The URL can be used to link to this page

Home My WebLink AboutExhibit BDocument prepared by: Office of City Attorney 444 S.W. 2nd Avenue, Suite 945 Miami, FL 33130-1910 Return Recorded Copy to: City of Miami Planning Department, Attn: Planning Director 444 S.W. 2nd Avenue, 3rd Floor Miami, FL 33130-1910 Folio No(s): 01-3125-063-0020 (Space Above for Recorder's Use Only) DECLARATION OF RESTRICTIVE COVENANTS u THI§ DECLARATION OF RESTRICTIVE COVENANTS (the "Declaration"), made this day -I of t4VV5+ 2021, by Rainbow Redevelopment, LLC, a Florida limited liability company, having offices at 3225 Aviation Ave., 6th Floor, Coconut Grove, FL 33133 (the "Leasehold Owner"), in favor of the City of Miami, Florida, a municipality of the State of Florida (the "City"). WITNESSETH: WHEREAS, the Leasehold Owner holds a leasehold ownership title interest to certain property in the City of Miami, Florida, described in Exhibit "A," attached hereto and made a part hereof (the "Property"); and WHEREAS, the Leasehold Owner was competitively selected through the U.S. Department of Housing and Urban Development ("HUD') Rental Assistance Demonstration Program to redevelop the Property, which is owned in fee simple by Miami -Dade County Public Housing and Community Development (the "County PHCD"); and WHEREAS, this Declaration of Restrictions is being proffered in connection with the Leasehold Owner's application to the City of Miami to rezone the Property from T4 to T5, identified as Zoning Hearing Item PZ-20-7953, which rezoning will allow the Leasehold Owner to develop approximately three hundred one (301) additional units (the "Benefit Units") on the Property, for a total of six hundred and seventy-four (674) total units at the Property (the "Proposed Units"). NOW, THEREFORE, for valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Leasehold Owner freely, voluntarily and without duress makes the following restrictions that are intended and shall be deemed to be a covenant running with the leasehold interest in ACTIVE 588165734 Declaration of Restrictive Covenants Folio No. 01-3125-063-0020 the land and binding upon the Leasehold Owner of the Property, and its heirs, grantees, successors, and assigns, as follows: l . Recitals. The recitals and findings set forth in the preamble of this Declaration are hereby adopted by reference thereto and incorporated herein as if fully set forth in this Section. 2. Use/Restriction. The Benefit Units shall be governed by the following income restrictions: a. At least forty percent (40%) of the Benefit Units shall be restricted to households with incomes at or below sixty percent (60%) of the area median income ("AMI") or at least twenty percent (20%) of the Benefit Units shall be restricted to households with incomes at or below at or below fifty percent (50%) of AML b. The income restrictions set forth in this Declaration of Restrictions apply only to the Benefit Units and create no restrictions or limitations on any other Proposed Units. 3. Effective Date. This instrument shall constitute a covenant running with the title to the Property as provided herein and shall be binding upon Leasehold Owner, its successors and assigns upon recordation in the Public Records of Miami -Dade County, Florida. The City and Leasehold Owner, and their successors and assigns, acknowledge that acccptance of this Declaration does not in any way obligate or provide a limitation on the County PHCD, as fee simple owner of the Property. These restrictions shall be for the benefit of, and a limitation upon. all present and future owners of a leasehold interest in the Property and for the public welfare. 4. Term of Covenant. This voluntary covenant on the part of the Leasehold Owner shall remain in full force and effect and shall be binding upon the Leasehold Owner, its successors in interest and assigns for an initial period of thirty (30) years from the date this instrument is recorded in the public records, and shall be automatically extended for periods of ten (10) years, unless modified, amended or released prior to the expiration thereof. 5. Inspection and Enforcement. It is understood and agreed that any official inspector of the City of Miami may have the right at any time during normal working hours of the City of Miami's inspector to enter upon the Property for the purpose of investigating the use of the Property, and for determining whether the conditions of this Declaration and the requirements of the City's building and zoning regulations are being complied with. An action to enforce the terms and conditions of this Declaration may be brought by the City and may be by action at law or in equity against any party or person violating or attempting to violate any covenants of this Declaration or provisions of the building and zoning regulations, either to restrain violations or to recover damages. This enforcement provision shall be in addition to any other remedies available under the lave. 6. Cumulative. All rights, remedies, and privileges gained herein shall be