HomeMy WebLinkAboutCRA-R-24-0061 MemorandumSEOPW Board of Commissioners Meeting
October 24, 2024
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: October 24, 2024
File: 16742
Subject: Block 55 Residential, L.P., Housing
Subsidy Agreement
Enclosures: File # 16742 - Exhibit A
2024-10-10
File # 16742 - Exhibit A
BACKGROUND:
A Resolution of the Board of Commissioners of the Southeast Overtown/Park West Community
Redevelopment Agency ("SEOPW CRA Board"), with attachment(s), authorizing the Housing Subsidy
Agreement ("Agreement"), in substantially the form attached as Exhibit "A," with Block 55 Residential,
L.P. a Florida Limited Partnership ("Owner"). The Agreement will provide for, among other things, rental
assistance to applicants for the affordable housing project at the residential community known as "The
Residences of Sawyer's Walk," and shall continue up to five (5) years from the SEOPW CRA's first
payment date, with an option to renew, allocating funds in annual installments of One Million Six
Hundred Thousand Dollars and Zero Cents ($1,600,000.00), in an aggregate amount not to exceed Eight
Million Dollars and Zero Cents ($8,000,000.00) ("Purpose").
It is recommended that the SEOPW CRA Board approve and adopt the attached Resolution, authorizing
the Agreement with Block 55 Residential, L.P. for the Purpose stated herein.
JUSTIFICATION:
Pursuant to Section 163.370(2), Florida Statutes, (the "Act") the SEOPW CRA is authorized to dispose of
real property and to enter any contracts necessary to effectuate this part within the Redevelopment Area.
Section 2, Goal 2 of the 2018 Updated Southeast Overtown/Park West Community Redevelopment
Agency Plan (the "Plan") provides that the SEOPW CRA may leverage public -private partnerships to
create viable opportunities within the redevelopment area.
Section 2, Goal 3 of the Plan lists the "creat[ion] of infill housing, diversity in housing types, and
retaining affordable housing," as a stated redevelopment goal.
Section 2, Goal 6 of the Plan lists "improv[ing] the quality of life for residents within the redevelopment
area" as a stated redevelopment goal.
Section 2, Principle 4 of the Plan provides that "[t]he neighborhood ... retain access to affordable housing
..." as a stated redevelopment principle.
Section 2, Principle 6, of the Plan provides that to "address and improve the neighborhood economy and
expand the economic opportunities of present and future residents and businesses. . ." as a stated
redevelopment principle.
FUNDING:
$1,600,000.00, annually for a five (5) year term.
Total: $8,000,000.00 from account 10050.920101.883000.0000.00000 — SEOPW - Other Grant and
Aids.
FACT SHEET:
Company name: Block 55 Residential, L.P.
Project: The Residences at Sawyer's Walk
Scope/Summary: Authorization for the Housing Subsidy Agreement with Block 55 Residential, L.P.
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AGENDA ITEM
FINANCIAL INFORMATION FORM
SEOPW CRA
CRA Board Meeting Date: October 24, 2024
CRA Section:
Brief description of CRA Agenda Item:
Authorizing an amendment to the Housing Subsidy Agreement between the SEOPW
CRA and Block 55 Residential LP.
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: Funds were already allocated previously.
