HomeMy WebLinkAboutCRA-R-13-0074 LegislationCity of Miami
Legislation
CRA Resolution
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Miami, FL 33133
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File Number: 13-01429 Final Action Date:
RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE SOUTHEAST
OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY
AUTHORIZING (I) THE EXECUTIVE DIRECTOR TO ENTER INTO AMENDMENTS
TO (I) THE GRANT AGREEMENT WITH TOWN PARK PLAZA SOUTH, INC. WITH
RESPECT TO THE TOWN PARK PLAZA SOUTH COOPERATIVE APARTMENT
PROJECT; (II) THE GRANT AGREEMENT WITH TOWN PARK VILLAGE NO. 1, INC.
WITH RESPECT TO THE TOWN PARK VILLAGE COOPERATIVE APARTMENT
PROJECT; (iii) THE DEVELOPMENT AGREEMENT WITH ISLAND LIVING
APARTMENTS, LTD. WITH RESPECT TO THE ISLAND LIVING APARTMENTS; (iv)
THE DEVELOPMENT AGREEMENT WITH LYRIC HOUSING, LTD. WITH RESPECT
TO THE PLAZA AT THE LYRIC; (Iv) THE DEVELOPMENT AGREEMENT WITH ST
JOHN PLAZA APARTMENTS, LLC WITH RESPECT TO THE ST JOHN PLAZA
APARTMENTS; AND (vi) THE DEVELOPMENT AGREEMENT WITH AMC HTG I,
LTD. WITH RESPECT TO THE ALONZO MOURNING PROJECT, TO EXTEND THE
TIME CONTINGENCY FOR THE SOUTHEAST OVERTOWN/PARK WEST
COMMUNITY REDEVELOPMENT AGENCY TO OBTAIN BOND FINANCING ON
TERMS ACCEPTABLE TO THE BOARD OF COMMISSIONERS FROM DECEMBER
31, 2013 TO JUNE 30, 2014.
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 amendments to (1) the Grant Agreement by and between the CRA and Town Park 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 Agreement by and between the CRA and Lyric Housing, Ltd.; (v) the Development
Agreement by and between the CRA and St John's Plaza Apartments, LLC; and (vi) the Development
Agreement by and between the CRA and AMC HTG I, Ltd. to extend the time contingency for the CRA
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, 2014;
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
amendments to (I) the Grant Agreement by and between the CRA and Town Park Plaza South, Inc.; (ii)
City of Miami Page 1 of 2 File Id: 13-01429 (Version: 1) Printed On: 12/13R013
File Number: 13-01429
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
Agreement by and between the CRA and Lyric Housing, Ltd.; (v) the Development Agreement by and
between the CRA and St John's Plaza Apartments, LLC; and (vi) the Development Agreement by and
between the CRA and AMC HTG I, Ltd. to extend the time contingency for the CRA 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, 2014.
Section 3. This resolution shall be effective immediately upon its adoption.
APPROVED AS TO FORM�AND CORRECTNESS:
i�V(/f— /2— /.7Ali —
William R. Bloom
Special Counsel
Ciry of Mlmnri
Page 2 of 2 File Id: 13-01429 (Version: 1) Printed On: 12/13/2013