Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Approving And Authorizing The Appropriate City Officials To Execute The First Amendment To The Comprehensive Agreement For The Development Of Public And Private Facilities At 1301 S. Ocean Drive Between The City Of Hollywood And PRH 1301 S. Ocean Drive, LLC.
Strategic Plan Focus
Economic Vitality
Body
Staff Recommends: Approval of Resolution
Explanation:
On May 4, 2022, the City and PRH 1301 S. Ocean Drive, LLC, entered into a Comprehensive Development Agreement for the redevelopment of the City-owned property located at 1301 S. Ocean Drive, currently occupied by the Hollywood Beach Culture and Community Center. Pursuant to the Agreement, the Developer is required to construct a new and expanded community center, together with a residential component, structured parking, and necessary utility infrastructure improvements. The Project will also include enhancements and additional landscaping improvements to Harry Berry Park.
The City and the Developer now desire to enter into a First Amendment to the Agreement to authorize the development of an additional eighty-four (84) affordable Hero Housing rental units, together with one hundred twenty-six (126) market-rate condominium units, for a total of two hundred ten (210) residential units. Section 255.065, Florida Statutes, authorizes public-private partnerships for qualifying projects that serve a valid public purpose, including projects that enhance public infrastructure, promote economic development, and provide essential public services.
The Hero Housing units shall be restricted to households earning between eighty percent (80%) and one hundred twenty percent (120%) of the Area Median Income (AMI), in accordance with applicable HUD guidelines for Broward County. Occupancy of the Hero Housing units shall be prioritized for essential workforce populations, including City of Hollywood police officers, firefighters, municipal emp...
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