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File #: 22-580   
Status: Agenda Ready
In control: Resilient Environment - Urban Planning Division
On agenda: 6/14/2022 Final action: 6/14/2022
Title: MOTION TO APPROVE Subordination Agreement related to Declarations of Restrictive Covenants for HTG Village View, LLC, located east of North Andrews Avenue, between Northeast 6 Street and Northeast 7 Street in the City of Fort Lauderdale, involving the waiver of certain impact fees and to authorize County Administrator to execute same. (Commission District 4)
Attachments: 1. Exhibit 1 - Application, 2. Exhibit 2 - Location Map, 3. Exhibit 3 - Age Restriction Declaration of Restrictive Covenant, 4. Exhibit 4 - Affordable Housing Declaration of Restrictive Covenant, 5. Exhibit 5 - Office of County Attorney Memorandum
Date Action ByActionResultAction DetailsMeeting DetailsVideo
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Broward County Commission Regular Meeting
Director's Name: Leonard Vialpando
Department: Resilient Environment Division: Urban Planning Division

Information
Requested Action
title
MOTION TO APPROVE Subordination Agreement related to Declarations of Restrictive Covenants for HTG Village View, LLC, located east of North Andrews Avenue, between Northeast 6 Street and Northeast 7 Street in the City of Fort Lauderdale, involving the waiver of certain impact fees and to authorize County Administrator to execute same. (Commission District 4)

body
Why Action is Necessary
Requirement of lender that the Declaration of Restrictive Covenants be subordinate to the loan.

What Action Accomplishes
Subordinates the Declaration of Restrictive Covenants to the loan.

Is this Action Goal Related
No

Previous Action Taken
None

Summary Explanation/Background
THE RESILIENT ENVIRONMENT DEPARTMENT AND THE URBAN PLANNING DIVISION RECOMMEND APPROVAL OF THE ABOVE MOTION.

HTG Village View, LLC ("Owner") has requested to subordinate the Declarations of Restrictive Covenants for Age Restricted and Affordable Housing recorded at Instrument Nos. 116231456 and 116231455 in the Public Records of Broward County, Florida (collectively "Declarations"), see Exhibit 3 and Exhibit 4. These Declarations provided for waiver and exemption of transportation concurrency and school impact fees assessed for 100-unit senior housing community.

The subject property is located at the east of North Andrews Avenue, between Northeast 6 Street and Northeast 7 Street, in the City of Fort Lauderdale. The Owner is in the process of seeking additional refinancing from Walker and Dunlop, LLC. The Owner, in agreement with Florida Housing Finance Corporation, will restrict the development to low-income residents for a fifty (50) year period.
Also, the Office of the County Attorney has reviewed the subordination agreements, and finds them in approvable form subject to disclosure to the Board of ...

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