Resolution 1996-355
RESOLUTION NO. 96-~
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS, COLLIER COUNTY, FLORIDA,
AUTHORIZING THE DEFERRAL OF LIBRARY
SYSTEM IMPACT FEES, PARKS AND
RECREATIONAL FACILITIES IMPACT FEES, ROAD
IMPACT FEES, WATER IMPACT FEES, SEWER
IMPACT FEES, EMERGENCY MEDICAL SERVICES
IMPACT FEE8, AND EDUCATIONAL FACILITIES
SYSTEM IMPACT FEES FOR VILLAS OF CAPRI, A
235 UNIT AFFORDABLE RENTAL HOUSING
PROJECT, AND SUBORDINATION OF LIEN.
AUG 1 3 1996
WHEREAS, Collier County has recognized and attempted to
address the lack of adequate and affordable housing for
moderate, lO~1 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 ::ollier 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; object.ive 1.6, policy 1.6.3; 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 l:ousing Element; and
\;HEREAS, EastCJdge Partners Ltd., a Florida Limited
Partnership, will undertake the development of Villas of
Capri, a two hundre.j and thirty-five (235) unit affordable
rental housing community on a site located in Collier County,
Florida, of which Eastridge Partners, Ltd. is owner; and
\~1fEREAS, on JUn-l 11, 1996, an application was filed with
the County Manager f~r the deferral of Collier County impact
fees for the Villaf. of Capri project consistent with the
requirements of the I'ounty impact fee ordinances; and
t~HEREASJ in accordance with Section 3.04 of the Library
System Impact Fee Ordinance, Ordinance No. 88-97, as amended;
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 COUdty Ordinance No. 90-86, as amended, the
Collier County W~ter System Impact Ordinance; Collier County
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AUG 1 3 1996
Ordinance No. 90-87, as amended, the Collier County Sewer
System Impact Fee Ord inance; Section 3.05 of the Emergency
Medical Services 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 applit:ant may obtain a deferral of one hundred
percent (100%) of im;:>act fees for a period of six (6) years
by qualifying for sacd deferral; and
WHEREAS, Villas of Capri has qualified for an impact fee
deferral basE;!d upon the following representations made by
Eastridge Partners, Lts.:
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 I 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.
C. The Dwelling Unit shall remain affordable for at
least fift.een (15) years from the date the
certificate of occupancy was issued.
1. The Board of Collier County Commissioners hereby
authorizes the deferral by Collier County of the
following impact fees in the amounts listed below for
the two hundred and thirty-five (235) affordable housing
units to be t'eveloped by Eastridge Partners, Ltd. on the
Plantation PUD-84-29, as identified in Exhibit IIAII:
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A.
B.
Library System rmpact Fees
Road Impact Fee:,;
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C. Parks & Recreation Impact Fees
a) Community Pilrks
b) Regional Parks
D. Emergency Services Impact Fees
E. Water Impact Fees
F. Sewer Impact Fees
G. School Impact Fees
I'
AUG 1 3 1996
Each Unit
$ 180.52
935.00
235 Units
$ 42,422.20
219,725.00
399.00 93,765.00
179.00 42,065.00
2.00 470.00
900.00 211,500.00
1,340.00 314,900.00
S27.00 194.345,00
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Total Impact Fees to be Deferred $4,762.52 $1,119,192.20
2. A). In compliance with the provision of the Collier
County impact fee ordinances, Eastridge Partners,
Ltd. has demonstrated to the County that a
subordination of the County's rights, interests and
lien is necessary to obtain financing for the Villas
of Capri. an affordable housing project consisting
of Two Hundred Thirty-Five mUlti-family dwelling
units; and
8). In complian8e 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
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 Olle l1il1ion One Hundred and Nineteen thousand
Ninety-Two Dollars and 20/100
at the expiration of the period of
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
One
Hundred
($1,119,192.20)
the deferrQ 1,
AUG 1 3 1996
equa 1 to the amount of the deferred fees. County
covenants and agrees that it will not negotiate the
bond unles:; and until the deferred impact fees
become due ~nd payable pursuant to the terms of the
Aqreement f0r 100% Deferral of Collier County Impact
Fees and th~t all moneys received by negotiation of
the bond sha 11 be applied to the payment of said
deferred impact fee obligation owing by Eastridge
Partners, Ltd.
c. ) The County hereby covenants and consents and
agrees that its rights, interests and lien pursuant
to the Agreement shall be subordinated to the lien
of the Mort':Jage and Secur i ty Agreement ("l1ortgage")
and other documents executed by Owner in
consideration therewith from Eastridge Partners,
Ltd. to Florida Housing Finance Agency, First Union
National Bank of Florida, Inc. or other primary
lenders in ~he principal amount of up to Ten Million
Six Hundred Fifty Thousand Dollars ($10,650,000) and
Florida HOllsing Finance Agency in the principal
amount of Two Million Five Hundred Eighty-Five
Thousand Do [lars ($2,585,000) plus accrued interest
and all advances authorized under the provisions of
such mortg:lges. The County will execute such
subordination agreements as may be reasonably
required by said mortgagees.
3. Deferral .of said impact fees is subject to and
contingent upon execution and recordation of an
Agreement for Deferral
which shall be entered
County.
of Collier County Impact Fees
into between the applicant and
IDOl 000 '/C.! 277
AUG 1 3 1996
This Resolution adopted after motion, second and majority
vote favoring same.
DATED: J1j~./
.ATTEST:
.... JJwight..E:
Brock, Clerk
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Approved as to form
and legal sufficiency:
!t~:;t~. (t~fi-
Assistant County Attorney
BOARD OF COUNTY COMMISSIONERS
COLLIER COUNTY, FLORIDA
Tract A
through
County,
and,
EXHIBIT "A"
Villas of Capri Legal Description
of Plantation as recorded in Plat Book
82, .inclusive, of the Public Records
Florida,
AUG 1 3 1996
15,
of
Page 80
Collier
Tract B of Plantation Unit Two as Recorded in Plat Book 17,
Page 95 and 96 of the Public Records of Collier County,
Florida.
do..' ~7]
&OOK 000 Pl'.[ 279