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ORDINANCE NO. 24O-01-100: AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF LAUDERHILL APPROVING THE FIRST AMENDMENT TO THE REAL ESTATE PRE-DEVELOPMENT AGREEMENT AND ADDENDUM BETWEEN THE CITY OF LAUDERHILL AND LE PARC AT LAUDERHILL, LLC, PROVIDING FOR DEVELOPMENT INCENTIVES IN THE FORM OF TAX REIMBURSEMENTS FOR THE PROPOSED DEVELOPMENT OF UP TO 358 MULTI-FAMILY HOUSING UNITS COMPRISED OF SIX (6) THREE STORY GARDEN APARTMENTS AND TWO (2) UP TO EIGHT STORY MID RISE APARTMENTS, AT APPROXIMATELY 36 UNITS PER ACRE ON A 9.93 + ACRE SITE IN THE RM-40 ZONING DISTRICT LEGALLY DESCRIBED AS AT&T NO. 1 127-18 B TRACT 1 RECORDED IN PLAT BOOK 127, PAGE 18 OF THE PUBLIC RECORD OF BROWARD COUNTY, FLORIDA, MORE COMMONLY KNOWN AS 3831 NW 13TH ST, LAUDERHILL, FLORIDA; PROVIDING FOR AN EFFECTIVE DATE.
Body
Request Action:
City Commission approval of the First Amendment to the Real Estate Development Agreement and Addendum between LeParc and the City of Lauderhill providing for development incentives in the form of tax reimbursements for a specific term along with discussing the design of the right-of-way terms and conditions.
Need:
To approve First Amendment to Development Agreement with Le Parc
Summary Explanation/ Background:
The developer, Le Parc, has requested various incentives in the form of tax reimbursements for a specific term along with the terms ions due to the large cost of the development. Various costs/expenses and circumstances have changed over time necessitating changes to the Agreement. The developer has agreed to dedicate the portion to be used for N.W. 38th Avenue as a public Right-of-Way to the City as a prerequisite so that the City can apply for and use Surtax funding reimbursement for the construction of that ROW and eligible improvements. This is one of the first developer's in the city who applied for the program prior to guidelines for the program being adjusted. The funding amount is an estimate and the final figure will be calculated using the city formulary indicated on Exhibit D based upon the Broward County Property Appraiser's ultimate valuation of the actual units built based upon the final approved site plan which may include up to a maximum of 358 multi-family housing units comprised of six (6) three story garden apartments and two (2) up to eight story mid rise apartments. On the second and final reading the city commission also approved an additional amendment to the contract to add a provision stating that a change of the managing principal of the Developer, Le Parc at Lauderhill, LLC, due to legal incapacity, death, or probate planning would not trigger the transfer provisions that would nullify or void the incentives.due to legal incapacity, death, or probate planning). A few other redlined provisions were approved at the staff level prior to the second reading at the commission meeting to include force majeure based upon a declaration, compensation by the city for the construction of the road and improvements subject to written approval by the city, and effective date upon recording.
Attachments:
Development Agreement First Amendment
Proof of Publication
Ex. A
Ex. B
Ex. C - Sketch of ROW
Ex. D - formulary for estimated funding figures @ 100% funding for 10 years.
Cost Summary/ Fiscal Impact:
Include projected cost, approved budget amount and account number, source of funds, and any future funding requirements
Estimated Time for Presentation:
Master Plan:
Goal 1: Clean, Green Sustainable Environment
[ ] Increase mass transit ridership [ ] Reduce City energy consumption
[ ] Reduce water consumption
Goal 2: Safe and Secure City of Lauderhill
[ ] Crime in lower 50% in Broward [ ] Residents feel safe in neighborhood
[ ] Reduce emergency fatalities
Goal 3: Open Spaces and Active Lifestyle for all ages
[ ] Increase participation in youth sports [ ] Add new park land and amenities
[ ] Increase attendance at cultural programs and classes
Goal 4: Growing Local Economy, Employment and Quality of Commercial Areas
[ ] Increase commercial tax base [ ] Increase employment in Lauderhill businesses
[ ] Decrease noxious and blighted uses in commercial areas
Goal 5: Quality Housing at all Price Ranges and Attractive Communities
[ ] Neighborhood signs and active HOAs [ ] Housing & streets improved, litter reduced
[ ] Increase proportion of single family homes and owner occupied housing
Goal 6: Efficient and Effective City Government, Customer Focused & Values Diversity
[ ] Improves City efficiency [ ] Increase use of Information Technology
[ ] Increases residents perception of Lauderhill as an excellent place to live