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HomeMy WebLinkAboutCRA-R-10-0029 Cover Memo 4-26-2010SEOPW Board of Commissioners Meeting April 26, 2010 SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY INTER -OFFICE MEMORANDUM To: Board Chair Richard P. Dunn II and Members of the CRA Board From: James H. Villacorta Executive Director Date: April 16, 2010 File: 10-00546 Subject: Resolution Authorizing Amendment to the Lease Agreement Between the CRA and the Black Archives to Facilitate the Completion of Improvements to the Lyric Theatre. References: Enclosures: Supporting Documentation; 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 The execution of an amendment to the lease agreement, dated March 31, 2003, between the Southeast Overtown/Park West Community Redevelopment Agency and the Black Archives History and Research Foundation of South Florida, Inc., for the property adjacent to the Lyric Theater at the corner of N.W. 2nd Avenue and N.W. 8th Street, Miami, Florida, to facilitate the completion of improvements associated with the expansion of the Lyric Theatre. The Board of Commissioners, by CRA/SEOPW Resolution No. 03-19, passed and adopted on March 31, 2003, authorized the CRA to enter into a lease for a term of ninety nine (99) years with the Black Archives History and Research Foundation of South Florida, Inc. ("Black Archives") for the property adjacent to the Lyric Theatre at the corner of N.W. 2nd Avenue and N.W. 8th Street, Miami Florida ("Lease"). The purpose of the Lease Agreement is to provide an area for parking and the construction of improvements associated with the expansion of the Lyric Theatre ("Project"). Article 11, at page 17, of the Lease Agreement provides that the Black Archives is required to carry commercial general liability insurance with a $5,000,000 general aggregate limit. Article 23, at page 29, of the Lease Agreement provides that the CRA may terminate in the event that the Black Archives does not commence with development of the leased premises by March 31, 2009. The Black Archives recently submitted a request to the CRA to have the Lease Agreement amended to facilitate completion of the Project. Reducing the general aggregate limit to $2,000,000 would be in accordance with the City of Miami's current insurance requirement. Additionally, the CRA wishes to waive its right to terminate the Lease Agreement under Article 23. JUSTIFICATION: Amendment of the lease between the CRA and the Black Archives requires CRA Board approval. FUNDING: NO FISCAL IMPACT.