HomeMy WebLinkAbout24-071RESOLUTION NO. 24-071
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF ST.
LUCIE COUNTY, FLORIDA, APPROVING THE TRANSFER OF OWNERSHIP
INTERESTS IN MADISON CAY, LTD.; APPROVING THE FORM OF AND
AUTHORIZING THE EXECUTION OF A LAND USE RESTRICTION
AGREEMENT WITH MADISON CAY, LTD FOR THE MADISON CAY
APARTMENTS PURSUANT TO THE COUNTY'S 2007 HHRP LOAN; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, St. Lucie County ("County") entered into that certain loan (the "Loan") with
Madison Cay, Ltd., a Florida limited partnership ("Owner") dated December 26, 2007, as
evidenced by a Secured Promissory Note dated December 26, 2007 from Owner payable to
County in the principal amount of $2,000,000 (the "Note"), which Note is secured by that
certain Mortgage, Assignment of Rents and Security Agreement dated December 26, 2007 from
Owner in favor of County (the "Mortgage"); and
WHEREAS, the Mortgage requires County to consent to the transfer of the ownership
interests in Owner prior to any such transfer; and
WHEREAS, County received a written notice from Lincoln Capital Acquisition LLC
("Lincoln Capital") dated February 22, 2024, of the desire and intent of Lincoln Capital, or an
affiliate, to acquire all of the general and limited partnership interests in Owner, with a view to
a subsequent transfer of fee simple ownership of the Madison Cay Apartments (the "Project") to
facilitate a refinancing within the next 24 months; and
WHEREAS, Lincoln Capital has indicated that upon its acquisition of the ownership
interests in Owner, Lincoln Capital would prefer to keep the Loan outstanding both presently
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upon such acquisition and upon the eventual refinancing for the rehabilitation of the Project;
and
WHEREAS, Lincoln Capital intends to obtain financing for its acquisition and has
requested that the Loan be subordinated to Lincoln Capital's new loan and eventually to the
loan obtained at the time of the refinancing; and
WHEREAS, the Loan was funded by the County using federal Hurricane Housing
Recovery Program funds in accordance with the St. Lucie County Hurricane Housing Recovery
Program (HHRP) Plan for Fiscal Years 2006/2007 and 2007/2008 (the "HHRP"), which HHRP
required that certain restrictions would be imposed on any project financed with such HHRP
funds; and
WHEREAS, while section 3.1.1 of the Mortgage referenced the imposition of such
restrictions, a restriction agreement was not executed at the time of the Loan; and
WHEREAS, County desires to execute, deliver and record a Land Use Restriction
Agreement to evidence such restrictions and Owner is in agreement with such desires.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF ST. LUCIE COUNTY, FLORIDA:
Section 1. The foregoing recitals are hereby incorporated into this Resolution as if
fully set forth herein.
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Section 2. The Board of County Commissioners (the 'Board") of St. Lucie County,
Florida, hereby consents to the transfer of the ownership interests in Owner to Lincoln Capital
or an affiliate of Lincoln Capital in accordance with section 7.2 of the Mortgage.
Section 3. The Board consents to the Loan remaining outstanding following such
transfer of ownership in Owner, the subordination of the Loan to Lincoln Capital's new
financing, and, subject to the circumstances in place at the time of the anticipated refinancing
for the rehabilitation of the Project, expresses its current willingness for the Loan to remain
outstanding as part of such refinancing for the rehabilitation of the Project under the current
terms of the Loan, but subordinated to the new refinancing loan, provided that the Board
reserves the right to consider an extension or modification of the terms of the Loan in
conjunction with such refinancing.
Section 4. The Board authorizes the Chairman or Vice -Chairman, or any
other authorized officer of the Board to, upon a determination that such actions are
in the best interest of the County and subject to approval by the County Attorney's
Office as to form and legal sufficiency, assign, subordinate, and modify the County
loan documents, including but not limited to, extending the maturity date and
changing repayment terms of the promissory note, extending the affordability
period, and other modifications necessary to make the rehabilitation of the project
feasible, and to execute new agreements, amendments, and other documents in
order to effectuate the transfer of ownership in Owner to Lincoln Capital or an
affiliate of Lincoln Capital.
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Section 5. The Land Use Restriction Agreement, in substantially the form attached
hereto as Exhibit A (the "Agreement"), is hereby approved, confirmed and ratified and the
Chairman or Vice -Chairman, or any other authorized officer of the Board with the Clerk of
Courts for St. Lucie County, or an Assistant Clerk, authorized and directed to attest to such
signatures, are hereby authorized and directed to execute and deliver the Agreement on behalf
of and in the name of the County with such additional changes, insertions and omissions
therein, and as may be otherwise made and approved by the said officers of the County
executing the same, such execution to be conclusive evidence of such approval.
