HomeMy WebLinkAboutExhibitFIRST AMENDMENT TO
PURCHASE AND SALE AGREEMENT
THIS FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT (the
"First Amendment") is made and 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. 20,1 Avenue, Miami, Florida 33130 (the "City"), and
Progressive Vision Community Development Corpora t.ion, Inc., a Florida not,• Ibr.•
profit corporation, with offices at 740 1V'W 58ttr Street, Miami, Florida 33127 (the
"Purchaser"):
RECITALS
A. The City of Miarni is the owner of certain real property located at 779
NW 57rh Street, Miami, Florida (the "Property" );
B. The City declared the property surplus }end, authorized an Agreement
:for Purchase and Sale ("Agreement") under Rcsoluti.on No. 05-0347;
C. Seller i.rnd the Purchaser executed the Agreement. on March 29, 2006,
for the development of four (4) affordable housing condominium units;
D. The Agreement contains certain conditions precedent that must be
satisfied by the Purchaser within twelve (12) rric nl,h,.,• of the Effective Date of the
Agreement;
E. The Purchaser requires; axe additional three (3) months to satisfy with
the Condition; Precedent, and wishes to develop three (3) townhouse affordable
units, instead of the four (4) condominium units required in the Agreement;
F. The Purchaser and the City desire to amend the A.greenient. pursuant
to the terms hereof.
NOW, '1'.HEREFORE, in consideration of the mutual covenants and promises
herein the Ci.t;y nod Purchaser hereby agree as follows;
1_ - Section 1.(b) of the Agreement is hereby amended to road as follows:
b) The City of Miami Commission hos authorized the sale of the Property to
the Purchaser for the purpose of providing aftbrdr,ble housing pursuant, to
Section 29B of the City of Miami Charter, which exempts affordable
housing. developments from the competitive bidding requirements,
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established therein. Accordingly, Seller agrees to sell the Property to
Purchaser on the condition that thatthe Property shall only be used to
provid rnur (4)--urn+ er D Dee re ,.ts three (3) owner
occupied town house units ter individuals and/or family within the
economic: affordability range of very low, low, and/or moderate income
families and/or individuals, based on criteria established by federal and/or
state law or by the City Commission of the City of Miami. Accordingly,
Seller agrees to sell the Property to Purchaser in reliance on Purchaser's
covenant that within twelve (12) months following the Closing (as defined
in Paragraph 7 hereof), Purchaser shall commence the construction of f
(h) condozniniu l three (3) owner occupied tow,g ruse u i} . (the
"Improvements") as evidenced by issuance of a building permit, and shall
continue diligently with the construction of the improvements to
completion by no later than twenty-four (24) months from the date: of
Closing,
2- Section 7 of the Agreement is hereby amended to provide that if the
Conditions Precedent are not satisfied within fifteen (15) months from the Effective
Date either party may terminate the Agreement by written, notice to the other
party.
3. The first sentence of Section 8 of the Agreement is hereby amended to
provide that Seller's obligation to sell shall be subject. to the satisfaction of the
Conditions Precedent on or before fifteen (15) months from the Effective Date of the
Agreement. Section 8(e) is hereby amended to reflect the parties' agreement that
Purchaser shall construct three (3) townhouse units on the Property.
4. Subject to the provisions of Section 6 hereof, the City and Purchaser
represent to each other that each has the power and authority to execute and
deliver this first Amendment rind that this First Amendment has been duly
authorized by the governing body of each party 1-ind constitutes a valid and binding
obligation of each, enforceable in accordance: with its terms, conditions and
provisions; and
5. Except as amended herein, a11 the terms and provisions or Agreement shall
remain in effect.
PURCHASER ACKNOWLEDGES THAT THIS AMENDMENT IS STJJ3JECT TO
APPROVAL BY THE CITY COMMISSION]' AND HAS BEEN EXECUTED
WIT OTJT„_ FIRST OBTAINING SUCJI APPROVAL BFCA LT E THE NEXT'
MEETING OF THE CITY COMMISSION 1&SCHEDULEP FOR APRIL 12. 2007,
IN THE EVENT THE CITY C( MISSION FAILS TO RATIFY THE EXECUTJON
OF THIS AMENDMENT` $Y APIUL 12 2007. THEN T E NT SHALL
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BE DEEMED NULL AND VOID AND THE AGREEMENT SHALL BE DEEMED
TERMINATED AS OF MARCH 30, 2007.
IN WITNESS WHEREOF, the Gity has caused this First Amendtnent to be
executed in its name and on behalf by the City Manager of the City of Miami,
Florida, the City Clerk of the City of Miami, Florida, and the Purchaser as signed gas
of the date herein first above written.
"SELLER"
ATTEST; City Of Miami a municipal
carper, 6i'.'� e State of Florida
By;
Priscilla A. Thompson, City Clerk
APPROVED AS'1'() FORM AND
CORRECTNESS'
rge L. Fernandez, City Attorneyt .i'
Witnesses;
Print Name:
By;
Pedro G, Herna
Date
z, City Manager
"PURCHASER"
Progressive Vision Community
Development Corporation, Inc., a
Florida not•forprofit corporation
By:
Gaston E. Smith, Director
Print Name; Wy.. Date:
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