HomeMy WebLinkAboutOMNI CRA 2022-05-12 Agenda PacketCity of Miami
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
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Omni
C R A
Meeting Agenda
Thursday, May 12, 2022
12:00 PM
(OR THEREAFTER)
City Hall
3500 Pan American Drive
Miami, FL 33133
OMNI Community Redevelopment Agency
Alex Diaz de la Portilla, Chair, District One
Joe Carollo, Vice Chair, District Three
Ken Russell, Board Member, District Two
Manolo Reyes, Board Member, District Four
Christine King, Board Member, District Five
OMNI CRA OFFICE ADDRESS:
1401 N. Miami Avenue, 2id Floor
Miami, FL 33136
Phone: (305) 679-6868
www.miamicra.com
OMNI Community Redevelopment Agency
Meeting Agenda May 12, 2022
CALL TO ORDER
OMNI CRA RESOLUTION(S)
1. OMNI CRA RESOLUTION
11954 A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE OMNI
REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY
("CRA") AUTHORIZING THE EXECUTIVE DIRECTOR TO EXECUTE A
FIRST AMENDMENT TO THE AGREEMENT FOR THE DEVELOPMENT OF
PROPERTY WITH WYNWOOD WORKS, LLC DATED NOVEMBER 24, 2020
("AGREEMENT") TO PROVIDE FOR AN EXTENSION OF THE FINANCING
COMMITMENT AND CLOSING DATES, IN A FORM ACCEPTABLE TO THE
GENERAL COUNSEL; FURTHER AUTHORIZING THE EXECUTIVE
DIRECTOR TO NEGOTIATE AND EXECUTE ANY AND ALL OTHER
NECESSARY DOCUMENTS, ALL IN ACCORDANCE WITH THE TERMS
AND CONDITIONS OF THE AGREEMENT.
ADJOURNMENT
OMNI Community Redevelopment Agency Page 2 Printed on 5/11/2022
OMNI Board of Commissioners Meeting
May 12, 2022
1.1
OMNI REDEVELOPMENT DISTRICT
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
Board Chair Alex Diaz de la Portilla Date: May 11, 2022
and Members of the CRA Board
From: H. Bert Gonzalez
Executive Director
File: 11954
Subject: Wynwood Works, LLC - First
Amendment to Property
Development Agreement
Enclosures: 11954 Backup
BACKGROUND:
This item is to authorize a resolution of the Board, authorizing the Executive Director to
execute the First Amendment to the Property Development Agreement with Wynwood
Works, LLC f/k/a Magellan Housing, LLC, to extend the date for Wynwood Works, LLC
to obtain financial commitments and to close on the acquisition of the Properties
identified in the Resolution.
JUSTIFICATION:
Approval of the Resolution will authorize the execution of the First Amendment and
extend the Property Development Agreement up to and including November 24, 2022 to
allow the Developer to obtain its financial commitments, and to be able to close on the
acquisition of the Properties. If the Resolution is not approved, the Agreement will
expire, and the CRA will not be obligated to fund the Project, and convey the Properties
to the Developer.
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1.1
Trak
Omni_
C R A
City of Miami
Legislation
OMNI CRA Resolution
OMNI CRA
1401 N. Miami Avenue
Miami, FL 33136
www.miamicra.com
File Number: 11954 Final Action Date:
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE OMNI
REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY ("CRA")
AUTHORIZING THE EXECUTIVE DIRECTOR TO EXECUTE A FIRST AMENDMENT
TO THE AGREEMENT FOR THE DEVELOPMENT OF PROPERTY WITH WYNWOOD
WORKS, LLC DATED NOVEMBER 24, 2020 ("AGREEMENT") TO PROVIDE FOR AN
EXTENSION OF THE FINANCING COMMITMENT AND CLOSING DATES, IN A
FORM ACCEPTABLE TO THE GENERAL COUNSEL; FURTHER AUTHORIZING THE
EXECUTIVE DIRECTOR TO NEGOTIATE AND EXECUTE ANY AND ALL OTHER
NECESSARY DOCUMENTS, ALL IN ACCORDANCE WITH THE TERMS AND
CONDITIONS OF THE AGREEMENT.
