HomeMy WebLinkAboutSEOPW-CRA-R-98-0009RESOLUTION NO. SBOPWlCA 9 8 -" 9
RESOLUTION AUTHORIZING THE AMENDMENT OF THE
SOUTHEAST OVERTOWN PARK WEST LEASE & DEVELOPMENT
AGREEMENT DATED JUNE 15, 1998 BY AND BETWEEN THE
CITY OF MIAMI AND POINCIANA VILLAGE OF MIAMI, LTD.
AS SUBSEQUENTLY ASSIGNED BY THE CITY OF MIAMI TO
THE SOUTHEAST OVERTOWN/PARK WEST COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF MIAMI.
WHEREAS, Poinciana Village of Miami, Ltd., a Florida limited
partnership (the "Developer") and the City of Miami, a municipal
corporation of the State of Florida (the "City") entered into that
certain Southeast Overtown Park West Lease & Development Agreement
dated June 15, 1998 (the "Lease"); and
WHEREAS, the City assigned all of its right, title and
interest in the Lease to the Southeast Overtown/Park West Community
Redevelopment Agency of the City of Miami (the "CRA"); and
WHEREAS, the CRA and the Developer desire to modify and amend
certain terms and provisions of the Lease in accordance with the
terms and provisions of the amendment, attached hereto is Exhibit
"Ali (the "Amendment") to facilitate the completion of the existing
twenty-four (24) partially -developed units located on the property
and to set forth definitive time frames for completion of the
balance of the project.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE COMMUNITY REDEVELOPMENT AGENCY:
Section 1. The recitals contained in the preamble to this
Resolution are hereby adopted by reference and incorporated in this
Resolution as if fully set forth in this Section.
Section 2. The CRA is hereby authorizes the execution of
the Amendment.
Section 3. This Resolution shall become effective
immediately upon its adoption.
PASSED AND ADOPTED this 30th day of June 1998.
Arthur E. Teele, J Chairman
jATTES
G
alter J. Vecemayf
Clerk
`ICE' ► � •
APPROVED AS TO FORM AND CORRECTNESS:
l 1 LL-P
Holland & Kni t LLP
Counsel to the CRA
MIA4-632885.3
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11 $
AMENDMENT TO POINCIANA VILLAGE
LEASE AND DEVELOPMENT AGREEMENT
The following is a summary of salient sections of the proposed Amendment to
the Poinciana Village Lease and Development Agreement dated June 15, 1988.
24-Unit Development:
♦ Construction will restart within 60 days of the execution of the Amendment.
♦ Construction will be completed within 185 days of its commencement.
91-Unit Development:
Developer will:
♦ Provide proof of a binding loan commitments from a lending institution no
later than 24 months from the execution of the Amendment.
♦ Obtain all permits for the project no later than 30 months from the execution
of the Amendment
♦ Have all construction plans ready no later than 30 months from the execution
of the Amendment.
♦ Commence construction no later than 32 months from the execution of the
Amendment
♦ Complete construction within 24 months of its commencement.
Construction schedule for an extended stay facility/hotel is the same. However,
the developer will notify the CRA for construction of such use no later than 18
months from the execution of the Amendment.
Rent:
♦ Rent will be adjusted in proportion to number of units completed. 21 % of
prevailing rent is due and payable prior to completion of 24 units. 42% of
rent is due after completion of 24 units. 100% of rent due after completion of
9'1-unit development.
♦ 50% of the outstanding rent is waived. The balance of the outstanding rent
obligation ($31,279) will be satisfied by the developer by providing a $2,000
credit against the purchase price of a condominium bought by the City
employees.
New Uses:
Extended use facilities including hotel and rental apartments, approximately 125
units (developer wishes to exercise this option in case of a television station or
similar type facility is built on Block 55).
Performance Bond:
Performance Bond requirement is no longer applicable.
Securi :
The City will provide the same level of police protection for the property as it
provides for the other residents of the City in the same geographic area.
Future Leased Property:
Phase II land transfer will not occur until a binding construction loan
commitment letter is issued for 91-unit development. However, the private
lender is allowed to place a lien on the Phase II land in connection with
construction financing of 24-unit development.
Unavoidable Delays
Applicable as defined in the Amendment.
Releases:
Pursuant to this Amendment, the developer acknowledges that CRA fulfilled its
duties and obligations with respect to the leased property and waives any right
to object.
K
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DriEN'r
THIS AMENDMENT is made and entered into as of the day of
June, 1998, by and between the Southeast Overtown/Park West
Community Redevelopment Agency of the City of Miami (the
"Landlord") and Poinciana Village of Miami, Ltd., a Florida limited
partnership (the "Developer").
