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HomeMy WebLinkAbout25642AGREEMENT INFORMATION AGREEMENT NUMBER 25642 NAME/TYPE OF AGREEMENT COLLABORATIVE DEVELOPMENT CORPORATION DESCRIPTION DECLARATION OF RESTRICTIVE COVERANTS/3710 GROVE LANDING (MIAMI FOR EVERYONE FUNDS)/FILE ID: 16848/R- 25-0064/MATTER ID: 24-2915K EFFECTIVE DATE June 26, 2025 ATTESTED BY TODD B. HANNON ATTESTED DATE 6/26/2025 DATE RECEIVED FROM ISSUING DEPT. 7/1/2025 NOTE Prepared by, and after recording return to: Raymond Pereira, Esq. Assistant City Attorney, City of Miami 444 S.W. 2nd Avenue Miami, FL 33130-1910 Tel: (305) 416-1800 Property Address: 3710 Grand Ave., Miami, FL 33133; 3735 Washington Ave., Miami, FL 33133; 3442 SW 37th Ave., Miami, FL 33133; 3424 SW 37th Ave., Miami, FL 33133; 3714 Washington Ave., Miami, FL 33133; 3718 Washington Ave., Miami, FL 33133; and 3719 Thomas Ave., Miami, FL 33133 DECLARATION OF RESTRICTIVE COVENANTS FOR 3710 GROVE LANDING (MIAMI FOR EVERYONE FUNDS) This Declaration of Restrictive Covenants for 3710 Grove Landing (the "Covenant") made this a(r14-' day of 5v11C , 2025 by COLLABORATIVE DEVELOPMENT CORPORATION, a Florida not -for -profit corporation (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"). RECITALS WHEREAS, the Project Sponsor is the fee simple owner of the property legally described in Exhibit "A," attached and incorporated hereto; and WHEREAS, the Project Sponsor hereby agrees and covenants that the following described 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 of Miami, ("City") a Florida municipal corporation. It shall remain in full force and effect until released by the City; and WHEREAS, the City has loaned $7,200,000.00 in Miami For Everyone ("MFE") funds to Project Sponsor ("Loan") in order to acquire the Property, as more particularly described below; and WHEREAS, the Project Sponsor is constructing a seventy (70) unit mixed use rental and condominium project that will, among other things, increase the supply of Affordable housing units for Low Income Households and Workforce Income Households by providing additional Affordable rental units and homeownership housing units in the community to be known as 3710 Grove Landing (hereinafter referred to as the "Project"), located at 3710 Grand Ave., Miami, FL 33133; 3735 Washington Ave., Miami, FL 33133; 3442 SW 37th Ave., Miami, FL 33133; 3424 SW 37th Ave., Miami, FL 33133; 3714 Washington Ave., Miami, FL 33133; 3718 Washington Ave., Miami, FL 33133; and 3719 Thomas Ave., Miami, FL 33133 (hereinafter referred to collectively, the "Property"), as legally described in Exhibit "A." The Project consists of a total of a total of seventy (70) units, of which sixty-three (63) will be MFE Assisted Units (the "MFE 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 Miami For Everyone Loan Agreement for 3710 Grove Landing (the "Loan Agreement") and other loan documents of even date herewith between the City and the Project Sponsor (collectively the "Loan Documents"); and Page 1 of 7 WHEREAS, Project Sponsor desires to make a binding commitment to assure that the MFE Assisted Units and the Property in general are maintained and operated in accordance with the provisions of the Loan Documents and this Covenant; and WHEREAS, Project Sponsor, as a condition for receiving the Loan funds for the Property is required to record in the Public Records this Covenant obligating the Project Sponsor, its successors, transferees, 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 MFE 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, successors and assigns as follows: 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: The Project shall be developed on the Property and of the Project's total seventy (70) units, sixty-three (63) of the units shall be MFE Assisted Units. MFE Assisted Units shall remain Affordable during the thirty (30) year Affordability Period. The Project's sixty-three (63) MFE Assisted Units shall be allocated for households with an Area Median Income ("AMI") between sixty percent (60%) and ninety-five percent (95%), as determined by the Florida Housing Finance Corporation ("FHFC"), with adjustments for smaller and larger families and with certain exceptions as provided by FHFC, for the period of time commencing on the Close -Out of the Project and ending thirty (30) years thereafter (the "Expiration of the