Approved by:
Approval:
Executive Director 10/3/2024 JaExecutive Director 10/17/2024
Miguel A Valentin, ririarice Off;cer 10/3/2024 Miguel A Valentin, Finance Off;cer 10/17/2024
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Southeast Overtown/Park West
Community Redevelopment Agency
File Type: CRA Resolution
Enactment Number: CRA-R-24-0061
File Number: 16742 Final Action Date:10/24/2024
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE SOUTHEAST
OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY ("SEOPW
CRA"), WITH ATTACHMENT(S), AUTHORIZING A HOUSING SUBSIDY AGREEMENT
("AGREEMENT"), RETROACTIVE TO OCTOBER 1, 2024, IN SUBSTANTIALLY THE
FORM ATTACHED AS EXHIBIT "A," BETWEEN THE SEOPW CRA AND BLOCK 55
RESIDENTIAL, L.P., A FLORIDA LIMITED PARTNERSHIP ("OWNER");
AUTHORIZING THE EXECUTIVE DIRECTOR TO DISBURSE FUNDS IN FIVE (5)
ANNUAL INSTALLMENTS OF ONE MILLION SIX HUNDRED THOUSAND DOLLARS
AND ZERO CENTS ($1,600,000.00) ("FUNDS"), IN AN AGGREGATE AMOUNT NOT
TO EXCEED EIGHT MILLION DOLLARS AND ZERO CENTS ($8,000,000.00)
("PURPOSE"), SUBJECT TO THE AVAILABILITY OF FUNDING FROM ACCOUNT
NO. 10050.920101.883000.0000.00000; FURTHER AUTHORIZING THE EXECUTIVE
DIRECTOR TO NEGOTIATE AND EXECUTE ANY AND ALL DOCUMENTS
NECESSARY, INCLUDING ANY AND ALL AMENDMENTS THERETO, ALL IN FORMS
ACCEPTABLE TO COUNSEL; PROVIDING FOR THE 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 Updated Southeast Overtown/Park West Community Redevelopment
Plan ("Plan"); and
WHEREAS, Section 163.370(2), Florida Statutes, (the "Act") authorizes the SEOPW CRA to
dispose of real property and to enter any contracts necessary to effectuate this part within the
Redevelopment Area; and
WHEREAS, Section 2, Goal 2 of the Plan provides justification to leverage public -private
partnerships to create viable opportunities within the Redevelopment Area; and
WHEREAS, Section 2, Goal 3 of the Plan lists the creation of] infill housing, diversity in
housing types, and retaining affordable housing" as a stated redevelopment goal; and
WHEREAS, Section 2, Goal 6 of the Plan provides justification for "improv[ing] the quality of
life for residents" within the Redevelopment Area; and
WHEREAS, Section 2, Principle 4 of the Plan provides justification for "retain[ing] access to
affordable housing..." within the Redevelopment Area; and
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WHEREAS, Section 2, Principle 6 of the Plan further provides justification for "address[ing] and
improv[ing] the neighborhood economy and expanding] economic opportunities of present and future
residents and businesses..." as a stated redevelopment principle; and
WHEREAS, the SEOPW CRA and Block 55 Residential, L.P., a Florida Limited Partnership
("Owner") seek to execute a Housing Subsidy Agreement ("Agreement"), retroactive to October 1, 2024,
in substantially the form attached as Exhibit "A"; and
WHEREAS, the Agreement will provide for, among other things, rental assistance to applicants
for the affordable housing project at the residential community known as "The Residences of Sawyer's
Walk," and shall continue up to five (5) years from the SEOPW CRA's first payment date, with an option
to renew, allocating funds in five (5) annual installments of One Million Six Hundred Thousand Dollars
and Zero Cents ($1,600,000.00) ("Funds"), in an aggregate amount not to exceed Eight Million Dollars
and Zero Cents ($8,000,000.00) ("Purpose"); and
WHEREAS, the Board of Commissioners wishes to authorize the Agreement, retroactive to
October 1, 2024, subject to the availability of funding, for the Purpose stated herein; and
WHEREAS, the Board of Commissioners finds that authorizing this Resolution would further the
SEOPW CRA's redevelopment goals and objectives; and
WHEREAS, based on the recommendation and findings of the Executive Director, it is in the
SEOPW CRA's best interest for the Board of Commissioners to authorize the Executive Director to
negotiate and execute any and all documents necessary, for which terms may be amended by the
Executive Director, all -in forms acceptable to Counsel, with the Owner for the Purpose stated herein;
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 Agreement, retroactive to
October 1, 2024, in substantially the form attached as Exhibit "A," as well as any and all documents
necessary, for which terms may be amended by the Executive Director, all -in forms acceptable to
Counsel, for the Purpose stated herein.
Section 3. The Executive Director is further authorized to execute any additional terms to
the Agreement, including any and all necessary documents and all -in forms acceptable to the General
Counsel, for said purpose as set forth substantially in Exhibit "A", and to disburse Funds, upon
presentation of invoices and satisfactory documentation from the Other Grant and Aids Account
10050.920101.883 000.0000.00000.
Section 4. This Resolution shall become effective immediately upon its adoption.
APPROVED AS TO FORM AND LEGAL SUFFICIENCY:
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4
ounsel 10/3/2024
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