THE ENVIRONMENTAL PROTECTION AND GROWTH MANAGEMENT DEPARTMENT AND THE PLANNING AND DEVELOPMENT MANAGEMENT DIVISION RECOMMEND APPROVAL, subject to staff recommendations and conditions which will assure compliance with the standards and requirements of Chapter 5, Article IX of the Broward County Code of Ordinances.
The Lindgren Plat is located on 5.5 acres at the northeast corner of Interstate 95 and McNab Road in the City of Pompano Beach (Exhibit 1). On May 7, 2002, the Board approved a note that restricts the plat to 160 high rise affordable housing units (Instrument No. 101974396). A request to release a Declaration of Restrictive Covenants has been filed with the Planning and Development Management Division, since the original agreement is no longer needed to ensure the development remains affordable (Exhibit 2).
On June 12, 2002, Laguna Pointe Associates, Ltd. (”Laguna”), recorded a Declaration of Restrictive Covenants (Instrument No. 101974400, Official Records Book 33269, Page 471). Pursuant to Section 5-184 of the Broward County Code of Ordinances, the Declaration provided for the waiver of impact and/or administrative fees associated with 160 low-income units on the property. The restriction provided that these units would only be sold or rented to persons with low-income, as defined in Section 5-201 of the Code, for a minimum of 20 years for rental housing or ten years for owner-occupied housing.
As part of its refinancing of the development, Laguna desires to release the Declaration because other assurances exist to ensure that the units remain affordable. Specifically, the Extended Low-Income Housing Agreement (Instrument No. 104276460, Official Records Book 38074, Page 4331) and the Land Use Restriction Agreement (Instrument No. 104479764, Official Records Book 38517, Page 116) between the Florida Housing Finance Corporation and Laguna provide for maintenance of the project as a low-income affordable housing development for a minimum of 30 years. The Office of the County Attorney has determined that the restrictions imposed by these agreements will ensure that the units within the project will remain affordable to low-income persons for at least the minimum term remaining under the Declaration.
Staff recommends APPROVAL of this request. The attached release agreement (Exhibit 3) has been reviewed and approved as to form by the County Attorney’s Office and now requires approval of the Board in order to be released.
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