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Agenda 11/10/2020 Item #11C (Contract #20-7698 - Rural Neighborhoods, Inc. - Golden Gate Golf Course)11/10/2020 EXECUTIVE SUMMARY Recommendation to approve a developer agreement with Rural Neighborhoods, Inc., for Invitation to Negotiate No. 20-7698, to develop Housing at the former Golden Gate Golf Course. OBJECTIVE: To increase the supply of housing that is affordable by developing Essential Services Housing at the former Golden Gate Golf Course. CONSIDERATIONS: The County publicly advertised ITN No. 20-7698 on December 13, 2019, on the County's online bidding system and closed the period to submit proposals on January 28, 2020. The County received six proposals by the ITN deadline. The Selection Committee met on February 18, 2020 and recommended that the top five firms make presentations to the Board for final Consideration. At the June 9, 2020 Board Meeting, the Board selected Rural Neighborhoods, Inc. (Rural Neighborhoods), and directed staff to begin negotiations. According to this developer agreement, Rural Neighborhoods will build at least 350 units on approximately 25 acres. The unit breakdown is outlined in Exhibit B of the attached developer agreement. The development would consist of 100 Senior units and between 250-300 Essential Services (ESP) units with 5% of the units targeted to veterans. The development will serve clients with incomes between 30%- 140% of the Area Median Income (AMI). The ESP units will be rented with priority given to two tiers of Essential Service Personnel. Tier 1 will include individuals who work in the Healthcare, Education, and Emergency Services sectors; Tier 2 will include Government employees. The following table illustrates the rent levels and number of units that will be targeted within this development. Income and Rent Targeting Goal Seniors Income AM Target Rent Percent Minimum It Maximum # Notie; Ekevswper moy eJea to uw fRS Level Set Aside of Units of Units §42Inmme-Averaging as aser-aside ekctum irr 496 or 996 Kausrng Credit transactianslts elecma enu bles mcomelevefttobeset-asidebetween 3 0 % 3 0% 10 % 10 N/A 60% 60% 00% 90 N/A 6P% - 20916 AMO, botaneed by its set aside below 90%. Essential Services =ire Y.M1 TYru men Porte is vet- Minimum It Maxim urn It Note_ M units shoU be rented with Le'4 e ;_ le Of Units Of Units priority given to essential Service Personae! employee& ESP OrcWatranFr4�-reneeshrdade_ Tier 1-Heakhcare,Educatron, ErnergeneyServrces irer2-C,overrrmerrt 60% lc) ', 33%; 20 24 80% '?0°: c:Q: 63 75 104°v '?0°: 51 : 142 171 120% _0-.C-,_ 0% 0 0 140% -03 1{]% 25 3D The Long -Term Ground Lease as referenced in the development agreement will contain the following schedule of milestones: Milestone Deadline Secure Project Funding Allocation Up to 12 Months from Effective date of PUD Approval Commence Building Construction Up to 12 Months from Funding Allocation Packet Pg. 347 11/10/2020 Rural Neighborhoods will provide the County with the anticipated schedule for construction of the project and will inform the County of any significant changes to such schedule. This agreement contains an Early Termination clause allowing the County to replace the developer should the developer fail to proceed toward project completion in good faith. A performance bond is required to be posed by Developer. Before exercising early termination, the County is required to give Developer an opportunity to cure. Staff is recommending approval of the developer agreement awarding Invitation to Negotiate No. 20- 7698 to Rural Neighborhoods, Inc. FISCAL IMPACT: The County will establish a Long -Term Ground Lease with Rural Neighborhoods, Inc., for the development on the former Golden Gate Golf Course property. Funding for the acquisition of the land, approximately $5 million, for the Long -Term ground lease will come from the Workforce Housing Land Trust Fund with proceeds from the Infrastructure Sale Surtax Fund. The revenue generated from the project will first cover the developer's debt service for capital construction, operating costs, and reserves. Should there be excess funds generated by the project, these funds will be allocated back to the County's Affordable Housing Trust Fund, Workforce Housing Land Trust Fund, and a housing trust fund at the Community Foundation based on a pro rata share from the initial investment. The County's investment into this project is roughly $5.5 million considering the cost of the land and zoning work required for the property, approximately a third of the investment towards the Housing development. Exhibit B of the Developer Agreement will need to be updated and clarified to reflect the appropriate distribution. Staff has clarified this requirement with the Community Foundation as referenced in the attached email. GROWTH MANAGEMENT IMPACT: Providing land for the development of housing that is affordable assists the County in addressing some of the goals and objectives