www.mymanatee.org
Manatee County Government Administrative Center Honorable Patricia M. Glass Chambers, First Floor 9:00 a.m. - November 19, 2019
November 19, 2019 - Regular Meeting
Agenda Item #75


Subject
Forest Cove Apartments Land Use Restriction Agreement Amendment

Briefings
All

Contact and/or Presenter Information

Geri Lopez, Director of Redevelopment and Economic Opportunity Department, ext. 3937

Denise Thomas, Community Development Division Manager, ext. 3474



Action Requested
Authorization for the Chairman to execute the Amendment to Land Use Restriction Agreement and Deed Restrictions for Forest Cove Apartments.

Enabling/Regulating Authority
11.1.4. Efficiency in Service Delivery

Background Discussion

On March 15, 2005, a Land Use Restriction Agreement and Deed Restrictions (LURA) were executed and recorded by Manatee County for Forest Cove Apartments to set aside 100% of the total dwelling units for rental to very low, low, and moderate households.

The project consists of three (3) rental units that are located at 1425, 1427, and 1429 45th Circle West, Bradenton, Florida constructed with an affordability requirement for all three units.

On November 1, 2019, our office received notification from Ulrich, Scarlett, Wickman & Dean, P.A., that the project is currently under contract to sell to JHH Real Estate Investors, LLC.  The Land Use Restriction Agreement and Deed Restrictions under Section 3.2 requires that "Should a sale or transfer of ownership for all or any part of the Project take place during the life of the property, owner must give a first right of refusal to eligible nonprofit organizations for purchase at the current market value for continued occupancy by eligible recipients {F.S. 420.9075(f)}".  The language of first right of 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 all for the sale of the property.  All other terms and conditions will remain the same.

Per Mr. Scarlett, 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
Clague

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

Cost and Funds Source Account Number and Name
None

Amount and Frequency of Recurring Costs
None


Attachment:  Forest Cove Amendment.pdf
Attachment:  Contract for Sale and Purchase.pdf
Attachment:  CAO Review.pdf
Attachment:  Forest Cove LURA.pdf
Attachment:  Letters of Administration.pdf