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A RESOLUTION OF THE POMPANO BEACH COMMUNITY REDEVELOPMENT AGENCY (CRA) APPROVING AND AUTHORIZING THE PROPER OFFICIALS TO EXECUTE A THIRD AMENDMENT TO THE PROPERTY DISPOSITION AND DEVELOPMENT AGREEMENT, RELATING TO FIVE PROPERTIES LOCATED AT 620, 600, 500, 300 NW 31st AVENUE AND 140 NW 27th AVENUE, POMPANO BEACH, FLORIDA; PROVIDING AN EFFECTIVE DATE
(Fiscal Impact: N/A)
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(Staff Contact: Nguyen Tran)
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Summary Explanation/Background:
The CRA Board approved a Property Disposition and Development Agreement with Hadar Homes on January 16, 2018 (Resolution 2018-17) to construct a total of 71 townhomes located at 620, 600, 500, 300 NW 31st Avenue and 140 NW 27th Avenue with a construction completion date of October 1, 2021. Due to Covid-19 and the total shut down due to this pandemic, additional delays were encountered and the Developer requested an extension to the construction completion date and certain assignments from Hadar Homes to ICG ABCD 52, LLC for residential units proposed at 620/600/500/300 NW 31 Avenue and ICG CGP 58, LLC for residential units proposed at 140 NW 27 Avenue. The CRA Board consented to the assignments and extended the construction completion date to December 31, 2022 with the approval of a First Amendment (Resolution 2021-02). Due to adverse impact of the COVID-19 pandemic on the economy, the completion of the project was further delayed and the CRA Board Approved a Second Amendment (Resolution 2024-13) which extended the Construction Completion Date for 620/600/500/300 NW 31 Avenue to February 28, 2025 and for 140 NW 27 Avenue to June 30, 2026. CRA Staff received a request from the Developer for a Third Amendment to extend the construction completion date due to construction difficulties encountered with 620/600/500/300 NW 31 Avenue and delays in the entitlement process for 140 NW 27 Avenue. The requested is to extend the construction completion date for the residential units proposed at 620/600/500/300 NW 31 Avenue from February 28, 2025 to December 31, 2025 and for the residential units proposed at 140 NW 27 Avenue from June 30, 2026 to December 31, 2027.
Origin of request for this action: Staff
Fiscal impact and source of funding: N/A
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