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Resolution 1996-336 RESOLUTION NO. 96-~ A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS, COLLIER COUNTY, FLORID~, AUTHORIZING THE DEFERRAL OF LIBRARY SYSTEM IMPACT FEES, PARRS AND RECREATIONAL FACILITIES IMPACT FEES, ROAD IMPACT FEES, WATER IMPACT FEES, SEWER IMPACT FEES, EMERGENCY MEDICAL SERVICES IMPACT FEES, AND EDUCATIONAL FACILITIES SYSTEM IMPACT FEES FOR SAXON MANOR ISLES APARTMENTS PHASE I, A 128 UNIT nFFORDABLE RENTAL HOUSING PROJECT, AND SUBORDINATION OF LIEN. - AUG - f ~996 WHEREAS, Collier Coun1:Y has recognized and attempted to address the lack of adequate and affordable housing for lnoderate, low, and very low income households in Collier County and the need for creative and innovative programs to assist in the provision of such housing by including several provisions in the Collier County Growth Management Plan, including: objective 1.4, policy 1. 4.1, objective 1. 5, policy 1. 5.2, policy 1. 5.3, policy 1. 5.4. policy 1. 5.5, policy 1. 5.6; objecr..ive 1. 6, policy 1. 6. J; Objective 2.1, policy 2.1.1, policy 2.1.2, policy 2.1.3, policy 2.1.5, and policy 2.1.6 of the Housing Element; and \;1HEREAS, Isles Limited Saxon Manor Apartments Partnership, a Florida Limited Partnerstlip, undertook the development of Saxon Manor Isles Apartments Phase I, a one hundred and twenty-elght (128) unit affordable rental housing community on a site located in Collier County, Florida, of which Saxon Manor Isles ApartmBnts Limited Partnership is owner; and WHEREAS, on March 25, 1996, an application was filed with the County Man,~ger for the deferral of Collier County impact fees for the Saxon Manor Isles Apartments, Phase I project consistent with the requirements of the County impact fee ordinances; and WHEREAS, in acc(Jrdance ....'ith section 3.04 of the Library System Impact Fee Ordinance, Ordinance No. 88-97, ~s amended; lOOK 000 'l" 117 - - - - AUG - 6 1996 Section 4.05 of the Parks and Recreational Facilities Impact Fee Ordinance, Ordinance No. 88-96, as amended; Section 3.04 of the Road Impact Fee Ordinance, Ordinance No. 92-22, as amended; Collier COUflty Ordinance No. 90-86, as amended, the Collier County Water System Impact Fee Ordinance; collier County Ordinance No. 90-87, as amended, the collier County Sewer system Impact Fee Ordinance; Section 3.05 of the Emergency Medical Ser'lic.~,s System Impact Fee Ordinance, Ordinance No. 91-71, as amended; and section 3.05 of the Educational Facilities System Impact Fee Ordinance, Ordinance No. 92-33, as amended, an applicant may obtain a deferral of one hundred percent (100%) of impact fees for a period of six (6) years by qualifying for said deferral; and WHEREAS, Saxon Manor Isles Apartments, Phase I has qualified for an impnct fee deferral based upon the following representations made by Saxon Manor Isles Apartments Limited Partnership: A. The Dwelling Unit shall be the permanent residence of the occupant/tenant. B. The household renting the Dwelling Unit must have a low income level, at the commencement of the leasehold and duration thereof, as that term is defined in the Appendices to the respective Impact Fee Ordinances and the monthly rent must be within the affordable housing guidelines established in the Appendices to the respective Impact Fee Ordinances. The Dwelling Unit shall remain affordable for least fifteen (15) years from the date certificate! of occupancy was issued. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF COLLIER COUNTY, FLORIDA, THAT: c. at the IOO( 000 w' 118 - 2 - -~_..._.-"", AUG - 6 1996 1. The Board of Collier County Commissioners hereby authorizes a credit for the sixty-six (66) existing units on the site and the deferral by Collier County of the following impact fees in the amounts listed below for the remaining sixty-two (62) affordable housing uni ts to be developed by Saxon Manor Isles Apartments Limited partnership on the Saxon Manor Isles PUD-9J-4, as identified in Exhibit flAil: Each unit 62 units A. Library System Impact Fees B. Road Impact Fee::> C. Parks & Recreation Impact Fees a) Community Pclrks b) Regional Parks D. Emergency Services Impact Fees E. water Impact Fees F. Sewer Impact Fees G. School Impact Fees S 180.52 S 11,192.2~ 935.00 57,970.0(1 399.00 24,738.00 179.00 11,098.00 2.00 124.00 900.00 55,800.00 1,340.00 83,080.00 827.00 51,274.00 $4,762.52 $295,276.2<6 Total Impact Fees to be Deferred 2. A). In compliance with the provision of the Collier County impact fee ordinances, Saxon Manor Isles Apartments Limited Partnership has demonstrated to the County that a subordination of the County's rights, interests and lien is necessary