Subject:
Title
Land Trust Agreement with the Housing Finance Authority of Pinellas County for the affordable housing development Skyway Lofts II by Blue Sky Communities, 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 Skyway Lofts II by Blue Sky Communities, LLC for development of affordable rental housing.
• Skyway Lofts II is a planned new 66-unit multi-family affordable housing development project, with all the units affordable to households earning at or below 80.0% of Area Median Income (AMI).
• The housing development will be located at 3800 34th Street South, St. Petersburg, FL 33711. The project is located in the Skyway Marina District of St. Petersburg, directly on a primary transit corridor and within the St. Petersburg Community Redevelopment Area (CRA).
• The land will be placed in the County Land Trust ensuring permanent affordability of the project.
• The project was approved by the Board of County Commissioners (Board) on May 9, 2023, for funding in the estimated total maximum expenditure amount of $3.4M for land acquisition and capital improvement construction costs.
• Funding remains available for this project as the amount has not changed/increased.
• The County Administrator was authorized by the Board to negotiate and approve terms, conditions, and the final funding amounts not to exceed Board-approved amount.
• Project timeline estimate: November 2023- County and Housing Finance Authority of Pinellas County (HFA) Financing Closing; January 2024- Construction Start.
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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:
Skyway Lofts II will provide 66 multi-family units of affordable housing to households earning at or below 80.0% AMI.
The primary funding source for the project is Tax-Exempt Bonds through the HFA and the issuance of 4.0% Tax Credits. In addition, the City of St. Petersburg has committed local government assistance of $6.5M. The developer has also committed to deferring $264,387.00 in developer fees to close the funding gap. The $3.4M of County funds will be split between land acquisition and capital improvements costs. The land will be placed in the County Land Trust ensuring permanent affordability of the project.
It is anticipated that the closing for the project will occur in November 2023 with the construction commencing in January 2024.
Background/Explanation:
This action was approved by the Board on May 9, 2023, Granicus item # 23-0308A.
Fiscal Impact:
Total maximum expenditure: $3.4M
Funding is budgeted in the County’s Capital Improvement Program, funded by the Local Infrastructure Surtax (Penny for Pinellas) in project 004150A Penny IV Affordable Housing Program. This funding is from the Penny for Pinellas countywide investment for Economic Development Capital Projects and Housing.
County funding previously awarded in the amount of $3,400,000 (Granicus items 23-0308A), land acquisition @ $2,000,000.00, construction @ $1,400,000.00. No change to the award.
Delegated Authority:
Authority for the County Administrator to sign the Land Trust Agreement is granted by Board action on May 9, 2023, agenda item #23-0308A.
Staff Member Responsible:
Carol Stricklin, Director, Housing and Community Development Department
Partners:
Housing Finance Authority of Pinellas County
City of St. Petersburg
Florida Housing Finance Corporation (FHFC)
Attachments:
Skyway Lofts II Land Trust Agreement
Skyway Lofts II Development Direction Letter, June 6, 2023
Reference Granicus Item 23-0308A - Staff Report - May 9, 2023