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Council approves restrictive covenant for Oculina development, including $4.935 million housing contribution and minority-employment requirements
Summary
The Riviera Beach City Council approved Resolution 17-25 on May 7, requiring a $4,935,000 housing contribution, a 20% minority-employment hiring goal, affirmative marketing to Riviera Beach residents and penalties and bonding to enforce compliance for the Oculina mixed-use development.
The Riviera Beach City Council on May 7 approved Resolution 17-25, finalizing a restrictive-covenant agreement between the city and Silver Beach Road Properties LLC for the Oculina mixed-use development on Broadway. The agreement implements requirements tied to the city's Minority Employment and Affordable Housing Opportunity Plan (MHOP) and the site plan approval condition.
Under the agreement the developer will pay $4,935,000 into the city’s housing trust fund as the affordable-housing contribution under MHOP’s option to pay a fee in lieu of constructing units on-site. The developer elected fee-in-lieu for affordable housing (option 3 in the code) and elected option 1 for…
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