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City of Hollywood - Notice of Receipt of Unsolicited Proposal and Invitation to Submit Proposal
CITY OF HOLLYWOOD, FLORIDA
NOTICE OF RECEIPT OF UNSOLICITED PROPOSAL
AND INVITATION TO SUBMIT PROPOSAL
The City of Hollywood, Florida (“City”) and the Hollywood Community Redevelopment Agency (“CRA”) own non-contiguous, but proximate parcels of land totaling approximately 4.11 acres on Adams Street between 24th Street and Dixie Highway. These parcels were purchased utilizing a variety of sources and, as a result, if were to be redeveloped, a Project will be required to have a significant affordable housing component. These sources include Community Development Block Grant (“CDBG”) and Neighborhood Stabilization Program 1 (“NSP 1”) funds, which mandate that if a Project is to be rental housing, all units may not exceed 120% of the area median income as designated by the United States Department for Housing and Urban Development (“HUD”), with a minimum of 51% of the units must be occupied by tenants whose household income does not exceed 80% of the area median income. If a Project is intended to be homeownership housing, each unit must be occupied by owners whose household income does not exceed 80% of the area median income.
The City and the CRA, have received an unsolicited proposal submitted by Pinnacle Housing Group (“Pinnacle”) pursuant to Section 287.05712, Florida Statutes, entitled “Public-Private Partnerships,” for the above described property. The unsolicited proposal proposes to develop 100 Affordable Senior Citizen rental housing units consisting of three buildings across the various/parcels owned by the City of Hollywood and CRA. The three buildings will consist primarily of one-bedroom units, with 62 planned. The remaining 38 units will be two-bedrooms. There is also a proposed fourth building that is identified as future retail with frontage towards Dixie Highway which is the property owned by the CRA. Pinnacle proposes to acquire these parcels through a Purchase and Sale agreement for a maximum ceiling of $2,000,000 or lease these parcels through a nine-year term with cumulative capital lease payments in the amount of $1,900,000, from the City and the CRA. Pinnacle proposes to apply for an allocation of 9% Housing Tax Credits from the Florida Finance Corporation but qualifies that this approach represents a funding source and does not constitute a financing plan.
A copy of Pinnacle Housing Group’s detailed unsolicited proposal may be reviewed on the City’s website at www.hollywoodfl.org or by requesting it on BidSync at www.bidsync.com. A copy of the unsolicited proposal is also available at the City of Hollywood’s City Clerk’s Office located at 2600 Hollywood Blvd., Room 221, Hollywood, Florida 33022.
The City and CRA have determined that this unsolicited proposal is sufficient for consideration on a preliminary basis and will accept other proposals for the same Project purpose during this notification period. No final decision has been made relative to accepting this or any other proposal for this Project.
Anyone that has an interest in submitting a competing proposal under the provisions of Section 287.05712, Florida Statutes, is hereby invited to submit a proposal in compliance with the provisions of Section 287.05712(5), Florida Statutes. The submitted proposal shall include five (5) hard copies and one (1) electronic copy, and shall be submitted no later than 3:00 p.m. on October 2, 2015, to: City of Hollywood, City Clerk’s Office, 2600 Hollywood Blvd, Room 221, Hollywood, Florida 33020. Proposals received after 3:00 p.m. on October 2, 2015 will be rejected.
Dated this 11th and 18th day of September, 2015.
