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 ADOPT Resolution, the title of which is as follows: (Commission District 2)
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF BROWARD COUNTY, FLORIDA, APPROVING THE FORMS AND AUTHORIZING THE EXECUTION AND DELIVERY BY THE HOUSING FINANCE AUTHORITY OF BROWARD COUNTY, FLORIDA (THE “HFA”) OF (I) AN ASSIGNMENT, ASSUMPTION, CONSENT AND RELEASE AGREEMENT RELATED TO THE LAND USE RESTRICTION AGREEMENT DATED AS OF DECEMBER 1, 2017, FOR THE LANDINGS AT COCONUT CREEK, (II) A FIRST AMENDMENT TO LAND USE RESTRICTION AGREEMENT, AND (III) A SATISFACTION OF MORTGAGE RELATED TO THE MORTGAGE, SECURITY AGREEMENT, ASSIGNMENT OF RENTS AND LEASES AND FIXTURE FILING, DATED AS OF DECEMBER 1, 2017; AUTHORIZING THE PROPER OFFICERS OF THE HFA TO DO ALL THINGS NECESSARY OR ADVISABLE IN CONNECTION WITH THE TRANSACTIONS CONTEMPLATED HEREIN; AND PROVIDING AN EFFECTIVE DATE FOR THIS RESOLUTION.
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Why Action is Necessary
Formal Board action is necessary for the adoption of a Resolution.
What Action Accomplishes
Enables the adoption of a Resolution.
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 Broward County Board of County Commissioners’ (“Board”) Goal 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 December 12, 2017, the Board approved Resolution No. 2017-651, authorizing the Housing Finance Authority of Broward County, Florida (“HFA”), to issue its Multifamily Housing Revenue Bonds, Series 2017 (Landings at Coconut Creek), in an amount not to exceed $33,000,000 to finance the acquisition, rehabilitation, and equipping of the Landings at Coconut Creek (“Project”), an existing 268-unit multifamily residential rental housing development located at 4854 Fishermans Drive in the City of Coconut Creek that provides housing for individuals and families of low, middle, or moderate income. The general location of the Project is depicted in Exhibit 3.
CVII-Landings at Coconut Creek LLC, a Delaware limited liability company, is the owner (“Owner”) of the Project. In connection with the financing, the HFA, the Owner, and the Bank of New York Mellon Trust Company, N.A., entered into a Land Use Restriction Agreement dated December 1, 2017 (“LURA”). The Owner requested the HFA’s consent to transfer the Project to Legacy Residential Group, LLC, a Florida limited liability company, or its assignees, which may include Legacy Landings Cocoa Villas, LLC, a Florida limited liability company, Legacy Landings Twin Tower, LLC, a Florida limited liability company, and Legacy West Melbourne, LLC, a Florida limited liability company (collectively, the “Purchaser”).
At the HFA’s August 19, 2026, meeting, the HFA adopted Resolution No. 2026-009, attached herein as Exhibit 2, consenting to the transfer of the Project and the execution of three documents: (1) the Assignment, Assumption, Consent and Release Agreement related to the LURA; (2) a First Amendment to the LURA (“First Amendment”); and (3) a Satisfaction of Mortgage Related to the Mortgage, Security Agreement, Assignment of Rents and Leases and Fixture Filing, dated as of December 1, 2017 (“Satisfaction of Mortgage”). The LURA will remain in effect until the expiration of the Qualified Project Period, as defined in the LURA.
Adoption of the proposed Resolution, attached to this item as Exhibit 1, approves the form of and authorizes the HFA’s execution and delivery of (1) the Assignment, Assumption, Consent and Release Agreement; (2) the First Amendment; and (3) the Satisfaction of Mortgage in connection with the transfer of the Project to the Purchaser. The proposed Resolution was drafted by bond counsel and reviewed by the County Attorney’s Office.
Source of Additional Information
Ralph Stone, Director, Housing Finance Authority Executive Director, (954) 357-5320.
Fiscal Impact
Fiscal Impact/Cost Summary
No fiscal impact.