RECITALS:
A. Developer and the City of Miami, a municipal corporation
of the State of Florida (the "City") entered into that certain
Southeast Overtown Park West Lease & Development Agreement dated
June 15, 1988 (the "Lease").
B. The City assigned all of its right, title and interest in
the Lease to Landlord.
C. Landlord and Developer desire to modify and amend certain
terms and provisions of the Lease as hereinafter set forth.
NOW, THEREFORE, for and in consideration of ten dollars
($10.00) and other valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties agree as
follows:
1. Recitals. The Recitals to this Amendment are true and
correct and are hereby incorporated by reference and made a part
hereof.
2. Defined Terms. Any defined terms utilized herein but not
defined in this Amendment shall have the meanings ascribed to said
terms in the Lease.
3. Develo er Improvements. The Developer Improvements are
generally as shown on the site plan attached hereto as Exhibit "A" consisting of the following:
3.1 Developer Improvements on the east half of Block 46
which consists of sixty-four (64) units in two (2) buildings of
four stories ("Phase I11). These low-rise buildings are arranged
around the perimeter of the site to create a continuous pedestrian
street scale. Interior of the block will be landscaped open space
and parking areas.
3.2 Developer Improvements on the west half of Block 46
shall consist of 91 condominium units or rental apartments in a
low-rise building and/or a single- tall building or tower of ten
(10) to twelve (12) floors or a hotel, extended stay facility, or
any combination thereof, containing approximately 125 guest rooms
("Phase II").
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3.3 In addition to the interior landscaping open space,
the development include several other amenity features to include
covered parking for all units constructed.
4• Proiect. The Project means the Poinciana Village to be
constructed by Developer consisting of the Developer Improvements
to be located on Block 46 of the Southeast Overtown Park West
Redevelopment Project,
5. Performance Bond. Section 2.1(c)(iii) of the Lease is
hereby deleted in its entirety. The Developers obligations with
respect to the posting of a performance bond or bonds under Section
2.1(c)(iii) are hereby released and the Landlord shall,
simultaneously with the execution of this Amendment, release to the
Developer said bond or bonds and release the second mortgage which
was granted by the Developer to the Landlord to secure said bonds.
6. Future Leased Property.
6. 1 Section 2. 1 (d) of the Lease is hereby amended to
provide that the Landlord shall deliver possession of the Future
Leased Property as described in Section 2.1 to the Developer, and
the Developer shall take immediate possession thereof upon the
satisfaction of all of the following conditions:
6.1.1 Developer shall have commenced
construction of the 24 Units within sixty (60) days from the date
hereof, as same may be extended as a result of Unavoidable Delays.
6.1.2 Developer shall have obtained the
Certificate of Final Completion for the 24 Units on or before 245
days from the date hereof, as same may be extended as a result of
Unavoidable Delays.
6.1.3 Developer shall have provided Landlord on
or before twenty four (24) months from the date hereof with
evidence reasonably satisfactory to Landlord that Developer has
obtained a binding loan commitment for construction financing for
Phase II to be constructed on the Future Leased Property or such
other evidence as may be reasonably satisfactory to the Landlord to
establish that funds for construction of Phase II are available to
Developer to pay all anticipated costs and expenses to construct
Phase II.
6.1.4 Developer shall have provided the Landlord
with evidence, in the form of an architects certificate,
evidencing that Developer has obtained all governmental permits and
approvals required to construct Phase II, including without
limitation a building permit, on or before thirty (30) months from
the date hereof.
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6.1.5 Developer shall have obtained approval
from the Landlord, in accordance with Section 3.3 of the Lease, of
the Construction Plans for Phase II on or before thirty (30) months
from the date hereof.
6.1.6 The subcontractors for Phase Project shall have been selected and Developer shall II of the
have clearly
demonstrated to the reasonable satisfaction of Landlord on or
before thirty (30) months from the date hereof that diligent good
faith efforts were put forth to meet the goals established for
minority contractor's participation in the project.
6.2 The date that the Landlord delivers possession of
the Future Leased Property to the Developer in accordance with
Section 6.1, by notice in writing to the Developer, is herein
called "Possession Date".
6.3 Developer's rights with respect to the Future Leased
Property shall automatically terminate and be of no further force
and effect if any of -the following shall occur:
6.3.1 Developer shall have failed to commence
construction of Phase II on or before thirty-two (32) months from
the date hereof.
6.3.2 Developer shall have failed to complete
construction of Phase II and obtain the Certificate of Final
Completion for Phase 11 on or before twenty four (24) months from
the date of commencement of construction of phase II, as same may
be extended as a result of Unavoidable Delays.
