HomeMy WebLinkAbout24342AGREEMENT INFORMATION
AGREEMENT NUMBER
24342
NAME/TYPE OF AGREEMENT
OMNI CRA & CASA MIA APARTMENTS
DESCRIPTION
DECLARATION OF RESTRICTIVE COVENANTS/CASA MIAMI
APARTMENTS 1815 NW 1ST CT, MIAMI, FL
EFFECTIVE DATE
March 31, 2023
ATTESTED BY
TODD B. HANNON
ATTESTED DATE
3/31/2023
DATE RECEIVED FROM ISSUING
DEPT.
4/3/2023
NOTE
Prepared by, and after recording return to:
Victoria Mendez, Esq.
City Attorney, City of Miami
444 S.W. 2nd Avenue
Miami, FL 33130-1910
Tel: (305) 416-1800
Property Address: 1815 NW 1st CT
Folio: 0131250480750
DECLARATION OF RESTRICTIVE COVENANTS FOR
CASA MIA APARTMENTS, LLC
This Declaration of Restrictive Covenants for CASA MIA APARTMENTS, LLC (the
"Covenant") made this 1 day of 1,t,.2023 by CASA MIA APARTMENTS LLC, a
Florida limited liability company (hereinafter referred to as "Project Sponsor"), is in favor of the
OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY, a
public agency and body corporate created pursuant to Section 163.356, Florida Statutes, with a
principal office located at 1401 N. Miami Avenue, Miami, FL, 33136, and its successors and/or
assigns (hereinafter the "CRA" or "Lender").
RECITALS
WHEREAS, the Project Sponsor is the owner of the property legally described in Exhibit
"A," attached hereto and incorporated herein (the "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 CRA, a public agency
and body corporate created pursuant to Section 163.356, Florida Statutes, and it shall remain in
full force and effect until released by the CRA, its successors, or assigns in accordance with the
terms hereof; and
WHEREAS, the Project Sponsor is developing a project that will increase the supply of
rental housing units for Workforce -Income Households and Market -Rate Income Households in
the community to be known as CASA MIA APARTMENTS (hereinafter referred to as the
"Project" or the `Building"), which consists of the rehabilitation of twelve (12) units, comprised
of six (6) two -bedroom and six (6) studio apartments located at 1815 NW lst Ct., Miami, Florida
( the "CRA-Assisted Units") in the County of Miami -Dade, State of Florida, legally described in
Exhibit "A"; and
WHEREAS, nine (9) of the twelve (12) CRA-Assisted Units will be maintained as
Workforce -Income Households, as defined herein, and three (3) of the twelve (12) CRA-Assisted
Units will be maintained as Market Rate -Income Households, as defined herein, for a period of
twenty (20) years, commencing upon the Close -Out of the Project (such 20-year period being the
"Affordability Period"); and
WHEREAS, during the Affordability Period and subject to Existing Tenants' lease terms
and rights, the Project must at all times maintain the following unit mix structure: Nine (9) of the
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CRA-Assisted Units must be occupied by Workforce -Income Households and three (3) of the
CRA-Assisted Units must be occupied by Market Rate -Income Households (the "Unit -Mix"); and
WHEREAS, the CRA's allocation of funds for the Project is subject to those certain
Construction Forgivable Project Loan Agreement for Casa Mia Apartments, LLC effectively dated
of even date herewith (the "Forgivable Loan Agreement" or "Loan Agreement") and other loan
documents of even date herewith between the CRA and the Project Sponsor (collectively the
"Loan Documents"); and
WHEREAS, Project Sponsor desires to make a binding commitment to assure that the
CRA 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 CRA, is binding on the Property
during the entire Affordability Period, and is not merely a personal covenant of the Project
Sponsor.
NOW THEREFORE, Project- Sponsor voluntarily covenants and agrees that the CRA
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 ofProperty: The Project shall be developed and consists of the rehabilitation
of one (1) three-story, mixed income building on the Property. During the Affordability Period
and subject to Existing Tenants' lease terms and rights, the Project must at all times maintain the
Unit -Mix. A total of nine (9) units in the Building will be maintained as housing for Workforce -
Income Households and three (3) units as housing for Market -Rate Income Households in
accordance with the Rent Regulatory Agreement, for a period of time commencing upon the Close -
Out of the Project and expiring twenty (20) years thereafter ("Expiration of the Affordability
Period"). "Workforce -Income" shall mean a household whose annual income does not exceed
one hundred twenty percent (120%) of the median income for the area, as determined by the U.S.
Department of Housing and Urban Development, with adjustments and certain exceptions as
provided in 24 CFR Part 92. "Market Rate Income" units are units which are not restricted in terms
of tenant income or rental price. Notwithstanding,anything herein to the contrary, Project Sponsor
shall be permitted to retain its existing tenants (each an "Existing Tenant" and collectively the
"Existing Tenants") in the Buildings at the current rental rates for such Existing Tenants and with
annual rental increases based on the consumer price index. Upon an Existing Tenant vacating their
respective Building unit, any subsequent rental of such unit will be required to comply with the
affordability requirements of this Covenant.
