THE ENVIRONMENTAL PROTECTION AND GROWTH MANAGEMENT DEPARTMENT AND THE HOUSING FINANCE AND COMMUNITY REDEVELOPMENT DIVISION RECOMMEND APPROVAL OF THE ABOVE MOTION.
This item supports the Board’s Value of offering sustainable, compatible, innovative housing options for all income-levels, including integrated supportive housing and rapid-rehousing: Goal 1: Facilitate a regional approach to growth and redevelopment through coordination and collaboration at the federal, state and local levels; Goal 2: Strengthen stakeholder partnerships to increase the availability of affordable housing of all types (e.g. rental, purchase, supportive, etc.), countywide, in every community; and Goal 3: Develop, through effective community collaboration, neighborhoods and communities incorporating intermodal connectivity, while integrating energy efficiency community resilience, and other livability standards and initiatives.
On June 12, 2018, the Board authorized the County Administrator to develop an interlocal agreement for gap financing for the Project.
The Project is a joint venture between the City of Oakland Park and Integra Investments LLC to develop two vacant parcels of land (approximately 2.07 acres) that are owned by the City. These parcels are on the west side of Dixie Highway, between N.E. 37th and N.E. 39th Streets, and are in the Oakland Park Community Redevelopment Area. The developer agreement requires the construction of a mixed-use project, including 87 residential units, 11 live-work units, 34,600 square feet of retail/commercial uses, 29,000 square feet of office space to house the relocated Oakland Park City Hall, and 343 structured parking spaces.
On October 17, 2018, the City of Oakland Park approved a Purchase and Sale Agreement with Integra Investments LLC to purchase the two West Dixie parcels for $2,550,000 to develop the Project on the property.
The City of Oakland Park estimates the value of the Project at build-out is $40 million, and the estimated real estate taxes generated for the County only portion is estimated to be $207,567 in the first full year of assessment. The City estimates the growth in value will increase 4% annually, so that starting in the fifth year, the annual taxes paid to the County only portion would be $242,824 per year. The estimated first five year total taxes paid to the County would be $1,124,252.
Per the ILA (Exhibit 1), approved by the County Attorney's Office, the County will provide funding to Oakland Park when the Project is complete, all final certificates of occupancy (CO’s) have been issued, and the entire project is on the Property Appraiser’s tax roll, no later than six years after the effective date of the Agreement. After the Project is placed on the Property Appraiser's tax roll, the County will transfer funds to the City annually in the amount of the county ad-valorum taxes paid, until such time as the entire $1,100,000 has been disbursed.
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