| Subject: | THE AGENCY STAFF IS REQUESTING THE BOARD OF COMMISSIONERS TO APPROVE A RESOLUTION AUTHORIZING A LOCAL GOVERNMENT AREA OF OPPORTUNITY FUNDING CONTRIBUTION AND LOAN/GRANT IN THE AMOUNT OF $640,000. THE LOAN/GRANT IS A DEMONSTRATION OF A LOCAL GOVERNMENT COMMITMENT TO THE PROJECT AND WILL MAXIMIZE THE APPLICANT'S SCORE FOR AN ALLOCATION OF LOW-INCOME HOUSING TAX CREDITS (LIHTCS) WITH FLORIDA HOUSING FINANCE CORPORATION ("FHFC"). THIS SUPPORT IS TO BE CONSIDERED AT SPECIAL MEETINGS OF THE AGENCY AND OF THE CITY OF RIVIERA BEACH ON THURSDAY, OCTOBER 8, 2020, AT 6 P.M. PURSUANT TO A PROCESS DELINEATED BY MR. JONATHAN EVANS, CITY MANAGER/INTERIM EXECUTIVE DIRECTOR, CRA, (SEE PROCESS MEMORANDUM FROM MR. EVANS, DATED SEPTEMBER 25, 2020, ATTACHED HERETO AS EXHIBIT A) THE TWO DEVELOPMENT TEAMS SUBMITTED DETAILED PROPOSAL PACKAGES ON OCTOBER 2, 2020. THOSE PROPOSALS ARE ATTACHED AS EXHIBIT B-1 AND EXHIBIT B-2. THIS FUNDING COMMITMENT WILL BE STRUCTURED THROUGH THE CITY IN COMPLIANCE WITH FHFC REGULATIONS.
THE SUBSIDY WILL BE CONDITIONAL UPON THE AWARD OF TAX CREDITS TO THE [WENDOVER/PINNACLE GROUP OR HTG GROUP] FOR THE DEVELOPMENT OF THE PROPOSED NUMBER OF UNITS OF HOUSING AFFORDABLE TO RESIDENTS WITH INCOMES NOT MORE THAN 80% OF AREA MEDIAN INCOME AND NOT DISBURSED UNTIL CLOSING OF THE ENTIRE TRANSACTION. EXHIBIT "C-1 AND C-2" ARE THE LOAN/GRANT COMMITMENT FORMS TO BE PROVIDED TO THE DEVELOPER BY THE CITY FOR SUBMISSION IN ITS APPLICATION PACKAGE. STAFF IS ASKING THE BOARD'S APPROVAL TO AUTHORIZE THE EXECUTIVE DIRECTOR TO EXECUTE AN INTERLOCAL AGREEMENT WITH THE CITY SO THAT THE CITY CAN PROVIDE THE LOAN/GRANT AGREEMENT SHOWN IN EXHIBIT "C-1" OR "C-2." SUBSEQUENT TO ACTION BY THE AGENCY, THE CITY WILL TAKE ACTION TO EFFECTUATE THE CITY OF RIVIERA BEACH'S INTENT TO SUPPORT THE PROJECT SELECTED FOR LOCAL GOVERNMENT AREA OF OPPORTUNITY FUNDING CONTRIBUTION AND A LOAN/GRANT IN THE AMOUNT OF $640,000. |