City Commission Agenda Cover Memorandum

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City Commission Agenda Cover Memorandum Originating Department: Housing & CD (HCD) Meeting Type: Regular Agenda Date: 11/21/2016 Advertised: Required?: Yes No ACM#: 21143 Subject: Resolution No.

1 City Commission Agenda Cover Memorandum Originating Department: Housing & CD (HCD) Meeting Type: Regular Agenda Date: 11/21/2016 Advertised: Required?: Yes No ACM#: Subject: Resolution No approving and authorizing a contribution from federal or local funds to assist Urban Related in a Tax Credit application for the development of an affordable housing project located at 4330 Community Drive. Ordinance/Resolution: A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF WEST PALM BEACH, FLORIDA, INDICATING THE CITY S SUPPORT OF THE PROPOSED AFFORDABLE ELDERLY HOUSING DEVELOPMENT, GEORGIAN GARDENS APARTMENT, AT 4330 COMMUNITY DRIVE; APPROVING A FUNDING COMMITMENT IN THE AMOUNT OF $607,500; AUTHORIZING THE MAYOR TO EXECUTE THE NECESSARY LOCAL GOVERNMENT VERIFICATION FORMS; AUTHORIZING THE MAYOR TO EXECUTE ALL DOCUMENTS NECESSARY TO PROVIDE THE CASH CONTRIBUTION; PROVIDING AN EFFECTIVE DATE; AND FOR OTHER PURPOSES. Staff Recommended Motion: Approve Resolution No Background: Related Urban has proposed to develop eighty-seven (87) elderly affordable rental housing units located at 4330 Community Drive (Georgina Gardens Apartments project). In order to assist in financing the project, Related Urban intends to apply to the Florida Housing Finance Corporation s highly competitive round of Low Income Housing Tax Credits issued for affordable housing projects. As a requirement for the application to receive maximum points, the developer must demonstrate a high level of local government contribution for the project in the form of a loan. The local government contribution requirement for a project of the size and scope of Georgina Gardens Apartments is $607,500. Approval will obligate a total of $607,500 on the condition that the project is awarded the tax credit from Florida Housing Finance Corporation. Funds to support this contribution will be made available from the HOME Investment Partnership Program funding and/or the City s Housing Trust Fund in the form of a loan with terms to be negotiated upon tax credit approval and submission and review of supporting

2 AGENDA COVER MEMORANDUM Page 2 C.M. # Date: documentation. HCD staff recommends the City Commission authorize the Mayor to execute all documents necessary for the submittal of the Low Income Housing Tax Credit applications and allocation of the funds should the project be awarded. A copy of the application is attached. Fiscal Note Current Year: Annualized: Budgeted: Fully Budgeted Unbudgeted: Funding Source: Grants; Other: Comment: Electronic Attachments: Click here for assistance with naming convention. Is this ACM related to a Grant? Yes No 11/01/2016 Finance Department/Grants Review Is this ACM related to Housing? Yes No The Impact Statement would address the effects the code changes would have on the ability to provide affordable housing. 10/31/2016 HCD/Housing Review Originating Department - Approved by: Armando Fana on 11/02/ /08/2016 Finance Department 11/09/2016 City Attorney's Department

3 AGENDA COVER MEMORANDUM Page 3 C.M. # Date: 11/09/2016 City Administrator Return to Agenda

4 RESOLUTION NO A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF WEST PALM BEACH, FLORIDA, INDICATING THE CITY S SUPPORT OF THE PROPOSED AFFORDABLE ELDERLY HOUSING DEVELOPMENT, GEORGIAN GARDENS APARTMENT, AT 4330 COMMUNITY DRIVE; APPROVING A FUNDING COMMITMENT IN THE AMOUNT OF $607,500; AUTHORIZING THE MAYOR TO EXECUTE THE NECESSARY LOCAL GOVERNMENT VERIFICATION FORMS; AUTHORIZING THE MAYOR TO EXECUTE ALL DOCUMENTS NECESSARY TO PROVIDE THE CASH CONTRIBUTION; PROVIDING AN EFFECTIVE DATE; AND FOR OTHER PURPOSES. ******************* WHEREAS, the Florida Housing Finance Corporation has offered a competitive round of tax credit financing for affordable housing projects within the State of Florida; and WHEREAS, the tax credit financing program provides additional points for applicants that receive a commitment from the local governments of a cash contribution in support of the proposed project; and WHEREAS, the Related Urban, LLC, has proposed to apply for tax credits to construct up to 87 elderly affordable rental housing units, the Georgian Gardens Apartments, located at 4330 Community Drive, West Palm Beach, Florida; and WHEREAS, the City has consistently supported affordable housing developments in accordance with the City s Affordable Housing Incentive Plan; and WHEREAS, the City Commission, finding that the development of affordable housing serves a valid public purpose, deems it in the best public interest to support the tax credit application by Related Urban, LLC. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF WEST PALM BEACH, FLORIDA, THAT: SECTION 1: SECTION 2: SECTION 3: The City Commission of the City of West Palm Beach, Florida hereby confirms its support of the proposed affordable elderly rental housing development known as Georgian Gardens Apartments, located at 4330 Community Drive, West Palm Beach, Florida (the Project ). The City Commission hereby approves a cash contribution in the amount of $607,500 to be utilized toward the total development costs of the Georgian Gardens Apartments by Related Urban, LLC. This contribution is expressly conditioned upon receipt of a tax credit allocation by the Project. The Mayor is hereby authorized to execute all Local Government Verification forms necessary to confirm the City s funding commitment in support of Related Urban s tax credit application.

5 RESOLUTION NO SECTION 4: SECTION 5: The Mayor is hereby further authorized to execute all agreements and documents necessary to disburse such funds to Related Urban, and such other documents as may be necessary to achieve the intent and purposes of this Resolution, in accordance with any applicable regulations and City requirements, provided such agreements are first approved by the Director of Housing and Community Development and the Office of the City Attorney. The City Clerk is directed to furnish a certified copy of this Resolution to the Director of Housing and Community Development for forwarding to Related Urban for submittal with its tax credit application. SECTION 6: This Resolution shall take effect as provided by law.

CITY COUNCIL AGENDA 5. Meeting Date: 08/05/2013 TITLE:

CITY COUNCIL AGENDA 5. Meeting Date: 08/05/2013 TITLE: Airport HVAC Grant Authorization Responsible Staff: Anthony Bean Backup Material: Backup material attached Digital Presentation: Other Resources: