|Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - February 9, 2016|
Agenda Item #18
North Property Partnership, Ltd.
Briefing Provided Upon Request
Contact and/or Presenter Information
Cheri R. Coryea, Director, Neighborhood Services, X3468
Authorize the Chairman to sign the amended Land Use Restriction Agreement and Deed Restriction Agreement with North Property Partnership, Ltd.
Efficiency in Service
Palm Isles Apartments is a 220 unit complex for rental housing owned and constructed by North Property Partnership, Ltd., Samuel A, Reasoner, 5030 26th Street E., Bradenton Florida 34203.
In 2002, Manatee County entered into a Land Use Restriction Agreement and Deed Restrictions Agreement (LURA) based on requirements and standards in place under the Land Development Code.
North Property Partnership, Ltd., has been meeting the requirements of the 2002 LURA for marketing a minimum of eighty (80%) of the units to low and very low income households.
North Property Partnership, LTd wishes to amend the LURA to allow rental units that meet the current Land Development Code requirement of a minimum of twenty-five (25%) low and very low income households.
This amendment allows for North Property Partnership to help fill a critical shortage gap for rental housing in the Manatee County community for rental properties for moderate and workforce level income households.
The project maintains the availability and owner monitoring and reporting to Manatee County of a minimum of 25% of the units or no less than 55 of the 220 units be made available to low and very income households as affordable rental.
North Property Partnership, Ltd, provides the County with an annual report based on the income verification information agreed upon and detailed in Attachment "D" of the attached LURA.
Staff support this amendment in line with recent studies that show the population of Manatee County will continue to grow by 5,000 persons each year. Those populations will consist of baby boomers and millennials seeking attainable rental housing, to support the economic needs of the community and create potential future homeowners.
Additionally, a recent survey of over 450 local residents conducted by various groups such as; the Manatee Young Professionals, Community Development Division and M3 group, indicate that a lack of multi-level income based rental housing has priced them out of the moderate and workforce rental housing market.
County Attorney Review
Not Reviewed (Utilizes exact document or procedure approved within the last 18 months)
Explanation of Other
Instructions to Board Records
Return the executed Land Use and Deed Restriction Agreement to Elaine Maholtz, X3487, Neighborhood Services Department
Cost and Funds Source Account Number and Name
Amount and Frequency of Recurring Costs
Attachment: Land Use Restriction Agreement - Palm Isles Apartments.pdf