Section 6. This resolution shall take effect immediately upon its adoption.
Passed and Adopted this 2nd day of April, 2024, at a regular meeting called and held.
(SEAL)
ATTEST:
A GOMM/SS�O
`Gc�f COUj^f�OF
ST. LUCIE COUNTY, FLORIDA
B
Chair, Bo of
County Commissioners
By: APPROVED AS TO FORM AND
Deputy Clerk of the Circuit Court CORRECTNESS:
and Ex-officio Deputy Clerk of the Board
v!/
County Attorney
4
EXHIBIT A
LAND USE RESTRICTION AGREEMENT
PREPARED BY AND RETURN TO:
Robert C. Reid, Esq.
Bryant Miller Olive P.A.
1545 Raymond Diehl Road, Suite 300
Tallahassee, Florida 32308
LAND USE RESTRICTION AGREEMENT
among
ST. LUCIE COUNTY, FLORIDA,
and
MADISON CAY, LTD.,
a Florida limited partnership
Relating to
MADISON CAY APARTMENTS
1655 North 29th Street
Fort Pierce, Florida 34947
Dated as of April 1, 2024
TABLE OF CONTENTS
Page
SECTION 1: DEFINITIONS AND INTERPRETATION. ........................................... 1
SECTION 2: LOW-INCOME TENANTS ...................................................................... 2
SECTION 3: REPORTING REQUIREMENTS. ............................................................ 3
SECTION 4: FAIR HOUSING LAWS. .......................................................................... 3
SECTION 5: COVENANTS TO RUN WITH THE LAND. ......................................... 3
SECTION 6: INDEMNIFICATION OF COUNTY. ..................................................... 4
SECTION 7: TERM. ......................................................................................................... 4
SECTION 8: CORRECTION OF NONCOMPLIANCE. ............................................. 5
SECTION 9: UNIFORMITY; COMMON PLAN.......................................................... 5
SECTION 10: BURDEN AND BENEFIT. ........................................................................ 5
SECTION 11: REMEDIES; ENFORCEABILITY. ........................................................... 5
SECTION 12: GOVERNING LAW; VENUE. ................................................................. 5
SECTION 13: FILING. ....................................................................................................... 6
SECTION 14: AMENDMENTS. ....................................................................................... 6
SECTION 15: RESERVED. ................................................................................................ 6
SECTION 16: NOTICE. ..................................................................................................... 6
SECTION 17: SEVERABILITY. ........................................................................................ 7
SECTION 18: MULTIPLE COUNTERPARTS. ............................................................... 7
EXHIBIT A - LEGAL DESCRIPTION
EXHIBIT B - INCOME CERTIFICATION
EXHIBIT C - CERTIFICATE OF CONTINUING PROGRAM COMPLIANCE
i
LAND USE RESTRICTION AGREEMENT
THIS LAND USE RESTRICTION AGREEMENT (the “Agreement”), dated as of April
1, 2024, is by and among ST. LUCIE COUNTY, FLORIDA, a political subdivision of the State of
Florida (together with its permitted successors and assigns, “County”), and MADISON CAY,
LTD., a Florida limited partnership, formed under the laws of the State of Florida, and its
successors and assigns (“Owner”).
W I T N E S S E T H :
Preamble
WHEREAS, County entered into that certain loan (the “Loan”) with Owner dated
December 26, 2007, as evidenced by a Secured Promissory Note dated December 26, 2007, from
Owner and payable to County in the principal amount of $2,000,000 (the “Note”), which Note is
secured by that certain Mortgage, Assignment of Rents and Security Agreement dated December
26, 2007 from Owner in favor of County (the “Mortgage”); and
WHEREAS, the Loan was funded by County using federal Hurricane Housing Recovery
Program funds in accordance with the St. Lucie County Hurricane Housing Recovery Program
(HHRP) Plan for Fiscal Years 2006/2007 and 2007/2008 (the “HHRP”), which HHRP required that
certain restrictions would be imposed on any project financed with such HHRP funds; and
WHEREAS, Section 3.1 of the Mortgage referenced the imposition of such restrictions, a
restriction agreement was not executed at the time of the Loan; and
WHEREAS, County and Owner have agreed to execute, deliver and record this
Agreement to evidence such restrictions.
