HomeMy WebLinkAbout23299AGREEMENT INFORMATION
AGREEMENT NUMBER
23299
NAME/TYPE OF AGREEMENT
RESIDENCES AT DR. KING BOULEVARD, LTD.
DESCRIPTION
DECLARATION OF RESTRICTIVE COVENANTS/SUPPLY
RENTAL HOUSING FOR EXTREMELY LOW & WORKFORCE
INCOME HOUSEHOLDS/FILE ID: 5562/R-19-0141
EFFECTIVE DATE
ATTESTED BY
TODD B. HANNON
ATTESTED DATE
9/28/2020
DATE RECEIVED FROM
ISSUING DEPT.
9/30/2020
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
Folio: 01-3114-027-1290, 01-3114-027-1250,
01-3114-027-1240,01-3114-027-1230,
01-3114-027-1220,01-3114-027-1210,
01-3114-035-2000,01-3114-035-2020,
01-3114-035-2030,01-3114-035-2035
Address: 6240 NW 15 Ave. Miami, FL 33147,
1501 NW 62 St. Miami, FL 33147, 1515 NW 62 St. Miami, FL 33147,
1525 NW 62 St. Miami, FL 33147, 1535 NW 62 St. Miami, FL 33147,
1551 NW 62 St. Miami, FL 33147, 1560 NW 62 St. Miami, FL 33147,
1520 NW 62 St. Miami, FL 33147, 1500 NW 62 St. Miami, FL 33147,
Adjacent North of 1500-1520 NW 62 Street, Miami, FL33147
DECLARATION OF RESTRICTIVE COVENANTS FOR
(MIAMI FOREVER BOND FUNDS)
This Declaration of Restrictive Covenants for Residences at Dr. King Boulevard (the
"Covenant") made this day of , 2020 ("Effective Date") by RESIDENCES AT
DR. KING BOULEVARD, LTD., a Florida limited partnership (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 owner of the property legally described in Exhibit
A, attached hereto and incorporated herein; 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 $2,000,000.00 in Miami Forever Bond funds to Project
Sponsor ("Loan") in order to develop 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 Extremely Low, Very Low, Low, and Workforce
Income Households in the community to be known as Residences at Dr. King Boulevard
(hereinafter referred ,to as the "Project"), which consists of two residential buildings in Miami,
Florida, as legally described in Exhibit "A" (hereinafter referred to as the "Property"). The Project
will consist of a total of one hundred twenty (120) residential units. The Project will have one
hundred twenty (120) Bond -assisted units (the "Bond Assisted Units") developed on that certain
Property; and
WHEREAS, the City's allocation of funds for the Project is subject to that certain Miami
Forever Bond Loan Agreement for Residences at Dr. King Boulevard (the "Loan Agreement")
and other loan documents of even date herewith between the City and the Project Sponsor
(collectively the "Loan Documents"); and
RFA 18-2329 v2 Page 1 of 8
WHEREAS, Project Sponsor desires to make a binding commitment to assure that the
Bond 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 thirty (30) year Affordability Period, and is not merely a personal covenant of the Project
Sponsor; and
NOW THEREFORE, Project Sponsor voluntarily covenants and agrees that the Bond
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 there shall
be a total of one hundred twenty (120) Bond Assisted Units in the buildings that shall remain
Affordable to Extremely Low, Very Low, Low, and Workforce Income Households for the period
of time commencing on the date of the Close -Out of the Project and ending thirty (30) years
thereafter (the "Expiration of the Affordability Period"). Twenty-four (24) of the one hundred
twenty (120) units shall remain Affordable to households whose annual income does not exceed
thirty percent (30%) of the median income for the area, as determined by the Florida Housing
Finance Corporation ("FHFC"), with adjustments and certain exceptions as provided by FHFC,
seventy-five (75) of the one hundred twenty (120) units shall remain Affordable to households
whose annual income does not exceed sixty percent (60%) of the median income for the area, as
determined by the FHFC, with adjustments and certain exceptions as provided by FHFC, nine (9)
of the one hundred (120) units shall remain Affordable to households whose annual income does
not exceed eighty percent (80%) of the median income for the area, as determined by the FHFC,
with adjustments and certain exceptions as provided by FHFC, and twelve (12) of the one hundred
twenty (120) units shall remain Affordable to households whose annual income does not exceed
one hundred forty percent (140%) of the median income for the area, as determined by the FHFC,
with adjustments and certain exceptions as provided by FHFC. The one hundred twenty (120)
Bond Assisted Units shall be comprised of one-bedroom/one-bathroom units.
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 will be thirty (30) 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.
RFA 18-2329 v2 Page 2 of 8
Section 4. Prohibited Conveyances: 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 except as permitted 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, all program income
derived from or in connection with the Project, the Property and/or the Loans (if applciable), and
all unpaid fees, charges and other obligations of the Project Sponsor due under any of the 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
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
RFA 18-2329 v2 Page 3 of 8
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 Forever Bond Funds. Project Sponsor acknowledges and agrees that
this Covenant is intended to evidence and memorialize the use of proceeds of the Miami Forever
Bond for the paramount public purpose of providing affordable housing in the City of Miami,
Florida, as approved at referendum in November 2017. Project Sponsor acknowledges and agrees
that the Project Sponsor entering into this Covenant is a material inducement to the City making
the aforementioned Loan.
