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HomeMy WebLinkAbout23816AGREEMENT INFORMATION AGREEMENT NUMBER 23816 NAME/TYPE OF AGREEMENT RESIDENCES AT DR. KING BOULEVARD, LTD. DESCRIPTION AMENDMENT NO. 1 TO MIAMI FOREVER BOND LOAN AGREEMENT/AFFORDABLE HOUSING CONSTRUCTION PROJECT/#47 EFFECTIVE DATE ATTESTED BY TODD B. HANNON ATTESTED DATE 3/17/2022 DATE RECEIVED FROM ISSUING DEPT. 3/23/2022 NOTE AMENDMENT NO. 1 TO MIAMI FOREVER BOND LOAN AGREEMENT FOR RESIDENCES AT DR. KING BOULEVARD, LTD. This First Amendment to the Miami Forever Bond Loan Agreement for Residences at Dr. King Boulevard, LTD. ("Amendment") is entered into the day of , 2022 between the City of Miami, a municipal corporation of the State of Florida ("City") and Residences at Dr. King Boulevard, LTD., a Florida limited partnership ("Sponsor" or `Borrower" or "Project Sponsor"). RECITALS WHEREAS, the Borrower has developed a project known as Residences at Dr. King Boulevard ("Project") located at approximately 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, and Adjacent North of 1500-1520 NW 62 Street, Miami, FL33147; and WHEREAS, on September 28, 2020, the City loaned to Borrower two million dollars ($2,000,000.00) in Miami Forever Bond funds ("Loan") to construct and lease one hundred twenty (120) affordable residential units to eligible households ("City Assisted Units"); and WHEREAS, the Loan is evidenced by several loan documents between the parties hereto including but not limited to the Miami Forever Bond Loan Agreement for Residences at Dr. King Boulevard, LTD, dated September 28, 2020 ("Loan Agreement"); and WHEREAS, the Loan Agreement required that the Borrower must obtain all certificates of occupancy required for the Project eighteen (18) months from September 28, 2020 ("Effective Date") and have all City Assisted Units rented within twelve (12) months after the issuance of Project's certificate(s) of occupancy, but in no event later than thirty (30) months from the Effective Date; and WHEREAS, on October 23, 2020, the City's Housing and Commercial Loan Committee approved an amendment to the Loan Agreement, which extends the date by which the Borrower must obtain the certificate(s) of occupancy from eighteen (18) months from the Effective Date to twenty-one (21) months from the Effective Date, and extends the date by which the Borrower must lease all City Assisted Units from thirty (30) months from the Effective Date to thirty-three (33) months from the Effective Date; NOW, THEREFORE, in consideration for the covenants set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 1. All of the above recitals are true and correct in all respects and are incorporated by reference herein as though set forth in full herein. Page 1 of 4 2. This Amendment shall extend the date by which the Borrower must obtain the certificate(s) of occupancy from eighteen (18) months from the Effective Date to twenty-one (21) months from the Effective Date, and extends the date by which the Borrower must lease all City Assisted Units from thirty (30) months from the Effective Date to thirty-three (33) months from the Effective Date. 3. Except as modified herein, all terms and conditions of the Loan Agreement, as amended, shall remain in full force and effect. 4. This Amendment may be executed in any number of counterparts, each of which so executed shall be deemed . to be an original, and such counterparts shall together constitute but one and the same Amendment. The parties shall be entitled to sign and transmit an electronic signature of this Amendment (whether by facsimile, PDF or other email transmission), which signature shall be binding on the party whose name is contained therein. Any party providing an electronic signature agrees to promptly execute and deliver to the other parties an original signed Amendment upon request. 