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Home My WebLink AboutCRA-R-23-0034 MemorandumSEOPW Board of Commissioners Meeting July 27, 2023 SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY INTER -OFFICE MEMORANDUM To: Board Chair Christine King Date: August 3, 2023 and Members of the CRA Board File: 14360 From: James McQueen Executive Director Subject: Resolution Approving an Amendment to the Restrictive Covenant between the SEOPW CRA and Block 55 Res Enclosures: File # 14360 SUB File # 14360 File # 14360 Error Memo File # 14360 SUB - Exhibit A- - Exhibit B - Scrivener's - Legislation - BACKGROUND: The attached Resolution of the Board of Commissioners of the Southeast Overtown/Park West Community Redevelopment Agency ("SEOPW CRA") approving a Restrictive Covenant (EXHIBIT "B") between the SEOPW CRA and Block 55 Residential Partners, L.P., correcting the date of completion for the Sawyer Walk Project from March 2, 2024 to March 1, 2025. This Amended Restrictive Covenant mutually benefits the SEOPW CRA and Block 55 Residential Partners, L.P., by extending the date by which the project is to be completed. JUSTIFICATION: Florida Statutes, Section 163.370(2)(e)(4) of the Community Redevelopment Act authorizes the disposal of real property. Section 2, Goal 3 on page 11 of the Southeast Overtown/Park West Community Redevelopment Plan ("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 on page 11 of the 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 on page 14 of the Plan provides that "[t]he neighborhood... retain access to affordable housing..." as a stated redevelopment principle. Section 2, Principle 4 on page 14 of the Plan provides that "employment opportunities be made available to existing residents..." as a stated redevelopment principle. 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. FUNDING: There is no financial impact to the CRA; however, if the project is not completed by March 1, 2025, the Block 55 Residential Partners, L.P., would be required to pay, as a penalty, $10,000.00 per day, for each day the project remains incomplete. Page 2 of 5 AGENDA ITEM FINANCIAL INFORMATION FORM SEOPW CRA CRA Board Meeting Date: July 27, 2023 CRA Section: Approved by: Approval: 1 Executive Director 7/20/2023 Miguel A Valentin, :riarice Off;cer 7/20/2023 Page 3 of 5 Southeast Overtown/Park West Community Redevelopment Agency File Type: CRA Resolution Enactment Number: CRA-R-23-0034 File Number: 14360 Final Action Date:7/27/2023 A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY ("SEOPW CRA"), WITH ATTACHMENT(S), AMENDING RESOLUTION NUMBER CRA-R-23- 0017, INCORPORATED HEREIN AS EXHIBIT "A"; CORRECTING THE DATE OF COMPLETION FOR THE SAWYER WALK PROJECT IN THE AMENDED RESTRICTIVE COVENANT FROM MARCH 1, 2024 TO MARCH 1, 2025, HEREIN INCORPORATED AS EXHIBIT "B"; AUTHORIZING THE EXECUTIVE DIRECTOR TO EXECUTE ANY AND ALL DOCUMENTS REQUIRED TO EFFECTUATE THIS RESOLUTION AND THE AMENDMENT TO THE RESTRICTIVE COVENANT, EXHIBIT "B"; PROVIDING FOR INCORPORATION OF RECITALS AND 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 Update Southeast Overtown/Park West Community Redevelopment Plan Update ("Plan"); and WHEREAS, The SEOPW CRA approved resolution CRA-R-23-0017 on April 27, 2023; and WHEREAS; Exhibit "A" to resolution CRA-R-23-0017 had the incorrect date of completion as March 2, 2024, instead of March 1, 2025, and WHEREAS, Exhibit `B" corrects the date of completion to March 1, 2025; and WHEREAS, Exhibit `B" attached hereto and incorporated herein and contains, in part, the following: 1. Amendments. (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 Plans 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 Page 4 of 5 Project as reflected on the Plans ("Completion") on or before March 1, 2025 (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 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." 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, as attached hereto and incorporated herein as Exhibit "B", and approves the terms contained therein. Section 3. The Executive Director is authorized to execute any and all documents all -in forms acceptable to the General Counsel required to consummate the transaction. Section 4. Sections of this Resolution may be renumbered or re -lettered and correction of typographical errors which do not affect the intent may be authorized by the Executive Director, or the Executive Director's designee, without need of a public hearing, by filing a corrected copy of the same with the SEOPW CRA Board Clerk. Section 5. This Resolution shall become effective immediately upon its adoption. APPROVED AS TO FORM AND LEGAL SUFFICIENCY: e Br ounsel 8/4/2023 Page 5 of 5 7/20/2023