HomeMy WebLinkAboutCRA-R-23-0017 MemorandumSEOPW Board of Commissioners Meeting
April 27, 2023
SOUTHEAST OVERTOWN/PARK WEST
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
To: Board Chair Christine King Date: May 10, 2023
and Members of the CRA
Board File: 13891
From: James McQueen
Executive Director
Subject: Block 55, 249 NW 6th Street Miami,
FL (Folio No. 01-0105-050-1120)
Enclosures: File # 13891 - Bid Waiver
Memo
File # 13891 - Notice to the
Public
File # 13891 - Exhibit A
BACKGROUND:
A Resolution of the Board of Commissioners of the Southeast Overtown/Park West Community
Redevelopment Agency ("SEOPW CRA") with attachment(s), approving an amendment to the Block 55
Restrictive Covenant between the SEOPW CRA and Block 55 Residential Partners, L.P. authorize the
acceptance of negotiations for the development of Block 55, 249 N.W. 6th Street Miami, FL (Folio No.
01-0105-050-1120). Block 55, is one of the remaining large parcels of undeveloped real estate located in
the Overtown community, adjacent to downtown Miami.
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"). 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.
To date, certain terms have been negotiated between Downtown Retail Associates, LLC, and the SEOPW
CRA. (See Exhibit A) The terms of negotiation include 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 of the 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")."
(b) Section 4.5 of the Covenant is hereby amended and restated to read as follows:
"4.5. Failure to Complete the Project. If the Developer has not achieved 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 SEOPW 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."
JUSTIFICATION:
Florida Statutes, Chapter 163.380, details the requirements for disposal of SEOPW CRA owned property
within a community redevelopment area.
Section 2, Goal 3, at page 11, of the Community Redevelopment Plan, lists the "creat[ion of] infill
housing, diversity in housing types, and retaining affordable housing, as a stated redevelopment goal.
Section 2, Goal 4 and 6, at page 11 of the Community Redevelopment Plan, lists the "creat[ion of] jobs
within the community" and "improving quality of life for residents" as stated redevelopment goals.
Section 2, Principle 4, at page 14, of the Community Redevelopment plan, provide that "[t]he
neighborhood... retain access to affordable housing....
Section 2, Principle 4, at page 14, of the Community Redevelopment Plan provides that "employment
opportunities be made available to existing residents...". Further, Section 2, Principle 6, at page 15,
provides that in order to "address and improve the neighborhood economy and expand economic
opportunities of present and future residents and businesses [,] ... [it] is necessary to] support and enhance
existing businesses and ...attract new businesses that provide needed services and economic
opportunities...
Section 2, Principle 6 on page 15 of the Plan further provides that in order to "address and improve the
neighborhood economy and expand economic opportunities of present and future residents and businesses
[,] [it] is necessary to] support and enhance existing businesses and... attract new businesses that provide
needed services and economic opportunities..." as a stated redevelopment principle.
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AGENDA ITEM
FINANCIAL INFORMATION FORM
SEOPW CRA
CRA Board Meeting Date: April 27, 2023
CRA Section:
Approved by:
Approval:
1
Executive Director 4/20/2023
Miguel A Valentin, :riarice Off;cer 4/20/2023
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Southeast Overtown/Park West
Community Redevelopment Agency
File Type: CRA Resolution
Enactment Number: 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 of the 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
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entirety as follows:
"4.5. Failure to Complete the Project. If the Developer has not achieved
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:
ce Br rt Counsel 4/20/2023
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