhibit B,attached to this Agreement and incorporated by reference herein. 3 Packet Page -921- OR 4894 PG 1218 4/22/2014 16.D.13. • • (d) Income Certification. Upon receipt of the Preliminary Application for Affordable Housing Unit and Affordable Housing Applicant Income Verification form, the Developer shall require that an income certification form shall be executed by the potential tenant(including the entire household)prior to rental and occupancy of the affordable housing unit by the tenant. Income certification shall assure that the potential occupant has a low or very low household income which qualifies the potential occupant as an eligible family to rent and occupy an affordable housing unit under the affordable housing density bonus program. The Affordable Housing Applicant Income Certification fr.rm shall be provided by the Housing and Urban Improvement Director as shown in Appendix 3, Exhibit C, attached to this Agreement and incorporated by reference herein. (c) Rental Agreement. At a minimum, the rental agreement shall include the following: (1) name, addxss, and telephone number of the head of household and all other occupants; (ii) a description of the unit to rente • a (iii) the term of the lease. tii S R COUP co (iv) the rental amoun, 0\' J, I (v) the use of the r s; '� w (vi) monitoring d enfo ere "o includ'ng isqualifcation of tenant;and .''A, r� (vii) the rights o figatrons f •-artier CI lig) Random inspcctio (off'"Z aan• Qta tion to verify occupancy in CI accordance with this Agree. and Ordinance No. 19:89 as .` ad,may be conducted by the ./t. G0 Housing and Urban Improve r rector. (5) Dist „ if • , t,,e the event that tenant qualification is not subsequently confirmed by the Housing an. roan Improvement Director or his designee, then such tenant shall be required to vacate the rffordable unit. If tenant vacation of the affordable unit is the resurt of an error,omission or nisrepresentation made by Developer,tenant shall vacate the affordable unit within thirty (30) lays and Developer shall pay penalties as provided by the monitoring and enforcement program. If tenant vacation of the affordable unit is the result of a misrepresentation made by the tenant,tenant shall vacate the affordable unit within 15 days and shall pay penalties as provided by the monitoring and enforcement program. Such eventuality shall be expressly detailed in the lease agreement between Developer and tenant. (6) Annual Progress and Monitoring Report. Thc Developer shall provide the Housing and Urban Improvement Director an annual progress and monitoring report regarding the delivery of affordable housing rt ntal units throughout the period of their construction, rental and occupancy. The annual progress and monitoring report shall, at a minimum, provide any information reasonably required to insure compliance with Ordinance • � No.90-89 or subsequent nnendments thereto. The report shall be filed on or before September 4 Packet Page-922- oR 4894 PG 1219 4/22/2014 16.D.13. 30 of each year and the report shall be submitted by the Developer to the Housing and Urban Improvement Director.Failure to complete and submit the monitoring report to the Housing and Urban Improvement Director within sixty(60)days front the due date shall result in a penalty of up to fifty dollars(550.00)per day unless a written extension not to exceed thirty(30)days is requested prior to expiration of the sixty(60)day submission deadline. No more one such extension may be granted in a single year. The progrest.and monitoring report shall be in a form provided by the Housing and Urban Improvement Director. (7) Occupancy Restrictions. No Affordable Orin in any building or structure on the Property shall be occupied by the Developer, any person related to or affiliated with the Developer,or by a resident manager. 3. Density Bonus. The Commission hen-by acknowledges that the Developer has met all required conditions to qualify for a density bonus, in addition to the base residential density of seven(7)units per acre,and is therefore granted a density bonus of six (6)density bonus units per acre, for a total(tote(- ettasittO•its units per acre X gross acreage)of 202 density bonus units,pursuant t• 4 i a oKKuntyy:: ousing Density Bonus Ordinance — that the Dev.o• may construct thereon, in the 'V. No. 90-89. The Commiasi• fu .,d aggregate a maximum nu ber of 438 u 'ta oh the P • ert •ro 'ded the Developer is able to T secure building permit(s) lier un y. `'O• 81 ) ,. a/ft 4. Commissio. 1 cement. auring to of tt}ta Agreement, the Commission acting through the Housing r than Improveme4t a J or its successor(s) covenants and agrees to prepare and rm -*• •le to the G any general information that it possesses regarding income limitatio r••=rdst•At. s which are applicable to the affordable Unit. 5. Violations and Enforcement a. Violations. It shall be a visitation of this Agreement and the Collier County Affordable Housing Density Bonus Ordinance to rent,sell or occupy,or attempt to rent. sell or occupy,an affordable housing rental unit provided under the affordable housing density bonus program except as specifically permitted by lite terms of this Agreement;or to knowingly give false or misleading information with respect to:any information required or requested by the Housing and Urban Improvement Director or by arty other persons pursuant to the authority which is delegated to them by the Ordinance. Collier County or its designee shall have full power to enforce the terms of this Agreement. The method of enforcement for a breach or violation of this Agreement shall be at the option of the Commission by criminal enforcianent pursuant to the provisions of Section 125.69,Florida Statutes,or by civil enforcement as allowed by law. 5 Packet Page-923- OR 4894 PG 1220 4/22/2014 16.D.13. • b. Notice of Violation for Code Enforcement Board Proceedings. Whenever it is determined that there is a violation of this Agreement that should be enforced before the Code Enforcement Board,then a Notice of Violation shalt be issued and sent by the Housing and Urban Improvement Director by certified return-receipi requested U.S.Mail,or hand-delivery to the person or developer in violation of the Ordinance. The Notice of Violation shall he in writing,shall be signed and dated by the Housing and Urban Improvement Director or such other County personnel as may be authorized by the Board of County Commissioners, shall specify the violation or violations,shall state that said violations(s)shall be corrected within ten (10)days of the date of the Notice of Violation,and shall state that if said violation(s)is/are not corrected by the specified date in the Notice of Violation,the Housing and Urban Improvement Director shall issue a citation which shall state the date and time of issuance,name and address of the person in violation,date of the violation,Section of this Agreement or of Ordinance No. 90-89 or subsequent amendments thereto violated,name of the Housing and Urban Development Director,and date and time when th •rtkih 4 Qteea • fore the Code Enforcement Board. c. Certific: @,a upancy. In the e Toth• the Developer fails to maintain cs vct the affordable units in ac—rd. cklud h iltis^-*grctment • w h Ordinance No. 90-89, as N c-.s amended, at the option c. the ' • r' sprit •r ificates of occupancy, as 4ft applicable,may be withhe ,,rte' r l or of i_ ' roved unit located or to be Ga located upon the Property u cf, e entire project is'• full • l' ce with this Agreement and 'I 0 ' with Ordinance No.90-89,as . •. ,G .v 6. Assignment by Co 'it9tir•E -at • fission may assign all or part of its obligations under this Agreement to any of er nublic agency having jurisdiction oher the Property provided that it gives the Developer thirty(30)days advance written notice thereof The Developer may not assign,delegate or otherwise transfer all or part of its duties.obligations. or promises under this Agreement to any successor in interest to the Property without the express written consent of the Commission,which consent may be withheld for any reason whatsoever. Any attempt to assign the duties,obligations,or promises under this Agreement to any successor in interest so the Property without the express written consent of the Commission as required by this Section shall be void ab initio. 7. Severability. If any section,phrase,sentence or portion of this Agreement is for any reason held invalid or unconstitutional by any court of competent jurisdiction,such portion shall be deemed a separate,distinct,and independent provision, and all other provisions shalt remain effective and binding on the parties. 8. Notice. Any notices desired or required to be given under this Agreement shall he in writing and shall either be personally delivered or shall be sent by mail,postage prepaid,to the i."1 parties at the following addresses: Las■ F Packet Page -924- OR 4894 PG 1221 4/22/2014 16.D.13. To the Commission: Housing&Urban Improvement Dept. 2800 N.Horseshoe Drive Naples.Florida 34104 To the Developer: Richard Shaw,President Colonial Equities,Inc. 16200 Dallas Parkway.Suite 190 Dallas,Tx.75248 Any party may change the address to which notices are go be sent by notifying the other party of such new address in the manner set forth above. 9. Authority to Monitor.The parties hereto acknowledge that the Director of Collier County Housing and Urban Improvement or his designee shall have the authority to monitor and enforce Developer's obligations hereunder. 10. Indemnify. The Developer hereby agree..to protect,defend,indemnify and hold • Collier County and its officers, empl..ye s► e s harmless from and against any and all o Ltd✓ �-lJ �'senses,pro - fees,including,without limitation• Vek claims,penalties,damages,Ios.G�;•• P � �,, reasonable attorney's fees , d , ,• • litigation nod dg ents arising out of any claim. w willful misconduct or n 1 Jig , , •••, o, omis.ion, o lia ility of any kind made by Developer, its agents or em!''• ees si g •7- o.Td'nta to the performance of this Agreement. Ct'' .' c Ili 11. Covenants. a eveloper agrees + .1 .d G 's obligations hereunder shalt constitute covenants, restrictio • xonditions w•'.1 run with the land and shall be binding upon the Property and again r-•1 '.7+?h C en having any ownership interest at any time and from time to time until this Agreement is terminated in accordance with Section 14 below. However,the parties agree that if Developer t ansfers or conveys the Property to another person or entity,Developer shall have no further obligation hereunder and any person seeking to enforce the terms hereof shalt look solely to Developer's successor in interest for the performance of said obligations. 12. Recording This A shall be recorded at Developer's expense in the official records of Collier County.Florida. 13. Entire Agreement. The parties hereto agree that this Agreement constitutes the entire Agreement between the parties hereto and shall inure to and be binding upon their rmpective heirs,successors,and assigns. 14. Termination. Each affordable housing unit shall be restricted to remain and be maintained as the type of affordable housing rental unit(low or very low income)designated in accordance with this Agreement for at least fifteen (15)years from the date of issuance of a 7 Packet Page -925- OR 4894 PG 1222 4/22/2014 16.D.13. Certificate of Occupancy for such unit. After fifteen(I5)years this Agreement may terminate upon a date mutually agreed upon by the parties and stated in writing. 15. Modification. This Agreement shall be modified or amended only by the written agreement of both parties. 16. Discrimination. a. The Developer agrees that neither it nor its agents shall discriminate against any tenant or potential tenant because of said tenants race,color,religion,sex,national origin,familial status,or handicap. b. When the Developer advertises, rents, sells or maintains the affordable housing unit,it must advertise,rent,sell,and maintain the same in a non-discriminatory manner and shall make available any relevant information to any person who is interested in renting or purchasing such affordable housing unit. c. The Developer agrees to be responsible for payment of any real estate commissions and fees assessed in the re 1.t OU f affordable units. d. The affords • ng units d fee lopment shall be identified on all building plans submitted t lh- and de cribed 'n a Developer Application for Affordable Housing Densit B• u. �� .sa e. The fro •a•le •using 111`e t- i ed with,and not segregated from,the market rate dwell nits in the•eveloprrwnt. � N 1. The footage, construct •(�gn of the affordable housing �"r+ units shall be the same as mark ('• • fling unit:.i• � te. clopment. All physical amenities in the dwelling units,as described in 1 cb C n (7)of the Developer Application for Affordable Housing Density Bonus shall be the sane for market rate units and affordable units. For developments where construction takes place in more than one phase,all physical amenities as described in item number seven (7) of the Developer Application for Affordable Housing Density Bonus shall be the same in both the marl..t rate units and the affordable units in each phase. Units in a subsequent phase may contain different amenities than units in a previous phase so long as the amenities for market rate units and affordable units are the same within each phase and provided that in no event may a market rate unit or affordable unit in any phase contain physical amenities less than those described in the Developer Application. 17. Phasing. This development is being built in two phases. each having separate financing sources. The legal description of Phase I is attached as Appendix D,with Phase II being the remainder of the property. However, the second phase (298 units - northern portion of the site) will commence construction following an approval of an amended PUD, Phase I will consist of 140 units 80%low income at 60%,of the area median income and 20%at very 8 Packet Page-926- OR 4894 PG 1223 4/22/2014 16.D.13. low income at 50%of median income (southern portion of the development). Phase II will consist of 298 units with 62 affordable units(60 units at 50%of the area median income) and two (2) units at 60% of area median income. This agreement will become effective as to Phase I concurrent with Developer's closing on the purchase of the southern portion of the Property,and will further become effective as to Phase II concurrent with Developer's subsequent closing on the northern portion of the Property. in the event Developer fails to close on one or both portions of the Property,that staff will return to the Board of County Commissioners with a new affordabl. housing agreement as to either or both portions of the Property that failed to close. However, this agreement will supersede any previous Affordable Housing Density Bonus Agreement approved for this parcel. 18. Disclosure. The developer shall not disclose to persons,other than the potential tenant,buyer or lender of the partic : z•a, I 'using unit or units, which units in the development are designated as c J • ousing urn ..1� co 7cr 19. Consistency. nt and ; rthoria • development shall be consistent C, w with the Growth Manages t ' id • :. . • .: ati• s of Collier County that are 1.in effect at the time of de lo•. e t. u•e•u• i;op sEe d policies shall apply to this GI Agreement and to the dev• •0� ent to the extent the ar• in conflict with the number, • e , N type of affordable housing u .d the amount of a + • f'.using density bonus approved for the development. 0,p \)1`S- 20. Affordable Housing Dens . :,ad •= velopment Agreement. This Agreement is a distinct and separate agreement from development:agreements as defined by Chapter 163,3220, Fla.Stat.(1989)and as amended. 21. Preapplication. Developer has executed and submitted to the Development Services Director the Developer Application for At fordable housing Density Bonus,a copy of which is attached to this Agreement as Appendix C and incorporated by reference herein. 22. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Florida. 23, Further Assurances. The parties hereto shall execute and deliver.in recordable form if necessary,any and all documents,certificares,instruments,and agreements which may be reasonably required in order to effectuate the intent of this Agreement. Such documents shall include but not be limited to any document requested by the Developer to exhibit that this Agreement has terminated in accordance with the pi ovisions of paragraph 14 above. IN WITNESS WHEREOF,the parties hereto hive caused this Agreement to be executed as of the day and year first above written. 9 Packet Page -927- OR 4894 PG 1224 4/22/2014 16.D.13. A'L4'ST: BOARD OF COUNTY COMMISSIONERS pWIi 3HT E.BROOK,Clerk COLLIEI:''/'`COUNTY,FLORIDA • y: P,4 TIMJTNY L.HANCOCK,Chairman DEVELOPER Witnesses(2): CEI/KENSINGTON,LTD. by: COLONIAL EQUITIES,INC., its General Partner By:� Richard Shaw,President Witnesses(2): COLONIAL EQUITIES.INC. By: •ichard Shaw,President ,_ cp HOUStN• el. • ACH CORPORATION ns c.a 1•,/il ' sift • SIP .eo. Arl O nl i AQC) C..'(2-∎/ ) Approved as to form and as legal sufficiency: N/t— b d, 74114 � .��,�c ci-ckC°c Heidi F.Ashton Assistant County Attorney STATE OF )as. COUNTY OF ) The foregoing Agreement Authorizing Affordable Housing Density Bonus And Imposing Covenants And Restrictions On Real Property was acknowledged before me by Richard Shaw,President of Colonial Equities,Inc.,General partner of CE1/Kensington,Inc.on half of the Corporation. He is personally known to me or has produced as identification. WITNESS my hand and official seal this _day of ,1997 • • Notary Public !T My Commission Expires: 10 Packet Page-928- OR 4894 PG 1225 4/22/2014 16.D.13. I:. STATE OF ) )85. COUNTY OF The foregoing Agreement Authorizing Affordable Housing Density Bonus And Imposing Covenants And Restrictions On Real Property was acknowledged before me by Richard Shaw,President of Colonial Equities,Inc.,on half of the Corporation. He is personally known to me or has produced as identification. WITNESS my hand and official seal this day of . 1997. Notary Public My Commission Expires: STATE OF °yw )es. COUNTY OF1•4A415 ) The foregoing Agreement Authorizing Affordable Housing Density Bonus d sing Covenants And Restrictions On Real Property was acknowledged before me by Richard Went of Housing Outreach Co ••ration on half of the Corporatism. He is personally known to me or has produ -• �r WITNESS my hand • • • tcial seal this • o •IP• , 1997. e.a ea) a. (6"1"10 Notary Public My Commission Expires: ca "' yr c) 011, 0 warms=DNE1 jyprddkbrkptldenbaugr �O \\ OIMOOar$gmt 771E CTRL 11 Packet Page-929- OR 4894 PG 1226 4/22/2014 16.D.13. •Appendix A, Exhibit A RENTAL p UMBER OF AFFORDABLE HOUSING ()J'tITS CIONTHLY BASE RENTS NUMBER OF UNITS BASE RENT Single Multi Single Multi Family Family Family Family LOW INCOME Efficiency 0 U -.---- 1 Bedroom 0 0 ._._4_ 2 Bedroom 0 90 __ a___ __61.()___ 3 Bedroom 0 16 _ _,Q_ 703 4 Bedroom o 0 _-1._ TOTAL 0 ----. 0 VERY LOW INCOME v,R CO j ?I? Efficiency ' Q/\'�- _.�—�1`� --4-- — w 1 Bedroom 0/. - __4___ `ea 1 �\ 2 Bedroom /0 T 0 __ Q).0 O l _ tsn ^s 3 Bedroom _2_ IN nAL — cr E._, 0 "' 4 Bedroom �"' 0 '.TOTAL �''P:, 88 q O 1 bide • (1) Base residsnti• in this development 7 units/acre. (2) Cross acreage +33.79 . (3) allowed inn this odevelopment t�pursuant tonSectionn7s units Ordinance 90-89. 6 unitr./acres. (4) Gross residential density o: this development (including affordable housing density Bonus units) 13 units/acre. (5) Percentage of affordable units pledged by the developer (as a percent of the total number units in the development) 46 6. • Rants are net of utility allowances. Water and sewer utilities provided in listed rent levels. Page 1 of 3 Packet Page-930- OR 4894 PG 1227 4/22/201416.D.13. Appendix A, Exhibit B }ITYORDABLE HOUSING DZ1BITY pONUB RATING BYBTZ Section 7, Ordinance No. 90-89, provides for calculation of a density bonus for developers pledging to construct affordable units within their development. Included in this Exhibit B are instructions for and the tables with which to calculate the density bonus for a particular project. Exhibit C contains the current median income and acceptable rants for low and very low income households in Collier County. The affordable housing density bonus rating system shall be used to determine the amount of the avi!fordable housing density bonus which may be granted for a development based on household income level, number of bedrooms per affordable housing unit, type of affordable housing units (owner-occupied or rental, single-family or multi-family) and percentage of affordable housing units in the development. and B, below, d. density bonus rating system, Tables Tables A and B shall be reviewed and updated if necessary on an annual basis by the Board of County Commissioners or its designee. First, choose the household income level r(moderate,tlow, or very low) of the affordable development, and the type _ (owner-occupied or rental, single-farilYTable r ulti Then, where ng applicable) to be provided, ti.:-rooms proposed for the p again to Table A, choose affordable d on the unit ldincomertev �dsthe numberyofonus ,. rating based "� bedrooms is shown in ab `'' sr After the atfo -a• u rating has been determined in Table A, 4 , and determine the �a percent of that type � • is u t proposed in the types l 'fi:.be *1 lling units in the to development coFrometb development. From t - determinationt�a-1 will O1 maximum number of re= f•= tial dwells i r gross may be added to the b-= ,-ensity. Th ional residential dwelling units per grow_ -- e are the m affordable housing density bonus (RHOS) ava -bk - • - w fall in between opment.tDvloppm with percentages of affor- - • 4 receive an affordable the percentages shown on Table .housing density bonus equal the lower of the two percentages it lies between plus 1/10th of a residential dwelling unit per gross acre for each additional percentage of affordable housing rental units in the development. For example, a development which has 24% of its total residential dwellincl units as affordable housing units, and which has an affordable Mousing density bonus rating of "four" will receive an affordable hou.ling density bonus (AHDB) of 4.4 residential dwelling units per gross acre for the development. • Where more than one type of affordable housing unit (based on level of income and number of bedrooms shown in Table A) is proposed for albemcalculatediseparately iniTablenB. Afters for each type shall the affordable housing density bonus calculations for each type of ' affordable housing unit have been completed in Table B, the affordable housing density bonus for each type of unit shall be added to those for the uther type(s) to determine the maximum affordable gnolhb nuseexceedt. In no event shall the affordable housing density eight (8) dwelling units per gross acre. Page 2 of 4 Packet Page-931- OR 4894 PG 1228 4/22/2014 16.D.13.