HomeMy WebLinkAboutCRA-R-13-0074 Cover MemoSEOPNBoards ofCommissioners Meeting
December 18L2013
SOUTHEAST OVERTOWN/PARKWEST
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
To: Board Chair KmonHmndmmnn Date: December 12.2O13 File: 13-01429
and Members of the CRA Board
From: [1onance E. Woods, U| [/"`^ References:
Executive Director
Subject: Approval of amendments to (i) the Grant
Agreement by and between the CRA and
Town Pork Plaza South, Inc.; (ii) the Grant
Agreement by and between the CRA and
Town Park Village No. 1, Inc.; (iii) the
Development Agreement by and between
the CRA and Island Living Apartments, Ltd.,
(iv) the Development Aonymnnent by and
between the CFiA and Lyric Housing, Ltd.;
(v) the Development Agreement by and
between the CRA and St John's Fo|oza
Apartments, LLC}; and (vi)tha Development
Agreement by and between the CRA and
AMC HTG |. Ltd. to extend the time
contingency for the C}RA to obtain bond
financing for the Projects on terms
acceptable to the Board of Commissioners
of the CRA from December 31. 2013 to June
30'2O14
Enclosures: Supporting Documentation;
Legislation
Recommendation
It is recommended that the Board of Commissioners adopt the accompanying resolution approving
the amendment to (i)the Grant Agreement by and between the CRA and Town Park Plaza South,
Inc.; Ui\the Grant Agreement by and between the CRA and Town Park Village No. 1. Inc.; (iii)Ule
Development Agreement by and between the CRA and Island Living Apartments, Ltd., (iv) the
Development Agreement by and between the CRA and Lyric Housing, Ltd.; (v)the Development
Agreement byand between the CFAond St John's Plaza Apartments, LLC; and /vi\tha Development
Agreement by and between the CRA and AMC HTC3 |' Ltd. to extend the time contingency for the
CRAto obtain bond financing for the Projects on terms acceptable to the Board of Commissioners of
the CRAfrom December 31.2D1310June 3O.2D14.
Back,qround
The Board of Commissioners determined that in order to facilitate the redevelopment of the
Redevelopment /\ree, it was in the best interests of the CRA to issue bonds to finance such
redevelopment activities and in anticipation of such debt financing, the Board of Comnnnimoionmro,
pursuant to CRA Resolution [}RA-R-12-0028 passed on /\pr|| 30. 2012 an approved a list ofprojects
(the "Pjecto")tobefinonoedu0izingthepnoceedsfnonnthebondissue.
There have been delays in the issuance of the bonds as a result of issues that have to be finalized
with Miami -Dade County and as a result it is necessary for the grant agreements and the
development agreements to be amended to extend the contingency period for bond issue approval so
the grant agreements and development agreements do not automatically terminate as of December
31, 2013.
I recommend a six (6) month extension of the contingency period to enable the issues with Miami -
Dade County to be resolved.
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