of the Housing Element in the Growth Management Plan. LEGAL CONSIDERATIONS: This item is approved for form and legality and requires a majority vote for Board action. -JAB RECOMMENDATION: To approve a developer agreement with Rural Neighborhoods, Inc., for Invitation to Negotiate No. 20-7698, to develop Housing at the former Golden Gate Golf Course. Prepared By: Geoff Willig, County Manager's Office Senior Operations Analyst and Cormac Giblin, Housing, Grant Development, and Operations Manager. Community and Human Services Division ATTACHMENT(S) 1. RN Developer Agreement GG Golf Course Signed and Stamped (PDF) 2. Email with Community Foundation RE_ Pro Rata Share of excess profits (PDF) Packet Pg. 348 11.0 11/10/2020 COLLIER COUNTY Board of County Commissioners Item Number: 1 LC Doe ID: 14116 Item Summary: Recommendation to approve a developer agreement with Rural Neighborhoods, Inc., for Invitation to Negotiate No. 20-7698, to develop Housing at the former Golden Gate Golf Course. (Geoff Willig, Operations Analyst) Meeting Date: 11/10/2020 Prepared by: Title: Operations Analyst — County Manager's Office Name: Geoffrey Willig 11/02/2020 2:56 PM Submitted by: Title: County Manager — County Manager's Office Name: Leo E. Ochs 11/02/2020 2:56 PM Approved By: Review: Community & Human Services Office of Management and Budget Budget and Management Office County Attorney's Office County Manager's Office Board of County Commissioners Cormac Giblin Additional Reviewer Laura Wells Level 3 OMB Gatekeeper Review Mark Isackson Additional Reviewer Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Leo E. Ochs Level 4 County Manager Review MaryJo Brock Meeting Pending Completed 11/03/2020 3:38 PM Completed 11/03/2020 4:48 PM Completed 11/04/2020 9:20 AM Completed 11/04/2020 10:55 AM Completed 11/04/2020 1:47 PM 11/10/2020 9:00 AM Packet Pg. 349 11.C.1 DEVELOPER AGREEMENT . (GOLDEN GATE GOLF COURSE HOUSING PROJECT) THIS DEVELOPER AGREEMENT (the "Agreement") is made as of the _ day of , 20—, by and between Rural Neighborhoods, Incorporated ("Developer") and Collier County, apolitical subdivision of the State of Florida (the "County"). RECITALS WHEREAS, On December 10, 2019, the Board of County Commissioners approved issuing a solicitation for interest to develop an approximately 27-acre tract of land for affordable housing. The parcel is more commonly described as the Golden Gate Golf Course (Folio 36560040008). The legal description of such real property is attached hereto as Exhibit "A" (the "Property") WHEREAS, On December 13, 2019, Invitation to Negotiate (ITN) No. 20-7698 was opened on the Collier County Procurement Services Division Online Bidding System with the intent of obtaining proposals from interested and qualified vendors in accordance with the terms, conditions and specifications of the ITN. WHEREAS, On January 28, 2020, Developer submitted a timely response to ITN No. 20-7698. The County received a total of 6 responses from interested developers. WHEREAS, On June 9, 2020, Developer was selected by the Board of Collier County Commissioners to enter negotiations for the development of the Property pursuant to solicitation ITN No. 20-7698; and WHEREAS, the County intends to, pursuant to Florida Statutes, Section 125.379, to lease the Property to Developer (or its successor and assigns), pursuant to a 99-year ground lease (the "Ground Lease"), for development and use by Developer (defined below) to improve the Property, with such improvements to include, but not be limited to affordable residential rental units; and WHEREAS, Developer may intend to apply for additional financing from Florida Housing Finance Corporation C FHFC") under FHFC's competitive Request for Application process or other public and private sources. WHEREAS, Developer and the County desire to memorialize the terms and conditions pursuant to which Developer will improve the Property, ,and the manner in which any related escrow account shall be established; and NOW, THEREFORE, in consideration of mutual benefits and the public interest and other good and valuable considerations, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: o Packet Pg. 350 11.C.1 Section 1. Recitals. 1.1 The above recitals are true and correct, are hereby incorporated herein by reference, and form a material part of this Agreement. All Exhibits and Developer's submission to ITN 20-7698 are hereby incorporated herein by reference and accordingly deemed a part of this Agreement. Section 2. Ownership. 2.1 Developer will form one or more single -purpose legal entities (the "Project Owner") to serve as applicant entities which will seek phased development funding from FHPC or other public and private sources to own the planned phased development. Section 3. Design and Construction; Timeline. 