6.4 Notwithstanding the fact that the conditions set
forth in Section 6.1 have not been satisfied, Developer may
encumber its future rights to a leasehold interest in the Future
Leased Property as additional security to enable Developer to
obtain construction financing for the 24 Units provided that the
loan documents clearly indicate that Developer's rights with
respect to the Future Leased Property are subject to the
satisfaction of the conditions contained in Section 6.1 and that
such rights will automatically terminate if the conditions set
forth in Section 6.3 are not satisfied within the time frames set
forth therein.
6.5 Developer acknowledges and agrees that in the event
all of the conditions set forth in Section 6.1 are not satisfied
within the time frame set forth therein all of Developer's rights
and interest in the Future Leased Property shall terminate and be
deleted from the Lease for all purposes whatsoever. In addition,
in the event that all the conditions set forth in Section 6.3 are
not satisfied within the time frame set forth therein all of
Developer's rights and interest in the Future Leased Property shall
terminate and be deleted from the Lease for all purposes
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JUN 30 1998 17:26 FP. HOLLAND KNIGHT LLP 3057897799 TO 7409#95000#36000 P.07/13
whatsoever. In either such event, the Landlord shall be free to
seek to obtain other developers for the Future Leased Property on
such terms and conditions as the Landlord may establish, in its
sole and absolute discretion.
7. Hotel. Developer may elect, in its sole and absolute
discretion, to construct a hotel, extended stay facility on the
Future Leased Property, or any combination thereof, containing
approximately 125 guest rooms (the "Hotel") provided Developer
gives Landlord written notice of Developer's election to construct
a Hotel on the Future Leased Property in lieu of 91 condominium
units or rental apartments on or before eighteen (18) months from
the date hereof and Developer obtains approval of the Preliminary
Plans for the Hotel from Landlord in accordance with Section 3.2 of
the Lease on .or before twenty four (24) months from the date
hereof.
8. Conditions Precedent, Section 2.1(e) of the Lease is
hereby deleted in its entirety.
9. Permitted Uses. Section 2.2(c) of the Lease is hereby
amended to read as follows:
(c) Permitted Use of the Lease. The only
uses permitted on the Lease Property are
residential, supporting commercial and general
commercial as limited by Section 2.1(a) and
hotels, extended stay facilities or any
combination thereof and rental apartments.
10. Pel n-cruent Rent. Developer acknowledges and agrees that
Developer is currently in default in the payment of Annual Basic
Rental through December 31, 1997 in the amount of $62,559.78 which
is currently due and payable from Developer to Landlord (the
"Delinquent Rent,,). Landlord agrees to waive 500 of the Delinquent
Rent, in the amount of $31,279,89. In lieu of payment of the
Delinquent Rent the Developer agrees to give a credit against the
applicable purchase price in the amount of $2,000.00 (the "Credit")
to any employee of the City of Miami who purchases a unit
constructed in Phase II provided, however, the total number of
credits shall not exceed $32,000 (i.e. 16 units).
11. Ren al. Notwithstanding anything to the contrary
contained in Section 2.5 of the Lease from and after July 1, 1998
Developer shall only be required to pay 26%, of the Annual Basic
Rental until the issuance of the Certificate of Final Completion of
the 24 Units. Upon the issuance of the Certificate of Final
Completion for the 24 Units the Developer shall be required to pay
42%- of the Annual Basic Rental until the earlier to occur of (a)
the issuance of the Certificate of Final Completion of Phase II or
(b) the termination of the Lease with respect to the Future Leased
Property in accordance with Section 6.2 of this Amendment; from and
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after which time Developer shall be required to pay look of the
Annual Basic Rental applicable to Phase I.
12. Real Estate Taxes. Developer acknowledges and agrees
that pursuant to Section 2.5(e) of the Lease, the Developer is
obligated to pay when due and payable all ad valorem real estate
taxes and assessments with respect to the Leased Property,
including, without limitation, ad valorem real estate taxes and
assessments with respect to Developer's Improvements.
13. Public Charges. Simultaneously with the execution of
this Amendment, Developer shall provide to Landlord evidence that
all Public Charges are current and in good standing with respect to
the Leased Property and the Developer Improvements.
14. Becurity and Police Protection. With respect to Section
2.8 of the Lease, Developer acknowledges that the Landlord's
obligation under the Lease with respect to security and police
protection with respect to the Leased Property and the Future
Leased Property is limited to causing the City to provide the same
level of police protection provided to other residents of the City
in the same geographic area that the Lease Property and the Future
Leased Property are located.
15. Condition of Lease Property. Developer acknowledges that
the Landlord has fulfilled its duties and obligations pursuant. to
Section 2.9 of the Lease with respect to the Leased property and
Future Leased Property and waives any right to object to same.
16. Anaroval by the City Manager. All references in the
Lease to approvals, consents or other actions to be taken by the
City Manager shall be deemed to be approvals, consents or action to
be taken by the Landlord.
