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HomeMy WebLinkAboutCRA-R-23-0015 Wynwood Works Third AmendmentTHIRD AMENDMENT TO THE AGREEMENT BETWEEN THE OMNI REDEVELOPMENT DISTRICT CONY REDEVELOPMENT AGENCY AND WYNWOOD WORKS, LLC, FOR DEVELOPMENT OF PROPERTY This Third Amendment to the Agreement between the Omni Redevelopment District Community Redevelopment Agency and Wynwood Works, LLC, for Development of Property (this "Third Amendment") is made as of October 26, 2022, by and between the OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY, a public agency and body corporate created pursuant to Section 163.356, Florida Statutes (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 "Original Agreement"); and WHEREAS, the CRA and the Developer amended the Agreement pursuant to that certain First Amendment to Agreement between the Omni Redevelopment District Community Redevelopment Agency and Wynwood Works, LLC, for Development of Property dated May 19, 2022; and WHEREAS, the CRA and the Developer amended the Agreement pursuant to that certain Second Amendment to Agreement between the Omni Redevelopment District Community Redevelopment Agency and Wynwood Works, LLC, for Development of Property dated June 23, 2022 (the "First Amendment, " "Second Amendment," and collectively with the Original Agreement, are hereafter referred to as the "Agreement"); and WHEREAS, pursuant to the Agreement, the Developer had until October 26, 2022 to obtain all financing commitments; and WHEREAS, because of circumstances beyond the Developer's control, the Developer and CRA now desire to enter into this Third Amendment in order to extend the time period for the Developer to obtain all financing commitments, up to and including December 31, 2022; and WHEREAS, the extension of the time periods for the Developer to obtain the financing commitments and will permit the Developer to construct the Project as provided for in the Agreement; and WHEREAS, the CRA Board finds that this Third 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, the CRA and the 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. Financing Period. 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 December 31, 2022. 3. Miscellaneous. a. This Third 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. b. In the event of any conflict between the terms of the Agreement and the terms of this Third Amendment, the tams of this Third Amendment shall control. Terms which are capitalized but not defined herein shall have the meanings given to such terms in the Agreement. c. Except as amended herein all other terms and conditions of the Agreement shall ranain in full force and effect. [SIGNATURE PAGES TO FOLLOW] Page 2 of 4 IN WITNESS WHEREOF, the parties hereto have caused this Second Amendment to be e secuted by their undersigned officials as duly authorized. Print Name: M e i1 ' tI e rtr4 II it Print Name: PQM�a !'l�� ntt STATE OF FLORIDA ) COUNTY OF MARTIN DEVELOPER: WYNWOOD WORKS, LLC, a Florida limited liability company : WYNWOOD WORKS MANAGER, LLC, a 'cis limited liability company, its manager By: MAGELLAN HOUSING LLC, a Florida limited lialfir oozy, its managed By: Nikul A. Inamdar, its Member ACKNOWLEDGMENT THE FOREGOING INSTRUMENT was acknowledged before me by means of physical presice or 0 online notarization this 14 day of o', 2022, by Nikul A. Inamdar as 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 identification. My Commission Expires: FRANCES LLORNOY Notary Pub$o-Stata of Rorld. Ca.IORseie 2024110) My Expkira Atom si 2 23 Sig stfNotary Public, State of Florida FrAntiouaf .401 Printed Name of Notary Publid Page 3 of 4 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their undersigned officials as duly authorized. ATTEST: diCRA" OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY of the City ofllami,apublic agency and body corporate c reatedpursuant to Section 163.356, Florida Statutes '►..rl n Todd of the Board Humberto Gonzalez, Executi Date: 1 0/3 I/ aegla APPROVED AS TO INSURANCE REQUIREMENTS Gomez Digitally signed by J Gomez, Frank Frank Date: 2022.10.27 12:25:38-04'00' Ann-iIarie Sharpe - Director of Risk Management APPROVED AS TO LEGAL FORM AND CORRECTNESS: ictoria M General Counsel (GKW! 22-3025 - Wynwood Work LLC - CRA - 3rd Amdt - fmae. ext. mil 12/31/22) Page 4 of 4