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UTILITY BOARD EXTENDS STEAM PLANT LEASE DEADLINE FOR OBTAINING FINANCING FOR AFFORDABLE HOUSING

07/15/2004 ~ The Utility Board approved a lease agreement, between the Board and Steam Plant Condominiums, LLC, and Old Town Key West Development, LLC, that extends the deadline to obtain financing for affordable housing from June 30, 2004, to October 31, 2004 (four-month extension).

The developer, Edwin O. Swift III, assured the Utility Board that he believes the project will move forward.

“This project will be built,” Swift said. “There is enough profit (from the market rate units) to cover the shortfall created by the affordable housing component.”

The Board agreed to lease its decommissioned Key West Steam Plant building and adjacent property for a residential development, composed of market rate units and affordable housing units, in 2003. The market rate condominiums will be constructed within the Key West Steam Plant and the affordable housing units will be constructed in the tract of land between the Key West Steam Plant and Keys Energy Services Service Building.

In other business, the Board:

- Discussed the possibility of including Keys Energy Services’ (KEYS) Angela Street Diesel Plant site in a project evaluation to see of the feasibility of constructing an Assisted Care Living Facility on said site. The Board directed staff to draft a Resolution for the Board meeting
on August, 11th.

- Reviewed and discussed the 2004-2005 Budget and Financial Plan in a Workshop Session. The Utility Board also scheduled a public hearing on the budget for August 11th.

- Approved a change to the order for the replacement of underground 69 kV cable at the White Street Substation to Energy Erectors, Inc. in the amount of $4,600.

- Declared non PCB pole-mounted transformers, miscellaneous electrical equipment, and inventory stock and non-stock items as surplus.

The regular meeting of the Utility Board took place at 5:00 p.m., July 14th, in the Louis Carbonell Board Room of the William Arnold Service Building, 1001 James Street, Key West.

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