3.1 Developer plans to use the Property (Le, the land allocated to this Project and described in Exhibit A herein) for construction of affordable housing for Seniors Veterans and Essential Services Personnel. The development shall be composed of one or more buildings, with at least 350 units (the "Project") with on grade parking. The Developer may be entitled to develop additional units in accordance with applicable land use requirements not to exceed the number allowable under the PUD. Units shall include features such as solid surface countertops; plywood cabinets; ceramic and/or vinyl plank flooring; full-size Energy Star appliances including range, refrigerator microwave, and dishwasher; and LED lighting or equivalent. Community amenities will consist of a minimum of on -site management and maintenance; clubhouse or multipurpose community room; interview or exam room, swimming pool; fitness center; media/computer room; and outdoor tot lot. Developer agrees to cause the design, permitting, and construction of the Project to be completed at its sole cost and expense in accordance with those plans and specifications approved by the County. 3.2 Developer agrees that any improvements on the Property will only include the Project and not any commercial development or outdoor storage. 3.3 Developer may cause the Project to be constructed in phases. Upon approval of the plans, specifications, and permits by the authorities having jurisdiction over the Project (the "Governmental Authorities") and approval of financing by others, the Project Owner shall promptly construct the Project. In so doing, the Project Owner shall; (a) comply with the permits and all other applicable laws, approvals, codes and requirements of orders promulgated by all Governmental Authorities (the "Approvals"), (b) perform all work in a safe and workmanlike manner, and (c) ensure construction commences and is substantially complete in accordance with the Approvals. 3.4 Developer agrees to provide a timeline of the anticipated schedule for construction of the Project and will provide the County with any significant changes to such schedule. If the Developer is unable to secure a commitment of project funding for an initial phase within 12 months from the effective date of final approval of land use as evidenced by PUD approval the County may exercise its option terminate this agreement. Should the Developer be unable to secure a commitment of project funding within 12 months, an additional 2 Packet Pg. 351 11.C.1 12 months may be granted by the Board of County Commissioners at its sole discretion. Should Developer obtain a commitment towards the initial or any subsequent phase and commence construction on that phase within twelve (12) months, Developer shall be granted an additional twelve (12) month period to obtain a commitment of project financing towards and additional phase and so on until build out of the Development. The above referenced deadlines may be extended at the discretion of the County Manager or designee up to six months. Section 4. Rent and Income Restrictions. 4.1 Developer commits to restrict all units in the development in accordance with attached Exhibit B, "Unit Income and Rent Breakdown". Exhibit B, "Unit Income and Rent Breakdown" may be amended by up to 10% by the County Manager or designee; amendments greater than 10% shall require approval by the Board of County Commissioners. Section 5. Environmental Provisions. 5.1 Developer has inspected the Property, is familiar with the condition of the Property, including the underlying environmental conditions, and based on the foregoing, and subject to receipt, review and acceptance of all County reports below agrees to accept such Property "as is" and with all faults, and assumes all risks associated with pursuing the Project in accordance with this Agreement and all applicable law. In inducing the Developer to accept Property "as is", the County shall provide to the Developer all environmental, engineering, feasibility and other reports in its possession or ordered necessary for determination that the Project can be constructed at the Property. Developer will have thirty (30) days from the Effective Date of approval of the property's Intent to Convert to accept or decline to proceed. By mutual agreement, Developer and County may extend this period for an additional thirty (30) days to allow Developer to have its own inspections performed. In case of an issue arising from any report or condition, Developer and County agree to attempt to negotiate a resolution for not less than thirty (30) additional days prior to termination of the agreement. 5.2 Developer shall not (a) knowingly cause or permit the escape, disposal or release of any hazardous substances on the Property, or (b) knowingly allow the storage or use of such substances or materials in any manner not sanctioned by law or by the highest standards prevailing in the industry for the storage and use of such substances or materials on the Property, or (c) knowingly allow any such materials or substances to be brought onto the Property except to use in the ordinary course of Developer's business or by lessees of the residential units. Section 6. Utility Costs and Related Improvements. 