HomeMy WebLinkAboutCRA-R-20-0033Southeast Overtown/Park West
Community Redevelopment Agency
Legislation
CRA Resolution: CRA-R-20-0033
File Number: 8333
Final Action Date:12/14/2020
A RESOLUTION THE BOARD OF COMMISSIONERS OF THE SOUTHEAST
OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY, WITH
ATTACHMENT(S), AUTHORIZING THE EXECUTIVE DIRECTOR TO EXECUTE
THE FIRST AMENDMENT TO AMENDED AND RESTATED COVENANT
BETWEEN THE SOUTHEAST OVERTOWN/PARK WEST COMMUNITY
REDEVELOPMENT AGENCY AND GRAND CENTRAL MIAMI HOLDINGS, LLC,
A DELAWARE LIMITED LIABILITY COMPANY, IN SUBSTANTIALLY THE FORM
ATTACHED HERETO AND INCORPORATED HEREIN AS EXHIBIT "A".
WHEREAS, the Southeast Overtown/Park West Community Redevelopment Agency ("CRA") is
a community redevelopment agency created pursuant to Chapter 163, Florida Statutes, and is responsible
for carrying out community redevelopment activities and projects within its Redevelopment Area in
accordance with the 2009 Southeast Overtown/Park West Redevelopment Plan ("Plan"); and
WHEREAS, Section 2, Goal 3, on page 11 of the Plan lists the "creat[ion of] infill housing,
diversity in housing types, and retaining affordable housing, as a stated redevelopment goal; and
WHEREAS, Section 2, Principle 4 on page 14 on the Plan provides that "[t]he
neighborhood ... retain access to affordable housing..." as a stated redevelopment principle; and
WHEREAS, Section 2, Goal 4 and 6 on page 11 on the Plan lists the "creat[ion of] jobs within
the community" and "improving quality of life for residents" as stated redevelopment goals; and
WHEREAS, Section 2, Principle 6 at page 15 on the Plan further provides that in order to
"address and improve the neighborhood economy and expand economic opportunities of present and
future residents and businesses [,] [it] is necessary to] support and enhance existing businesses
and... attract new businesses that provide needed services and economic opportunities..." as a stated
redevelopment principle; and
WHEREAS, on January 28, 2014, a Development Agreement for Block 46 was entered into by
and between the CRA and Sawyer's Walk, Ltd., a Florida limited partnership and Poinciana Village of
Miami, Ltd., a Florida limited partnership (collectively the "Developer"); and
WHEREAS, on April 8, 2014, the Developer and the CRA entered into a Covenant which was
recorded on April 9, 2014 in Official Record Book 29102, Page 4177 of the Public Records of Miami -
Dade County, Florida (the "Covenant'). On April 1, 2017, an amendment to the Covenant was entered
into amending the commencement date of construction, stating in part: "...vertical construction must
commence on or before July 1, 2018. On July 3, 2018, an Amended and Restated Covenant was executed
by and between the CRA and the Developer pursuant to Resolution No. CRA- R-18-0031, as authorized
by the Board of Commissioners, and recorded on July 6, 2018 in Official Record Book 31047, Page 2103
of the Public Records of Miami -Dade County, Florida; and
WHEREAS, the Amended and Restated Covenant provided for a total of three hundred seventy
(370) residential units (the "Project") of which forty (40) will be Affordable Rental Units with the
City of Miami Page 1 of 3 File ID: 8333 (Revision:) Printed On: 1211412020
File ID: 8333 Enactment Number: CRA-R-20-0033
following affordability mix: (i) ten (10) shall be made available for individuals and/or families earning up
to eighty percent (80%) of the then applicable median family income for Miami -Dade County ("AMI");
(ii) fifteen (15) shall be made available for individuals and/or families earning more than eighty percent
(80%) of AMI up to one hundred percent (100%) of AMI; and (iii) fifteen (15) shall be made available for
individuals and/or families earning more than one hundred percent (100%) of AMI and up to one hundred
twenty percent (120%) of AMI. In addition, the Amended and Restated Covenant extended the time
frame for commencement of vertical construction, made provisions for the payment of $3,000,000 to the
CRA, and removed obligations in the Covenant for the CRA to make payments to the Developer; and
WHEREAS, Grand Central Miami Holdings, LLC, a Delaware limited liability company ("Grand
Central") is the successor to Developer, the Project is nearing substantial completion; and
WHEREAS, the First Amendment to Amended and Restated Covenant, attached hereto and
incorporated herein as Exhibit "A", contains, in part, the following modifications:
• Payment of Incremental TIF: As an affordable housing incentive, the CRA shall pay to Developer
an incentive payment equal to 65% of the incremental TIF, generated from this specific project
only, and with use limitations.
Affordable Housing: An additional forty (40) residential units shall be made affordable for a total
of eighty (80) Affordable Rental Units with the following affordability mix:
■ Six (6) units shall be made available for individuals and/or families earning up to sixty
percent (60%) of AMI.
■ Twenty-four (24) units shall be made available to individuals and/or families earning
more than sixty percent (60%) of AMI up to eighty percent (80%) of AMI.
■ Twenty-five (25) units shall be made available to individuals and/or families earning
more than eighty percent (80%) of AMI up to one hundred percent (100%) of AMI.
■ Twenty-five (25) units shall be made available to individuals and/or families earning
more than one hundred percent (100%) of AMI and up to one hundred twenty percent
(120%) of AMI; and
WHEREAS, the Board of Commissioners finds that this Resolution furthers the SEOPW CRA's
redevelopment goals and objectives set forth in the Plan;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE
SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY OF THE
CITY OF MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are
adopted by reference and incorporated herein as if fully set forth in this Section.
Section 2. The Board of Commissioners hereby authorizes the Executive Director to
execute the First Amendment to Amended and Restated Covenant between the Southeast Overtown/Park
West Community Redevelopment Agency and Grand Central, in substantially the form attached hereto
and incorporated herein as Exhibit "A".
Section 3. This Resolution shall become effective immediately upon its adoption.
APPROVED AS TO FORM AND LEGAL SUFFICIENCY:
City of Miami Page 2 of 3 File ID: 8333 (Revision:) Printed on: 1211412020
File ID: 8333
Enactment Number: CRA-R-20-0033
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William loom, i , Pe- a Launse 1 18/2020
City of Miami Page 3 of 3 File ID: 8333 (Revision:) Printed on: 1211412020