HomeMy WebLinkAbout15058 MemorandumSEOPW Board of Commissioners Meeting
November 16, 2023
SOUTHEAST OVERTOWN/PARK WEST
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
To: Board Chair Christine King
and Members of the CRA
Board
From: James McQueen
Executive Director
Date: November 8, 2023
File: 15058
Subject: Block 55 Residential, LP, Miami
Forever Bond Loan
Enclosures: File # 15058 - Backup
BACKGROUND:
A Resolution of the Board of Commissioners of the Southeast Overtown/Park West Community
Redevelopment Agency ("SEOPW CRA"), Block 55 Residential, LP ("Block 55") is the owner of that
certain a 3.44 acre land parcel located at 249 NW 6tn Street, Miami, FL (Folio#: 01-0105-050-1120) (the
"Property") and is developing, on a portion of the Property, an affordable housing community consisting
of 578-residential units (collectively, the "Units"). On or about August 12, 2021, the City of Miami
Florida, a municipal corporation of the State of Florida (the "City") made a loan (the "Loan") to Block 55
to finance the construction of 289 of the Units (the "Bond Assisted Units"), which Loan is evidenced by
that certain Miami Forever Bond Loan Agreement for Block 55 Residential, LP dated as of August 12,
2021 by and between the City and Block 55 (the "Loan Agreement") and that certain Promissory Note
(Miami Forever Bond Funds) for Block 55 Residential, LP in the principal amount of Seven -Million Five
Hundred Thousand Dollars and Zero Cents ($7,500,000.00) (the "Note") and which Loan is secured by
that certain Miami Forever Bond Mortgage and Security Agreement for Sawyer's Walk recorded in
Official Records Book 32702, Page 915 of the Public Records of Miami -Dade County, Florida (the
"Mortgage") and certain other loan documents executed in connection therewith (collectively, the "Loan
Documents"). The Bond Assisted Units are subject to that certain Rent Regulatory Agreement for
Sawyer's Walk recorded in Official Records Book 32702, Page 905 of the Public Records of Miami -Dade
County, Florida (the "RRA"). The CRA desires to purchase the Loan and receive an assignment of the
Loan Agreement, the Note, the Mortgage, the RRA and the other Loan Documents.
JUSTIFICATION:
Section 2, Goal 3, at page 11, of the Plan lists the "creati[on of] infill housing, diversity in housing types,
and retaining affordable housing," as a stated redevelopment goal.
FUNDING:
The Executive Director is hereby authorized to disperse funds, subject to availability of funds, or in the
alternative, funding made available from the 2024 bond issuance.
FACT SHEET:
Company name: Block 55 Residential, LP
Purchase loan cost: $7,500,000.00
Scope of work or services (Summary): The CRA desires to purchase the Loan and receive an
assignment of the Loan Agreement, the Note, the Mortgage, the RRA and the other Loan Document.
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AGENDA ITEM
FINANCIAL INFORMATION FORM
SEOPW CRA
CRA Board Meeting Date: November 16, 2023
CRA Section:
Brief description of CRA Agenda Item:
The Executive Director is hereby authorized to disperse funds, subject to availability of funds, or
in the alternative, funding made available from the 2024 bond issuance.
