AGENDA ITEM REPORT
TITLE:
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A RESOLUTION AUTHORIZING THE CITY MANAGER, OR DESIGNEE, TO PREPARE AND SUBMIT A GRANT APPLICATION TO THE BROWARD COUNTY HOUSING FINANCE AND COMMUNITY REDEVELOPMENT DIVISION FOR THE FISCAL YEAR (FY) 2018 BROWARD REDEVELOPMENT PROGRAM (BRP) FUNDING CYCLE FOR THE HILLSBORO CORRIDOR REDEVELOPMENT AREA PUBLIC IMPROVEMENTS AND AUTHORIZING THE CITY MANAGER, OR DESIGNEE, TO ENTER INTO THE APPROPRIATE AGREEMENTS REQUIRED TO RECEIVE FUNDING.
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BACKGROUND:
The Broward County Housing Finance and Community Redevelopment Division provides matching grant funding through the Broward Redevelopment Program (BRP) for eligible projects that result in the redevelopment of designated areas exhibiting blighting conditions, high unemployment, and declining property values. The Program provides grant funding up to $1,000,000 for property acquisition, affordable housing, interior build-out for economic development, and public improvements and requires a fifteen percent cash or in kind non-County match. The City has recently expended over $200,000 on public improvements and design studies for this area, including median enhancements on Hillsboro Boulevard and consultant fees for master plan design for redevelopment.
DISCUSSION:
The City is committed to the responsible development and redevelopment of the Hillsboro Corridor Redevelopment Area and intends to submit a BRP Grant Application for this area on or before the September 8, 2017, deadline established by Broward County. The BRP provides a valuable opportunity to address the blighted conditions, as identified in “The Finding of Blight Report,” through a combination of activities, including land assemblage, streetscape improvements, and other public improvements, where feasible.
Critical to the success of these activities is the redevelopment of key parcels along the Corridor. For example, the redevelopment of the Deenies Hideaway parcel is prioritized in this application by proposing to acquire the adjacent .81-acre parcel immediately to the west. The property acquisition is designed to create a more viable redevelopment opportunity by expanding the developable area. This would become a public/private partnership that is proposing an initial investment by the developer of $15,000,000.
Additionally, the Hillsboro Corridor Redevelopment Area public improvements will focus on expanding and upgrading pedestrian and transit infrastructure. The master plan concept is centered around the addition of a 10-foot wide multipurpose path, transit amenities, and landscape designed to recreate the historic landscape of the preserve areas. The preliminary cost estimate for the project, including property acquisition, is $1,000,000. It should be noted that the City has up to one year to enter into the necessary funding agreements, which are expected to include detailed cost and cost sharing information.
RECOMMENDATION:
Staff recommends approval of this Resolution.
FISCAL IMPACT:
REVENUES: $ 1,000,000
EXPENDITURES: N/A
BUDGETED? N/A
NOTES: The City has exceeded the required 15% non-County match with the Hillsboro Median Enhancement project in the amount of $177,430.82 and with planning and design fees for the Hillsboro Boulevard Redevelopment Area in the amount of $37,000.00. The Hillsboro Median Enhancement project expenditures were budgeted in Capital Improvement Account Nos. 1171541-6888, 6174541-6888, and 6571541-6888. The planning and design services were budgeted in Account No. 0151-3190, Planning Professional Services.