Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Authorizing The Appropriate City Officials To Execute An Amendment To The Interlocal Agreement Between Broward County, The City Of Hollywood And The Hollywood Community Redevelopment Agency Regarding Funding For Affordable Housing.
Strategic Plan Focus
Economic Vitality
Body
Staff Recommends: Approval of Resolution.
Explanation:
On September 25, 2018, the Broward County Commission approved an Interlocal Agreement ("ILA") attached as Exhibit "A" in support of affordable housing and economic development in the City at-large, as well as continued redevelopment within the Downtown District of the Hollywood Community Redevelopment Agency ("CRA"). The ILA allocated a portion of the monies that would otherwise be paid to the Beach District of the CRA as tax increment funding to support affordable housing programs throughout the City.
On October 3, 2018, the City Commission and CRA Board approved R-2018-324 and R-CRA-2018-38 respectively that authorized the full execution of the ILA with Broward County ("County"). On December 3, 2018, in recognition of the newly executed ILA, the CRA refunded $2,484,855 to the County ("2018 Refund"). On March 7, 2019, the CRA refunded an additional $2,417,418 to the County ("2019 Additional Refund"). Subsequently, the City invoiced the County for the 2018 Refund and the applicable portion of the 2019 Additional Refund, totaling $3,521,636. These refunds have been the subject of a dispute between the City and County over whether they qualify for repayment to the City under the ILA. The City and County agree that there is a need for additional funding for the development of affordable housing to increase the supply of high-quality and affordable living units. This amendment addresses the desire of the City, CRA and County to provide affordable housing funding and settle all disputes regarding the 2018 Refund and 2019 Additional Refund by refunding $3...
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