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 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)
staffcontact
(Staff Contact: Alex Goldstein)
summary
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 ...
Click here for full text