[Signature Page Follows]
RFA 18-2329 v2 Page 4 of 8
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:
Print Name: Ml41N[I
Print Name:
Print Name:
PROJECT SPONSOR:
RESIDENCES AT DR. KING BOULEVARD,
LTD., a Florida limited partnership
By: APC Residences at Dr. King Boulevard, LLC,
Florida limited liability company, its general
partner
By:
Name:
Title:
By: MLK 62nd Street Apartments GP, LLC, a
Florida limited liability company, its
co -general partner
By:
Name:
Title:
[ACKNOWLEDGMENTS APPEAR ON FOLLOWING PAGE]
RFA 18-2329 v2 Page 5 of 8
ACKNOWLEDGMENT
STATE OF FLORIDA
}
COUNTY OF MIAMI-DADE } SS:
The foregoing instrument was ackno
onli}�a notarization this a 1 day of
Ye 9O6 of APC Residences
company, the general partner of Residences at
is personally known to me or who produced a
led ed before me bymeans of C physical presence or ❑
S.
e n , 2020 by R.,4n0•Q y GLI e/56 u , as
of Dr. King Boulevard, LLC, a Florida limited liability
Dr. King Boulevard, Ltd., a Florida limited partnership, who
as identification.
,;•..isiv"aa'••. SILVIA A CAMPOS
?°; `�� r? Notary Public • State of Florida
1..41
% it Commission u GG 234701
...oFr`..4• My Comm. Expires Jul 4, 2022
Bonded through National Notary Assn.
STATE OF FLORIDA
}
COUNTY OF MIAMI-DADE } SS:
Print Name:
Notary Public, State of Florid at large
The foregoing instrument was acknowledged before me by means of ❑ physical presence or ❑
online notarization this day of , 2020 by
as of MLK 62nd Street Apartments GP, LLC, a Florida limited liability company,
the co -general partner of Residences at Dr. King Boulevard, Ltd., a Florida limited partnership,
who is personally known to me or who produced a as identification.
Print Name:
Notary Public, State of Florida at large
RFA 18-2329 v2 Page 6 of 8
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: PROJECT SPONSOR:
Print Name:
Print Name:
Print Name: % i Q t/EpA'li
Print Name: v Marlene Sanche
RESIDENCES AT DR. KING BOULEVARD,
LTD., a Florida limited partnership
By: APC Residences at Dr. King Boulevard, LLC,
Florida limited liability company, its general
partner
By:
Name:
Title:
By: MLK 62nd Street Apartments GP, LLC, a
Florida limited liability company, its
co -general partner
By:
Name:
Title:
[ACKNOWLEDGMENTS APPEAR ON FOLLOWING PAGE]
RFA 18-2329 v2 Page 5 of 8
ACKNOWLEDGMENT
STATE OF FLORIDA
}
COUNTY OF MIAMI-DADE } SS:
The foregoing instrument was acknowledged before me by means of ❑ physical presence or ❑
online notarization this day of , 2020 by , as
of APC Residences at Dr. King Boulevard, LLC, a Florida limited liability
company, the general partner of Residences at Dr. King Boulevard, Ltd., a Florida limited partnership, who
is personally known to me or who produced a as identification.
STATE OF FLORIDA
}
COUNTY OF MIAMI-DADE } SS:
The foregoing instrument was acknowledged
online notarization thisZ day of
as l A G. n. (1/1( of MLK 62nd Street Apart
the co-generaV partner of Residences at Dr. King
who is personally known to me or who produced a
Print Name:
Notary Public, State of Florida at large
b fore one by means of ®physical presence or ❑
v�.lr , 2020 byQy 1.rh o 1<l ► j ,
ents GP, LLC, a Florida limited liability company,
Boulevard, Ltd., a Florida limited partnership,
as identification.
.••:.4. Pti`•.. MARE` E CASAR SANCHEZ
c.': Notary Public • State of Florida
;e`•' Commission : GG 921883
'op t r97" My Comm. Expires Oct 19, 2023
Bonded through National Notary Assn.
RFA 18-2329 v2 Page 6 of 8
Marlene Sanchez
Notary Public, State of Florida at large
ATTEST:
odd Hanno
Date: C
APPROVED
QUIRE
Ann=Marie S
Director of
agement
CITY:
CITY OF MIAMI, a municipal corporation of the
State of Florida
13y:
Arthur Noriga\! , City Manager
RFA 18-2329 v2 Page 7 of 8
Exhibit A
Legal Description Of The Property
Parcel 1
LOT 15, BLOCK 6, OF EAST LIBERTY CITY SECTION A, ACCORDING TO THE PLAT THEREOF, AS RECORDED IN PLAT BOOK
39, PAGE 19 OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA.
Parcel 2
LOTS 11, 12, 13, AND 14, OF BLOCK 6, OF EAST LIBERTY CITY SECTION A, ACCORDING TO THE PLAT THEREOF, AS
RECORDED IN PLAT BOOK 39, AT PAGE 19, OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA.