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
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successors and assigns from the date hereof until the Expiration of the Affordability Period. Upon
the expiration of the Affordability Period this covenant shall automatically terminate; however,
the CRA 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, including
the Permitted Senior Financing described therein, the Project Sponsor covenants and agrees not to
encumber or convey its interest in the Project, Property, or any portion thereof, without the prior
written consent of the CRA as required in the Forgivable Loan Agreement. The CRA is entitled to
the right of first refusal in the event of a sale of the Property as set forth below in this Section 4.
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, including the Permitted Senior Financing
described therein, shall be deemed a conveyance of an interest in the Project. The CRA shall not
unreasonably withhold its consent for the Project Sponsor to refinance the current Permitted Senior
Financing, which shall not be considered a change in ownership or control.
If, at any time prior to the expiration of the Affordability Period, Project Sponsor shall
receive a bona fide offer to purchase all of the Property that Project Sponsor desires to accept (the
"Offer"), Project Sponsor shall provide a copy of such Offer to the CRA and the CRA shall have
thirty (30) days after receipt of such Offer to elect to purchase the Property on the terms and
conditions set forth in the Offer. If the CRA elects to so purchase the Property, the CRA shall give
to Project Sponsor written notice thereof ("Acceptance Notice"). within -said 30-day period. If
CRA delivers an Acceptance Notice as provided herein, then Project Sponsor and CRA shall,
within thirty (30) days after such delivery, enter into a purchase and sale agreement pertaining to
the purchase and sale of the Property (the "Purchase and Sale Agreement"), reflecting the exact
terms of the Offer. The parties agree to act reasonably and cooperatively in negotiating, executing
and delivering the Purchase and Sale Agreement. In the event that either (i) the CRA shall fail to
timely deliver an Acceptance Notice or (after timely delivering an Acceptance Notice) the CRA
shall fail to timely execute the Purchase and Sale Agreement, or (ii) the CRA shall elect not to so
purchase the Property, then the Project Sponsor may thereafter sell the Property to the person or
entity making such Offer without offering it to CRA.
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 CRA 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 CRA Loan Documents.
Section 6. Inspection and Enforcement: It is understood and agreed that any official
inspector of the CRA 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 CRA
and the Project Sponsor or their respective successors and assigns. Should this instrument be
modified, amended or released, the Executive Director shall execute a written instrument in
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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 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 ensure 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. Floating Units. CRA-Assisted Units are "Floating Units." The total
number of CRA-Assisted Units in the Project is fixed during the Affordability Period, but
the Project Sponsor may from time to time change the designation of individual units
from a City -Assisted Units to unassisted units so long as the total number of City -
Assisted Units and the Unit Mix at all times conform to the requirements of this Covenant.
[Signature Page Follows]
Page 4 of 7
IN WITNESS WHEREOF, the parties hereto have caused this Covenant to be executed by
their undersigned officials as duly authorized.
WITNESSES:
Print Name: Nil ci6- AAA -IQ
Print Name: FrAV )
CASA MIA APARTMENTS LLC Address:
Attn: CARLOS PARRA
2650 SW 27th Av Suite 301
Miami, Florida 33133
STATE OF FLORIDA )
COUNTY OF MIAMI-DADE )
PROJECT SPONSOR:
CASA MIA APARTMENTS LLC,
a Florida limited liability company
By: SOUTHEAST REAL ESTATE
INVESTMENTS LLC
its Manager
By:(2
arra, anage
Date: 0 of -
ACKNOWLEDGMENT
THE FOREGOING INSTRUMENT was acknowledged before me by means of O physical
presence or O online notarization on this " day of Vletreb, , 2023 by Carlos G. Parra,
as Manager of SOUTHEAST REAL ESTATE INVESTMENTS LLC, the Manager of CASA MIA
APARTMENTS, LLC, on behalf of such limited liability company, who is personally known to
me or who produced a aidentification.
My Commission Expires: Signatur6f Notary Public, State of Florida
•.••;,;Y FRANCES LLOP-NOY
° \ %Notary Public -State of Florida
%� i E: Commission # GG 905986
1..,���;�1 �,' My Commission Expires
August 21, 2023
Fanab Ulf =NONI
Printed Name of Notary Public
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IN WITNESS WHEREOF, the parties hereto have caused this Covenant to be executed by
their undersigned officials as duly authorized.
ATTEST:
odd Hannon, < . the Board
Date: J 3, a°a
CRA:
OMNI REDEVELOPMENT DISTRICT
COMMUNITY REDEVELOPMENT AGENCY
of the City of Miami, a public agency and body
corporate created pursuant to Section 163.356,
Florida Statutes ("CRA")
By:
Humberto Gonzalez, Exec tive Director
APPROVED AS TO INSURANCE APPROVED AS TO FORM AND
REQUIREMENTS
CORRECTNESS:
Ann -Marie S arpe 1 V`ictdria Mendez xEA
Director of R k Management General Counsel
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zy1/4-t2—
Exhibit A
Legal Description Of The Property
DESCRIPTION: LOT 11 LESS THE E 25FT BLOCK 23 OF WADDELLS ADDITION TO
MIAMI, ACCORDING TO THE PLAT THEREOF AS RECORDED IN PLAT BOOK B PAGE
53 OF THE PUBLIC RECORDS OF MIAMI DADE COUNTY, FLORIDA.
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