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HomeMy WebLinkAboutCRA-R-13-0071 Signed LegislationCity of Miami Legislation CRA Resolution City Hail 3600 Pen American Drive Miami, FL 33133 www.miamigov.com Tile Number: 13-01271 Final Action Date; A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY ("CRA"), WITH ATTACHMENT(S); APPROVING THE VARIANCES APPROVED BY MIAMI-DADE COUNTY WITH RESPECT TO THE DEVELOPMENT OF BLOCKS 45 AND 56. WHEREAS, in accordance with the Settlement Agreement between the City of Miami, Miami -Dade County, and the CRA, dated May 9, 2013 (the "Settlement Agreement"), subject to approval by Miami -Dade County, the Board of Commissioners of the CRA approved Overtown Gateway Partners, LLC ("Overtown Gateway"), or its affiliate, as the developer of Block 45 and All Aboard Florida -Station, LLC ("All Aboard"), or its affiliate, as the developer of Block 66 and approved proposed variances to the terms of the Settlement Agreement; and WHEREAS, Miami -Dade County has approved Overtown Gateway and All Aboard as the developers of Block 45 and 56, respectively, and approved the variances set forth on Exhibit "A" attached hereto (the "Variances"), subject to the Board of Commissioners of the CRA approving the Variances which Variances are different from the proposed variances previously approved by the CRA; and WHEREAS, the Board of Commissioners of the CRA desire to approve the Variances, NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE 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. The Board of Commissioners hereby approves the variance set forth on Exhibit Section S. This Resolution shall become effective Immediately upon its adoption. APPROVED AS TO FORM AND LEGAL SUFFICIENCY: —.-e/i/44;01) WILLIAM R. BLOO SPECIAL COUNSEL City of Miami Page 1 of 1 Mlle Id: 13.01271(Versions 11 Printed Out; 10/21/2013 Exhibit "A" Unless otherwise defined herein, all capitalized terms set forth herein are as defined In that certain Declaration of Restrictions recorded May 15, 2013 in Official Records Book 28631, Page 1264 of the Public Records of Miami -Dade County, Florida (the "Declaration"), Overtown Gateway and All Aboard propose the following variances to the Declaration, which shall be accomplished through an amendment of the Declaration or by amending and restating the Declaration into two declarations, with one relating to Block 56 and the other relating to Block 45: 1. Default and Reversion. Default with respect to Block 45 under the Declaration shall not constitute a default with respect to Block 56 and default with respect to Stook Be under the Declaration shall not constitute a default with respect to Block 45 under the Declaration and the rights and remedies related to default shall be enforceable separately as to each Developer (e.g., terms regarding Default Cure Periods and reversion shall apply as to All Aboard for Block 56 and as to Overtown Gateway for Block 46). Further, reversion with respect to Block 45 under the Declaration shall not constitute a reversion with respect to Block 66 and reversion with respect to Block 66 under the Declaration shall not constitute a reversion with respect to Block 45 under the Declaration. 2. Project Payments. in lieu of making the Project Payments, which requires payment over time, (I) Overtown Gateway shall pay (A) to the County on the Closing Date, Two Million Five Hundred Thousand and No/100 Dollars ($2,500,000.00) which shall be used only for projects that support Overtown redevelopment efforts, to be held In a County account or separated to be utilized solely for such purpose, (B) to the CRA on the Closing Date, One Million Three Hundred Seventy -Five Thousand and No/100 Dollars ($1,376,000,00) to be utilized by the CRA for projects in the Southeast OvertownlPark West Community Redevelopment Area, and (C) to the community benefits program to be established within the Southeast Overtown/Park West Community Redevelopment Area (the "Program"), One Hundred Twenty -Five Thousand and No/100 Dollars ($125,000.00) per year for 10 years to the Program with the first payment commencing on the Closing Date and each anniversary thereof; and (il) All Aboard shall pay (A) to the County on the Closing Date, Two Million Five Hundred Thousand and No/100 Dollars ($2,500,000.00) which shall be used for projects that support Overtown redevelopment efforts to be held in a County account or separated to be utilized solely for such purpose, (B) to the CRA on the Closing Date, One Million Three Hundred Seventy -Five Thousand and No/100 Dollars ($1,375,000.00) to be utilized by the CRA for projects in the Southeast Overtown/Park West Community Redevelopment Area, and (C) to the Program One Hundred Twenty -Five Thousand and No/100 Dollars ($125,000.00) per year for 10 years with the first payment commencing on the Closing Date and each anniversary thereof. The Program shall be administered by a committee appointed by community stakeholders from the Southeast Overtown Park/Park West community and the County shall act as the fiduciary for holding and disbursing funds contributed to the Program, 3. Prolect C moonents. (i) Overtown Gateway shall be required to complete a portion of the Retail Component which shall be a minimum of 75,000 square feet and the Residential Component to be constructed on Block 45. (ii) AO Aboard shall be required to complete a portion of the Retail Component which shall be a minimum of 75,000 square feet to be constructed on Block 56. The minimum square feet for the Retail Component set forth above for each block shall be in lieu of the minimum of 150,000 square feet for the Retail Component set forth in the Declaration for both blocks. 