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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 SUBORDINATION AGREEMENT BETWEEN THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., AS SENIOR LENDER AND THE CITY OF POMPANO BEACH TO SECURE FINANCING FOR IMPROVEMENTS TO THE REGENCY GARDENS APARTMENTS; PROVIDING AN EFFECTIVE DATE.
(Fiscal Impact: N/A)
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(Staff Contact: Miriam Carrillo)
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Summary Explanation/Background:
This Resolution authorizes execution for subordination agreement of a SHIP loan. The affordable housing developer and property manager currently own Regency Gardens at 1525 NW 17th Ave, and are working on a $3 million dollar renovation of this affordable community that would start this summer.
The Developers have collaborated with the Broward County Housing Finance Authority who have indicated they are willing to provide a Tax-Exempt Bond issuance for the renovation, and a $1.5 million dollar loan through their Affordable Housing Loan Program that was approved at the Broward County Board of County Commissioners meeting on June 4, 2019.
Origin of request for this action: Office of Housing and Urban Improvement
Fiscal impact and source of funding: N/A
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