17. Construet'nn of the 24 Units. Landlord and Developer
acknowledge and agree that Landlord has approved the Construction
Plans with respect to the partially built 24 units comprising the
balance of Phase I (the 1124 Units'). Developer represents and
warrants to Landlord that Developer has obtained a building permit
which is currently in good standing and all other approvals
necessary to allow Developer to complete construction of the 24
Units have been obtained by Developer and same are in good
standing. Developer covenants and agrees to commence completion of
the 24 Units on or before 60 days from the date hereof and obtain
the Certificate of Final Completion within 245 days from the date
hereof, as same may be extended as a result of Unavoidable Delays.
18. Phase I2.
18.1 Developer covenants and agrees to provide to
Landlord Construction Plans with respect to Phase II within thirty
(30) months from the date hereof. The Construction Plans with
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JUN 30 1998 17:27 FP. HOLLAND KNIGHT LLP
3057897799 TO 7409#95000a36000 P.09i13
respect to Phase II shall be subject to the same approval
requirements as set forth in Section 3.3 of the Lease.
18.2 Developer covenants and agrees to commence
construction of Phase II, in accordance with the approved
Construction Plans on or before thirty-two (32) months from the
date hereof and diligently pursue construction of same until
completion of Phase II substantially in accordance with the
approved Construction Plans and cause same to be completed as
evidenced by Certificates of Final Completion for Phase II on or
before twenty four (24) months from the date of commencement of
construction of Phase II, as same maybe extended as a result of
Unavoidable Delays.
19. Construction Schedule, The Development Schedule attached
to the Lease as Exhibit F is hereby deleted and replaced by the
Development Schedule attached hereto as Exhibit 19 and made a part
hereof.
20. Construction Period. Section 3.7 of the Lease is hereby
deleted in its entirety.
21. Cert' i ate f Final Completion. Section 3.9 of the
Lease is hereby amended to read as follows:
Certificate of Final Com letion. Promptly after
completion of each phase of construction of the Developer
Improvements on the Lease Property in accordance with the
provisions of this Lease, the Developer shall furnish to
the Landlord a certificate of occupancy issued by the
applicable governmental authorities together with a
certificate of completion issued by the architect
retained by the Developer certifying to Landlord that the
respective improvements have been completed substantially
in accordance with the approved Construction Plans
(collectively the "Certificate of Final Completion.,,)
22. Extension of Time Reouirement. Section 3.13 of the Lease
is hereby aeleted in its entirety. Developer acknowledges that the
time frames set by this Amendment, with respect to the submission
of the Preliminary Plans and Construction Plans and completion of
the 24 Units and Phase II are a material inducement to Landlord
entering this Amendment and Developer acknowledges and agrees that
Developer shall not be entitled to any extensions of the time frame
set forth herein.
Unavoidable Delays. Section 7.4 is hereby deleted in its
entirety and replaced by the following:
For purposes of the Lease, "Unavoidable Delaysf,
shall mean a delay in the performance of such obligation
'due to strikes, lockouts, acts of God, inability to
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obtain labor or materials due to governmental
restrictions, enemy action, civil commotion, fire,
unavoidable casualty, a substantial increase in crime
within a one mile radius of SEOPW, or similar causes
beyond the reasonable control of the party (specifically
excluding said party's insolvency or financial
condition). It being the purpose and intent of this
paragraph that upon occurrence of any Unavoidable Delay,
the time or times for the performance of covenants,
provisions and agreements of this Lease, including
without limitation, the obligations of the Landlord with
respect to the preparation of the Lease Property and the
Future Leased Property for development or of Developer
with respect to construction of the Developer
Improvements shall be extended for the period of the
Unavoidable Delay provided, however, the parties taking
the benefit of the provisions of this section shall,
within ten (10) days after such party shall have become
aware of such Unavoidable Delay, give notice to the other
party thereof, 'in writing of the cause or causes thereof,
and time delay_
23. Financing. The Landlord shall utilize its good faith
efforts to assist Developer in obtaining tax exempt financing for
the construction of the Developer's Improvements and tax exempt and
permanent financing for the Developer's Improvements with no
assurance of success.
24. Releases. Simultaneously with the execution of this
Amendment, Landlord shall deliver to Developer a release in the
form of Exhibit 24 attached hereto and made a part hereof.
Simultaneously with the execution of this Amendment, Developer
shall execute and deliver to Landlord, and cause all of Developer's
general and limited partners and Developer's former general and
limited partners to execute a release in the form of Exhibit 24A
attached hereto and made a part hereof.
