Item Coversheet

TOWN OF DAVIE
COMMUNITY REDEVELOPMENT AGENCY AGENDA REPORT

Item Number: 2

To:CRA Board
From:Cheryl L. Ellett, CRA Program Manager
Prepared By:Cheryl L. Ellett, CRA Program Manager - CRA
Subject:Resolution 
Title of Agenda Item:PROPERTY IMPROVEMENT PROGRAM GRANT - A RESOLUTION OF THE TOWN OF DAVIE COMMUNITY REDEVELOPMENT AGENCY, APPROVING THE FINAL RECONCILIATION AND PAYMENT OF A COMMERICAL PROPERTY IMPROVEMENT PROGRAM GRANT FOR VARSITY SQUARE, LLC FOR THE PROPERTY LOCATED AT 3700-3788 DAVIE ROAD; PROVIDING FOR SEVERABILITY; PROVIDING FOR CONFLICT; AND PROVIDING FOR AN EFFECTIVE DATE.
Affected District:District 1
Item Request:Schedule for CRA Meeting
Title of Agenda Item:FINAL RECONCILIATION AND PAYMENT OF CPIPG FOR VARSITY SQUARE 
Executive Summary: 

On December 2, 2020, CRA Resolution R-2021-008 and Town Council Resolution R-2021-101 was approved which approved a Commercial Property Improvement Program Grant for Varsity Square, LLC. located at 3700-3788 Davie Road.

 

As part of the original grant application process, three quotes were received.  The original cost to rehabilitate the project was anticipated to be $222,447.00 or approximately $75,000 in reimbursement by the Davie CRA for a Commercial Property Improvement Program Grant.

 

Due to an unforeseen spike in construction costs and additional improvements being added to the scope of services, such as the silicone roof coating, this project  exceeded the original request of funding.  The final cost of construction as outlined in the back-up totaled just over $378,601.97. 

 

Therefore, the applicant is requesting consideration and approval of the full $100,000 Commercial Property Improvement Program Grant. (The property owner expended an additional $156,154.97 in construction costs.  The additional $25,000 expenditure by the CRA will help offset these costs.  The CRA has funds available within the approved budget to cover this additional expense) 

 

The renovations at the Varsity Square Plaza will help increase the taxable value of property in the redevelopment area by leveraging private investment funds and the use of tax increment funds for general exterior and on-site improvements to structures and/or properties to eliminate slum and blighting influences within the redevelopment area of the Community Redevelopment Agency. 

 

Approval of this resolution will approve the final reconciliation and payment in the amount of $100,000 for the costs associated with the Commercial Property Improvement Program Grant for the property known as Varsity Square, LLC. located at 3700-3788 Davie Road, Davie, Florida 33314.

Key Points:
  • As part of the original grant application process, three quotes were received.  The original cost to rehabilitate the project was anticipated to be $222,447.00 or approximately $75,000 in reimbursement by the Davie CRA for a Commercial Property Improvement Program Grant.

 

  • Due to an unforeseen spike in construction costs and additional improvements being added to the scope of services, such as the silicone roof coating, this project  exceeded the original request of funding.  The final cost of construction as outlined in the back-up totaled just over $378,601.97. 

 

  • Therefore, the applicant is requesting consideration and approval of the full $100,000 Commercial Property Improvement Program Grant. (The property owner expended an additional $156,154.97 in construction costs.  The additional $25,000 expenditure by the CRA will help offset these costs. The CRA has funds available within the approved budget to cover this additional expense.) 

 

  • The renovations at the Varsity Square Plaza will help increase the taxable value of property in the redevelopment area by leveraging private investment funds and the use of tax increment funds for general exterior and on-site improvements to structures and/or properties to eliminate slum and blighting influences within the redevelopment area of the Community Redevelopment Agency. 

 

  • Approval of this resolution will approve the final reconciliation and payment in the amount of $100,000 for the costs associated with the Commercial Property Improvement Program Grant for the property known as Varsity Square, LLC. located at 3700-3788 Davie Road, Davie, Florida 33314.
Previous Actions:
Concurrences:
Fiscal Impact:
Has request been budgeted?Yes
If yes expected cost:$100,000
Account name and number:100.54.100.552-58207 Grants&Aids - Property Improvement Grants
If no, amount needed:
Account name funds will be appropriated from
Additional CommentsOther associated costs including permit fees and impact fees are not reimbursable. These fees are shown as a cost but are not reimbursable and are not taken into consideration. ($826.44) A copy of an email from the applicant is attached confirming same.
Recommendation:Motion to approve
Strategic Goals This Item Supports:
Respecting and promoting Diverse and Sustainable Community and Neighborhood Value with consideration of our historic roots, Commitment to Customer Satisfaction, Dedication to Excellence in Service Delivery, Creating an Environment that is Conducive to Innovation, Creativity, and Collaboration, Nurturing the health, safety, and welfare of the community
ATTACHMENTS:
File NameDescription
CRA_RESO_R2022-____CPIPG_Varsity_Square_LLC.docxResolution
Change_Order_Form_Davie_Road_Phase_3__CO_2_CY_Digital.pdfExplanation of Packet
2._Request_For_Funding_and_Spreadsheet.pdfRequest For Funds and Spreadsheet
3_Roy_Construction.pdfRoy Construction
4_Top_Seal.pdfTop Seal
5_All_County_Paving.pdfAll County Paving
6_Architectural_Alliance.pdfArchitectural Alliance
7_K2_Summit.pdfK2 Summit
8_Polo_International.pdfPolo International
9__Before_and_after_photos.pdfBefore and After Photos
Varsity_Square_back-up.pdfBack-up
Varsity_Square_LLC_CPIPG_Grant_Application.pdfBack-up
Revised_Grant_Application.pdfRevised Grant Application
Varsity_Square_Public_Art.pdfBack-up
Varsity_Square_Scope_of_Work_Letter.pdfBack-up
Copy_of_email_deleting_permit_fees.docxBack-up