City Adds Madison Terrace LLC as Grant Developer

Through a Second Amendment to its Affordable Housing Development and Grant Agreement, the City of Lake Worth Beach will allow $640,000 in CRA funding for the Madison Terrace Phase I project to be paid directly to Madison Terrace, LLC as the developer. The amendment aligns payment timing and project completion deadlines with LIHTC program requirements and clarifies the recording of affordability covenants.

Scope & details

The full contract record, as filed.

Contract amount

$640,000

Contract type

FINANCIAL_SERVICES

Contract term

Twenty-six (26) months from October 16, 2024 or until disbursement of funds upon completion and certificate of occupancy, whichever occurs first

Renewal date

2026-12-16

Renewal

Developer is newly added to the existing 2024 grant agreement via this Second Amendment; payment provisions and completion deadline are amended to satisfy LIHTC rules. Agreement terminates upon disbursement of funds following completion and certificate of occupancy or 26 months, whichever occurs first.

Document type

Agenda

Source document

City of Lake Worth Beach Agenda 2026-08-25

Frequently asked questions

Common questions about this contract, answered from the record.

Who was awarded the financial services contract by City of Lake Worth Beach?

Madison Terrace Llc was awarded this financial services contract by City of Lake Worth Beach, as recorded on August 20, 2026. The contract value is $640,000.

How much is the Madison Terrace Llc contract with City of Lake Worth Beach worth?

The Madison Terrace Llc contract with City of Lake Worth Beach is valued at $640,000, covering financial services work.

What type of contract is this?

This is a Financial Services contract, documented as a agenda record.

Where was this contract approved?

This contract appears in City of Lake Worth Beach Agenda 2026-08-25 (Agenda), dated August 20, 2026 from City of Lake Worth Beach. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

What other contracts does Madison Terrace Llc hold?

Madison Terrace Llc may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.

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