But it’s not happening before Manatee County commissioners scrutinize public funding for Forest Cove.
By Johannes Werner
Original Air Date: December 11, 2024
Host: Affordable housing entrepreneur Mark Vengroff gave a presentation to Manatee County Commissioners about a workforce housing project in a high-profile location on the Tamiami Trail, just south of Cortez Road in Bradenton. At issue was the request of his One-Stop Housing non-profit for a $5.6 million catalyst loan from Manatee County.
Johannes Werner: The average rent in Manatee County is $500 higher than what’s considered affordable, based on median household incomes in the area. Some area employers are desperate because their workers are forced into long commutes — or they can’t find workers at all. That’s where the Forest Cove project comes in. This is about 155 affordable apartments on two acres of land in a convenient location that would feature not only a clubhouse, but also a daycare.
In this particular project, Vengroff’s One-Stop Housing is co-investing with a dozen local businesses that want to create housing for their employees. They include Oysters Rock Hospitality (which operates the Anna Maria Oyster Bar franchise), Cirrus Aviation (which provides flight training and aircraft maintenance), and Goodwill Industries Manasota.
According to Vengroff, three commercial banks are competing to provide a loan to the project, which is estimated to cost around $28 million.
The whole thing could be ready for families to move in by summer 2026.
Mark Vengroff
But to make it happen, the partners are also seeking public funding, in the shape of a $5.6 million catalyst loan from Manatee County. That’s why the commissioners discussed the project at their Tuesday meeting.
All commissioners expressed their support. But Jason Bearden pushed back, seeking details about how needy the tenants will be. He asked Vengroff how affordable the apartments will be, and about how the tenants’ housing will be protected in case they resign from their jobs or get fired. He also asked to know more about where Manatee County would get the funds for this particular loan, and what it may mean to other affordable-housing projects.
Commissioner George Kruse pointed out that Manatee County taxpayers — between the loan, density bonuses and impact fee rebates — fund more than half of this project.
George Kruse: This is a lot of money. We are effectively 50% of the equity on this thing as debt. In fact, we’re more than 50%, if you include the impact fees, we actually — the county and the taxpayers will have more money in this project than the investors will have in this project. So, we need to make sure there’s real affordability. I’m also curious because again, we’re in the negotiating stage, if everyone else is putting up 300 grand and getting some units stored that they have first dibs on, why isn’t the county getting first dibs on some units? We got staff that probably fall way below 80%.
JW: Echoing Bearden’s and Kruse’s concerns, new Commissioner Tal Siddique posited a motion directing staff to give a presentation about funding for workforce housing loans, and about restoring gap funding for the purpose. It passed unanimously.
Another motion, this one launched by Commissioner Mike Rahn, also passed unanimously. It directs staff to negotiate the loan request with One Stop and bring it back to the commissioners.
With that, the Forest Cove workforce housing project took a big step towards becoming a reality — with a lot of public backing.
Reporting for WSLR News, this is Johannes Werner.
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