Broward County Commission Regular Meeting
Director's Name: Andrew J. Meyers
Department: County Attorney
Information
Requested Action
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MOTION TO APPROVE Partial Release of Declaration of Restrictive Covenants (“Partial Release”) between Broward County (“County”) and University Station I, LLC (“Developer”), in connection with the development of a mixed-use, 216-unit multi-family affordable rental housing project known as University Station, in substantially the form attached hereto, and to authorize the County Administrator to execute same, subject to review and approval as to legal sufficiency by the County Attorney’s Office.
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Why Action is Necessary
Board approval is required to release a portion of the Declaration of Restrictive Covenants.
What Action Accomplishes
Approves the form of the Partial Release and authorizes the County Administrator to execute same, subject to review and approval as to legal sufficiency by the County Attorney’s Office.
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Previous Action Taken
Summary Explanation/Background
On June 6, 2023, the Board approved the Agreement between Broward County (“County”) and University Station I, LLC (“Developer”), providing State Housing Initiatives Partnership (“SHIP”) Funding for Multi-family Rental Construction Strategy for Fiscal Year 2022-2023 (“SHIP Agreement”). The SHIP Agreement awarded $100,000 in SHIP Program funds to the Developer for the purpose of constructing a mixed-use, 216-unit multi-family affordable rental housing project, together with retail and commercial space and a parking structure (“Project”).
As a condition of SHIP Program funding, the Developer recorded a Declaration of Restrictive Covenants (“DRC”) in the Official Records of Broward County, Florida, as Instrument # 119528633, encumbering the Project property to ensure compliance with SHIP Program affordability and other program requirements.
Since the inception of the Project, it was contemplated that a portion of the parking structure constructed as part of the Project would be conveyed to the City of Hollywood for public parking. The proposed Partial Release of Declaration of Restrictive Covenants between the County and the Developer (“Partial Release”) releases the portion of the parking structure that has been conveyed to the City of Hollywood from the operation and effect of the DRC. The remainder of the Project property will remain subject to the DRC, which remains in full force and effect.
This item authorizes execution of the Partial Release by the County Administrator in substantially the form attached to this item as Exhibit 1, subject to review and approval as to legal sufficiency by the County Attorney’s Office.
Source of Additional Information
Annika E. Ashton, Deputy County Attorney, 954-357-7600
Fiscal Impact
Fiscal Impact/Cost Summary
No fiscal impact.