HomeMy WebLinkAbout15058 ResolutionSoutheast Overtown/Park West
Community Redevelopment Agency
Legislation
CRA Resolution:
819 NW 2"d Ave
3rd Floor
Miami, FL 33136
www.seopwcra.com
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 6th 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
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
City of Miami Page 1 of 2 File ID: 15058 (Revision:) Printed On: 9/11/2025
File ID: 15058 Enactment Number:
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:
ounsel 11 /8/2023
City of Miami Page 2 of 2 File ID: 15058 (Revision:) Printed on: 9/11/2025