Palm Beach County Commissioners have released a reverter provision on a parcel of land donated to the City of West Palm Beach because in fact a 130-unit affordable housing project has been constructed on that land.
In 1986 commissioners conditionally transferred title to three parcels of land in West Palm Beach, and required the land to be utilized in what was then called the city’s “infill housing program.”
That land was subsequently transferred to the West Palm Beach Housing Authority for the development of an affordable housing project. In turn, the authority has since developed affordable rental housing on one of the sites with all units being occupied, commissioners said. Had that not happened, the “reverter” clause could have been applied, and deed to the land given back to the county.
Commissioners said, however, that the authority’s permanent lender is now seeking clear title to the land where the affordable rental housing units have been built. “The development and full occupancy of this affordable rental housing project satisfies the conditions set forth in the original county deed,” commissioners said, and approved removal of the reverter clause.
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The two remaining parcels originally transferred to the city will remain with the reverter provisions intact, said commissioners.
Separately commissioners voted to receive and file an ownership change notice for the building located at 1555 Palm Beach Lakes Boulevard in West Palm Beach, a portion of which is leased by the county on behalf of the Tourist Development Council (TDC).
Since 2001, the county has leased 22,342 sq. ft. of office space for the TDC, and later added 1,243 sq. ft. for use by the Convention and Visitors Bureau. In March of this year, the former owner of the building – the Edwin Llwyd Ecclestone, Jr. Revocable Living Trust — conveyed the real property to Regions Financial Tower, LLLP. The existing lease terms will remain in effect, commissioners said.