Title
A Resolution Of The Hollywood, Florida Community Redevelopment Agency ("CRA"), Approving And Authorizing The Appropriate CRA Officials To Execute A Development Agreement Among The City Of Hollywood, Florida, The CRA-Downtown District, 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:
The Community Redevelopment Agency "(CRA") adopted a redevelopment plan for the Downtown District which includes Block 58 located between Harrison and Van Buren Street, Federal Highway and 17th Avenue.
On May 18, 2007, the CRA entered into a Developer's Agreement for the development of sections of Block 58 of the Plat of "Hollywood" as recorded in Plat Book 1, Page 21 of the public records of Broward County, Florida, including without limitation Lots 1 through 19 and Lot 24. The Developer of the Prior Agreement no longer exists, and the Developer's Agreement is null and void and of no further force or effect.
The CRA and the City of Hollywood, Florida are desirous of entering into a Development Agreement with BTI Land Acquisitions, LLC ("BTI") for the development of Lots 1 through 9 and Lot 24. BTI proposes to develop a portion of the property with a residential project and associated amenities in accordance with the approved site plan.
It is anticipated that the BTI Project, once developed, will significantly reduce blight in the Downtown CRA district and will significantly enhance the City and will, in turn, bring significant economic redevelopment to the area.
Starting when project generates TIF and ending 9/30/2025, the CRA agrees to pay the Developer, BTI, 95% of the TIF generated by project. Thereafter and ending 9/30/2030, the CRA will pay the Developer 95% of what the City's portion of the TIF generated by project would be if the TIF was still being paid to the CRA, p...
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