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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 DEVELOPMENT AGREEMENT BETWEEN THE CITY OF POMPANO BEACH, POMPANO BEACH COMMUNITY REDEVELOPMENT AGENCY AND SONATA APARTMENTS, LTD. TO BUILD A 121-UNIT MIXED USE, MIXED INCOME HOUSING DEVELOPMENT WITH APPROXIMATELY 3500 SQ. FT. OF RETAIL SPACE ("SONATA PROJECT") ON UNIMPROVED VACANT LAND OWNED BY THE CITY LOCATED WEST OF DIXIE HIGHWAY BETWEEN NW 6TH STREET AND NW 8TH COURT, TO PROVIDE FINANCIAL ASSISTANCE IN THE FORM OF A $783,250 LOAN WITH RECAPTURE PROVISIONS AND TO ACCEPT THE DECLARATION OF COVENANT AND RESTRICTIONS; APPROVING AND AUTHORIZING THE PROPER CITY OFFICIALS TO EXECUTE A LEASE BETWEEN THE CITY OF POMPANO BEACH AND SONATA APARTMENTS, LTD. RELATING TO THE CONSTRUCTION AND OPERATION OF THE SONATA PROJECT; PROVIDING AN EFFECTIVE DATE.
(Fiscal Impact: Revenue $50,000 ($1,000 per year for term of lease); Expense $783,250 Affordable Housing Loan)
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(Staff Contact: Cassandra LeMasurier)
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Summary Explanation/Background:
Sonata Apartments Ltd. ("Developer") has received site plan approval to construct a 121-unit mixed-use and mixed-income rental community ("Project") at Dixie Highway and NW 8th Street with 3,500 square feet of commercial space fronting the west side of Dixie Highway. The project area consists of three (3) privately owned parcels and a portion of six (6) City parcels on the west side of Dixie Highway between NW 6th Street and NW 8th Street.
The City will enter into a fifty (50) year lease with the Developer for the lease area of the six (6) City-owned parcels, with the Developer's capital improvements being construction of the Project. The Developer will pay $1,000 per year to the City for the lease of the City parcels.
The City parcels are currently providing drainage for Dixie Highway via a catch basin and detention area. The Developer will relocate the drainage, with the Po...
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