Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Approving And Authorizing The Appropriate City Officials To Accept A Donation In The Amount Of $120,000.00 From The ANF Charitable Fund Of The Community Foundation Of Broward Designated For Costs Associated With The Interior Buildout Of The Educational Space Leased By The City At University Station In Accordance With The City’s Donations Policy (R-2024-296).
Strategic Plan Focus
Economic Vitality
Body
Staff Recommends: Approval of the Attached Resolution.
Explanation:
The redevelopment of the City-owned parcels located along N 21st Avenue between Polk and Fillmore Streets is nearing completion as part of the University Station Project (“University Station”), a public-private partnership (“P3”) between the Housing Trust Group, LLC, through its affiliate University Station I, LLC, and the City of Hollywood. This P3 includes 216 units of affordable housing for households earning 80% or less of the Area Median Income, along with a shared use parking garage, approximately 12,000 square feet of educational space leased to Barry University and approximately 2,000 square feet of commercial/retail.
On May 18, 2023 the City entered into a Comprehensive Agreement, attached as Exhibit “A”, with University Station I, LLC, an affiliate of Housing Trust Group, (“Developer”). Section 8.1 of the Comprehensive Agreement delegated authority to the City Manager to enter into other agreements needed to implement the terms and conditions of the Comprehensive Agreement and to facilitate the construction of University Station. This included an Educational Sublease Agreement between the City and HTG US Retail, LLC and a Sub-sublease between the City and Barry University Inc, a not-for-profit corporation which is attached as Exhibit “B”. The Comprehensive Agreement, Sublease and Sub-sublease include the terms and conditions for the required build-out (“Sublandlord Improvements”) of the educational space for Barry University as well as the rental payments the City will receive from Barry University during the term of the Sub-sublease.
The costs for the required Sublandlord Improvements have exceeded the $1.6 million amount specified in the Comprehensive Agreement and leases due to general cost escalations within the construction industry related to pricing for equipment, goods and labor.
ANF Group, Inc, a South Florida based construction company working in Hollywood since the company’s founding in 1981, is the general contractor hired by University Station I, LLC for the overall University Station project. The ANF Group and its ANF Charitable Fund of The Community Foundation of Broward supports the mission of affordable housing along with the opportunities created for residents by having an institution of higher education within an affordable housing development and desires to make a donation of $120,000.00 to the City to be designated to cover these additional costs.
This donation from The ANF Charitable Fund of The Community Foundation of Broward would be considered a Restricted Donation under the City’s Donation Policy authorized by the City Commission under Resolution No. R-2024-296.
Fiscal Impact:
Accepting this donation will cover the cost escalation of this project and will effectively prevent any fiscal impact to the City.
Recommended for inclusion on the agenda by:
Adam Reichbach, Assistant City Manager
Raelin Storey, Assistant City Manager