Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Approving And Authorizing The Appropriate City Officials To Execute A Funding Commitment Among The City Of Hollywood, Florida, The City Of Hollywood, Florida Community Redevelopment Agency, Van Jackson LLC And Tropic Hollywood, Inc., Affiliates Of Affiliated Development, LL Relating To The Tropic, A Workforce Housing Project To Be Located At 1744 And 1753 Federal Highway Within The Downtown District Of The CRA.
Strategic Plan Focus
Economic Vitality
Body
Staff Recommends: Consideration of the attached Resolution.
Explanation:
The Developer is under contract to acquire the property and related sites within 1744 & 1753 Federal Highway in between Van Buren Street and Jackson Street within the Downtown District of the CRA and wholly contained within a low-to-moderate income census tract. The Developer proposes to redevelop the site into a mixed use, mixed income multi-family workforce housing rental development comprised of approximately 210 units, Class A amenities and garage parking.
The redevelopment of this block would 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. An analysis of the estimated tax revenue that would be generated by the project compared to the current revenue received shows that over the past 30 years the property has paid roughly $279,861 in total ad valorem taxes. If this project is completed, it is estimated that it would generate approximately $27,631,771 in total ad valorem taxes over the next 30 years (inclusive of all taxing authorities).
The Developer is proposing a mixed use, mixed income development that will consist of both workforce housing units and market rate housing units with approximately 1/3 of the units dedicated to those earning up to 100% of area median income ("AMI"); 1/3 dedicated to those earning up to 120% o...
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