HomeMy WebLinkAbout24642AGREEMENT INFORMATION
AGREEMENT NUMBER
24642
NAME/TYPE OF AGREEMENT
GALLERY AT RIVER PARC, LLC
DESCRIPTION
SUBORDINATION TO RENTAL ASSISTANCE
DEMONSTRATION USE AGREEMENT/RESTRICTIVE
COVENANTS FOR ATTAINABLE MIXED -INCOME HOUSING
DEVELOPMENT/MATTER ID: 22-213/#8
EFFECTIVE DATE
ATTESTED BY
TODD B. HANNON
ATTESTED DATE
5/20/2022
DATE RECEIVED FROM ISSUING
DEPT.
11/3/2023
NOTE
Op
:`:,
ORIGINATING DEPARTMENT: Housing and Community Development P
DEPT. CONTACT PERSON: Maria T. Ason EXT. 1971 3
NAME OF OTHER CONTRACTUAL PARTY/ENTITY: Gallery at River Parc, LLC
CITY OF MIA �����
DOCUMENT ROUTING FORM
IS THIS AGREEMENT A RESULT OF A COMPETITIVE PROCUREMENT PROCESS? ❑ YES ® NO
TOTAL CONTRACT AMOUNT: $ o FUNDING INVOLVED? ❑ YES ® NO
TYPE OF AGREEMENT:
❑ MANAGEMENT AGREEMENT
❑ PROFESSIONAL SERVICES AGREEMENT
❑ GRANT AGREEMENT
❑ EXPERT CONSULTANT AGREEMENT
❑ LICENSE AGREEMENT
❑ PUBLIC WORKS AGREEMENT
❑ MAINTENANCE AGREEMENT
❑ INTER -LOCAL AGREEMENT
❑ LEASE AGREEMENT
❑ PURCHASE OR SALE AGREEMENT
OTHER: (PLEASE SPECIFY) Rental Assistance Demonstration ("RAD") Subordination Agreement
PURPOSE OF ITEM (BRIEF SUMMARY): Execution RAD Subordination Agreement connection with the Gallery at
River Parc, LLC for the purpose of providing rental assistance to very low income tenants. This type of funding is provided
once the project completes construction.
COMMISSION APPROVAL DATE: / / FILE ID: N/A ENACTMENT NO.:
IF THIS DOES NOT REQUIRE COMMISSION APPROVAL, PLEASE EXPLAIN: Once the project is completed,
Miami Dade County requires the proiect to execute a subordination agreement. This subordination does not affect the City's
lien position. The subordination agreement is for rental subsidy that is project based.
✓ s
crb
:.ROUTING INF•RM•'...ATIOl
..._,...., : _-._..-rV •IN . O,._N ,_-.- -
Date
l�EASE RINT AND SIGN
APPROVAL BY DEPARTMENTAL DIRECTOR
5/'9/ c�-`
Geot'ge Me a Alfre o Duran
�'
SIGNAT
\ i
SUBMITTED TO ZONING
5/ZIZ- L
Daniel S. Gol rg
SIGNAT
SUBMITTED TO RISK MANAGEMENT
A
Ann -Marie Sharpe
SIGNATURE:
SUBMITTED TO CITY ATTORNEY
e'et"
5702.
4
Victoria Mendez <1! // j)
SIGNATURE:
APPROVAL BY ASSISTANT CITY MANAGER
', / �c
c A
Fernando Casamayor
,
SIGNATURE:! F`
RECEIVED BY CITY MANAGER
Art Noriega
SIGNATURE:
1) ONE ORIGINAL TO CITY CLERK,
2) ONE COPY TO CITY ATTORNEY'S OFFICE,
3) REMAINING ORIGINAL(S) TO ORIGINATING
DEPARTMENT
I I f
I
D
PRINT: ,`-tom#: 14- 1 , .,A5c. yi
SIGNATURE: '-Lt�yt__
PRINT:
SIGNATURE:
PRINT:
SIGNATURE:
AFTER RECORDING PLEASE RETURN TO:
Efrem Levy, Esq.
Reno & Cavanaugh, PLLC
455 Massachusetts Ave, NW, Suite 400
Washington, D.C. 20001
Phone: (202) 349-2454
Fax: (202) 349-2455
Recorder's Stamp
AGREEMENT TO SUBORDINATE TO RENTAL ASSISTANCE DEMONSTRATION
USE AGREEMENT
DECLARATION OF RESTRICTIVE COVENANTS FOR ATTAINABLE
MIXED -INCOME HOUSING DEVELOPMENT —
CITY OF MIAMI DOCUMENTS
This Agreement to Subordinate to Rental Assistance Demonstration Use Agreement (the
"Subordination") is entered into as of , 2022 by CITY OF MIAMI, a
municipal corporation of the State of Florida, (the "City") and THE GALLERY AT RIVER
PARC, LLC, a Florida limited liability company (the "Project Owner"), collectively, the
"Parties."
