Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Authorizing The Appropriate City Officials To Execute An Amendment To The Agreement For Purchase And Sale Of The City Parking Unit At University Station With University Station I, LLC Increasing The Purchase Price By $308,623.77 For The Acquisition And Installation Of Parking Guidance Equipment.
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 ("HTG") 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.
In February of 2023, the City Commission approved the Comprehensive Development Agreement for the P3 which set a purchase price of $8,439,000.00 for the portion of the parking garage containing the 365 parking spaces (345 public spaces/20 dedicated educational user spaces) and related facilities to be owned by the City (collectively the "City Parking Unit"). The City Parking Unit will be operated by the City's Office of Parking and Code Compliance ("Parking") with all revenue generated from the operation of the public parking spaces to be paid to the City's Parking Enterprise Fund. The City Commission delegated authority to execute all documents related to the purchase and sale of the City Parking Unit to the City Manager.
The City executed an Agreement for Purchase and Sale of the City Parking Unit ("PSA") on May 18, 2023 ("Exhibit A"), and con...
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