Loading...
Agenda 03/23/2021 Item #16D11 (Release of Lien - AHDB Program)03/23/2021 EXECUTIVE SUMMARY Recommendation to approve and authorize the chairperson to sign a release of lien for a unit that is no longer subject to the terms of the Affordable Housing Density Bonus Program. OBJECTIVE: To support the affordability of housing through the Affordable Housing Density Bonus (AHDB) Program. CONSIDERATIONS: Pursuant to Section 2.06 et seq. of the Collier County Land Development Code (LDC), the identified homeowner executed an AHDB Agreement lien encumbering their property in the Botanical Place community PUD. The AHDB Program seeks to provide an incentive to construct affordable housing units in Collier County. The following provision applies to the property if the property is sold or assigned within fifteen (15) years after the original purchase date: “at a sales price in excess of five percent (5%) per year of the original purchase price of $126,970.16, I, my heirs, legal representatives, successors or assigns shall pay to Collier County an amount equal to one-half of the sales price in excess of the five percent (5%) increase per year” (emphasis added). As such, if the borrower sells the property for less than the original sales price; there is no repayment obligation to Collier County. If the borrower sold the property “in excess of five percent (5%) per year of the original purchase price” and if there is an increase in appreciation of more than five percent (5%) per year, the borrower would pay the County one-half of the excess of five percent (5%). Based on calculations set forth in the Payment Estimator that is back-up to this item, repayment to Collier County is not required for a sales price of $185,000. The table details the release of lien associated with this Item. Name Purchase Date Purchase Price Public Record Sold Date Sold Price Payoff Amount Kristen J. Smith 12/29/2006 $126,970.16 OR4166/ PG1781 3/23/2020 $185,000 $0 The release of lien both mentions the property owner and the developer, PJM Limited Partnership, LLP, agreement with Collier County which was released on 12/21/2005 Book 3952, Page 269. This lien is also referenced in a certain Warranty Deed executed by PJM Limited Partnership, LLLP to Kristen J. Smith, recorded on 01/09/2007 in Official Records Book 4166, Page 1779 of the Public Records of Collier County, Florida. The proposed release of lien was developed with language requested by the title company and will ensure that the title is clear. FISCAL IMPACT: There is no Fiscal impact. The recording fee for this Release of Lien will be paid from Fund (116), Project 50137. GROWTH MANAGEMENT IMPACT: The Affordable Housing Density Bonus Program assists the County in meeting some of its goals and objectives in the Housing Element of the Growth Management Plan. LEGAL CONSIDERATIONS: This Item is approved for form and legality and requires a majority vote for Board of County Commissioners (Board) approval. -JAB 16.D.11 Packet Pg. 1191 03/23/2021 RECOMMENDATION: To approve and authorize the Chairperson to sign one (1) release of lien for a unit that is no longer subject to the terms of the Affordable Housing Density Bonus Program. Prepared By: Lisa N. Carr, Interim Housing Manager, Community and Human Services Division ATTACHMENT(S) 1. AHDB LIEN Smith, Kristen (PDF) 2. Developer Agreement-06-016IF & Lien Release (PDF) 3. Warrenty Deed (PDF) 4. AHDB_Payoff_Kristen Smith (PDF) 5. ROL -AHDB Smith, Kristen (PDF) 16.D.11 Packet Pg. 1192 03/23/2021 COLLIER COUNTY Board of County Commissioners Item Number: 16.D.11 Doc ID: 14966 Item Summary: Recommendation to approve and authorize the chairperson to sign a release of lien for a unit that is no longer