• . Appendix A, Exhibit B AFFORDABLE HOUSING DENSITY BriNUS RATING SYSTEM ZABLE At AFFORDABLE HOUSING D5TTY BONUS RATINQ LEVEL KUMBT,'(t OF BEDROOMS/UNIT 0? HOUSEHOLD ISOM EFFICIENCY 2 3 OR 814111 _ MODERATE (OWNER-OCCUPIED, 0 1* 1* SINGLE-FAMILY) • LOW (OWNER-OCCUPIED OR RENTAL 2 3 4 SINGLE-FAMILY OR MULTI- FAMILY) VERY LOW (OWNER OCCUPIED OR RENTAL, SINGLE- FAMILY OR MULTI- 3 4 5 FAMILY) *For cluster housing developments in tithe Urban Coastal Fringe, add 1 density bonus to obtain 2. kv,R TABLE B$ BLI CO-11012-..44e . 4 SITY BONUS is �: ) (ADDITIONAL A 4 B DWELLING ��, '�q '• e.a w •■ AFFORDABLE HOUSING •a . 41•:s. LE H•US G UNITS Aft DENSITY BONUS RATING cr p cn 0 1 1 OD cr '( 4 4 1S•G y 5 ` TII C13-C. Please calculate your density bonus in the apace provided belay. Attach additional pages if asoessary• Density Bonus vas previously calculated at the tins of approval of Saddlsbrook Village FUD. • /"1 - • Page 3 of 4 • Packet Page-932- OR 4894 PG 1229 4/22/2014 16.D.13. Appendix A,Exhibit C MIE . na RENT I EVELS FOR TI•TE-1.OW "n MODED ATE 1NCOME. Pursuant to the Affordable Housing Density Bonus Ordinance.No.90-89,moderate income is 81% to 100%of the median income,low income is 51%to 80%of the median income and very low income is less than 50%of median income. Pursuant to the Impact Fee Ordinances,adopted by the Board of County Commissioners,December 16,1992,moderate income is 61%to 80%of the median n►come,low income is 51%to 60%of the median income and very low income is less than 50%of the median income. MEDIAN INCOMI;1997 551,300 Naples,MSA(Collier County) NUMBER OF MEMBERS IN FAMILY 1 2 3 4 5 6 7 8 100% 35,900 41,000 46,200 51,300 55,300 59,500 63,600 67,700 80% 28,750 32,850 36,950 41,060 44,300 47,600 60,900 54,150 60% 21,540 24,600 27,720 30,780 33,240 35,700 38,160 40,620 50% 17,950 20,500 23,100 25,650 27,700 29,750 31,800 33,850 RECD °o : �1tTES 0 The Florida Housing Finance A en OFHFA)calcuiatee ren to a in the State Apartment • it LIHTC)programs. The N Incentive Loan(SAIL)and th o -i .• e " 1 A. 1 ili T�■ provided from the County's rents given below are based o 19.7 • t: ••+� �.Co lien County Housing Section 8 Rental Assistance :to: it: �J . Authority. n _ E-{ IV HODS I t II STS BASED ON 3r6 F, "' COME "I 't 0 `" ONE BEDROOM • :EDROOM Tt I. ... FOUR BEDROOM • UNIT e; UNIT rxE CI -C1,334 1,487 100% 962 1.15 1,190 924 1,067 60% 770 693 800 893 60% 577 50% 481 578 667 744 UTILITY 95 137 162 ALLOWANCE 52 , ALLOWABLE RENT WITH U TlLITIES DEDUCTED ONE BEDROOM TWO BEDROOM THREE BEDROOM FOUURBEDROOM UNIT UNIT UNIT • 1,060 1,197 1,325 100% 910 829 930 1,028 80%% 7 718 429 598 663 731 50% 4 60% 525 483 530 582 Rsvited 2197 Newly bonus Paste 4 of 4 Packet Page-933- OR 4894 PG 1230 4/22/2014 16.D.13. CAD Goa (-0\)v1ER CpCI� CFI .o APPENDIX C Devsl-n Cep - d bin Housing Density Bonus • • Packet Page -934- OR 4894 PG 1231 4/22/2014 16.D.13. rilli.111111111111.111.1.1.1111M111.1..' Appendix C Developer Application For Affordable Housing Density Bonus Pursuant to the requirements of the Collier County Affordable Housing Density Bonus Ordinance No. 90-L9, Section 6.4, please complete this form and submit it with any accompanying documenta- tion to the Development Services Director, 2800 North Horseshoe Drive, Naples, Florida 34104. A copy must also be provided to the Housing and Urban Improvement Director. All items requested must be provided. 1. Please state what zoning districts are proposed by the applicant, if any, on the property and r.he acreage of each; Eziatin soma to be • a e O tig,R CO h, - liantlo ezonln4 +yd` Quested in conjunction 2. Has an app -.a ^•. sit with the affordable -u=• Y bonus .s. Yes '-- 011:1101117 and if the If yes, state date -Cfl A` i` c request has been gip- a.,ed, state the-Ord nay* number 7' t p 3. Gross density of t.,•roposed dem) nt. 13 units/acre. • Gross acreage of the .meet. 33.79 acres. 4. Are affordable housing density bolus units sought in conjunction with an application for a planned unit development (PUD)1 Yes X No. If yes, please state name and location of the PUD and any other identifying information. • 5. Name of applicant Colonial Equities, Inc. • Name of land developer it not the same as applicant mums I, Applicant; Phase II, Outreach Housing Corpora•.on. Page 1 of 3 Packet Page -935- • OR 4894 PG 1232 4/22/2014 16.D.13. r\ .• ..0.;‘. * Appendix C Developer Application For Affordable Rousing Density Bonus 6. please complete the following tables as they apply to tho proposed development. TABLE I Total Number of Units ittjayja9SUnt Type of owner Efficiency o o One Bedroom 130 0 Two Bedroom 2�42 0 Three Bedroom 66 0 Other Bedroom -0- 0 TOTAL 438 0 O j$RC• _ ,. ,. ) .$ ..y .t. . ')' tes TABLE II ' Pr-posed Use for cos A.f. mbar of 'en ity Bonus Units a T1 A f• d��e �n 'evelopVA ,;_ �. * Owner Iv I 4,.., 4.,.. . , � MODERATE INCOME fi -ri f c G 0 o Efficiency ) 1 Bedroom 1'1.E��� 0 2 Bedroom ____2— ° o 0 3 Bedroom ____s______s__ 0 '— Other ______ 0 0 0 TOTAL 0 o ° LOW INCOME Efficiency 0 0 __-_9.— . o 1 Bedroom 0 0 0 0 2 Bedroom 90_ o r,ta o 3 Bedroom 16 0 =°a 0 other 0 ____D__ 0 TOTAL 114 0 0 �\ A Net of utilities. Water and sewer utilities provided in listed level a. rent ICVaae. Page 2 of 3 Packet Page-936- OR 4894 PG 1233 4/22/2014 16.D.13. • '. Appendix C Developer Application Tor Affordable Rousing Density Bonus TABLE II (Continued) Total Number of Proposed Use for Affordable Units Density Bonus in Development Unite Rental owner =t 1. * Owner Occupied VERY LOW INCOME Efficiency 0 0 e --2-___ 1 Bedroom 46 0 _-4- --9.-__- 2 Bedroom 34 a— _-5.15_-- __g— 3 Bedroom e 0 __SZQ__ 0 Other 0 0 0 TOTAL 89 0 0 7. Please provide a physical • rip'=ion of the affordable units by type of unit (moderat= t =p i4 ncome) and by number of 7 l) R �7 , N �, description, •r xample, the square r...e bedrooms. Include in —3 footage of each type ofC uu fl-.r o erin•s sed throughout the .s.ti e, 1 - Td.w treatments; unit (carpeting, N �' \ it asher, stove, o appliances provided � e refrigerator; bathro• � enities, au - ing exhaust fans; and any other amenities as-0) able. At-cU Gdditional pages. ?'-HE CIRC 8. Please supply any other in • ..a ion which would reasonably be needed to address this request for an Affordable housing density bonus for this development. Attach additional pages. * list of utilities. Water and sewer utilities provided in listed rent levels. Page 3 of 3 Packet Page-937- OR 4894 PG 1234 4/22/2014 16.D.13. SADDLEBROOK AFFORDABLE UNITS Response to Item#7 of Appendix C, Physical Description I'BASE I 4•1 • 11,■ _.�. ........, No. of Units Type Square Footage Rent 20 2 Bedroom/1 Bath 750 $515 • 60 2 Bedroom/2 Bath 880 $618 36 2 Bedroom/2 Bath 900 $618 8 3 Bedroom/2 Bath 1040 $570 16 3 Bedroom/23a ��Q 1040 $703 I III G • No. of Units ■/Type"'W , 1°91 ,mot, 46 Irrlit mini $448 14 4!��. !M r_ ,gr $515 ca 2 E •• 1 Bath $618 to '�� —a Y y C tion of kitchens and baths, which will All of the units will be carpeted throe� cCp have vinyl flooring. Every bedroom and living area will have a ceiling fan with a light kit. The kitchens will include dishwasher, drop-in range, disposal and a refrigerator with an icemaker, o, A utility room will contain full size washer/dryer connections and an individual electric hot C.'' water heater. All units will have electric central air conditioning/heating units. " Rents are net of utilities. PoolothooWiddNbruttunk.nb Packet Pare-938- OR 4894 PG 1235 4/22/2014 16.D.13. .1 ..:,. .• , . ; :4. . . I .. ;. ... . . 1 ' . i • - ' • ••• : I : . ... • 4 . . APPENDIX ) : • • • Page 1 of , . , • t•, • . • .. • • "Mb PALMS 1 . . . . ' • • :, :: i WM.DESCRIITION . . • : .:: . • • i • • . !, ., • . . . : • ; , . 'A patty& or' kid. - 1* in settiou . , 34, Township 49 Range 26 East, ocilitet •. ' • • 'GAO Cotety,"' , ' 'moil:partioularly described as '1 !' • • .• . ..: 1' r : : •Commeietsoiet thl Sotithtest;coiner of the West'42 of tbe Scut1iiesit 1/4 oeSseticia 34,Tcroitithip 40$.1(StIlsitilage 26 East, run 1489°43'lleai&slat= of 726.00 ' •• '604 tbemo‘nm. . SOW a(Beano*of sopa sot to *owt of sisiociola • . .,thencs iwi 1439143'111"9/a &Stance of 479.5-2 fe6 tto ian NO0•01'11"E a , • diatom cc ss, ' es io the pnirt of armature of a • verve °atom 6.••• itin 97.61 feet aloes eV 10.13 of add air*towing a radius cd 106.00.ibet;a••77. of 27'57'44", a &tun! dirtaiaais 4if 96.64 Rot and a . 'eked besting of 1413*S:7'41 • ; . •• .s. of Wormy;. thozie run i • .. ,2427•56133"Wa •••• • •:of .'71‘"t-.. ft 4_77,4•;dature •,of a curve°mom . • : ;iiTOtibellirtegr *. •: . '4,b ' '-'• along the 1 . Mime kirks a radius of • ii • .200.00 het, a .1.17% • •,... •4 virir, a thord ..„„....L-:.. •. of 95.20 &et and a *.eisbrd.beerissi. 1 1: .1' . **. •. a .• ... .twgency,177!•r1sall01712.4'irw a ; . • • • ''.ditsbbiof 316. • Ith*.. ..•. ..- • • %5'42 : e diete\nce*1312 thet thence i . • r N00,00'•I' . • .. .'r• . • .-. 11. ... a• • 1 :39"E a&same of . . . . • .. ' 51,411 feat' .. .,. L.• 4° 5',a. ) .. ....'• . 41,6 fist; thence run 4::::■ •i • .t * . 4446eisesis i 1:7-',. i• i • -•r- ,.--; .. . .. v 1 i• 1. ii • irdittocecr pc; -. . . • .,171.15 lot ., ., . ... tar321411ir a\T- . ....- w• ftg 'ii.them" nallar •IN., 1, • •' 141014017,P a *' • • • - 37.112 fast lb . • ' .. ly. : , . • :,,..4 Co.) .......3 : . • ' ".21041.2. hat;•- •. .. . . ,' 44'orE a d. ••— •, 11 thet;. thence nin isa. i 1 • • .' i INS,.43.27*a :. ...•: • cl. :4,5 ' tba4 rim — as .4 • OM a &Mem or .-cp ,, • . iflh1Qfrtote -:..,,.. • --.''.... ,r,-f. i i , .. :I. i.. .'J .... ' '-: ' ' ' • P.-, 1 . . . ... 46a* • 123.4 **Sp more or lam subject to easeebeids;initiations and t-ril crN 4 V .• : :iaaVatiati.4. 4 . ... ' .,.....•......441*va,,.. ...11:ft. . ---•"If. .4%. 1 • . ., .. . . • . . • . • • I. J.. • • :. • . , . . . . • PetAgZ0.-.1tr. . . . • '. . ' Pripertd•Er. , • • . r.:ItreOrr -P S.M.• 1 . • •: • : • •r :,•. . . ., . • , • • • 1 • ; ••• . llosida17771•11...14o. 1543 I • • • :. 1 ,. • .. ..- . • • • . • , floAnly : ... •.. 'alai Nair,hat. , .. !. . • • : , •. -... , !ilot.fait. •: ... Trak Suite 202 I '.. . t •: ' , .. t • • • - - - Naples,Mild&34113 i . • • • '4 .. .. . 1 .. * ' . 1,. ' 1 r• . I. * , • : . . . . . , . • L41110P Packet Page -939- OR 4894 PG 1236 4/22/2014 16.D.13. r , . her MAW 4.111 ii • ' ; THE PALMS • ..EGAL DESCRIPTION hat 'i�1�1'��• 4�.i.. •684 .1141 A i # , } t is • tNEI .� T ' L';��'`•r3 -•�'''� ...t� K 4 I,• „' illffnirlaqiiiiiiiMi•Vallili :•5.9r ' /L ' ':.F.eziCliii , MCI:.'3►i.T. t • . a ,•.' �� \ � �ie7!r�!�'.:ii+�.; isa th" c•r'• ` • • • : e ��s:. .ii'.:�1: e •, 1 1 l Pink. ' ' • ?'HIE C �C� , - : •.; ' � POINT l tiT 1. S.6 l meat* T 1/2 O ft .E• 5.1.1,1/4 OF'. ; •11. 'N89'43'1 d`VN y p� (t�1EC0�� 1 ;' 7';'. 497.52' ....i..: A sfcEt•,�' ,�� - '� -1 :--,..., 1 ' . .. . . n . .. 1 .-*-711"111.111" I . Packet Pa:e -940- . OR 4894 PG 1237 4/22/2014 16.D.13. ExHIBIT C NON-COMPLIANCE ISSUES Packet Page-941- OR 4894 PG 1238 4/22/2014 16.D 13 hit FIRST HOUSING January 25,2013 Larry Goodman Pinnacle Equities,President 5055 Keller Springs Road,Suite 400 Addison,TX 75001 Re: Annual Management Review(December 28,2012) Notice of Non-Compliance Saddlebrook Village HC: 1998-504C Dear Mr.Goodman: Enclosed please find the 2012 Annual Management Review. Please sign and return the signature page to my attention at compliancereporting @firsthousingfi.com. Please note that your signature acknowledges receipt of the review and must be returned to First Housing no later than February 4,2013. However,a written response addressing each section of the review is due no later than February 25,2013 to the following separate addresses: Bridget Tracy Laura J.Cox Compliance Agent Director of Asset Management and Guarantee Program First Housing Florida Housing Finance Corporation compliancereporting @firsthousingfl.com compiiancereview @floridahousing.org This letter will serve as notice to you,that pursuant to Treasury Regulation Statutes 1.42-5(e)(2)the project is not in compliance with the provisions of Section 42 of the Internal Revenue Code of 1986•as Amended(the"Code"). The Florida Housing Finance Corporation is required to report this non-compliance on Form 8823, "Low-Income Housing Credit Agencies Report of Non-Compliance"to the Internal Revenue Service(IRS)and must also report whether or not the non-compliance has been corrected.It is important to cure discrepancies in a timely manner in order for the IRS Report to indicate corrections have been completed Should you have any questions,please feel free to call. Sincerely, Bridget Tracy Compliance Agent cc: Laura J.Cox Deanne Davis Manager Shawn Wingate Ted Broadfoot p Home Office: Iv? Tamps.FL 338+n.- ‘;r113)289.9416 "'" "4\Far.1813)2$9-558+7 Packet Page-942- OR 4894 PG 1239 4/22/2014 16.D.13. ww,v.f l rsthOUYt ngJ1.corn Packet Page-943- OR 4894 PG 1240 4/22/2014 16.D 13 Management Review Summary Sheet Ma et:Nan3eZPtn a Name find Addtaea::;::•. : PtgPeit�t Numberlsp::::::::::::::. . ::Date ol;RFviewt;:; nag p.QY:. NC 1098-504C December 28y 1012 Manager 8 01 Pro Saddieb rook Village TYPe:OtfretOFW::::::::::::.:::::::: • ::TYp F tY5:' FDIC 6655 Saddlebrook Circle ( Initial I X I Annual FDIC Naples,FL 34104 0 of this review 8 SAIL. Mprtagem'erit:Ag ant its kti aitd Ad'd'dregs'•;:;:;:::::;:::::::;:to::: i Follow-Up X NC Deanne Davis,Vice President lot this Fellow-Up Review HOME AHL Compliance and Internal Audits Date of Original Review - - �,�. YtofUnits••:: i:#Unts:::: :.MofPiles:•:;:•: :'hvr.Ffett::: PlnnaelaFamllyofCOmpanles ;•:• r.411111340!:: 2600 Lake Lucien Drive,Suite 300 ::jo-PropertY:::: ::0',s.pected': .::E taplh1ed_:•:;:t ; Maaisnd,FL 32751 Total: 140 Total: 30 28 20% occupied: tee occupied: 28 ;:ie oJ$ugdlrigs:iir.tte PiD{te,Ry:;:;:; Vacant: 14 Vsoentt 2 Resklsndat 1 NenResidsneat '"` :5et-Aslt�e*hill ement(s)r:;::' bNWttet i3flteL`t:F18iHe a�Add18s's::�'. Larry Goodman President,Pinnacle Equities 5055 Keller Springs Road,Suite 400 100%@ 50% Addison,TX 75001 .;v.,.••_ •'-:slit Vii::•as.c. ;.oa i B;:A ibiiliiisxrative:Ptticedures:i:i::::: i5c ::(I i A;�zatitinatiora:of�ieotirds�:is i: :. . . 1.Tenant Files and Records X 1.Tenant Selection 8 Orientation X X 2.Applications and Processing X 2.Maintenance Program 3.Rents X 3.Security Program X . X 4.Verifications of Income X 4.Vacancy I Occupancy Date of Review 5.Organization and Supervision X 5.Income CertiOCationfRecenificalion X X 6.Leases X 6.Staffing Office Hours X 7.Next Available Unit Documentation X 7. X 8.Tenant Programs 8 Services R X B.Operating Procedures and Manuals 9,Tenant File Discrepancies 9.Training X X 10.Pubic Policy Options NIA 10.Advertising „..-\ 11.Rent Rot 11.Affirmative Fair Housing Marketing Plan NIA 12.Program Reports X 12.' 13.Regulatory Agreements(LURNEUA) X 13. 14.Utility Allowance X _14. ow peeing am Interior Items re*p.s em Miscellaneous Items vmm ....Comments , Wei Ceeun.no 1 1. 1. 2.Dishwasner R X 2' 3.Garbage Disposals R X 3. 4. 4. 5. 5. 8. Mini Blinds R X 1 8. 7 7.Community Room/Clubhouse R X 8 Ceiling Fan(s)Bedrooms 8 Living Area R X 8. 9 9.Swimming Pool R X 10.Laundry Hook-ups 6 Space for Washer/Dr R X 10. 1 11. 11. 12. . 12. 13.Exercise Room be/Approciane Equipment R X 13. 1 14. 14. 15.Heating 8 Air Conditioning R X 15. 1 76. 16. 11. 17. 18.Cable TV Hookups R X 18.Computer Lab R X 19 19. . 20.Solar Screens on all Windows R , X 20. 2 21. 21. 22. 22. 23.Gated Community w/Carded Entry or Security Guard R X 23. 24 24.Lockable Exterior Storage Space R X 25. 25. - 26. 26. 27 27. 28.2 Bathrooms in a0 3 Bedroom Units R X 28.Two or More Parking Spaces R X "0"'N Page 1 of I Packet Page-944- OR 4894 PG 1241 4/22/2014 16.D.13. • PioirertY Ninntiei4s)::::::::' ::::::jute tit Reoieivi:;:: PrapeFtY:Namei:;::::: :i:: - � Ill December 28,2012 1998-504C Saddtebrook iV111age _ _ _ ., ,. .;.;.,.;.;.;•:;: :::::�:�. >�i:p ,saIId8�1pCt1011iCSJD : :':•:':':'7'. '''See eemee Exterior Items 'Monad nonmetal Visual Inspection a u we 1. Exterior Walls X X I. Occuued Unit Inspection )( X 2. Vacant Unit Preparation X 2. Exterior Painting X X 3. General Physical Condition 3. Roots,Fleshings,Vents X 4. Gutters and Downspouts 4. On•Site Office Administration X X 5. Use of Space X 5. Drives,Parking Lots,Paving B .Curbs , X 6, Walks,Steps,Guardrails,Ramps X :::::::�1{8ileous 06.0ivati9t►s 7. Fences,Wells,Gates 6. Porches,Balconies,Fire Esapes I. Surrounding Neighborhood Is: Prosperous _ 9. Doors,Windows,Screens Average X( ID.Lawns&Plantings A e Depressed II. Sprinkler 8 Online a Systems 12. Exterior Lighting X X 2. This condition is expected to: Improve 13. Stay the Same X 14. Decline 0 0 Note:items marked with an"R"are required by the Land Use Restriction AgreementlExtended Use Agreement ;Prb•:•:!'CPRippa % •Ei:1 at1n+g.. '0"\ S U Sea Comments 1. Examination of Records X Yss 2. Administrative Procedures X X X X No 3. Ph sical Inspection Unknown Follow-Up Review Required Yes © No No Response Required Yes MI Please acknowledge receipt by signing,dating and returning a copy of February 2013 the Review to the Monitoring Agent no later than A written response addressing each section of the Review stating how the discrepancies have been corrected is due to First Housing and to February 25,2013 Florida Housing Finance Corporation no later than: Saddlebrook V'illage!Pinnacle Equities First Housing (Property/Company) (Agent) (Signature) (Signature) Lar Goodman Bridget Tra (Name) (Name) President Compliance A ent (Title) (Title) Janus 25,2013 (Date) ..-----. (Date) • Page 2 or 2 Packet Page-945- OR 4894 PG 1242 4/22/2014 16.D.13. Notice of Non-Compliance Annual Management Review Saddlebrook Village Page Three SUMMARY Saddlebrook Village is currently considered to be in non-compliance due to the following: *Failure to meet Uniform Physical Condition Standards for Buildings *Failure to meet Uniform Physical Condition Standards for Units-CURED C. Physical Inspection Please submit work orders along with the written response for all physical deficiencies listed below. Exterior Items 1. Exterior Walls The exterior walls throughout the property are soiled. The breezeways are also soiled throughout the property. 5. Drives,Parking lots,Pavings and Curbs The parking areas and roadways throughout the property have oil stains and broken patches of pavement and potholes throughout. 6. Walks,Steps,Guardrails and Ramps Per management,there is a structural issue with the stairs throughout the property. On the day of the review,it was noted that many of them are being held up by temporary supports. Non-complianc e There was also many stairs throughout the property that were heavily rusted,especially at the back of the treads. Please advise the steps that are being taken to correct these issues. This is a non-compliance issue. 17. Exterior Lighting It was noted on the day of the review,that several light fixtures were missing globes throughout the property.This was corrected the day of the review and a work order was obtained. /"• Packet Page-946- OR 4894 PG 1243 4/22/2014 16.D.13 Notice of Non-Compliance Annual Management Review Saddlebrook Village Page Four Visual Inspection I. Occupied Unit Inspection Of the twenty-eight(28)occupied units inspected,four(4)had deficiencies in which three(3)units were rectified on the day of the review. Completed work orders for the corrected deficiencies were obtained during the review. The deficiencies are described below. Unit it Deficiency 1206 The blinds were broken in the living room.The light fixture above the sink in the bathroom was peeling and rusted. These were both corrected the day of the review and work orders were obtained. 2304 The exterior door frame was damaged. This was corrected the day of the review and a work order was obtained. 2203 The exhaust fan in the master bathroom was inoperable. This unit Is considered to be non-compliance CURED. This was corrected the day of the review and a work order was obtained. 5201 On the day of the review,management was unable to enter the second bedroom due to the resident having placed their own lock on the door. Please inspect the room and report the findings with your response. 3. General Physical Condition The exterior of the buildings are soiled,as well as the breezeways throughout the property.The stairs are rusted throughout,as well as many have structural issues and are being held by temporary supports. E. Ratings 3. Physicallnsaection Saddlebrook Village is rated unsatisfactory due to the failure to meet Uniform Physical Condition Standards for its buildings and for one unit(CURED) In addition,Saddlebrook Village had one unit(2203)which failed the Uniform Physical Condition Standards,but this issue was cured the day of the Review. Packet Page -947- OR 4894 PG 1244 4/22/2014 16.D.13. CONFIDENTAIL Case Number.CESD20120018057 Date:December 27,2012 Investigator.Heinz Box Phone:2392522970 COLLIER COUNTY CODE ENFORCEMENT pE�ryEp yt CORPORATE OfftC6 NOTICE OF VIOLATION Owner:CEI/KENSINGTON LTD C/O COLONIAL EQUITIES INC JAN n 2013 5055 KELLER SPRINGS RD STE 400 ADDiSON ,TX 75001- Sent c' Location: Unincorporated Collier County Zoning Diet:PUD Property Legal Description:34 49 26 COM AT SW CNR OF SE 114,N SOFT,S89DEG E 94.33FT TO ROB,N 61,21 FT,N15DEG W 226.80FT,N 732.20FT TO PT OF Folio:298120307 NOTICE Pursuant to Collier County Consolidated Code Enforcement Regulations,Collier County Code of Laws and Ordinances,Chapter 2,Article IX,you are notified that a violation(s)of the following Collier County Ordinances) and or PUD Regulations)exists at the above-described location. Ordinance/Code: Building and Land Alteration Permits. (Permits,Inspections,Certificate of Occupancy Required) Collier County Land Development Code 04-41,as amended,Section 10.02.06(B)(1)(a) Certificates of Occupancy and Completion. 