WHEREAS, on September 24, 2020, the Omni Redevelopment District Community
Redevelopment Agency ("CRA") as part of its efforts to beautify the OMNI Community
Redevelopment District approved OMNI CRA Resolution CRA-R-20-0013, which authorized the
execution of a Development Agreement (the "Agreement") with Magellan Housing, LLC, now
known as Wynwood Works, LLC (the "Developer") for the development of the property legally
described as Plat Book "B" Page 107, with addresses of 2035, 2037, and 2043 North Miami
Avenue, Miami, Florida (the "Properties"); and
WHEREAS, as provided in the Agreement, the Developer was to obtain financing
commitments within 18 months of the effective date of the Agreement, and close on the
acquisition of the Properties no later than 21 months after the effective date of the Agreement;
and
WHEREAS, due to circumstances beyond either the CRA's or the Developer's control,
the Developer has been unable to obtain all of its financing commitments within the time
specified, and as a result will not be able to close within the time specified in the Agreement;
and
WHEREAS, the CRA and the Developer desire to extend the Agreement by entering into
the First Amendment to the Agreement in order to provide the Developer with the additional time
necessary to obtain the financing commitments and close on the acquisition of the Properties;
and
WHEREAS, the CRA Board finds that the approval of this Resolution is consistent with
the requirements of Chapter 163, Part III, Florida Statutes, the provisions of the Omni
Redevelopment District Community Redevelopment Plan, is in the best interest of the residents
and businesses within the CRA's boundaries, and serves a municipal and public purpose.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY:
City of Miami Page 2 of 3 File ID: 11954 (Revision:) Printed On: 5/11/2022
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Section 1. The recitals and findings contained in the Preamble to this Resolution are
hereby adopted by reference thereto and incorporated herein as if fully set forth in this Section.
1.1
Section 2. The Executive Director is authorized to negotiate and execute a First
Amendment to the Agreement with Wynwood Works, LLC ("Agreement"), in a form acceptable
to the General Counsel.
Section 3. The Executive Director is further authorized to negotiate and execute any and
all necessary documents, including any amendments and modifications to said Agreement, all in
forms acceptable to the General Counsel, as may be necessary to effectuate the intent of this
Resolution.
Section 4. This Resolution shall become effective immediately upon its
adoption.
APPROVED AS TO FORM AND CORRECTNESS:
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VICTORIA MENDEZ, GENERAL COUNSEL
City of Miami Page 3 of 3 File ID: 11954 (Revision:) Printed On: 5/11/2022
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1.1.a
FIRST AMENDMENT TO THE AGREEMENT
BETWEEN THE
OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY
AND
WYNWOOD WORKS, LLC
FOR DEVELOPMENT OF PROPERTY
This First Amendment to the Agreement ("First Amendment") is made and entered into the
day of , 2022, by and between the OMNI REDEVELOPMENT DISTRICT
COMMUNITY REDEVELOPMENT AGENCY, a public agency and body corporate created
pursuant to Section 163.356, Florida Statues (the "CRA"), and WYNWOOD WORKS, LLC, A
Florida limited liability company (the "Developer").
WITNESSETH:
WHEREAS, the original agreement between the CRA and Developer for Development of
Property is dated and effective as of November 24, 2020 (the "Agreement"); and
WHEREAS, pursuant to the Agreement, the Developer had 18 months to obtain all
financing commitments; however, due to circumstances beyond either the Developer's or the
CRA's control, the Developer has been unable to finalize all financial commitments; and
WHEREAS, the Developer and CRA desire to enter into this First Amendment in order to
extend the time period for the Developer to obtain all financing commitments, up to and including
, 2022; and
WHEREAS, the extension of the time period for the Developer to obtain the financing
commitments will permit the Developer to construct the Project as provided for in the Agreement;
WHEREAS, the CRA Board finds that this First Amendment is in the best interest of the
CRA, is consistent with the CRA's Redevelopment Plan, and is in the best interest of the residents
and businesses within the CRA's boundaries.