NOW, THEREFORE, in consideration of the mutual covenants and undertakings set forth
herein, and other good and valuable consideration, the receipt and sufficiency of which hereby
are acknowledged, County and Owner hereby agree as follows:
Section 1: Definitions and Interpretation. Any capitalized term not otherwise
defined in the recitals set forth above or as defined below shall have the meaning ascribed to such
term in the Mortgage:
“Affordability Period” shall mean the period beginning on the date the Project was placed
in service and ending on November 25, 2058, unless the maturity date of the Note is extended by
County, in which case, ending on the later extended maturity date of the Note.
“Agreement” shall mean this Land Use Restriction Agreement dated as of April 1, 2024,
by and between County and Owner which pertains to the operation of the Project to ensure
compliance with HHRP requirements.
“Certificate of Continuing Program Compliance” shall mean the certificate, substantially
in the form attached as Exhibit C hereto, as such form may be revised by County from time to
time and provided to Owner if so revised, or the form used by Florida Housing Finance
Corporation, which certificate is required to be delivered by Owner to County pursuant to Section
3(d) hereof.
“County” shall mean St. Lucie County, Florida.
“Income Certification” shall mean a Tenant Income Certification substantially in the form
of Exhibit B hereto, as such form may be revised by County from time to time, or the form used
by Florida Housing Finance Corporation.
“Land” shall mean the real property (exclusive of any buildings thereon) described in
Exhibit A attached hereto.
“Loan” shall mean the loan from County to Owner in the principal amount of $2,000,000
evidenced by the Note and Mortgage.
“Low-Income Tenant” shall mean (except as provided below) a person or family having
an income not exceeding 120% of area median income, as determined in accordance with the
requirements of the Code in a manner consistent with determinations of low-income families and
area median gross income under Section 8 of the U.S. Housing Act of 1937, including adjustments
for family size.
"Project" shall mean the Land and the buildings, structures, facilities and equipment now
or hereafter comprising the 132-unit multifamily housing facility known as "Madison Cay
Apartments", to be owned by Owner located in St. Lucie County, Florida, at 1655 North 29th
Street, Fort Pierce, Florida 34947.
“State” shall mean the State of Florida.
Unless the context clearly requires otherwise, as used in this Agreement, words of the
masculine, feminine or neuter gender shall be construed to include any other gender when
appropriate and words of the singular number shall be construed to include the plural number,
and vice versa, when appropriate. This Agreement and all the terms and provisions hereof shall
be construed to effectuate the purposes set forth herein and to sustain the validity hereof.
The titles and headings of the sections of this Agreement have been inserted for
convenience of reference only and are not to be considered a part hereof and shall not in any way
modify or restrict any of the terms or provisions hereof or be considered or given any effect in
construing this Agreement or any provisions hereof or in ascertaining intent, if any question of
intent shall arise.
Section 2: Low-Income Tenants. Owner hereby represents, warrants and covenants
as follows:
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(a) At all times during the Affordability Period, not less than one hundred
percent (100%) of the completed units shall be occupied (or held available for occupancy) by Low-
Income Tenants.
(b) All rental leases shall provide for termination and eviction if a tenant has
certified that he or she is a Low-Income Tenant, and has failed to so qualify, at the time of
commencement of the occupancy or any renewal thereof. The form of lease to be utilized by
Owner in renting all residential rental units in the Project shall be subject to County’s approval,
not to be unreasonably withheld, conditioned or delayed.
Section 3: Reporting Requirements.
(a) During the Affordability Period, Owner shall obtain from each Low-
Income Tenant, at the time of such tenant’s initial occupancy in the Project and at each lease
renewal, an Income Certification dated immediately prior to the initial occupancy or renewed
occupancy of such Low-Income Tenant in the Project.
(b) Owner shall file with County, at such intervals required by Florida
Housing Finance Corporation, copies of the Income Certifications specified in Section 3(a) hereof
obtained by Owner.
(c) Owner shall maintain complete and accurate records pertaining to the
incomes of (as of the date of initial occupancy of each tenant) Low-Income Tenants residing in
the Project, and shall permit, upon five (5) Business Days’ notice to Owner, any duly authorized
representative of County to inspect the books and records of Owner pertaining to the incomes of
all tenants residing in the Project.
(d) Commencing on the effective date of this Agreement, Owner shall prepare
and submit to County rent rolls and a Certificate of Continuing Program Compliance
simultaneous with the submission of the Certificate of Program Compliance with Florida
Housing Finance Corporation.