WHEREAS, the Project Owner owns that certain one hundred fifty (150) unit (the
"Units") multi -family apartment complex with an address of 1355 NW 7th St., Miami, Florida,
commonly known as The Gallery at River Parc (the "Project"), and located on the real property
described on Exhibit "A" attached hereto; and
WHEREAS, in connection with the financing of the Project, the Parties executed the
following documents:
1. Declaration of Restrictive Covenants for Attainable Mixed -Income Housing
Development dated as of April 7, 2020 and recorded June 18, 2020 in Official Records
Book 31976, Page 1887 of the Miami -Dade County, Florida land records (the "County
Records");
2. Assignment of Mortgage and Promissory Note recorded August 26, 2020 in Official
Records Book 32070, Page 1185 of the County Records;
3. Miami Forever Bond Amended And Restated Mortgage And Security Agreement For
The Gallery At River Parc, LLC recorded August 26, 2020 in Official Records Book
32070, Page 1190 of the County Records;
{D1203124.DOCX / 4 DC233-147}
4. Declaration Of Restrictive Covenants For The Gallery At River Parc (Miami Forever
Bond Funds) recorded August 26, 2020 in Official Records Book 32070, Page 1169 of
the County Records; and
5. Rent Regulatory Agreement for The Gallery at River Parc recorded August 26, 2020 in
Official Records Book 32070, Page 1176 of the County Records.
Collectively, items 1-5 are hereinafter referred to as the "Subordinate Documents".
WHEREAS, the U.S. Depailment of Housing and Urban Development ("HUD") has
authorized the conversion of thirty (30) of the Units (the "RAD Units"), from public housing to
Section 8 assistance under the Rental Assistance Demonstration ("RAD") program, pursuant to
Public Law 112-55 and has issued a RAD Conversion Commitment for the Project, dated
November 21, 2021 (the "RCC"); and
WHEREAS, as a condition of the RAD conversion, the Project Owner executed a Rental
Assistance Demonstration Use Agreement dated and recorded as of substantially even date
herewith (the "RAD Use Agreement") for the benefit of HUD; and
WHEREAS, HUD requires as a condition of the RAD conversion that the Parties agree to
subordinate the Subordinate Documents to the RAD Use Agreement;
NOW THEREFORE, let it be known to all interested parties, that for good and valuable
consideration, the receipt of which is hereby acknowledged, the undersigned do hereby agree:
1. So long as the RAD Use Agreement, and all extensions thereto, be in effect, the
Subordinate Documents shall in all respects be subordinate to the RAD Use Agreement.
2. This Subordination extends to and continues in effect with respect to any future
amendment, extension, renewal, or any other modification of the RAD Use Agreement or
the Subordinate Documents.
3. In the event of conflict between the Subordinate Documents and the RAD Use
Agreement, the RAD Use Agreement controls, provided that nothing herein shall impair
the City's right to require the Project Owner to pay those deferred impact fees in the
event of Owner's failure to maintain the Project as an Affordable Housing community to
the extent required by the Subordinate Documents.
4. The following amendments to the Subordinate Documents require the prior written
consent of HUD: Any amendment to any HUD -required provisions in the Subordinate
Documents, an increase in the interest rate, an increase of the total indebtedness, an
acceleration of the amortization or payment schedule, and any changes that would
preclude or impair a reasonable opportunity to cure any defaults by the Project Owner
under the Subordinate Documents.
5. This Subordination will survive bankruptcy and foreclosure.
{D1203124.DOCX / 4 DC233-147}
6. This Subordination may be signed in counterparts.
7. The invalidity, in whole or in part, of any of the provisions set forth in this Subordination,
shall not affect or invalidate any remaining provisions.
8. This Subordination and every covenant hereof shall be binding upon the Parties and their
respective successors and assigns. This Subordination shall not be modified or amended
except by a written instrument executed by all parties hereto and approved in writing by
HUD.
9. The parties shall be entitled to electronically sign this Agreement in accordance with the
provisions of Section 668.50, F.S., and thereafter deliver it in digital format (whether by
facsimile, PDF or other email transmission), which signature shall have the same effect
as original signature and be binding on the party whose name is contained therein.
[SIGNATURE PAGE(S) TO FOLLOW]
{D1203124.DOCX / 4 DC233-147}
In witness whereof, the Parties have executed this Subordination as of the date first written
above.
PROJECT OWNER:
The Gallery at River Parc, LLC,
a Florida limited liability company
By: The Gallery at River Parc Manager, LLC,
a Florida limited liability company,
its manager
By: 13a/1-----
Name: Tony Del Pozzo, Vice President
STATE OF FLORIDA
COUNTY OF MIAMI-DADE
The foregoing instrument was cknowledged before me by means of 2'physical presence or El
online notarization, this'"\ day of ZAGlt�{ , 2022, by Tony Del Pozzo as Vice
President of The Gallery at River Parc Manager, LC, a Florida limited liability company, the
manager of The Gallery at River Parc, LLC.
