TO: Mayor and City Commission
FROM: Cale Curtis, City Manager
DATE: August 23, 2023
Title
A RESOLUTION OF THE CITY COMMISSION OF MARGATE, FLORIDA URGING THE BROWARD COUNTY COMMISSION TO EXPLORE AVAILABLE FUNDING SOURCES AND THE FEASIBILITY OF CREATING A COUNTY-WIDE SPECIAL ASSESSMENT OR OTHER APPROPRIATE PUBLIC FUNDING STRUCTURE TO FUND LOW INTEREST LOAN PROGRAM IN COLLABORATION WITH PARTICIPATING LENDING AND FINANCIAL INSTITUTIONS TO PROVIDE FINANCIAL ASSISTANCE TO CERTAIN EMERGENCY AND NEED-BASED CONDOMINIUM ASSOCIATIONS AND OWNERS REQUIRING EMERGENCY STRUCTURAL REPAIRS AS A RESULT OF A 25-YEAR RECERTIFICATION INSPECTION OR AN EQUIVALENT RECERTIFICATION PROCESS IN SUBSTANTIAL ACCORDANCE WITH FLORIDA SENATE BILL 154 (CHAPTER LAW 2023-203), AND SUBSEQUENT RECERTIFICATION PROCESSES; PROVIDING FOR THE ADOPTION OF RECITALS; PROVIDING FOR INSTRUCTIONS TO THE CITY CLERK; PROVIDING AN EFFECTIVE DATE.
BACKGROUND: This resolution is requesting that the Broward County Commission identify an eligible funding source or funding sources, includes those that are specifically for housing, that can be utilized to create a low interest loan program for condominium associations and/or economically vulnerable condominium owners within Broward County (the "County") living in their condominiums full-time that are found to be in need of emergency structural repairs at the time of their 25-year recertification inspection and which do have the funds necessary to make such repairs.
RECOMMENDATION: For approval.
FISCAL IMPACT: None
CONTACT PERSON: Cale Curtis, City Manager