HomeMy WebLinkAboutCRA-R-09-0044 Cover Memo August 6, 2009 SEOPW & Omni Agenda MeetingSEOPW & Omni Boards of Commissioners Meeting
August 6, 2009
Item # 5
SOUTHEAST OVERTOWN/PARK WEST
AND OMNI
COMMUNITY REDEVELOPMENT AGENCIES
INTER -OFFICE MEMORANDUM
To: Board Chair Michelle Spence -Jones Date: July 30, 2009 File: 09-00851
and Members of the CRA Board
Subject: Resolution Authorizing Execution of an
Amendment to a Development Agreement
between the CRA and UDG V, LLC for Jazz
Village at Little Broadway Project..
From: James H. Villacort� References:
Executive Direct()
Enclosures: Legislation
BACKGROUND:
It is recommended that the Board of Commissioners of the Southeast Overtown/Park West Community
Redevelopment Agency ("CRA") approve and adopt the attached Resolution authorizing execution of an
amendment to a development agreement between the CRA and UDG V, LLC for the Jazz Village at Little
Broadway project.
The Board of Commissioners, by Resolution No. CRA-R-08-0037, passed and adopted on June 30, 2008,
authorized the execution of a development agreement with UDG V, LLC ("UDG") for its Jazz Village at Little
Broadway project ("Project").
On July 7, 2008, the CRA and UDG executed a development agreement for the Project ("Development
Agreement"), and thereafter, UDG submitted an application for funding under the U.S. Department of Housing
and Urban Development's Section 202 Program, entitled "Supporting Housing for the Elderly" ("202 funding").
UDG's application for funding was denied due to the existence of a reverter provision in favor of the City of
Miami ("City") on the Project site.
At the request of the CRA in its effort to assist UDG in obtaining 202 funding, the Miami City Commission, by
Resolution No. R-09-0314, passed and adopted on June 25, 2009, conveyed the Project site to the CRA without
a reverter provision. UDG has informed the CRA that it will reapply for 202 funding for the funding cycle, and
has requested certain amendments to be made to the Development Agreement to ensure favorable
consideration of its application for 202 funding and the satisfaction of certain conditions for the Project.
The proposed amendments include: (1) the extension of timeframes for the performance of certain conditions;
and (2) the assignment of UDG's interest in a component of the Project (i.e., elderly residential building) to an
affiliate of CODEC, Inc. approved by the Executive Director.
JUSTIFICATION:
Support for this Resolution is consistent with the redevelopment objectives of: "[r]eplac[ing] dilapidated housing;
... [p]roviding opportunit[iesj for residents to continue to live in Overtown; [p]romot[ing] homeownership and
new housing for moderate income families and encourage[ing] an income mix in all housing" as provided in
Section III.B., at Page 13 of the 1982 SEOPW Redevelopment Plan, as amended.