2007 Florida Building Code,Chapter 1,Section 110.4 Certificate of Completion The County Manager or his designee shall be responsible for determining whether applications for building or land alteration permits,as required by the Collier County Building code or this Code are in accord with the requirements of this Code,and no building or land alteration permit shall be Issued without written approval that plans submitted conform to applicable zoning regulations,and other land development regulations.For purposes of this section a land alteration permit shall mean any written authorization to alter land and for which a building permit may not be required.Examples include but are not limited to clearing and excavation permits,site development plan approvals,agricultural clearing permits,and blasting permits.No building or structure shall be erected,moved,added to,altered, utilized or allowed to exist and/or no land alteration shall be permitted without first obtaining the authorization of the required pernit(s), inspections and certificate(s)of occupancy as required by the Collier County Building Code or this Code: Certificate of Completion. A Certificate of Completion is proof that a structure or system is complete and for certain types of permits is released for use and may be connected to a utility system.This certificate does not grant authority to occupy a building,such as shell building,prior to the issuance of a Certificate of Occupancy.: Violation Status- Initial DESCRIPTION OF CONDITIONS CONSTITUTING THE VIOLATiON(S). Did Witness: unpernitted dumpster enclosure(fence around dumspter) at this location...expired permit* 2003010813 never co'ed ORDER TO CORRECT VIOLATION(S): You are directed by this Notice to take the following corrective action(s): Obtain permits for dumspter enclosure through Inspections and certificiate of completion ON OR BEFORE:1/28/13 Failure to correct violations may result in: 1)Mandatory notice to appear or issuance of a citation that may result in fines up to$500 and costs of prosecution.OR 2)Code Enforcement Board review that may result in fines up to$1000 per day per violation,as long as the violation remains,and costs of prosecution. SERVED BY: INQUIRIES AND COMMENTS SHOULD BE /,"\ Packet Page-948- OR 4894 PG 1245 4/22/2014 16.D.13. . ONFIDENTA IL DIRECTED TO CODE ENFORCEMENT t r` 2800 North Horseshoe Dr,Naples,FL 34104 Investigator Signature Phone:239 252-2440 FAX 239 252-2343 Heinz Box Signature and Title of Recipient Printed Name of Recipient Date This violation may require additional compliance and approval from other departments which may be required under local,state end federal regulations,including,but not limited to:right-of-way permit,building permit,demolition of structure,Site Development Plan,Insubstantial Crowson to RIM flav Innmant Plan.anti Varlannsre atnnn with navmant of ImmeN faee.and any now err roAatanrllnn team ranulrad 1nr annrnval. • • Packet Page-949- OR 4894 PG 1246 4/22/2014 16.D.13. • • CONFIDENTAIL • Case Number: CEPM20120009999 Date:July 05,2012 • investigator.Ralph Bose • Phone:2392522436 COLLIER COUNTY CODE ENFORCEMENT . NOTICE OF VIOLATION Owner:CEI/KENSINGTON LTD C/O COLONIAL EQUITIES INC 5055 KELLER SPRINGS RD STE 400 • . ADDISON,TX 75001- • Location: 8695 SaddleBrook Circle, Naples Fl 34104 • . Unincorporated Collier County Zoning Dist: PUD Property Legal Description:34 49 26 COM AT SW CNR OF SE 1/4, N 50FT, S89DEG E 94.33FT TO PCB, N 61.21FT, N15DEG W 226.80FT, N 732.20FT TO PT OF Folio: 298120307 • NOTICE Pursuant to Collier County Consolidated Code Enforcement Regulations, Collier County Code of Laws and Ordinances, Chapter 2,Article iX,you are notified that a violation(s)of the following' Collier County Ordinance(s)and or PUD Regulation(s)exists at the above-described location. • Ordinance/Code: Compliance with housing standards.Collier County Code of Laws and Ordinances Chapter 22 Buildings and Building Regulations,Article VI Property Maintenance Code , Section 22-231(12)(f) Compliance with housing standards. Collier County Code of Laws and Ordinances Chapter 22 Buildings and Building Regulations,Article VI Property Maintenance Code,Section 22- 231(12)(b) . 12. Exterior and interior structures of dwelling units.All the following component of a dwelling unit shall be maintained in good condition.f. Stairs,porches,and appurtenances. Every inside and outside stairway, stair, porch,and any appurtenance thereto, shall be maintained in a safe condition,capable of supporting a load that normal use may place thereon, and in accordance • with the Building Code as enacted by Collier County.: 12. Exterior and interior structures of dwelling units,All the following component of a dwelling unit shall be maintained in good condition. b. Exterior walls.The exterior walls shall be maintained free from holes,breaks and loose or rotting material. Such exterior walls shall also be substantially weather tight and weatherproof, and surfaces properly coated as needed to prevent infestation and deterioration. Decorative features such as: cornices,belt courses, corbels,trim, wall facings and similar decorative features shall be maintained In good repair with proper anchorage.Any graffiti shall be removed or repainted to match existing surfaces.: Violation Status- Initial DESCRIPTION OF CONDITIONS CONSTITUTING THE VIOLATION(S). Did Witness: Metal stairs that are rusted through creating a hazardous condition and holes in • the ceiling with rotted wood exposed due to water damage. ORDER TO CORRECT VIOLATION(S): You are directed by this Notice to take the following corrective action(s): Initial Inspection . 1. Must comply with any and ail corrective action requirements noted on the.Residential Property maintenance Inspection Report/Order to Correct2. Must comply with any and all corrective action requirements noted on the Residential Property maintenance Inspection Packet Page-950- OR 4894 PG 1247 4/22/2014 16.D.13. CONFIDENTAIL • Report/Order to Correct ON OR BEFORE:07/25/2012 Failure to correct violations may result in: 1)Mandatory notice to appear or Issuance of a citation that may result in fines up to$500 and costs of prosecution.OR 2)Code Enforcement Board'review that may result In fines up to$1000 per day per violation,as long as the violation remains,and costs of prosecution. SERVED BY: INQUIRIES AND COMMENTS SHOULD BE • DIRECTED TO CODE ENFORCEMENT � 2800 North Horseshoe Dr, Naples, FL 34104 Inv Bator Signatur Phone:239 252-2440 FAX:239 252-2343 Ralph Bose Signature and Title of Recipient Printed Name of Recipient Date 'This violation may require additional compliance and approval from other departments which may be required under local,state and federal regulations, including, but not limited to: right-of- way permit, building permit, demolition of structure, Site Development Plan, Insubstantial Change to Site Development Plan, and Variances along with, payment of impact fees, and any new or outstanding fees required for approval. • • • • • • Packet Page -951- OR 4894 PG 1248 . 4/22/2014 16.D 13 r-. • • � Residential Property Maintenance inspection Report!Order to Correct • Code of Laws and Ordinances Location: Date:July 05,2012 • • Case#CEPM20120009999 Investigator:Ralph Bosa +� . Description . • Corrective Action Required Pass Fail ..Safe Stairs/Porches-Dwelling 12, Exterior and interior structures of dwelling units.All the XX • following component of a dwelling unit shall be maintained in good condition.1.Stairs,porches,and appurtenances.Every • • inside and outside stairway,stair, porch,and any appurtenance • thereto,shall be maintained in a safe condition,capable of supporting a load that normal use may place thereon,and in accordance with the Building Code as enacted by Collier County. Exterior Walls-Dwelling 12. Exterior and interior structures of dwelling units.All the XX following component of a dwelling unit shall be maintained in good condition. b.Exterior walls.The exterior walls shall be maintained free from holes,breaks and loose or rotting material. Such exterior walls shall also be substantially weather tight and weatherproof,and surfaces properly coated as needed to prevent infestation and deterioration.Decorative features such as: cornices,belt courses,corbels,trim,wall facings and similar decorative features shall be maintained in good repair with proper ■••■ anchorage.Any graffiti shall be removed or repainted to match • existing surfaces. Overall Comments:Obtain necessary permits(If Applicable)and fix the stairs and the damaged ceiling in building number,8645,8635 and 8625. • • • • • • Packet Page -952- OR 4894 PG 1249 4/22/2014 16.D.13. CONFIDENTAIL Case Number.CEPS12011000076$ Data:January 24,2011 Investigator:Carmelo Gomez phone:2392522971 COLLIER COUNTY CODE ENFORCEMENT NOTICE OF VIOLATION Owner.CEIIKENSINGTON LTD C!0 COLONIAL EQUITIES INC 16200 DALLAS PKWY STE 190 DALLAS,TX 75248-9920 Location:8840 Saddlebrook CIR Unit:51D1 Naples,FL Unincorporated Collier County Zontng 01st PUD W Property Legal Description:34 49 26 COM AT SW CNR OF SE 114,N SOFT,S89DEG E S4.33FT TO POe,N 61.21FT, 226.B0FT,N 732.20FT TO PTO Folio:298120307 NOTICE Pursuant to Collier County Consolidated Cade Enforcement Regulations,Coiner County Code of Laws and Ordinances,Chapter 2,Article IX,you are notified that a violationts)of the following Collier County Drdinance(s) and or PUD Regulation(s)exists at the above-described location. Ordinance/Cada: Responsibilities of Owners of Nonresidential Structure,Vacant Buildings,Vacant Structure..and Vacant or Unimproved lots. Collier County Code of Laws and Ordinances Chapter 22 Buildings.Article VI Properly Maintenance Code,Seetion 22-241(1)(1) wiCi Ors following All owners of nonresidential structures,vacant buildings,vacant structures and vacant or unimproved oim ry a shall thereto s in be requirements:(1)Nonrosidential slrvdure.+: f.Every Inside and outside stairway,every p seed appurtenance and it shall shall constructed lobe safe to use and capable of supporting the load that normal use may cause to be p► maintained in sound condition and repair.: Violation Statue- Recurring DESCRIPTION OF CONDITIONS CONSTITUTING THE V1OLATiDN(S), Did Witness: BUILDINGS 8640 AND 8660 HAVE STAIRWELLS IN DISREPAIR ORDER TO CORRECT VIOLATIONIS): You are directed by this Notice to take the following corrective action(s): Initial Inspection 1. Must comply with any and all corrective action requirements noted on the Non-residential Property Maintenance Inspection Report I Order to Correct ON OR BEFORE:02/2312011 Failure to correct violations may result in: 1)Mandatory notice to appear or issuance of a citation that may result in fines up to$500 and costs of prosecution.OR 2)Code Enforcement Board review that may result in fines up to$1000 per day per violation,as tong as the violation remains,and costs of prosecution.. INQUIRIES AND COMMENTS SHOULD BE SERVED BY: �- DIRECTED TO CODE ENFORCEMENT 1 y�`! 2800 North Horseshoe Dr,Naples.FL 34104 Inv-stigatorSign= ure Phone:239252-2440 FAX:239252-2343 Carmelo Gomez _ Signature and Title M Recipient Printed Name of Recipient i—o Dale (%) Packet Page-953- OR 4894 PG 1250 4/22/2014 16.D.13. . • FIDENTAIL . . t 32 Bt1 AM .: .......-_ -r s rR7? 'fsa Y -..-....:,,,4- v_.. . r e _ .: ,...: � ` r = ' `4 -.:. ••••-:. � .7:;.„--,=„. l y.f., c..-.L� r• r_ Status Open Case Numbie CEPM20100017365 Case Type Property Maintenance Date 83.Time Entered 03/20/2010 2:31 PM Entered BY 4rroAty ' •Date 31k Time Closed Inspector :•'Property'Valuation 0.00 it�isdittion Collier County Code Enforument • Origin • •petalled description them tatedand Issue safety hazard forlpeople who walk under and and on the sstai hesse a el apartments and the landlord won't fix it _ l -- • -location Comments 8635 Saddle Brook (74,3-6- .--164°-1r6S. "C.u., ...7 , /I • • bogo .— . • Add new or . to Address Book To link a location to this case,enter-location Intorrrt8 On b^iow, atyVf ew will suggest Possible matches as}rou h�Pe':= ' • •"'T=-=�- � wpu. i. •_ r-�^ •,. x c ' -: x°F?j►l.. •r r :. f a,. , :'.C�'Viiceq • �:.:� 5=;� s i'_ • Crnb'''' <_ ' yl:F:Y S: .,. ,. -��..:: '-'4 " +: ',- s 1- t- v. .l;_.a _.• .S. •• �ta-i 7 r.i 3'u =.7.. j r... , . ` r . �'. F .'�1�'• b._ r 2 r? ,:.` -' _ . ' � r� i Lr < _ • -•-•. -�9 " , • .- fir -s'"". - ? .. ?-'- -:,:-..,F.'"' . ,{" s ,. Date Entensd Entered. �tnir- „" : -*-- p- :-a •- - Open s e/20/20]0 . 'S hirie Y Gard a -,i. _..:z - f. ,1-_:1-,-L-.:,,..,." ..yrTte:r-.7::, �. .' '.-.f 2 z �„ ..;-" 1;na �:':'is_ ° 44:7--,;-••• -:y. r. _ :r::: _ < _ it:� 4r ` ,r: .. " � 'i- ` ,. .:?.N.:: ' " � -.�..� _- : 11T: -� S:'- :'v ::=1-1 ._ •r. - _�=?!:n�' t:y: ? T, 4j `. r+ T `; 1:• .. ..}. '.s -'nom`+ . :' .: '=Iir .. '' Jfa_{y^,. Si z.i:. ,ti:`•, _ s_ '-Fci- :�*. .3L 7;%I.q��'cut",.• s !i .t. .:,•..am7.-.' .:.{-X � _ �'t ` , • Cr c.:•% .�A :a? 04.4 . .:.4.: ,a. l i�z•' . . 7,• t r. _ • _ r\ Packet Page-954- OR 4894 PG 1251 4/22/2014 16.D.13. EXHIBIT D FORM OF TERMINATION OF AFFORDABLE HOUSING DENSITY BONUS AGREEMENT This Termination of Affordable Housing Density Bonus Agreement is executed as of by the board of County Commissioners of Collier County, Florida (the "Commission") and Saddlebrook Apartments LLC , a Florida limited liability company (the "Current Owner"). WHEREAS, the Current Owner is the assignee of that certain Affordable Housing Density Bonus Agreement dated as of December 9, 1997 as recorded in Official Records Book 2374, Page 2544 of the Public Records of Collier County, Florida, (the "Affordable Housing Density Bonus Agreement");and WHEREAS, the Current Owner, by its execution hereof certifies, represents and warrants to the Commission that: a. The term of the Affordable Housing Density Bonus Agreement as defined therein ended on , 20_ and all conditions precedent to the Termination of the Affordable Housing Density Bonus Agreement have been fulfilled. b. All payments of any amounts due under the Affordable Housing Density Bonus Agreement are fully paid and all obligations thereunder have been met. There is currently no default under the Affordable Housing Density Bonus Agreement. WHEREAS, the Commission has authorized the execution and delivery of this Termination of Affordable Housing Density Bonus Agreement; and WHEREAS, by execution of this Termination of Affordable Housing Density Bonus Agreement by both parties, the Affordable Housing Density Bonus Agreement will be terminated as of the date of its recording in the Official Records of Collier County,Florida IN WITNESS WHEREOF, Commission and the Current Owner hereby agree to terminate the Affordable Housing Density Bonus Agreement. [SIGNATURES AND NOTARIES OF THE PARTIES] Packet Page-955- OR 4894 PG 1252 4/22/2014 16.D.13. RESOLUTION NO.2013- 01 A RESOLUTION OF THE HOUSING FINANCE AUTHORITY OF COLLIER COUNTY,FLORIDA,CONSENTING TO THE DISPOSMON OF THE PROJECT AS DEFINED HEREIN TO THE PURCHASER AS DEFINED HEREIN; AUTHORIZING THE FORM OF ASSIGNMENT AND ASSUMPTION OF LAND USE RESTRICTION AGREEMENT DATED AS OF DECEMBER 1, 1997 RELATING TO SADDLEBROOK VILLAGE APARTMENTS AND PROVIDING FOR CERTAIN DETAILS THEREOF;AUTHORIZING THE PROPER OFFICERS TO DO ALL THINGS NECESSARY OR ADVISABLE;AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the Housing Finance Authority of Collier County, Florida (the "Issuer") is empowered under the laws of the State of Florida,including the Florida Housing Finance Authority Law,Florida Statutes,Sections 159.601 through 159.623,as amended(the"Act"),to provide for the financing,acquisition,construction,reconstruction,and rehabilitation of housing;and WHEREAS, the Issuer and Texas Commerce Bank National Association, as trustee (the "Trustee"),entered into a Trust Indenture dated as of December 1,1997(the"Indenture"),pursuant to which were issued by the Issuer its $4,900,000 Multifamily Housing Revenue Bonds (Saddlebrook Project),Series 1997, (the"Bonds");and WHEREAS,the proceeds of the Bonds were loaned(the"Loan")to the Borrower as defined therein pursuant to a Loan Agreement,dated as of December 1, 1997(the"Loan Agreement")for the purpose of funding a loan to enable the Borrower to finance the costs of acquisition,construction and equipping of a 140-unit multifamily rental housing development known as Saddlebrook Village (the"Project"),on the land Iocated in Collier County,Florida described on Exhibit A to the Land Use Restriction Agreement as defined herein;and WHEREAS,in connection with the issuance of the Bonds,the Issuer,the Borrower and the Trustee entered into that certain Land Use Restriction Agreement dated as of December 1,1997 and recorded in the Official Records of Collier County,Florida at Official Records Book 2374,Page 2629 (the Land Use Restriction Agreement,and hereafter,the"LURA");and WHEREAS, the LURA provides, inter alia, that during the Qualified Project Period, as defined therein, the Borrower shall not enter into a Disposition, as defined therein,of the Project without the prior written consent of the Issuer;and WHEREAS, the Borrower and Saddlebrook Apartments LLC, a Florida limited liability company ("Purchaser") have entered into that certain Real Estate Purchase and Sale Agreement with Escrow Instructions dated as of February _, 2013 (the "Purchase and Sale Agreement"), pursuant to which Purchaser is to acquire the ownership of the Project from the Borrower;and Approving Resolution of Housing Finance Authority of Collier County adopted 2/13/13 w/ Packet Page-956- oR 4894 PG 1253 4/22/2014 16.D.13. WHEREAS,Purchaser has requested the Issuer to consent to the transfer of the Project to Purchaser(a"Disposition"under the LURA)and enter into an Assignment and Assumption of Land Use Restriction Agreement(the"Agreement")among the Issuer,the Purchaser and the Borrower;and WHEREAS,the LURA provides that in determining whether to consent to a Disposition the Issuer may consider the financial and managerial capability of the proposed transferee to own and operate the Project in compliance with the terms of the LURA;and WHEREAS, the Issuer has investigated the financial and managerial capability of the Purchaser as the proposed transferee; NOW THEREFORE,BE IT RESOLVED BY THE HOUSING FINANCE AUTHORITY OF COLLIER COUNTY,FLORIDA: Section 1. Consent to Disposition of Project. The Issuer hereby consents to the transfer of the Project to Saddlebrook Apartments LLC effective upon the Closing Date,and subject to the Agreement and this Resolution. As used in this Resolution,the term"Closing Date"shall mean the date the Project is conveyed by Borrower to Purchaser by deed or other appropriate instrument. Closing Date is currently expected to be February 14,2013. Section 2. Authorization and Approval of Assignment and Assumption of Land Use Restriction Agreement. The form and content of the Agreement presented at this meeting and attached hereto as Exhibit"A"is hereby authorized and approved by the Issuer. The Chair or Vice Chair of the Issuer is hereby authorized to execute the Agreement and the Secretary or Assistant Secretary is authorized to place the Issuer's seal thereon and attest thereto,in the form presented at this meeting,together with such changes,modifications and deletions as they,with the advice of Issuer's Counsel may deem necessary and appropriate. Such execution and delivery shall be conclusive evidence of the approval and authorization thereof by the Issuer. Section 3. Delivery of Agreement. Issuer's Counsel shall deliver the Agreement upon the satisfaction of the following conditions: (a) All requirements for transfer contained in the LURA have been met. (b) Payment has been made of all fees and expenses of the Issuer and its professionals. Section 4. Further Actions and Ratifications of Prior Actions. The officers,agents and employees of the Issuer are hereby authorized and directed to do all acts and things required of them by the provisions of the Agreement and this Resolution. All actions heretofore undertaken by the officers,agents and employees of the Issuer with respect to the provisions of the Agreement are hereby ratified and approved. Without limiting the generality of the foregoing, the appropriate officers of the Issuer are authorized to execute a Termination of Land Use Restriction Agreement ("Termination Document")in substantially the form attached as Exhibit B to the Agreement upon receipt from Purchaser of an executed Termination Document. 