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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 FIRST AMENDMENT TO THE INTERLOCAL AGREEMENT FOR THE OCEANSIDE PARKING GARAGE BETWEEN THE CITY OF POMPANO BEACH AND THE POMPANO BEACH COMMUNITY REDEVELOPMENT AGENCY; PROVIDING AN EFFECTIVE DATE.
(Fiscal Impact: N/A)
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(Staff Contact: Suzette Sibble)
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Summary Explanation/Background:
This amendment will extend the term of the Interlocal Agreement between the CRA and the City until December 31, 2022, to allow the opportunity for completion of the due diligence phase and negotiation of a Development Agreement with the Developer for the Oceanside Parking Garage, as well the development and execution of a Guaranteed Maximum Price (GMP) contract with the Developer to determine the amount to be financed for the Oceanside Parking Garage and closing on the financing by the City. Any contributions made by the CRA prior to this process being completed will be utilized for design costs for the Parking Garage to result in a GMP and/or to reduce the amount to be financed. This item was approved by the CRA Board on October 19, 2021.
Origin of request for this action: City Manager’s Office
Fiscal impact and source of funding: N/A
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