THIS ITEM IS RELATED TO ITEMS 9 AND 10.
WESTBURY I AND II
WESTBURY VILLAGE I AND II IS A PROPOSED NEW DEVELOPMENT IN THE PARK MANOR NEIGHBORHOOD OF RIVIERA BEACH. THE PROPOSED DEVELOPMENT WILL ADD APPROXIMATELY $40 MILLION (WITH THE AGGREGATION OF BOTH THE SENIOR AND FAMILY COMMUNITIES) IN DEVELOPMENT VALUE ON A PROPERTY CURRENTLY ASSESSED AT $2.1 MILLION. THE PROJECT WILL GENERATE AN ESTIMATE OF $312,750 IN TAX INCREMENT VALUE.
IN ADDITION TO INCREASING THE TAX BASE, THE PROJECT WILL DISMANTLE A 132 UNIT TRAILER PARK SITE AND REPLACE WITH 100+ UNITS OF AFFORDABLE HOUSING IN PHASE I AND 80 UNITS IN PHASE II FOR A TOTAL OF ALMOST 200 NEW UNITS OF HOUSING. THE COMMUNITY WILL BENEFIT FROM AN INCREASE OF 42% MORE AFFORDABLE HOUSING UNITS, IN A HIGH QUALITY NEW DEVELOPMENT.
WINGATE
WINGATE IS ALSO A PROPOSED NEW DEVELOPMENT ALSO IN THE PARK MANOR NEIGHBORHOOD OF RIVIERA BEACH. THE PROPOSED DEVELOPMENT WILL ADD APPROXIMATELY $19 MILLION IN DEVELOPMENT VALUE ON A PROPERTY CURRENTLY ASSESSED AT $1.2 MILLION. THE PROJECT WILL GENERATE AN ESTIMATE OF $130,000 IN TAX INCREMENT VALUE.
IN ADDITION TO INCREASING THE TAX BASE, THE PROJECT WILL DISMANTLE AN APPROXIMATE 30 UNIT TRAILER PARK SITE AND REPLACE IT WITH 82 UNITS OF AFFORDABLE HOUSING. THE COMMUNITY WILL BENEFIT FROM AN INCREASE OF 20% MORE AFFORDABLE HOUSING UNITS, IN A HIGH QUALITY NEW DEVELOPMENT. THE AGENCY WILL RECOUP ITS GRANT INVESTMENT WITHIN A YEAR.