HomeMy WebLinkAboutCRA-R-23-0017Southeast Overtown/Park West
Community Redevelopment Agency
Legislation
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CRA Resolution: CRA-R-23-0017
File Number: 13891 Final Action Date:4/27/2023
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE SOUTHEAST
OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY
("SEOPW CRA"), WITH ATTACHMENT(S), AUTHORIZING THE EXECUTIVE
DIRECTOR TO EXECUTE AN AMENDMENT TO THE BLOCK 55 RESTRICTIVE
COVENANT, IN SUBSTANTIALLY THE ATTACHED FORM, BETWEEN THE
SEOPW CRA AND THE BLOCK 55 OWNER, LLC, A FLORIDA LIMITED
LIABILITY COMPANY ("DEVELOPER"), FOR THE PURPOSE STATED HEREIN;
PROVIDING FOR THE INCORPORATION OF RECITALS; AND PROVIDED FOR
AN EFFECTIVE DATE.
WHEREAS, the Southeast Overtown/Park West Community Redevelopment Agency
("SEOPW 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 2018 Southeast Overtown/Park West Community
Redevelopment Plan ("Plan"); and
WHEREAS, on September 2, 2020, Block 55 Owner, LLC, a Florida limited liability
company ("Developer") and the SEOPW CRA entered into that certain Block 55 Restrictive
Covenant recorded on September 11, 2020, in Official Records Book 32095, Page 3457 of the
Public Records of Miami -Dade County, Florida (the "Covenant"); and
WHEREAS, Owner is the current owner of the Property pursuant to that certain Special
Warranty Deed recorded on September 11, 2020, in Official Records Book 32095, Page 3453
of the Public Records of Miami -Dade County, Florida; and
WHEREAS, Developer and the SEOPW CRA desire to amend the Covenant as set forth
in Exhibit "A", attached and incorporated herein and;
WHEREAS the amendment to the Covenant, attached and incorporated herein as Exhibit "A",
and contains, in part, the following:
(a) The second sentence of Section 4.1 of the Covenant is hereby amended,
restated and replaced in its entirety as follows: "The Developer shall complete the
Project, including Sawyer's Walk, as hereinafter defined, substantially in accordance with the Plan
as evidenced by temporary and permanent certificates of occupancy for all of the Residential Units
included in the Plans and temporary certificates of completion (or their equivalent) (with cold and
dark shells for their interiors) for all other components ofthe improvements comprising the Project
as reflected on the Plans ("Completion") on or before forty-two (42) months after the
Commencement of Construction (the "Completion Date")."
Section 4.5 of the Covenant is hereby amended, restated and replaced in its
entirety as follows:
"4.5. Failure to Complete the Project. If the Developer has not achieved
City of Miami Page 1 of 2 File ID: 13891 (Revision:) Printed On: 9/11/2025
File ID: 13891 Enactment Number: CRA-R-23-0017
Completion on or prior to the Completion Date, as automatically extended
one day for each day of Unavoidable Delay, and as same may be extended
in accordance with Section 4.3, the Developer shall pay to the CRA, as
liquidated damages, Ten Thousand and No/100 Dollars ($10,000.00) per
day for each day from Completion Date, as same may be extended until
Completion."
(b) Section 12.2.3 of the Covenant is hereby amended, restated and replaced in
its entirety as follows:
"12.2.3. Reductions of Incentive Payments. If the entire Project is not
Substantially Completed and on the Tax Rolls on or before January 1, 2025,
as such date is extended as a result of Unavoidable Delays, the Incentive
Payments shall be reduced by ten percent (10%) for or the Term of this
Covenant. If the entire Project is not Substantially Completed and on the
Tax Rolls by January 1, 2026, as such date is extended as a result of
Unavoidable Delays, the Incentive Payment shall be reduced by twenty
percent (20%) for the Term of this Covenant. If the entire Project is not
Substantially Completed by January 1, 2028, as such date is extended as a
result of Unavoidable Delays, the SEOPW CRA shall not be obligated to
make any Incentive Payments to the Developer."
WHEREAS, it is in the best interest of the SEOPW CRA to 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 OF THE CITY OF MIAMI, FLORIDA:
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
amend the Covenant, as stated in Exhibit "A,", attached and incorporated herein.
Section 3. This Resolution shall become effective immediately upon its adoption.
APPROVED AS TO FORM AND LEGAL SUFFICIENCY:
A
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City of Miami Page 2 of 2 File ID: 13891 (Revision:) Printed on: 9/11/2025