Cw\tSSa P,1�
Printed Name
Notary Public, State of Florida
Signature
Personally Known or 0 Produced Identification
Type of Identification Produced
_rit�"� ' • � VANE SSA PILOTO
g' =•
MY COMMISSION # HH 213353
EXPIRES: February 18. 2026
{D1203124.DOCX / 4 DC233-147}
ATTESTED:
Todd B. H
City Clerk
STATE OF FLORIDA
)SS:
COUNTY OF MIAMI-DADE
CITY:
CITY OF MIAMI, a municipal
corporation of the State of Florida
By:
ARTHUR NORI
City Manager
Sworn to and subscribed before me by [check one] (means of physical presence or ( ) remote
audio-visual means, this 3 day of LaJ , 2022, by ARTHUR NORIEGA V as
City Manager of City of Miami, a municipal rporation of the State of Florida. He is personally
known to me or has produced as identification.
My Commission Expires:
i
SANDRAGILBERT
r.t ':: MY COMMISSION # HH 112572
EXPIRES: April 20, 2025
f ov F;;° ' Conded Thru Notary Public Underwriters
i
Approved as to legal fonn and correctness:
t en 1, °/d/a
Victori Mendez, sq.
City Attorney
Pnn or
Commission No.:
Approved:
Daniel S. Goldberg, Esq.
Zoning Administrator
{D1203124.DOCX / 4 DC233-147}
Exhibit A
Legal Description
Parcel 1_5...Leap,
Lessee's Enterest in that certain unrecorded Ground Lease between MIarrd,Dade County. a
political subdivision of the State of Flo: -Ida, as LEmor„ and The Gallery at River Parc, LLC, a
Honda Limited liability conwany, as LaSseao dated November 210 2019, as evidertml by that
Memorandum] Of Ground Lease dated November 21, 2019, recOrried ell December 2, 2019, Iri
Official Records Book 31709, Page 2623, dr the Public Records Qf Mlami-Dade County, Florida,
demising tht following dascribed Land:
A PARCEL OF LAND BEENA PORTION, OF TRACT 'A'o MIAMI RIVER COMPLEX FLORIDA!
ACCORDING TO me PLAT THEREOF, AS RECORDED IN PLAT BOOK 92! AT PAGE 39, CIF THE
PUBLIC RECORDS OF MIMI-WOE C-OUN1Y, FLORIDA, AND ALSO BEING A PORTION OF LOTS
7 8. 8„ OF CORRECTED PLAT OF RIVER_VIONT, ACCORDING TO THE PLAT THEREOF, AS
RECORDED IN PLAT BOOK I AT PAGE 95 OF ME PUBLIC RECORDS OF MIAMI-DADE Courirer
FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:
GALLERY AT RIVE, RC PARrEL Erl-Ar';
COIstMENCE AT THE 55 cORNER OF SAID TRACT hA', THENCE PUN SW.50145IWT ALONG THE
SOUTHERLY LINE OF SAID TRACT ‘AR, FOR A DISTANCE OF 24.,51 FEET, TO THE POINT OF
aEG3NNING1 THENCE CONTINUE SB8050"45HVO, ALONG THE SOUTHERLY LINE OF SAID TRACT
FOR A DISTANCE OF 277.36 FEET; THENCE RUN NOON:10'00"W FOR A DISTANCE Of
350..93 FEET; THENCE RUN N670211411W FOR A DISTANCE OF 47,61 FEET; THENCE R.UN
NOV38151"E FOR A DISTANCE OF 127.17 FSET; THENCE RUN 567044'32E FOR A DESTANCE
OF 76.28 FEET; THENCE RUN 500q0.1'31"E FOR A DISTANCE OF 159,48 FEET; THENCE RLfN
N89058'315 FOR A DISTANCE OF 273.45 FEET; THENCE SG0D01365, FOR A DISTANCE OF
277.61 FEET, TO A POINT OF TANGENCY OF A CIRCULAR CURVE CONCAVE TO THE
NORTI-IWEST; THENCE ALONG THE ARC iDF $AID CIRCULAR CURVE! HAVING FOR ITS
ELEMENTS A RADIUS OP 25.00 FEET, A CENTRAL ANGLE OF er52115'10 FOR AN ARC
DISTANCE OF 38,7$ FEET TO THE POINT OP BEGINNING.
!!iBY MP MEL _!1.-817t.
COMMENCE AT THE SE CORNER OF SAID TRACT ale, THENCE RUN S88aSIY45"Wt ALONG THE
SOUTHERLY LINE OP. SAID TRACT FOR A DISTANCE OF 325.87 FEET, TO THE POINT OF
BEGINNING; THENCE CONTINUE S88901451V, ALONG THE SOUTHERLY LINE OF SAID TRACT
'A", FORA DISTANCE OF 181.15 FEET; THENCE RUN NOV06'04"E FOR A DISTANCE OF
261,56. FEET', THENCE RUN N90400100'E FOR A DISTANCE OF 159.45 FEET; THENCE RUN
NOCI°313151"E FOR A DISTANCE OF 85.95 FEET; THENCE RUN 557021134"E FOP, A DISTANCE OP
21.,92 FEET; THENCE SOO Oo'oci FOR A 'DISTANCE OF 3.35,42 FT TO THE POINT OF
BEGINNING.
to-19.
{D1203124.DOCX / 4 DC233-147}