2 Packet Page-957- oR 4894 PG 1254 4/22/2014 16.D.13. Section 5. Effective Date. This Resolution shall take effect immediately upon its passage. ADOPTED at a Special Meeting called and noticed for this purpose this 13h day of February, 2013 • (SEAL) HOUSING FINANCE AUTORITY OF COLLIER COUNTY,FLO ID A By: -„r/ /L41111r11111111.i ary D.Lin•,Chair Attest: By: :,11i)4( -e4k, : Geo ge . o Ike,Jr.,Seete,.ry 3 Packet Page-958- OR 4894 PG 1255 4/22/2014 16.D.13. EXHIBIT"A" FORM OF ASSIGNMENT AND ASSUMPTION AGREEMENT Packet Page -959- OR 4894 PG 1256 4/22/2014 16.D.13. THIS INSTRUMENT PREPARED BY AND RETURN TO: Donald A.Pickworth,Esq. 5100 Tamiami Trl N Suite 103 Naples,Florida 34103 SPACE ABOVE THIS LINE RESERVED FOR RECORDER'S USE ASSIGNMENT AND ASSUMPTION OF LAND USE RESTRICTION AGREEMENT (Saddlebrook Village Apartments) THIS ASSIGNMENT AND ASSUMPTION OF LAND USE RESTRICTION AGREEMENT (this "Agreement") is dated as of February _, 2013 (the "Effective Date" as defined herein), by and among CEI/Kensington Ltd., a Florida limited partnership (the "Borrower"under the Land Use Restriction Agreement defined herein),Saddlebrook Apartments LLC, a Florida limited liability company (the "Purchaser"), and the Housing Finance Authority of Collier County,a public body corporate and politic duly created and existing under the laws of the State of Florida(the"Issuer"). WITNESSETH: WHEREAS, the Issuer has been created and organized pursuant to and in accordance with the provisions of Chapter 159,Part IV,Florida Statutes,as amended(the"Act"), for the purpose, among others, of financing multi-family residential rental housing projects that will provide decent, safe and sanitary housing for individuals or families of low, moderate and middle income in Collier County,Florida; and WHEREAS, the Issuer and Texas Commerce Bank National Association,as trustee (the "Trustee"), entered into a Trust Indenture dated as of December 1, 1997 (the "Indenture"), pursuant to which were issued by the Issuer its $4,900,000 Multifamily Housing Revenue Bonds (Saddlebrook Project), Series 1997, (the"Bonds"); and WHEREAS, the proceeds of the Bonds were loaned (the "Loan") to the Borrower pursuant to a Loan Agreement, dated as of December 1, 1997 (the "Loan Agreement") for the purpose of funding a loan to enable the Borrower to finance the costs of acquisition,construction and equipping of a 140-unit multifamily rental housing development known as Saddlebrook 1 Packet Page-960- OR 4894 PG 1257 4/22/2014 16.D.13. Village (the "Project"), on the land located in Collier County, Florida described on Exhibit A to the Land Use Restriction Agreement as defined herein;and WHEREAS,the Issuer, the Borrower and the Trustee entered into that certain Land Use Restriction Agreement dated as of December 1, 1997 and recorded in the Official Records of Collier County, Florida at Official Records Book 2374, Page 2629 (the Land Use Restriction Agreement,and hereafter,the"LURA");and WHEREAS,the LURA provides, inter alia,that during the Qualified Project Period, as defined therein, the Borrower shall not enter into a Disposition, as defined therein,of the Project without the prior written consent of the Issuer and the Credit Enhancer, as defined therein;and WHEREAS, the Borrower and Purchaser have entered into that certain Real Estate Purchase and Sale Agreement with Escrow Instructions dated as of February _, 2013 (the "Purchase and Sale Agreement"),pursuant to which the Purchaser is to acquire the ownership of the Project from the Borrower;and WHEREAS, pursuant to the requirements of the Land Use Restriction Agreement, the Purchaser has requested the Issuer to consent to the assignment of the Borrower's rights and obligations under the Land Use Restriction Agreement and the assumption of such rights and obligations by the Purchaser; and WHEREAS, the Issuer has adopted a resolution consenting to the assignment and assumption so requested and authorizing the execution and delivery of this Agreement. NOW, THEREFORE, for and in consideration of the mutual covenants, promises and agreements set forth herein,the receipt and sufficiency of which the parties hereby acknowledge, the Borrower,the Purchaser,and the Issuer agree as follows: Section 1. Definitions. All capitalized terms used in this Agreement and not otherwise defined herein shall have the same meanings as set forth in the LURA, unless the context clearly requires otherwise. Section 2. Assignment of Land Use Restriction Agreement. The Borrower assigns to the Purchaser all of the Borrower's right,title and interest in and to the LURA including, without limitation, all of the benefits, duties and obligations of the Borrower under the LURA (arising or accruing after the Effective Date), which assignment shall be effective as of the Effective Date. From and after the Effective Date, Borrower shall have no liabilities or other obligations under the LURA. Section 3. Assumption of Obligations under Land Use Restriction Agreement. From and after the Effective Date,the Purchaser hereby covenants and agrees as follows: (a)to pay and perform all obligations and liabilities,accruing from and after the Effective Date, as and when due under, and in accordance with the terms of,the LURA,whether now or hereafter existing, fixed or contingent; and (b) to be bound by and comply with all covenants, agreements, conditions, restrictions and limitations now or hereafter made by or applicable to the owner of the Project, 7_ Packet Page-961- oR 4894 PG 1258 4/22/2014 16.D.13. pursuant to the LURA, and including the representations and warranties set forth in the LURA, accruing from and after the Effective Date,including,without limitation,the restrictions concerning the operation of the Project and the leasing of apartment units therein. The Purchaser's agreement to assume,pay,perform,be bound by and comply with, all of the obligations, liabilities,covenants, agreements, conditions, representations, warranties, restrictions and limitations referred to above shall have the same force and effect as though the Purchaser had executed and delivered the LURA as of the Effective Date. The Purchaser hereby assumes from and after the Effective Date, all liabilities and other obligations of the Borrower under, and agrees to comply with and be bound by all the covenants, agreements, conditions, representations, warranties, restrictions and limitations contained in,the LURA. Section 4. • No Release of Borrower. The Borrower is not released from, and will remain fully liable for the payment of all sums, if any, and the performance of all obligations, arising prior to the Effective Date,under and in accordance with the terms of the LURA. Nothing contained in this Agreement or otherwise will prevent the Issuer from pursuing concurrently or successively all rights and remedies available to it pursuant to the LURA or at law or in equity and against any persons, firms or entities whatsoever, and the exercise of any of its rights or the completion of any of its remedies will not constitute a discharge of any obligation of the Borrower, with respect to obligations arising prior to the Effective Date, or Purchaser, with respect to obligations arising on and after the Effective Date,under the LURA or this Agreement. Section 5. Representations and Warranties of Borrower. The Borrower hereby represents and warrants to the Issuer as follows: (a) The Borrower(i)is a limited partnership duly organized,validly existing and in good standing under the laws of the State of Florida, and(ii) has all requisite power and authority to enter into this Agreement and perform its obligations hereunder. (b) To the best of Borrower's knowledge, there have been no amendments, supplements or modifications to the LURA or to any other instruments or agreements to which the Borrower is a party or by which it is bound and which relate to the LURA. (c) The LURA is in full force and effect, and no material breaches, defaults or defenses have been asserted in writing to Borrower,or to the best of Borrower's knowledge are in existence under the LURA by any of the parties thereto (including the Borrower) and, to the best of Borrower's knowledge,no facts or circumstances exist which,with the giving of notice or the passage of time,or both,would constitute a material breach or violation of, or default under,the LURA by the Borrower or any other party thereto.Notwithstanding he representations and warranties made by the Seller pursuant to this Section 5(c), Seller has received notice of the deficiencies and non-compliance issues set forth the in(1)that certain January 25, 2013 letter from Bridget Tracy of First Housing and accompanying 2012 Annual Management Review, and(2)that certain Collier County Code enforcement Notice of Violation date stamped January 2, 2013, a copy of which is attached as Exhibit "C" hereto(collectively,the"Non-Compliance Issues"). (d) To Borrower's knowledge, and other than with regard to the Non- Packet Page -962- OR 4894 PG 1259 4/22/2014 16.D.13. Compliance Issues, (i) Borrower has complied with and fulfilled all of the requirements of and has satisfied all conditions under the LURA, in connection with the transactions described in this Agreement and all of the conditions precedent thereto as described in the LURA, and (ii) Borrower has not received any invoice or statement that there are any fees and other amounts payable to the Issuer under the LURA which are currently due and payable or which have accrued but are unpaid. (e) The execution and delivery by the Borrower of this Agreement, and the compliance by the Borrower with all of the provisions hereof and of the LURA (i) are within the power of the Borrower,(ii)will not conflict with or result in any breach of any of the provisions of,or constitute a default under, or result in the creation of any lien,charge or encumbrance upon any property of the Borrower under the provisions of, Borrower's partnership agreement or any other agreement or instrument to which the Borrower is a party or by which it may be bound,or any license,judgment,decree,law, statute,order,rule or regulation of any court or governmental agency or body having jurisdiction over the Borrower or any of its activities or properties, and (iii) have been duly authorized in accordance with the organizational documents of Borrower. Section 6. Representations and Warranties of the Purchaser. The Purchaser hereby represents and warrants, as of the date hereof, to the Borrower and the Issuer as follows: (a) The LURA has been reviewed by the Purchaser and its counsel. The Purchaser is knowledgeable about the Project and has made an independent investigation of all facts and circumstances deemed relevant to it in connection with the acquisition of the Project and has reviewed and is familiar with all of the terms, provisions and conditions of the LURA and all of the obligations thereunder which have been assumed in their entirety by the Purchaser under this Agreement. (b) The Purchaser has obtained all consents, authorizations and approvals from all governmental agencies and other authorities necessary for its acquisition of the Project. The Issuer approved the transfer of the Project to the Purchaser, subject to this Agreement, at the Issuer's meeting of February 13,2013. (c) The Purchaser represents to the Issuer that: (i) it has all requisite power and authority and all necessary licenses and permits to own and operate its properties and to carry on its business as now conducted,including,without Iimitation,its acting as owner of the Project; (ii) it has full power, authority and legal right to enter into, execute and deliver this Agreement and to assume and perform the obligations under the LURA, and to engage in the transactions contemplated thereby; (iii) it has the creditworthiness and the management ability to operate the Project in the manner contemplated by the LURA; 4 Packet Page-963- OR 4894 PG 1260 4/22/2014 16.D.13. (iv) the correct legal name of the Purchaser is SaddIebrook Apartments LLC, and it has been properly organized under the laws of the State of Florida and is in good standing in such state as of the date hereof, and is legally authorized to do business in Florida. Section 7. Representations and Warranties of the Issuer. The Issuer hereby represents and warrants,as of the date hereof,as follows: (a) A copy of the LURA is attached hereto as Exhibit A. The LURA has not to the best knowledge of the Issuer, without inquiry, been altered, supplemented, assigned, modified or amended in any respect. (b) The Issuer has received all amounts payable to it under the LURA and,to the knowledge of the Issuer without inquiry, the Borrower is neither in default under or in breach or violation of any other covenant or condition under the LURA. The Issuer has neither given nor received,to its knowledge without inquiry, notice of any default under the LURA. (c) To the Issuer's knowledge (without inquiry), there exists no pending or threatened action, suit, proceeding or investigation(and the Issuer is not aware of any basis therefor)in any way related to or affecting the LURA in any court or before any arbitrator of any kind or before or by any federal, state or local governmental entity, agency, bureau or other body, including, without limitation, any action, suit, proceeding or investigation questioning the exemption of interest on the Bonds from gross income for federal income tax purposes or any action, suit, proceeding or investigation alleging a violation of any federal or state securities laws or regulations. Section 8. Additional Covenants. Purchaser additionally covenants with the Issuer as follows: (a) The Purchaser hereby agrees to pay all fees, costs and expenses incurred by the Issuer (including, but not limited to, reasonable attorneys' fees, financial advisory fees and credit underwriting fees) in connection with the preparation and delivery of this Agreement and any other documents executed simultaneously herewith. (b) Purchaser additionally covenants with the Issuer as follows: (i) it acknowledges that it has acquired the Project subject to the restrictions and limitations of the LURA. The Purchaser further agrees and acknowledges that any subsequent transfer of the Project, or interests in the Project, prior to the expiration of the Term of Agreement per Section 10 of the LURA, must be approved by the Issuer pursuant to the LURA. (ii) Purchaser acknowledges that it will, as part of the acquisition of the Project, enter into an Assignment and Assumption of and Second Amendment to 5 Packet Page -964- OR 4894 PG 1261 4/22/2014 16.D.13. Extended Low-Income Housing Agreement among Borrower, Purchaser, and Florida Housing Finance Corporation (the "Florida Housing Agreement")) which provides, among other things, for the monitoring of Purchaser's compliance under the terms of the Florida Housing Agreement. Purchaser shall, promptly upon receipt, provide Issuer with a copy of any and all reports, reviews, or any other written communications it receives from Florida Housing or First Housing as Compliance Agent under the Florida Housing Agreement. In addition, Purchaser shall provide Issuer with copies of any notices of violation, or any other documents in connection with any Collier County code enforcement proceedings. (iii) it agrees to notify the Issuer sixty(60)days prior to any change in the legal name,address,organization or structure of the registered entity constituting the Purchaser. (iv) Notwithstanding anything in this Agreement to the contrary, Purchaser acknowledges (i) the existence of the Non-Compliance Issues as defined in Section 5(c)hereof and(ii)Purchaser's receipt of notice of such Non-Compliance Issues and agrees that it assumes all obligations, duties, responsibilities, and liabilities for such Non-Compliance Issues and for the curing of such Non- Compliance Issues to the satisfaction of Florida Housing and First Housing Development Corporation on or before April 25,2013. Section 9. Assumption of Fees, Costs, Etc. The Purchaser acknowledges that for the time period from and after the Effective Date,the Purchaser will be responsible for the payment of all fees,costs and payments due in accordance with the LURA and assumed thereunder and first arising during such time period,including,without limitation,all fees due and payable to the Issuer. Section 10. Authorization by the Issuer. Based upon the representations, warranties and agreements set forth herein,and in material reliance thereon by the Issuer,the Issuer has authorized the execution of this Agreement and hereby consents to the transfer of the Project to the Purchaser. By executing this Agreement,the Issuer acknowledges that all conditions necessary for the approval of the transfer have been satisfied. Section 11. Authority. The signatories to this Agreement represent that they have the requisite capacity and Authority to execute this Agreement and to assume the obligations referenced herein. Section 12. Notices. Any notices regarding this Agreement or the LURA will be provided to: Borrower: CEI/Kensington Limited c/o Cascade Saddlebrook LLC 5055 Keller Springs Road,#400 Addison,Texas 75001 Attention:Ted Broadfoot 6 Packet Page -965- OR 4894 PG 1262 '4/22/2014 16.D.13. And with a copy to: Riemer&Braunstein LLP 3 Center Plaza Boston,Massachusetts 02108 Attention: Douglas K.Clarke and Lehman Tax Credit Advisor Inc. do Lehman Brothers Holdings Inc. 1271 Avenue of the Americas 39`h Floor New York,New York 10020 Attention: Joelle Halperin To Purchaser: Saddlebrook Apartments LLC 625 Court Street Clearwater,Florida 33756 Attn: Thomas C.Nash,II, Esquire With a copy to: Macfarlane Ferguson&McMullen 625 Court Street Clearwater,Florida 33756 Attention: Thomas C.Nash II, Esquire To Escrow Agent: First American Title Insurance Company c/o Christopher Lachance 7360 Bryan Dairy Road Suite 200 Largo, Florida 33777 Fax: (727) 549-3422 To Issuer: Housing Finance Authority of Collier County,Florida 5100 Tamiami Trail North,Suite 103 Naples, Florida 34103 Attention: Donald A Pickworth,General Counsel Section 13. Miscellaneous. This Agreement will be construed in accordance with Florida law and will be recorded at Borrower's expense in Collier County,Florida. The recordation of this Agreement is not intended to affect the priority of the LURA and the Purchaser specifically agrees that the LURA is senior in status and priority to any other claims or liens against the Project. In the event that any party should have to retain counsel to enforce the terms of this Agreement,the prevailing party shall be entitled to recover their costs including a reasonable fee for the legal services rendered on its behalf. 7 Packet Page-966- OR 4894 PG 1263 4/22/2014 16.D.13. Section 14. Effective Date. This Agreement shall become effective upon the recording of a Special Warranty Deed conveying the Project to the Purchaser(the"Effective Date"). • Section 15. Termination. Upon termination of the LURA, the Purchaser and the Issuer will execute and record a Termination of Land Use Restriction Agreement in substantially the form attached hereto as Exhibit C. Section 16 Successors and Assigns. This Agreement shall be binding upon, and shall inure to the benefit of,the parties hereto and their respective successors and permitted assigns. Section 17. Counterparts. This Agreement may be executed in counterparts, and all counterparts together shall be construed as one document. Section 18. Governing Law. This Agreement shall be governed by the laws of the State of Florida,without regard to principles of conflicts of law. Section 19. Incorporation of Recitals. The recitals set forth herein are true and correct and are incorporated herein. Section 20. Severability. If any covenant,condition,term,or provision contained in this Agreement is held to be invalid by final judgment of any court of competent jurisdiction, the invalidity of such covenant, condition, term, or provision shall not in any way affect any other covenant,condition,term,or provision contained in this Agreement. [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 8 Packet Page -967- OR 4894 PG 1264 4/22/2014 16.D.13. COUNTERPART SIGNATURE PAGE FOR ASSIGNMENT AND ASSUMPTION OF LAND USE RESTRICTION AGREEMENT (Saddlebrook Apartments Project) IN WITNESS WHEREOF, the Issuer, the Borrower and the Purchaser have executed this Assignment and Assumption of Land Use Restriction Agreement as of the Effective Date. HOUSING FINANCE AUTORITY OF COLLIER COUNTY,FLORIDA Witnesses: By: Gary D.Lind,Chair Printed Name: Printed Name: [SEAL] Witnesses: Attest: By: Printed Name: George C.Mohlke,Jr.,Secretary • Printed Name: STATE OF FLORIDA COUNTY OF COLLIER The foregoing instrument was executed and acknowledged before me this day of February, 2013, by Gary D. Lind and George C. Mohlke, Jr., as Chair and Secretary respectively of the Housing Finance Authority of Collier County, Florida, who executed the foregoing instrument and acknowledged to me that they did such on behalf of the Issuer. IN WITNESS WHEREOF, I have hereunto set my hand and affixed my seal the day and year in this instrument first above written. NOTARY PUBLIC—State of Florida Personally Known OR Print,Type or Stamp Commissioned Produced Identification Name of Notary Public Type of Identification Produced: My Commission Expires: S-1 • Packet Page -968- OR 4894 PG 1265 4/22/2014 16.D.13. COUNTERPART SIGNATURE PAGE FOR ASSIGNMENT AND ASSUMPTION OF LAND USE RESTRICTION AGREEMENT (Saddlebrook Apartments Project) Borrower CEI/Kensington,a Florida limited partnership By: Cascade Saddlebrook LLC., a Washington limited liability company, its general partner By: Name: Title: Witnesses: Printed Name: Printed Name: STATE OF COUNTY OF The foregoing instrument was executed and acknowledged before me this _ day of 2013, by , as of , the , who executed the foregoing instrument and acknowledged to me that he did such on behalf of the IN WITNESS WHEREOF, I have hereunto set my hand and affixed my seal the day and year in this instrument first above written. NOTARY PUBLIC—State of Personally Known OR Print,Type or Stamp Commissioned Produced Identification_ Name of Notary Public Type of Identification Produced: My Commission Expires: S-2 Packet Page-969- OR 4894 PG 1266 4/22/2014 16.D.13. COUNTERPART SIGNATURE PAGE FOR ASSIGNMENT AND ASSUMPTION OF LAND USE RESTRICTION AGREEMENT (Saddlebrook Apartments Project) Saddlebrook Apartments LLC,a Florida limited liability company By: Name: Title: Witnesses: Printed Name: Printed Name: • STATE OF COUNTY OF The foregoing instrument was executed and acknowledged. before me this _ day of > 2013, by , as of the , who executed the foregoing instrument and acknowledged to me that he did such on behalf of the IN WITNESS WHEREOF, I have hereunto set my hand and affixed my seal the day and year in this instrument first above written. NOTARY PUBLIC—State of Personally Known OR Print,Type or Stamp Commissioned Produced Identification Name of Notary Public Type of Identification Produced: My Commission Expires: S-3 Packet Page-970- OR 4894 PG 1267 4/22/2014 16.D.13. EXHIBIT A RECORDED COPY OF LAND USE RESTRICTION AGREEMENT Packet Page -971- ** OR 4894 PG 1268 *** 4/22/2014 16.D.13. EXHIBIT D FORM OF TERMINATION OF AFFORDABLE HOUSING DENSITY BONUS AGREEMENT This Termination of Affordable Housing Density Bonus Agreement is executed as of by the board of County Commissioners of Collier County, Florida (the "Commission") and Saddlebrook Apartments LLC , a Florida limited Iiability company (the "Current Owner"). WHEREAS, the Current Owner is the assignee of that certain Affordable Housing Density Bonus Agreement dated as of December 9, 1997 as recorded in Official Records Book 2374, Page 2544 of the Public Records of Collier County, Florida, (the "Affordable Housing Density Bonus Agreement");and WHEREAS, the Current Owner, by its execution hereof certifies, represents and warrants to the Commission that: a. The term of the Affordable Housing Density Bonus Agreement as defined therein ended on , 20_ and all conditions precedent to the Termination of the Affordable Housing Density Bonus Agreement have been fulfilled. b. All payments of any amounts due under the Affordable Housing Density Bonus Agreement are fully paid and all obligations thereunder have been met. There is currently no default under the Affordable Housing Density Bonus Agreement. WHEREAS, the Commission has authorized the execution and delivery of this Termination of Affordable Housing Density Bonus Agreement;and WHEREAS, by execution of this Termination of Affordable Housing Density Bonus Agreement by both parties, the Affordable Housing Density Bonus Agreement will be terminated as of the date of its recording in the Official Records of Collier County,Florida IN WITNESS WHEREOF, Commission and the Current Owner hereby agree to terminate the Affordable Housing Density Bonus Agreement. [SIGNATURES AND NOTARIES OP THE PARTIES] Packet Page-972- 4/22/2014 16.D.13. ATTACHMENT 2 Packet Page-973- 4/22/2014 16.D.13. RESOLUTION NO, 2014-0/ A RESOLUTION OF THE HOUSING FINANCE AUTHORITY OF COLLIER COUNTY, FLORIDA, CONSENTING TO THE DISPOSITION OF THE PROJECT AS DEFINED HEREIN TO THE PURCHASER AS DEFINED HEREIN;AUTHORIZING THE FORM OF ASSIGNMENT AND