Tuesday, May 1, 2018

“Worth Noting”: A very big item up for consideration on the City Commission agenda tonight.

And everyone needs to be on their
best behavior this evening!

 State Senator Bobby Powell and State Representative David Silvers will be visiting us to give their annual legislative updates to the public.
Your mayor and commissioners for Districts 1–4. FYI: This meeting will be Live Streaming to watch from home if you wish. At or after 6:00 click on this link to watch the proceedings this evening or the archived video later on.

Very big item on the agenda:
The proposed housing project called “The MID”.

Executive Brief Title: Economic Development Incentive Agreement for 1601 N. Dixie Highway.”
To look over this item for yourself (which includes the backup material) click on this link and scroll down for “Agenda and Backup” to download the agenda. Once the download is complete look for items 12A, B in the left-hand column (pp. 140–171).

For those of you short on time, here is the summary for this agenda item (two excerpts):

The Agreement will provide Infrastructure Improvement and Utility Revenue Incentives to the Owner/Developer of 1601 N. Dixie Highway for a proposed multifamily project with 230 units (divided among eight buildings), 299 parking spaces and 4,800 square feet of amenity space.

Background and Justification:

As recognized by the Lake Worth Community Redevelopment Agency (“CRA”), there is a need to improve and/or re-develop the City’s commercial corridors, including Dixie Highway. The CRA has been working with the founding partners of Affiliated Development, Jeff Burns and Nick Rojo, to bring forward a new multifamily development at 1601 N. Dixie Highway, which is within the CRA District. The property, for at least the last ten years, has sat idle. The proposed multifamily development of 230 units to be called “The MID” will be a multimillion dollar, mixed use development to include one and two bedroom market rate apartments along with live/work units, a clubhouse, pool and other amenities.
     On March 13, 2018, the CRA Board considered a financing commitment for The MID to assist in funding the development in two ways: (1) $1.4M to assist with pre-development and infrastructure costs over the next three years; and, (2) a tax-increment rebate. The CRA Board approved the financing commitment on March 13, 2018.
     In recognizing the positive impact that The MID would bring to the City of Lake Worth through the timely development of a new market-rate housing complex on Dixie Highway; which will provide much needed housing to existing residents, attract new residents and stimulate growth and development along the Dixie Highway corridor; the City has worked with Affiliated Development on the Agreement. The Agreement will provide two economic development incentives to the Owner/Developer of The MID in order to bring the project to fruition.

and. . .

     The payment of the economic development incentives under the Agreement will not occur during this fiscal year, but are anticipated to occur (in part) in Fiscal Years 2019 and 2020. The City has agreed to propose the economic development incentives in the Fiscal Year 2019 budget (and beyond as needed), but the obligation of payment of the economic development incentives is subject to the full budgeting and appropriation process of the City. A full impact analysis of the project will be provided as part of both the FY 2019 and FY 2020 budgets, which are the annual budgets to be affected by the Agreement.
     The MID is to be developed and owned by 1601 Dixie Holdings, Inc., and 1601 Dixie LLC, affiliated entities of Affiliated Development.


I move to approve/not approve Economic Development Incentive Agreement for 1601 N. Dixie Highway.