Broward County Commission Regular Meeting
Director's Name: Leonard Vialpando
Department: Resilient Environment Division: Housing Finance Division
Information
Requested Action
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MOTION TO APPROVE Interlocal Agreement (Exhibit 1) with the Town of Davie and Town of Davie Community Redevelopment Agency (CRA) to approve extension of the Town of Davie CRA beyond the current expiration date of December 17, 2027, for an additional approximately 12 years through September 30, 2039, with no extension to tax increment financing for taxing authorities other than the Town of Davie but with annual contributions by the County of $2,320,000 (estimated 50% of County’s projected 2027 Tax Increment Financing (“TIF”)) for eight years commencing December 1, 2027, to be used only for affordable housing, for a total contribution of $18,560,000. (Commission District 5)
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Why Action is Necessary
Necessary to approve the extension of municipal CRAs; and to approve the proposed Interlocal Agreement.
What Action Accomplishes
Authorizes the County Administrator to implement the Board’s direction and approves the proposed Interlocal Agreement consistent with that direction.
Goal Related Icon(s)
☒County Commission
☐Go Green
☐MAP Broward
Previous Action Taken
None taken.
Summary Explanation/Background
THE RESILIENT ENVIRONMENT DEPARTMENT AND THE HOUSING FINANCE DIVISION 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 Town of Davie CRA is generally located south of I-595 between State Road 7 and Davie Road as further described in the CRA map in Exhibit 4.
The Town Administrator of Davie submitted an initial request to Broward County, dated March 10, 2023 (Exhibit 2), to open dialogue with Broward County regarding an extension of the term of the Town of Davie CRA beyond its current expiration of December 17, 2027. Following staff discussions regarding the request, the Town of Davie proposed the following (Exhibit 3):
1. The Town of Davie CRA would cease receiving TIF from Broward County, Children’s Services Council, North and South Broward Hospital District and the Central Broward Water Control District on January 1, 2027.
2. The Town of Davie CRA term would continue through 2039 on a non-TIF basis except as to the Town of Davie (if the Town elects to continue paying TIF); and
3. Broward County would pay the Town the amount of $2,320,000 annually (equal to approximately 50% of the expected Broward County TIF for Fiscal Year 2027) for eight years (for a total amount of $18,560,000) to be used solely for affordable housing programs within the Town of Davie.
These terms are included in the proposed Interlocal Agreement (Exhibit 1) prepared by the County Attorney’s Office at staff’s request, pursuant to the proposed terms (Exhibit 3) and subsequent negotiations with the Town of Davie and the Davie CRA.
Source of Additional Information
Ralph Stone, Director, Housing Finance Division, (954)-357-5320.
Fiscal Impact
Fiscal Impact/Cost Summary
Broward County would pay the Town the amount of $2,320,000 annually (equal to approximately 50% of the expected Broward County TIF for Fiscal Year 2027) for eight years (for a total amount of $18,560,000) to be used solely for affordable housing programs within the Town of Davie.