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Home My WebLink AboutCRA-R-15-0042 Cover MemoSEOPW Board of Commissioners Meeting September 30, 2015 SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY INTER -OFFICE MEMORANDUM To: Board Chair Keon Hardemon and Members of the CRA Board Date: September21, 2015 File: 15-01200 Subject: Resolution authorizing the Amendment to Development Agreement with St. John Plaza Apartments, LLC From: Clarence E. Woods, 111 e(1)References: St. John Plaza Development Executive Director Agreement Amendment Enclosures: Supporting Documentation; Legislation BACKGROUND: It is recommended that the Board of Commissioners adopt the accompanying resolution approving the amendment (the "Amendment") by and between St. John Plaza Apartments, LLC, a Florida limited liability company (the "Developer") and the Southeast Overtown/Park West Community Redevelopment Agency (the "CRA") to the development agreement dated as of January 18, 2013 (the "Development Agreement"). The primary purpose of the Amendment is to modify the Development Agreement to change the number of units included in the Project, approve the change of control from Biscayne Housing Group, LLC, a Florida limited liability company to CDP Affordable Housing, LLC, a Florida limited liability company and acknowledge that Bond Issue Approval has been achieved. The Board of Commissioners approved a similar item to the proposed Amendment at the August 27, 2015 meeting, however, that version of the Amendment was not executed within the thirty (30) day time period required by the Board of Commissioners because the Developer wanted until November 30, 2015 to close and because of modifications the Developer wanted to the penalties for failing to comply with the participation requirements. 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 Amendment in substantially the form attached. #32978084_v2