HomeMy WebLinkAboutCRA-R-14-0009City of Miami
Legislation
CRA Resolution: CRA-R-14-0009
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 14-00144 Final Action Date: 2/24/2014
RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE SOUTHEAST
OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY
AUTHORIZING THE EXECUTIVE DIRECTOR TO ENTER INTO SECOND
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 FEBRUARY, 2014 TO DECEMBER 31, 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; and
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; and
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; and
WHEREAS, on January 28, 2013, the Board of Commissioners, by Resolution No. CRA-R-13-0008,
authorized the execution of the following: (i) 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. (collectively referred to a
"Agreements"); and
WHEREAS, due to delays beyond the CRA's control, the Board of Commissioners, by Resolution No.
CRA-R-13-0074, passed and adopted December 18, 2013, authorized the Executive Director to enter
City of Miami Page 1 of 2 File Id: 14-00144 (Version: 1) Printed On: 10/18/2022
File Number: 14-00144 Enactment Number: CRA-R-14-0009
into amendments to the Agreements 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 February 28, 2014; and
WHEREAS, the Board of Commissioners wishes to authorize the Executive Director to enter
into second amendments to the Agreements to extend the time contingency for the CRA to obtain
bond financing for the Projects on terms acceptable to the Board of Commissioners for the CRA from
December February 28, 2014 to December 31, 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 second amendments to: (i) 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 February 28, 2014 to December 31, 2014.
Section 3. This Resolution shall be effective immediately upon its adoption.
City of Miami Page 2 of 2 File Id: 14-00144 (Version: 1) Printed On: 10/18/2022