title
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF POMPANO BEACH, FLORIDA, APPROVING AND AUTHORIZING THE PROPER CITY OFFICIALS TO EXECUTE FIRST AMENDMENTS TO THE DEVELOPMENT AGREEMENT AND DECLARATION OF RESTRICTIONS BETWEEN THE CITY OF POMPANO BEACH AND MARQUIS PARTNERS, LTD. TO BUILD A 100-UNIT AFFORDABLE HOUSING DEVELOPMENT AT 1850 DR. MARTIN LUTHER KING, JR. BLVD., TO CONVERT THE $407,750 GRANT FUNDING PREVIOUSLY APPROVED IN CITY RESOLUTION 2020-80 TO A NONRECOURSE LOAN EVIDENCED BY A PROMISSORY NOTE AND SECURED BY A MORTGAGE WITH RECAPTURE PROVISIONS, AND APPROVING AND AUTHORIZING THE PROPER CITY OFFICIALS TO EXECUTE SUBORDINATION AGREEMENTS REQUIRED BY CITIBANK, N.A., FLORIDA HOUSING FINANCE CORP., AND BROWARD COUNTY AS SENIOR LENDERS TO THE SUBJECT AFFORDABLE HOUSING DEVELOPMENT; PROVIDING AN EFFECTIVE DATE.
(Fiscal Impact: N/A)
staffcontact
(Staff Contact: Miriam Carrillo/Vincent Wooten)
summary
Summary Explanation/Background:
On December 10, 2019, the City Commission of the City of Pompano Beach, Florida passed and adopted Resolution 2020-80 approving and authorizing the proper city officials to execute a Development Agreement between the City of Pompano Beach and Marquis Partners, Ltd. to build a 100-unit affordable housing development at 1850 Dr. Martin Luther King, Jr. Blvd., to provide financial assistance in an amount not to exceed $607,750 in the form of a $407,750 grant and $200,000 loan with recapture provisions and to accept the declaration of restrictions; providing an effective date. The Development Agreement also specified that the Developer contribute $200,000 toward the construction of a new BSO Sub-Station located on the City owned parcel at the southwest corner of NW 27th Avenue and NW 4th Court which has been funded. The transaction Closed January 31, 2020.
According to the attached letter dated March 20, 2020 from Patricia K. Green of Stearns Weaver, Miller, Weissler, Alhadeff and Sitterson, P.A. the Developer is requesting...
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