Broward County Commission Regular Meeting
Director's Name: Leonard Vialpando
Department: Public Works and Environmental Services
Division: Housing Finance Authority
Information
Requested Action
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MOTION TO APPROVE Funding Agreement between Broward County and CC FTL WFH, LLC, a Florida limited liability company (“Owner”), providing funding to Owner in the total aggregate amount not to exceed $5,845,558 to facilitate the development of a minimum of 330 rental units (including a minimum of 136 income-restricted units) in the City of Fort Lauderdale (“Agreement”); to authorize the County Administrator to execute the Agreement; and to authorize the County Administrator to take all necessary administrative and budgetary actions to implement same. (Commission District 4)
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Why Action is Necessary
Approval by the Board of County Commissioners is required to enter into the Agreement.
What Action Accomplishes
Approves the Agreement to provide funding of up to $5,845,558 for the construction of The Cypress, a housing development comprising a minimum of 330 dwelling units, including a minimum of 136 income-restricted units. Of the total units, approximately 34 units (10%) will be income-restricted to households earning up to 100% Area Median Income (“AMI”), and approximately 102 units (30%) will be income-restricted to households earning up to 120% AMI. The income restrictions will remain in effect for a period of 30 years following the project completion date.
Goal Related Icon(s)
☒County Commission
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Previous Action Taken
None taken.
Summary Explanation/Background
THE PUBLIC WORKS AND ENVIRONMENTAL SERVICES DEPARTMENT AND THE HOUSING FINANCE AUTHORITY RECOMMEND APPROVAL OF THE ABOVE MOTION.
This item supports the Board’s Value of “Ensuring residents have an affordable place to live by offering sustainable, compatible, innovative, accessible, affordable housing options for all income levels, including integrated, permanent supportive housing and zoning that helps residents build equity."
The Cypress (“Project”) is proposed as an eight-story mixed use multi-family development with 340 residential 1, 2 and 3 bedroom rental units (which number of units may be reduced if required by applicable federal, state, County, municipal or other applicable governmental authorities; provided, however, in no event shall the total number of rental units be less than 330). The Project will also include an attached parking structure and approximately 2,500 square feet of ground floor retail and amenity space. The Project is generally located on the east side of I-95 and north of East Cypress Creek Road (Exhibit 2).
To facilitate the construction of the Project and to provide affordable rental units, the City of Fort Lauderdale (“City”) has agreed to provide tax incentives to the Owner to develop The Cypress Project. On September 1, 2026, the City entered into a Workforce Housing Incentive Agreement (Exhibit 3) with the Owner which commits the City to contribute 100% of the City’s portion of the collected tax revenues generated by the Project for 15 years for a total amount not to exceed $8,616,565.
The Funding Agreement between Broward County and CC FTL WFH, LLC (“Agreement”) (Exhibit 1) provides for a similar funding structure as the City’s. Under the Agreement, the County will provide funding to the Owner, on an annual basis for a period of up to 30 years, equal to 50% of the County’s real property ad valorem annual tax increment revenue from the Project paid to the County, not to exceed an aggregate amount of $5,845,558. The continuation of the Agreement beyond the end of any County fiscal year is subject to the appropriation and availability of funds. The County’s payment of the funds to Owner is contingent on 1) completion of the Project, and 2) the yearly payment by Owner of all ad valorem taxes on the property. The Agreement authorizes the County Administrator to approve minor technical and specific tax-related amendments that do not materially alter the terms of the Agreement or impose additional material financial risk on the County, subject to review and approval for legal sufficiency by the Office of the County Attorney.
Ten percent (10%) of the units (approximately 34 units) will be income-restricted to households earning up to 100% Area Median Income (“AMI”), and thirty percent (30%) of the units (approximately 102 units) will be income-restricted to households earning up to 120% AMI. In total, a minimum of 136 units will be income-restricted, and these units will remain income-restricted for 30 years from the project's completion.
After development, the assessed value is expected to increase by $88,611,394 yielding approximately $502,054 in ad valorem tax revenue to the County in the first year after project completion.
Source of Additional Information
Ralph Stone, Executive Director, Housing Finance Authority (954) 357-5320.
Fiscal Impact
Fiscal Impact/Cost Summary
The funding of $5,845,558 will be offset by one-half (50%) of the County share of taxes generated annually from the Project when placed on the Property Appraiser's tax roll.