6.1 The County will not be required to make improvements or incur any costs in connection with the development and maintenance of the residential Project, including roads, sidewalks, landscaping, storm water facilities, etc. All costs associated with any connectivity or upgraded service for water, sewer or other utilities for the benefit of the project, including any traffic signals, and the installation and costs of those improvements, if and when required, shall be at the sole cost and expense of Developer. Packet Pg. 352 11.C.1 6.2 The County acknowledges the ITN noted financial support such as impact fees and grants may be available to the selected developer through separate local government action and represents in good faith its willingness to assist Developer in identifying any such financial assistance available. Section 7. Performance of Development. 7.1 The Project will be constructed in a good and workmanlike manner and in compliance with all applicable laws, at Developer's sole cost and expense. The Project Owner shall be responsible for obtaining all governmental permits, licenses and approvals necessary for the construction of the Project. Developer shall be responsible for all applicable impact, building, and utility connection fees imposed by any governmental authority, except for the governmental authority's ability to defer such fees, with respect to the Project and Developer's use thereof. Without limiting the foregoing, during any periods of construction, maintenance or repair of the Project, Developer will monitor all construction, maintenance and repair activity on the Property to ensure compliance with the requirements contained herein. Section 8. Performance Bond. 8.1 Developer shall cause its general contractor to furnish a payment and performance bond in form and substance satisfactory to the County in amount equal to one hundred percent (100%) of the construction costs for each phase of the Project as certified by Developer's engineer of record or general contractor, which shall be issued by a surety having a credit rating of "A" or higher. Section 9. Early Termination and Ground Lease Requirements 9.1 The Developer shall deliver to the County the construction timeline provided to the construction and permanent lenders, investor and/or the tax credit equity partner, if any. Each month the Developer shall provide a construction progress certificate and if the construction schedule is 6 months or more behind the construction timeline, the County may replace the Developer with another developer with the necessary experience to complete the Project, provided; however, before replacing the Developer, the County shall have the concurrence of the construction and permanent lender, investor and/or tax credit equity partner. In addition, the County shall provide the construction and permanent lender, investor and/or tax credit equity partner a reasonable period of time to cure identified Project delays before commencing such action. 9.2 Developer and County acknowledge a ground lease shall be used to convey the Property and that the form of such conveyance must be financeable, e.g. tenant shall be able to utilize the ground lease as collateral in the normal course of business. Any ground lease shall provide that if a lender or investor were to foreclose because of tenant's default, the lender or investor shall be able to succeed the tenant's rights under the lease. Similarly, such ground lease shall require the County to file appropriate notice of any tenant defaults and provide ample opportunity for the lender or investor to cure these defaults before termination of the ground 4 Packet Pg. 353 11.C.1 lease. The County shall have an obligation to enter into a new lease with the lender or investor on the same terms and conditions as the original ground lease if the ground lease is terminated upon tenant's default or in the event of the rejection of the ground lease in bankruptcy. Section 10. Assignment. 10.1 County acknowledges that sources of public or private financing including, but not limited to, Florida Housing Finance Corporation may require the Developer to form one or more single purpose entities ("SPE") to seek and secure funding. Developer may assign this Developer Agreement without the prior written consent of the County to the SPE whose majority member or partner shall be an affiliate of Developer. Affiliate is herein defined as a single purpose legal entity controlled, through membership or general partnership interest, by Developer. Developer must provide written notice to County of any assignment to an Affiliate within thirty (30) days of such conveyance. Any purported assignment to a non -Affiliate without the express written consent of County shall be considered void from its inception. It is hereby acknowledged and agreed between the parties that all covenants, conditions, agreements, and undertakings contained in this Agreement shall extend to and be binding upon the respective assigns of the respective parties hereto. The Developer may also assign a portion of the Property to an affiliate without prior written consent of the County in order to facilitate phased development. Definition of affiliate shall be in accordance with this paragraph. Section 11. Public Records. 