HomeMy WebLinkAboutCRA-R-22-0022 BackupSECOND AMENDMENT TO THE AGREEMENT
BETWEEN THE
OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY
AND
WYNWOOD WORKS, LLC
FOR DEVELOPMENT OF PROPERTY
This Second Amendment to the Agreement ("Second Amendment") is made and entered into the
day of 12022, by and between the OMNI REDEVELOPMENT DISTRICT
COMMUNITY REDEVELOPMENT AGENCY, a public agency and body corporate created pursuant
to Section 163.356, Florida Statues (the "CRA"), and WYNWOOD WORKS, LLC, A Florida limited
liability company (the "Developer").
WITNESSETH:
WHEREAS, the original agreement between the CRA and Developer for Development of
Property is dated and effective as of November 24, 2020 (the "Agreement"); and
WHEREAS, pursuant to the Agreement, the Developer had 18 months to obtain all financing
commitments; however, due to circumstances beyond either the Developer's or the CRA's control, the
Developer has been unable to finalize all financial commitments; and
WHEREAS, on May 12, 2022, the CRA approved the First Amendment to the Agreement in
order to provide the Developer with the additional time necessary to obtain the financing commitments
and close on the acquisition of the Properties; and
WHEREAS, due to circumstances beyond either the CRA's or the Developer's control, the
Developer has again been unable to obtain all of its financing commitments within the time specified, and
as a result will not be able to close within the time specified in the Agreement; and
WHEREAS, the Developer and CRA desire to enter into this Second Amendment in order to
extend the time period for the Developer to obtain all financing commitments, up to and including July
28, 2022; and
WHEREAS, the extension of the time period for the Developer to obtain the financing
commitments will permit the Developer to construct the Project as provided for in the Agreement; and
WHEREAS, the CRA Board finds that this Second Amendment is in the best interest of the
CRA, is consistent with the CRA's Redevelopment Plan, and is in the best interest of the residents and
businesses within the CRA's boundaries.
NOW THEREFORE, in consideration of the mutual terms, conditions, promises, covenants and
payments hereinafter set forth, CRA and DEVELOPER agree as follows:
1. Incorporation of "Whereas" Clauses. The truth and accuracy of each "Whereas" clause set
forth above is acknowledged and is incorporated herein as if set forth in its entirety.
2. Section 8, "Financing," of the Agreement is amended to provide for the Developer to obtain all
applicable Financing sources and/or credits for the Project on or before July 28, 2022.
follows:
3. Section 13, "Closing Date and Conditions Precedent," of the Agreement is amended as
3.1 The first sentence of Section 13.1, "Closing," shall be amended to read as follows:
The closing of the transaction (the "Closing") contemplated by this Agreement shall
occur on the earlier of the following (the "Closing 2 Date") (a) ten (10) days after all the
CRA Conditions Precedent to closing have been either satisfied or waived by the CRA or
(b) November 24, 2022, time being of the essence.
4. Miscellaneous. This Second Amendment may be executed in any number of counterparts, any
one and all of which shall constitute the agreement of the parties and each of which shall be deemed an
original. Except as provided herein, the Agreement is unmodified, in full force and effect and hereby
ratified in every respect.
5. In the event of any conflict between the terms of the Agreement and the terms of this Second
Amendment, the terms of this Second Amendment shall control. Terms which are capitalized but not
defined herein shall have the meanings given to such terms in the Agreement.
6. Except as amended herein all other terms and conditions of the Agreement shall remain in full
force and effect.
(SIGNATURE PAGES TO FOLLOW)
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IN WITNESS WHEREOF, the parties hereto have made and executed this Second Amendment
on the respective dates under each signature:
WITNESSES:
Print Name:
Print Name:
STATE OF FLORIDA)
COUNTY OF MIAMI-DADE )
DEVELOPER
DEVELOPER:
WYNWOOD WORKS, LLC, a Florida limited
liability company
By: WYNWOOD WORKS MANAGER, LLC, a
Florida limited liability company, its manager
By: MAGELLAN HOUSING LLC, a Florida
limited liability company, its manager
Nikul A. Inamdar, Member
ACKNOWLEDGMENT
THE FOREGOING INSTRUMENT was acknowledged before me by means of LL physical presence or LL
online notarization this day , 2022 by Nikul A. Inamdar, as a member of
MAGELLAN HOUSING LLC, a Florida limited liability company, the manager of WYNWOOD
WORKS MANAGER, LLC, a Florida limited liability company, manager of WYNWOOD WORKS,
LLC, a Florida limited liability company, on behalf of the companies, who is personally known to me or
who produced a as identification.
My Commission Expires:
Signature of Notary Public, State of Florida
Printed Name of Notary Public
IN WITNESS WHEREOF, the parties hereto have made and executed this Second Amendment on the
respective dates under each signature:
ATTEST: " CRA"
Todd Hannon
City Clerk
APPROVED AS TO FORM AND
CORRECTNESS:
Victoria Mendez
General Counsel
OMNI REDEVELOPMENT DISTRICT
COMMUNITY REDEVELOPMENT
AGENCY of the City of Miami, a public agency
and body corporate created pursuant to
Sectionl63.356, Florida Statutes
Humberto Gonzalez
Executive Director
APPROVED AS TO INSURANCE
REQUIREMENTS:
Ann -Marie Sharpe
Risk Management Director
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