HomeMy WebLinkAboutCRA-R-22-0018 BackupFIRST AMENDMENT TO THE AGREEMENT
BETWEEN THE
OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY
AND
WYNWOOD WORKS, LLC
FOR DEVELOPMENT OF PROPERTY
This First Amendment to the Agreement ("First Amendment") is made and entered into the
day of , 2022, 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, the Developer and CRA desire to enter into this First Amendment in order to
extend the time period for the Developer to obtain all financing commitments, up to and including
, 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;
WHEREAS, the CRA Board finds that this First 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, BMPO and CONTRACTOR 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 8, 2022.
3. Section 13, "Closing Date and Conditions Precedent," of the Agreement is amended
as follows:
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
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 First 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 First Amendment, the terms of this First 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 First Amendment
on the respective dates under each signature:
DEVELOPER:
WITNESSES: WYNWOOD WORKS, LLC, a Florida limited
liability company
Print Name:
By: WYNWOOD WORKS MANAGER, LLC, a
Florida limited liability company, its manager
By: MAGELLAN HOUSING LLC, a Florida
limited liability company, its manager
Print Name: By:
Nikul A. Inamdar, Member
ACKNOWLEDGMENT
STATE OF FLORIDA)
COUNTY OF LEON )
THE FOREGOING INSTRUMENT was acknowledged before me by means of ❑ physical
presence or ❑ 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
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IN WITNESS WHEREOF, the parties hereto have made and executed this First Amendment
on the respective dates under each signature:
ATTEST: "CRA"
Todd Hannon, Clerk of the Board
Date:
APPROVED AS TO INSURANCE
REQUIREMENTS
Ann -Marie Sharpe
Director of Risk Management
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OMNI REDEVELOPMENT DISTRICT
COMMUNITY REDEVELOPMENT
AGENCY of the City ofMiami, apublic
agency and body corporate created pursuant
to Section 163.356, Florida Statutes
Humberto Gonzalez, Executive Director
APPROVED AS TO LEGAL FORM
AND CORRECTNESS:
Victoria Mendez
General Counsel