11.1 Developer understands that by virtue of this Agreement all of its documents, records and materials of any kind, relating to the relationship created hereby, shall be open to the public for inspection in accordance with Florida law. If Developer will act -on behalf of the County, as provided under section 119.011(2), Florida Statutes, Developer, subject to the terms of section 287.058(1)(c), Florida Statutes, and any other applicable legal and equitable remedies, shall: 11.2 (A) Keep and maintain public records required by the County to perform the service. (B) Upon request from the County's custodian of public records, provide the County with a copy of the requested records or allow the records to be inspected or copied within a reasonable time at a cost that does not exceed the cost provided by Florida law. (C) Ensure that public records that are exempt or confidential and exempt from public records disclosure requirements are not disclosed except as authorized by law for the duration of the contract term and following completion of the contract if Developer does not transfer the records to the County. (D) IF DEVELOPER HAS QUESTIONS REGARDING THE APPLICATION OF CHAPTER 119, FLORIDA STATUTES, TO DEVELOPER'S DUTY TO PROVIDE PUBLIC RECORDS RELATING Packet Pg. 3 47 11.C.1 TO THIS AGREEMENT, CONTACT THE CUSTODIAN OF PUBLIC RECORDS AT: Collier County Board of County Commissioners Communication and Customer Relations Division 3299 Tamiami Trail East Suite 102 Naples, FL 34112 (239)252-8069 PublicRecordRequestncolliercouniyfl. 9ov Section 12. Miscellaneous. (A) Entire Agreement. This Agreement sets forth all of the promises, covenants, agreements, conditions and understandings between the parties hereto, and supersedes all prior and contemporaneous agreements, understandings, inducements or conditions, express or implied, oral or written, except as herein contained. (B) Pronouns. All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine and neuter, singular or plural, as the identity of the party or parties, personal representatives, successors or assigns may require. (C) Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which shall together constitute one -in -the -same instrument. (D) Governing Law, Venue. This Agreement shall be construed and interpreted according to the laws of the State of Florida, and all duly adopted ordinances, regulations, and policies of the County now in effect and those hereinafter adopted. The location for settlement of any and all claims, controversies, or disputes, arising out of or relating to any part of this Agreement, or any breach hereof, shall be Collier County, Florida. (E) Binding Effect. This Agreement shall be binding upon and enforceable by and against the parties hereto and their beneficiaries, heirs, successors and assigns and shall be deemed to "run with the land." This Agreement shall also inure to the benefit of both parties hereto and their respective beneficiaries, heirs, successors and assigns. (F) Recordation. This Agreement may be recorded by Developer in the Public Records of Collier County, Florida, and successors, heirs and assigns of Developer, including but not limited to builders or developers, shall be bound by the terms of this Agreement, and shall likewise be entitled to its benefits. (G) Notice. Any notice to be given shall be in writing and shall be sent by certified mail, return receipt requested, to the party being noticed at the following addresses: 6 Packet Pg. 355 11.C.1 If to the County: Collier County Procurement 3295 Tamiami Trail East Naples, Florida 34112 and: Collier County Community and Human Services 3339 Tamiami Trail East ##211 Naples, Florida 34112 Attention: Director with a copy to: County Attorney's Office Collier County 3299 Tamiami Trail East, Suite 800 Naples, Florida 34112 Attention: The County Attorney If to Developer: 'irr, N ' h6r hoed 1 n� e . �o 60o 6 3 35 9 FL 0. ri Cc- Ci ' 3 b3V Attention: Sk v1C i r �C with a copy to: SL, S -L- 2yo S Q�Sc4 �vr�, Yilud a'�`rflOp Attention: Cooperation. The County and Developer each covenant and agree to mutually cooperate with one another in good faith, and to execute and deliver such other or additional documents and instruments as may be reasonably requested in order to effectuate the agreements set forth herein. (1) Effective Date. This Agreement shall become effective upon the date the last of the parties to this Agreement executes this Agreement (the "Effective Date"). (1) Conflicts. If and to the extent there