HomeMy WebLinkAboutCRA-R-14-0009 Cover MemoSEOPW Board of Commissioners Meeting
February 24, 2014
SOUTHEAST OVERTOWN/PARK WEST
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
To: Board Chair Keon Hardemon
and Members of the CRA Board
Date: February 14, 2014 File: 14-00144
Subject: Resolution Authorizing Second Amendments
to Agreements for Bond Projects.
From: Clarence E. Woods, III '" References:
Executive Director
Enclosures: Resolution
BACKGROUND:
The attached Resolution of the Board of Commissioners of the Southeast Overtown/Park West Community
Redevelopment Agency ("CRA") 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. (collectively referred to a
"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.
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. In
anticipation of such debt financing, the Board of Commissioners, pursuant to CRA Resolution No. CRA-R-12-
0028, passed and adopted on April 30, 2012, approved a list projects to be financed utilizing the proceeds from
the bond issue. Thereafter, on January 28, 2013, the Board of Commissioners, by Resolution No. CRA-R-13-
0008, authorized the execution of the Agreements for the projects.
The Board of Commissioners, by Resolution No. CRA-R-13-0074, passed and adopted December 18, 2013,
authorized 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. There have been delays in in the issuance of the bonds as a result of issues related to the
Miami -Dade County's contribution to the CRA's redevelopment trust fund. In turn, it is necessary for the
Agreements to be amended to extend the contingency period for bond issue approval.
JUSTIFICATION:
Section 2, Goal 3/Principles 2 and 3, at pages 12 and 14, of the 2009 Southeast Overtown/Park West 14, of the
Plan also lists the creation Community Redevelopment Plan ("Plan") lists creating infill housing, and developing
a variety of housing options as stated redevelopment goals. Section 2, Goal 3/Principle 4, at pages 12 and of
jobs within the community as a stated redevelopment goal.
FUNDING:
This Resolution does not commit funding.