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 First Amendment to the Funding Agreement (“Agreement”) between Broward County and Andrews Apartments, LLC (“Owner”), authorizing the County Administrator to approve and execute minor technical and tax-related amendments to the Agreement, as well as other documents and agreements necessary to finalize construction financing, provided they 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, and clarifying County’s consent regarding Owner’s assignment rights; and to authorize the Mayor and Clerk to execute same. (Commission District 8)
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Why Action is Necessary
Approval by the Board of County Commissioners is required to amend the Agreement.
What Action Accomplishes
Authorizes the County Administrator to approve and execute minor technical and tax-related amendments to the Agreement that that do not materially alter its terms or impose additional material financial risk on the County and clarifies County’s consent regarding Owner’s assignment right.
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Previous Action Taken
The Board originally approved the Agreement at the February 6, 2024, meeting (Agenda Item No.16).
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."
On February 6, 2024 (Agenda Item No.16), the County approved the Agreement providing funding to the Owner to develop a mixed-use, multi-family development in the City of Fort Lauderdale (“Era Project”) owned by Andrews Apartments LLC with an anticipated 400 residential one, two and three bedroom units. The Agreement requires that the units be restricted for affordable housing units as follows: 5% of the units at 80% of Area Median Income (AMI), 10% of the units at 100% of AMI, and 37.5% of the units at 120% of AMI.
The Era Project is generally located south of Southwest 21st Street and north of SW 22nd Street between Andrews Avenue and the Florida East Cost Railway on approximately 2.7 acres in the southernmost portion of the City of Fort Lauderdale’s South Regional Activity Center (Exhibit 3).
To satisfy lender requirements and enable the Owner to secure construction financing for the Era Project, the Owner requested an amendment to the Agreement to clarify that County’s consent regarding Owner’s assignment rights shall not be unreasonably withheld (Exhibit 2). Additionally, to prevent project delays, Owner has requested an amendment to authorize the County Administrator to approve and execute minor technical and tax-related amendments to the Agreement and future subordination agreements, consents and other instruments, subject to review and approval as to legal sufficiency by the Office of the County Attorney, provided they do not materially alter the terms of the Agreement or impose additional material financial risk on the County. These terms are included in the First Amendment prepared by the County Attorney’s office (Exhibit 1).
Source of Additional Information
Ralph Stone, Director, Housing Finance Division (954) 357-5320.
Fiscal Impact
Fiscal Impact/Cost Summary
No fiscal impact.