NOW THEREFORE, in consideration of the mutual terms, conditions, promises,
covenants and payments hereinafter set forth, BMPO and CONTRACTOR agree as follows:
1. Incorporation of "Whereas" Clauses. The truth and accuracy of each "Whereas"
clause set forth above is acknowledged and is incorporated herein as if set forth in its entirety.
2. Section 8, "Financing," of the Agreement is amended to provide for the Developer
to obtain all applicable Financing sources and/or credits for the Project on or before July 8, 2022.
3. Section 13, "Closing Date and Conditions Precedent," of the Agreement is amended
as follows:
3.1 The first sentence of Section 13.1, "Closing," shall be amended to read as
follows:
The closing of the transaction (the "Closing") contemplated by this
Agreement shall occur on the earlier of the following (the "Closing
Attachment: 11954 Backup (11954 : Wynwood Works, LLC - First Amendment to Property Development Agreement)
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1.1.a
Date") (a) ten (10) days after all the CRA Conditions Precedent to
closing have been either satisfied or waived by the CRA or (b)
November 24, 2022, time being of the essence.
4. Miscellaneous. This First Amendment may be executed in any number of
counterparts, any one and all of which shall constitute the agreement of the parties and each of
which shall be deemed an original. Except as provided herein, the Agreement is unmodified, in full
force and effect and hereby ratified in every respect.
5. In the event of any conflict between the terms of the Agreement and the terms of
this First Amendment, the terms of this First Amendment shall control. Terms which are capitalized
but not defined herein shall have the meanings given to such terms in the Agreement.
6. Except as amended herein all other terms and conditions of the Agreement shall
remain in full force and effect.
(SIGNATURE PAGES TO FOLLOW)
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Attachment: 11954 Backup (11954 : Wynwood Works, LLC - First Amendment to Property Development Agreement)
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1.1.a
IN WITNESS WHEREOF, the parties hereto have made and executed this First Amendment
on the respective dates under each signature:
DEVELOPER
WITNESSES:
Print Name:
Print Name:
DEVELOPER:
WYNWOOD WORKS, LLC, a Florida limited
liability company
By: WYNWOOD WORKS MANAGER, LLC, a
Florida limited liability company, its manager
By: MAGELLAN HOUSING LLC, a Florida
limited liability company, its manager
By:
Nikul A. Inamdar, Member
ACKNOWLEDGMENT
STATE OF FLORIDA )
COUNTY OF LEON )
THE FOREGOING INSTRUMENT was acknowledged before me by means of ❑ physical
presence or ❑ online notarization this day , 2022 by Nikul A. Inamdar,
as a member of MAGELLAN HOUSING LLC, a Florida limited liability company, the manager
of WYNWOOD WORKS MANAGER, LLC, a Florida limited liability company, manager of
WYNWOOD WORKS, LLC, a Florida limited liability company, on behalf of the companies,
who is personally known to me or who produced a as
identification.
My Commission Expires:
3
Signature of Notary Public, State of Florida
Printed Name of Notary Public
Attachment: 11954 Backup (11954 : Wynwood Works, LLC - First Amendment to Property Development Agreement)
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1.1.a
IN WITNESS WHEREOF, the parties hereto have made and executed this First Amendment
on the respective dates under each signature:
ATTEST: "CRA"
OMNI REDEVELOPMENT DISTRICT
COMMUNITY REDEVELOPMENT
AGENCY of the City of Miami, a public
agency and body corporate created pursuant
to Section 163.356, Florida Statutes
By: By:
Todd Hannon, Clerk of the Board Humberto Gonzalez, Executive Director
Date:
APPROVED AS TO INSURANCE APPROVED AS TO LEGAL FORM
REQUIREMENTS AND CORRECTNESS:
Ann -Marie Sharpe
Director of Risk Management
4
Victoria Mendez
General Counsel
Attachment: 11954 Backup (11954 : Wynwood Works, LLC - First Amendment to Property Development Agreement)
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