(e) Notwithstanding anything to the contrary, due to the delay in executing
and recording this Agreement, Owner’s failure to comply with the reporting requirements of this
th
Section 3 shall be waived, with such reporting requirements commencing as of the 15 day of the
month following the month in which this Agreement is recorded in the public records of County.
Section 4: Fair Housing Laws. Owner will comply with all fair housing laws, rules,
regulations or orders applicable to the Project.
Section 5: Covenants to Run with the Land. The covenants, reservations and
restrictions set forth herein shall be deemed covenants running with the Land and, except as
provided in Section 7 hereof, shall pass to and be binding upon Owner’s assigns and successors
in title to the Land or the Project; provided, however, that upon the termination of this Agreement
in accordance with the terms hereof said covenants, reservations and restrictions shall expire.
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Except as provided in Section 7 hereof, each and every contract, deed or other instrument
hereafter executed covering or conveying the Land or the Project or any portion thereof shall
conclusively be held to have been executed, delivered and accepted subject to such covenants,
reservations and restrictions, regardless of whether such covenants, reservations and restrictions
are set forth in such contract, deed or other instruments. If a portion or portions of the Project are
conveyed, all of such covenants, reservations and restrictions shall run to each portion of the
Project. Owner, at its cost and expense, shall cause this Agreement to be duly recorded or filed
and re-recorded or refiled in such places, and shall pay or cause to be paid all recording, filing,
or other taxes, fees and charges, and shall comply with all such statutes and regulations as may
be required by law in order to establish, preserve and protect the ability of County to enforce this
Agreement.
Section 6: Indemnification of County. From and after the date of this Agreement,
Owner hereby covenants and agrees that it shall indemnify and hold harmless County and their
officers, directors, officials and employees (“Indemnified Party”) from and against any and all
claims arising from any act or omission of Owner in connection with the enforcement of this
Agreement first arising on or after the date hereof, including all reasonable costs, counsel fees,
expenses or liabilities incurred in connection with any such claim or proceeding. In the event that
any action or proceeding is brought against County or any of its officers, directors, officials or
employees with respect to which indemnity may be sought hereunder, Owner, upon written
notice from the Indemnified Party (which notice shall be timely given so as to not prejudice the
rights of Owner), shall assume the investigation and defense thereof, including the employment
of counsel and the payment of all expenses. The Indemnified Party shall have the right (upon a
reasonable determination of a legal conflict) to employ separate counsel in any such action or
proceeding and to participate in the investigation and defense thereof, and Owner shall pay the
reasonable fees and expenses of such separate counsel, provided that the applicable Indemnified
Party shall make a good faith effort to notify Owner of the engagement of such separate counsel
and is provided a good faith estimate of the probable costs associated therewith. Owner’s
obligations under this Section 6 shall exist only for its own acts and omissions (including those of
its agents, contractors, servants, employees and licensees), whether or not the right to
indemnification arises after a change in ownership of the Project, and Owner shall not be liable
for the acts or omissions of any other successor during such time that such successor is the owner
of Project provided such successor has agreed to be bound by the provisions of this Section 6
applicable to Owner. Notwithstanding the foregoing, Owner’s obligation to indemnify County
shall not apply to actions arising from the gross negligence or willful misconduct of County and
shall survive the termination of this Agreement.
Section 7: Term.
Subject to the rights of County pursuant to Section 6 hereof, this Agreement shall remain
in full force and effect until the end of the Affordability Period. Upon the termination of this
Agreement, upon request of any party hereto, County, Owner and any successor party hereto
shall execute a recordable document prepared by County or its counsel (at the expense of Owner)
further evidencing such termination.
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Section 8: Correction of Noncompliance. The failure of Owner to comply with any
of the provisions of this Agreement shall not be deemed a default hereunder unless such failure
has not been corrected within a period of sixty (60) days following the date that any of the parties
hereto learned of such failure, unless additional time to cure or correct such failure to comply has
been requested by Owner and has been granted by County. Not later than the three (3) calendar
days next succeeding the day on which County learns of such failure, County shall attempt with
reasonable diligence to notify Owner of such failure by telephonic communication to be
confirmed in writing.
Section 9: Uniformity; Common Plan. The covenants, reservations and restrictions
hereof shall apply uniformly to the entire Project.
Section 10: Burden and Benefit. County and Owner hereby declare their
understanding and intent that the burden of the covenants set forth herein touch and concern the
Land in that Owner’s legal interest in the Land and the Project is rendered less valuable thereby.
County and Owner hereby further declare their understanding and intent that the benefit of such
covenants touch and concern the Land by enhancing and increasing the enjoyment and use of the
Land and the Project by Low-Income Tenants, the intended beneficiaries of such covenants,
reservations and restrictions, and by furthering the public purposes required by County.
