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HomeMy WebLinkAboutCRA-R-22-0026 Exhibit AExhibit "A" Christine King Board Chair James McQueen Executive Director Memorandum of Understanding This memorandum of understanding (the "the MOU") is entered into on VANk 2M { 12_ ("Effective Date") by and between the SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY, a public agency and body corporate created pursuant to Section 163.356, Florida Statutes ("CRA"), and Block 55 Residential, LP, a Florida limited partnership ("Block 55 Residential" Owner). OBJECTIVES. Enhance the benefits of the Block 55 Restrictive Covenant and the Block 55 Housing Covenant which promoted development in line with the Property's context and promoting development of a qualifying Attainable Mixed -Income Housing project and an employment hub in a mixed -use, walkable area by permitting the transfer of unused development rights, to the extent permitted by law, of at least 578 residential units to other property located in the Redevelopment Area. RESPONSIBILITIES AND OBLIGATIONS OF THE PARTIES. In exchange for mutual consideration of Block 55 Residential and the CRA the parties agree as follows: TERMS OF UNDERSTANDING. 1. Block 55 Residential Owner represents and warrants that Block 55 Residential Owner is the owner of 100% of the excess development rights with respect to Block 55 under the City of Miami zoning code (the "Development Rights") 2. The Block 55 Residential Owner shall pay to the CRA $250,000.00 as a non-refundable advance to be credited towards any future payments due to the CRA under the agreement. 3. The CRA covenant and agrees to assist Block 55 Residential Owner in connect with release the development right from the Block 55 Restrictive Covenant and agrees to cooperate with Block 55 Residential Owner in connect with obtaining any required approval of the City of Miami in connection therewith. 4. In exchange for the efforts of the CRA pursuant to paragraph 3 above the Block 55 Residential Owner shall pay to the CRA twenty percent (20%) of the gross purchase price received by Block 55 Residential Owner but in no event less than Twenty Thousand and no/100 Dollars ($20,000.00) per residential unit or Fifty and no/100 Dollars ($50.00) per square foot of development rights whichever is higher. 5. The Block 55 Residential Owner shall pay the CRA the fee within 48 hours of the closing with respect to the transfer of any Development Rights. The CRA shall have "open book" access to Block 55 Residential Owner's books and records regarding the Development Rights. 6. This understanding applies to all Development Rights to be transferred or sold. 7. Parties shall have thirty (30) days to formalize an agreement incorporating the terms of this MOU in form and substance acceptable to the Executive Director of the CRA. This MOU is subject to the execution of a definitive agreement. 8. The terms of this MOU shall in no way affect the terms of the Block 55 Covenant and the Block 55 Housing Covenant. Christine King Board Chair James McQueen Executive Director WHEREFORE, the Parties have caused this Memorandum of Understanding to be duly executed APPROVED AS TO FORM AND LEGAL SUFFICIENCY: By: Vincent T. Brown, Esq. SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY, of the City of Miami, a public agency and body corporate created pursuance to Section 163.356, Florida Statutes By: James McQueen Executive Director BLOCK 55 Residential, LP., a Florida Lim' Liability Partnership; By: