Resolution 2018-142 RESOLUTION NO. 2018- 1 4 2
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF
COLLIER COUNTY APPROVING THE RELEASE, ASSIGNMENT AND
ASSUMPTION OF "AGREEMENT AUTHORIZING AFFORDABLE
HOUSING DENSITY BONUS AND IMPOSING COVENANTS AND
RESTRICTIONS ON REAL PROPERTY," DATED JUNE 25, 2002, FOR
PROPERTY IN A MULTIFAMILY HOUSING DEVELOPMENT IN
PHASE II WITHIN THE SADDLEBROOK PLANNED UNIT
DEVELOPMENT, KNOWN AS THE TUSCAN ISLE COMMUNITY,
AUTHORIZING ITS CHAIRMAN TO EXECUTE SAME; AND
PROVIDING FOR 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,
as amended, 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 very-low,
low, and moderate-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
the 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 Creative Choice Homes XIV, Ltd., a Florida limited
partnership, entered into that certain agreement entitled "Agreement Authorizing Affordable
Housing Density Bonus and Imposing Covenants and Restrictions on Real Property" dated as of
June 25, 2002, and recorded in the Official Records of Collier County, Florida at Official
Records Book 3142, Page 2473 (the"Density Bonus Agreement"); and
WHEREAS,the Density Bonus Agreement applies to a 20 +1- acre site legally described
in the Density Bonus Agreement upon which was constructed a multifamily housing
development in Phase II within the Saddlebrook Planned Unit Development, known as Tuscan
Isle Community, a 298-unit complex, (hereinafter the "Project"); and
WHEREAS, the Density Bonus Agreement provides that each affordable housing 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 final certificate of
occupancy for such unit and that after 15 years the Density Bonus Agreement may terminate
[18-GRC-00702/1428188/1] 1
upon a date mutually agreed upon by the parties and stated in writing; and
WHEREAS, Creative Choice Homes XIV, Ltd. (n/k/a Tuscan Isle Community, Ltd.)
owned and was responsible for developing pursuant to the Density Bonus Agreement and did in
fact develop 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, Tuscan Isle Community, Ltd desires to transfer the Project to SREIT
Tuscan Isle, LLC.; and
WHEREAS, the Commission intends, by the adoption of this resolution, to signify its
consent to the transfer of the Project to the SREIT Tuscan Isle, LLC, and its consent to the
assignment and assumption of the duties and obligations of the Density Bonus Agreement to the
SREIT Tuscan Isle, LLC, 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 release of the Density Bonus Agreement with Tuscan Isle Community, Ltd.
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 SREIT Tuscan Isle, 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 deed or other appropriate
instrument.
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 "1" 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"1"hereto.
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
[18-GRC-00702/1428188/1] 2
0
undertaken by the officers, agents and employees of the Commission with respect to the
provisions of the Agreement are hereby ratified and approved.
Section 5. Effective Date. This Resolution shall take effect immediately upon its
passage.
This Resolution adopted this V4A1 day of �`I:. ' 2018 after motion, second, and
majority vote in favor of passage.
ATTEST: CRYSTAL K. KINZEL BOARD OF COUNTY COM ISSIONERS OF
CLERK COLLIER C0119TY, FL O .�,
1:
By: a Q . .g,, AI Q U. By: � , ./A
I)0 ;TY CLERK :M SS I'71-IA"."
Attest as to'' hii , s
signature only.
Approval as to form and legality:
By: ._ At_
Jenni er A. Belpedio Ilk
Assistant County Atto y
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[18-GRC-00702/1428188/1] 3
INSTR 5626483 OR 5563 PG 2865
RECORDED 10/18/2018 2:58 PM PAGES 7
CLERK OF THE CIRCUIT COURT AND COMPTROLLER
COLLIER COUNTY FLORIDA
REC$61.00 INDX$1.00
EXHIBIT
Page of
When recorded return to:
Attention: Yisell Rodriguez, Esq.
