HomeMy WebLinkAboutCRA-R-09-0044 Legislation August 6, 2009 SEOPW & Omni Agenda MeetingCity of Miami
Legislation
CRA Resolution
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 09-00851 Final Action Date:
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE SOUTHEAST
OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY, WITH
ATTACHMENT(S), AUTHORIZING EXECUTION OF AN AMENDMENT TO A
DEVELOPMENT AGREEMENT, IN SUBSTANTIALLY THE ATTACHED FORM,
BETWEEN THE CRA AND UDG V, LLC FOR THE JAZZ VILLAGE AT LITTLE
BROADWAY PROJECT.
WHEREAS, the Southeast Overtown/Park West Community Redevelopment Agency is
responsible for carrying out community redevelopment activities and projects within the
Redevelopment Area in accordance with its approved Redevelopment Plan; and
WHEREAS, 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"); and
WHEREAS, 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"); and
WHEREAS, 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; and
WHEREAS, 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; and
WHEREAS, 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; and
WHEREAS, 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 (Le., elderly residential building) to an affiliate of CODEC, Inc. approved by the Executive
Director; and
WHEREAS, the Board of Commissioners wishes to authorize the Executive Director to execute
the Amendment, in substantially the attached form;
NOW, THEREFORE, BE iT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE
City of :Miami
Page 1 of 2 Printed On: 8/4/2009
File Number: 09-00851
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. Execution of an Amendment to a development agreement, in substantially the
attached form, between the CRA and UDG V, LLC for the Jazz Village at Little Broadway project is
authorized.
Section 3. This Resolution shall become effective immediately upon its adoption.
APPROVED AS TO FORM AND CORRECTNESS:
WILLIAM R. BLOOM
SPECIAL COUNSEL
City of Miami Page 2 of 2 Printed On: 8/4/2009