ASSUMPTION OF LAND USE RESTRICTION AGREEMENT RELATING TO SADDLEBROOK VILLAGE APARTMENTS AND PROVIDING FOR CERTAIN DETAILS THEREOF;AUTHORIZING THE PROPER OFFICERS TO DO ALL THINGS NECESSARY OR ADVISABLE; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the Housing Finance Authority of Collier County, Florida (the "Issuer") is empowered under the laws of the State of Florida, including the Florida Housing Finance Authority Law, Florida Statutes,Sections 159.601 through 159.623,as amended (the"Act"),to provide for the financing, acquisition, construction, reconstruction, and rehabilitation of housing;and WHEREAS, the Issuer and Texas Commerce Bank National Association, as trustee (the "Trustee"),entered into a Trust Indenture dated as of December 1,1997(the"Indenture"),pursuant to which were issued by the Issuer its $4,900,000 Multifamily Housing Revenue Bonds, (Saddlebrook Project)Series 1997;and WHEREAS, the proceeds of the Bonds were loaned to the Borrower pursuant to a Loan Agreement(the"Loan Agreement")between the Issuer and CE1/Kensington Ltd.,a Florida limited partnership(the "Borrower") for the purpose of funding a loan to enable the Borrower to finance the costs of acquisition, construction and equipping of a 140 unit multifamily rental housing development known as Saddlebrook Village Apartments, (the "Project"), on the land located in Collier County, Florida described on Exhibit A to the Land Use Restriction Agreement as defined herein; and WHEREAS,in connection with the issuance of the Bonds, the Issuer, the Borrower and the Trustee entered into that certain Land Use Restriction Agreement dated as of December 1,1997 and recorded in the Official Records of Collier County,Florida at Official Records Book 2374,Page 2629 (the Land Use Restriction Agreement, and hereafter, the"LURA"); and WHEREAS, the LURA provides, inter alia, that during the Qualified Project Period, as defined therein, the Borrower shall not enter into a Disposition, as defined therein, of the Project without the prior written consent of the Issuer; and WHEREAS, the Borrower sold the Project to Saddlebrook Apartments LLC(the "Current Owner"), a Florida limited liability company by deed dated March 5,2013 and recorded March 8, 2013 in the Official Records of Collier County,Florida at Official Records Book 4894 Page 1189,said Packet Page-974- 4/22/2014 16.D.13. sale being a disposition as defined in the LURA;and WHEREAS,pursuant to the LURA and prior to the closing of the purchase of the Project by the Current Owner, the Current Owner applied to the Issuer for approval of an assignment and assumption of the LURA;and WHEREAS, at a duly called and held meeting on February 13, 2013, the Issuer, after considering the factors required under the LURA to be considered in determining whether to approve a disposition of the Project and an assignment and assumption of the I.URA,adopted its Resolution 2013-01, approving the disposition of the Project and authorizing the execution and delivery of an Assignment and Assumption of Land Use Restriction Agreement;and WHEREAS,upon the closing of the sale of the Project to the Current Owner,the Assignment and Assumption of Land Use Restriction Agreement was delivered and recorded March 8, 2013 in the Official Records of Collier County,Florida at Official Records Book 4894 Page 1269(the"2013 Assignment and Assumption Agreement"); and WHEREAS, the Current Owner has provided sufficient information to the Issuer,and the Issuer,by the approval hereof, finds and determines that the Current Owner has complied with the terms and conditions of the 2013 Assignment and Assumption Agreement, including, without limitation, the requirement that the Current Owner cure the Non-Compliance issues as identified therein;and WHEREAS, the Current Owner and Saddlebrook Seven l,i.C, a Florida limited liability company (the "Purchaser") have entered into an Agreement of Sale, pursuant to which the Purchaser is to acquire the ownership of the Project from the Current Owner; and WHEREAS,the Purchaser has requested the Issuer to consent to the transfer of the Project to Purchaser(a"Disposition"under the LURA)and enter into an Assignment and Assumption of Land Use Restriction Agreement(the"2014 Assignment and Assumption Agreement")among the Issuer, the Purchaser and the Current Owner; and WHEREAS,the LURA provides that in determining whether to consent to a Disposition the Issuer may consider the financial and managerial capability of the proposed transferee to own and operate the Project in compliance with the terms of the LURA; and W FIEREAS, the Purchaser has submitted to the Issuer sufficient information to enable the Issuer to determine the financial and managerial capability of the Purchaser as the proposed transferee; and WHEREAS, upon consideration of the information submitted to the Issuer and the recommendations of its staff, the Issuer has concluded that the Purchaser has the requisite financial strength and managerial capability and experience to own and operate the Project in compliance 2 Packet Page-975- 4/22/2014 16.D.13. with the LURA. NOW THEREFORE,BE IT RESOLVED BY THE HOUSING FINANCE AUTHORITY OF COLLIER COUNTY,FLORIDA: Section 1. Consent to Disposition of Project. The Issuer hereby consents to the transfer of the Project to the Purchaser effective upon the Closing Date,and subject to the 2014 Assignment and Assumption Agreement and this Resolution. As used in this Resolution, the term "Closing Date"shall mean the date the Project is conveyed by Current Owner to Purchaser by deed or other appropriate instrument. Closing Date is currently expected to be April 30, 2014, Section 2. Authorization and Approval of 2014 Assignment and Assumption of Land Use Restriction Agreement. The form and content of the 2014 Assignment and Assumption Agreement presented at this meeting and attached hereto as Exhibit"A" is hereby authorized and approved by the Issuer. The Chair or Vice Chair of the Issuer is hereby authorized to execute the 2014 Assignment and Assumption Agreement and the Secretary or Assistant Secretary is authorized to place the Issuer's seal thereon and attest thereto, in the form presented at this meeting,together with such changes, modifications and deletions as they, with the advice of Issuer's Counsel may deem necessary and appropriate.Such execution and delivery shall be conclusive evidence of the approval and authorization thereof by the Issuer. Section 3. Delivery of Agreement. Issuer's Counsel shall deliver the 2014 Assignment and Assumption Agreement upon the satisfaction of the following conditions: (a)all requirements for transfer contained in the LURA have been met, and (b) payment has been made of all fees and expenses of the Issuer and its professionals. Section 4. Further Actions and Ratifications of Prior Actions. The officers,agents and employees of the Issuer are hereby authorized and directed to do all acts and things required of them by the provisions of the 2014 Assignment and Assumption Agreement and this Resolution. All actions heretofore undertaken by the officers,agents and employees of the Issuer with respect to the provisions of the 2014 Assignment and Assumption Agreement are hereby ratified and approved. Without limiting the generality of the foregoing,the appropriate officers of the Issuer are authorized to execute a Termination of Land Use Restriction Agreement("Termination Document") in substantially the form attached as Exhibit B upon receipt from Purchaser of an executed Termination Document. 3 Packet Page-976- 4/22/2014 16.D.13. Section 6. Effective Date. This Resolution shall take effect immediately upon its passage. ADOPTED at a Special Meeting called and noticed for this purpose this 7th day of April,2014. (SEAL) ATTEST HOUSING FIN AN AUTORITY OF COLLIER : COUNTY,FLORI or By; It, . . /04, By: u S Gary ' ind,dair 1.4+c.} et -1 CRt;2 Suzanne adach,Secretary y NW. E CLio+RMA 4 4 Packet Page-977- 4/22/2014 16.D.13. ATTACHMENT 3 Packet Page-978- 4/22/2014 16.D.13. iiik FIRST HOUSING October 4,2013 Benjamin Mallah Saddlebrook Apartments LLC Equity Management Partners, Inc. P.O.Box 171 Largo, FL 33774 Re: Closeout Letter Annual Management Review(December 28,2012) Saddlebrook Village HC: 1998-504C Dear Mr.Mallah This letter serves as the official closeout for the Annual Management Review. Please feel free to contact me if you have any questions. Sincerely, Bridet Tracy Compliance Agent cc: Susan Platt Manager Yvette Perez Benjamin Mallah 11 0 Home Office: 107:::utt1'Ni i lOw A"i,e Tarnp a,FL.3360 - 0::13)..8'-.'4)i) F'a!r;C 1312%3 -5i::!* p fi rxt rr onh l n g,f7.c o rn Packet Page-979- 4/22/2014 16.D.13. ATTACHMENT 4 Packet Page-980- 4/22/2014 16.D.13. RESOLUTION NO. 2014- A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF COLLIER COUNTY CONSENTING TO THE TRANSFER OF AN AFFORDABLE HOUSING MULTIFAMILY DEVELOPMENT KNOWN AS SADDLEBROOK VILLAGE APARTMENTS; CONSENTING TO THE ASSIGNMENT AND THE ASSUMPTION OF THE DUTIES AND OBLIGATIONS UNDER A CERTAIN AFFORDABLE HOUSING DENSITY BONUS AGREEMENT DATED DECEMBER 9, 1997; AUTHORIZING THE FORM OF, EXECUTION BY THE CHAIRMAN, AND DELIVERY OF, AN ASSIGNMENT AND ASSUMPTION OF AFFORDABLE HOUSING DENSITY BONUS AGREEMENT AND PROVIDING FOR CERTAIN DETAILS THEREOF; AUTHORIZING THE FORM OF, EXECUTION BY THE CHAIRMAN, AND DELIVERY OF, A TERMINATION OF AFFORDABLE HOUSING DENSITY BONUS AGREEMENT WITH A TERMINATION DATE OF MARCH 24, 2015 AND PROVIDING FOR CERTAIN DETAILS THEREOF; AUTHORIZING THE PROPER OFFICERS TO DO ALL THINGS NECESSARY OR ADVISABLE; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the Board of County Commissioners of Collier County (the "Commission"), pursuant to its authority under the Florida Local Government Comprehensive Planning Act and the comprehensive plan adopted pursuant thereto has enacted Ordinance 90-89, entitled the Collier County Affordable Housing Density Bonus Ordinance (the"Ordinance"); and WHEREAS,the purpose and intent of the Ordinance is to assist in providing low, moderate and very low income housing through the use of density bonuses which allow an increase in the number of residential dwelling units per acre allowed on property proposed for development, thereby decreasing the per unit cost of land and development; and WHEREAS, the Ordinance establishes an Affordable Housing Density Bonus Program that provides the process by which a developer may apply for a density bonus and implements this program by requiring that an affordable housing density bonus shall only be available to a developer through an affordable housing density bonus agreement between the developer and the Commission; and WHEREAS, the Commission and CEI/Kensington, a Florida limited partnership, by and through its general partner, Colonial Equities Inc., and Outreach Housing Corporation, entered into that certain agreement entitled "Agreement Authorizing Affordable Housing Density Bonus and Imposing Covenants and Restrictions on Real Property" dated as of December 9, 1997 and recorded in the Official Records of Collier 1 Packet Page -981- 4/22/2014 16.D.13. County, Florida at Official Records Book 2374, Page 2544 (the "Density Bonus Agreement"); and WHEREAS, the Density Bonus Agreement applies to a 33.79 acre site legally described in the Density Bonus Agreement upon which was planned to be constructed a multifamily housing project in two Phases, Phase I being a 140-unit development known as Saddlebrook Village (hereinafter the "Project"), with Phase II being the remainder of the property, and not owned or controlled by CEI/Kensington; and WHEREAS, CEI/Kensington owned and was responsible for developing pursuant to the Density Bonus Agreement only the Project, and not Phase II, and did in fact developed and operate the Project; and WHEREAS, the Density Bonus Agreement provides, inter alia, that during the term of the agreement the developer may not assign, delegate, or otherwise transfer all or part of its duties, obligations, or promises under the Density Bonus Agreement to any successor in interest to the property without the express written consent of the Commission; and WHEREAS, CEI/Kensington conveyed the Project to Saddlebrook Apartments LLC, (the "Current Owner")on March 8, 2013; and WHEREAS, pursuant to the requirements of the Density Bonus Agreement and prior to the March 8, 2013 conveyance, the Current Owner requested the Commission to consent to the transfer of the Project from CEI/Kensington to the Current Owner and to the assignment of CEI/Kensington's rights and obligations under the Density Bonus Agreement and the assumption of such rights and obligations by the Current Owner; and WHEREAS, upon consideration of the above-described request at its meeting of February 27, 2013, the Commission adopted Resolution 2013-44, consenting to the transfer of the Project to the Current Owner, and consenting to the assignment and assumption of the duties and obligations of the Density Bonus Agreement to the Current Owner pursuant to the Assignment and Assumption of Density Bonus Agreement referred to herein; and WHEREAS, Resolution 2013-44, including the Assignment and Assumption of Density Bonus Agreement was recorded March 8, 2013 at OR Book 4894, Page 1193 of the Public Records of Collier County, Florida; and WHEREAS, the Current Owner has entered into an agreement to convey the Project to Saddlebrook Seven LLC, Rach Saddlebrook LLC, and DAFR Saddlebrook LLC, each a Florida limited liability company, (collectively, the "Purchaser"), subject, among other things, to the consent of the Commission to the assignment of the Density Bonus Agreement to the Purchaser; and WHEREAS,the Density Bonus Agreement provides that each affordable housing 2 Packet Page-982- 4/22/2014 16.D.13. unit shall be restricted to remain and be maintained as the required type of affordable housing rental unit as designated for at least fifteen years from the date of issuance of a certificate of occupancy for such unit and that after 15 years the Density Bonus Agreement may terminate upon a date mutually agreed upon by the parties and stated in writing; and WHEREAS, the Commission has considered the determinations of the Housing Finance Authority of Collier County, a body corporate and politic created by the Commission by Ordinance 80-66 enacted July 29, 1980, to the effect that the Purchaser has the requisite financial and managerial capability to carry out its obligations as the proposed transferee; and WHEREAS, the Commission intends, by the adoption of this resolution, to signify its consent to the transfer of the Project to the Purchaser, and its consent to the assignment and assumption of the duties and obligations of the Density Bonus Agreement to the Purchaser pursuant to the Assignment and Assumption of Density Bonus Agreement referred to herein; and WHEREAS, the Commission also intends, by the adoption of this resolution, to signify its consent to the termination of the Density Bonus Agreement with a termination date of March 24, 2015. NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF COLLIER COUNTY,FLORIDA THAT: Section 1. Consent to Transfer of Project. The Commission hereby consents to the transfer of the Project to the Purchaser effective upon the Closing Date, and subject to the Agreement (as defined herein) and this Resolution. As used in this Resolution, the term "Closing Date" shall mean the date the Project is conveyed by Current Owner to Purchaser by deed or other appropriate instrument. Closing Date is currently expected to be April 30,2014. Section 2. Authorization and Approval of Assignment and Assumption of Density Bonus Agreement. The form and content of the Assignment and Assumption of Affordable Housing Density Bonus Agreement (the "Agreement") presented at this meeting and attached hereto as Exhibit "A" is hereby authorized and approved by the Commission. The Chairman of the Commission is hereby authorized to execute the Agreement and attest thereto, in substantially the form set forth in Exhibit A hereto, together with such changes, modifications and deletions as they, with the advice of the Commission's Counsel, may deem necessary and appropriate. Such execution and delivery shall be conclusive evidence of the approval and authorization thereof by the Commission. Section 3. Delivery of Agreement. Commission's Counsel shall deliver the Agreement upon the satisfaction of the condition that payment has been made of all fees 3 Packet Page -983- C7-- 4/22/2014 16.D.13. and expenses of the Commission and its professionals, or that any fees or expenses due the County under the Density Bonus Agreement have been paid. Section 4. Further Actions and Ratifications of Prior Actions. The officers, agents and employees of the Commission are hereby authorized and directed to do all acts and things required of them by the provisions of the Agreement and this Resolution. All actions heretofore undertaken by the officers, agents and employees of the Commission with respect to the provisions of the Agreement are hereby ratified and approved. Without limiting the generality of the foregoing, the appropriate officers of the Commission are authorized to execute a Termination of Density Bonus Agreement ("Termination Document") in substantially the form attached as Exhibit B to the Agreement, upon compliance by the Purchaser with the terms of the Agreement relating to termination Section 5. Effective Date. This Resolution shall take effect immediately upon its passage. This Resolution adopted this 22nd day of April, 2014 after motion, second, and majority vote in favor of passage. ATTEST: DWIGHT E. BROCK,CLERK BOARD OF COUNTY COMMISSIONERS OF COLLIER COUNTY,FLORIDA By: By: ,Deputy Clerk Tom Henning Chairman Approval as to form and legality: By: a , Jennifer X. Belpedio, Asst. County Attorney 4 Packet Page -984- �, 4/22/2014 16.D.13. EXHIBIT "A" TO COUNTY RESOLUTION FORM OF ASSIGNMENT AND ASSUMPTION AGREEMENT 5 Packet Page-985- 4/22/2014 16.D.13. AFTER RECORDING, RETURN TO: Clerk of Courts Board Minutes&Records 3299 Tamiami Trail East Suite 401 Naples,Florida 34112 SPACE ABOVE THIS LINE RESERVED FOR RECORDER'S USE ASSIGNMENT AND ASSUMPTION OF AFFORDABLE HOUSING Density Bonus Agreement (Saddlebrook Village Apartments) THIS ASSIGNMENT AND ASSUMPTION OF AFFORDABLE HOUSING DENSITY BONUS AGREEMENT(this "Agreement")is dated as of _, 2014 (the "Effective Date" as defined herein), by and between Saddlebrook Seven LLC, Rach Saddlebrook LLC, and DAFR Saddlebrook LLC, each a Florida limited liability company, (collectively, the "Purchaser"), Saddlebrook Apartments LLC, a Florida limited liability company (the "Seller"),and the Collier County Board of County Commissioners, as the governing body of Collier County, Florida, a political subdivision of the State of Florida (the "Commission"). WITNESSETH: WHEREAS, the Commission, pursuant to its authority under Section 163.3161 Fla. Stat., et, seq. (the Florida Local Government Comprehensive Planning and Land Development Regulation Act) has enacted Ordinance 90-89, entitled the Collier County Affordable Housing Density Bonus Ordinance (the"Ordinance"); and WHEREAS, purpose and intent of the Ordinance is to assist in providing low, moderate and very low income housing through the use of density bonuses which allow an increase in the number of residential dwelling units per acre allowed on property proposed for development, thereby decreasing the per unit cost of land and development; and WHEREAS, the Ordinance establishes an Affordable Housing Density Bonus Program that provides the process by which a developer may apply for a density bonus and implements this program by requiring that an affordable housing density bonus shall only be available to a developer through an affordable housing density bonus agreement between the developer and the Commission; and 1 Packet Page-986- CAC:!' 