Subject:
Title
Affordable Housing Funding Agreements with AC Skytown Site C, LLC for Skytown Apartments.
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Recommended Action:
Recommended Action
Approval and execution by the County Administrator of an Agency Agreement, Land Use Restriction Agreement (LURA), Mortgage and Promissory Note, and Subordination Agreement with AC Skytown Site C, LLC for an affordable housing new construction project known as Skytown Apartments.
• The new construction project will include 401 multi-family rental housing units. 121 units will be restricted for workforce households as follows: (60) units for 80.0% Area Median Income (AMI) or below, and (61) units for 120.0% AMI or below.
• The project was approved by the Board of County Commissioners (Board) on January 14, 2025 (Granicus Item #24-2142A), for up to $5.5M of Penny IV funding for the construction of the affordable housing project.
• The LURA associated with the project will restrict (121) units for a 50-year affordability period.
• The total development cost is estimated to be $120,389,082.83. Other sources of funding include Sponsor and Limited Partner Equity ($45,889,082.83), Permanent Debt Financing ($64.5M) and City of St. Petersburg ($4.5M).
• The project is located at 3201 34th St S. in St. Petersburg, FL.
• Including this item, the total amount of Penny IV affordable housing funds committed is $80,446,901.00 out of the $98,000,000.00 currently estimated in all ten years of Penny IV.
• 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 Priorities:
Prosperity and Opportunity
3.1 Increase the availability of attainable housing
Summary:
Skytown Apartments is the new construction of a 401-unit affordable housing community located at 3201 34th St S, St. Petersburg, Florida. 121 units will be restricted for workforce households as follows: (60) units for 80.0% Area Median Income (AMI) or below, and (61) units for 120.0% AMI or below.
Background/Explanation:
The County will use Penny IV Program funds to provide $5.5M in support for construction cost reimbursement. The LURA associated with this project will impose a 50-year affordability period for (121) assisted units.
Fiscal Impact:
Including this item, the total amount of Penny IV affordable housing funds committed is $80,446,901.00 out of the $98,000,000.00 currently estimated in all ten years of Penny IV.
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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Delegated Authority:
Authority for the County Administrator to sign the Agency Agreement is granted by Board action on January 14, 2025, agenda item #24-2142A.
Staff Member Responsible:
Glenn Bailey, Interim Director, Housing and Community Development
Partners:
AC Skytown Site C, LLC
City of St. Petersburg
Attachments:
Agency Agreement
Land Use Restriction Agreement
Mortgage and Promissory Note
Subordination Agreement
Credit Underwriting Report
Reference Granicus Item #24- 2142A - Staff Report