HomeMy WebLinkAboutSEOPW OMNI CRA 2001-10-25 Clerk ReportSEOPW AND OMNI/CRA
CITY CLERK'S REPORT
MEETING DATE: October 25, 2001
A MOTION AUTHORIZING AND DIRECTING THE EXECUTIVE
DIRECTOR OF THE COMMUNITY REDEVELOPMENT AGENCY
(HEREINAFTER REFERRED TO AS "CRA") FOR THE
SOUTHEAST OVERTOWN/PARK WEST DISTRICT TO PROPOSE
A COUNTER SETTLEMENT TO ST. JOHN'S COMMUNITY
DEVELOPMENT CORPORATION AND RELATED GROUP OF
FLORIDA OF EXISTING LITIGATION IN CONNECTION WITH
CASE NUMBER 00-30414-CA13 CITY OF MIAMI AND
SOUTHEAST OVERTOWN/PARK WEST COMMUNITY
REDEVELOPMENT AGENCY VS. LYRIC VILLAGE HOUSING
INC. AND ST. JOHN'S, INC. WITH THE FOLLOWING
STIPULATIONS: (1) THE CRA WILL PROCEED WITH
TRANSACTION CONTEMPLATED BY THE REQUEST FOR
QUALIFICATIONS (RFQ) ISSUED BY THE CRA IN CALENDAR
YEAR 1996, PROVIDED THAT THE ENTITY THE CRA WILL BE
CONTRACTING WITH, NAMELY, ST. JOHN'S COMMUNITY
DEVELOPMENT CORPORATION AND RELATED GROUP OF
FLORIDA, IS THE SAME LEGAL ENTITY THAT RESPONDED TO
THE RFQ; (2) WITHIN 90 DAYS FROM THE EXECUTION DATE
OF THE SETTLEMENT, THE VENTURE WOULD OBTAIN A
TERM SHEET FROM THE LENDER OF CONSTRUCTION,
FINANCING FOR THE ENTIRE COST OF THE PROJECT, AT A
MINIMUM AMOUNT OF $1,400,000; (3) GEORGE PEREZ OF THE
RELATED GROUP MUST COMMIT IN WRITING TO SATISFY
ANY GUARANTEE REQUIREMENTS OF THE LENDER AS
MORE PARTICULARLY DEFINED IN THE TERM SHEET; (4)
THE AFOREMENTIONED JOINT VENTURE MUST PROVIDE
EVIDENCE TO THE CRA THAT IT HAS EQUITY AVAILABLE TO
SATISFY THE REQUIREMENTS OF THE LENDER AS
REFLECTED IN THE TERM SHEET FOR THE LOAN; (5) SAID
JOINT VENTURE WOULD, WITHIN 90 DAYS OF THE CRA'S
APPROVAL OF THE TERM SHEET, OBTAIN A BINDING LOAN
COMMITMENT FOR THE CONSTRUCTION OF THE PROJECT;
(6) THE CLOSING WILL OCCUR BETWEEN THE JOINT
VENTURE AND THE CRA WITHIN 30 DAYS OF THE LOAN
Page No. 1
SEOPW/CRA M-01-127
MOVED: REGALADO
SECONDED: GORT
UNANIMOUS
SEOPW AND OMNI/CRA
CITY CLERK'S REPORT
MEETING DATE: October 25, 2001 Page No. 2
COMMITMENT BEING OBTAINED; (7) THE CRA AND THE
JOINT VENTURE WILL AGREE ON PERFORMANCE
REQUIREMENTS FOR THE COMPLETION OF THE PROJECT; (8)
THE JOINT VENTURE WILL FORFEIT THE LAND IF IT DOES
NOT MEET THOSE PERFORMANCE REQUIREMENTS; (9) THE
PARTIES WOULD EXCHANGE MUTUAL RELEASES OF
EXISTING LITIGATION; (10) THE CRA WILL TAKE NO
RESPONSIBILITY FOR PLATTING THE PROPERTY, THAT WILL
BE THE OBLIGATION OF THE DEVELOPER; (11) THE JOINT
VENTURE WILL SATISFY ITSELF THAT THE $500,000 FROM
HOME FUNDS AND THE $500,000 FROM CDBG FUNDS
PREVIOUSLY ALLOCATED TO THE PROJECT ARE STILL
AVAILABLE FOR THE PROJECT, OR OBTAIN ALTERNATE
FINANCING; (12) DOCUMENTATION IN CONNECTION WITH
THE PROPOSED SETTLEMENT IS TO BE IN A FORM AND
SUBSTANCE ACCEPTABLE TO THE CITY ATTORNEY AND
THE CRA BOARD.
A MOTION TO ADJOURN TODAY'S MEETING OF THE SEOPW/CRA M-0I-128
COMMUNITY REDEVELOPMENT AGENCY FOR THE MOVED: WINTON
SOUTHEAST OVERTOWN/PARK WEST DISTRICT. SECONDED: SANCHEZ
UNANIMOUS
NOTE: AS DULY NOTED ON THE HEREIN AGENDA AND CITY CLERK'S REPORT, WHICH
CONSTITUTES A JOURNAL OF THE SOUTHEAST OVERTOWN/PARK WEST COMMUNITY
REDEVELOPMENT AGENCY (CRA) BOARD PROCEEDINGS, THE "UNANIMOUS" NOTATION NEXT TO
THE VOTE ON EACH ITEM MEANS THAT ALL FIVE MEMBERS OF THE CRA WERE PRESENT AND
VOTED "AYE" ON SAID ROLL CALL VOTE. NEGATIVE VOTES, PHYSICAL ABSENCE OF A BOARD
MEMBER OR ABSTENTION FROM VOTING BY A BOARD MEMBER, IF ANY, IS ALSO DULY
REFLECTED IN SAID VOTE