Parcel 3
LOT 9, IN BLOCK 6, OF EAST LIBERTY CITY, SECTION A, ACCORDING TO THE PLAT THEREOF, AS RECORDED IN PLAT
BOOK 39, AT PAGE 19, OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA, A/K/A 1515 N.W. 62ND ST., MIAMI,
FLORIDA.
Parcel 4
LOT 8, BLOCK 6, OF EAST LIBERTY CITY SECTION A, ACCORDING TO THE PLAT THEREOF, AS RECORDED IN PLAT BOOK
39, AT PAGE 19, OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA.
Parcel 5
LOT 7, BLOCK 6, OF EAST LIBERTY CITY SECTION A, ACCORDING TO THE PLAT THEREOF, AS RECORDED IN PLAT BOOK
39, AT PAGE 19, OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA.
Parcel 6
LOT 6, BLOCK 6, OF EAST LIBERTY CITY SECTION A, ACCORDING TO THE PLAT THEREOF, AS RECORDED IN PLAT BOOK
39, AT PAGE 19, OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA.
Parcel 7
LOTS 19 AND 20, IN BLOCK 11, ORANGE HEIGHTS, ACCORDING TO THE PLAT THEREOF, AS RECORDED IN PLAT BOOK
14, PAGE 62, OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA, LESS THE NORTH 30 FEET; TOGETHER WITH
THE NORTH 1/2 OF ALLEY LYING SOUTH AND ADJACENT TO LOTS 19 AND 20, SAID ALLEY CLOSED PER ORDINANCE
13492, RECORDED IN OFFICIAL RECORDS BOOK 31981, PAGE 1923.
Parcel 8
LOTS 21 THROUGH 25 AND THE WEST 16 FEET OF LOT 26, LESS THE NORTH 30 FEET OF ALL LOTS IN BLOCK 11, OF
ORANGE HEIGHTS, ACCORDING TO THE PLAT THEREOF, AS RECORDED IN PLAT BOOK 14, AT PAGE 62, OF THE PUBLIC
RECORDS OF MIAMI-DADE COUNTY, FLORIDA; TOGETHER WITH THE NORTH 1/2 OF ALLEY LYING SOUTH AND ADJACENT
TO LOTS 21, 22, 23, 24, 25 AND THE WEST 16 FEET OF LOT 26, SAID ALLEY CLOSED PER ORDINANCE 13492, RECORDED
IN OFFICIAL RECORDS BOOK 31981, PAGE 1923.
Parcel 9
LOTS 27 AND 28 AND THE EAST 9 FEET OF LOT 26, LESS THE NORTH 30 FEET OF ALL LOTS, IN BLOCK 11 OF ORANGE
HEIGHTS, ACCORDING TO THE PLAT THEREOF, AS RECORDED IN PLAT BOOK 14, PAGE 62 OF THE PUBLIC RECORDS OF
MIAMI-DADE COUNTY, FLORIDA; TOGETHER WITH THE NORTH 1/2 OF ALLEY LYING SOUTH AND ADJACENT TO LOTS 27,
28 AND THE EAST 9 FEET OF LOT 26, SAID ALLEY CLOSED PER ORDINANCE 13492, RECORDED IN OFFICIAL RECORDS
BOOK 31981, PAGE 1923.
LESS AND EXCEPT:
A PORTION OF LOT 28 IN BLOCK 11, ORANGE HEIGHTS, ACCORDING TO THE PLAT THEREOF, AS
RECORDED IN PLAT BOOK 14, PAGE 62, OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA.
BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:
BOUNDED ON THE NORTH BY THE SOUTH LINE OF THE NORTH 30.00 FEET OF LOT 28 OF SAID BLOCK
11, BOUNDED ON THE EAST BY THE EAST LINE OF SAID LOT 28, AND BOUNDED ON THE SOUTHWEST
BY A 25.00 FOOT RADIUS ARC CONCAVE TO THE SOUTHWEST, TANGENT TO THE EAST LINE OF SAID
LOT 28, AND TANGENT TO THE SOUTH LINE OF THE NORTH 10.00 FEET OF SAID BLOCK 11.
Parcel 10
THE SOUTH 20.00 FEET OF THE NORTH 30.00 FEET OF LOTS 21 THROUGH 28, BLOCK 11 OF ORANGE HEIGHTS,.. -
ACCORDING TO THE PLAT THEREOF RECORDED IN PLAT BOOK 14, PAGE 62, OF THE PUBIC RECORDS OF MIAMI-DAD
COUNTY, FLORIDA, LESS THAT PORTION OF LOT 28 WHICH LIES WITHIN THE EXTERNAL AREA FORMED BY A.25.00;•E- OT • ..a
RADIUS ARC CONCAVE TO THE SOUTHWEST, TANGENT TO THE EAST LINE OF SAID LOT 28, AND TANGENT TO THE."
SOUTH LINE OF THE NORTH 10.00 FEET OF SAID BLOCK 11.
RFA 18-2329 v2 Page 8 of 8