HomeMy WebLinkAboutCRA-R-22-0034 ExhibitExhibit "A -Substitute"
Christine King James McQueen
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Board Chair , Executive Director
Memorandum of Understanding
This memorandum of understanding (the "the MOU") is entered into on 15 ?0 22-
("Effective Date") by and between the SOUTHEAST OVERTOWN/P RK WEST
COMMUNITY REDEVELOPMENT AGENCY, a public agency and body corporate created
pursuant to Section 163.356, Florida Statutes ("CRA"), and Block 55 Residential, LP, a Florida
limited partnership (`Block 55 Residential" Owner).
OBJECTIVES. Enhance the benefits of the Block 55 Restrictive Covenant and the Block 55
Housing Covenant which promoted development in line with the Property's context and promoting
development of a qualifying Attainable Mixed -Income Housing project and an employment hub
in a mixed -use, walkable area by permitting the transfer of unused development rights, to the extent
permitted by law, of at least 578 residential units to other property located in the Redevelopment
Area.
RESPONSIBILITIES AND OBLIGATIONS OF THE PARTIES. In exchange for mutual
consideration of Block 55 Residential and the CRA the parties agree as follows:
TERMS OF UNDERSTANDING.
1. Block 55 Residential Owner represents and warrants that Block 55 Residential Owner is
the owner of 100% of the excess development rights with respect to Block 55 under the
City of Miami zoning code (the "Development Rights")
2. The Block 55 Residential Owner shall pay to the CRA $125,000.00 as a non-refundable
advance to be credited towards any future payments due to the CRA under the agreement.
This non-refiindable deposit shall be due on or before August 15, 2022.
3. The CRA covenant and agrees to assist Block 55 Residential Owner in connect with
release the development right from the Block 55 Restrictive Covenant and agrees to
cooperate with Block 55 Residential Owner in connect with obtaining any required
approval of the City of Miami in connection therewith.
4. The CRA will work with Block 55 Residential LP to obtain an additional allocation of
excess development rights based on the allowable density permitted by zoning code in
excess of the 548 units included in the PBA and code amendment scheduled for City of
Miami approval in June 2022.
5. In exchange for the efforts of the CRA pursuant to paragraph 3 above, the Block 55
Residential Owner shall pay to the CRA fifteen percent (15%) of the gross purchase price
received by Block 55 Residential Owner on the sale of 477 units out of 578 units, and.
20% of the gross purchase price received on the sale of the balance (101 units) of the 578
units, but in no event shall the gross sale price be less than Twenty Thousand and no/100
Dollars ($20,000.00) per residential unit.
6. The Block 55 Residential Owner shall pay the CRA the fee within 48 hours of the closing
with respect to the transfer of any Development Rights. The CRA shall have "open
book" access to Block 55 Residential Owner's books and records regarding the
Development Rights.
Christine King James McQueen
Board Chair :. Executive Director
7. The Block 55 Residential Owner shall Provide the CRA with copies of any and all sale
agreements within 48 hours of execution by all the parties (Purchasers and Sellers).
8. The Block 55 Residential Owner shall Provide the CRA with copies of all closing
documents within 24 hours of the closing on the sale of any Development Rights.
9. Within 48 hours of the closing on the sale of any units, the Block 55 Residential Owner
shall pay the CRA any moneys due and owing from the sell of any of the Development
Rights.
10. The Block 55 Residential Owner shall be solely responsible for the payment of all
brokerage fees and commissions associated with the sale of any Development Rights.
11. This understanding applies to all Development Rights to be transferred or sold.
12. Parties shall have thirty (30) days to formalize an agreement incorporating the terms of
this MOU in form and substance acceptable to the Executive Director of the CRA. This
MOU is subject to the execution of a definitive agreement.
13. The terms of this MOU shall in no way affect the terms of the Block 55 Covenant and the
Block 55 Housing Covenant.
WHEREFORE, the Parties have caused this Memorandum of Understanding to be duly executed
APPROVED AS TO FORM AND
LEGAL SUFFICIENCY:
By:
Vincent T. Brown, Esq.
Date:
SOUTHEAST OVERTOWN/PARK WEST
COMMUNITY REDEVELOPMENT
AGENCY, of the City of Miami, a public
agency and body corporate created pursuance to
Section 163.356, Florida Statutes
By:
J ne c ueen
E, utive Director
Date:
BLOCK 55 Residential, LP., a Florida Limi
Liability Partnership:
By:
Y
Its: MAA
Date: /_ I
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