is a conflict between the terms and conditions of this Annexation agreement and the terms and conditions of any staff reports or summaries or letters of approval related to or pertaining to Developer Property, the terms and conditions of this Agreement shall control. Section 12. _ Alternate Dispute Resolution 12.1 In case of a dispute concerning this Agreement or the Development, the parties agree to attempt in good faith to resolve the dispute amicably prior to commencing litigation. If a dispute cannot be resolved in 30 business days, the parties will commence 7 Packet Pg. 356 11.C.1 informal or formal mediation with a neutral person agreed upon by the parties who is familiar with the subject matter of the dispute. If they cannot agree upon such a person within 15 business days thereafter, they will request the Chief Judge (or designee) to appoint a qualified Mediator. Mediation will commence within 10 business days after agreement or appointment of the Mediator and be completed with 30 days thereafter. The parties may expand the deadlines upon mutual agreement. The parties will share equally the cost of the Mediator. [Signature Pages Follow] Packet Pg. 357 11.C.1 IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year below their respective signatures. Signed, sealed and delivered r��l! / / �����[/y -�����/ �!0 In the presence of: By: Name: L� Date: fl 1 zo Printed Name rinted Name STATE OF FLORIDA COUNTY OF ��� The for going instrumn� prese e thi day of OW of 9 W-1 ay who is personally known to me or as identification. (Notary stamp/seal LISATORRES Notary Public - State of Florida Commission # GG 279609 nf4�°a`' My Comm. Expires Mar 21, 2023 Sanded through National Notary Assn, acknowledged before me �y means of physical as the who produced Qotaryy Public My Commission Number: < .G.�`� 9 Go9 My Commission expires: 3 (-W 1 otD Packet Pg. 358 11.C.1 Signed, sealed and delivered In the presence of: Printed Name Printed Name STATE OF FLORIDA COUNTY OF COLLIER Collier County, a political subdivision of the State of Florida By: Name: Date: The foregoing instrument was acknowledged before me by means of physical presence this day of 20 , by U as the [ of Collier County, a political subdivision of the State of Florida, who is personally known to me or who produced , as identification. (Notary stamp/seal) ATTEST CRYSTAL K. 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Income and Rent Targeting Goal Seniors IncomeAMI Target Rent Level Percent Set -Aside Minimum #.:: of Units Maximum # of Units Note: Developer may elect to use IRS W Income -Averaging as a set -aside election in R% or 9% Housing Credit transactions. Its election enables income levels to be set -aside between 60%- 80%AMI, balanced by units set -aside below 60%. 30% 30% 10% 10 N/A 60% 60% 90% 90 N/A Essential Services Income AM Target Rent Level Percent Set- Aside Minimum #: of Units Maximum # of Units Note: All units shall be rented with priority given to Essential Service Personnel employees. ESP Occupation Preferences Include: Tier1-Healthcare, Education, Emergency Services Tier 2- Government 60% 60% 8% 20 24 80% 80% 25% 63 75 100% 80% 57% 142 171 120% 100% 0% 0 0 140% 100% 1 10% 35 30 1 Income Targeting Criteria Developer shall undertake best efforts to obtain project financing that enables Developer to construct residential rental units that meet the Income and Rent Income Targeting Goal shown in the charts above with particular emphasis on Target Rent Levels indicated in Column 2. Developer agrees to a maximum debt service coverage ratio of 1.25 (DSC). DSC ratios in excess of 1.25 shall require Developer to reduce initial rents to a level that results in a debt service coverage ratio not greater than 1.25 DSC. The intent of this requirement is to reduce rents bringing projected rents closer to the Income and Rent Targeting (Goal) amounts. Local government shall undertake best efforts to obtain Federal, state and other housing resources, impact fee deferrals or alternate means of off -site improvements to enable Income and Rent Targeting Goals to be achieved. Developer shall also undertake best efforts to obtain additional grant and/or equity contributions from participating Foundations and others to enable Income and Rent Targeting Goals to be achieved. The parties agree to a mutual review of pro forma total development costs and income and expense projections prior to Developer accepting a financial commitment from an outside lender and/or equity investor. The parties agree to the inclusion of participating Foundations in the mutual review. The parties further agree that excess profits of the Development (should there be any) will be directed to a trust fund at the Foundation in partnership with Collier County, dedicated solely to the development or preservation of affordable housing in Collier County, PacketPg. 