4/22/2014 16.D.13. WHEREAS, the Commission and CEI/Kensington, a Florida limited partnership, by and through its general partner, Colonial Equities Inc., and Outreach Housing Corporation, entered into that certain agreement entitled "Agreement Authorizing Affordable Housing Density Bonus and Imposing Covenants and Restrictions on Real Property" dated as of December 9, 1997 and recorded in the Official Records of Collier County, Florida at Official Records Book 2374, Page 2544 (the Affordable Housing Density Bonus Agreement, and hereafter, the "Density Bonus Agreement"); and WHEREAS, the Density Bonus Agreement applies to a 33.79 acre site legally described in the Density Bonus Agreement upon which was planned to be constructed a multifamily housing project in two Phases, Phase I being a 140-unit development known as Saddlebrook Village (hereinafter the "Project"), with Phase II being the remainder of the property, and not owned or controlled by the Seller; and WHEREAS, CEI/Kensington owned and was responsible for developing pursuant to the Density Bonus Agreement only the Project, and not Phase II, and has in fact developed and operated the Project; and WHEREAS, the Density Bonus Agreement provides, inter alia, that during the term of the agreement the developer may not assign, delegate, or otherwise transfer all or part of its duties, obligations, or promises under [the Density Bonus Agreement] to any successor in interest to the property without the express written consent of the Commission; and WHEREAS, the Purchaser and the Seller have entered into that certain Sale Agreement dated as of March 14, 2014 (the "Sale Agreement"), pursuant to which the Purchaser is to acquire the ownership of the Project from the Seller; and WHEREAS, pursuant to the requirements of the Density Bonus Agreement, the Purchaser has requested the Commission to consent to the assignment of the Seller's rights and obligations under the Density Bonus Agreement and the assumption of such rights and obligations by the Purchaser; and WHEREAS, the Commission has adopted a resolution consenting to the assignment and assumption so requested and authorizing the execution and delivery of this Agreement. NOW, THEREFORE, for and in consideration of the mutual covenants, promises and agreements set forth herein,the receipt and sufficiency of which the parties hereby acknowledge, the Purchaser and the Commission agree as follows: Section 1. Definitions. All capitalized terms used in this Agreement and not otherwise defined herein shall have the same meanings as set forth in the Density Bonus Agreement, unless the context clearly requires otherwise. Section 2. Applicability only to the Seller and Project. This Agreement applies only to 2 Packet Page -987- ;c r 1 4/22/2014 16.D.13. the Seller as defined herein, and only to that portion of the Property as defined in the Density Bonus Agreement upon which the Project has been constructed. That portion of the Property to which this Agreement is applicable is described in Exhibit A attached hereto. Section 3. Assignment of Affordable Housing Density Bonus Agreement. The Seller assigns to the Purchaser all of the Seller's right, title and interest in and to the Density Bonus Agreement including, without limitation, all of the benefits, duties and obligations of the Seller under the Density Bonus Agreement (arising or accruing after the Effective Date), which assignment shall he effective as of the Effective Date. From and after the Effective Date, Seller shall have no Iiabilities or other obligations under the Density Bonus Agreement. Section 4. Assumption of Obligations under Affordable Housing Density Bonus Agreement. From and after the Effective Date, the Purchaser hereby covenants and agrees as follows: (a) to pay and perform all obligations and liabilities, accruing from and after the Effective Date, as and when due under, and in accordance with the terms of, the Density Bonus Agreement, whether now or hereafter existing, fixed or contingent; and (b) to be bound by and comply with all covenants, agreements, conditions, restrictions and limitations now or hereafter made by or applicable to the owner of the Project, pursuant to the Density Bonus Agreement, and including the representations and warranties set forth in the Density Bonus Agreement, accruing from and after the Effective Date, including, without limitation, the restrictions concerning the operation of the Project and the leasing of apartment units therein. The Purchaser hereby assumes from and after the Effective Date, all liabilities and other obligations of the Seller under, and agrees to comply with and be bound by all the covenants, agreements, conditions, representations, warranties, restrictions and limitations contained in, the Density Bonus Agreement. Section S. No Release of Seller. The Seller is not released from, and will remain fully liable for the payment of all sums, if any, and the performance of all obligations, arising prior to the Effective Date, under and in accordance with the terms of the Density Bonus Agreement. Nothing contained in this Agreement or otherwise will prevent the Commission from pursuing concurrently or successively all rights and remedies available to it pursuant to the Density Bonus Agreement or at law or in equity and against any persons, firms or entities whatsoever, and the exercise of any of its rights or the completion of any of its remedies will not constitute a discharge of any obligation of the Seller, with respect to obligations arising prior to the Effective Date, or Purchaser, with respect to obligations arising on and after the Effective Date, under the Density Bonus Agreement or this Agreement. Section 6. Representations and Warranties of Seller. The Seller hereby represents and warrants to the Commission as follows: (a) The Seller(i) is a limited partnership duly organized, validly existing and in good standing under the laws of the State of Florida, and (ii) has all requisite power and authority to enter into this Agreement and perform its obligations hereunder. (b) To the best of Seller's knowledge, there have been no amendments, supplements or modifications to the Density Bonus Agreement or to any other instruments or agreements to which the Seller is a party or by which it is bound and which relate to the 3 Packet Page-988- 4/22/2014 16.D.13. Density Bonus Agreement. (c) The Density Bonus Agreement is in full force and effect, and no material breaches, defaults or defenses have been asserted in writing to Seller, or to the best of Seller's knowledge are in existence under the Density Bonus Agreement by any of the parties thereto (including the Seller) and, to the best of Seller's knowledge, no facts or circumstances exist which, with the giving of notice or the passage of time, or both, would constitute a material breach or violation of, or default under, the Density Bonus Agreement by the Seller or any other party thereto. (d) To Seller's knowledge, and other than with regard to the Non-Compliance Issues, (i) Seller has complied with and fulfilled all of the requirements of and has satisfied all conditions under the Density Bonus Agreement, or has provided certifications and other documentation that demonstrates the same, in connection with the transactions described in this Agreement and all of the conditions precedent thereto as described in the Density Bonus Agreement, and (ii) Seller has not received any invoice or statement that there are any fees and other amounts payable to the Commission under the Density Bonus Agreement which are currently due and payable or which have accrued but are unpaid. (e) The execution and delivery by the Seller of this Agreement, and the compliance by the Seller with all of the provisions hereof and of the Density Bonus Agreement (i) are within the power of the Seller, (ii) will not conflict with or result in any breach of any of the provisions of, or constitute a default under, or result in the creation of any lien, charge or encumbrance upon any property of the Seller under the provisions of, Seller's partnership agreement or any other agreement or instrument to which the Seller is a party or by which it may be bound, or any license,judgment,decree,law, statute,order,rule or regulation of any court or governmental agency or body having jurisdiction over the Seller or any of its activities or properties, and(iii)have been duly authorized in accordance with the organizational documents of Seller. Section 7. Representations and Warranties of the Purchaser. The Purchaser hereby represents and warrants, as of the date hereof, to the Seller and the Commission as follows: (a) The Density Bonus Agreement has been reviewed by the Purchaser and its counsel. The Purchaser is knowledgeable about the Project and has made an independent investigation of all facts and circumstances deemed relevant to it in connection with the acquisition of the Project and has reviewed and is familiar with all of the terms, provisions and conditions of the Density Bonus Agreement and all of the obligations thereunder which have been assumed in their entirety by the Purchaser under this Agreement. (b) The Purchaser has obtained all consents, authorizations and approvals from all governmental agencies and other authorities necessary for its acquisition of the Project. The Commission approved the transfer of the Project to the Purchaser, subject to this Agreement,at the Commission's meeting of April 22, 2014. 4 Packet Page-989- i€'E) 4/22/2014 16.D.13. (c) The Purchaser represents to the Commission that: (i) it has all requisite power and authority and all necessary licenses and permits to own and operate its properties and to carry on its business as now conducted, including,without limitation,its acting as owner of the Project; (ii) it has full power, authority and legal right to enter into, execute and deliver this Agreement and to assume and perform the obligations under the Density Bonus Agreement, and to engage in the transactions contemplated thereby; (iii) it has the creditworthiness and the management ability to operate the Project in the manner contemplated by the Density Bonus Agreement; (iv) the correct legal name of the Purchaser is Saddlebrook Seven LLC, Rach Saddlebrook LLC, and DAFR Saddlebrook LLC, each of whom is a Florida limited liability company and each of whom has been properly organized under the laws of the State of Florida and is in good standing in such state as of the date hereof,and is legally authorized to do business in Florida. Section 8. Representations and Warranties of the Commission. The Commission hereby represents and warrants,as of the date hereof, as follows: (a) A copy of the Density Bonus Agreement is attached hereto as Exhibit B. The Density Bonus Agreement has not to the best knowledge of the Commission, without inquiry, been altered, supplemented,assigned,modified or amended in any respect. (b) The Commission has received all amounts payable to it under the Density Bonus Agreement and, to the knowledge of the Commission without inquiry, the Seller is neither in default under or in breach or violation of any other covenant or condition under the Density Bonus Agreement. The Commission has neither given nor received, to its knowledge without inquiry,notice of any default under the Density Bonus Agreement. Section 9. Additional Covenants. Purchaser additionally covenants with the Commission as follows: (a) The Purchaser hereby agrees to pay all fees, costs and expenses incurred by the Commission (including, but not limited to, reasonable attorneys' fees) in connection with the preparation and/or review and delivery of this Agreement and any other documents executed simultaneously herewith. (b) Purchaser additionally covenants with the Commission as follows: (i) it acknowledges that it has acquired the Project subject to the restrictions and limitations of the Density Bonus Agreement. The Purchaser further agrees and acknowledges that any subsequent transfer of the Project, or interests in the Project, prior to the expiration of the Term of Agreement per Section 1 I of the 5 Packet Page-990- 4/22/2014 16.D.13. Density Bonus Agreement, must be approved by the Commission pursuant to the Density Bonus Agreement and the terms hereof. (ii) Purchaser acknowledges that it will, as part of the acquisition of the Project, (a)enter into an Assignment and Assumption of and Second Amendment to Extended Low-Income Housing Agreement among Seller, Purchaser, and Florida Housing Finance Corporation (the "Florida Housing Agreement")) which provides, among other things, for the monitoring of Purchaser's compliance under the terms of the Florida Housing Agreement and(b)an Assignment and Assumption of Land use Restriction Agreement among Seller, Purchaser, and the Housing Finance Authority of Collier County. Purchaser shall, promptly upon receipt, provide Commission with a copy of any and all reports, reviews, or any other written communications it receives from Florida Housing or First Housing as Compliance Agent under the Florida Housing Agreement. In addition, Purchaser shall provide Commission with copies of any notices of violation, or any other documents in connection with any Collier County code enforcement proceedings. (iii) it agrees to notify the Commission sixty (60) days prior to any change in the legal name, address, organization or structure of the registered entity constituting the Purchaser. Section 10. Assumption of Fees, Costs, Etc. The Purchaser acknowledges that for the time period from and after the Effective Date,the Purchaser will be responsible for the payment of all fees, costs and payments, it any, due in accordance with the Density Bonus Agreement and assumed thereunder and first arising during such time period Section 11. Authorization by the Commission. Based upon the representations, warranties and agreements set forth herein, and in material reliance thereon by the Commission, the Commission has authorized the execution of this Agreement and hereby consents to the transfer of the Project to the Purchaser. By executing this Agreement, the Commission acknowledges that all conditions necessary for the approval of the transfer have been satisfied. Section 12. Authority. The signatories to this Agreement represent that they have the requisite capacity and Authority to execute this Agreement and to assume the obligations referenced herein. Section 13. Notices. Any notices regarding this Agreement or the Density Bonus Agreement will be provided to: Seller: Saddlebrook Apaitments LLC 625 Court Street Clearwater, Florida 33756 Attn: Thomas C. Nash, II, Esquire 6 Packet Page-991- (E7,4 4/22/2014 16.D.13. • And with a copy to: Macfarlane Ferguson &McMullen 625 Court Street Clearwater, Florida 33756 Attention: Thomas C.Nash II, Esquire To Purchaser: Saddlebrook Seven LLC 8685 Saddlebrook Cir, Naples FL 34104 Ph(239) 354-0412 With a copy to: Goede,Adamczyk&DeBoest, PLLC 8950 Fontana del Sol Way Suite 200 Naples, Florida 34109 Attention: John Goede,Esquire To Escrow Agent: First American Title Insurance Company c/o Christopher Lachance 7360 Bryan Dairy Road Suite 200 Largo,Florida 33777 Fax: (727) 549-3422 To Commission: Board of County Commissioners of Collier County,Florida 3299 Tamiami Trail East Naples,Florida 34112 Attention: Chairman With copy to Collier County Attorney's Office 3299 Tamiami Trail East,Suite 800 Naples,Florida 34112 Attn: Jennifer Belpedio,Esquire Section 14. Miscellaneous. This Agreement will be construed in accordance with Florida law and will be recorded at Purchaser's expense in Collier County,Florida. Section 15. Effective Date. This Agreement shall become effective upon the recording of a deed or other instrument conveying the Project to the Purchaser(the"Effective Date"). Section 16. Termination. The Density Bonus Agreement may be terminated on or after March 24,2015 by the execution by the Commission and the Purchaser and the recording of a Termination of Affordable Housing Density Bonus Agreement. The procedure for termination shall be as follows: Purchaser shall submit to the County Attorney' Office an executed Termination of Affordable Housing Density Bonus Agreement in substantially the form attached hereto as Exhibit 7 Packet Pa a-992- 4/22/2014 16.D.13. the Termination Document are true and correct and that all fees and costs incurred by the County staff in reviewing same have been paid, the County Attorney shall present the Termination Document to the Chairman and Clerk, who shall be authorized to execute the Termination Document without further Commission action. Section 17 Successors and Assigns. This Agreement shall be binding upon, and shall inure to the benefit of,the parties hereto and their respective successors and permitted assigns. Section 18. Counterparts. This Agreement may be executed in counterparts, and all counterparts together shall be construed as one document. Section 19. Governing Law. This Agreement shall be governed by the laws of the State of Florida, without regard to principles of conflicts of law. Section 20. Incorporation of Recitals. The recitals set forth herein are true and correct and are incorporated herein. Section 21. Severability. If any covenant, condition, term, or provision contained in this Agreement is held to be invalid by final judgment of any court of competent jurisdiction, the invalidity of such covenant, condition, term, or provision shall not in any way affect any other covenant,condition,term,or provision contained in this Agreement. [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] Signatures on following pages Packet Page-993- : .$), 4/22/2014 16.D.13. COUNTERPART SIGNATURE PAGE FOR THE COMNIISSION ASSIGNMENT AND ASSUMPTION OF DENSITY BONUS AGREEMENT (Saddlebrook Apartments Project) IN WITNESS WHEREOF, the Commission, the Current Owner and the Purchaser have executed this Assignment and Assumption of Land Use Restriction Agreement as of the Effective Date. [SEAL] ATTEST: BOARD OF COUNTY COMMISSIONERS OF COLLIER COUNTY, FLORIDA By: By: Deputy Clerk Tom Henning, Chairman Printed Name: Approved as to form and legality Assistant County Attorney ap 9 Packet Page-994- (C'}' 4/22/2014 16.D.13. COUNTERPART SIGNATURE PAGE FOR CURRENT OWNER ASSIGNMENT AND ASSUMPTION OF DENSITY BONUS AGREEMENT (Saddlebrook Apartments Project) Saddlebroo Apartmen s LLC, a Florida limited liabilityto pany By: Names r 1 qr Witnesses: b Ad Printed Name: ji. ✓1'' �1I, F ii - /C C�eC L,t Printed Name: .2--;nn•'`z la 'r i.�`C3e,C. STATE OF — /CV •14- (-E—r COUNTY OF ,/ C. " TI fore i instrument was executed and acknowledged before me this/ day of 2014, by , as Manager of Saddlebrook Apartments LLC,the who ex -.. .- foreg ins instrument and acknowledged to me that he did such on behalf of the Curr-• +, , . IN WITNESS WHEREOF, I have hereunto set m .nd and affix:a my s::l the day •nd year in this instrument first above written. NOTARYPUBLI' r►:teo Personally Known OR Print,Type 4rS1/4tef;Ct am,E6tidnedd Produced Identification Name of N. •i 0!i u`o1 ICE%pi:s aarivzoi5067J67 Type of Identification Produced: My Commission Expires: Packet Page-995- 4/22/2014 16.D.13. COUNTERPART SIGNATURE PAGE FOR SADDLEBROOK SEVEN LLC ASSIGNMENT AND ASSUMPTION OF DENSITY BONUS AGREEMENT (Saddlebrook Apartments Project) Saddlebrook Seven LLC, a Florida limited liability company <--) By: Name: Soleiinan Rabanipour Title: Manager Witnesses: Printed Name: 1ti"4- Taylt( Printed Name: )C{.LtV ><ti th( STATE OF Aler,>l YGG COUNTY OF /Lie IA) ya GL The foregoing instrument was executed and acknowledged before me this j J day of(4190,1 2014, by Soleiman Rabanipour, as Manager of Saddlebrook Seven LLC, the Purchaser,who executed the foregoing instrument and acknowledged to me that he did such on behalf of the Purchaser. IN WITNESS WHEREOF, I have hereunto set my hand and affixed my seal the day and year in this instrument first above written. NOTARY PUBLIC—State of IMF Personally Known ✓ (Li(UI)I S L L( Mil 1 - OR Print,Type or Stamp Commissioned Produced Identification_ Name of Notary Public Type of Identification Produced: My Commission Expires:S/9 / RACHEL S. ZUCKERMAN NOTARY PUBLIC-STATE OF NEW YORK No. 02ZU6201913 Qualified in New York County My Commission Expires March 09. 2013 E-)-) Packet Page-996- 4/22/2014 16.D.13. COUNTERPART SIGNATURE PAGE FOR RACH SADDLEBROOK LLC ASSIGNMENT AND ASSUMPTION OF DENSITY BONUSAGREEMENT (Saddlebrook Apartments Project) Rach Saddlebrook LLC, a Florida limited liability company ty ��/ r„ By: n�✓ Name: David Shweky Title: Manager W itne�- . if Printed, me: /,�/T��� 6' -7 Prtn" ted Name: -sf,G�'�'�� c Cr��r- STATE OF J ` r J(t` COUNTY OF 1C i~r The foregoing instrument was executed and acknowledged before me this I?- day of 8'rr, 2014, byDavid Shweky, as Manager of Rach Saddlebrook LLC, the Purchaser, who executed the foregoing instrument and acknowledged to me that he did such on behalf of the Purchaser. 1N WITNESS WHEREOF, I have hereunto set my,h n and a�f ed n seal and year in this instrument first above written. ' NOTARY PUBLIC-State of /'R`--) "t"- L Personally Known OR Print,Type or Stamp Commissioned Produced Identification Name of Notary Public Type of Identification Produced: P`'`vEy- L. c My Commission Expires: DAVID BAMSHAD NOTARY PUBLIC,State of New York No.01BA6053972 Qualified in Kings County i Commission Expires Jan,22,20 t 3 Packet Page -997- 4/22/2014 16.D.13. COUNTERPART SIGNATURE PAGE FOR DAFR SADDLEBROOK LLC ASSIGNMENT AND ASSUMPTION OF DENSITY BONUSAGREEMENT (Saddlebrook Apartments Project) DAFR Saddlebrook LLC, a Florida limited liability company : B Y � i .�►��- Name: David Shweky Title: Manager \itnesse n n " 'anted Name:' Ara Printed Name: S h m Lt F.2 i P-'— STATE OF COUNTY OF k r i^ The foregoing instrument was executed and acknowledged before me this (2-day of 2014, by p('v7 qt-e?as Manager of DAFR Saddlebrook LLC, the Purchaser, who executed the foregoing instrument and acknowledged to me that he did such on behalf of the Purchaser. IN WITNESS WHEREOF, I have hereunto set N, hand and affixed mfr s I the day and year in this instrument first above written. NOTARY PUBLIC- of Personally Known OR Print, Type or Stamp Commissioned Produced Identification✓ Name ofNotary Public Type of Identification Produced:i'Y, My Commission Expires: DAVID BAMSNAU NOTARY PUBLIC,State e! Ne.., No.01BA6053972 Qualif+ed in Kings County / Commission Expires Jan.22,2u Packet Page-998- 4/22/2014 16.D.13. EXHIBIT A LEGAL DESCRIPTION OF PROJECT 3 Packet Page -999- 4/22/2014 16.D.13. OR 4894 PG 1212 .rretue..pe..•p4 —"nil{j!'311r3;jrf lil Itililiililit f' 11 t{1 ! {� S1! ii t1 , 1 it {� ftt i Pill Itifii 11.,1. - f- �;1t{1 'ii�liliiili{itl '' I l` r / 9 .-+-- I'ri'rtrr '�; —. 1 ..t i..i.apl. -, ® ® 0 ® A © ®ii t® ® © ,, t(di imuinlil Will ii Ilia III UWI ILW1 li l ii!� i l fil i it< 1i Iilf3 i 1 + I 1 �1t ti111 +a Itl!l; Iil Il ii11 ►i t i jr i [it, i'!i1 ll Ili! j' 111 11 [i•• [ '1,1111,[ 10 1 1 :'. f'' i alit'il?t { � Iii iii 11 Ili! !t'i'E! rli 'ill �! il, 1r ;gh11r!i • : ( a 1 1 t tl ii i ita( ill l 1}t ,tqEl!E'lltl ii �iil i it;l ;II ; i! 11 it rjl i lit it pi tri flrySllliiE �1' it►e Jp s' 1 l'illi+ { I !1� ► rL ip� ► li �i s i3"iiIE id3)311 ' 113 111 ill tI 1111111 1 i I lJ III ;l} ip1 lit I=s..?it 1E,' 14 .1 Iii[ ; ait i i 1 Ilil ! t• - �11 t3'lila!i i i' [11; li 10 ii 1;13 1 i�t III ll �Ii Ili,Su t i ti il►,3lil i!I 1 , ii I { EVi; it ,; *000©000000 ©o ® ; �� I E i + l I 111111111 i -` i;iill 1 'N, l ; ii .. iliiii 11. U1i'i'i Iili1j ;111lt i , i li i i; ii , i ` ; g;{I�, j � < jiffs i ! it !i ��- r i [[i ' 1{ `Ii y.. €.. �. r , i i !i i it t , '41E1011'0 [i 31713 li a ill�l•�'i j� __..__--- _ ti [ (! t+'1317.y' `,t rt t!!I� . j IJII��iPIriEI "," I I!! a' 33.is ,l E[.l.` 9tti� 1 {!! [ +' l 1111., l 1 ci ,1 ,ii i ii.t.a ,ri i 1i i li.{r i t-a {I'j i } i . i 3717'°a ,i. i011/ l;it 1 , 91 Witt i. g' 11111 i;113111 411 1 i i; Hi 1 11.1113110 I it ill. it I lit iI 1 i. p;, i Vig1li. ;Will ,il f y,}- • l 3 l. iil L A I.iil[Yi 1 it MIl'i111 i r I. ! i 1-.a -till i; Ell It,.-..i,`iv,: f' l 0061011111 li e:si 13.31{i [ , o ri -, 1 i I' 1 11 l i ° 1 t 1 tsi ["[t1 ii 'Viii 1 J�' E (1.194101: {{ ! iii;.. ,t l.S: ii'Y i 1 -, W1 ¢ .. i L . ii; fI ,. "i 11 l"t1.i i ;.{ { II, 31;3 'i � 4.,,.73,}=I i, i ,:lEi!.fi j,l a til 333;11 i t f, i ,:l� i1 110 1 all s: Ii i ;tl!illi'!31.11 13i'iililiji it`111181111 ti I. i OP :i ;304:310113$11 1 tilii!.t .1 fy't:it1 ri 1 Bo, OP I 3i l i!i .' ii k' 1 l:{i l+.ltE' !:3'1311 t 1 ii [ J [ 9iI1'1Ii1J i lililEilJ �`. t. /� pock i ciao..Neticna Sunrycn Nrmmk I i2 4 : !i ttr. , .t.tt.n., .u.1ert0V.,AC.:.tsM,-.nd TtU.6v ow { 1 i i�111!•c# it; ! t ii 33111 1 tt. [ I Y'a 1 s°"wr.c-..331.3.;tai,, *-,•n ...wonr. _ ......—■ -rte} Packet Page -1000- 4/22/2014 16.D.13. OR 4894 PG 1213 �m nu�i'rcc I ) .T.BSNI.1101.90t ` fit. / I�t f,.i f{ii ,� �% , ,ti. /, I lir 1 1 t I f I" t i „.3..•.......1 .3. .... 4� �rr S:ll.i5lf �1 J i ?T I�,f sa r „ �.,,++ iii t., tf%: , i ( I i i.1 i. is i if ,Ti't 11 I I It 1s I i Ei I( Iii I' Ei ^Y I' it ri g 1 i Ii Lf;R. ?;I:, 1117 ,, I' it,bi ill Pi. :. 'i I111tt_ ' a i Al_% p s tl`�1 !,: 1 a I i �IS011. •2- :1 S ?cFii t Zi I I it . ..........xx,....,/ ..! ilk .5/Ir. Ispe . , :„ r , —----tits4448.. .1 '41 V 101111 ...32 4444A It t . ., r 1 1 \ aes' 1 len a -.tor ■.! tl• v i 'jf�f �.. ,yl I vb f 1> i <I -!i+�vs---1 1 i 'fi ril 1 a a f • -,.