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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, urs:Ducumcnt 7I866 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 ors:Dc omen 71 ANS 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: a» I'kx.umaoi 7t