Manatee County Government Administrative Center First Floor, Commission Chambers 9:00 a.m. - April 10, 2018
April 10, 2018 - Regular Meeting
Agenda Item #39

Oakwood Apartments Land Use Restriction Agreement Amendment


Contact and/or Presenter Information

Denise L. Thomas, ext. 3474

Geri Lopez, ext. 3937

Action Requested
Authorization for Chairperson to execute second amendment to Land Use Restriction Agreement and Deed Restrictions for Oakwood Apartments.

Enabling/Regulating Authority
11.1.4. Efficiency in Service Delivery

Background Discussion

On June 22, 2010, a Land Use Restriction Agreement and Deed Restrictions (LURA) was executed and recorded by Manatee County for Oakwood Apartments to setaside 25% of total dwelling units for rental to low and very low income households.

The preliminary site plan and final site plan approving the project was specifically approved by the County for the purpose of providing affordable rental housing. The project located at 6720 15th Street East, has 144 total units constructed with an affordability requirement for 36 of those units.

On February 28, 2018, our office received notification from Robert F. Greene, Esq., of Greene, Hamrick, Quinlan & Schermer, P.A., that the project is currently under contract to sell to Avesta Acquisition, LLC. The purchase contract requires the Owner to satisfy any requirement for right of first refusal as provided in Section 3.2 of the LURA.  The language of right of first refusal pertains to projects that receive state funding assistance.  Because this project has received no such assistance, the statutory requirement does not apply and there is no legal requirement to keep it in the LURA.  Therefore, the request and recommendation is to delete this requirement to allow for the sale of the property.  All other terms and conditions will remain the same.

Per Mr. Greene, time is of the essence as the sale is being delayed until the amendment is finalized.

County Attorney Review
Formal Written Review (Opinion memo must be attached)

Explanation of Other

Reviewing Attorney

Instructions to Board Records
Please return one executed original Second Amendment to Land Use Restriction Agreement to Denise L. Thomas, ext. 3474 (denise.thomas@mymanatee.org).

Cost and Funds Source Account Number and Name

Amount and Frequency of Recurring Costs

Attachment:  Oakwood Apts LURA.pdf
Attachment:  Request from Robert Greene.pdf
Attachment:  CAO Review.pdf
Attachment:  Oakwood Apts 2nd Amendment.pdf