Section 11: Remedies; Enforceability. If a violation of any of the provisions hereof
occurs or is attempted and continues beyond the expiration of any applicable cure or grace period,
County and its successor and assigns may institute and prosecute any proceeding at law or in
equity to abate, prevent or enjoin any such violation or attempted violation, to compel specific
performance hereunder, to rescind any and all incentives, either regulatory and/or financial,
provided to Owner, and to recover monetary damages caused by such violation or attempted
violation. The provisions hereof are imposed upon and made applicable to the Land and shall
run with the Land and shall be enforceable against Owner or any other person or entity that has
or had an ownership interest in the Project at the time of such violation or attempted violation.
No delay in enforcing the provisions hereof as to any breach or violation shall impair, damage or
waive the right of any party entitled to enforce the provisions hereof or to obtain relief against or
recover for the continuation or repetition of such breach or violation or similar breach or violation
hereof at any later time or times. With the exception of the obligations of Owner to County set
forth in Section 6 of this Agreement, the liability of Owner under this Agreement is and shall be
limited to the interest of Owner in the Project, it being specifically understood and agreed that
neither Owner nor its partners shall have any personal liability with respect to the obligations of
Owner set forth herein, and that any party seeking to enforce personal liability against Owner or
its partners shall look only to said interest of Owner for the satisfaction of such liability. For the
avoidance of doubt, Owner’s partners, members, directors, officers, employees and agents shall
have no personal liability under this Agreement.
Section 12: Governing Law; Venue. This Agreement shall be governed by the laws of
the State and venue shall be in St. Lucie County, Florida.
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Section 13: Filing. This Agreement shall be duly recorded in the Office of the Clerk of
the Circuit Court for St. Lucie County, Florida.
Section 14: Amendments. This Agreement shall not be amended, revised, or
terminated except by a written instrument, executed by the parties hereto and duly recorded in
the Office of the Clerk of the Circuit Court for St. Lucie County, Florida.
Section 15: Reserved.
Section 16: Notice. Any written notice required or permitted to be given hereunder
shall be given by (i) personal delivery, (ii) registered U.S. mail or (iii) registered expedited service
at the addresses set forth below or at such other addresses as may be specified in writing by the
parties hereto. Any such notice shall be deemed received on (i) the date of delivery, if given by
personal delivery or by expedited delivery service, or (ii) upon the earlier of the third (3rd)
Business Day after the date of mailing or upon actual receipt, if sent by registered U.S. mail.
County: St. Lucie County, Florida
C/O St. Lucie County Attorney's Office
2300 Virginia Avenue
Fort Pierce, FL 34982
Attn: Katherine Barbieri, Assistant County Attorney
with a copy to: St. Lucie County, Florida
Community Services
nd
714 Avenue C, 2 Floor
Fort Pierce, Florida 34950
Attention: Jennifer Hance, Interim Director
Owner: Madison Cay Ltd.
th
401 Wilshire Blvd., 11 Floor
Santa Monica, CA 90401
Attention: Russell Condas
Telephone: 424-222-8396
Email: rcondas@lincolnavecap.com
with a copy to:
Stearns Weaver Miller Weissler
Alhadeff & Sitterson, P.A.
150 West Flagler Street, Suite 2200
Miami, FL 33130
Attention: Brooke R. Perlyn, Esq.
Telephone: 305-789-4107
Email: bperlyn@stearnsweaver.com
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Section 17: Severability. If any provision hereof shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining portions hereof shall not
in any way be affected or impaired thereby.
Section 18: Multiple Counterparts. This Agreement may be simultaneously executed
in multiple counterparts, all of which shall constitute one and the same instrument, and each of
which shall be deemed to be an original.
\[Remainder of page intentionally left blank\]
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\[LAND USE RESTRICTION AGREEMENT\]
\[Madison Cay Apartments\]
IN WITNESS WHEREOF, County and Owner have executed this Agreement by duly
authorized representatives, all as of the date first written hereinabove.
(SEAL ) S T. LUCIE COUNTY, FLORIDA
ATTEST:
By:
By: Name:
Name: Title: Chair
Title: Clerk of Court Address: ______________________________
_______________________________________
STATE OF FLORIDA )
)SS:
COUNTY OF ST. LUCIE )
The foregoing instrument was acknowledged before me by means of physical presence
or online notarization, this _____ day of April 2024, by ____________________ known to me to
be the Chair of the Board of County Commissioners of St. Lucie County, Florida (the “County”).
