File #: 20-84    Version: Name:
Type: Resolution / Regular Agenda Status: Passed
File created: 10/23/2019 In control: City Commission
On agenda: 12/10/2019 Final action: 12/10/2019
Title: 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 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. (Fiscal Impact: $607,750 NSP Funds) POSTPONED FROM NOVEMBER 12, 2019
Attachments: 1. CAC #2020-135.pdf, 2. RESO 2020-48.pdf, 3. Development Agreement Buyer Signed Docs Rev 12.2.19.pdf, 4. EXHIBIT A LEGAL DESCRIPTION.KEITH &ASSOC.pdf, 5. EXHIBIT B COMPOSIT MILESTONE.pdf, 6. EXHIBIT CONCEPTUAL PLAN Keith&Assoc Site Plan 130-SP-101.pdf.pdf, 7. EXHIBIT C - Mortgage and Security Agreement and Note Buyer Signed Docs Rev 12.2.19.pdf, 8. EXHIBIT D Declaration of Rest Cov - Buyer Signed Docs Rev 12.2.19.pdf
title
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 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.
(Fiscal Impact: $607,750 NSP Funds)

POSTPONED FROM NOVEMBER 12, 2019

staffcontact
(Staff Contact: Vince Wooten)

summary
Summary Explanation/Background:
The Development Agreement between the City of Pompano Beach and Marquis Partners, Ltd. is provided for the purpose of constructing a 100 unit Affordable Housing Apartment complex located at 1820-1850 Dr. Martin Luther King Jr. Boulevard, City of Pompano Beach.

The property located at 1820 - 1850 Dr. Martin Luther King Jr. Boulevard is Zoned B-3, includes parcel folio number's 484234000330, 484234000320, 484234000290 and 48423400030 and consists of approximately 181,107 SQUARE FEET (4.158 ACRES) according to the most recent survey provided by Keith and Associates dated November 6, 2018. At the regular meeting of the City Commission of the City of Pompano Beach held on November 14, 2017, Resolution No. 18-36 was passed unanimously thereby allocating a maximum of one hundred (100) flex units for a proposed residential development located west of NW 18th Avenue, on the south side of Dr. Martin Luther King Jr. Boulevard. Below is a schedule of approved entitlement activities provided by Keith and Associates in connection with the Project:

?November 14, 2017: City Commission Approval for Flex Units 11-14-19
?April 24, 2019: P&Z Approval of the Site Plan (DO 19-12000001)
?May 22, 2019: Architectural Appearance Committee Approval of Site Plan
?July 23, 2019: City Com...

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