Background:
Sections 163.3220-163.3243, Florida Statute authorizes local government to enter into development agreements with developers. Section 163-3225(1), Florida Statute, requires the local government to conduct two (2) public hearings for this agreement, one of which may be before the Local Planning Agency (LPA).
New Urban Sunset Strip, LLC received approval from the City Commission on September 12, 2023, via Resolution No. 23-132 for a Development Agreement for Sunset Strip Square, a single-family residential development located at the 1577 Sunset Strip as shown on the attached location map. The Development Agreement for Sunset Strip Square included the total project area of approximately three (3) acres with affordability restrictions for the proposed 29 residential single-family project.
The First Amendment to the Development Agreement provides for a revision to the affordability structure within the Development Agreement and the Declaration of Restrictive Covenants for Sunset Strip Square. The applicant is requesting an amendment to the proposed project in order to be in conformance with Broward County requirements for the project’s financing.
As approved on September 12, 2023, the applicant committed to restrict the homes in the Sunset Strip Square project to provide for affordable housing as detailed below with a corresponding requirement to record a Declaration of Restrictive Covenants for affordability.
- Restrict 25% of the total homes, specifically seven (7) homes, for households earning between eighty percent 80% and 100% of the median income per a 30-year deed restriction;
- Restrict 25% of the total homes, specifically seven (7) homes, for households earning between 100% and 140% of the median income per a 30-year deed restriction;
- Restrict 40% of the total homes, specifically twelve (12) homes, for households earning between 100% and 140% of the median income per a 15-year deed restriction; and
- The remaining three (3) homes will not be restricted, but homes will be affordable for households earning between 100% and 140% of the median income.
The applicant has revised the commitment to restrict all units within the project as detailed below and updated the Declaration of Restrictive Covenants accordingly:
- Restrict 100% of the total homes, twenty-nine (29) homes in total, for households earning no more than 120% of the Broward County median household income for a period of fifteen (15) years.
The applicant is not requesting to make any additional changes to the Development Agreement or any other revisions to the proposed single-family residential development. Although the legal description within the First Amendment to Development Agreement replaces the original in the Development Agreement, the area remains exactly the same. The Applicant has concurrently submitted applications for a revision to the rezoning ordinance and site plan to amend the affordability condition consistent with the proposed First Amendment to Development Agreement for Sunset Strip Square.
Staff recommends approval of the First Amendment to Development Agreement for Sunset Strip Square.
For more information on this item, including any of the attachments or additional backup information, please contact the Community Development Department Staff member identified below.