Subject:
Title
Approval of Agreement between Brevard County Board of County Commissioners, City of Titusville, and HTG Forest Glen Apartments, LTD, concerning Transportation Impact Fee Deferral and Educational Facilities Impact Fee Exemption waiver for the Forest Glen Apartments Multi Family Development. (District 1)
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Fiscal Impact:
$104,764.00 in Transportation Impact Fees will be deferred due to the Project's intended occupancy by very low or low-income households. The Developer is responsible for paying $85,716.00 for the remainder of the Project, which is not deferable. The Project is exempt from the payment of $223,540.00 in Educational Impact Fees due to its status as a deed restricted 55+ community. A notice of assessment will be recorded to ensure payment of the deferred and exempt balances should the Project no longer meet this criteria.
Dept/Office:
Planning and Development/Budget Office
Requested Action:
Recommendation
It is requested, on behalf of the developer, that the Board of County Commissioners: (1) authorize the Chair execute the Transportation Impact Fee Deferral and Educational Impact Fee Exemption Contract for the Forest Glen Apartments project upon approval and execution by the City of Titusville, as currently presented and attached; and (2) authorize the County Attorney's Office to record the Notice of Assessment, as currently presented within the contract, which constitutes a lien on the property for the deferred balance of $104,764.00.
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Summary Explanation and Background:
The Forest Glen Apartments Project is a 55+ affordable rental housing complex located at 2001 South Street, Titusville, Brevard County, Florida 32780 (Property Appraiser Account # 2201402).
The Project will contain 80 residential rental units, of which 8 rental units will be reserved for occupants with a gross annual income that does not exceed 40% of the Area Median Income which is defined by the Transportation Impact Fee Ordinance as "very low income per...
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