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A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF POMPANO BEACH, FLORIDA, APPROVING AND AUTHORIZING THE PROPER CITY OFFICIALS TO EXECUTE A DEVELOPMENT AGREEMENT BETWEEN THE CITY OF POMPANO BEACH AND CAPTIVA COVE III ASSOCIATES, LTD. TO BUILD A 106-UNIT MULTIFAMILY RENTAL HOUSING DEVELOPMENT LOCATED AT 740 SW 11TH STREET, TO PROVIDE FINANCIAL ASSISTANCE IN THE FORM OF A $1,500,000 LOAN FROM FUNDS APPROPRIATED UNDER SECTION 3205 OF THE AMERICAN RESCUE PLAN ACT OF 2021 FOR THE HOME INVESTMENT PARTNERSHIP PROGRAM WITH RECAPTURE PROVISIONS AND TO ACCEPT THE DECLARATION OF RESTRICTIONS; AUTHORIZING THE PROPER CITY OFFICIALS TO DO ALL THINGS NECESSARY OR ADVISABLE IN CONNECTION WITH THE ISSUANCE OF THE LOAN, WITH NOTICE TO THE CITY COMMISSION AND COPIES PROVIDED TO THE CITY CLERK; PROVIDING AN EFFECTIVE DATE.
(Fiscal Impact: Grant Funding (HOME-ARP)- $1,500,000.00)
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(Staff Contact: Alex Goldstein)
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Summary Explanation/Background:
The Office of Housing and Urban Improvement is requesting a Resolution to approve and authorize the proper City Officials to execute a Development Agreement between the City of Pompano Beach and Captiva Cove III Associates, Ltd. To build a 106-unit multifamily rental housing development located at 740 SW 11th Street and to provide financial assistance in the form of a $1,500,000 loan from funds appropriated under Section 3205 of the American Rescue Plan Act (ARPA) of 2021 for the HOME Investment Partnership Program (HOME-ARP) with recapture provisions and to accept the declaration of restrictions.
The City previously contributed $950,000.00 (264 units) in HOME funds for Phase I in 2010 and $286,886 (88 units) in HOME funds for Phase II in 2016. The HOME-ARP funds which are the subject of the Development Agreement were authorized by HUD on March 17, 2022 as part of an amendment to the City’s FY 2021 Annual Action Plan which was originally approved at Commission on July 13, 2021.
CAPTIVA COVE III shall utilize $1,500,000 in HOME-ARP funds provided by CITY under the Agreement to acquire property to construct a multi-family affordable rental development to be known as CAPTIVA COVE III. CAPTIVA COVE III will consist of One Hundred Six (106) units financed with tax-exempt bonds Issued by Broward County, Four percent (4%) tax credits awarded by the Florida Housing Finance Corporation, SAIL funds awarded by the Florida Housing Finance Corporation, local subsidy and the HOME-ARP funds provided by CITY under the Agreement. The development will consist of three (3) residential buildings, and share amenities with CAPTIVA COVE, which includes one (1) clubhouse containing management offices and an assortment of resident amenities, a swimming pool and other related improvements. Under the terms of the Agreement CAPTIVA COVE III shall provide ten (10) HOME-ARP Assisted Units for the Affordability Period of thirty-three (33) years described in the Agreement; however, all the rental units shall be affordable for households consistent with the terms of the Agreement for the Affordability Period set for therein.
Origin of request for this action: Office of Housing and Urban Improvement
Fiscal impact and source of funding: Grant Funding (HOME-ARP)-$1,500,000.00
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