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1J'A r <br />INDIAN RIVER COUNTY, FLORIDA <br />MEMORANDUM <br />TO: Jason E. Brown; County Administrator <br />THROUGH: Phillip J. Matson, AICP <br />Community Development Director <br />FROM: Andrew Sobczak <br />Assistant Community Development Director <br />DATE: April 4, 2022 <br />SUBJECT: Redevelopment of Gifford Gardens (RFP 2021014) <br />It is requested that the following information be given formal consideration by the Board of <br />County Commissioners (BCC) at its regular meeting of April 12, 2022. <br />DESCRIPTION AND CONDITIONS <br />On July'' 13, 2021, the Board of County Commissioners considered a presentation by <br />staff concerning the redevelopment of the Gifford Gardens property located at 4730 40th <br />Avenue. At the meeting, the BCC also approved a Request for Proposals (RFP 2021014) to <br />advertise the project for contractors/developers to bid on redevelopment of the site with <br />affordable housing. <br />Since the property is County -owned, the land is being provided at no cost to <br />incentivize redevelopment. In addition, impact fee credits and water and sewer capacity <br />Equivalent Residential Unit (ERU) credits are available to cover impact fee and water/sewer <br />capacity charges, and up to $350,000 of additional funds is available through the County from <br />the American Rescue Plan (ARP) act for design, engineering, and related development costs. <br />Although significant incentives were offered in support of the project, only one proposal was <br />received (from East to West Development Corporation, a non-profit housing provider) by <br />the September 21, 2021 deadline. <br />Under the RFP, many factors are considered in determining a successful proposal, one of the most <br />important factors is the financial feasibility of the project. While the proposal submitted met <br />the baseline requirements for the project, the average cost per home was just below the 2021 <br />HOME and Housing Trust Fund Homeownership Sales Price Limit for a 3 -bedroom home, <br />indicating that it is at the limit of affordability for the target audience, households that earn <br />between 80% and 120% of the Area Median Income (AMI). <br />Eos <br />