He/she appeared before me this day in person and acknowledged that he/she, being thereunto
duly authorized, signed, sealed with the seal of said County, and delivered the said instrument
as the free and voluntary act of said County and as his/her own free and voluntary act, for the
uses and purposes therein set forth. He/She is personally known to me or has produced
______________ as identification.
Notary:
\[NOTARIAL SEAL\] Print Name:
NOTARY PUBLIC, STATE OF
My commission expires
S-1
MADISON CAY LTD., a Florida limited partnership
By: Madison Cay GP LLC, a Delaware limited
liability company, its general partner
By: _______________________________
Name: Russell Condas
Title: vice President
th
Address: 401 Wilshire Blvd., 11 Floor
Santa Monica, CA 90401
Witnesses:
_________________________________
Print Name: ___________________
Address: ______________________
_________________________________
Print Name: __________________
Address: _________________________
STATE OF FLORIDA )
)SS:
COUNTY OF )
The foregoing instrument was acknowledged before me by means of ☐ physical presence
or ☐ online notarization, this ____ day of April 2024, by Russell Condas, as Vice President of
Madison Cay GP LLC, a Delaware limited liability company, the general partner of Madison Cay
Ltd., a Florida limited partnership, acknowledged that he, being thereunto duly authorized,
signed, sealed with the seal of said Owner and delivered the said instrument as the free and
voluntary act of said bank and as her own free and voluntary act, for the uses and purposes
therein set forth. He is personally known to me or has produced ______________ as identification.
Notary:
\[NOTARIAL SEAL\] Print Name:
NOTARY PUBLIC, STATE OF
My commission expires
S-2
EXHIBIT A
LEGAL DESCRIPTION
All of Borrower’s interest in that certain real property situated in Ft. Pierce, St. Lucie County,
Florida, described as follows:
PARCEL 1:
TRACTS 45 AND 52, LESS THE WEST 50 FEET, GARDEN CITY FARMS, SECTION 5,
TOWNSHIP 35 SOUTH, RANGE 40 EAST, ACCORDING TO THE PLAT THEREOF, AS
RECORDED IN PLAT BOOK 2, PAGE 5, OF THE PUBLIC RECORDS OF ST. LUCIE COUNTY,
FLORIDA.
PARCEL 2:
TRACT 46, LESS THE EAST 25 FEET, GARDEN CITY FARMS, SECTION 5, TOWNSHIP 35
SOUTH, RANGE 40 EAST, ACCORDING TO THE PLAT THEREOF, AS RECORDED IN PLAT
BOOK 2, PAGE 5, OF THE PUBLIC RECORDS OF ST. LUCIE COUNTY, FLORIDA,
LESS AND EXCEPTING THAT CERTAIN PARCEL AS RECORDED IN OFFICIAL RECORDS
BOOK 2922, PAGE 626, PUBLIC RECORDS OF ST. LUCIE COUNTY, FLORIDA.
For Information Only: Said premises are described as 1655 North 29th Street, Fort Pierce, FL
34947 and are designated as Tax Identification Nos. 2404-608-0093-000/0 and 2404-608-0092-000/3
in the Land Records of St. Lucie County, FL.
A-1
EXHIBIT B
*
INCOME CERTIFICATION
The undersigned hereby (certify) (certifies) that:
1. This Income Certification is being delivered in connection with the undersigned’s
application for occupancy of Apartment #________ in the Madison Cay Apartments in St. Lucie
County, Florida.
2. List all the occupants of the apartment, the relationship (if any) of the various
occupants, their ages, and indicate whether they are students (for this purpose, a student is any
individual who has been, or will be, a full-time student at an educational institution during each
of five calendar months of the year in which this application is submitted, other than
correspondence school, with regular facilities and students).
Student
Occupant Relationship Age
(Yes or No)
(a)
(b)
(c)
(d)
(e)
3. Are any of the students listed in paragraph 2:
(a) a student and receiving assistance under title IV of the Social Security Act,
(b) a student who was previously under the care and placement responsibility
of the State agency responsible for administering a plan under part B or part E of Title IV of the
Social Security Act, or
(c) enrolled in a job training program receiving assistance under the Job
Training Partnership Act or under other similar Federal, State, or local laws, or entirely by full-
time students if such students are; or
(d) a single head of household parent who lives with her/his children who are
such parent’s dependents, or
(e) married and files a joint return.
Yes No
*
Owner may use the income certification form used by the Florida Housing Finance Corporation instead of this form.
