Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Approving and Authorizing The Appropriate City Officials To Execute A Comprehensive Agreement and An Amended and Restated Ground Lease With University Station I, LLC, an affiliate of Housing Trust Group, LLC, For The Development Of A Mixed-Use, Mixed-Income, Project Including Attainable Housing To Be Located On The City-Owned Parcels Of Land Between Fillmore And Polk Streets Along North 21st Avenue.
Strategic Plan Focus
Economic Vitality
Body
Staff Recommends: Approval of the attached Resolution.
Explanation:
The redevelopment of the City-owned parcels located along the FEC Corridor, fronting N 21st Avenue between Polk and Fillmore Streets, has long been a part of downtown redevelopment discussions and plans. These parcels include a former fire station (repurposed and leased to Barry University for its College of Health Sciences in 2011), surface parking lots, and a Shuffleboard Center.
On September 16, 2020, the City Commission approved an Interim Agreement, as provided by Florida Statute 255.065 on Public-Private Partnerships, with Housing Trust Group, LLC ("HTG") and ground leases with HTG's affiliates University Station I, LLC and University Station II, Ltd. for a mixed-use redevelopment project on these parcels. The project includes two residential building totaling 216 units of attainable housing restricted to households earning 80% or less of the Area Median Income for Broward County along with related amenities, a shared use parking garage, a 12,210 SF educational space, and approximately 2,000 SF of commercial/retail space ("University Station").
HTG, through its affiliate University Station I, LLC ("US 1"), sought funding through the Florida Housing Finance Corporation and was awarded 4% Low-Income Housing Tax Credits, State Apartment Incentive Loan program funds, ELI loan funds, National Housing Trust Funds, Broward County Affordable Housing loan funds and City of...
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