subject to the terms of the Affordable Housing Density Bonus Program. Meeting Date: 03/23/2021 Prepared by: Title: Grants Coordinator – Community & Human Services Name: Lisa Carr 02/08/2021 3:49 PM Submitted by: Title: Manager - Federal/State Grants Operation – Community & Human Services Name: Kristi Sonntag 02/08/2021 3:49 PM Approved By: Review: Community & Human Services Jose Alvarado Additional Reviewer Completed 02/09/2021 10:10 AM Procurement Services Sandra Herrera Additional Reviewer Skipped 02/09/2021 11:12 AM Community & Human Services Kristi Sonntag CHS Review Completed 02/16/2021 10:05 AM Community & Human Services Maggie Lopez Additional Reviewer Completed 02/17/2021 9:02 AM Operations & Veteran Services Kimberley Grant Additional Reviewer Completed 02/17/2021 5:11 PM Public Services Department Todd Henry Public Services Deapartment Completed 02/18/2021 7:37 AM Grants Erica Robinson Level 2 Grants Review Completed 02/18/2021 8:54 AM Public Services Department James C French PSD Dept Head Review Completed 02/19/2021 1:13 PM County Attorney's Office Jennifer Belpedio Level 2 Attorney of Record Review Completed 03/12/2021 2:35 PM Office of Management and Budget Debra Windsor Level 3 OMB Gatekeeper Review Completed 03/12/2021 2:42 PM County Attorney's Office Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Completed 03/15/2021 9:44 AM Budget and Management Office Ed Finn Additional Reviewer Completed 03/15/2021 3:29 PM County Manager's Office Dan Rodriguez Level 4 County Manager Review Completed 03/16/2021 10:31 AM Board of County Commissioners MaryJo Brock Meeting Pending 03/23/2021 9:00 AM 16.D.11 Packet Pg. 1193 16.D.11.a Packet Pg. 1194 Attachment: AHDB LIEN Smith, Kristen (14966 : ROL Smith, Kristen) 16.D.11.b Packet Pg. 1195 Attachment: Developer Agreement-06-016IF & Lien Release (14966 : ROL Smith, Kristen) 16.D.11.b Packet Pg. 1196 Attachment: Developer Agreement-06-016IF & Lien Release (14966 : ROL Smith, Kristen) 16.D.11.b Packet Pg. 1197 Attachment: Developer Agreement-06-016IF & Lien Release (14966 : ROL Smith, Kristen) 16.D.11.b Packet Pg. 1198 Attachment: Developer Agreement-06-016IF & Lien Release (14966 : ROL Smith, Kristen) 16.D.11.b Packet Pg. 1199 Attachment: Developer Agreement-06-016IF & Lien Release (14966 : ROL Smith, Kristen) 16.D.11.b Packet Pg. 1200 Attachment: Developer Agreement-06-016IF & Lien Release (14966 : ROL Smith, Kristen) 16.D.11.b Packet Pg. 1201 Attachment: Developer Agreement-06-016IF & Lien Release (14966 : ROL Smith, Kristen) 16.D.11.b Packet Pg. 1202 Attachment: Developer Agreement-06-016IF & Lien Release (14966 : ROL Smith, Kristen) 16.D.11.b Packet Pg. 1203 Attachment: Developer Agreement-06-016IF & Lien Release (14966 : ROL Smith, Kristen) 16.D.11.c Packet Pg. 1204 Attachment: Warrenty Deed (14966 : ROL Smith, Kristen) 16.D.11.c Packet Pg. 1205 Attachment: Warrenty Deed (14966 : ROL Smith, Kristen) AHDB PAYOFF ESTIMATOR (Version 1.1 04/26/19) Date Format = mm/dd/yy Enter Data in Yellow Cells AHDB Lien Recorded 01/09/07 Estimated Sales Date 03/23/21 Elapsed Days 5187 Elapsed Years 14.2 $126,970 Original Sale Price $6,349 5% of Original Sales Price $6,349 per year, times 14.2 years $90,218 Allowed Appreciation +$126,970 Original Sales Price $217,189 Max Allowable Sales Price $185,000 New Sales Price -$32,189 Difference in Max Allowable Sales Price and Sales Price -$32,189 Excess Appreciation Above 5% per year -$16,094.27 50% of Excess Appreciation due to County (if negative, no payoff due to County) $0 Payoff Due to County 16.D.11.d Packet Pg. 1206 Attachment: AHDB_Payoff_Kristen Smith (14966 : ROL Smith, Kristen) 16.D.11.e Packet Pg. 1207 Attachment: ROL -AHDB Smith, Kristen (14966 : ROL Smith, Kristen)