NEW BUSINESS
Release of Deed Restrictions, Reverter, and Mineral Rights between City of Bradenton and The Housing Authority of the City of Bradenton
Approval
No
No
In 2005, the City deeded about an acre to the Bradenton Housing Authority (“BHA”) and the deed contained a restriction that the property could only be used for “Senior Housing” and if not utilized for that purpose or the building was not constructed in 5 years, then the property would revert back to the City (the “Deed”). In 2009, the reverter in the Deed was amended by the City and the BHA to basically extend the building period 2 more years. In 2010, the City issued a Certificate of Occupancy for a 3 story 36 unit “rental apartments for seniors.” In 2008, the BHA executed and recorded a restrictive covenant that further restricted the property to: prohibit occupancy or ownership for anyone under 18 years old and; (a) must be at least 80% of the occupied person must be 55 years or older and comply with certain federal standards; or (b) all occupied units on the property must be solely occupied by persons who are 62 years or older (the “Restrictive Covenant”). The Restrictive Covenant lapses in 2038. The BHA, along with Wingate, seek for the City to release the restriction, reverter, and mineral rights within the Deed but keep the Restrictive Covenant on the property.
N/A
Reviewed and approved by Blalock Walters.
Approval of this matter is a City Council policy decision. City Administration recommends approval to conclude and consummate the transaction with LURA (Restrictive Covenant in Place until 2038).