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Monroe County approves purchase of South Cliff Estates for workforce housing using excess tourist tax funds
Summary
The Board approved a contract to buy the South Cliff Estates housing project for $7.52 million, using Tourist Development Council surplus funds and an infrastructure sales surtax allocation. The purchase includes 12 existing units plus development rights for additional units.
Monroe County commissioners approved a contract on Wednesday to purchase the South Cliff Estates housing project, a property that county staff said will provide 12 ready-to-occupy units for workforce housing and development rights for additional units.
Staff recommended approval of the contract even though some closing conditions — notably temporary certificates of occupancy for some units — remained to be satisfied before a final closing. County staff said inspections required to enter the contract had been satisfied and the buyer’s team was close to meeting remaining closing items.
The contract price on the agenda was $7,310,875 plus reimbursements for closing costs totaling $210,773.08, for a total purchase price of $7,521,649.08. Staff told commissioners the county intends to use $6,867,100 of Tourist Development Council (TDC) surplus funds for 11 workforce units and $654,549.08 from infrastructure sales surtax fund 304 to purchase an additional unit.
Why it matters: commissioners said the purchase will put units into immediate service to house workers in tourism-related businesses and provide developable land for more affordable housing in coming years. Commissioner comments stressed that the expenditure uses excess TDC (bed-tax) funds dedicated to housing, not general county property-tax revenue.
Discussion and implementation: County staff member Kevin Wilson told the board, “Everything that was required in the inspections to enter the contract have been satisfied.” Staff and the developer continued to work on closing conditions; staff said utilities and many development rights are already in place and that management discussions with the Housing Authority were underway so units would not sit vacant.
Vote and next steps: The contract requires a supermajority because the purchase price exceeds the average of two appraisals; commissioners approved the contract. Staff will finalize the purchase agreement with county attorney review and work with housing authorities and property managers to fill units quickly as TCOs and closing steps are completed.
