title
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 MARQUIS PARTNERS, LTD. TO BUILD A 100-UNIT AFFORDABLE HOUSING DEVELOPMENT AT 1850 DR. MARTIN LUTHER KING, JR. BLVD., TO PROVIDE FINANCIAL ASSISTANCE IN AN AMOUNT NOT TO EXCEED $607,750 IN THE FORM OF A $407,750 GRANT AND $200,000 LOAN WITH RECAPTURE PROVISIONS AND TO ACCEPT THE DECLARATION OF RESTRICTIONS; PROVIDING AN EFFECTIVE DATE.
(Fiscal Impact: $607,750 NSP Funds)
POSTPONED FROM NOVEMBER 12, 2019
staffcontact
(Staff Contact: Vince Wooten)
summary
Summary Explanation/Background:
The Development Agreement between the City of Pompano Beach and Marquis Partners, Ltd. is provided for the purpose of constructing a 100 unit Affordable Housing Apartment complex located at 1820-1850 Dr. Martin Luther King Jr. Boulevard, City of Pompano Beach.
The property located at 1820 - 1850 Dr. Martin Luther King Jr. Boulevard is Zoned B-3, includes parcel folio number’s 484234000330, 484234000320, 484234000290 and 48423400030 and consists of approximately 181,107 SQUARE FEET (4.158 ACRES) according to the most recent survey provided by Keith and Associates dated November 6, 2018. At the regular meeting of the City Commission of the City of Pompano Beach held on November 14, 2017, Resolution No. 18-36 was passed unanimously thereby allocating a maximum of one hundred (100) flex units for a proposed residential development located west of NW 18th Avenue, on the south side of Dr. Martin Luther King Jr. Boulevard. Below is a schedule of approved entitlement activities provided by Keith and Associates in connection with the Project:
•November 14, 2017: City Commission Approval for Flex Units 11-14-19
•April 24, 2019: P&Z Approval of the Site Plan (DO 19-12000001)
•May 22, 2019: Architectural Appearance Committee Approval of Site Plan
•July 23, 2019: City Commission Approval of Plat Application
•November 2019: Broward County Plat Approval - Anticipated
While finalizing the above land entitlement activities for the Project, the existing Broward Sheriff’s Office (BSO) substation (the only improvement located on site) required to be relocated to a new site as the site design and configuration for the Project could not support current BSO needs. The specifics are outlined in a July 9th, 2019 memo to the Mayor and City Commissioners. Therefore, the Development Agreement specifies that the Developer contribute $200,000 toward the construction of a new BSO Sub-Station located on the City owned parcel at the southwest corner of NW 27th Avenue and NW 4th Court.
The Development Agreement also specifies the CITY shall provide up to Four Hundred Seven Thousand Seven Hundred Fifty Dollars ($407,750) as a grant to be used toward the purchase price in connection with the development of the Project. The grant shall be secured by a Declaration of Restrictive Convents thereby establishing the Affordable Rental Housing component of the Project at an average 60% of the Area Medium Income (AMI) to qualified applicants to ensure compliance to the rule. Furthermore, the Agreement specifies that in addition to the Grant the City also provide a $200,000 NSP loan secured by a Mortgage and Promissory Note which is to be used toward the purchase price in connection with the development of the Project. The Note provides recapture provisions after the completion of the Project.
Origin of request for this action: Office of Housing and Urban Improvement
Fiscal impact and source of funding: $407,750 NSP Program Income; 200,000 from account 125-8044-587.84-10
pagebreak1
strategicplan_emblem_field
RStrategic Plan Initiative
pagebr
strategicplan_description_field
4.10 MARQUIS APARTMENTS