Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Approving And Authorizing The Appropriate City Officials To Execute A Development Agreement Among The City Of Hollywood, Florida, City Of Hollywood, Florida Community Redevelopment Agency ("CRA"), And BTI Land Acquisitions, LLC ("BTI") Relating To The Block 58 Redevelopment Project Within The Downtown District Of The CRA.
Strategic Plan Focus
Economic Vitality
Body
Staff Recommends: Approval of the attached Resolution.
Explanation:
BTI is under contract to acquire the former Bread Building property and related sites within Block 58 of Downtown Hollywood (generally located southeast of Young Circle). BTI would like to redevelop the project into a mixed use development including retail, 361 residential units, and correlating amenities.
The redevelopment of this block would greatly contribute to the enhancement of the City's downtown which is part of the CRA's redevelopment plan and is a focus of the City's strategic plan to support economic vitality.
On May 18, 2007, the CRA entered into a Developers Agreement ("Prior Agreement") for the development of sections of Block 58 of the Plat of "Hollywood" as recorded in Plat Book 1, Page 21 ("Property") of the public records of Broward County, Florida, including without limitation Lots 1 through 19 and Lot 24. However the original Developer of the Prior Agreement no longer exists, and that Developers Agreement is null and void and of no further force or effect.
BTI is proposing a residential development for a portion of the Property in accordance with the approved site plan. Once developed, it will significantly reduce blight in the CRA, will significantly enhance the City, and will, in turn, bring significant economic redevelopment to the area.
In recognition of the increased acquisition and development costs associated with the Subject Property, as well as financial and market risks associated with the development of the propo...
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