..Title
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 ...
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