HomeMy WebLinkAboutCRA-R-15-0054City of Miami
Legislation
CRA Resolution: CRA-R-15-0054
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 15-01609 Final Action Date: 12/14/2015
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE SOUTHEAST
OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY ("CRA"),
WITH ATTACHMENT(S); AUTHORIZING THE EXECUTIVE DIRECTOR OF THE
CRA TO ENTER INTO AN AMENDMENT (THE "DECLARATION AMENDMENT")
WITH MIAMI-DADE COUNTY, FLORIDA (THE "COUNTY") TO THE DECLARATION
OF RESTRICTIONS RECORDED IN OFFICIAL RECORDS BOOK 28631, AT PAGE
1277 OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY WITH RESPECT TO
BLOCK 36, AS AMENDED (THE "BLOCK 36 DECLARATION"), TO GRANT THE
DEVELOPER AS DEFINED IN THE BLOCK 36 DECLARATION THE OPTION OF
MAKING A LUMP SUM PAYMENT TO THE CRA IN THE AMOUNT OF $785,421.25
AND A LUMP SUM PAYMENT TO THE COUNTY IN THE AMOUNT OF $785,421.25
IN LIEU OF THE DEVELOPER MAKING THE PAYMENTS CONTEMPLATED BY
SECTION 17 OF THE BLOCK 36 DECLARATION, WHICH PAYMENTS WILL
INCREASE PROPORTIONATELY IF THE PROPOSED PROJECT EXCEEDS 63,250
SQUARE FEET (I.E., IF THE PROPOSED PROJECT EXCEEDS 63,250 SQUARE
FEET BY 10% THE PAYMENTS DUE TO EACH OF THE CRA AND THE COUNTY
SHALL INCREASE BY 10%) AND A LUMP SUM PAYMENT TO THE COUNTY IN
THE AMOUNT OF $395,636.00 IN LIEU OF THE COMMUNITY BENEFITS
PAYMENTS CONTEMPLATED BY THE BLOCK 36 DECLARATION WHICH LUMP
SUM PAYMENTS WILL BE DUE ON THE DATE THE CRA CONVEYS TITLE TO
THE PROPERTY TO THE DEVELOPER IF APPROVED BY THE COUNTY; AND
AUTHORIZING THE EXECUTIVE DIRECTOR TO ENTER INTO AN AMENDMENT
TO THE DEVELOPMENT AGREEMENT BY AND BETWEEN LYRIC
DEVELOPMENT, LLC, A FLORIDA LIMITED LIABILITY COMPANY (THE
"DEVELOPER") AND THE CRA DATED DECEMBER 17, 2012, AS AMENDED, TO
ALLOW FOR THE CORRESPONDING OPTION TO MAKE THE LUMP SUM
PAYMENTS TO THE CRA AND THE COUNTY IN ACCORDANCE WITH THE
TERMS OF THE DECLARATION AMENDMENT.
WHEREAS, in accordance with the Settlement Agreement between the City of Miami, the
County, and the CRA, dated May 9, 2013 (the "Settlement Agreement"), the County and the CRA
executed that Declaration of Restrictions with respect to Block 36 which was recorded in Official
Records Book 28631, at Page 1277 of the Public Records of Miami -Dade County, Florida, as
amended by Amendment to Declaration of Restrictions recorded in Official Records Book 29302, at
Page 2873 of the Public Records of Miami -Dade County, Florida, and as amended by Second
Amendment to Declaration of Restrictions recorded in Official Records Book 29620, at Page 3008 of
the Public Records of Miami -Dade County, Florida (collectively, the "Block 36 Declaration"); and
WHEREAS, the CRA and Lyric Development, LLC, a Florida limited liability company (the
"Developer"), executed a Development Agreement dated December 17, 2012, as amended by
Amendment to Development Agreement dated September 30, 2013, as amended by Second
City of Miami Page 1 of 2 File Id: 15-01609 (Version: 2) Printed On: 9/28/2022
File Number: 15-01609 Enactment Number: CRA-R-15-0054
Amendment to Development Agreement dated July 7, 2014, and as amended by Third Amendment to
Development Agreement dated May 26, 2015 (collectively, the Development Agreement") for the
development of Block 36 and other land in compliance with the terms of the Block 36 Declaration.
WHEREAS, the Developer has requested the County and the CRA enter into an amendment
to the Block 36 Declaration (the "Declaration Amendment") to allow the Developer the option of
making a lump sum payment to the CRA in the amount of $785,421.25 and a lump sum payment to
the County in the amount of $785,421.25 in lieu of the Developer making the payments contemplated
by Section 17 of the Block 36 Declaration, which lump sum payments will increase proportionately if
the proposed project exceeds 63,250 square feet (i.e., if the proposed project exceeds 63,250 square
feet by 10% (69,575 square feet) the lump sum payments due each of the CRA and the County shall
be increased by 10% to $863,963.38 each) and a lump sum payment to the County in the amount of
$395,636.00 in lieu of the Community Benefits Payments contemplated by the Block 36 Declaration
which lump sum payments shall be due on the date the CRA conveys title to Block 36 to the
Developer, if the Declaration Amendment is approved by the County, which payments are described
in Exhibit "A" attached hereto.
WHEREAS, the Developer has requested that the CRA enter into an amendment to the
Development Agreement (the "Development Agreement Amendment") to allow the corresponding
option to make the lump sum payments to the CRA and the County in accordance with the terms of
the Development Agreement if the County approves the Declaration Amendment.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE
SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY OF THE CITY
OF MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are
adopted by reference and incorporated herein as if fully set forth in this Section.
Section 2. The Board of Commissioners hereby authorizes the Executive Director of the
CRA to enter into the Declaration Amendment, in form and substance approved by special counsel to
the CRA, with the County, if the County authorizes the Declaration Amendment.
Section 3. The Board of Commissioners hereby authorizes the Executive Director to enter
into the Development Agreement Amendment, in form and substance approved by special counsel to
the CRA, with the Developer if the County executes the Declaration Amendment.
Section 4. This Resolution shall become effective immediately upon its adoption.
City of Miami Page 2 of 2 File Id: 15-01609 (Version: 2) Printed On: 9/28/2022