Broward County Commission Regular Meeting
Director's Name: Leonard Vialpando
Department: Resilient Environment Division: Urban Planning
Information
Requested Action
title
MOTION TO APPROVE Subordination Agreements related to Declarations of Restrictive Covenants for the waiver of certain impact fees and to authorize County Administrator to execute same. (Commission District 6)
body
Why Action is Necessary
Requirement of lender that the Declaration of Restrictive Covenants be subordinate to the loan.
What Action Accomplishes
Subordinates the Declaration of Restrictive Covenants to the loan.
Is this Action Goal Related
No
Previous Action Taken
No previous action.
Summary Explanation/Background
THE RESILIENT ENVIRONMENT DEPARTMENT (RED) AND THE URBAN PLANNING DIVISION RECOMMEND APPROVAL.
Pinnacle at Peacefield, Limited ("Owner") has requested to subordinate the Declarations of Restrictive Covenants for Age Restricted and Affordable Housing recorded at Instrument Nos. 115422168, -444, -487 and -527 in the Official Records of Broward County, Florida (collectively "Declarations"), see Exhibit 1. These Declarations provided for waiver and exemption of transportation concurrency and school impact fees assessed for the 120-unit senior housing community.
The subject property is located on three parcels at 2122, 2216 and 2314 Adams Street in the City of Hollywood (Exhibit 7). The development became operational this year. The Owner is now seeking refinancing of the original loan amount of $3.5M, which is secured by the property through the Federal Home Loan Mortgage Corporation ("Freddie Mac"), by and through Citibank, N.A. ("Lender"). The Owner entered into the Declarations voluntarily and the Lender has required the subordination of the Declarations as part of the refinancing (Exhibits 2 through 5).
Additionally, the Owner is in an agreement with Florida Housing Finance Corporation that restricts the development as affordable senior housin...
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