Title
Update - Tiger Bay Court Rental Development (B)
Explanation
At the June 24, 2002 City Commission meeting, the City Commission authorized a $100,000 loan to Jennings Development Group, Inc. from next year's New Rental Construction Program, with the remainder of the $100,000 net present value commitment needed by the developer to come from a grant from surcharges on water/wastewater connection charges.
Jennings Development Group, Inc. (JDG) submitted tax credit applications to the Florida Housing Finance Corporation in 2002 and 2003. Neither application was approved. Following those denials, JDG did not renew their option to purchase the project site. The property owner, Alan V. Iselin, formed Tiger Bay Group, LLC to revise and resubmit the existing tax credit application during the 2004 application cycle.
At their October 27, 2003 meeting, the City Commission approved extending the funding commitment previously approved for Jennings Development Group, Inc. to Tiger Bay Group, LLC with a change in fiscal year funding sources for HOME and SHIP to FY 03-04.
Tiger Bay Group, LLC's 2004 tax credit application also was not successful. Only three applications were funded in the Front Porch Florida set-aside that included Tiger Bay Group's application. The three funded projects had higher lottery numbers than Tiger Bay Group; therefore the project was not funded. Mr. Iselin appealed the 2004 tax credit funding decisions and also submitted a new application during the 2005 tax credit cycle.
At the November 8, 2004 City Commission meeting, the City Commission heard a presentation from Mr. Iselin and approved: 1) re-extending the $100,000 funding commitment for Tiger Bay Court Rental Development to Tiger Bay Group, LLC; and 2) providing the funds as an outright $28,000 grant from HOME funds and a $72,000 water/wastewater surcharge grant from the affordable housing set-aside. During the meeting there was discussion, with no formal motion, of lin...
Click here for full text