362 11.C.2 From: CasalanauidaNick To: Eileen Connolly-Keesler Cc: WilligGeoffrey Subject: numbers Date: Wednesday, November 4, 2020 12:29:47 PM Attachments: image001.p_ng Hi Eileen, Just a little clean-up from swag math on the fly • The County purchased 167 acres for $29M.... Roughly $173K per acre o The housing project will consume about 30 acres with land and water management • 30X173K = roughly 5M o The County is paying for preliminary engineering and zoning roughly $600K • County Participation Roughly $5.5M • The Community Foundation, Schulz, and Moorings participation 10M Just roughly .....66% you all and 33% County I was thinking the portion of the land which was roughly 1/6th of the 167acres... my bad That said ..... as we discussed, we will both want guarantees/commitments that proceeds will go to future housing. The hard work is still in coming.... Thanks... Nick Cosolonguido Collier County, Deputy Manager NickCasalaneuida(@CollierGov.net 239-252-8383 CMT Cmmty Under Florida Law, e-mail addresses are public records. If you do not want your e-mail address released in response to a public records request, do not send electronic mail to this entity. Instead, contact this office by telephone or in writing. Packet Pg. 363 11.C.2 From: WilliaGeoffrev To: "Eileen Connolly-Keesler" Subject: RE: Pro Rata Share of excess profits Date: Wednesday, November 4, 2020 11:52:00 AM Attachments: image015.ong image016.a_na image017.a_na imaoe018.ono imacie019.p_na image020.pna imaae001.Dna imaae002.Dng imaae003.pna imaQe004.pna imaae005.Dna image006.Dna I did hear Nick mention those ratios in the discussion but we will have to clarify the exact ratio based on the initial investment totals. Respectfully, Geoff Willig Sr. Operations Analyst C�o�r C i014VM County Manager's Office eg offrey.willigCo)colliercountyfl.gov NOTE: Email Address Has Changed 3299 Tamiami Trail East Suite 202, Naples Florida 34112 Phone: 239.252.8369 Cell: 239.315.0430 Fax: 239-252-4010 Please take a moment to provide some valuable feedback. Overall, how satisfied were ,you with the service you received? Under Florida Law, e-mail addresses are public records. If you do not want your e-mail address released in response to a public records request, do not send electronic mail to this entity. Instead, contact this office by telephone or in writing. From: Eileen Connolly-Keesler <ekeesler@cfcollier.org> Sent: Wednesday, November 4, 2020 11:34 AM To: WilligGeoffrey <Geoffrey.Willig@colliercountyfl.gov> Subject: RE: Pro Rata Share of excess profits EXTERNAL EMAIL: This email is from an external source. Confirm this is a trusted sender and use extreme caution when opening attachments or clicking links. Packet Pg. 364 11.C.2 Yes you are correct, we did discuss a 5/6 to the Foundation and 1/6th to the county. I haven't read what was attached yet so it might in the document. Eileen Eileen Connolly-Keesler I President/CEO ekeesler a&cfcollier.org I p 239.649.5000 1 f 239.649.5337 p 239.307.4518 Direct Line I 110 Pine Ridge Rdl Suite 200 1 Naples, FL 34108 cfcollier.org I facebook I cfnationalstandards I guidestar I Foundation Nonprofit Director COMMUNITY FOUNDATION Of- COLt.IER COUNTY FOR 6000 FOA1Ev49A PRIVILEGED AND CONFIDENTIAL: This communication, including attachments, is for the exclusive use of addressee and may contain proprietary or confidential information. If you are not the intended recipient, any use, copying, disclosure or distribution is strictly prohibited; notify the sender immediately by return e-mail, delete this communication and destroy all copies. AConsider the environment before printing this e-mail. From: WilligGeoffrey [mailto:Geoffrey.Willig(@colliercountyfl.gov] Sent: Wednesday, November 4, 2020 11:21 AM To: Eileen Connolly-Keesler <ekeesler(@cfcollier.org> Subject: Pro Rata Share of excess profits Importance: High Eileen, Nick spoke with you yesterday about a pro rata share of any excess profits from the Essential Services Housing development. We will have to update Exhibit B at a later date when we review the final Pro Forma of the development. The distribution of the excess profits to the respective Collier County and Community Foundation trust funds dedicated to affordable housing will be based on the pro rata investment towards the project. Please respond in the affirmative to this email so that I can attach this to the agenda item as backup today. Respectfully, Geoff Willig Sr. Operations Analyst i Co Ter County County Manager's Office geoffrey.willigfcDcolliercountyfl.gov NOTE: Email Address Has Changed Packet Pg. 365 11.C.2 3299 Tamiami Trail East Suite 202, Naples Florida 34112 Phone: 239.252.8369 Cell: 239.315.0430 Fax: 239-252-4010 Please take a moment to provide some valuable feedback. Overall, how satisfied were ,you with the service ,you received? Under Florida Law, e-mail addresses are public records. If you do not want your e-mail address released in response to a public records request, do not send electronic mail to this entity. Instead, contact this office by telephone or in writing. Packet Pg. 366