HomeMy WebLinkAboutCRA-R-15-0054 Cover MemoSEOPW Board of Commissioners Meeting
December 14, 2015
SOUTHEAST OVERTOWN/PARK WEST
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
To: Board Chair Keon Hardemon
and Members of the CRA Board
Date: December 4, 2015 File: 15-01609
Subject: Approval of an amendment to the Declaration
of Restrictions for Block 36 with Miami -Dade
County and the approval of a corresponding
change to the Development Agreement
between the Southeast Overtown/Park West
Community Redevelopment Agency and Lyric
Development regarding Block 36.
From: Clarence E. Woods, III References:
Executive Director �"
RECOMMENDATION:
Enclosures: Legislation; Supporting Documentation;
Attachment
It is recommended that the Board of Commissioners adopt the accompanying resolution authorizing the
Southeast Overtown/Park West Community Redevelopment Agency (the "CRA") to enter into an amendment to
the Declaration of Restrictions with respect to Block 36 by and between the CRA and Miami -Dade County,
Florida (the "County") 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 and 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") to
allow the Developer the option of making a lump sum payment to the CRA in the amount of $628,975.00 and a
lump sum payment to the County in the amount of $1,078,611.00 on the date the CRA conveys title to the
Property to the Developer in lieu of the Developer making the payments contemplated by Section 17 of the
Block 36 Declaration and the Community Benefits Payments contemplated by the Block 36 Declaration which
payments are described on Exhibit "A" attached hereto.
It is recommended that the Board of Commissioners agree to allow the Developer under the Block 36
Declaration to have the option of making the lump sum payments utilizing a discount rate of 4.5% as an
alternative to the payment described on Exhibit A and that the CRA enter into an amendment to the Block 36
Declaration if the proposed amendment is approved by the County.
In addition, it is recommended that the Board of Commissioners of the CRA amended the Development
Agreement by and between Lyric Development, LLC, a Florida limited liability company and the CRA dated
December 17, 2012, as amended, to allow for the corresponding option to make the lump sum payments in
accordance with the terms of the Development Agreement if the County approves the amendment to the Block
36 Declaration.
FUNDING:
This Resolution does not commit funding.