Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Approving And Authorizing The Appropriate City Officials To Execute An Amendment To The Gap 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, LLC, 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: Approval of the attached Resolution.
Explanation:
In March 2021, the City Commission and CRA Board approved R-2021-062 and R-CRA-2021-14 authorizing the execution of a gap funding commitment ("Commitment") between the City, CRA and Developer, Van Jackson, LLC and Tropic Hollywood, Inc., Affiliates of Affiliated Development, LLC ("Developer"). The Commitment included a forgivable loan of $3.5 million from the City for project costs and public infrastructure to be funded by the designated affordable housing dollars from Broward County that had been invoiced by the City in accordance with the 2018 Interlocal Agreement ("ILA") between Broward County, the City, and CRA. In May 2021, the Broward County Commission approved a payment of $3,021,636 to the City pending the execution of an amendment to the ILA. The funds Broward County will provide to the City will come from U.S. Department of Treasury funds awarded to the County from the Coronavirus Local Fiscal Recovery Fund ("CLFRF") as authorized by the American Rescue Plan Act of 2021 ("ARPA"). The remaining $478,364 will be provided from the City's allocation from the CLFRF as authorized by the ARPA.
The First Amendment to the Commitment ("Amendment") recognizes the change in the source of funds for the forgivable loan and allows the use of these funds in the acquisition stage of the project. This Amendment modifies and replaces two pr...
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