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New Business - Planning

Title: PL1 MerryPlace Development Cooperative Agreement and Teacher Eligibility Criteria

Recommendation:

I recommend the School Board approve the Cooperative Agreement between MerryPlace Development LLC / West Palm Beach Housing Authority and the School Board of Palm Beach County, define the eligibility criteria for teachers to qualify for funding assistance and amend the funding source from Title II funds to Operating funds.

Description:

  • On December 6, 2006, the School Board approved the public / private partnership between the School Board of Palm Beach County and the MerryPlace Development LLC on the CWHIP grant application to the Florida Housing Finance Corporation.

 

  • In April 2007, the MerryPlace Development LLC and the West Palm Beach Housing Authority were informed that they were successful in obtaining the CWHIP grant.

 

  • This grant provided $5 million to the Merry Place Development, which allowed for the prices of the homes to be more affordable.

 

  • School District staff has been working with the City of West Palm Beach Housing Authority staff on the public information process and the funding assistance guidelines.   

 

  • As stated in the December 6, 2006 Board Report, School District staff promised to bring back to the Board a Cooperative Agreement and the eligibility criteria for teachers.

 

  • The Cooperative Agreement and eligibility criteria are contained in Attachment “A”.

 

  • Due to the restriction in using Title II monies for housing funding assistance, the fund source has to be changed from Title II to Operating Funds.

 

  • The development at MerryPlace consists of 128 rental apartments, 46 town homes, 52 condominiums and 18 new single family homes on 14 acres in the City of West Palm Beach. The project is scheduled for thorough completion by December 2008 with the first units being available in December 2007.

Financial Impact:
Change funding source from Title II funds to Operating Funds.

For Additional Information, contact:
moorej@palmbeach.k12.fl.us; sanchesj@palmbeach.k12.fl.us

Attachments (list):
Microsoft Word - CWHIP Grant Eligibility Criteria2.pdf
Q&APL1.doc
Income.pdf

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