B-1
4. The total anticipated income for each person listed in paragraph 2 above including
the head of the family and spouse (even if temporarily absent) during the 12 month period
commencing with the date occupancy will begin includes the:
full amount, before any payroll deductions, of wages, salaries, overtime, commissions,
fees, tips, bonuses and other compensation for personal services; net income from
operation of a business or profession; withdrawals of cash or assets from the operation of
a business or profession; interest and dividends and other net income from real or
personal property; the full amount of periodic payments from social security, annuities,
insurance policies, retirement funds, pensions, disability or death benefits and other
similar types of periodic payments; payments in lieu of earnings, such as unemployment
and disability compensation, workers’ compensation and severance pay; public assistance
income, where payments include amounts specifically designated for shelter and utilities;
period and determinable allowances such as alimony and child support, and regular
contributions or gifts from persons not residing in the dwelling; all regular and special
pay and allowances of members of the Armed Forces and any earned income tax credit to
the extent it exceeds income tax liability:
but shall exclude:
temporary, or non-recurring income (including sporadic or irregular gifts; amounts which
are specifically for reimbursement of medical expenses; lump sum additions to family
assets, such as inheritances, insurance payment (including payments under health and
accident insurance and workers’ compensation), capital gains and settlement for personal
or property losses; amounts of educational scholarships paid directly to the student or the
educational institution, and amounts paid by the government to a veteran for use in
meeting the costs of tuition, fees, books and equipment; special pay to a family member
exposed to hostile fire; amounts received in other publicly assisted programs which are
specifically for reimbursement of out-of-pocket expenses incurred and which are made
solely to allow participation in a specific program; relocation payments under Title II of
the Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970;
foster child care payments; the value of coupon allotments for the purchase of food
pursuant to the Food Stamp Act of 1964 which is in excess of the amount actually charged
for the allotments; payments received pursuant to participation in ACTION volunteer
programs; and income from the employment of children (including foster children) under
the age of 18 years;
is as follows:
Occupant Anticipated Annual Income
(a) $
(b) $
(c) $
(d) $
B-2
(e) $
Total $
5. If any of the occupants listed in paragraph 2 above has any savings, bonds, equity
in real property, or other form of capital investment (but do not include necessary items such as
furniture or automobiles, and the value of a trust fund assuming the trust is not revocable by or
1
under the control of any member of the household), enter the following amounts:
(a) (i) the total value of all such assets owned by all such persons:
$_______________,
(ii) a percentage of the value of such assets based on the current
passbook savings rate, as determined by HUD: (applicable
passbook savings rate _______%):
$_______________,
(b) the amount of income expected to be derived from such assets in the 12-
month period commencing with the occupancy of the unit: $________________; and
(c) the amount of such income in 5(a)(ii) which is included in 4:
6. RESIDENT’S STATEMENT: The information on this form is to be used to
determine maximum income for eligibility. I/we have provided, for each person set forth in
paragraph 2, in connection with Owner seeking to qualify such persons as “Low-Income Tenants”
(as defined in the Land Use Restriction Agreement by and between the ST. LUCIE COUNTY,
FLORIDA (“County”) and the owner, either (a) an Employer’s Verification of current anticipated
annual income, if the occupant is currently employed, or (b) if the occupant is currently
unemployed, an unemployed applicant affidavit or such other evidence of current anticipated
income as is acceptable to County and is consistent with income determinations under Section 8
of the United States Housing Act of 1937, as amended, either (a) an Employer’s Verification of
current anticipated annual income’ if the occupant is currently employed, an unemployed
applicant affidavit or (b) if the occupant is currently unemployed, such other evidence of current
anticipated income as is acceptable to County and is consistent with income determinations under
Section 8 of the United States Housing Act of 1937, as amended, or (c) copies of their most recent
Federal income tax return, if a return was filed for the most recent year. I/We certify that the
statements above are true and complete to the best of my/our knowledge and belief on the date
hereof and are given under the penalty of perjury. In the event this Income Certification is
executed more than five (5) days prior to the date I/we intend to occupy the unit, I/we hereby
1
Include the value over and above actual consideration received, except in a foreclosure or bankruptcy, of any asset
disposed of for less than fair market value within two years of the date of this Income Certification. A disposition as
part of a separation or divorce settlement will not be considered to be for less than fair market value if applicant
receives important consideration not measurable in dollar terms.
B-3
agree to update and recertify the accuracy of the information herein provided as of the date I/we
first occupy the unit.
