2020-049 - Laserfiche WebLink

Home Browse Search

Exhibit A AFFORDABLE HOUSING IMPACT FEE AGREEMENT This Affordable Housing Impact Fee Agreement (hereinafter "Agreement") is made and entered into on the day of , 20 ("Effective Date") by and between: ("Property Owner"), with an address of ; and Indian River County, Florida, a political subdivision of the State of Florida, having a mailing address of 1801 27th Street, Vero Beach, FL, 32960 ("County"). Recitals WHEREAS, on March 10, 2020, the Indian River County Board of County Commissioners approved Ordinance 2020-05, which adopted an impact fee schedule that incorporated a reduction or waiver in the impact fees for new single-family affordable housing projects that meet certain square footage and housing income requirements; and WHEREAS, the Property Owner is developing an affordable housing project located at (address) (the "Property"), which is described in attached Exhibit "A"; and WHEREAS, the Property is being developed as (number) single-family residential units (the "Project"); and WHEREAS, the Property Owner is entering into this Agreement in order to either reduce or completely waive impact fees for the Project; and WHEREAS, the Property Owner understands that as part of this Agreement, the Property must be used for affordable housing for at least ten years, NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the Property Owner and County hereby agree as follows: 1. The foregoing recitals are true and incorporated as if fully restated herein. 2. Term. The term of this Agreement shall be for ten years, beginning on the Effective Date set forth above, and terminating on , , 20 3. Waiver/Reduction of Impact Fees. The impact fee for the development of the Project on the Property, without the affordable housing reduction, is $ . However, due to the applicable affordable housing reduction, the new impact fee for the Project on the Property is $ 4. Affordable Housing Verification. In order to remain eligible for the impact fee reduction set forth in section 3 above, the single family home(s) must be occupied by a household with an annual household income not to exceed 80% of the Area Median Income (AMI) by household size, as determined by the United States Department of Housing and Urban Development. For owner -occupied homes, Property Owner income must be verified prior 1