Broward County Commission Regular Meeting
Director's Name: Leonard Vialpando
Department: Environmental Protection Division: Housing Finance & Comm. Redevelopment
Information
Requested Action
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A. 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 Coral Rock Pompano, LLC or an affiliate of Coral Rock Pompano, LLC, for new construction of the Highland Oaks Townhomes, comprised of 138 two and three bedroom affordable rental townhomes in the City of Pompano Beach, Florida; and authorizing County Administrator to take the necessary administrative and budgetary actions related to the gap financing.
(Mayor Holness pulled this item.)
ACTION: (T-2:13 PM) Approved. (Refer to minutes for full discussion.)
VOTE: 9-0. Commissioner Rich voted in the affirmative telephonically.
B. MOTION TO ADOPT budget Resolution No. 2020-512 within the Affordable Housing Trust Fund in the amount of $5,000,000 for the purpose of providing gap financing for the construction and development of the Highland Oaks Townhomes affordable housing development. (Commission District 2)
(Mayor Holness pulled this item.)
ACTION: (T-2:13 PM) Approved. (Refer to minutes for full discussion.)
VOTE: 9-0. Commissioner Rich voted in the affirmative telephonically.
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Why Action is Necessary
Board action is required to approve agreements with outside agencies and to create a new capital project above $25,000.
What Action Accomplishes
Allocates $5,000,000 for gap financing for the construction of 138 new affordable townhomes and authorizes the County Administrator and County Attorney to execute agreements for financing of the Highland Oaks Townhomes project.
Is this Action Goal Related
Yes
Previous Action Taken
No Previous Action.
Summary Explanation/Background
THE ENVIRONMENTAL PROT...
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