AGENDA ITEM REPORT
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A RESOLUTION AUTHORIZING THE MAYOR AND THE CITY MANAGER, OR THEIR DESIGNEES, TO EXECUTE THE ATTACHED SECURITY/LIEN AGREEMENT AMONG BROWARD COUNTY, THE CITY OF COCONUT CREEK, GRP GREENBOUGH 1, LLC, AND GSR RE PARTNERS, LLC, WHICH AGREEMENT TRANSFERS AND ASSIGNS RESPONSIBILITIES FOR THE PROJECT FUNDING, CONSTRUCTION, AND SECURITY OF THE FUTURE ROADWAYS AND OTHER INFRASTRUCTURE WITHIN THE MAINSTREET AT COCONUT CREEK DEVELOPMENT PROJECT.
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BACKGROUND:
On January 25, 2024, the City Commission adopted Ordinance No. 2023-034, approving an amendment to Ordinance No. 2010-006 and the Development Order for the MainStreet @ Coconut Creek Development, a Development of Regional Impact (DRI). This DRI outlined specific developer obligations to fund and construct site-access related improvements, such as off-site turn lanes, and to fund and construct all of MainStreet's internal roadway networks. Moreover, the developer's obligations also extend to the funding of traffic signal warrant studies as well as the funding and construction of off-site traffic signals.
On October 22, 2024, the MainStreet at Coconut Creek Plat was approved by the Board of County Commissioners of Broward County subject to certain conditions to ensure the protection of the public health and safety and to be consistent with the MainStreet at Coconut Creek Development of Regional Impact (DRI) public roadway improvement requirements.
DISCUSSION:
This Security/Lien Agreement is a multi-party agreement among Broward County, the City, GRP Greenbough 1, LLC, and GSR RE Partners, LLC. GRP Greenbough 1, LLC and GSR RE Partners, LLC are collectively the Developer of the MainStreet at Coconut Creek roadway improvements. The roadway improvements shall be installed in accordance with applicable City, County, or State of Florida Department of Transportation standards and specifications and in accordance with the Broward County Plat Development Review Report for the Project. Th...
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