HomeMy WebLinkAboutCRA-R-23-0040 Exhibit CExhibit "C"
CHRISTINE KING
Board Chair
LETTER OF INTENT
JAMES MCQUEEN
Executive Director
The Southeast Overtown/Park West Community Redevelopment Agency (the "CRA") will
purchase from St. John Missionary Baptist Church, Inc. ("St. John") the three parcels located at
1300 N.W. 3rd Avenue, 1322 N.W. 3rd Avenue and 331 N.W. 13th Street (collectively, the
"Property") on the following terms:
1. Purchase Price. The purchase price for the Property shall be $3,935,000 (the "Purchase
Price") to be paid in cash at closing.
2. Deposit. The CRA shall make a earnest money deposit of $100,000 (the "Deposit"). The
Deposit shall be credited against the Purchase Price at Closing.
3. Inspection Period. The CRA shall have until August 15, 2023, to inspect all aspects of the
Property. If the CRA is not happy with the condition of the Property, the CRA can cancel
the transaction and the Deposit shall be returned to the CRA. The Property is being sold on
an "AS IS" basis with no representations or warranties regarding the condition of the
Property.
4. Title. St. John shall convey good and marketable title to the Property to the CRA at Closing.
The CRA shall have until August 15, 2023, to obtain a Title Commitment and Survey of
the Property and raise title objections.
5. Closing Date. On or before August 19, 2023 (the "Closing Date").
6. Foreclosure Action. St. John shall be responsible to resolve the existing mortgage
foreclosure action and cause same to be dismissed and the outstanding mortgage to be
satisfied on or before Closing. The outstanding amount currently claimed in the foreclosure
action is approximately $2,900,000.
7. Easement Agreement. Prior to the end of the Inspection Period the CRA and St. John shall
agree on the terms of an easement agreement to provide access to the Property and parking
which easement agreement shall be executed at Closing.
8. Existing Leases. All existing leases shall be assigned to the CRA at Closing.
9. Use of Freedom Hall after Closing. The CRA shall allow St. John to utilize the Freedom
Hall property (331 N.W. 13th Street) as well as other community groups on terms and
conditions to be established by the CRA after closing.
10. Right to Repurchase the Property. St. John shall have the right to repurchase the Property
for a period of 5 years from the Closing Date. The purchase price shall be the then
SOUTHEAST OVERTOWN/PARK WEST
COMMUNITY REDEVELOPMENT AGENCY
819 N.W. 2nd Avenue, 3rd Floor Miami, FL 33136
Telephone (305) 679-6800 1 http://www.miamicra.com
appraised value of the Property based upon appraisals to be obtained by the CRA and St
John. St. John must exercise the repurchase right within 5 years from the Closing Date
and the closing must occur within 90 days of the exercise of such right for cash to be paid
at closing. The CRA shall convey the Property in its "AS IS" Condition.
This Letter of Intent is non -binding on the CRA and St. John and is subject to execution of a
binding purchase agreement.
SOUTHEAST OVERTOWN/PARK WEST
COMMUNITY REDEVELOPMENT AGENCY
819 N.W. 2°d Avenue, 3rd floor 1 Miami, FL 33136
Telephone (305) 679-6800 1 http://www miamicra.com