Title
A Resolution Of The Hollywood, Florida, Community Redevelopment Agency ("CRA"), Authorizing The Appropriate CRA Officials To Execute A Funding Agreement With VB Hollywood Holdings, LLC In An Amount Up To $391,240.00 Relating To The S. 20th Avenue Improvements Project Between Harrison Street And North Limits Of The Soleste Village North Project Within The Downtown District Of The CRA; Amending The Annual Budget For The Downtown District Of The CRA For Fiscal Year 2025.
Strategic Plan Focus
Infrastructure & Facilities
Body
Staff Recommends: Approval of the attached Resolution
Explanation:
The Hollywood, Florida Community Redevelopment Agency ("CRA") desires certain beautification improvements to Tyler Street to enhance the corridor aesthetics and improve the pedestrian experience.
VB Hollywood Holdings, LLC ("Developer") owns the property located at 2001 Van Buren Street, which is within the Downtown District of the CRA, and is in the process of developing a residential project ("Project") pursuant to the Site Plan previously approved by the City of Hollywood Planning and Development Board as per File No. 22-DPV-14.
Per coordination with the CRA, the Developer is willing to construct as part of the Project the required CRA improvements outside of the private property ("Public Improvements") on S. 20th Avenue between Harrison Street and the north limits of the Soleste Village North Project. The Developer has estimated that the cost of the Public Improvements as required by the CRA will not exceed $391,240.00.
The appropriate CRA officials have worked with representatives of the Developer to negotiate the terms and conditions of this Funding Agreement relating to the Public Improvements. This Funding Agreement provides for the development and construction by the Developer of the Public Improvements within or adjacent to the Project.
The Project and the Public Improvements will significantly reduce blight in the Downtown CRA and will bring signif...
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