HomeMy WebLinkAbout25379AGREEMENT INFORMATION
AGREEMENT NUMBER
25379
NAME/TYPE OF AGREEMENT
MIAMI-DADE COUNTY
DESCRIPTION
DECLARATION OF RESTRICTIVE COVENANTS/HIDEAWAYS
BY THE BAY/MATTER ID: 24-3280/#2
EFFECTIVE DATE
January 8, 2025
ATTESTED BY
TODD B. HANNON
ATTESTED DATE
1/8/2025
DATE RECEIVED FROM ISSUING
DEPT.
1/8/2025
NOTE
Prepared by, and after recording return to:
George K. Wysong III, Esq.
City Attorney, City of Miami
444 S.W. 2nd Avenue
Miami, FL 33130-1910
Tel: (305) 416-1800
Property Address: 10821 Caribbean Boulevard Miami, Florida 33189
DECLARATION OF RESTRICTIVE COVENANTS FOR
HIDEAWAYS BY THE BAY
This ,declaration of Restrictive Covenants for Hideaways by the Bay (the "Covenant")
made this day of e" f , 202/by MIAMI-DADE COUNTY, a political subdivision of
the State of Florida (hereinafter referred to as "Project Sponsor"), is in favor of the CITY OF
MIAMI, a municipal corporation of the State of Florida (hereinafter referred to as the "City").
Project Sponsor and the City are sometimes collectively referred to as the "Parties" and singularly
referred to as "Party."
RECITALS
WHEREAS, the Project Sponsor is the fee simple owner of the property legally described
in Exhibit A, attached hereto and incorporated here ("Property"); and
WHEREAS, the Project Sponsor hereby agrees and covenants that the Property shall be
subject to the provisions, covenants, and restrictions contained herein; and
WHEREAS, this Covenant is made for the express benefit of the City, and it shall remain
in full force and effect until released by the City; and
WHEREAS, the City has loaned $8,000,000.00 in HOME Investment Partnership -
American Rescue Plan Act of 2021 ("HOME -ARP") funds to Project Sponsor ("Loan") in order
to acquire the Project, as more particularly described below; and
WHEREAS, the Project Sponsor is developing a project that will, among other things,
increase the supply of rental housing units for HOME -ARP Qualified Populations and Low -
Income Households in the community to be known as Hideaways by the Bay (hereinafter referred
to as the "Project"), which consists of the construction of a 4-floor residential building located at
10821 Caribbean Boulevard Miami, Florida 33189; and
WHEREAS, the Project consists of a total of one hundred seven (107) residential
apartment units, of which fifty-seven (57) HOME -ARP -assisted units (the "HOME -ARP -Assisted
Units") developed on the Property and are all subject to the terms, covenants, and restrictions
contained in this Covenant; and
WHEREAS, the City's allocation of funds for the Project is subject to that certain HOME -
ARP Loan Agreement for Hideaways by the Bay ("Loan Agreement" or "HOME -ARP Loan
Agreement") and other loan documents of even date herewith between the City and the Project
Sponsor (collectively the "Loan Documents"); and
WHEREAS, Project Sponsor desires to make a binding commitment to assure that the
HOME -ARP Assisted Units and the Property in general are maintained and operated in accordance
with the provisions of the Loan Documents and this Covenant; and
Page 1 of 7
WHEREAS, Project Sponsor, as a condition for receiving the Loan funds, is required to
record in the Public Records of Miami -Dade County, Florida, this Covenant obligating the Project
Sponsor, its successors, and assigns to maintain and operate the Property in accordance with the
Loan Documents; and
WHEREAS, the Project Sponsor hereby declares that this Covenant shall be and is a
covenant running with the Property and, unless released by the City, is binding on the Property for
the entire Affordability Period, and is not merely a personal covenant of the Project Sponsor; and
NOW THEREFORE, Project Sponsor voluntarily covenants and agrees that the HOME -
ARP Assisted Units and the Property in general shall be subject to the following restrictions that
are intended and shall be deemed to be covenants running with the land and binding upon Project
Sponsor, and its heirs, transferees, successors and assigns as follows:
TERMS:
Section 1. Recitals: The recitals and findings set forth in the preamble of this Covenant
are hereby adopted by reference thereto and incorporated herein as if fully set forth in this Section.
Section 2. Use of Property_ There shall be a total of fifty-seven (57) HOME -ARP Assisted
Units in the Project that shall remain Affordable for eligible tenants. All fifty-seven (57) of the
HOME -ARP Assisted Units shall remain affordable to HOME -ARP Qualifying Populations (or
any Low -Income Households, if applicable) for the period of time commencing on the date of the
Close -Out of the Project and ending fifteen (15) years thereafter (the "Expiration of the
Affordability Period"). The fifty-seven (57) HOME -ARP Assisted Units shall consist of fifty-
seven (57) studio apartment units that are occupied by HOME -ARP Qualifying Populations (or
Low -Income Households, if applicable, as provided for in Loan Agreement). "Qualifying
Populations" shall mean an individual or household that are homeless, or at risk of being homeless,
or a member of any other Qualifying Population category as determined by the U.S. Department
of Housing and Urban Development ("HUD") and Section IV. A of HUD Notice CPD-21-10.
