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A RESOLUTION OF THE POMPANO BEACH COMMUNITY REDEVELOPMENT AGENCY (CRA), APPROVING AND AUTHORIZING THE PROPER OFFICIALS TO EXECUTE A PROPERTY DISPOSITION AND DEVELOPMENT AGREEMENT BETWEEN THE CRA AND PARRISH & ASSOCIATES, LLC RELATING TO TWO (2) VACANT CRA OWNED PARCELS OF LAND LOCATED AT 801 NW 18TH AVENUE TO BE DEVELOPED AS AND UTILIZED FOR AFFORDABLE HOUSING; PROVIDING AN EFFECTIVE DATE.
(Fiscal Impact: N/A)
staffcontact
(Staff Contact: Cassandra LeMasurier)
summary
Summary Explanation/Background:
The CRA Board approved acceptance of an unsolicited proposal from Parrish & Associates, LLC at the May 19, 2026 meeting to build a single-family home on the CRA's vacant lots located at 801 NW 18th Avenue (folio 484234040580) & 801 NW 18th Avenue (rear) (folio 484234040590) and authorized staff to negotiate a Property Disposition and Development Agreement.
The Agreement requires Parrish & Associates, LLC construct a 3-bedroom, 2-bathroom, 1-car garage home with 1,754 sq. ft. under air (2,055 sq. ft. under roof) for a proposed sales price of $475,000 ($270 per sq. ft.) for their prequalified buyer. The CRA will donate the lots. The current Broward County Property Appraiser market value of the lots is $152,420.
The Declaration of Covenants and Restrictions maintains affordability for buyers who earn 120% or less of the Area Median Income (AMI) for Broward County for a period of twenty (20) years. This restrictive document also outlines the CRA's deferred loan-to-grant amount equal to $150,000. This value will decrease monthly at a rate of 1/120th each month so that the entire sum will be forgiven in 10 years if there is no default. Finally, the Agreement for Re-conveyance of Property will be pursued in the event that the Developer fails to construct the home within sixteen (16) months of the effective date of the Agreement.
Origin of request for this action: Staff
Fiscal impact and source of funding: N/A
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