14.
ORD Making Certain Findings, & Auth the Mayor, or Her Desig, to Execute:
(1) an Economic Dev Agrmt btwn the City & Campbell Cove, Ltd.
(“Company”); & (2) Loan Docs & Related Docs as Described in the Agrmt, to
Support the Dev by Company of an Approx 240 Unit Mixed-Income Apartment
Community Located at 11000 Beach Blvd in the City (“Project”); Auth a Dev
Loan in the Amt of $5,000,000 with a Term of 20 Years in Connection with the
Proj, to be Approp by Subsequent Legislation; Desig the Neighborhoods Dept
as Contract Monitor for the Agrmt & Related Docs; Prov for City Oversight of
the Proj by the Neighborhoods Dept; Auth the Execution of All Docs Relating
to the Above Agrmts & Transactions, & Auth Technical Changes to the Docs;
Prov a Deadline for the Company to Execute the Agrmt after it is Delivered to
the Company; Waiver of that Portion of the Public Investment Policy Adopted
by Ord 2024-286-E, as Amended, to Auth a Dev Loan that is Not Currently
Auth by the Public Investment Policy (Sawyer) (Req of Mayor & Co-Introduced
by CM Howland) (Co-Sponsors CMs Miller, Amaro, White, Gay, Boylan,
Salem, Freeman & J. Carlucci)
2/24/26 CO Introduced: NCSPHS, R, F
3/2/26 NCSPHS Read 2nd & Rerefer
3/2/26 R Read 2nd & Rerefer
3/3/26 F Read 2nd & Rerefer
3/10/26 CO PH Read 2nd & Rerefer
3/16/26 NCSPHS Amend/Approve 7-0
3/16/26 R Amend/Approve 7-0
3/17/26 F Amend/Approve 5-0
Public Hearing Pursuant to Ch 166, F.S. & C.R. 3.601 - 3/10/26
AMENDMENT
1. Revise contract monitor and oversight to the Office of Economic Development
2. Correct scrivener’s errors
3. Place Revised Economic Development Agreement on file to revise oversight to the Office of
Economic Development, correct Code references, revise the legal description of the parcel, and
correct scrivener’s errors
• Authorizes a $5 million Development Loan to Campbell Cove, Ltd. (Vestcor) for construction of
a 240-unit apartment community to be located at 11000 Beach Blvd.
• All units will be restricted for those at or below 60% AMI
• The Development Loan will have a 20-year term with 1% interest per year with interest-only
payments through maturity and a balloon principal payment at the end of the term
• The loan can be repaid in full or in part at any time with no penalty
• The loan will become due and payable to the City if the project no longer qualifies as affordable
housing during the term of the loan
• The Developer is required to provide annual audits and if the General Partner or affiliates of the
General Partner collectively receive distributions and/or loan interest payments in excess of
$500,000 in any year, the excess will be paid to the City and used to reduce the principal balance
of the loan
• Waives the Public Investment Policy to authorize a Development Loan, which is not an