to obtain financing for Saxon Manor Isles Apartments Phase I, an affordable housing project consisting of One Hundred Tw~nty-Eight multi-family dwelling units; and B). In compliance with the provisions of the impact fee ordinances, the Owner will deliver to the County substitute collateral in the form of cash and a cash 1001 000 'I" liD - 3 - AUG - 6 1996 equivalent financial instrument payable to the County which together will yield to the County the full amount of the deferred impact fees, i.e., the sum of Two Hundred and Ninety-Five Thousand Two Hundred Seventy-Six Dollars and 24/100 ($295,276.24) at the expiration of the period of the deferral, February 15, 2003, i.e., a United States Treasury Zero Coupon Bond which will mature at the end of the deferral period, February 15,2003, and, upon maturity, would yield an amount equal to the amount of the deferred fees. County covenants and agrees that it will not negotiate the bond unless and until the deferred impact fees become due and payable pursuant to the terms of the Agreement for 100% Deferral of Collier County Impact Fees and that all moneys received by negotiation of the bond shall be applied to the payment of said deferred impact fee obligation owing by Saxon Manor Isles Apartments Limited Partnership. C.) The County hereby covenants and consents and agrees to subord i nate its rights, interests and lien pursuant to the Agreement for 100% Deferral of ColI ier County Impact Fees to the lien of the Mortgage and Security Agreement ("Mortgage") from Saxon Manor Isles Apartments Limited Partnership to Collier County Housing Finance Authority in the principal amount of up to Six Million Three Hundred Fifty Thou~;and Dollars ($6,350,000) plus accrued interest and all advances authorized under the mortgage. 3. Deferral of said impact fees is subject to and contingent upon execution and recordation of an Agreement for Deferral of Collier County Impact Fees which shall be entered into between the applicant and County. 100! 000 w' 120 - 4 - 'AUG - 6 1996 This Resolution adopted after motion, second and majority vote favoring same. DATED: ~)j' ATTEST: Dwight :E'. "Brock, Clerk I,,~ . '. ,:~ ,4'1"'".;: ' c' . , " . , < " """1'" Approved as to "form and legal sufficiency: ,*dF4il~~ Assistant County Attorney uoc ].s~ BOARD OF COUNTY COMMISSIONERS COLLIER COUNTY, FLORIDA By lOOK 000 w' 121 - 5 - EXHIBIT "A" LEGAL DESCRIPTION SAXON MANOR ISLES APARTMENTS PHASE I ".PO~T:ON OF THe FMH 1/2 0< 'Ii-:E <:A~1' 1/~ CF lH,. r.AST '/2 or THC NORTHlAST 1/4 Or SECTiON 0, TOwNSHIP ~o SCU'IH, RAtlGE 2& EAST. CO"IER COUNTY. rLORICA. eEI~I:; klCRE f'ARTICULARL Y :;=:SCRI9EO AS F'o...~0Y;5: COMMENCE A i 'rH~ NORTH~^ST COfiNEr< (l, S!:CilON G. TOWNSHIP 50 SOUTH, R^NCE 26 EAST, COLLIER COUNTY, FLORIDA; THENCE RUN S. 00'07'04" 'II.. ALONG '!'HE EAST LINE OF THE NORTHEAST QUARTER OF SAID SECTION 6. fOR A OISiANCE 0, :9.4.1 FEET'TO A POINi ON THE: sOunlERL Y RIGHT-or-WAY LINE OF RAOIO ROAD (C.R., /l06), AND THE "oINT OF B<GINNING OF T>iE PARCEL OF'LAND HEREIN DESCRIBED: THI::NCE CONl1NUE S. 00'07'04- W.. ALONG THE EAST UNE Or THE NORTHE~T QUARTER QF SAID SEC110N 6. FOR A DISTANCE: OF 1~63.79 FE:EI; THC:NCE RUN N. 59'52'00" W. FOR A DISTANCE OF 75.75 F'E:ET; TH~NCE RUN N. 00'07'54" E.. fOR A DISTANCE: OF 59.24 FEET; THENCE RUN N. 69'52'06- Woo fOR A DISTANCE: OF 1 eO.:57 FEe;!; THENC. RUN S. 00'07'22" W., FOR A DISTANCE OF 76.24 FEET; THENCE: RUN S. 69'~2'OS. E., fOR A DIST.o.NCE Of 2~~.32 fEET: 'T\1E:.'1CE RUN S. 00'07'54" W.. fOR A DlsiANCE OF' 82.78 FEn; THENCE RUN N. 89'52'06" w., ro/'l A DISTANCE OF 35.35 nET; THENCE RUN S. 00'07'54" W., FOR A DISTANCE Of ~5,00 FEET; T>iENCE RUN N. 59'52'os" Woo FOR A DISTANCE OF' 203.00 FEET; rrlENCE RUN N. 00'07'54" E" 'OR A DISTANCE Of 10.00 FEET: THENCE RUN N. 89'52'06" W., FOR A DISTANCE or 09.74 FEET TO A POINT ON THE WEST LINE OF THE EASi 1/2 OF THE EAST 1/2 OF' THE EAST 1/2 OF THE NORTHEAST 1/4 OF SAID SEcnON 6; THENCE RUN N. 00'07'22" E.. ALONG !l-!( WEST UNE OF' T>iE EAST 1/2 OF' THE EAST 1/2 OF THE EAST 1/'- OF' THE NORTHEAST 1/4 OF SAID SECTION 6, rOR A DISTANCE OF 1502.20\0 rEET TO A POINT ON THE SOUTHERLY RIGHT-OF-WAY UNE. OF RADIO ROAD. THE SAME BEING A POINT ON A CIRCULAR CLJr<vE, CONCAvt SOUTHERLY, WlIOSE RADIUS POINT BEARS S. 0"~5'~9. E. A DISTANCE OF 14592.73 FEET THEREFROM; THENCE RUN EASTERLY, ALONG THE SOUTHERLY RIGHT-OF- WAY LINE OF' RADIO /lOAD AND ALONG THE ARC OF SAID CURVE TO 'THE RIGHT. HAVING A /'lADIUS OF '4892.7~ FEET. 'T\1ROUGH A CENTRAL ANGLE OF 011 S'IS". SUBTENDEO BY A CHORO OF ~30.3e FEET AT A ~EARJN(; or N. 59'02'09" E.. FOR A DISTANce OF 330.J9 FEET TO THE POINT OF BEGINNIllil, i '... '. 'AUG - 6 1996 '.