Affordability Period"). The MFE Assisted Units shall be comprised as follows: of the total sixty-three (63) MFE Assisted Units, eighteen (18) of the MFE Assisted Units shall be MFE Assisted Units that shall be occupied by eligible tenants, as described herein, and shall be comprised of four (4) studios/one-bathroom for Low Income Households; one (1) studios/one-bathroom for Workforce Income Households; four (4) one-bedroom/one-bathroom units for Low Income households; one (1) one-bedroom/one- bathroom units for Workforce households; three (3) two-bedroom/one-half bathroom units for Low Income households; one (1) two-bedroom/one-half bathroom units for Workforce households; three (3) three-bedroom/two- bathroom units for Low Income Households; one (1) three-bedroom/two- bathroom units for Workforce Income Households. Of the total sixty-three (63) MFE Assisted Units, forty-five (45) of the MFE Assisted Units shall be sold to eligible homebuyers, as described herein and shall be comprised of three (3) studios/one- bathroom for Low Income Households; eleven (11) studios/one-bathroom for Workforce Income Households; nine (9) one-bedroom/one-bathroom units for Workforce Income Households; two (2) two-bedroom/one-half bathroom units for Low Income households; nine (9) two-bedroom/one- half bathroom units for Workforce households; two (2) three-bedroom/two- bathroom units for Low Income Households; nine (9) three-bedroom/two- bathroom units for Workforce Income Households. Page 2 of 7 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 and assigns from the Effective Date until the Expiration of the Affordability Period. The Affordability Period of this Project is thirty (30) years commencing on the date each homebuyer closes on their purchase of their home all rental MFE Assisted Units have been leased to eligible tenants. 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: Other than as provided in the Loan Agreement, the Project Sponsor covenants and agrees not to encumber or convey its interest in the Project, Property, or any portion thereof, without prior written consent as required by the 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. 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 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, and all unpaid fees, charges and other obligations of the Project Sponsor due under any of the Bond 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. 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, as necessary in order to comply with the City's Bond Requirements. Section 8. Definitions: All capitalized terms not defined herein shall have the meanings provided in the Bond 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 Page 3 of 7 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. Section 13. Miami For Everyone Funds. Project Sponsor acknowledges and agrees that this Covenant is intended to evidence and memorialize the use of proceeds of the Miami For Everyone Funds for the paramount public purpose of providing affordable housing in the City of Miami, Florida, passed and adopted on April 13, 2023 by the City of Miami Commission in Resolution No. R-23-0178. Project Sponsor acknowledges and agrees that the Project Sponsor entering into this Covenant is a material inducement to the City making the aforementioned Loan. Section 14. This Covenant is a covenant running with the land and shall terminate on the earlier of: (1) for each homeownership unit in the Project, thirty (30) years from the Project Sponsor's sale of the homeownership unit to the first homebuyer, on which date this Covenant shall lapse and be of no further force and effect as to such homeownership unit or, (2) upon the recordation of a Termination of Covenant executed by the City. [Signature Page Follows] [Remainder of page intentionally left blank.] 