Project Number (if applicable):
YES, there are sufficient funds in Line Item:
Account Code:
Amount:
NO (Complete the following source of funds information):
Amount budgeted in the line item: $
Balance in the line item: $
Amount needed in the line item: $
Sufficient funds will be transferred from the following line items:
ACTION
ACCOUNT NUMBER
TOTAL
Project No./Index/Minot Object
From
$
To
$
From
$
To
$
Comments:
Approved by:
Approval:
Executive Director 11/8/2023
Miguel A Valentin, arice o oen 11/8/2023
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Southeast Overtown/Park West
Community Redevelopment Agency
File Type: CRA Resolution
Enactment Number:
File Number: 15058 Final Action Date:11/16/2023
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE SOUTHEAST
OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY
AUTHORIZING THE PURCHASE OF THAT CERTAIN MIAMI FOREVER BOND LOAN
IN THE OUTSTANDING PRINCIPAL AMOUNT OF SEVEN -MILLION FIVE HUNDRED
THOUSAND DOLLARS AND ZERO CENTS ($7,500,000.00) MADE BY THE CITY OF
MIAMI, FLORIDA TO BLOCK 55 RESIDENTIAL, LP AND THE ASSIGNMENT OF ALL
LOAN DOCUMENTS EXECUTED IN CONNECTION WITH SUCH LOAN AND
AUTHORIZING THE EXECUTIVE DIRECTOR TO NEGOTIATE AND EXECUTE ALL
PURCHASE AND ASSIGNMENT DOCUMENTS IN CONNECTION THEREWITH
WHEREAS, the Southeast Overtown/Park West Community Redevelopment Agency
("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 Redevelopment
Plan Update ("Plan"); and
WHEREAS, Section 2, Goal 3, at page 11, of the Plan lists the "creati[on of] infill housing,
diversity in housing types, and retaining affordable housing," as a stated redevelopment goal; and
WHEREAS, Block 55 Residential, LP ("Block 55") is the owner of that certain a 3.44 acre
land parcel located at 249 NW 6t'' Street, Miami, FL (Folio#: 01-0105-050-1120) (the "Property")
and is developing, on a portion of the Property, an affordable housing community consisting of 578-
residential units (collectively, the "Units"); and
WHEREAS, on or about August 12, 2021, the City of Miami Florida, a municipal
corporation of the State of Florida (the "City") made a loan (the "Loan") to Block 55 to finance the
construction of 289 of the Units (the "Bond Assisted Units"), which Loan is evidenced by that
certain Miami Forever Bond Loan Agreement for Block 55 Residential, LP dated as of August 12,
2021 by and between the City and Block 55 (the "Loan Agreement") and that certain Promissory
Note (Miami Forever Bond Funds) for Block 55 Residential, LP in the principal amount of Seven -
Million Five Hundred Thousand Dollars and Zero Cents ($7,500,000.00) (the "Note") and which
Loan is secured by that certain Miami Forever Bond Mortgage and Security Agreement for Sawyer's
Walk recorded in Official Records Book 32702, Page 915 of the Public Records of Miami -Dade
County, Florida (the "Mortgage") and certain other loan documents executed in connection
therewith (collectively, the "Loan Documents");
WHEREAS, the Bond Assisted Units are subject to that certain Rent Regulatory Agreement
for Sawyer's Walk recorded in Official Records Book 32702, Page 905 of the Public Records of
Miami -Dade County, Florida (the "RRA"); and
Page 4 of 5
WHEREAS, the CRA desires to purchase the Loan and receive an assignment of the Loan
Agreement, the Note, the Mortgage, the RRA and the other Loan Documents; and
WHEREAS, the CRA Board Commissioners desire to authorize the Executive Director to
negotiate all documents necessary or advisable in connection with the purchase of the Loan and the
assignment of the Loan Documents and the RRA, including without limitation, a loan purchase
agreement by and between the City and the CRA and assignments of the Loan Agreement, the Note,
the Mortgage, the RRA and all other Loan Documents (collectively, the "Purchase and Assignment
Documents").
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 Executive Director is hereby authorized to disperse funds, subject to
availability of funds, or in the alternative, funding made available from the 2024 bond issuance.
Section 3. The Board of Commissioners hereby authorizes the purchase of the Loan by the
CRA and the assignment of the Loan Agreement, Note, Mortgage, RRA and other Loan Documents
to the CRA.
Section 4. The Board of Commissioners hereby authorizes the Executive Director to
negotiate and execute the Purchase and Assignment Documents on behalf of the CRA.
Section 5. Sections of this Resolution may be renumbered or re -lettered and corrections 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 public hearing, by filing a corrected copy of same with the
City of Miami City Clerk.
Section 6. This Resolution shall become effective immediately upon its adoption.
APPROVED AS TO FORM AND LEGAL SUFFICIENCY:
V ce Br , i oun e- 11/8/2023
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