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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 AN AGREEMENT OF SALE AND ASSIGNMENT OF FLORIDA VOLUNTARY CLEANUP TAX CREDITS BETWEEN THE CITY OF POMPANO BEACH AND RELX US HOLDINGS INC.; PROVIDING AN EFFECTIVE DATE.
(Fiscal Impact: The City will receive $401,108.07 or $.92 cents per dollar of tax credit received)
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(Staff Contact: Andrew Jean-Pierre)
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Summary Explanation/Background:
The City completed successful remediation of the site referred to as the former Sabals Golf Course at 31st Avenue (just north of Atlantic Boulevard and also referred to as "12 acre park"). As a result the City has received a Voluntary Cleanup Tax Credit from the Florida Department of Environmental Protection in the amount of $435,987.03. See attached for additional information.
$10,856.08 will be provided to compensate the broker. $135k of the funds will be used to cover debt service for the Section 108 Loan Guarantee Program relating to the $4.3 million Old Pompano Streetscape project. This amount was not budgeted when the OHUI presented the CDBG Annual Action Plan as the amounts were not known at the time. The remaining $255,251.99 will be deposited into General Fund Fund Balance.
Origin of request for this action: Finance Department
Fiscal impact and source of funding: The tax credit certificate is being sold for $401,108.07. Funds will be deposited and appropriated as noted in the summary with the attached budget adjustment.
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