Nelson Mullins Broad and Cassel
390 N. Orange Ave, Suite 1400
Orlando, Florida 32831
RELEASE,ASSIGNMENT AND ASSUMPTION OF AGREEMENT AUTHORIZING
AFFORDABLE HOUSING DENSITY BONUS AND IMPOSING COVENANTS AND
RESTRICTIONS ON REAL PROPERTY
This RELEASE, ASSIGNMENT AND ASSUMPTION OF AGREEMENT AUTHORIZING
AFFORDABLE HOUSING DENSITY BONUS AND IMPOSING COV NANTS AND RESTRICTIONS
ON REAL PROPERTY(this"Assignment")is entered into as of th ,2018(the"Effective
Date"),by and among TUSCAN ISLE COMMUNITY,LTD., a Florida limited partnership(f/k/a Creative
Choice Homes XIV,Ltd.)(the"Transferor"), SREIT TUSCAN ISLE, L.L.C., a Delaware limited liability
company (the "Transferee") and COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS (the
"Commission").
RECITALS
A. The Transferor is the owner of that certain multi-family affordable housing development now
known as the Tuscan Isle Apartments(the"Improvements"),which is located on the land legally
described in Exhibit "A" attached to and made a part of this Assignment (the "Land"). The
Transferor holds fee title to the Land and the Improvements. The Land and the Improvements
constructed thereon are collectively referred to in this Assignment as the"Project".
B. The Transferor and the Commission previously entered into that certain Agreement
Authorizing Affordable Housing Density Bonus and Imposing Covenants and Restrictions on
Real Property dated as of June 25, 2002 (the "Covenant Agreement") and recorded in the
Official Public Records of the Collier County, Florida at Official Records Book 3142, Page
2473 on October 30,2002.
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C. The Transferor desires to assign to the Transferee the Covenant Agreement.
D. The Transferee desires to assume the Covenant Agreement from the Transferor.
E. The Commission has consented to the assignment and assumption of the Covenant Agreement.
AGREEMENT
NOW, THEREFORE, for and in consideration of the foregoing Recitals and other good and
valuable consideration,the receipt of which is hereby acknowledged,the parties agree as follows:
1. Recitals. The foregoing Recitals are true and correct in all material respects and are hereby
incorporated in this Assignment by reference.
2. Transfer. Effective as of the date of recordation of the deed conveying fee title to the
Project from the Transferor to the Transferee and recordation of this Assignment(hereinafter referred to as
the"Transfer")in the Official Public Records of the Collier County,Florida,the Transferor hereby assigns
and transfers to the Transferee the Covenant Agreement.
3. Assumption. From the date of the Transfer and thereafter, the Transferee assumes and
agrees to be bound by the Covenant Agreement and to perform, keep and observe all of the obligations,
duties, liabilities, covenants and agreements of the Transferor under the Covenant Agreement.
4. Release. Upon the Transfer,the Transferor is released from any liability arising under the
Covenant Agreement from and after the date of the Transfer. Notwithstanding the foregoing sentence;
however, the Transferor and the Transferee hereby acknowledge and agree that nothing contained in this
Assignment constitutes, nor shall be deemed to be, a release of the Transferor's obligations, duties,
liabilities, covenants and agreements under the Covenant Agreement arising prior to the Transfer.
5. Notices. All notices to be given pursuant to this Assignment or to the Covenant Agreement
shall be in writing and shall be deemed given when mailed by certified or registered mail, return receipt
requested,postage pre-paid,to the address set forth below,or to such other place as the Commission or the
Transferee may, from time to time, designate in writing:
To the Transferee: SREIT TUSCAN ISLE,L.L.C.
c/o Starwood Property Trust,Inc.
591 West Putnam Avenue
Greenwich, Connecticut 06830
Attn: Andrew Sossen,Esq.
To the Commission: Collier County Board of County Commissioners
2800 North Horseshoe Drive
Naples, Florida 34104
Attn: Chairman
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6. Full Force and Effect. All of the terms and conditions of this Assignment and the
Covenant Agreement shall remain in full force and effect as to the Transferor, the Transferee, the
Commission and the Project, to the extent applicable and in accordance with the terms and provisions of
the applicable document.
7. Amendment of Assignment. This Assignment shall not be cancelled, restated, amended
or otherwise modified without the prior written approval of all the parties hereto and the Commission.
8. Successors. This Assignment shall bind, and the obligations and benefits shall inure to,
the parties to this Assignment,their legal representatives, successors and assigns.
9. Governing Law. This Assignment shall be governed by, interpreted under,and construed
and enforceable with,the laws of the State of Florida.
10. Counterparts. This Assignment may be executed in multiple counterparts, each of which
when so executed and delivered shall be an original, but all of which together shall constitute one and the
same instrument.
