Subject:
Title
Land Trust Agreement with the Housing Finance Authority of Pinellas County for the affordable housing acquisition of Oasis at Bayside by SPGRP III, LLC.
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Recommended Action:
Recommended Action
Approval and execution by the County Administrator of a Land Trust Agreement with the Housing Finance Authority of Pinellas County for Oasis at Bayside by SPGRP III, LLC for the acquisition of affordable rental housing.
• Oasis at Bayside was built in 1974 and consists of 304 multi-family apartment units. Units will serve households as follows: three (3) units below 50.0% AMI, eight (8) units below 65.0% AMI, 247 units below 80.0% AMI and 46 units unrestricted Market Rate.
• The development is located at 305 Glades Circle in Largo and consists of one (1), two (2) and three (3)-bedroom units that will remain affordable for 99 years.
• The project was approved by the Board of County Commissioners (Board) on November 19, 2024, for Penny funding that included $11.0M for land acquisition and $1,160,000.00 for construction rehabilitation subject to due diligence and final approval by the County Administrator.
• The funding request for this project is $12,160,000.00. Funding for this project is included in the FY25-FY30 Capital Improvement Program plan under the Penny IV Affordable Housing Program (Project 004150A). This project is funded by Local Infrastructure Sales Surtax (Penny for Pinellas), as part of the 8.3% countywide investment for Economic Development and Housing, half of which, or 4.15%, is set aside for housing specifically.
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Strategic Plan:
Ensure Public Health, Safety, and Welfare
2.4 Support programs that seek to prevent and remedy the causes of homelessness and move individuals and families from homelessness to permanent housing
Foster Continual Economic Growth and Vitality
4.2 Invest in communities that need the most
Deliver First Class Services to the Public and Our Customers
5.1 Maximize partner relationships and public outreach
5.2 Be responsible stewards of the public’s resources
Summary:
Oasis at Bayside is a preservation housing project to help maintain naturally occurring affordable housing inventory on 16.06 acres in Largo. Of the 304 total units, it will provide 258 units of affordable housing that will be affordable for 99 years to households under 80.0% AMI. Three (3) units will be set aside for households with very low incomes, at or below 50.0% AMI, eight (8) units will be set aside for households at or below 65.0% and 247 units will be set aside for households at or below 80.0% AMI. The primary source of project funding is Permanent Debt Financing.
Background/Explanation:
This action was conditionally approved by the Board on November 19, 2024, Granicus item # 24-1922A
Fiscal Impact:
The funding request for this project is $12,160,000.00. Funding for this project is included in the FY25-FY30 Capital Improvement Program plan under the Penny IV Affordable Housing Program (Project 004150A). This project is funded by Local Infrastructure Sales Surtax (Penny for Pinellas), as part of the 8.3% countywide investment for Economic Development and Housing, half of which, or 4.15%, is set aside for housing specifically.
Delegated Authority:
Authority for the County Administrator to sign the Land Trust Agreement is granted by Board action on November 19, 2024, agenda item #24-1922A.
Staff Member Responsible:
Glenn Bailey, Interim Director, Housing and Community Development
Partners:
Housing Finance Authority of Pinellas County
Attachments:
Oasis at Bayside Land Trust Agreement
Oasis at Bayside Direction Letter, December 2, 2024
Reference Granicus Item 24-1922A- Staff Report - November 19, 2024