---O+' , 'II . C II ;r. — 1 3f■ - 1 1' : tt t n �s— i am ti 1.tip r t E .sI... MvW .�7 m Well I. k t "‘""•ua".'17. .7+w'”Irt '.v. ucn-w..!n m.—wv.•e—.Hats tt not ,, I \ -- _. __-_- - ..._. _ !Bock L Cluk•a,ttr Surveyors Network —. ,'-, fay N.ilvn.i Cao.dlmlon 01 ALT�'ASM 1.nd Tlu.9urvey.l (_ .mr v., iia.o_r`..� Packet Page-1001- f 4/22/2014 16.D.13. EXHIBIT B RECORDED COPY OF AFFORDABLE HOUSING DENSITY BONUS AGREEMENT 4 Packet Page -1002- 9' 4/22/2014 16.D.13. OR 4694 PG 1215 ' ? 2262326 4k; 2374 PG; 2544 OXIn ' • • rata: f 05 54ISrsft fIrit UCCUZD Is Us DIRCILt sleets* of COLLISS ossrft, It atsc I,H ��'•� Fitt tr IIUIIf17 tt 11:11r1 DE.GI!I•ll1OCC, CUU AGREEMENT AI TTHORT7TNGAFFt)RflAAt.F.HOUSING usury.HONI IS AND IMPOSIN(.LQygNANTS ANT_) RESTRICTIONS ON REA!.PROPERTY Cl lit IRIS AGREEMENT is made as of the day of brfrinirx 1997, by and between CEI/Kenaington,Ltd., a Florida Limited Partnership,and Colonial Equities.Inc.and Outreach Housing Corporation and the Collier Couny Board of County Commissioners (the "Commission"). RECITALS: A. The Developer is the Owner or centsrct purchaser of a tract of real property described as(complete legal description)the West y.of the Southeast V.of Section t4,Township 49 South, Range 26 East, Collier County,Florida lying South of 1-75; less and except the following: the South 50 feet for Radio Road right•of-way and the East 726.00 feet of the West''A of the Southeast'A of said Section 34(The"Properly":.The legal and equitable owners include lames R.•Trustee. It is the Developer's intent to constnuct a maximum of four hundred thirty- eight(435)residential units(the"Units" � si of thirteen(13)units per gross acre on the Property. The gross acreage o fp .—� - ' The number of affordable Units constructed by Developer s 11 6' two hundred two(202), ep renting forty-six percent(46%) of the total number of real anti l Units s ad velop ant. Z B. In order to co st e • s !� a obt-in a density bonus front the ^ Commission for the Prop • id • • t Col .. Affordable Housing Density Bonus Ordinance No.90.84 hick density bona I 0 t'ranted by the Commission in 4 u �� accordance with the strict limi i%," said Ordinanc z C. The Commission is 't !E city bonus to the Developer authorizing the construction of two hundred and two(202)bonus Units on the Property.if the Developer agrees to construct affordable Units as specified in thin Agreement and the Developer covenants and agrees to use the affordable units only as rental property. NOW.THEREFORE,in consideration of the atrpmval and granting of the density bonus of six(6)units per acre requested by the Developer an,!the benefits conferred thereby on the Property,and for other good and valuable consideration,the receipt and sufficiency of which are hereby acknowledged,the Developer and the Commission hereby covenant and agree as follows: 1, Recitals.The above recitals are true acid correct and are incorporated herein by reference. 2. Developer Agreements. The Develop.r hereby agrees that it shall construct two hundred and two(202)affordable Units which Units snot!be rented in accordance with the tern's and conditions of this Agreement and as specified by the attached Appendix A.Exhibit A and Exhibit B, which Appendix is incorporated by reference herein and constitutes a part of this Agreement. Units at the Property which are not an affordable Unit("Market-Rate Units")shall Packet Page-1003- l� � 4/22/2014 16.D.13. OR 4894 PG 1216 ,....\ . 11111110111111.111.11.11.111.1.1111.111111 be exempt from the provisions of this Agreement and ntsy he leased or rented by the Developer on terms and conditions acceptable to the Developer in its sole discretion. Within forty-five($5) days from the date that notice is received from the Cumntission,the Developer shall provide on-site management to usurp appropriate security, maintenance and appearance of the development and the dwelling Units. a. The following provisions shall bt applicable to the affordable Units: (1) Definitions. Any and all definitions provided by Ordinance No. 90.49,as amended,are hereby incorporated by reference•. Phrsing shall mean(a)the phasrd construction of buildings or structures in separate and distinct stages as shown on a PUD muter plan,subdivision master plan or site development plan; or(b)in developments where phasrd construction is not depicted on a PUD master plan,subdivision muter plan or site development plan,the construction of buildings or structures in a clearly defined series of starts and finishes that arc separate and distinct within the development. '{t CC) o (2) :�3. �'r 11 e mon%J•,dos rat for the affordable Units shall he 7a in accordance with the rent sp • •e attached rap dix ,Exhibit A. The monthly tent �� la, .r may be increased each ye r fr. dal_ot'Ilt$A.r• ment to gas the rent does not exceed ...o (� G'a one-twelfth (1/12) of 3 roe .t o ab $sn,� Yr sen s 50 percent (for very low e of i c;l en aT tC 0 edian adjusted gross annual income),and 60 percents ow income to income for the household ishcd annually by '. artmont of Housing and Urban Development for the area dctii the Naples N �an Statistical Area (MSA). The foregoing notwithstanding, any ren td�a C' ordable housing unit rented to a low income or very low income family shall not excct d 90 percent of the rent charged for a comparable market rate dwelling in the same or similar development. (3) Median Income. For the purposes of this Agreement,the median income of the urea as defined by the U.S. Departm:nt of Housing and Urban Development (HUD) shall be the then current median income fo' the Naples Metropolitan Statistical Area, established periodically by HUD and published in the Federal Register,as adjusted for family size as shown on the tables attached hereto as Appendix A,Exhibit C,which Exhibit shall be adjusted from time to time in accordance with any t,djustments that are authorized by HUD or any successor agency. In the event that HUD ceases to publish an established median income as aforesaid,the parties hereto shall mutually agree to another reasonable and comparable method of computing adjustments in median income. (4) Eligibility and Qualifit.ation of'Tenant. Family income eligibility is a three-step process:1)submittal of an application by a prospective tenant;2)verification of family income; and 3) execution of an income ce,'tilicution form. All three steps shall be ,,.....\ 2 1��4r Packet Page-1004- `,...;, 4/22/2014 16.D.13. OR 4894 PG 1217 • • accomplished prior to a tenant being qualified as an eligible family to rent and occupy an affordable housing unit pursuant to the affordable horsing density bonus program. No person ;hall occupy an affordable housing unit provided under the affordable housing density bonus program prior to being qualified at the appropriate levt I of income(low or very low income)in accordance with this Section. The Developer shall be responsible for qualifying talents by accepting applications from tenants,verilyittg income and obtaining income ccrtil cation for all affordable units in the subject development. All applications,forms and other documentation required by this Agreement shalt be provided to the Housing and Urban Improvement Director. Qualification by the Developer of any tenant as an eligible tenant family shall be subject to review and approval in accordance with the monitoring and enforcement program created and',dented by Resolution o f the Commission. (a) Application, A potential tenant shall apply to the developer, owner, manager,or agent to qualify as a low or very low income family for the purpose of renting and occupying an affordable ouj*iAg7e5u unit), pursuant to the affordable housing density bonus program. The Glyn tofKAP 1adro'vt� (fordable Housing Unit shall be �.>• • • etnent Dt�.ector ;h•wn in Appendix B,Exhibit A, provided by the Housing an.Ur. � �� attached to this Agreement d n.• t•Ten• s 11.e larei . c l l� 'ji}ltt�, a rtification. No affordable jv') t` housing Unit in the Bevel fmt all . rent ate !!4 e household income has not cr been verified and certified ordance with this, _r a(-)a and Ordinance No. 90-89, as Tenan "�•verification and certification shall r.amended,as a low or very low �� 11Y. Gv"4"' be repeated annually to assure continu • at)Ibtti'1 (c) Income Verificrtion. The Developer shall obtain written verification from the potential occupant (including the entire household)to verify all regular sources of Income(including the entire household). The most recent year's federal income tax return for the potential occupants(including the entire household)may be used for the purpose of income verification,if attached to the Affordable Housing Applicant Income Verification form, which includes a statement to release information, tenant verification of the return, and a signature block with the date of application, The verification shall be valid for up to ninety(90) days prior to occupancy. Upon expiration of the 90 day period,the information may be verbally updated from the original sources for an additional'i0 days,provided it has been documented by the person preparing the original verification, ARn this time.a new verification form must be completed. The Affordable Housing Applicant Income Verification form shall be provided by the Housing and Urban Improvement Director as shown in Appendix B,Exhibit B,attached to this Agreement and incorporated by reference herein. 3 Packet Page -1005- 4/22/2014 16.D.13. OR 4894 PG 1218 (d) Income Certification. Upon receipt of the Preliminary Application for Affordable Housing Unit and Affordable Housing Applicant Income Verification form,the Developer shall require that an income certification form shall he executed by thy potential tenant(including the entire household)prior to rental and occupancy of the affordable housing unit by the tenant. Income certification shall assure that the potential occupant has a low or very low household income which qualities the potential occupant as an eligible family to rent and occupy an affordable housing unit under the affontable housing density bonus program. The Affordable Housing Applicant Income Certification fr.mt shall be provided by the Housing and Urban Improvement Director as shown in Appendix 3.Exhibit C, attached to this Agreement and incorporated by reference herein. (c) Rental Agreement. At a minimum, the rental agreement shall include the following: (i) name, address, and telephone number of the head of household and all other occupants; (ii) a description of the unit to. rente • o (Ili) the term of the lease• 0:0,}t.CO, :� (iv) the rental amours, O� T, ,., (v) the use of the • egad s; (vi) monitoring d epfo c ere npmYltlgcp•• inclu•ing isqualification of tenant;and ."'s �� :: :::::: •o ii suons attics N doo (of a • irtd m ista lio n to verily occupancy in accordance with this Agree.ah and Ordinance No. 89 es O dad,may be conducted by the Housing and Urban Improve rO rector. �G (5) Dia. +. tf 1 •• - t�'i5 the event that tenant qualification is L not subsequently confirmed by the Housing an. roan Improvement Director or his designee, then such tenant shall be required to vacate the nffordable unit. If tenant vacation of the affordable unit is the result of an error,omission or misrepresentation made by Developer,tenant shall vacate the affordable unit within thirty (30) lays and Developer shall pay penalties as provided by the monitoring and enforcement program. If tenant vacation of the affordable unit is the result of a misrepresentation made by the tenant,tenant shall vacate the affordable unit within 15 days and shall pay penalties as provided by the monitoring and enforcement program. Such eventuality shall be expressly detailed in the lease agreement between Developer and tenant. (6) Annual Progress and Monitoring Report. The Developer shall provide the Housing and Urban Improvement Director an annual progress and monitoring report regarding the delivery of affordable housing rt nisi units throughout the period of their construction, rental and occupancy. The annual progress and monitoring report shall, at a minimum, provide any information reasonably required to insure compliance with Ordinance No.90-89 or subsequent amendments thereto. The report shall be filed on or before September 4 Packet Page 1006- , ;-s: i 4/22/2014 16.D 13 OR 4894 PG 1219 i .,„„.•••••,,,. 30 of each year and the report shall be submitted by the Developer to the Housing and Urban Improvement Director,Failure to complete and submit the monitoring report to the Housing and Urban Improvement Director within sixty(60)days front the due date shall result in a penalty or up to fifty dollars(550.00)per day unless a written extension not to exceed thirty(30)days is requested prior to expiration of the sixty(60)day submission deadline, No more than one such extension may be granted in a single year. The progress.and monitoring report shall be in a form provided by the Housing and Urban improvement Director. (7) Occupancy Restrictions. No Affordable (Ind in any building or structure on the Property shalt be occuprcd by the Developer, any person related to or affiliated with the Developer,or by a resident manager, 3. Density Bonus. The Commission hen-by acknowledges that the Developer has met all required conditions to qualify for a density bonus,in addition to the base residential density of seven(7)units per acre, and is therefore granted a density bonus of six (6)density bo.,ts units per acre X gross acreage)of 202 Pct bonus unite per acre,for a total(total((,� oLO,,,j ry pursuant Its unty A ` •'F ousing Density Bonus Ordinance a,, �� density bonus units,p Cl No. 90.89, The Commiesi• fu , ,•.ea that the Dev-op may construct thereon, in the b G) aggregate a maximum nu her of 4 8 u ' the I'o rt •ro 'sled the Developer is able to C? \s,lati er tin y, V i°` secure building perrnit(e) \ p. Agreement,the Commission 4. Commissio• ent. a ti ring tc o tdt g the Housin ban Improvemer a rEe or its aucccssor(s)covenants acting through 8 and ogroee to prep are and m v le to the es. any general information that it regarding income limitstio 7'..• ah�; ,'s which are applicable to the affordable possesses rag 8 Unit. 5. Violations and Enforcement a. Violations. It shalt be a violation of this Agreement and the Collier County Affordable Housing Density Bonus Ordlnamx to rent,sell or occupy,or attempt to rent, sell or occupy,an affordable housing rental unit provided tinder the affordable housing density bonus program except as specifically permitted by the terms of this Agreement;or to knowingly give false or misleading information with respect to any information required or requested by the Housing and Urban Improvement Director or by any other persons pursuant to the authority which is delegated to them by the Ordinance. Collier County or its designee shall have full power to enforce the terms of this Agreement. The method of enforcement for a breech or violation of this Agreement shall be at the option of the Commission by criminal enforcement pursuant to the provisions of Section 125.69,Florida Statutes,or by civil enforcement as allowed by law. 5 Packet Page-1007- 4/22/2014 16.D.13. OR 4894 PG 1220 • „..-.\ b. Notice of Violation for Code Enforcement Board Proceedings. Whenever it is determined that there is a violation of this Agreement that should be enforced before the Code Enforcement Board,then a Notice of Violation shall he issued and sent by the Housing and Urban Improvement Director by certified return-receipt requested U.S Mail,or hand-delivery to the person or developer In violation of the Ordinance. The Notice of Violation shall be in writing,shall be signed and dated by the Housing and Behan Improvement Director or such other County personnel as may be authorized by the &mrd of County Commissioners, shall specify the violation or violations,shall state that said viotations(s)shalt be corrected within ten (10)days of the date of the Notice of Violation,and shall state that if said violation(s)is/are not corrected by the specified date in the Notice of Violation,the Housing and Urban Improvement Director shall issue a citation which shall state the date and time of issuance,name and address of the person in violation,date of the violation,Section of this Agreement or of Ordinance No. 90-89 or subsequent amendments thereto violated,not ne of the Housing and Urban Development fore the Code Enforcement Board, Director,and date and time when th'�t,�l�tir-ufilt�Qtr� T C. Ccrtific •• eccupaney. in the e • tithe the Developer fails to maintain c �� the affordable units in ac r.: ce�.awith•6rir—Age • rent o w h Ordinance No. 90-89. as emended, at the option t. the t r rtificates of occupancy,as aw. applicable,may be withhe II.". . for of er�vi roved unit located or to be CI located upon the Property u st e entire project is full co lylt• c with this Agreement and 1- ,O 'a with Ordinance No.90.89,as, en• d. ,c 6. Assignment by Co iSpir.E eul ion may assign all or part of its obligations under this Agreement to any o cr rtublic agency having jurisdiction oser the Property provided that it gives the Developer thirty 430)days advance Mitten notice thereof The Developer may not assign,delegate or otherwise transfer all or part of its duties.obttptsfs, or promises under this Agreement to any successor in interest to the Property without dm espress written consent of the Commission,which consent may be withheld Inc any reason utuuue'es • Any attempt to assign the duties,obligations,or pn.tnises under this Agreement to any successor in interest to the Property without the express written consent 0i-the Commission as required by this Section shalt be void ab initio, 7. Severabillty. If any section,phrase,sentence or portion of this Agreement is for any reason held invalid or unconstitutional by any court of competent jurisdiction,such portion shall be deemed a separate,distinct,and independent provision,and all other provisions shall remain affective and binding on the parties. 8. Notice, Any notices desired or required to he given under this Agreement shall he in writing and shall either be personally delivered or shall be sent by mail,postage prepaid,to the parties at the following addresses: .•••••••••,t• Packet Page-1008- ,(-1 q. 1 , , 4/22/2014 16.D.13. OR 4894 PG 1221 -----------w"--s--------I. To the Commission: Housing Dept. 00 N rr eshoeDv Naples.Florida 34104 To the Developer: Richard Shaw,Presidt.nt Colonial Equities,Inc. 16200 Dallas Parkws'+.Suite 190 Dallas,Ti.15248 Any party may change the address to which notices are io be sent by notifying the other party of such new address in the manner set forth above. 9, Authority to Monitor,The parties hereto acknowledge that the Director of Collier County Housing and Urban Improvement or his designee shall have the authority to monitor and enforce Developer's obligations hereunder. t0, Indemnify. The Developer hereby agree+to protect,defend,indemnify and hold • ats harmless from and against any and all Collier County and Its officers,amp 3't1jl, b fees,including,without limitation. • �. � claims,pern allies.damages,lns G cnacs,p a rte., s fees d • litigation mid dg ents arising out of any claim. a reasonable attorney's kind mode by willful misconduct or n lig , • o omit ion, o lia Ility of any T.ntai to the performance of this N o ca arse g • P. o v+ Developer, its agents or an �, o Agreement, ��, t evelo er agrees } :t .tl ® s obligations hereunder shall Il. Covenants. P l..) onetitions run with the land and shall he constitute covenants, restriclio �an having any ownership interest at any binding upon the Property and agar time and from time to time until this Agreement is terminated in accordance with Section 14 below. However,the parties agree that if Developer transfers or conveys the Property to another person or entity.Developer shalt have no further oblir;ation hereunder and any person seeking to enforce the nents hereof shall look solely to Developers successor in interest for the performance of said obligations. 12. Recording. This Agreement shall be recorded at Developers expense in the official records of Collies County.Florida. t. The parties hereto agree that this Agreement constitutes the 13. Entin:116reetnen entire Agreement between the parties hereto and shall inure to and be binding upon their respective heirs,succtstsort,and assigns. 14 Termination. F.ach affordable housing unit shall be restricted to remain and he maintained as the type of affordable housing rental unit(low ror front l w income) ncome)issuance o accordance with this Agreement for at least fifteen(15) years Packet Page 4 4009- :L:'1 4/22/2014 16.D.13. OR 4894 PG 1222 Certificate of Occupancy for such unit. After fifteen t 151 years this Agreement may terminate upon a date mutually agreed upon by the parties and stated in writing. IS. Modification. This Agreement shall be modified or amended only by the written agreement of both parties. 16. Discrimination, a. The Developer agrees that neither it nor its agents shall discriminate against any tenant or potential tenant because of said tenants race,color,religion,see,national origin,familial status,or handicap. b. When the Developer advertises,rents, sells or maintains the affordable housing unit,it must advertise,rent,sell,and maintain the same in a nondiscriminatory manner and shall make available any relevant information to any person who is interested in renting or purchasing such affordable housing unit, c, The Developer agrees to be responsible for payment of any real estate commissions and fees assessed in there l^i�ise or affordable units. d. The affordG0�tStnB units t t� lopment shall he identified on all o building plans submitted 1 th •• •• and dn,crihed n e Developer Application for �� N Affordable Housing Densit B. u. `'•' ,s e. The ffo Aar le -u in 11N e t ed with,and not segregated �a c� from,the market rate dwell ruts an the•eveloprt nt. — iv Cf� 4 J tr3 f. The st _footage, construct•• , ( gn of the affordable housing Lr. units shall be the same as make at,'wailing unit yr it lopment. All physical amenities in the dwelling units,as described in e t t�b e •n(7)of the Developer Application for Affordable Housing Density Bonus shall be the sane for market rate units and affordable units. For developments where construction takes place in more than one phase,all physical amenities as described in item number seven (7)of the Developer Application for Affordable Housing Density Bonus shall be the same in both the market rate units and the affordable units in each phase, Units in a subsequent phase may contain different amenities than units in u previous phase so long as the amenities for market rate units and affordable units are the same within each phase and provided that in no event may a market rate unit or affordable unil in any phase contain physical amenities less than those describat in the Developer Application. 