HomeMy WebLinkAboutCRA-R-18-0031 Submittal-SEOPW-Revised Summary and ResolutionSEOPW Board of Commissioners Meeting
June 25, 2018
SOUTHEAST OVERTOWN/PARK. WEST
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
1 Board Chair Keon Hardemon
and Members of the CRA Board
From: Cornelis Shiver
Executive Director
BACKGROUND:
Date: June 8, 2018
Subject: Resolution authorizing the Amended and
Restated Covenant for Block 46
Re ferences:
Enclosures: Supporting Documentation; Legislation
On January 28, 2014, Block 46 development Agreement was entered into between Sawyer's Walk, Ltd., Poinciana
Village of Miami, Ltd. (collectively the "Developer"), and the Southeast Overtown/Park West Community
Redevelopment Agency ("CRA").
On April 8, 2014, the Developer and the CRA entered into a Covenant which was recorded on April 9, 2014 in
Official Record Book 29102, Page 4177 of the Public Records of Miami -Dade County, Florida.
On April 1, 2017, an Amendment to Covenant was entered into between the Developer and the CRA amending
the commencement date of construction, stating in part, "...vertical construction must commence on or before
July 1, 2018".
The parties to seek to execute an Amended and Restated Covenant. It is recommended that the Board of
Commissioners adopt the accompanying Resolution approving the second amendment (the "Amendment") by and
between Sawyer's Walk, Ltd., a Florida limited partnership, Poinciana Village of Miami, Ltd., a Florida limited
partnership and the Southeast Overtown/Park West Community Redevelopment Agency (the "CRA") to the
Amended Covenant dated as of April 1, 2017 (the "Covenant").
The primary purpose of the Amended and Restated Covenant is to modify the Covenant to extend the time frame
for commencement of vertical construction, to make provisions for the receipt of $3,000,000.00 to the CRA, to
make provisions for affordable rental units, and to remove obligations in Covenant for the CRA to make payments
to the Developer.
RECOMMENDATION:
It is recommended that the Board of Commissioners of the CRA approve and adopt the attached Resolution, with
Attachment(s), authorizing the Executive Director to enter into the Amendment in substantially the attached form.
Submitted into the public
record in connection with
Item on
Todd B. Hannon
Clerk of the Board
43710- Sub nl,ffQl-sEOPki_ Revised summary /3esolu-fi6f)
A RESOLUTION THE BOARD OF COMMISSIONERS OF THE SOUTHEAST OVERTOWN/PARK
WEST COMMUNITY REDEVELOPMENT AGENCY, WITH ATTACHMENTS, AUTHORIZING THE
EXECUTIVE DIRECTOR OF THE SOUTHEAST OVERTOWN/PARK WEST COMMUNITY
REDEVELOPMENT AGENCY TO EXECUTE THE AMENDED AND RESTATED COVENANT
REGARDING BLOCK 46 WITH SAWYER'S WALK, LTD. AND POINCIANA VILLAGE OF MIAMI,
LTD., IN SUBSTANTIALLY THE ATTACHED FORM.
WHEREAS, the Southeast Overtown/Park West Community Redevelopment Agency ("CRA") is
a community redevelopment agency created pursuant to Chapter 163, Florida Statutes, and is responsible
for carrying out community redevelopment activities and projects within its Redevelopment Area in
accordance with the 2009 Southeast Overtown/Park West Redevelopment Plan; and
WHEREAS, the CRA previously entered into a Covenant with Sawyer's Walk, Ltd., a Florida
limited partnership and Poinciana Village of Miami, Ltd., a Florida limited partnership (collectively the
"Developer") with respect to the development of Block 46 (the "Covenant"); and
WHEREAS, the Covenant included certain obligations for the CRA to make payments to the
Developer to assist with the cost of the development of Block 46; and
WHEREAS, the Developer requested the Amended and Restated Covenant to allow for the CRA
to extend the time frame for commencement of vertical construction; and
WHEREAS, the primary purpose of the Amended and Restated Covenant is to modify the
Covenant to extend the time frame for commencement of vertical construction, to make provisions for the
receipt of $3,000,000.00 to the CRA, to make provisions for affordable rental units, and to remove
obligations in Covenant for the CRA to make payments to the Developer.
WHEREAS, it is in the best interest of the CRA that the CRA authorize an amendment to the
Covenant.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE
SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY:
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 to enter
into a second amendment to the Covenant, in substantially the attached form.
Section 3. This Resolution shall become effective immediately upon its adoption.
Submitted into the public
record in connection with
Item on
Todd B. Hannon
Clerk of the Board