HomeMy WebLinkAboutCRA-R-23-0034 Exhibit A-SUBExhibit "A"
Southeast Overtown/Park West
Community Redevelopment Agency
Legislation
CRA Resolution: CRA-R-23-00-7'.
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
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: 4/28/2023
4=i43(O Exh 6, f d-SUB
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:
V,
ounsel 4/20/2023
CD11
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r- (II
THIS DOCUMENT IS A SUBSTITUTION TO
ORIGINAL. BACKUP ORIGINAL CAN BE
SEEN AT THE END OF THIS DOCUMENT.
City of Miami
Page 2 of 2 File ID: 13891 (Revision:) Printed on: 4/28/2023
Exhibit "A"
Prepared by and Return to:
Lauren M. Hunt, Esq.
Grady Hunt PLLC
2525 Ponce de Leon Blvd.
Suite 300
Coral Gables, FL 33134
AMENDMENT TO BLOCK 55 RESTRICTIVE COV " ANT
THIS AMENDMENT TO BLOCK 55 RESTRICT
"Amendment") is made as of this day of March, 2023 by and
LLC, a Florida limited liability company (the "Developer"), BL
Florida limited partnership (the "Owner" and together with De
and the SOUTHEAST OVERTOWN/PARK WEST C
AGENCY, a public agency and body corporate created
Statutes (the "CRA").
RECIT
E COVENANT (this
ong BLOCK 55 OWNER,
K 55 RESIDENTIAL, LP, a
oper, collectively, "Block 55"),
MUNITY REDEVELOPMENT
suant to Section 163.356, Florida
A. The Developer and the CRA enter' + into that certain Block 55 Restrictive Covenant
recorded on September 11, 2020 in Official Rey-°rds Book 32095, Page 3457 of the Public Records
of Miami -Dade County, Florida (the "Cove nt").
B. Owner is the current
Warranty Deed recorded on August
Public Records of Miami -Dade Co
herein.
er of the Property pursuant to that certain Special
, 2021 in Official Records Book 32702, Page 22 of the
Florida.
C. Developer, Own ',i and the CRA desire to amend the Covenant as further described
NOW, THEREF E, for and in consideration of $10.00 and other good and valuable
consideration, the suffi ncy of which is hereby acknowledged, the parties agree as follows:
1. Rec. s• Capitalized Terms. The recitals to this Amendment are true and correct
and hereby incor,rated by reference and made a part hereof. Capitalized terms used and not
defined in this endment have the meanings set forth in the Covenant.
2. Amendments.
(a) The second sentence of Section 4.1 of the Covenant is hereby amended,
rest. d 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
#185099803_v2
follows:
dark shells for their interiors) for all other components of the provements
comprising the Project as reflected on the Plans ('Completio on or before
March 2nd, 2024 (the "Completion Date")."
(b) Section 4.5 of the Covenant is hereby amended .}` restated to read as
"4.5. Failure to Complete the Project. If the Develo ►t. r has not achieved
Completion on or prior to the Completion Date, as aomatically extended
one day for each day of Unavoidable Delay, and . ame may be extended
in accordance with Section 4.3, the Developer all pay to the CRA, as
liquidated damages, Ten Thousand and No/1 Dollars ($10,000.00) per
day for each day from Completion Date, as ame may be extended until
Completion."
(c) Section 12.2.3 of the Covenant '; k ereby amended, restated and replaced in
its entirety as follows:
"12.2.3. Reductions of Incentive '`'a ments. If the entire Project is not
Substantially Completed and o e Tax Rolls on or before January 1, 2025
as such date is extended as aesult of Unavoidable Delays, the Incentive
Payments shall be reduced y ten percent (10%) for or the Term of this
Covenant. If the entire P-ject is not Substantially Completed and on the
Tax Rolls by January f 2026 as such date is extended as a result of
Unavoidable Delays, ,_!` e Incentive Payment shall be reduced by twenty
percent (20%) for ► Term of this Covenant. If the entire Project is not
Substantially Co 1 eted by January 1, 2028 as such date is extended as a
result of Unavoble Delays, the CRA shall not be obligated to make any
Incentive Pay ,>=nts to the Developer."
3. Unavoidab Dela . Block 55 and the CRA acknowledge and agree that as of the
date of this Amendmer'' no event of Unavoidable Delay has occurred which would extend
Completion under Sec on 4.1, as amended by this Amendment, or extend Substantially Completed
under Section 12.2. as amended by this Amendment.
4. C ' flict. In the event of a conflict between the terms and provisions of this
Amendment a Pr' the terms and provisions of the Covenant, the terms and provisions of this
Amendment all control.
5 Ratification. Except as modified by this Amendment, Block 55 and the CRA ratify
and re inn all terms and provisions of the Covenant.
6. Counterparts. This Amendment may be executed in counterparts by the parties
eto and each shall be considered an original as the parties are concerned but together such
ounterparts shall comprise only one Amendment.
[Signatures on following page]
#185099803_v2
SUBSTITUTED
IN WITNESS WHEREOF, Developer has executed this Amendment as of "ie date and
year first written above.
WITNESSES: DEVELOPER:
Print Name:
Print Name:
STATE OF FLORIDA
) SS:
COUNTY OF MIAMI-DADE
BLOCK 55 OWNELC, a Florida limited
liability company
By: SG M. er, LLC, a Florida limited
liabilit, company, its manager
By:
Name:
Title:
The foregoing instrument was knowledged before me by means of ❑ physical presence
or ❑ online notarization, this day of March, 2023, by , as
of SG M ,ager, LLC, a Florida limited liability company, as manager of
BLOCK 55 OWNER, LLC, a F1=da limited liability company, on behalf of said companies. S/he
is personally known to me or ^ s produced as identification.
Notary Public
Print Name:
My commiss expires:
#185099803_v2
SUBSTITUTED
IN WITNESS WHEREOF, Owner has executed this Amendment as of the • e and year
first written above.
WITNESSES:
Print Name:
Print Name:
STATE OF )
) SS:
COUNTY OF )
The foregoing instrument wa
or ❑ online notarization, this
of P
California nonprofit public ben
LP, a Florida limited partners
known to me or has produc
My corm r scion expires:
#185099803 v2
OWNER:
BLOCK 55 RESID TIAL, LP, a Florida
limited partnership
By: Pacific Southwest Community
Develo,`' ent Corporation, a California
nonp;.fit public benefit corporation, its
ge .;°'ra1 partner
By:
N
Ti
cknowledged before me by means of ❑ physical presence
day of March, 2023, by , as
fic Southwest Community Development Corporation, a
it corporation, as general partner of BLOCK 55 RESIDENTIAL,
p, on behalf of said corporation and partnership. S/he is personally
as identification.
Notary Public
Print Name:
SUBSTITUTED
IN WITNESS WHEREOF, the CRA has executed this Amendment as of ►:• date and year
first written above.
WITNESSES:
Print Name:
Print Name:
STATE OF FLORIDA
) SS:
COUNTY OF MIAMI-DADE
The foregoing instrument was ac
or ❑ online notarization, this
of S
REDEVELOPMENT AGENCY,
163.356, Florida Statutes, on beh
My commiss'n expires:
863-9141-7391, v.. 2
#185099803 v2
CRA:
SOUTHEAST OV
COMMUNITY DEVELOPMENT
AGENCY
By:
Name:
Title
TOWN / PARK WEST
owledged before me by means of n physical presence
day of March, 2023, by , as
THEAST OVERTOWN/PARK WEST COMMUNITY
ublic agency and body corporate created pursuant to Section
f of the agency. S/he is personally known to me or has produced
s identification.
Notary Public
Print Name: