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HomeMy WebLinkAboutOMNI CRA 2022-06-23 Agenda PacketCity of Miami 3500 Pan American Drive Miami, FL 33133 www.miamigov.com liZ Omni C R A Meeting Agenda Thursday, June 23, 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 June 23, 2022 CALL TO ORDER OMNI CRA RESOLUTION(S) 1. OMNI CRA RESOLUTION 12192 A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY ("CRA") AUTHORIZING THE EXECUTIVE DIRECTOR TO EXECUTE A SECOND 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 6/23/2022 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: 12192 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 SECOND 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, on May 12, 2022, the CRA approved 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, due to circumstances beyond either the CRA's or the Developer's control, the Developer has again 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 Second Amendment to the Agreement in order to provide the Developer an additional twenty (20) days, until July 28, 2022, 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: 12192 (Revision:) Printed On: 6/23/2022 Packet Pg. 4 1.1 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. Section 2. The Executive Director is authorized to negotiate and execute a Second 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: VICTORIA MENDEZ, GENERAL COUNSEL City of Miami Page 3 of 3 File ID: 12192 (Revision:) Printed On: 6/23/2022 Packet Pg. 5 1.1.a SECOND AMENDMENT TO THE AGREEMENT BETWEEN THE OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY AND WYNWOOD WORKS, LLC FOR DEVELOPMENT OF PROPERTY This Second Amendment to the Agreement ("Second 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, on May 12, 2022, the CRA approved 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, due to circumstances beyond either the CRA's or the Developer's control, the Developer has again 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 Developer and CRA desire to enter into this Second Amendment in order to extend the time period for the Developer to obtain all financing commitments, up to and including July 28, 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; and WHEREAS, the CRA Board finds that this Second 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, CRA and DEVELOPER 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 28, 2022. 1 Packet Pg. 6 1.1.a 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 2 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 Second 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 Second Amendment, the terms of this Second 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) 2 Packet Pg. 7 1.1.a IN WITNESS WHEREOF, the parties hereto have made and executed this Second 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 MIAMI-DADE ) THE FOREGOING INSTRUMENT was acknowledged before me by means of LL physical presence or LL 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 Packet Pg. 8 1.1.a IN WITNESS WHEREOF, the parties hereto have made and executed this Second Amendment on the respective dates under each signature: ATTEST: "CRA" Todd Hannon City Clerk OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY of the City of Miami, a public agency and body corporate created pursuant to Section163.356, Florida Statutes Humberto Gonzalez Executive Director APPROVED AS TO FORM AND APPROVED AS TO INSURANCE CORRECTNESS: REQUIREMENTS: Victoria Mendez General Counsel Ann -Marie Sharpe Risk Management Director 4 Packet Pg. 9