AGENDA ITEM REPORT
TITLE:
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A RESOLUTION APPROVING THE MAINSTREET WORKFORCE RENTAL HOUSING ASSISTANCE PROGRAM AND DECLARATION OF RESTRICTIVE COVENANT (BLOCK 4) BETWEEN THE CITY OF COCONUT CREEK, GSR RE PARTNERS, LLC, AND DRP GREENBOUGH 1, LLC; AND AUTHORIZING THE CITY MANAGER, OR DESIGNEE, TO EXECUTE AND IMPLEMENT THE MAINSTREET WORKFORCE RENTAL HOUSING ASSISTANCE PROGRAM AND DECLARATION OF RESTRICTIVE COVENANT (BLOCK 4).
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BACKGROUND:
The City of Coconut Creek has long supported affordable and workforce housing initiatives intended to promote housing opportunities for residents of varying income levels and maintain a varied socio-economic community. The City continues to experience rising housing costs and limited availability of attainable housing, making it increasingly difficult for workforce households to live locally.
GSR RE Partners, LLC (GSR) and DRP Greenbough 1, LLC (DRP) (GSR and DRP collectively, "Developer") are the current primary property owners developing the MainStreet at Coconut Creek Project consistent with the requirements of the MainStreet at Coconut Creek Development Agreement, which requires implementation of a workforce housing rental assistance program. GSR has proposed the construction of approximately four hundred and two (402) multifamily residential rental units within Block 4 of the development.
DISCUSSION:
In furtherance of the City's workforce housing goals and the Development Agreement, the City and the Developer have negotiated a MainStreet Workforce Rental Housing Agreement and Declaration of Restrictive Covenant that will require fifteen percent (15%) of the residential rental units within Block 4, up to sixty (60) units, to be maintained as workforce affordable rental units for a period of thirty (30) years. The affordable units will be available to qualified renter households earning no greater than one hundred and forty percent (140%) of the Broward County Area Median Income (AMI), adjusted for household size, a...
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