Subject:
Title
Mortgage Joinder Agreement with Pinellas County as Mortgagee for AC Skytown Site C, LLC and the submittal of a Plat Application.
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Recommended Action:
Recommended Action
Approval and execution by the County Administrator of the Joinder by Mortgagee Agreement with AC Skytown Site C, LLC. The execution of the Agreement acknowledges that the Mortgagee joins with AC Skytown Site C, LLC for the submittal of a Plat Application.
• The County as Mortgagee has an interest in the property.
• This Agreement will provide AC Skytown Site C, LLC with the consent to submit a Plat Application.
• Skytown is a new construction project of 401 multi-family apartment units located at 3201 34th Street South in St. Petersburg. The project is phase one (1) of a planned multi-phase development totaling 2,084 units. Affordability restrictions will require: 60 units set-aside for households at 80.0% of area median income (AMI) or below, and 61 units at 120.0% AMI or below.
• Funding for this project was provided in Fiscal Year 2025 (FY25) in the amount of $5.5M of Penny IV funding (Granicus file #24-2142A).
• Funding for this project is included in the FY26-FY31 Capital Improvement Plan (CIP) 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 Priorities:
Prosperity and Opportunity
3.1 Increase the availability of attainable housing.
Summary:
The approval of the Agreement will ensure that AC Skytown Site C, LLC is provided the required approval by Mortgagee to submit a Plat Application.
Background/Explanation:
The execution of the Agreement is necessary, as Mortgagee with an interest in the property, to ensure the proper submittal of the Plat Application to the City of St. Petersburg.
Skytown is a new construction project of 401 multi-family apartment units located at 3201 34th Street South in St. Petersburg. The project is phase one (1) of a planned multi-phase development totaling 2,084 units. Affordability restrictions will require: 60 units set-aside for households at 80.0% of area median income (AMI) or below, and 61 units at 120.0% AMI or below.
Fiscal Impact:
Including this item, the total amount of Penny IV affordable housing funds committed is $91,555,680.97 out of the $94,090,153.07 currently estimated in all ten years of Penny IV.
Funding for this project is included in the FY26-FY31 Capital Improvement Plan (CIP) 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.
The Penny IV Affordable Housing Program (project 004150A) has an FY26 Amended Budget of $31,378,000.00. There is sufficient funding to approve this recommendation. Attached to the Granicus item is a tracking document that shows the FY27-FY32 Estimated CIP, as well as all expenditure activity, both historical and planned.
Delegated Authority:
Authority for the County Administrator to sign the Mortgage Joinder is granted by Board action on January 14, 2025, agenda item #24-2142A.
Staff Member Responsible:
Gregg Mims, Director, Housing and Community Development
Bruce Bussey, Community Development Manager
Partners:
AC Skytown Site C, LLC
City of St. Petersburg
Attachments:
Mortgage Joinder Agreement
Reference Granicus Item #24-2142A - Staff Report