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 t.1 a • e : r first above -written. PROJECT SPONSOR: COLLABORATIVE DEVELOPMENT CORPORATION, a Florida not -for -profit corporation By: Name:`Joseph King Title: President PROJECT SPONSOR'S ADDRESS: Collaborative Development Corporation, a Florida not -for -profit corporation 3644 Grand Avenue Miami, FL 33133 Attention: Joseph King ACKNOWLEDGMENT STATE OF FLORIDA } COUNTY OF MIAMI-DADE } SS: The foregoing instrument was acknowledged before me by means of L9' physical presence or O online notarization, this Z6 day of dOne. , 2025 by Joseph King as President of Collaborative Development Corporation, a Florida not -for -profit corporation. She/He is personally known to me or has produced b'oJeV Lacfn € as identification. (NOTARY PUBLIC SEAL) LIS?oi AJRORA MONTERREY •• • Notary oLbiic - State of Florida r• " Commission 4 HH 172973 My Comm. Expires Sep 7, 2025 Sorcec throLgh Satiorai Notary Assn. Signature n aking Acknowl : • gment (Printed, Typed, or Stamped Name of Notary Public) Serial Number, if any Page 5 of 7 CITY OF MIAMI, a municipal corporation of the State of Florida By: STATE OF FLORIDA COUNTY OF MIAMI-DADE Arthur Norieg City Manager The foregoing instrument was acknowledged before me by means of.iphysical presence or 0 online notarization, this o�I� day of I i)►,.Q , 2025 by Arthur Noriega V, as City Manager for the City of Miami, a municipal corporation of the State of Florida, on behalf of the municipal corporation. He/she is personally known to me or has produced as identification. (NOTARY PUBLIC SEAL) OFELIA E. GONZALEZ MY COMMISSION # HH 408741 EXPIRES: August 2, 2027 Approved by Housing and Community Development Department: dei4 Victor T. Turner Director Approved as to legal form and correctness: . W son� George Wysong Signate of Person Taki .. A . owledgment (Printed, Typed, or Stamped Name of Notary Public) Serial Number, if any Page 6 of 7 EXHIBIT A LEGAL DESCRIPTION OF THE PROPERTY Parcel 1: 3710 Grand Avenue, Miami, FL 33133 Lots 41 through 52, Block A, of St. Alban's Park, of Combined and Supplemental Map of MacFarlane Homestead Plat and St. Alban's Park, according to the map or plat thereof as recorded in Plat Book 5, Page 81, Public Records of Miami -Dade County, Florida, less that portion of said Lots for street right of way as shown on the Right of Way Map according to the map or plat thereof as recorded in Plat Book 101, Page 58, Public Records of Miami -Dade County, Florida, and less legal description in Eminent Domain Proceedings filed in O.R. Book 6544, Page 666 and in O.R. Book 11075, Page 2511, and less that portion of said Lots for street right of way as shown on the Right -of -Way Deed recorded in O.R. Book 33487, Page 4449, Public Records of Miami -Dade County, Florida. Parcel 2: 3735 Washington Avenue, Miami, FL 33133 Lots 1 and 2, Block 1, of St. Alban's Park, of Combined and Supplemental Map of MacFarlane Homestead Plat and St. Alban's Park, according to the map or plat thereof as recorded in Plat Book 5, Page 81, Public Records of Miami -Dade County, Florida, less that portion of said Lots for street right of way as shown on the Right -of -Way Deed recorded in O.R. Book 33487, Page 4449, Public Records of Miami -Dade County, Florida. Parcel 3: 3714 Washington Avenue, Miami, FL 33133 Lot 49 and the East 7 feet of Lot 50, Block B, of St. Alban's Park, of Combined and Supplemental Map of MacFarlane Homestead Plat and St. Alban's Park, according to the map or plat thereof as recorded in Plat Book 5, Page 81, Public Records of Miami -Dade County, Florida. Parcel 4: 3718 Washington Avenue, Miami, FL 33133 The West 13 feet of Lot 50 and the East 9.5 feet of Lot 51, Block B, of St. Alban's Park, of Combined and Supplemental Map of MacFarlane Homestead Plat and St. Alban's Park, according to the map or plat thereof as recorded in Plat Book 5, Page 81, Public Records of Miami -Dade County, Florida. Parcel 5: 3719 Thomas Avenue, Miami, FL 33133 Lots 43 and 42, less the West 1.5 feet of Lot 42, Block B, of St. Alban's Park, of Combined and Supplemental Map of MacFarlane Homestead Plat and St. Alban's Park, according to the map or plat thereof as recorded in Plat Book 5, Page 81, Public Records of Miami -Dade County, Florida. Parcel 6: 3442 SW 37 Avenue, Miami, FL 33133 Lots 44, 45, 46 and the South 1/2 of Lot 47, Block B, of St. Alban's Park, of Combined and Supplemental Map of MacFarlane Homestead Plat and St. Alban's Park, according to the map or plat thereof as recorded in Plat Book 5, Page 81, Public Records of Miami -Dade County, Florida. Parcel 7: 3424 SW 37 Avenue, Miami, FL 33133 The North 1/2 of Lot 47 and all of Lot 48, Block B, of St. Alban's Park, of Combined and Supplemental Map of MacFarlane Homestead Plat and St. Alban's Park, according to the map or plat thereof as recorded in Plat Book 5, Page 81, Public Records of Miami -Dade County, Florida. Page 7 of 7