(a) Date:
(b)
(c)
(d)
(e)
STATE OF FLORIDA )
)SS:
COUNTY OF ST. LUCIE )
The foregoing instrument was acknowledged before me by means of physical presence
or online notarization, this _____ day of _________ 20___, by _______________________.
Notary:
\[NOTARIAL SEAL\] Print Name:
NOTARY PUBLIC, STATE OF
My commission expires
B-4
7. OWNER’S STATEMENT: The family or individual(s) named in paragraph 2 of
this Income Certification is/are eligible under the provisions of the Land Use Restriction
Agreement, to live in a unit in the Project, and, based upon the aggregate anticipated annual
income from paragraph 4 and, if applicable, the greater of the amounts stated in paragraph 5(a)(i)
or 5(a)(ii) less the amount shown in paragraph 5(b), which in the aggregate will be $___________.
The family or individual(s) constitute(s):
a. A Low-Income Tenant (current maximum income adjusted for a family
size of ___________ is $___________)
Signature of owner/Owner’s Date
Authorized Representative
STATE OF FLORIDA )
)SS:
COUNTY OF ST. LUCIE )
The foregoing paragraph 7 was acknowledged before me by means of physical presence
or online notarization, this _____ day of _________ 20___, by _______________________.
Notary:
\[NOTARIAL SEAL\] Print Name:
NOTARY PUBLIC, STATE OF
My commission expires
B-5
8. If this Income Certification was executed by me/us more than five (5) days prior
to my/our occupancy of the unit, I/we hereby update and recertify the accuracy of the information
herein provided as of, _______ and state:
a. No additional information required to be provided to make this Income
Certification true and correct on the date of this certification; or
b. The following information is provided to update the information
previously provided in this Income Certification:
STATE OF FLORIDA )
)SS:
COUNTY OF ST. LUCIE )
The foregoing paragraph 8 was acknowledged before me by means of physical presence
or online notarization, this _____ day of _________ 20___, by _______________________.
Notary:
\[NOTARIAL SEAL\] Print Name:
NOTARY PUBLIC, STATE OF
My commission expires
B-6
9. OWNER’S STATEMENT: The family or individual(s) named in paragraph 2 of
this Income Certification have, pursuant to paragraph 6 hereof, updated and recertified the
information heretofore provided as specifically set forth in paragraph 8 hereof.
Signature of owner/Owner’s Date
Authorized Representative
STATE OF FLORIDA )
)SS:
COUNTY OF ST. LUCIE )
The foregoing paragraph 9 was acknowledged before me by means of physical presence
or online notarization, this _____ day of _________ 20___, by _______________________.
Notary:
\[NOTARIAL SEAL\] Print Name:
NOTARY PUBLIC, STATE OF
My commission expires
B-7
EXHIBIT C
ST. LUCIE COUNTY, FLORIDA
CERTIFICATION OF CONTINUING PROGRAM COMPLIANCE
WITNESSETH that on this day of _________________________, the undersigned, having
borrowed certain funds from ST. LUCIE COUNTY, FLORIDA (“County”) for the purpose of
financing a portion of the cost of acquiring, \[constructing/rehabilitating\] and equipping
MADISON CAY APARTMENTS, a multifamily rental housing development (the “Project”), does
hereby certify that such Project is in continuing compliance with the Land Use Restriction
Agreement (herein, the “Land Use Restriction Agreement”) executed by the undersigned and
filed in the official public records of St. Lucie County, Florida (including the requirement that all
units be and remain rental units), that an Income Certification has been submitted for each new
tenant in such Project since the filing of the last such certification and that the same are true and
correct to the best of the undersigned’s knowledge and belief. As of the date of this Certificate,
the following percentages of the residential units in the Project are occupied by Low-Income
Tenants (as such term is defined in the Land Use Restriction Agreement), and Vacant Units:
Total number of units available for occupancy as of ____________, 20____:
Percentage Number
Low-Income Tenants ____% _____
Vacant Units ____% _____
TOTAL 100% _____
(Type or Print)
Name of Owner
By:
Title:
C-1
% of No-Bedroom Units
Number of Number of Occupied by Occupied by Low-Income
No-Bedroom Units Low-Income Tenants Tenants
(B) (B/A)
(A)
% of 1-Bedroom Units
Total Number of Number of Occupied by
Occupied by Low-Income
1-Bedroom Units Low-Income Tenants
Tenants
(A) (B) (B/A)
% of 2-Bedroom Units
Total Number of
Number of Occupied by
Occupied by Low-Income
2-Bedroom Units
Low-Income Tenants
Tenants
(A) (B) (B/A)
C-2