25. Reopeninq Ceremony. Developer covenants and agrees to
prepare and organize an appropriate ceremony in concert with
Landlord to publicize the recommencement of the construction at the
Project (the "Restart Ceremony"). The Landlord shall prepare and
submit to Developer a proposed budget for the Restart Ceremony and
Landlord will be responsible to pay all third party costs and
expenses associated with the Restart Ceremony in accordance with
the budget prepared by Landlord.
26. Sales Assistance. The
utilize its reasonable efforts
efforts to market the sale of
guarantee of success.
7
Landlord covenants and agrees to
to assist the Developer in its
units at the Project with no
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27. Oth r CDC. Developer agrees to utilize its good faith
efforts to work with and provide technical knowledge in the areas
of affordable housing development to the following community
development corporations ("CDCsf') operating in Overtown:
a) BAME Development Corporation of South Florida, Inc.;
b) Mt. Zion Community Development Corporation;
c) New Washington Heights Community Development
Conference;
d) St. John Community Development Corporation
28. Agreement. This Amendment and its Exhibits constitutes
the sole and only understanding and agreement of the parties with
respect to the subject matter set forth herein and sets forth the
rights, duties and obligations of each of the parties as of the
date hereof. All prior agreements, promises, negotiations, or
representations not expressly set forth in this Amendment are of no
force and effect.
29. Ratification. Except as herein modified, Landlord and
Developer hereby ratify and reaffirm all the terms and provisions
of the Agreement. To the extent of a conflict between the terms
and provisions of the Agreement and this Amendment, the terms and
provisions of the Amendment shall control.
IN WITNESS WHEREOF, the Landlord and Developer have executed
this Amendment the date and year first above written.
LANDLORD:
SOUTHEAST OVERTOWN/PARK WEST
COMMUNITY REDEVELOPMENT AGENCY OF
THE CITY OF MIAMI
Witness
Witness By-
8
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Witness
Witness
STATE OF FLORIDA )
COUNTY OF MIAMI-DADE SS:
DEVELOPER;
POINCIANA VILLAGE OF MIAMI, LTD.,
a Florida limited partnership
Py: Indian River Investments of
Miami, Inc., a Florida -
corporation, its general partner
By:
President
The foregoing instrument was acknowledged before me this
day of June, 1998, b
OVERTOMIAMI, on behalf
WEST OMMUNITY REDEVELOPMENT AGENCY OF THE CITYOf OST
F
or has
on behalf of said agency. He/she is personally known to me
or has produced
take an oath. as identification and did not
My commission expires:
Notary Public, State of Florida
at Large
E
(NOTARY SEAL)
SEOPAV`CRA' 9 8 -
JUN 30 1998 17:29 FR HOLLAND KNIGHT LLP
3057897799 TO 7409#95000#36000 P.13i13
STATE OF FLORIDA )
) ss:
COUNTY OF MIAMI-DADE )
The foregoing instrument was acknowledged before me this
day of June, 1998, by
of Tndian River Investments of Miami, as President
as general partner of POINCIANA VILLAGE ., MIAlori6aDcoraoration, lorida
limited partnership on behalf of the corporation and the
partnership. He/she is personally known to me or has produced
as identification and who did not take an oath.
Notary. Public, State of
at Large
My commission expires: (NOTARY SEAL)
MIA4-624923.4
10
** TOTAL PAGE.13 **
SEOP I CRA 9 8 r 9
c1,6
J
SOURCES AND USES STATEMENT, NEW HOPE OVERTOWN
Sources:
Uses:
Item
Amount
Construction/Permanent Financing $ 22082,620.
Grants:
FHLB Direct Subsidies 216,000.
City of Miami Subsidies 997,560.
Metro Dade County - - HOME 500,000.
Metro Dade - - SURTAX 90,000.
Homebuyer Equity 5%500.
Total Funds Available 3,945,680.
Acquisition Costs (b) 1,080,890.
Construction Costs 2,251,200.
General Development Costs 4511900.
Carrying Costs 361220.
Construction Financing Costs (a) 33,470.
Permanent Financing/Closing Costs 92,000.
TOTAL PROJECT COSTS 3,945,680.
Note (a): Included in this amount is a $300,000. development loan provided
by the Federal Home Loan Bank member
Note (b): Site development and fees are added to land cost of $162,520.
"'-"A
9 8 _ 9
1"1(-1•f -•61F. - 'J"r 134 :3.9 Pt•t JR ciSSr�C I HIES
4c_t',"' 645 11--s8
EXHIBIT V. DEVELOPMENT BUDGET, NEW HOPE OVERTOWN
Total Project
Avg Cost Project
Item
Acquistion/Development
Purr,.hase
Site development
Impact and Other fees
Title Insurance
Transfer Tares
Construction Costs'
Building fermi►
C01'1011 tion
Bonds
Construction Contingency
I.andscaping, Site Improvements
Professional Fees:
Architoctural/Engineering
Legal/Accounting
Development Consultant
r•' Surveyor Existing
Development Fee
Appraisal fees
Phase One F..nviornmenta!
