HomeMy WebLinkAboutCRA-R-13-0008 signed resolution cra-r-13-0008City of Miami
Legislation
CRA Resolution: CRA-R-13-0008
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 13-00098 Final Action Date:1/28/2013
RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE SOUTHEAST
OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY
AUTHORIZING (i) THE EXECUTIVE DIRECTOR TO ENTER INTO A GRANT
AGREEMENT WITH TOWN PARK PLAZA SOUTH, INC. IN SUBSTANTIALLY THE
FORM ATTACHED HERETO WITH RESPECT TO THE TOWN PARK PLAZA SOUTH
COOPERATIVE APARTMENT PROJECT; AND (ii) A GRANT AGREEMENT WITH
TOWN PARK VILLAGE NO. 1, INC., IN SUBSTANTIALLY THE FORM ATTACHED
HERETO WITH RESPECT TO THE TOWN PARK VILLAGE COOPERATIVE
APARTMENT PROJECT AND RATIFICATION OF THE DEVELOPMENT
AGREEMENTS PREVIOUSLY ENTERED INTO BY THE CRA WITH (i) ISLAND
LIVING APARTMENTS, LTD. WITH RESPECT TO THE ISLAND LIVING
APARTMENTS; (ii) LYRIC HOUSING, LTD. WITH RESPECT TO THE PLAZAAT THE
LYRIC; (iii) ST JOHN PLAZA APARTMENTS, LLC WITH RESPECT TO THE ST
JOHN PLAZAAPARTMENTS; AND (iv) AMC HTG I, LTD. WITH RESPECT TO THE
CULMER CENTER PROJECT.
WHEREAS, the Southeast Overtown/Park West Community Redevelopment Agency (the
"CRA") is responsible for carrying out community redevelopment activities and projects within its
Redevelopment Area;
WHEREAS, the Board of Commissioners determined that in order to facilitate the
redevelopment of the Redevelopment Area, it is in the best interests of the CRA to issue bonds to
finance such redevelopment activities;
WHEREAS, in anticipation of such debt financing, the Board of Commissioners, pursuant to
CRA Resolution CRA-R-12-0028 passed on April 30, 2012 approved a list of projects (the "Projects")
to be financed utilizing the proceeds from the bond issue;
WHEREAS, the Board of Commissioners desires to authorize the Executive Director to enter
into a grant agreement (the "Town Park Plaza Grant Agreement") with Town Park Plaza South, Inc. in
the amount of $3,333,333.33 for the rehabilitation of the Town Park Plaza South cooperative
apartment project (the "Town Park Plaza Project") which was one of the Projects to be financed
utilizing proceeds from the bond issue;
WHEREAS, the Board of Commissioners desires to authorize the Executive Director to enter
into a grant agreement (the "Town Park Village Grant Agreement") with Town Park Village No. 1, Inc. in
the amount of $3,333,333.33 for the rehabilitation of the Town Park Village cooperative apartment
project (the "Town Park Village Project") which was one of the Projects to be financed utilizing
proceeds from the bond issue;
WHEREAS, the Board of Commissioners desires to ratify the Development Agreement by and
between the CRA and Island Living Apartments, Ltd. with respect to the Island Living Project, which is
one of the Projects to be financed utilizing proceeds from the bond issue which Development
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File Number: 13-00098 Enactment Number: CRA-R-/3-0008
Agreement was previously authorized by the Board of Commissioners by CRA Resolution
CRA-R-12-0039 passed on 5/29/2012;
WHEREAS, the Board of Commissioners desires to ratify the Development Agreement by and
between the CRA and Lyric Housing, Ltd. with respect to the Plaza at the Lyric Project, which is one of
the Projects to be financed utilizing proceeds from the bond issue which Development Agreement was
previously authorized by the Board of Commissioners by CRA Resolution CRA-R-12-0043 passed on
5/25/2012.
WHEREAS, the Board of Commissioners desires to ratify the Development Agreement by and
between the CRA and St John Plaza Apartments, LLC with respect to St John Plaza Apartments,
which is one of the Projects to be financed utilizing proceeds from the bond issue which Development
Agreement was previously authorized by the Board of Commissioners by CRA Resolution
CRA-R-12-0055 passed on 7/30/2012.
WHEREAS, the Board of Commissioners desires to ratify the Development Agreement
between the CRA and AMC HTG I, Ltd. with respect to the Culmer Center project, which is one of the
Projects to be financed utilizing proceeds from the bond issue which Development Agreement was
previously authorized by the Board of Commissioners by CRA Resolution CRA-R-12-0054 passed on
7/30/2012.
NOW, THEREFORE, BE IT RESOLVED, BY THE BOARD OF COMMISSIONERS OF THE
SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY:
Section 1. The recitals and findings contained in the Preamble to this Resolution are hereby
incorporated by reference and made a part hereof.
Section 2. The Board of Commissioners hereby authorizes the Executive Director to enter into
the Town Park Plaza Grant Agreement with Town Park Plaza South, Inc. in the amount of
$3,333,333.00 in substantially the form of Exhibit "A" attached hereto and made a part hereof.
Section 3. The Board of Commissioners hereby authorizes the Executive Director to enter into
the Town Park Village Grant Agreement with Town Park Village No. 1, Inc. in the amount of
$3,333,333.00 in substantially the form of Exhibit "B" attached hereto and made a part hereof.
Section 4, The Board of Commissioners hereby ratifies and reaffirms the Development
Agreement by and between the CRA and Island Living Apartments, Ltd. in the form of Exhibit "C"
attached hereto and made a part hereof (the "Island Living Development Agreement"),
Section 5, The Board of Commissioners hereby ratifies and reaffirms the Development
Agreement by and between the CRA and Lyric Housing, Ltd. in the form of Exhibit "D" attached hereto
and made a part hereof (the "Lyric Development Agreement").
Section 6. The Board of Commissioners hereby ratifies and reaffirms the Development
Agreement by and between the CRA and St John Plaza Apartments, LLC in the form of Exhibit "E"
attached hereto and made a part hereof (the "St John Development Agreement").
Section 7. The Board of Commissioners hereby ratifies and reaffirms the Development
Agreement by and between the CRA and AMC HTG I, Ltd., in the form of Exhibit "F" attached hereto
and made a part hereof (the AMC Development Agreement; together with the Island Living
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Fife Number: 13-00098 Enactment Number: CRA-R-13-0008
Development Agreement, the Lyric Development Agreement and the St John Development Agreement,
collectively, the "Development Agreements").
Section 8. The Board of Commissioners hereby authorizes the Executive Director, subject to
approval by Special Counsel for form and legal sufficiency, to amend the Development Agreements,
the Town Park Plaza Grant Agreement and the Town Park Village Grant Agreement as the Executive
Director deems appropriate to facilitate the financing of the various projects utilizing the proceeds from
the bond issue.
Section 9. Funding of the Town Park Plaza Grant Agreement, Town Park Village Grant
Agreement and the Development Agreements is subject to availability of the proceeds from the
proposed bond issue by the CRA.
Section 10. This resolution shall be effective immediately upon its adoption,
APPROVED AS TO FORM AND CORRECTNESS:
ef1.1/Cevh- .6'1061,^-'
William R. Bloom
Special Counsel
City of Miami
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