TO: Mayor and City Commission
FROM: Cale Curtis, City Manager
DATE: April 6, 2022
Title
A RESOLUTION OF THE CITY OF MARGATE, FLORIDA, APPROVING WITH CONDITIONS A RE-PLAT OF A PORTION OF PARCEL A OF “CENTRAL PARK OF COMMERCE” ACCORDING TO THE PLAT THEREOF, AS RECORDED IN PLAT BOOK 119, PAGE 27, OF THE PUBLIC RECORDS OF BROWARD COUNTY, FLORIDA TO CREATE A NEW 8.113-ACRE PLAT IDENTIFIED AS “MARQUESA” FOR THE REDEVELOPMENT OF A PORTION OF AN EXISTING SHOPPING CENTER INTO A 220-UNIT MULTIFAMILY RESIDENTIAL DEVELOPMENT, TO BE LOCATED AT 5203 COCONUT CREEK PARKWAY; PROVIDING FOR AN ASSIGNMENT OF 128 FLEX UNITS; SUBJECT TO THE FINDINGS OF THE DEVELOPMENT REVIEW COMMITTEE; PROVIDING FOR AN EFFECTIVE DATE.
BACKGROUND: Applicant proposes to subdivide an existing shopping center and create a new 8.113-acre plat in order to support a new 220-unit multi-family development. Applicant has requested 92 TOC dwelling units and 128 Flex units. The property is located within the TOC-C Corridor zoning district, is within the Activity Center land use category, is within the Central Business District, is within the Margate CRA boundary, and is within Flex Zone 35. Applicant’s site plan was attached to this item as an exhibit to this plat application because it was used by the Development Review Committee as the basis to determine maximum impact of the proposed development in accordance with Section 31-37 of the Code of the City of Margate.
RECOMMENDATION: The Development Review Committee recommended approval on January 25, 2022. The Planning and Zoning Board recommended approval on March 1, 2022
FISCAL IMPACT: Applicant’s appraisal estimates a property tax bill of $968,000 if the project is approved as submitted. The Broward County Property Appraiser’s website indicates that the current property tax bill for the subject property is $121,230. The estimate provided in the appraisal amounts to an increase in property tax revenue of $846,770 in the first year.
Section 31-19(E) of the Code of the City of Margate requires new residential developments (under 60 acres) to pay 5% of the appraised value of the land into the City’s Parks and Recreation Trust Fund. Applicant’s appraisal indicates a land value of $8,800,000 if this project is approved as submitted. 5% of this land value would render a payment of $440,000 into the City’s Parks and Recreation Trust Fund.
CONTACT PERSON: Elizabeth Taschereau, Development Services Director