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 MMG Plantation II, LLC, a Florida limited liability company (“Owner”), providing funding to Owner in the total aggregate amount not to exceed $6,000,000 to facilitate the development of approximately 307 mixed-income dwelling units (including 123 affordable units) in the City of Plantation (“City”); to authorize the Mayor and Clerk to execute the Agreement; and to authorize the County Administrator to take all necessary administrative and budgetary actions to implement same. (Commission District 9)
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Why Action is Necessary
Approval by the Board of County Commissioners is required to enter into the Funding Agreement.
What Action Accomplishes
Approves a Funding Agreement to provide funding up to $6,000,000 for the construction of the Residences at Plantation Square, a housing development comprising approximately 307 dwelling units, of which 25% of the units (77 units) will be income restricted to households earning up to 80% Area Median Income (“AMI”) and 15% of the units (46 units) will be income restricted to households earning up to 120% AMI for a period of 30 years following the project completion date.
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☒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 Residences at Plantation Square (“Project”) is proposed as a seven-story mixed use multi-family development with 307 residential 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 300 units) with an attached parking structure and a smaller replacement bank as more particularly described in the Executive Summary (Exhibit 2). The Project is generally located on the South side of West Sunrise Boulevard and West of North University Drive (Exhibit 3).
To facilitate the construction of the Project and to provide affordable/workforce rental units, the City agreed to provide tax incentives to the Owner to develop the Project. On August 27, 2025, the City adopted Resolution #2025-032 authorizing contribution to Owner of 50% of the City’s portion of the collected tax revenues generated by the Project to the City for up to 30 years for a total amount not to exceed $6,000,000. County staff received a request dated September 24, 2025 (Exhibit 4) for $6,000,000 in Tax Increment Financing (“TIF”) matching the City’s TIF contribution for the development of the Project. A TIF analysis of the Project was prepared by Walter Duke and Partners (Exhibit 5).
The County Funding Agreement (“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 $6,000,000. 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.
Twenty-five percent of the units (at least 77 units) will be income restricted to households earning up to 80% Area Median Income (“AMI”) and 15% of the units (at least 46 units) will be income restricted to households earning up to 120% AMI. These units will remain income restricted for 30 years from the project's completion.
After development, the assessed value is expected to increase by $83,700,870 yielding approximately $471,981 in ad valorem tax revenue to the County in the first year after project completion. Fifty percent of each year’s ad valorem taxes will go toward the $6,000,000 affordable housing assistance.
Source of Additional Information
Ralph Stone, Executive Director, Housing Finance Authority (954) 357-5320.
Fiscal Impact
Fiscal Impact/Cost Summary
The funding of $6,000,000 will be offset by one half (50%) the County share of taxes generated annually from the Project when placed on the Property Appraiser's tax roll.