HomeMy WebLinkAboutFirst Amendment 2FIRST AMENDMENT TO
PURCHASE AND SALE AGREEMENT
THTS FTRST AMENDMENT TO PURCHASE AND SALE AGREEMENT(the
"First A.men.drnent.") is made, rind entered into this day of ,
2007 by and between the City of Miami, a municipal corporation of the State, of
Florida, with offices at 444 S.W. 211,1 Avenue, Minimi, Florida 33130 (thp "City"), and
Progressive Vision Community Development Corporation, kion, Inc,, a rlorida not. -Por -
profit corporation, with offices at 740 NW 5801 Street, Mis►mi, Florida 33127 (the
"Purchasor")=
RECITALS
A. The City of Miami is the owner of certain real property located at 779
NW 571h Street, Miami, Florida (the "Property");
B. The City declared the property surplus; t►nd. authorized an Agreement
for Purchase and Sale ("Agreement") under Resolution No. 05.0347;
C. SpIlor r►ntl the Purchaser executed the Agreement. cin March 29, 2006,
for the developmp.rlt of four (4) affordable housing condominium units;
D. The Agreement contains certairi conditions precedent that must be
satisfied by the Purchaser within twelve (12) rrlrrnl.hs of the Effective Datp of the
Agreement;
B, The Purchaser requires an additional three (3) months; to satisfy with
the Conditions Procoderit >rrul wi.6hes to develop three (3) 1,ownhouse affordable
units, instead of the four (4) condorrtinium units required in the Agreement;
F. The Purchaser and the City desire to amend the Agreement t►ursnant
to the terms hereof.
NOW, 1'.HEREFURE, in consideration of the niuwal covenants and promises
lit?rein tho City rrntl Purchai3er hereby agree as follows:
Section 1(b) of the Agreement is hereby amended to road a.t; follows:
h) The City of, Miami Commission ht)H authorized the sale of the Prr,pt,rty to
the Purc:hatier for the purpose of providing atfbrd»1.11e housing pursue.nl, to
Section 29B of thta City of Miami Charter, which exempts affordal,lt,
housing developrtrpnts from the competitive bidding requirements,
omDocument 71966
established therein. Accordingly, Seller agrees to sell the Prope r(,y to
Purchaser on the condition that, (,hat- the Property shall only he used to
1)1'Crvi(lA �4WF (rTi) i -m 1do9i+4eminiu n—units throo (3) owner
occimieff Lownhow4e, unity for individuals and/or famlly within the
economic nffr)rds)hility rmige of very low, low, and/or moderate incoinN
families and/or individuals, based on criteria cSL,jhlihhed by federal and/or
state law or by the City Commission of the City of Miami. Accordingly,
Seller agrees to sell the Property to PurchasAr in reliance on Purchaser's
euvenant that within twelve (12) months following the Closing (as defined
in Paragraph 7 hereof, Purchaser shall commpnce the construction of fou+
(h) —eekthree (3) owner Occunied townhouse units (the
"Improvements") as evidenced by issuttnco of a building permit, and shall
coatinxic diligently with the cunetruction of the llnprovAments to
completion by no liter than twenty-four (24) months from the date: of
Closing.
2. Section 7 of the Agreement is hereby amended to provide that if the
Cond.itiunh Precedent, are. not satisfied within fifteen (15) months from the Effective
Date either party may terminate the Agreement by wrid.on notice to the other
party.
3. The first sentence of Section 8 of 1,be Agreement is hereby amended to
provide that Seller's obligation to yell shall be subikic(. to the satisfaction of the
Conditions Precedent on or before £fifteen (15) months frorn. the Effective Date of the
Agreement. Section 3(e) is hereby amended to reflect the parties' agreement that
Purchaiser shall cunytruct three (3) townhouse units on the Property,
4. Subject to the provisions of Section G hereof, the City and Purchaser
r.epregent to each other that each has the power and authority to execute And
deliver this first Amendment and that, this First Amendnienl, has been duly
authorised by the governing body of each pa.rl.y and constitutes a valid and Minding
obligation of each, enforceable in accordance wil.h its terms, conditions and
provisions; ttnd
5. Except as amended lioreire, 01 the terms and provisions (-.)f Agreement sholl
remain in effect.
PURCHASER ACKNOWLEDGES THAT THIS ENDMFNT IS SuBaCT TO
APPROVAL RY THE _ CITY COMMIS510X AND_HAS HAS BEEN EXECtJTK'D
WLTU,OUT... FIRST OBTAINING SLI -CII APPROVAL_.. BFCA LTSE THE NEXT'
MEETING OF THIS'. CITY COMMISSION IS SCHEDULED F()R APRIL 12, 2007,
IN THE EVEN'C'I`HE CITY + OMMISSTON HAILS TO RATIFY THE EXECUTION
OF THIS AMENI_MENT BY APRIL 12, 2007, THEN THIS AMENDMENT .SHALL
pry• I )nu umenl I I AM
BE DEEMED NULT, AND 'VOT.SND T iE .AC3REEMENT SHALL BE DFEMF.D
TERMINATED AS OF MARCH 30, 2007.
IN WITNESS WBERKOF, the City has cmisad this First Amendtnent to be
executed in its name and on behalf by the City Manager of the City of Mianii,
Florida, the City Clerk of the City of Miami, Florida, and the Purchaser ag signed Ha
of the data herein first abuve written.
}3y:
Priscilla A. Thompson, City Clerk
APPROVED AS TO FORM AP -,'D
CORRECTNESS
d rge L. Pernandez, City Attorncy,41k�k
W;tnosaAS:
Paint Namc:
"SELLER"
City Of Mig1jMU1,-A nlullici.pal
corporate n . e State of Florida
BY.
Pedro G..Herna ez, City Manager
Date
"PURCHASER"
Progressive Vision Community
Development Corporation, Inc., a
Florida not-for-profit curporation
BV:
Gaston E. Smith, Director
Frint Name: .� Dato:
un Dkwwrnv.w 7(eft