[SIGNATURES APPEAR ON THE SUBSEQUENT PAGES]
[18-GRC-00702/1427892/1] Page 3 of 7
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[SIGNATURE PAGE TO THE ASSIGNMENT AND ASSUMPTION OF AGREEMENT
AUTHORIZING AFFORDABLE HOUSING DENSITY BONUS AND IMPOSING COVENANTS AND
RESTRICTIONS ON REAL PROPERTY]
IN WITNESS WHEREOF, the Transferor, the Transferee, and the Commission have hereunto
set their hands and seals as of the Effective Date.
TRANSFEROR:
TUSCAN ISLE COMMUNITY, LTD.,a Florida limited
partnership
By: TUSCAN ISLE GP, LLC,a Florida limited
liability company, its general partner
By: Vestcor,Inc.,a Florida corporation, its
manager
By: �1 ./ a.
Name: �� . ♦ . G
Title: .
STATE OF FLORIDA )
)ss
Duvet] COUNTY )
On thilthe0V 4-day of A�tccf , 2018,before me, as a notary public,personally
appeared k1.Spy 0 . 1(DTA ,known to me or satisfactorily proven to be the person
whose name is subscribed to this instrument and acknowledged that he/she executed the same. If this
person's name is subscribed in a representative capacity, it is for the principal named and in the capacity
indicated.
Liace
Notary Expiration 13 *!
4.1# ,;, ; REBECCA L WHR ESigiature of the Notary Public
MY COMMISSION#FF974384
[STAMP/SEAL] - EXPIRES March 23,2020
(407)398-0153 FloddallotaryService.corn
[18-G RC-00702/1427892/1] Page 4 of 7
0
[SIGNATURE PAGE TO THE ASSIGNMENT AND ASSUMPTION OF AGREEMENT
AUTHORIZING AFFORDABLE HOUSING DENSITY BONUS AND IMPOSING
COVENANTS AND RESTRICTIONS ON REAL PROPERTY]
IN WITNESS WHEREOF, the Transferor, the Transferee, and the Commission have hereunto
set their hands and seals as of the Effective Date.
TRANSFEREE:
SREIT TUSCAN ISLE,L.L.C., a Delaware limited
liability company
By:
Name: CtA rw oft
Title: V/.
STATE OF o nh e C--7(c )
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�G�✓�e_�CJ( COUNTY )
On this the 2 I day of ku.c)vt sk , 2018, before me, as a notary public, personally
appeared AvusAire w CsDtr2v\ , known to me or satisfactorily proven to be the person
whose name is subscribed to this instrument and acknowledged that he/she executed the same. If this
person's name is subscribed in a representative capacity, it is for the principal named and in the capacity
indicated. /
Kristin Rocco Coppola � \
Notary Public State of Connecticut , 1
My Commission Expires:
March 31,2021
Notaty expiration Date Signature of the Notary Public
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[18-GRC-00702/1427892/1] Page 5 of 7
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[SIGNATURE PAGE TO THE ASSIGNMENT AND ASSUMPTION OF AGREEMENT
AUTHORIZING AFFORDABLE HOUSING DENSITY BONUS AND IMPOSING
COVENANTS AND RESTRICTIONS ON REAL PROPERTY]
IN WITNESS WHEREOF, the Transferor, the Transferee, and the Commission have hereunto
set their hands and seals as of the Effective Date.
COMMISSION:
COLLIER CO II BO # OF COUNTY
COMMIS SIO RS
By:
Name: : J D W s O
Title: C !it 14
Approved as to form and legality:
Attest:
By: *\X` 'R CRYSTAL K. KINZEL, CLERK
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Name: . a1'A-�cC`A A . 1 ecc, (�j
Title:Ass± C. �"�}-y �-�� I
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STATE OF FLORIDA AtaS 0
ss *lgnature only.
