TO: Mayor and Commissioners
FROM: Michael Coleman, Director of Community Improvement
THROUGH: Donald B. Cooper, City Manager
DATE: June 21, 2016
Title
WORKFORCE HOUSING COVENANT FOR THE METROPOLITAN AT DELRAY, LLC.
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Recommended Action:
Recommendation
Motion to Approve the Workforce Housing Covenant between the City of Delray Beach and The Metropolitan at Delray, LLC., and the Delray Beach Community Land Trust (DBCLT) pursuant to the requirements under Section 4.7 of the Land Development Regulations, Section 4.4.13(I)(1), "Central Business District - Commercial Core".
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Background:
The Metropolitan at Delray, LLC, ( Developer) of the Metropolitan project had requested the City enter into the attached Workforce Housing Covenant, pursuant to Section 4.7.4 of the LDR’s that grants to the Developer certain density bonus units beyond the base number allowed, per the existing Zoning Ordinance, after performance standards have been met. In addition, the ordinance requires a minimum of 20% workforce units, consisting of low to moderate-income households at rental rates which do not exceed a certain percentage of the Department of Housing and Urban Development-determined fair market rent for the area.
The Developer has agreed to construct a total of 5 workforce housing units divided between Low to Moderate Income Households on lots owned by DBCLT as described on Exhibit B. Each unit will have a minimum of three (3) bedrooms and two (2) bathrooms. A fully executed covenant is required prior to the issuance of a building permit, pursuant to Section 4.7.2 b. The construction schedule shall be consistent with or precede the construction of market rate units. The agreement further provides for rules governing the rights of the City to review and enforce compliance with all provisions of the covenant. Completion of all 5 Homes and issuance of certificates of occupancy for each shall be a condition precedent to the i...
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