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...
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