Carrying Costs
Real Estate Taxes
Security
Fence•/E lectron+r-
Insurance
Signs
Construction Financing (a)
Interest Ekpnnse
IntangiblN Tax
Doc Stamps
Record Mortgage
Title Policy
Title Search
Tax Search
Florid Insurtart:a
Bank fee
Apprai'sa!
Environmental Rep -oil
Cos! Analysis
InSpPction (4 Q 8200)
Perrtranent F!rancing(b)
Other
Mar,,.stin g
Per Unit Cost
P . 0.
Unit C Unit E Unit P
............................... ---------------•------------- ............................
Avg Cost Projtat Avg Cost Pro)@ct Avg Cost Oto)!ct
Per Unit Cost Per Unit Cost Per Unit Cost
4,083
102.620
4.063
60,00
4.063
60.945
4.003
40,890
)Ir 21.875
875,010
21.875
328,130
21.875
328.130
21.875
218.750
1.084
43,360
1,084
16.260
1,084
16,260
1.084
10.840
0
0
Incl
0
Inc!
0
Incl
0
0
0
Incl
0
Inct
0
Incl
0
500
20.000
500
7.500
500
7,500
500
5.000
54.100
2.164,000
55.300
829.500
50,700
760,500
87.400
t74.000
80
3,200
80
1,200
80
1,200
80
Boo
-(1,000
40.000
1,000
15.000
1.000
15.000
1'000
10.000
600
24.000
600
9.000
600
9,000
600
6,000
1,000
40.000
1,000
15,000
1,000
15.000
1.000
10.000
775
31,010
775
11'630
775
11.630
775
1.750
242
9.690
215
3,230
215
3.230
215
3.230
0
, 0
(a)
0
(a)
0
(a)
0
-!r 9,280
311.200
9,280
139.200
9,280
139,200
9,280
02,800
0
0
(a)
0
(a)
0
(A)
tl
0
0
( (a)
0
(a)
0
(a)
0
0
0
0
0
0
0
b
0
750
30,000
750
11,250
750
11.250
750
7.600
0
0
Ind
0
Incl
0
Ind
0
60
2.220
56
846
8G
840
58
560
100
4.000
100
1,500
100
1 500
100
1.000
500
20.000
Soo
?.S00
500
7.500
sm,
5.000
150
8.000
150
2.250
150
2.260
150
1,S00
24
960
24
360
24
360
24
240
3
100
3
50
3
80
3
30
3
100
3
40
3
40
3
30
4
160
4
60
4
60
4
40
2
60
2
30
2
30
2
20
1
30
1
25
1
25
1
10
56
2,250
511)
840
56
840
66
580
0
0
Done
0
Done
0
bone.
0
0
0
Done
0
bone
0
Doric
0
75
3,010
75
1.130
75
1,130
75
750
20
Boo
20
300
20
3w.
20
200
2,100
92.000
2,300
34.500
2.300
34.500
2,300
23,000
0
0
(a)
0
(a)
0
(a)
0
TOTAL 98.647 3,945.080
Nttmbpr of lJnl1:, 40
`ote (a). Construction finan,!ng o' $300.000 for 18 months
to (b) Estin-,ra+e..i cloStnq cos;N
e. BAME. Judson d Partm@rs, JPH Asnoclates
99.816 1,497.270
15
95 216 1,428,270 101 918 1.020 240
15 10
1�rt! c a 1�`c,rlC SEOPWIC 1° J 8
JUN 30 1998 12:21 FR HOLLAND KNIGHT LLP 3057897799 TO 7712#22222422222 P.04i08
RELEASE
KNOW ALL MEN BY THESE PRESENTS that THE CITY OF MIAMI, a
municipal corporation of the State of Florida, SOUTHEAST
OVERTOWN/PARKWEST COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF
MIAMI and their officers, commissioners and employees (all of the
foregoing are collectively referred to as the "first party"), for
and in consideration of Ten and 00/100 Dollars ($10.00), and other
good and valuable consideration, received from or on behalf of
POINCIANA VILLAGE OF MIAMI, LTD., a Florida limited partnership,
INDIAN RIVER INVESTMENTS OF MIAMI, INC., a Florida corporation
[INSERT NAMES OF ALL PAST AND PRESENT PARTNERS OF POINCIANA VILLAGE
OF MIAMI, LTD.] (all of the foregoing are collectively referred to
as the "second party"), the receipt and adequacy of which is hereby
acknowledged, remises, releases, acquits, satisfies, and forever
discharges the said second party and their officers, directors,
shareholders, agents and employees, of and from all, and all manner
of action and actions, cause and causes of action, suits, debts,
dues, sums of money, accounts, agreements, promises, damages,
judgments, executions, claims and demands whatsoever, in law or in
equity, which said first party ever had, now has, or which said
first party hereafter can, shall or may have, against said second
party, for, upon or by reason of any matter, cause or thing
whatsoever, from the beginning of the world to the date of these
presents relating to or arising out of, directly or indirectly, the
execution, delivery and performance under the Southeast Overtown
Park West Lease & Development Agreement dated June 15, 1988 by and
between the City of Miami and Indian River Investments of Miami,
Inc., as general partner on behalf of Poinciana Village of Miami,
Ltd. (the "Lease"), including, without limitation, (i) the issuance
of the Request for Proposal (11RFP11) for the Lease and all
representations made in connection therewith; (ii) the negotiation
of the Lease; (iii) any claims arising out of any action, inaction,
or failure to perform under the Lease; and (iv) any express or
implied representations and warranties made in connection with the
Lease.
