R22-088 1 RESOLUTION NO. R22 -088
2
3 A RESOLUTION OF THE CITY OF BOYNTON BEACH, FLORIDA,
4 APPROVING AND AUTHORIZING THE BOYNTON BEACH
5 COMMUNITY REDEVELOPMENT AGENCY TO ENTER INTO A
6 PURCHASE AND DEVELOPMENT AGREEMENT WITH BB QOZ,
7 LLC (AFFILIATED DEVELOPMENT, LLC), FOR THE
8 DEVELOPMENT OF THE 115 NORTH FEDERAL HIGHWAY INFILL
9 MIXED USE PROJECT FOR A PURCHASE PRICE LESS THAN FAIR
10 MARKET VALUE; AND PROVIDING AN EFFECTIVE DATE.
11
12 WHEREAS, On June 7, 2022 the Boynton Beach Community Redevelopment Agency
13 Board approved the purchase and development agreement, the tax increment revenue
14 funding agreement (TIRFA), and the parking lease agreement between the Boynton Beach
15 Community Redevelopment Agency and Affiliated Development, LLC for the 115 North
16 Federal Highway infill mixed use redevelopment project; and
17 WHEREAS, the contemplated purchase price is below fair market value and therefore
18 it is necessary for the CRA to seek approval from the City Commission prior to execution of
19 the Purchase and Development Agreement; and
20 WHEREAS, the City Commission of the City of Boynton Beach, Florida, upon the
21 recommendation of staff, deems it to be in the best interests of the City residents to approve
22 and authorize the Boynton Beach Community Redevelopment Agency to enter into a
23 Purchase and Development agreement with BB QOZ, LLC (Affiliated Development, LLC) for
24 the development of the 115 North Federal Highway infill mixed use project for a purchase
25 price less than fair market value.
26 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF
27 BOYNTON BEACH, FLORIDA, THAT:
28 Section 1. The foregoing "WHEREAS" clauses are true and correct and hereby
29 ratified and confirmed by the City Commission
30 Section 2. That the City Commission of the City of Boynton Beach does hereby
31 approve and authorize the Boynton Beach Community Redevelopment Agency to enter into a
S:\CA\RESO\Approval Of CRA Sale At Less Than FMV(115 N Federal Highway)-Reso.Docx
32 Purchase and Development agreement with BB QOZ, LLC (Affiliated Development, LLC) for
33 the development of the 115 North Federal Highway infill mixed use project for a purchase
34 price less than fair market value.
35 Section 3. That this Resolution will become effectivelimmediately upon passage.
36 PASSED AND ADOPTED this 111 day of y i l , 2022.
37
38 CITY OF BOYNTON BEACH, FLORIDA
39 YES NO
40 I
41 Mayor—Ty Penserga
42 Lr
43 Vice Mayor—Angela Cruz
44
45 Commissioner—Woodrow L. Hay
46 /
47 Commissioner—Thomas Turkin v
48
49 Commissioner—Aimee Kelley
50
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52 VOTE
53 ATTEST:
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S:\CA\RESO\Approval Of CRA Sale At Less Than FMV(115 N Federal Highway)-Reso.Docx