Title
ORDINANCE NO. CRA-24O-10-111: AN ORDINANCE OF THE CITY OF LAUDERHILL COMMUNITY REDEVELOPMENT AGENCY APPROVING THE DEVELOPMENT AND FUNDING AGREEMENT AMONG THE CITY OF LAUDERHILL, THE LAUDERHILL COMMUNITY REDEVELOPMENT AGENCY, AND GJ LAUDERHILL, LLC; PROVIDING FOR DEVELOPMENT INCENTIVES IN THE FORM OF TAX REIMBURSEMENTS FOR THE PROPOSED DEVELOPMENT OF A MIXED-USE COMMERCIAL MULTI-FAMILY HOUSING PROJECT COMPRISED OF 245 HOUSING UNITS AND 7,000 SQUARE FEET OF RETAIL CONSISTING OF THREE (3) MID-RISE APARTMENT BUILDINGS, AT APPROXIMATELY 52 + UNITS PER ACRE ON A 4.65 + ACRE SITE IN THE GENERAL COMMERCIAL ZONING DISTRICT AND WITHIN THE TRANSIT ORIENTED CORRIDOR, LEGALLY DESCRIBED AS A PORTION OF TRACT “A” LAUDERHILL SHOPPES NO. THREE, ACCORDING THE PLAT THEREOF, AS RECORDED IN PLAT BOOK 82, PAGE 3 OF THE PUBLIC RECORDS OF BROWARD COUNTY, FLORIDA, INCLUDING FOLIO NUMBERS 494125320030 AND 494125320010, AS MORE PARTICULARLY DESCRIBED HEREIN; PROVIDING FOR AN EFFECTIVE DATE.
Body
Request Action:
Approve the Development and Funding Agreement among the City of Lauderhill, the Lauderhill CRA, and GJ Lauderhill, LLC. regarding development incentives in the form of tax reimbursements for the proposed development of a mixed-use commercial multi-family housing project comprised of 245 housing units and 7,000 square feet of retail consisting of three (3) mid-rise apartment buildings at approximately 52 +/- units per acre on a 4.65 +/- acre site in the General Commercial Zoning District and within the Transit Oriented Corridor legally described as a Portion of Tract "A" Lauderhill Shoppes No. Three addording the Plat thereof, as recorded in Plat Book 82, Page 3 of the Public Records of Broward County, Florida, including Folio Numbers 494125320030 and 494125320010 as more particularly described herein.
Need Summary Explanation/ Background:
GJ Lauderhill, LLC has proposed to build a development known as "Arthouse 441" which is a mixed-use commercial multi-family housing project comprised of 245 housing units and 7,000 square feet of retail consisting of three (3) mid-rise apartment buildings at approximately 52 +/- units per acre on a 4.65 +/- acre site in the General Commercial Zoning District and within the Transit Oriented Corridor legally described as a Portion of Tract "A" Lauderhill Shoppes No. Three addording the Plat thereof, as recorded in Plat Book 82, Page 3 of the Public Records of Broward County, Florida, including Folio Numbers 494125320030 and 494125320010 as more particularly described herein. The CRA offers tax incentives for certain developments within the CRA District Area, which the developer has requested. This Agreement provides the terms and conditions for the development and the CRA tax incentives to be offered for the development. The funding includes reimbursement of 87% of the tax incentives for the improvements built as well as a reimbursement of the designated city permitting and impact fees.
Cost Summary/ Fiscal Impact:
Include projected cost, approved budget amount and account number, source of funds, and any future funding requirements
Attachments:
Development and Funding Agreement
Budget Code Number(s):
Procurement Information: [check all that apply]
[ ] RFP/Bid [ ] Emergency Purchase [ ] SBE
[ ] Proposal/Quote [ ] State Grant Funds [ ] Local Preference
[ ] Piggyback Contract [ ] Federal Grant Funds
[ ] Sole Source [ ] Matching Required