This release shall not release the second party from any of
its duties and obligations under the Lease first arising from and
after the date of the execution of this instrument.
First party hereby represents and warrants that they are fully
competent and able to understand the terms of this Release, that
first party is not relying upon any statements or representations
(whether express or implied) of the second party, their employees
and attorneys regarding this Release and that first party is
entering into this Release under their own free will believing that
this Release to be in their best interest.
This Release shall be governed by and construed in accordance
with the laws of the State of Florida.
IN WITNESS WHEREOF, we have hereunto set out hand and seal
this day of , 1998.
WITNESS: THE CITY OF MIAMI, a
municipal corporation of
the State of Florida
By:
Name:
Title:
SEOPWICRA 9 9
JUN 30 1998 12:22 FR HOLLAND KNIGHT LLP
305789'7799 TO 7712#22222#22222 P.05i08
WITNESS:
STATE OF
COUNTY OF
SOUTHEAST OVERTOWN/PARK WEST
COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF MIAMI
By:
Name•
Title.
The foregoing instrument was acknowledged before me this
day of 1998, by as
of The City of Miami, a municipal corporation of
the State of Florida, on behalf of the City. He/She is personally
known to me/has produced as
identification.
(SEAL)
Printed/Typed Name:
Notary Public -State of Florida
Commission Number:
STATE OF
COUNTY OF
The foregoing instrument was acknowledged before me this
day of , 1998, by , as
of Southeast Overtown/Park West Community
Redevelopment Agency of the City of Miami ("CRA"), on behalf of the
CRA. He/She is personally known to me/has produced
as identification.
MIA4-632387.4
(SEAL)
Printed/Typed Name:
Notary Public -State of Florida
Commission Number:
2
SEOPWICEa 9 S _ 9
JUN 30 1998 12:22 FR HOLLAND KNIGHT LLP 3057897799 TO 7712#22222#22222 P.06i08
RELEASE
KNOW ALL MEN BY THESE PRESENTS that POINCIANA VILLAGE OF
MIAMI, LTD., a Florida limited partnership, INDIAN RIVER
INVESTMENTS OF MIAMI, INC., a Florida corporation, [INSERT NAMES OF
ALL PAST AND PRESENT PARTNERS OF POINCIANA VILLAGE OF MIAMI, LTD.]
and their past and present general and limited partners,
affiliates, subsidiaries, officers, directors and employees (all of
the foregoing are collectively referred to as the "first party"),
for and in consideration of Ten and 00/100 Dollars ($10.00) and
other good and valuable consideration, received from or on behalf
of THE CITY OF MIAMI, a municipal corporation of the State of
Florida, SOUTHEAST OVERTOWN/PARKWEST COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF MIAMI, and their officers, commissioners and
employees, (all of the foregoing are collectively referred to as
the "second party"), the receipt and adequacy of which is hereby
acknowledged, remises, releases, acquits, satisfies, and forever
discharges the said second party and their officers, directors,
commissioners, shareholders, agents and employees, of and from all,
and all manner of action and actions, cause and causes of action,
suits, debts, dues, sume of money, accounts, agreements, promises,
damages, judgments, executions, claims and demands whatsoever, in
law or in equity, which said first party ever had, now has, or
which said first party hereafter can, shall or may have, against
said second party, for, upon or by reason of any matter, cause or
thing whatsoever, from the beginning of the world to the date of
these presents relating to or arising out of, directly or
indirectly, the execution, delivery and performance under the
Southeast Overtown Park west Lease & Development Agreement dated
June 15, 1988 by and between the City of Miami and Indian River
Investments of Miami, Inc., as general partner on behalf of
Poinciana Village of Miami, Ltd. (the "Lease"), including, without
limitation, in connection with (i) the issuance of the Request for
Proposal ("RFP") for the Lease and all representations made in
connection therewith; (ii) the negotiation of the Lease; (iii)
any claims arising out of any action, inaction, or failure to act
or perform under the Lease; (iv) any express or implied
representations and warranties made in connection with the Lease;
and (v) any expressed or implied representations and warranties
that party of the second part was to take any action to promote
additional development in the geographic area of the property which
is the subject of the Lease.