17. Phasing. This development is being built ;n two phases, each having separate financing sources. The legal description of Phase I is attached as Appendix D,with Phase A being the remainder of the property. However,the second phase (298 units • northern portion of the site) will commence construction following an approval of an amended PUT). Phase I will consist of 140 units 80%low income at 60°i, of the area median income and 20%at very """\ 8 Packet Page-1010- . , ' , . 1 , .•,, y 4/22/2014 16.D.13. OR 4894 PG 1223 • • • low income at 50%of median income(southern portion of the development). Phase II will consist of 298 units with 62 affordable units(60 units at 50%of the area median income)and two (2) units at 60% of area median 'income. This agreement will become effective as to Phase 1 concurrent with Developer's closing on the purchase of the southern portion of the Property.and will flintier become efective as to Phase II concurrent with Developer's subsequent closing on the northern portion of the Property. In the event Developer fails to close on one or both portions of the Property,th:n staff will return to the Board of County Commissioners with a new afVordabl: housing agreement as to either or both portions of the Property that failed to close. However, this agreement will supersede any previous Affordable Housing Density Bonus Agreement approved for this parcel. 18, Disclosure. The developer shall not disclose to persons,other than the potential tenant,buyer or lender of the partic la.cfMti sing unit or units.which units in the development are designated as CI outing um . Thi :reerrt nt and� dhoric • d velopment shall be consistent 19. Consistency. with the Growth Manage; nt a el a,• • nt-r ati s of Collier County that are in effect at the time of de 1. e t, u• •u I, •apps d Policies shall apply to this Agreement and to the dev p tent to the extent t the ar• in conflict with the number, tr ra type of affordable housing u t •ti the amount of aYfa a••1411'•using density bonus approved for the development. 7.71 C> 20, Affordable Housing Dens on' velupment Agreement, This Agreement is a distinct and separate agreement from development;rgrecments as defined by Chapter 163.3220. Fla,Stat.(1989)and as amended. 21, Preapplication. Developer has executed and submitted to the Development Services Director the Developer Application for At fordable housing Density Bonus,a copy of which is attached to this Agreement as Appendix C and incorporated by reference herein. 22. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Florida. 23. Further Assurances. The parties hereto shall execute and deliver,in reconlabtc form If necessary,any and all documents,certificares, instruments,and agreements which may be reasonably required in order to effectuate the int,:nt of this Agreement. Such documents shall include but not be limited to any document requested by the Developer to exhibit that this Agreement has terminated in accordance with the provisions of paragraph 14 above. 1N WITNESS WHEREOF,the parties hereto hove caused this Agreement to be executed as of the day and year first above written, 9 Packet Page-1011- r • ■ 4/22/2014 16.D.13. OR 4894 PG 1224 r1 ATeEST: ` r BOARD OF COUNTY COMMISSIONERS tp7WIOHT E,BROOK,Clerk COLLIE}COUNTY,FLORIDA 4/84/1. 44(4,6 By: � /4 TIM311W L.HANCOCK,Chairman ;;'• ,1,11i} .. /2/7/9y DEVELOPER Witnesses(2): CEI?KENSINGTON,LTD. by: COLONIAL EQUITIES,INC., its General Partner By:_ Richard Shaw,President Witnesses(2): COLONIAL EQUITIES,INC. By: _ _ •ichard Shaw,President o ` 1SRCOti '° Wltn• sea(2): _I-�r c—'... (� HOUS(hi a �l7 ACH CORPORATION �� .sue Ti i—re 0 Ci :tint ) '`i ARC CC.(2u3dienA"4 `"i. Approved as to form and r� ;l legal sufficiency: T- �: 1? , of j AYt'L 4 �F,.7-fiE CTRC:, \ Heidi F.Ashton Assistant County Attorney STATE OF ) es. COUNTY OF ) The foregoing Agreement Authorizing Affordable Housing Density Bonus And Imposing Covenants And Restrictions On Real Property was acknowledged before me by Richard Shaw,President of Colonial Equities,Inc.,General partner of CEUKensington,Inc.on half of the Corporation. He is personally known to me or has produced as identification. WITNESS my hand and official seal this__.day of ,1997 • Notary Public My Commission Expires: 10 Packet Page -1012- `,,;, 4/22/2014 16.D.13. OR 4894 PG 1225 • • STATE OF ) )ss. COUNTY OF ) The foregoing Agreement Authorizing Affordable Housing Density Bonus And Imposing Covenants And Restrictions On Real Property was acknowledged before me by Richard Shaw,President of Colonial Equities,Inc.,on half of the Corporation. He is personally known to me or has produced as identification. WITNESS my hand and official sal this _day of ,1997. Notary Public My Commission Expires: STATE OF l "ashaa )es. COUNTY OFlu-QS ) The foregoing Agreement Authorizing Affordable Housing Density Bonus A d sing Covenants And Restrictions On Real Property was acknowledged before me by Richard L a'ident of Housing Outreach Co •.ration on half of the Corporation. He Is personally known to me or has produc '`' 41-WITNESS my hand d iciat seal this�,;t-• o •1/• ,1997. C..1 U 1�� s 1-4 Notary Public My Commission Expires: „it OLIWAIIJON Jellib dateaia bemo r °t. nc`)\ cl II Packet Page-1013- 4/22/2014 16.D.13. OR 4894 PG 1226 RENTAL AppsndiX A, Exhibit A sumem OF AFFORDABLE HOUSING 0}•IT8,'°^"}Hry BASE RENTH NUMBER OF UNITS BABE RENT Single Multi Single Multi Family i Family Family Family LOW INCOME Efficiency Q— --o —Q..— I 1 Bedroom 0 0 _.�—. _- . 2 Bedroom 0-- 90 ---- _..61.9...— 16 ---t--- 701 3 Bedroom p-- - 4 Bedroom 0 p 0 -- TOTAL 0 ...11-4---.. 0 VERY LOFT INCOME SI R CpU� �- ....-1=--.... N Efficiency , 464V) ---k— T, LA) LI �` __ma__ -.. �\ 1 Bedroom 0 —___ .P 0 t1ti 2 Bedroom ' Q�11( o 3 Bedroom U "1 NM A_ F' 0 cr VI 4 Bedroom [ 0 '• - � TOTAL la 88! (9 (1) Base residenti. 'ew ',Y4 'bw�'S in this development 7 units/acre. (2) Gross acreage +33.19 . (3) allowed inmthisodevelopment�+pursuant to Section units Ordinance 90-e9. 6 unity./acres. (4) Gross residential density development (including density affordable housing units/acre. by developer (5) (ascanperoent of theatotaln number eunitsbin the development) 46 . t. * Lents its tat of utility sllovsnass, tinter and sewer utilities provided in listed rent levels. r1 Page 1 of 4 • Packet Page-1014- t '; 4/22/2014 16.D.13. OR 4894 PG 1227 • Appendix A, Exhibit B HO48 NO D-H ITY B 21 It7tRIHd 9YBTE2t Section 7, ordinance No. 90-69, p1ovidel for of a density bonus for developers pledging units within their development. Included in this Exhibit B are instructions for and the tables with which to calculate the density bonus for a particular project. Exhibit C contains the current hmedian ianlincome Canand iacceptable rants for low and very low income The affordable housing density bonus rating system shell be used to determine the amount of the affordable housing density bonus which may be granted for a development based on household income level, number of bedrooms per affordable housing unit, type of affordable orummulti-family)wand percentage of affordable housingfunity housing units rating the To use the affordable and B, below, shallhbesused. density bonus rahalg Y Tables A and B shall be reviewed and updated if necessary on an annual basis by the Board of County Commissioners or its designee, First, choose the household income level (mate,tlow, or very low) of the affordable housing unit(e) proposed development, and the type of affordable yhousingg1 units where (owner-occupied or rental, single-family orlmulti-family, whereng applicable) to be chooided,� CI rooms proposed for the o again to Table A, choose °using density bonus a° affordable housing unit n safer l� ^, .-Id income teo d the number of ti rating based on the h• w bedrooms is shown in ab —' 1 .s ..'u rating has been After the able •a• C .e iy• a ., an determine the 2g determined in Table f, r.4 [ $s ` g u t proposed in the percent o! that typ-(t3 ling units in the ti' development compare• be.-• will indicate the v+ development. From t c! determinatioiQ Ta•1 gross acre that °' maximum number of re- 1•: tial dwellT`nu it £tongs residential may be added to the b-- entity. 8 affordable housing dwelling units per grow. a arc the m,(kdopaffo. Developments density bonus (A}!be) ova - • Alta which fall in between with percentages of affor•- - a s receive an affordable the percentages shown on Table W s t housing density bonus equal the lower of the two percentages gitss lies between plus 1/10th of a residential dwelling unit acre for each additional percentage of affordable housing rental units in the development. For example, a development which has 24% of and which dwellino of f "fur, "four" will receive an affordable hou.iinq density bonus (A}tDB) of 4.4 residential dwelling units per gross acre for the development. Where more than one type of affordable housing unit (based on level of income and number of bedrooms shown in Table A) is proposed for eashalllbemcalculated affordable separatelyhousing TablenB. Afters the for each dap t affordable housing density bonus calculations for each type of affordable housing unit have been completed in Table B, the affordable housing density bonus for each type of unit shall be added to those for the other typo(t) to determine the maximum L aforable Inf no d eventhshallg the naffordable housing ldensity hbonus eexceed t eight (8) dwelling units per gross acre. i1. Page 2 of 4 Packet Page -1015- 4/22/2014 16.D.13. OR 4894 PG 1228 .•:.. a , Appendix A, Exhibit B BLi0RDA8LE ROUSINfi DENSITY E(Hig RaTij�G SYSTEM it AE A1_DMLE ROIIBINfi DQNBITY SOWEEitATING . LEVEL HlRSBI'L127 BEDAOOMS/UNIT OF HOUSEHOLD EFFICIENCY 2 OR IN C= 81412.1 _.- liar MODERATE (OWNER-OCCUPIED, 0 1* 1* SINGLE-FAMILY) _ 2 3 4 LOW SINGLE-FAMILY OR MULTI- FAMILY) VERY LOW (OWNER OCCUPIED OR RENTAL, SINGLE- FAMILY OR MULTI- 4 5 FAMLLY) *Tor cluster housing developments in v.he Urban Coastal Fringe, add 1 density bonus to obtain 2. ty R CO HO . IBI?Y BONER ...'TAB 8 • • •!,- •.1.4 s, User • .: W..: : •.!. .) s .. , IN po AFFORDABLE HOUSING •d lam _ frilly y- II 1 t C o � 1 5 .. 7'11 '. C11C 8 . Please calculate your density O�onus in the space provided below. Attach additional pages Minority Bono, vas previously calculated at the tise of approval of 9addlebroot Village POD. Page 3 of 4 . Packet Page-1016- .,_` 4/22/2014 16.D.13. OR 4894 PG 1229 I ', Appendix A,Exhibit C • ►: .• • .11.11121id Pursuant to the Affordable Housing Density Bonus Ordinrnce,No.9049,moderate income is 81% to 100%of the median income,low income is 51%to 110%of the median income and very low income is less than 50%of median income. Pursuant to the Impact Fee 16,1992,moderate income is6i1%n to 80%of the mediantcom,low income is 51%to 60%of the t , median income and very low income is less than SO°/.of the median income. MEDIAN INCOMI;1997 551,300 Naples,MSA(Collier County) NUMBER OF MEMBERS IN FAMILY 1 2 3 4 5 6 7 8 100% 35,900 41,000 46,200 51,300 55,300 59,500 63,600 67,700 80°/. 28,750 32,850 36,950 41,060 44,300 47,600 60,900 54,150 60% 21,540 24,600 27,720 30,780 33,240 35,700 38,160 40,620 50% 17,950 20,500 23,100 25,650 27 700 29,750 31,800 33,850 RECO1✓ 'b ;DIM/ F.S o• �\ • The Florida Loan(SAIL)Finance A.oen•1 FHFA) Itent►l-Ugc�pqing . C e t it(LIHTC)pprograms. The aN.a provided from the County's ea,. rents given Incentive n below(Sail.)and th A. I. ilit co u' P i° rents given below are based o l9'7 • t• fr•1�, • t T►,Co tier County Housing Section 8 Rent:!Assistance•r� � / Authority. ^-' HOUS t 4 of STS BASED ON 31‘F p ' COME ago ONE BEDROOM • :EDROOM T1" FOUR BEDROOM T7 UNrf • UNIT ?'; c, 01.334 1,487 100% 962 1,15 1,4 1,067 80% 770 924 800 843 60% 577 578 667 744 50%% 481 UTILITY 95 137 162 ALLOWANCE 52 ALLOWABLE RENT WITH UTILITIES DEDUCTED ONE BEDROOM TWO BEDROOM 1 N BEDROOM FOUN BEDROOM UNIT • 1,060 1,197 1,325 100% 910 930 1,028 80%10 718 829 663 731 4 50% 429 50% 525 483 530 582 Revised 2197 pdcmiry bonul Page4 of4 Packet Page-1017- tin 4/22/2014 16.D.13. OR 4894 PG 1230 c, ?5 tri) Irs0 COtt, ay% APPENDIX C 4 ;d.ble Housing Density Bonus Z) "Cer ,C) ,c\)\ rtHE Packet Page-1018- 4/22/2014 16.D 13 OR 4694 PG 1231 • ; Appendix C Density Bonus Developer Application Yor Affordable Housing pursuant to the requirements of the collier County Affordable Housing Density Bonus Ordinance No. 90-t'9, Section 6.4, please complete this form and submit it with any accompanying documenta- tion to the Development Services Director, 2800 North Horseshoe tothe Drive, Naples, Floridn 34104. A copy must also be provided Housing and Urban Improvement Director. All items requested must be provided. proposed by the I. Please state what zoning districts are prop applicant, if any, on the property and rha acreage of each; Tsiatln cools to b ma cm OR CO U quested in conjunction 2. Has an opplioetio •zoning �1''. ' a. with the affordable •us- la[�- city bonus ay \• ::e ...li and if the If yes, stets ! At_ AL oft request has been ap o ed, state the-Or• na.oe number ,to- 0 3. Gross density of e. roposed dev� nt. 13 unite/acre. • �Jfi� C}� ment. 33.79 acres. Gross acreage of the � e•• a --"'- 4. Are affordable housing density bonus units sought in conjunction with an application for a planned unit development (PUD)? __ Yes X No. If yes, please state name and location of the PUD and any other identifying information. 5. Name of applicant Colonial Equltira, Ise. Name of land developer if not the same as applicant ?tiara I, A 1lcant Phan II, Outr�aeh Houain Co ors con. PIMP 1 of 3 Packet Page -1019- r 4/22/2014 16.D.13. OR 4894 PG 1232 .'. Appendix C Developer Application For Affordable Mousing Density Bonus 6. please complete the following tables as they apply to tho proposed development. TABLE X owner Type of �� ��IISS Wil Efficiency ---° 0 — One Bedroom 110__ o --, 0 Two Bedroom 242-- Three Bedroom 66 -e ° other Bedroom -o- `"�� TOTAL 438_ 0-- C? ra C ++o unit ^, TABLE II '` "" , T. a mbar of 4r-posed use for •• f• d � .en ity Bonus Unite n ,evelopm• 1,..*, * Owner "' • ';0' 1 m..,a I Qg5 31D.i4� cr. MODERATE INCOME C-t e- 0 n 0 0 0 Efficiency J 1 Bedroom , 771f--C . 2 Bedroom 0 3 0 �,. ------- 0 1-�- ° -_ Bedroom 0 o 0 TOTAL other — 0 0 0 — —'- LOW INCOME 0 Efficiency 0 0 --"_-- 1 Bedroom 0 0 0 n la 0 2 Bedroom 90 "-0 F --- 0 7Q� ° 3 Bedroom 16 Other 0 ._—A-- 0 0 TOTAL 114 0 R Net of utilities. Water end sever utilities provided in listed T\. rent levels. page 2 of 1 Packet Page-1020- ° t 4/22/2014 16.D.13. OR 4894 PG 1233 ", Appendix C • Developer Applioation For Affordab:e Sousing Density Bonus =ABLY II (Continued? Total Number of proposed Use for Affordable Units Density Bonus in Development Unite Owner 8 'al • Owner $4II�1 O VERY LOW INCOME n EffieiuncY ____1L_ ___I____ ___IL__ 1 Bedroom 46 0 --2____ 0 _..513•-- _�'_'.- 2 Bedroom � --•�•— 3 Bedroom .�_ 0 --522------- 0 0 other - 0 0 0 TOTAL BB 0 provide a physical • ip'nion of the affordable units o �, please p number of ? �KeTy ncome) and by �t by type of unit (modernt,� ,'v 1�1 A ," description, Y xample, the square bedrooms. Include in .e. e of u i'f1..r o erin s ssd throughout the footage of each tYP � ti e, v n - 'd w treatments; es unit (carpeting, `� \ �* appliances provided Debar, stove, a+ a_ wah r s ...s enitiee, su •a. 6 ing exhaust fans; and refrigerator; bathro• Cl • . dditional • pages. le. At' any other amenities ae -0) ab� �� 271E CIRG B, Please supply any other in • a ion which would reasonably bo needed to address this request for an affordable housing density bonus for this development. Attach additional pages. • pet of utilities. Water and sever u,•ilities provided in listed rent levels. /� Page 3 of 3 • `Fr Packet Page-1021- t,' 4/22/2014 16.D.13. OR 4894 PG 1234 SADDLEBROOK AFFORDABLE UNITS Response to Item#7 of Appendix C, Physical Description rHASEI No. of Units Type Square Footage Rent — r 20 2 Bedroom/I Bath 750 r $515 60 2 Bedroom/2 Bath 880 $618 36 2 Bedroom/2 Bath 900 $618 8 3 Bedroom/2 Bath 1040 $570 16 3 Bedroom/2�3atlr ---,----__ 1040 $703 ........+ L MAO n cp 4-k No. of Units gar TYM S. +are F.• • Rent* 46 IE ILMMO ; 2!1/ $448 14 ■ 4• . i .P . e $515 Pal 2 IVA••tn/I Bath _ : �� $618 s.3 1-' ,110u V C....., CI All of the units will be carpeted throngA Y .:caption of kitchens and baths, which will .. have vinyl flooring. Every bedroom and living area will have a ceiling fan with a light kit. The IN kitchens will include dishwasher, drop-in range, disposal and a refrigerator with an icernaker. w A utility room will contain ftrll size washer/dryer connections and an individual electric hot water beater. All units will have electric central air ronditioning/beating units. • Rents arc net of utilities. - Packet Page-1022- '' 4/22/2014 16.0.13. OR 4894 PG 1235 • .i,.' . .!1. . E 1 • . • , l• ii• .,,' 't .'.1 . .:1 1 ., 41, . • • , ''''' ,., • . , APPNDIX 0 1 . Page 1 of :t , . : 1 ' ' • . : " • THIS PALMS ' . . ' . . .• ;: i 1411;WIL DISCRIIIION . .. , . • t : t , . i : , . 'Alaimo! of.itEd; ' In Stiotkin 34, Township 49 ••-•' Range 26 East, I ' ' , 'CAW-Cou,itty;' ' • ' :nacre partinalatty dascgoed as .••... • 1: 1 :' ' • .. , ; . 1 . •Coottortroist Nit ilatifitiait;eca'ner of Ore West !If2 of the :• . •• • 114 of Sectioc ,14,To•orriarip 4 IIIingi 26 East, ii 148943'1t al distsoos of 726,00 4 . , •. .fix14 theoxi.rin , '.94W as&tame of 5000 feet to the toW Of Beginning , , ;theft,itni/4119143•1 "W a distance af 479.52 feet; ..tbw*rim f.r.00601'11"E a ' 1 - Oat** of 68. ' ifiak in Lbe point of arvature of a 4.0 . ainve °worm . 1 . ' ...50atinved.iiir, ..t.•••Ili%97.61 feet dots the i of odd rein"lacy*a radius of 206.90'flx1;*•-7- . 1414 or.2757•44-, a&on! dirtmotoe 4'96.64 feet sod a 'chord •beating of ill57'41 ' ,•• itirz44. of 12141r0:7;, entice tun ,Nrr.56■33rwi .- . . ..':ufl ,• -. .. All 4,, • . "... , •of a curie oorcave •. • .A., ,. . - ' :is.Zottlieeettein 4. •••'' •21 • '•••• aloog the 4 4 4'Curve baying a roam of .......• •200,00 fieeg, g •!F. . f.e.11. .. 276321 r, a rlord . •••• Of 95.20 Not aocl 3 ' 'chorti bowing• • I, . a ..— .f_., .Day..Tint.rlial•ICO•24'irw a I r1ttahoe'of316. . •'•• • ,,-.••.- -••- •• 5'42ri. a .' .•••• • 13.72 frelt thecoe out N00,00'1 I. • . •t 4're-"'.. 0... • , o,• lei. ..:1 i. j -11.!39"Ii l distance of '.1 •' ; • i,,gg 604,e.. .. .. PI. ; 413 5,eLif `.. •'111.• :1 1,6 6e,q.thence rule C3 • : 1446119.5rE ii rt,;• . •, 4.1 ,,r, .,.;‘,„ , 0.•,, s, *dietanoe of vz• 1 .• -v., • 171.15.1* i••.••.... ... tf,9•32'SCIV a'i.• ••••••• ,ti• it.d '•tbeeoe run -• ..1 :' 1 t diatoms of C....,3 -......3 ."' 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EXHIBIT C FORM OF TERMINATION OF AFFORDABLE HOUSING DENSITY BONUS AGREEMENT This Termination of Affordable Housing Density Bonus Agreement is executed as of by the board of County Commissioners of Collier County, Florida (the "Commission") and Saddlebrook Apartments LLC , a Florida limited Iiability company (the "Current Owner"). WHEREAS, the Current Owner is the assignee of that certain Affordable Housing Density Bonus Agreement dated as of December 9, 1997 as recorded in Official Records Book 2374, Page 2544 of the Public Records of Collier County, Florida, (the "Affordable Housing Density Bonus Agreement");and WHEREAS, the Current Owner, by its execution hereof certifies, represents and warrants to the Commission that: n I a. The term of the Affordable Housing Density Bonus Agreement as defined therein ended on fri go-el.24 , 20 15 and all conditions precedent to the Termination of the Affordable Housing Density Bonus Agreement have been fulfilled. b. All payments of any amounts due under the Affordable Housing Density Bonus Agreement are fully paid and all obligations thereunder have been met. There is currently no default under the Affordable Housing Density Bonus Agreement. WHEREAS, the Commission has authorized the execution and delivery of this Termination of Affordable Housing Density Bonus Agreement;and WHEREAS, by execution of this Termination of Affordable Housing Density Bonus Agreement by both parties, the Affordable Housing Density Bonus Agreement will be terminated as of the date of its recording in the Official Records of Collier County, Florida IN WITNESS WHEREOF, Commission and the Current Owner hereby agree to terminate the Affordable Housing Density Bonus Agreement. [SIGNATURES AND NOTARIES OF THE PARTIES] Packet Page-1025- . 1 4/22/2014 16.D.13. EXHIBIT "B"TO COUNTY RESOLUTION FORM OF TERMINATION DOCUMENT ti Packet Page-1026- (C—f; 4/22/2014 16.D.13. FORM OF TERMINATION OF AFFORDABLE HOUSING DENSITY BONUS AGREEMENT This Termination of Affordable Housing Density Bonus Agreement is executed as of by the board of County Commissioners of Collier County, Florida (the "Commission") and Saddlebrook Apartments LLC , a Florida limited liability company (the "Current Owner"). WHEREAS, the Current Owner is the assignee of that certain Affordable Housing Density Bonus Agreement dated as of December 9, 1997 as recorded in Official Records Book 2374, Page 2544 of the Public Records of Collier County, Florida, (the "Affordable Housing Density Bonus Agreement");and WHEREAS, the Current Owner, by its execution hereof certifies, represents and warrants to the Commission that: n a. The term of the Affordable Housing Density Bonus Agreement as defined therein ended on Th a re4 a V, 20 /5-and all conditions precedent to the Termination of the Affordable Housing Density Bonus Agreement have been fulfilled. b. All payments of any amounts due under the Affordable Housing Density Bonus Agreement are fully paid and all obligations thereunder have been met. There is currently no default under the Affordable Housing Density Bonus Agreement. WHEREAS, the Commission has authorized the execution and delivery of this Termination of Affordable Housing Density Bonus Agreement; and WHEREAS, by execution of this Termination of Affordable Housing Density Bonus Agreement by both parties, the Affordable Housing Density Bonus Agreement will be terminated as of the date of its recording in the Official Records of Collier County, Florida IN WITNESS WHEREOF, Commission and the Current Owner hereby agree to terminate the Affordable Housing Density Bonus Agreement. [SIGNATURES AND NOTARIES OF THE PARTIES] Packet Page -1027- f `