Section 3. Term of Covenant: This Covenant is a covenant running with the land. This
Covenant shall remain in full force and effect and shall be binding upon the Project Sponsor, its
successors, transferees, and assigns from the Effective Date until the Expiration of the
Affordability Period. The Affordability Period of this Project will be fifteen (15) years
commencing on Close -Out of the Project. Upon the Expiration of the Affordability Period, this
Covenant shall immediately lapse and be of no further force and effect without the necessity of
any other written document or instrument. Notwithstanding the foregoing, upon the Expiration of
the Affordability Period, the City shall prepare for recording an instrument evidencing the
expiration of and other termination of this Covenant in the Public Records of Miami -Dade County,
Florida.
Section 4. Prohibited Conveyances: Except as provided in the Loan Documents, the Project
Sponsor covenants and agrees not to encumber or convey its interest in the Project, Property, or
any portion thereof, without City's prior written consent as required by the Loan Agreement,
except for those encumbrances and/or conveyances as authorized under the HOME -ARP Loan
Agreement. For the purposes of this Covenant, any change in the ownership or control of the
Project Sponsor, which is not permitted under the Loan Documents, shall be deemed a conveyance
of an interest in the Project.
Page 2 of 7
Section 5. Repayment Upon Default: The Project Sponsor covenants and agrees that in the
event (i) of the sale or conveyance of any interest in the Project and/or the Property without City's
prior written consent as required by the Loan Documents (except as otherwise provided in the
Loan Documents), or (ii) that the Project Sponsor ceases to exist as an organization, the Project
Sponsor shall immediately make payment to the City in an amount equal to the full amount of
Loan funds disbursed and outstanding, with interest thereon as provided in the Note, all Program
Income (as defined in 2 CFR Part 200.307(e)(2)) derived from or in connection with the Project,
the Property and/or the Loans, and all unpaid fees, charges and other obligations of the Project
Sponsor due under any of the HOME -ARP Loan Documents.
Section 6. Inspection and Enforcement: It is understood and agreed that any official
inspector of the City shall have the right any time during normal working hours to enter and
investigate the use of the Property to determine whether the conditions of this Covenant are in
compliance, subject to the rights of residential tenants under their leases.
Section 7. Amendment and Modification: This Covenant may be modified, amended, or
released as to any portion of the Property by a written instrument executed on behalf of the City
and the Project Sponsor, or their respective successors -in -interest. Should this instrument be
modified, amended or released, the City Manager shall execute a written instrument in recordable
form to be recorded in the Public Records of Miami -Dade County, Florida, effectuating and
acknowledging such modification, amendment, or release.
Section 8. Definitions: All capitalized terms not defined herein shall have the meanings
provided in the HOME -ARP Loan Agreement.
Section 9. Severability: Invalidation of one of the provisions of this Covenant by judgment
of Court shall not affect any of the other provisions of the Covenant, which shall remain in full
force and effect.
Section 10. Recordation: This Covenant shall be filed of record among the Public Records
of Miami -Dade County, Florida, at the sole cost and expense of the Project Sponsor.
Section 11. Deed Restriction/Covenant Running with the Land. Any and all requirements
of the laws of the State of Florida that must be satisfied in order for the provisions of this Covenant
to constitute a deed restriction and covenant running with the land shall be satisfied in full, and
any requirements or privileges of estate are intended to be satisfied, or in the alternate, an equitable
servitude has been created to insure that these restrictions run with the land. For the term of this
Covenant, each and every contract, deed, or other instrument hereafter executed conveying the
Property or portion thereof shall expressly provide that such conveyance is subject to this
Covenant, provided, however, that the covenants contained herein shall survive and be effective
regardless of whether such contract, deed, or other instrument hereafter executed conveying the
Property or portion thereof provides that such conveyance is subject to this Covenant.
Section 12. Governing Law and Venue. This Covenant shall be construed and enforced
pursuant to the laws of the State of Florida, excluding all principles of choice of laws, conflict of
laws and comity. Any action pursuant to a dispute under this Covenant must be brought in
Miami -Dade County and no other venue. All meetings to resolve said dispute, including
voluntary arbitration, mediation, or other alternative dispute resolution mechanism, will
take place in this venue. The Parties both waive any defense that venue in Miami -Dade
County is not convenient.
Page 3 of 7
Section 13. Floating Units. HOME -ARP -Assisted Units shall be designated as
"Floating Units," meaning that the total number of HOME -ARP -Assisted Units in the
Project is fixed for the Affordability Period but the Project Sponsor may from time to
time change the designation of individual units from a HOME -ARP -Assisted Units to
unassisted units so long as the aggregate number of units remains the same and are of
comparable size by square foot and amenities.
Section 14. Costs, Including Attorney's Fees. In the event litigation, arbitration, or
mediation, between the Parties, arises out of the terms of this Covenant, each Party shall
be responsible for its own attorney's fees, costs, charges, and expenses through the
conclusion of all appellate proceedings, and including any final settlement or judgment.
