Broward County Commission Regular Meeting
Director's Name: Henry A. Sniezek
Department: Environmental Protection Division: Housing Finance & Comm. Redevelopment
Information
Requested Action
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MOTION TO AUTHORIZE County Administrator to execute all agreements, subject to approval as to form and legal sufficiency by the Office of the County Attorney, related to gap financing in the amount of $5,000,000 to be provided to Marquis Partners, Ltd., for new construction of a garden style affordable rental community offering 100 one, two, and three-bedroom affordable rental apartments in the City of Pompano Beach, Florida. (Commission District 2)
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Why Action is Necessary
Board action is required to approve agreements with outside agencies.
What Action Accomplishes
Authorizes the County Administrator and County Attorney to execute agreements with Marquis Partners, Ltd. for financing of the Marquis Apartments project.
Is this Action Goal Related
Yes
Previous Action Taken
At the Board of County Commissioners (BOCC) meeting of June 12, 2018 (Item No. 25), the BOCC authorized County Administrator to execute agreements with Cornerstone Group Partners, LLC, an affiliate of Marquis Partners, Ltd., for the Marquis Apartments project.
Summary Explanation/Background
THE ENVIRONMENTAL PROTECTION AND GROWTH MANAGEMENT DEPARTMENT AND THE HOUSING FINANCE AND COMMUNITY REDEVELOPMENT DIVISION RECOMMEND APPROVAL OF THE ABOVE MOTION.
This item supports the Board's value: "Offering sustainable, compatible, innovative housing options for all income-levels, including integrated, permanent supportive housing: and the corresponding goal of "Increase the availability of affordable housing of all types, countywide, in every community using effective, uniform criteria, policies and strategies".
On June 12, 2018 (Item No. 25), the Board authorized the County Administrator to execute agreements with Cornerstone Group Partners, LLC, an affiliate of Marquis Partn...
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