HomeMy WebLinkAboutCRA-R-14-0043 Cover MemoSEOPW Board of Commissioners Meeting
June 30 2014
SOUTHEAST OVERTOWN/PARK WEST
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
To: Board Chair Keon Hardemon Date: June 20, 2014 File: 14-00593
and Members of the CRA Board
Subject: Resolution authorizing the Second
Amendment to Development Agreement with
Lyric Development, LLC regarding Blocks 25
and 36
From: Clarence E. Woods, Ill References: Lyric Development Agreement
Executive Director Second Amendment
Enclosures: Supporting Documentation; Legislation
BACKGROUND:
It is recommended that the Board of Commissioners adopt the accompanying resolution approving the Second
Amendment (the "Second Amendment") by and between Lyric Development, LLC, a Florida limited liability
company (the "Developer"), Lyric Housing, Ltd., a Florida limited partnership ("Housing") and the Southeast
Overtown/Park West Community Redevelopment Agency (the "CRA") to the Development Agreement dated as
of December 17, 2012, as amended.
The primary purpose of the Second Amendment is to accomplish the following:
a) Modify the Development Agreement so that it incorporates the variances to the Settlement Agreement
between the City, the CRA and Miami -Dade County which were previously approved by the Board of
Commissioners of the CRA and the Miami -Dade County Commission (the "Approved Variances").
b) Adjust the size and the timeframes for development to reflect the size and timeframes approved by the
CRA and the County pursuant to the Approved Variances.
c) To extend the timeframes for closing the transactions contemplated by the Development Agreement as
a result of delays in consummating the proposed CRA Bond issue.
d) Extend the timeframe for Bond Issue Approval by the Board of Commissioners of the CRA to December
31, 2014 and require the bond issue to be not less than $40,000,000.00.
RECOMMENDATION:
It is recommended that the Board of Commissioners of the Southeast Overtown/Park West Community
Redevelopment Agency ("CRA") approve and adopt the attached Resolution, with Attachment(s), authorizing
the Executive Director to enter into the Second Amendment in substantially the form attached.
#30538192_v2