7.e.
FPRA Regular Meeting - 5:05 p.m.
- Meeting Date:
- 08/13/2024
- Re
- Subordination and Standstill Agreement Oaks at Moore's Creek
- Submitted For:
- Shyanne Harnage
SUBJECT:
Approval of Subordination and Standstill Agreement Oaks at Moore's Creek
SUMMARY:
The Oaks at Moore's Creek Phase II developer is securing financing through the Florida Community Loan Fund (FCLF) to accelerate construction velocity on the project. However, FCLF is requesting the attached Subordination and Standstill Agreement before closing on the construction loan.
RECOMMENDATION:
Staff recommends approval
ALTERNATIVES:
Staff will proceed as directed by the FPRA Board
RESPONSIBLE STAFF:
Miriam Garcia, Redevelopment Specialist
Shyanne Harnage, CRA Administrator
Shyanne Harnage, CRA Administrator
COORDINATED WITH:
Sara Hedges, City Attorney
Fiscal Impact
- Budgeted Y/N:
- N
- Amount:
- N/A
OTHER INFORMATION:
N/A