Broward County Commission Regular Meeting
Director's Name: Andrew J. Meyers
Department: County Attorney
Information
Requested Action
title
MOTION TO DISCUSS Interlocal Agreement Among Broward County, the City of Hollywood, and the City of Hollywood Community Redevelopment Agency Regarding Funding for Affordable Housing, and to provide direction and authority to the County Administrator and the Office of the County Attorney regarding certain invoices from the City of Hollywood.
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Why Action is Necessary
Necessary to permit Board discussion and to provide appropriate direction and authority.
What Action Accomplishes
Permits Board discussion as stated above and provides direction and authority to staff.
Is this Action Goal Related
No
Previous Action Taken
Summary Explanation/Background
On October 3, 2018, the County entered into an interlocal agreement ("ILA") with the City of Hollywood and the City of Hollywood Community Redevelopment Agency ("CRA") regarding the tax increment financing ("TIF") amounts due to the CRA. The key terms of the ILA included: (1) a 16-year, non-TIF extension of the Downtown District of the CRA through September 30, 2041; (2) an agreed termination of TIF obligations to the Beach District on December 31, 2026; and (3) payments of $1.75 million annually by the County to the City for ten (10) years, commencing December 31, 2027, for affordable housing. In addition, for the remaining duration of the County's TIF obligations to the Beach District, by September 30 of each year the CRA can designate a "set aside" amount of between 17% and 25%, and by December 31, the County will pay that "set aside" portion of the TIF to the City rather than to the CRA. The "set aside" amounts paid to the City must be used solely for affordable housing programs. The other taxing authorities, including the City, retain the "set aside" portion of their TIF, with no restriction on the use of the funds. If the CRA does not timely de...
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