This release shall not release the second party from any of
its duties and obligations under the Lease first arising from and
after the date of the execution of this instrument.
First party hereby represents and warrants that they are fully
competent and able to understand the terms of this Release, that
first party is not relying upon any statements or representations
(whether express or implied) of the second party, their employees
and attorneys regarding this Release and that first party is
entering into this Release under their own free will believing that
this Release to be in their best interest.
This Release shall be governed by and construed in accordance
with the laws of the State of Florida.
SE®PW/C 9 8
JUN 30 1998 12:23 FR HOLLAND KNIGHT LLP 3057897799 TO 7712#22222#22222 P.07i08
IN WITNESS WHEREOF, we have hereunto set out hand and seal
this day of , 1998.
WITNESS:
POINCIANA VILLAGE OF MIAMI,
LTD., a Florida limited
partnership
By: Indian River Investments
of Miami, Inc., a Florida
corporation, its general
partner
By:
President
INDIAN RIVER INVESTMENTS OF
MIAMI, INC., a Florida
corporation
WITNESS: By:
INSERT NAMES OF ADDITIONAL PARTNERS
STATE OF
COUNTY OF
Name:
Title:
The foregoing instrument was acknowledged before me this
day of , 1998, by
_ of Indian River investments of Miami, Inc., a Florida
corporation, as general partner on behalf of Poinciana Village of
Miami, Ltd., a Florida limited partnership, on behalf of the
corporation and the limited partnership. He who is personally
known to me/has produced as
identification.
(SEAL)
Printed/Typed Name:
Notary Public -State of Florida
Commission Number:
K
SEOPW/C"" 9 8 - 9
JUN 30 1998 12:24 FR HOLLAND KNIGHT LLP
3057897799 TO 7712#22222422222 P.08i08
STATE OF
COUNTY OF
The foregoing instrument was acknowledged before me this
day of r 1998, by ,
of Indian River Investments of Miami, Inc., a
Florida corporation, on behalf of the corporation. He who is
personally known to me/has produced as
identification.
MIA4-632388.3
(SEAL)
Printed/Typed Name_
Notary Public -State of Florida
Commission Number:
3
** TOTAL PAGE.08 **
SEOPW/CRA 9 8 - 9
TOWNHOMES
45 - Three Bedroom, Three Baths
w/attached garage
Lyric Villas Private and secure. On the beautiful 9rh Street Pedestrian Mall,
adjacent to the Lyric Theater. A residential community of 45 three story,
three bedroom townhomes with attached garages. These spacious family
homes offer three full baths, a washer / dryer connection, central air
conditioning / heating, completed carpeted and tiled and fully equipped
kitchens with range / oven with microwave & hood, refrigerator / freezer,
dishwasher and food disposer. All homes feature a unique, ground level
bedroom suite with its own private outside entrance.
HOMEOWNERSHIP from $645/mo.
`OPw/cu 9 8 — 9
CI
I
1
•
9'h Street Pedestrian Ma!!
NW 8"' Street
Site Plan
SEOPW/CRA 5 8 - 9
3 Bedroom 3 Bath
Townhomes Garages
Second Level
Ground Level
SEOPWJCRA:
W,
f�,ric ���
CONDO HOMES
17 - Two Bedroom / Two Baths
34 - Three Bedroom / Two Baths
Lyric Oaks. A residential community of 51 two and three bedroom flats. In
its own secure garden setting. All are spacious with many home like
features. All have balconies or patios, two full baths, a washer / dryer
connection, central air conditioning / heating, completely carpeted and tiled
and kitchen featuring range / oven with microwave & hood, refrigerator /
freezer, dishwasher and food disposer.
Homeownership from $552 / mo.
a
f
z
Iyr fo ck, 1, 0 W, w
f 1 r- t
NW lo" Street
r,\
` 911 Street Pedestrian Mall
,
,Site Plan
.f-41
"op""vicRA9 8 - 9
ft
No Scale
Lyrf; cllo*'q*,r
2 Bedroom / 2 Bath
Condo Homes
Typical
Sr
OpW/CP,a 9 8 - 9
LY? c On *VT
3 Bedroom / 2 Bath
Condo Homes
Typical
No Scide
sEoPw/cRA 9 8 - 9