4. Residential Restrictions. The Residential Component shall be constructed on Block 45. Block fie shall not be required to have a Residential Component. Sixty (60) residential units still have to be provided on Block 45 in compliance with the provisions of Section 3 of the Declaration. All residential units in excess of 60 residential units can be market rate units and will not be limited by the affordable housing restrictions of Section 3 of the Declaration. 5. Completion Date. The Declaration provides that the Developer shall be required to obtain the Approvals by May 15, 2015 and to commence construction of the vertical improvements of the Residential Component and the Retail Component by May 15, 2016 and complete the Residential Component within twenty-four (24) months after commencement of vertical construction of the Residential Component and complete the Retail Component within twenty four (24) months after commencement of vertical construction of the Retail Component, subject to Unavoidable Delay, default cure periods as provided in Seotion 9 of the Declaration and the ability to extend the time period to obtain the Approvals for a six month period In accordance with Section 9(B) of the Declaration, extend the Residential Completion Date for a six month period in accordance with Section 9(D) of the Declaration and to extend the Retail Completion Date in accordance with Section 9(C) of the Declaration. ' (I) Overtown Gateway requests a waiver to provide (I) that If the extension of the time period pursuant to Section 9(B) of the Declaration to obtain the Approvals is not exercised or exercised and not used In Its entirety, Overtown Gateway may exercise such extension or use the unused portion of the approval extension period to extend the Residential Completion Date and the Retail Completion Date, in addition to the current ability to extend the Residential Completion Date and the Retail Completion Date for six months pursuant to Sections 9(C) and 9(D) and (II) if Overtown Gateway commences construction of the Residential Component and the Retail Component on Block 45 prior to May 15, 2016, the time for completion of the construction of the Residential Component and the Retail Component shall be extended for the number of days between said commencement date and May 15, 2016.Overtown Gateway further requests that if the Retail Component and the Residential Component are built as part of one integrated structure the date Overtown Gateway commences vertioal construction of either the Residential Component or the Retail Component shall constitute commencement of construction of both the Residential Component and the Retail Component and the Residential Completion Date and Retail Completion Date shall be the same. Further, if the Retail Component and Residential Component are built as part of one integrated structure, Overtown Gateway may extend both the Residential Completion Date and the Retail Completion Date in pursuant to Section 9(C) and 9(D) of the Declaration by making one payment of Two Hundred Fifty Thousand and No/Dollars ($250,000.00) which payment will extend both the Residential Completion Date and the Retail Completion Date; but such extension pursuant to payment under Sections 9(C) and 9(D) shall be limited to a total of 6 months. (11) All Aboard requests a waiver to provide (i) that if the extension of the time period pursuant to Section 9(B) of the Declaration to obtain the Approvals is not exercised or exercised and not used in its entirety, then All Aboard may exercise such extension or use the unused portion of the approval extension period to extend the Retail Completion Date in addition to the current ability to extend the Retail Completion Date for six months pursuant to Section 9(C) and (11) if All Aboard commences construction of the Retail Component on Block 56 prior to May 16, 2016, the time for completion of the construction of the Retail Component shall be extended for the number of days between said commencement date and May 15, 2016. Further, Ali Aboard may extend the Retail Completion Date in pursuant to Section 9(C) of the Declaration by making one payment of Two Hundred Fifty Thousand and No/Dollars ($250,000.00) which payment will extend the Retail Completion Date. Section 7f of the Settlement Agreement be modified to re = eu of the Indemnification Agreement, each of Ov- I . • - - - - - • u = may submit an alternative risk mane. e l l - - . . . s acceptable to the Mayor, or its designee, in lieu of requiring Miami- , 7. Parking. Overtown Gateway agrees to provide 150 parking spaces in excess of code requirements existing at the time of commencement of vertical construction with respect to the development on Block 46, and All Aboard agrees to provide 160 parking spaces in excess of code requirements existing at the time of commencement of vertical construction on Block 56. 8. Development Agreements. (a) The CRA shall negotiate two (2) separate development agreements: one with All Aboard for Block 56 and one with Overtown Gateway for Block 45.