deemed to be cumulative and the exercise of any one or more shall neither be deemed to constitute an election of remedies, nor shall it preclude the party exercising the same from exercising such other additional rights, remedies or privileges as may be available to it. ACTIVE 58816573v3 Declaration of Restrictive Covenants Folio No. 01-3125-063-0020 7. Amendment Modification Release. This instrument may be modified, amended, or released as to any portion or all of the Property only after the occurrence of a public hearing before, and approval from, the City Commission. Any amendment, modification, or release shall be executed by the Planning Director and the Zoning Administrator, or their successor or designee, and be in a form acceptable to the City Attorney. 8. City Funded Projects. In the event Leasehold Owner receives any funding fi•otn the City in the form of HOME, SHIP, CDBG or other subsidy, this Declaration shall be interpreted to comport with all such City funding documents including, but not limited to, any applicable Rent Regulatory Agreement or Declaration of Restrictive Covenants; provided, however, in the event of any conflict between the terms of this Covenant and the terms of the City funding documents, the terms of the document which imposes the more stringent requirements shall control. 9. Severability. Invalidation of any one of these covenants by judgment of Court shall not affect any of the other provisions of this Declaration, which shall remain in full force and effect. 10. Recording. This Declaration shall be filed of record among the Public Records of Miami - Dade County, Florida, at the cost of the Leasehold Owner, within thirty (30) days of the acceptance by the City. The Leasehold Owner shall furnish a copy of the recorded Declaration to the City Department of Hearing Boards within thirty (30) days of recordation. 11. No Vested Rights. Nothing in this Declaration shall be construed to create any vested rights whatsoever to the Leasehold Owner, its successors, or assigns. 12. Notice. Any notice required to be given herein shall be given by personal delivery or by certified U.S. mail at the address specified below or at such other address as may be specified in writing by the parties. DEPARTMENT Zoning Director City of Miami 444 SW 2nd Avenue Second Floor Miami, Florida 33130 With a copy to: Office of the City Attorney City of Miami 444 SW 2nd Avenue Suite 945 Miami, Florida 33130 ACTIVE 588165730 LEASEHOLD OWNER Rainbow Redevelopment, LLC 3225 Aviation Avenue, 6th Floor Coconut Grove, FL 33133 Attention: Matthew Rieger With a copy to: Greenberg Traurig, P.A. c/o Ryan Bailine, Esq. 333 SE 2nd Ave. Suite 4400 Miami, Florida 33131 Declaration of Restrictive Covenants Folio No. 01-3125-063-0020 13. Counterparts/Electronic Sip -nature. This Declaration may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, and such counterparts shall together constitute but one and the same Declaration. The parties shall be entitled to sign and transmit an electronic signature of this Declaration (whether by facsimile, PDF or other email transmission), which signature shall be binding on the party whose name is contained therein. Any party providing an electronic signature agrees to promptly execute and deliver to the other parties an original signed Declaration upon request. [Execution Pages Follow] ACTIVE 588165730 Declaration of Restrictive Covenants Follio No. 01-3125-063-0020 IN WITNESS WHEREOF, the undersigned has set his hand and seal this 6(q_ day of AA30ps� .20;L( . WITNESSES: Sign ure Print Name ..�itlll,(,lA�t7 Si nature &Y-11 Print Name STATE OF FLORIDA ) ss: COUNTY OF MIAMI-DADE ) f Il �1:Iawe711 IXIMIA►I a17 Rainbow Redevelopment, LLC, a Florida limited liability company By: Name: Matthew Rieger Title: Manager The foregoing instrument w s acknowledged before me, by means ofo— nhvsicarec l nen(-e OR online notarization, this day of A 2021 by Matthew Rieger, of Rainbow Redevelopment, LLC. He _p rsonal ; appeared bethre m is personally known tome or produced as identification. Noury Put*c Sum d Floros A"* Cec*a A Pecquet Name: 4 My C,,mmy0n HH 073590 �►a� E.p,es,2/+?=4 Notary Public, State of Florida Commission No." A M65,9 V My commission expires: 1'a,. n - aO,a.y ACTIVE 58816573v3 Declaration of Restrictive Covenants Follio No. 01-3125-063-0020 APPROVED AS TO CONTENTS: Cesar Garcia -Pons, AICP, LEED, AP Planning Director Daniel Goldberg, Esq. Zoning Administrator APPROVED AS TO LEGAL FORM AND CORRECTNESS: Victoria Mendez, Esq. City Attorney ACTIVE 58816573v3 Declaration of Restrictive Covenants Follio No. 01-3125-063-0020 Exhibit "A" Legal Description of the PropM TRACTS 2 AND 3 OF TOWN PARK SUBDIVISION NO. 1, U.R. PROJECT FLA. R-10, ACCORDING TO THE PLAT THEREOF, RECORDED IN PLAT BOOK 85, PAGE 31, OF THE PUBLIC RECORDS OF MIAMI—DADE COUNTY, FLORIDA AND TRACT 22 OF TOWN PARK SUBDIVISION NO, 6, U.R. PROJECT FLA. R-10, ACCORDING TO THE PLAT THEREOF, RECORDED IN PLAT BOOK 91, PACE 88, OF THE PUBLIC RECORDS OF MIAMI—DADE COUNTY, FLORIDA. ACTIVE 588165730