[Signature Page Follows]
Page 4 of 7
IN WITNESS WHEREOF, the Project Sponsor has caused this Declaration of Restrictive
Covenants to be executed by its duly authorized officers and the corporate seal to be affixed hereto
on the day and year first above -written.
WITNESSES:
Signature:
Print Name:
dress: 30
Ad
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GAL.
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Signature: �.-
Print Name: \ ,50,/, 2 ay./Ts•
Address: ?, ,bct r,Uka#4- -,re
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PROJECT SPONSOR:
MIAMI-DADE COUNTY, a political
subdivision of the State of Florida
Bv:
ACKNOWLEDGMENT
STATE OF FLORIDA )
COUNTY OF MIAMI-DADE
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ate: I*-4,(aDa(_(
The foregoing instrument was acknowledged before me by means of LI3 physical presence or O
online notarization, this DAay of -.e5--, 2024 by as at of
Miami -Dade County, a political subdivision of the State of Florida. She/He is personally known
to me or has produced
b . to
(NOTARY PUBLIC SEAL)
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�€:er nssier a -r 7,41777
++: ' PP,:. Fazres +a' 17, 2026
...• • :crcec Va'cra. rciiry Assn.
as identification.
Signature of Person Taking
Acknowledgment
(Printed, Typed, or Stamped Name of Notary
Public)
Serial Number, if any
Page 5 of 7
ATTESTED:
odd B. Ha
City Clerk
APPROVE
REQ
Ann -Marie S
Director of
anagement
CE
Approved by Housing and Community
Development Department:
azz
Victor Turner
Director 42)10
STATE OF FLORIDA )
COUNTY OF MIAMI-DADE )
CITY OF MIAMI, a municipal
corporation of the State of Florida
By: 4 ;46 CY? bad
/e/ . hur Noriega
City Manager
APPROVED AS TO FORM AND
CORRECTNESS:
George K. Wysong III
City Attorney
ACKNOWLEDGMENT
The foregoing inst ent was acknowledged before
notarization, this day of 1-0 vr• r-) , .24/5
Miami, a municipal corporation of the State of Florida, on behalf of the
personally known to me or has produced as identification.
(NOTARY PUBLIC SEAL)
EDITH MCCRAY
Notary Public - State of Florida
My Comm. Expires Dec 10, 2027
aondec through National Notary Assn.
ed,A,An,
i a1 pysence or O online
it aanager for the City of
ci 1 corporation. She/He is
Signature of Person Taking Acknowledgment
Echo AJcCc
(Pfinted, Typed or Stamp Nagle of Not Public)
A 5 c,1'V A651 S - 7_
Title or Rank
414 41 10jOQ
Serial Number, if any
Page 6 of 7
Exhibit A
Legal Description Of The Property
FOLIO NO.: 36-6007-027-0010
Tract A, BUDGETEL AT CARIBBEAN, according to the Plat thereof, recorded in Plat
Book 146, Page 20, in the Public Records of Miami -Dade County, Florida.
ALSO KNOWN AS:
Commence at the Southeast corner of the North 1/4 of the North 1/2 of the Northeast 1/4 of the
1/4 Northeast of said Section 7: thence South 89 degrees 56 minutes 28 seconds West along the
South line of the North 1/2 of the 1/2 of the Northeast 1/4 of the Northeast 1/4 of said Section 7
for 549.02 feet; thence South 42 degrees 23 minutes 50 seconds West for 61.59 feet to the Point
of Beginning of the parcel of land hereinafter described; thence South 15 degrees 22 minutes 51
seconds= for 104.47 feet; thence South 9 degrees 16 minutes 50 seconds= for 199.35 feet (said
last mentioned two courses being coincident with the Westerly Right -of Way lien of the
Homestead Extension of Florida's Turnpike State Road No. 821, as shown on Sheet R-6 of the
Right -of -Way Map thereof, prepared for Section 87005, Contract 2502, last revised 4-19-71);
thence South 80 degrees 43 minutes 10 seconds West at right angles to the last described course
for 143.70 feet; thence South 9 degrees 16 minutes 50 seconds = for 195.29 feet (said last
mentioned two courses being coincident with the Northerly and Westerly line of "HOLIDAY
INN AT CARIBBEAN", as recorded Plat Book 107, at Page 98 of the Public Records of Miami -
Dade County, Florida); thence North 47 degrees 37 minutes 17 seconds West for 148.87 feet;
thence South 42 degrees 23 minutes 50 seconds West for 150 feet to a point on the Northerly
Right -of Way line of Caribbean Boulevard; thence North 47 degrees- 37 minutes 17 seconds
West along said Northerly Right -of -Way line of Caribbean Boulevard for 100 feet; thence North
42 degrees 23 minutes 50 seconds East for 167.45 feet more or less to the Southeasterly
prolongation of an existing one-story CBS building wall; thence Northwesterly along the
Northwesterly face of the afore -described one-story CBS building (and the Northeasterly and
Southeasterly prolongation) for 60 feet more or less; thence North 42 degrees 23 minutes 50
seconds= for 395.65 feet to the Point of Beginning, all lying and being in Miami -Dade County,
Florida.
as"IR
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