COLLIER COUNTY )
On this the ) !' day of S , 2018, before me, as a notary public, personally
appeared Arcjy splis , known to me or satisfactorily proven to be the person
whose name is subscribed to this instrument and acknowledged that he/she executed the same. If this
perso • • tive capacity, it is for the principal named and in the capacity
�f '' ''
JESSICAM.HAYES
indica
,'�Cammission#GG 000215
:;,-.- Expires June 7,2020
°,°,�;..... Rondod Thru Troy Fain Insurance 800.385-7019 '
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Notary Expiration Date Si ature of the Notary Public
[STAMP/SEAL]
[18-GRC-00702/1427892/1] Page 6 of 7
EXHIBIT A
Legal Description of the Land
A TRACT OR PARCEL OF LAND SITUATED IN THE STATE OF FLORIDA, COUNTY OF COLLIER,
LYING IN SECTION 34, TOWNSHIP 49 SOUTH, RANGE 26 EAST, AND BEING MORE
PARTICULARLY DESCRIBED AS FOLLOWS:
THE WEST 1/2 OF THE SOUTHEAST 1/2 OF SECTION 34, TOWNSHIP 49 SOUTH, RANGE 26
EAST, OF COLLIER COUNTY, FLORIDA, LESS THE SOUTH 50' FOR DAVIS BOULEVARD
(STATE ROAD 84) 100.00 FOOT RIGHT-OF-WAY AND THE EAST 726 FEET OF THE SAID
WEST 1/2 AND LESS AND EXCEPT THE INTERSTATE 75 (I-75) (STATE ROAD NO. 93)
RIGHT-OF-WAY REFERENCE STATE OF FLORIDA DEPARTMENT OF TRANSPORTATION
SECTION 03175-2409 SHEET 6 OF 10:
BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCING AT THE SOUTHWEST CORNER OF THE SOUTHEAST QUARTER (SE 1/4) OF
SAID SECTION 34; THENCE ALONG THE WEST LINE OF THE SOUTHEAST QUARTER OF SAID
SECTION 34, N. 00° 24' 26" E., FOR 50.00 FEET TO THE NORTH RIGHT OF WAY OF DAVIS
BOULEVARD ALSO BEING THE SOUTHEAST CORNER OF PALM SPRING PLAZA, UNIT ONE AS
RECORDED IN PLAT BOOK 8, PAGES 21-23 OF THE OFFICIAL RECORDS OF COLLIER
COUNTY, FLORIDA, AND THE POINT OF BEGINNING;
THENCE CONTINUE ALONG THE WEST LINE OF SAID SOUTHEAST QUARTER (SE 1/4), N.
00° 24' 26" E. FOR 2,574.54 FEET TO THE NORTHWEST CORNER OF THE SOUTHEAST
QUARTER (SE 1/4) OF SAID SECTION 34, ALSO BEING THE SOUTHERLY RIGHT OF WAY
LINE OF INTERSTATE 75 (I-75) (STATE ROAD 93) PER THE STATE OF FLORIDA,
DEPARTMENT OF TRANSPORTATION MAP OF SECTION 03175-2409, SHEET 6 OF 10;
THENCE ALONG SAID RIGHT OF WAY, S. 72° 14' 13" E., FOR 506.83 FEET; THENCE ALONG
SAID RIGHT OF WAY, S. 68° 12' 38" E., FOR 115.06 FEET; THENCE LEAVING SAID RIGHT
OF WAY, S. 00° 21' 36" W., FOR 1,290.07 FEET; THENCE N.89° 35' 34" W., FOR 374.74
FEET; THENCE N. 44° 35' 34" W., FOR 84.40 FEET; THENCE S.45° 24' 26" W., FOR 113.95
FEET TO A POINT OF CURVATURE; THENCE SOUTHWESTERLY 58.90 FEET ALONG THE ARC
OF A TANGENTIAL CIRCULAR CURVE TO THE LEFT HAVING A RADIUS OF 75.00 FEET
THROUGH A CENTRAL ANGLE OF 45° 00' 00" AND BEING SUBTENDED BY A CHORD WHICH
BEARS S. 22° 54' 26" W. FOR 57.40 FEET; THENCE S. 00° 24' 26" W., FOR 808.86 FEET;
THENCE S. 14° 33' 54" E., FOR 153.96 FEET; THENCE S. 00° 49' 55" W., FOR 60.92 FEET
TO THE NORTH RIGHT OF WAY OF DAVIS BOULEVARD; THENCE ALONG THE SAID NORTH
RIGHT OF WAY, N. 88° 55' 22" W., FOR 94.33 FEET TO THE POINT OF BEGINNING.
BEARINGS ARE BASED ON THE WEST LINE OF THE SOUTHEAST QUARTER (SE 1/4) OF
SECTION 34, TOWNSHIP 49 SOUTH, RANGE 26 EAST, COLLIER COUNTY, FLORIDA AS
BEING N. 00° 24' 26" E.
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