HomeMy WebLinkAboutCRA-R-13-0054 Exhibit APilo Number: 13-00988 Enaolme it Number: CRA-R-x3-0054
Exhibit "A"
Proposed Variances
The Developer proposes the following variances to the Declaration:
1. Proleot Payments, In lieu of making the Project Payments as defined In the Declaration, which
requires payment over time, each Developer shall pay on the respective closing date, Two Million
Seven Hundred Fifty Thousand and No/100 Dollars ($2,750,000.00) to be shared equally by the
County and the CRA and each Developer will make contributions of $126,000.00 each year for 10
years to a community benefits fund.
2. CerrieWien Date. 30 months from commencement of vertical construction for each Block.
3. Estonoe(, Developer proposes the addition of a provision to the Declaration authorizing the County
Mayor or its designee, on behalf of the County, and the Executive Director, on behalf of the CRA, to
execute art estoppel certificate or similar Instrument, upon the request of the Developer and In form
and substance reasonably acceptable to the County or the CRA, as appropriate, affirming compliance
with the conditions set forth in the Declaration and the termination of the possibility of reverter.
4. nesidel#ial Restrictions. Developer proposes providing 60 residential units in compliance with the
provisions of Section 3 of the Deolareflon with all residential units in excess of 60 residential units
being market rate units.
5. inelamnificatign Agreement. In lieu of providing the Indemnification Agreement the Developers are
proposing en alternative risk management solution in the form of a payment of One Million and
No/100 Dollars ($1,000,000.00) in the aggregate (the "Indemnity Payment") for the benefit of the City,
the County and the CRA. Within one (1) business day following the end of the Inspection Period if the
respective Developer does not elect to terminate this Agreement, Developer shall deposit $500,000.00
with an escrow agent, which shall be disbursed (i) at Closing pursuant to disbursement Instructions
signed by the City, County and the CftA or (il) disbursed to the respective Developer If the respective
Development Agreement is terminated prior to Closing.
6. Clarification _en Rev=rsion Rlyihts, Section 9(E) of the Declaration provides as follows: "In the
event a default. natloe Is issued pursuant to Section 9(A)(1), (ii), or (111) of this Declaration, and Is not
cured in the Default Cure Period, as same may be extended, in accordance with the last sentence of
Section 3(A), title to any portion(s) of the Property which have not been improved with buildings shall
automatically revert to the CRA, subject to the right of the County set forth in the Declaration and in
the Settlement Agreement . . " It is the Developer's understanding that the foregoing reversion shall
not apply if Improvements to the Property have been commenced, even if such improvements have
not been substantially completed. Each Developer has agreed to pay the following In lieu of any such
possible reversion rights: payment to each of the County and the CRA, as liquidated damages, TWo
Thousand Five Hundred and No/100 Dollars ($2,600,00) per day for each day between the Outside
Date until substantial completion of the respective project. The Outside Date shall mean the later of
the date (I) the Developer should have achieved substantial completion of the respective project, as
may be extended as provided in The Declaration, or (II) May 15, 2018.
7. Gross Default. Default with respect to Block 45 not a default with respect to Block 56 and default
with respeot to Block 56 is not a default with respect to Block 45,
$. Alto de le I-lousinn. Black 46 Developer shall be responsible for providing the 60 affordable units.
9. The CRA Requested Variance
Termination based upon Inspection. If the Development Agreement is executed between the
Cftp of Mimi .gage 3 old Solis Id)13..0088 (version: 2) Frin$ert an; 9/10201$
Fife Number.:13-009d$ Enaotment Number, CRA-A-I3-0054
Developer and the CRA and the Developer terminates the Development Agreement during the
Inspeotion Period, the CRA shell be required to issue another Development Opportunity within thirty
(SO) days of the date of termination,
CYty ofMiami Page 4 of 4 no. Id; 1340988 (rrersfett: 2) Printed Om 211612013