Title
A Resolution Of The Hollywood, Florida Community Redevelopment Agency (“CRA”), Approving And Authorizing The Expenditure Of Funds In An Amount of $2,014,205.00 For A Funding Commitment Between The City Of Hollywood And Dixie Hollywood Apts, LLC, An Affiliate Of Affiliated Development, LLC, For A Mixed Income Workforce Housing Development Located At 400 South Dixie Highway Within The Downtown District Of The CRA.
Strategic Plan Focus
Quality of Life & Strong Neighborhoods
Body
Staff Recommends: Approval of the attached Resolution.
Explanation:
Dixie Hollywood Apt, LLC, an affiliate of Affiliated Development, LLC (“Developer”), proposes to develop a mixed-income multifamily rental housing development located at 400 South Dixie Highway in the Downtown District of the Community Redevelopment Agency (“CRA”).
The proposed development will consist of approximately 394 residential units, with approximately (50%) of the units restricted as workforce housing for households earning up 120% of the Area Median Income. The project will also include structured parking and associated residential amenities designed to support long-term housing stability and neighborhood investment.
The Developer has advised the City that, due to increasing construction costs, financing constraints, and current market conditions, the project requires additional financial assistance to address a funding gap and maintain project feasibility. As part of its request, the Developer is seeking affordable housing gap financing, additional City/CRA funding assistance, and a waiver of the City’s public art requirements.
To support the development of workforce housing and advance the CRA’s and City’s goals of increasing affordable housing and support economic development, a proposed Funding Commitment between the City and the Developer contemplates the following:
• $4,000,000.00 in affordable housing gap financing through the City’s affordable and workforce housing Interlocal Agreement (“ILA”) program, consisting of:
• $2,500,000.00 from the City’s FY 2026 ILA allocation
• $1,500,000.00 from the City’s FY 2027 ILA allocation
• $2,014,205 in additional funding, to be funded through the Downtown CRA Post-TIF funding allocation, consisting of:
• $750,000.00 from the Downtown CRA’s Fiscal Year 2028 Post-TIF Allocation
• $650,000.00 from the Downtown CRA’s Fiscal Year 2029 Post-TIF Allocation
• $614,205.00 from the Downtown CRA’s Fiscal Year 2030 Post-TIF Allocation
• A one hundred percent (100%) waiver of applicable public art requirements associated with the project.
• A one hundred percent (100%) waiver of applicable development review fees associated with the project.
The City Commission will be considering a proposed Funding Commitment to establish the general business terms between the City and the Developer and authorize the negotiation of the necessary Development Agreement, Funding Agreement, and related project documents. The project is anticipated to provide significant public benefits through the creation of workforce housing opportunities, expansion of the City’s housing inventory, increased private investment, and continued redevelopment along the Dixie Highway corridor.
The Downtown CRA has established a Post-TIF funding program to support redevelopment and economic development initiatives within the Downtown District.
Approval of this Resolution will authorize the expenditure of funds for the CRA’s contribution to the Funding Commitment following the terms and conditions of the executed agreement.
Fiscal Impact:
The proposed funding commitment identifies a total CRA contribution amount of $2,014,205.00, consisting of Downtown CRA’s Post-TIF allocations. Funding will be dependent on future budget appropriations subject to approval and adoption by the CRA board and approval of final agreements.
Recommended for inclusion on the agenda by:
Susan Goldberg, CRA Deputy Director
Jose Cortes, Assistant City Manager