Broward County Commission Regular Meeting
Director's Name: Leonard Vialpando
Department: Environmental Protection Division: Housing Finance & Comm. Redevelopment
Information
Requested Action
title
MOTION TO APPROVE Second Amendment to Ground Lease Agreement between Broward County and Related FATVillage, LLC, to extend the Commencement Date deadline until December 31, 2021, and increase the Annual Base Rent payment from $25,000 to $50,000; and authorize the Mayor and Clerk to execute same. (Commission District 7)
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Why Action is Necessary
Amendments to lease agreement terms previously approved by the Board on December 12, 2017, require approval by the Board of County Commissioners.
What Action Accomplishes
Action approves the Second Amendment to the Ground Lease, which extends the deadline for the Commencement Date from March 31, 2021, until December 31, 2021, and increases the Annual Base Rent payment from $25,000 to $50,000, in order to satisfy County requirements and enables more favorable construction financing terms for the lessee.
Is this Action Goal Related
Yes
Previous Action Taken
No previous action.
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 of offering sustainable, compatible, innovative housing options for all income-levels, including integrated supportive housing and rapid-rehousing: Goal 1: Facilitate a regional approach to growth and redevelopment through coordination and collaboration at the federal, state and local levels; Goal 2: Strengthen stakeholder partnerships to increase the availability of affordable housing of all types (e.g. rental, purchase, supportive, etc.), countywide, in every community; and Goal 3: Develop, through effective community collaboration, neighborhoods and communities incorporating intermodal connectivi...
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