5. This Amendment may not be amended, suspended, superseded or otherwise modified except by a written instrument, expressly identifying the modifications made and signed by the authorized representative of each of the parties. [Signatures on the Following Page] Page 2 of 4 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective officials thereunto duly authorized on the date above written. Signature "REVH-cc-4— - Legibly print name STATE OF FLORIDA COUNTY OF MIAMI-DADE ) SS: PROJECT SPONSOR: Residences at Dr, King Boulevard, LTD, a Florida limited partnership By: APC Residences at.Dr, King B6.0)Ati.t.0,4 LLC, a Florida limited liabllY $)1,0 6.50iit goneral0 ••,, By k. NikieXet eLt Titleate; „gresi dent. By: MLK 62" Street Apartments PF, LLC, a Florida limited liability company, Its co -general partner • "f4191111-0,4,10.k .4. 4; • ? ;:fooliceroofgooglicbr, 470,0yrour&titAtmosg.101401vtifir(fiolita 44;1. gigisio•powirmit-tictog-corgupg.nos produced • • .• . identificatiou, (NOTARY PUBLIC SEAL) MARLENE CASAR SANCHEZ I Notary Public - State at Florida CommislIon 9 GG 921883 • arfr My Comm. Expires Oct 19, 2023 ; Bonded through National Notary Am.:: STATE OF FLORIDA COUNTY OP MIAMI-DAD] )SSi The rarelta&rno)1%! .4afore me by OM oh 410inal presenoo or In onlino_bYnotarlzotIonlik f.,,,.15;yxc44geci b-.fan mix•e•sragivittql60031,11LC tqtt Uniltedituntilv.u.cin plan part= ofReeidanoos at Dr. King BouIovord, Ltd., whokyriisigt •:e. , . a 111 fir lhiimp_ 'Kanto ofNbfififjPilb118). q2,1 tee J. 1-ttlo or Rank Sea) igitthber, Irony (NOTARY PUBLIC SEAL) WINE MY QOMMISSION # HH 067141 EIP imp; 14Fch 20, 2025 MIalPtismiaso Page 3 of 4 . ');;JarmiRs . v=irt,o / (PrInteliMlied,'citErattieriNfitribger: :Puri) irony IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective officials thereunto duly authorized on the date above written, CITY OF MIAMI, a municipal Corporation of the State of Florida Azrthur N„ i- a Date: City Manager APPROVED AS TO INSURANCE REQUIREMENTS Gomez, Frank {' Ann -Maxie Sharpe Digitally signed by Gomez, Frank __Date: 2022.03.01 10:51:13 -05'00' Director, Risk Management Date:: APPROVED BY DEPARTMENT OF HOUSING & COMMUNITY DEVELOPMENT George 1s - Date: Director, Department of Housing & Community Development Page 4 of 4 ATTEST: odd Hannon City Clerk Date: 31nt D, APPROVED AS TO FORM AND CORRECTNESS: �ndea City Attorney RFA #20-2548 Date: CERTIFICATE OF LIABILITY. INSURANCE DATE (414/130IYYYY) 02/26/2022 THIS CERTIFICATE I8 ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS CERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW, THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S), AUTHORIZED REPRESENTATIVE OR PRODUCER/1 AND THE CER'TIFIgATE HOLDER, IMPORTANT; if the Certificate holder -Is an ADDITIONAL INSURED, he pollDy(leis) must have ADDITIONAL INSURED provisions or be endorsed, If SUBROGATION 18 WAIVED, subject to the terms and conditions of, the policy, certain policies may require an endorsement, A statement on this certificate does not confer rjphts to the certificate holder In Ileu of such endorsement(s). P110E/CUR Acn Rlak Services, Ina of Florida 1001 Brickell Bey Drive, euitei11100 WentFL 33131.4037 CONTACT AMEt Aon Risk Services, Inv of Florida P ONE No, Extl; 800-743-8130 FAX ( , Nell800522-7b14 IL ADDRESS; ADDRESS; ADP LCOI,Center1 Aon.c9Jrl - lNBURt R(8y AFFORDING COVERAGE NAIC0 INSURER A I Illinois National Insurance Co 23817 INSURED ADP Total8ouroe MI VII, LLO 10200 Sunset Drive Will, FL 33173 ALTERNATE EMPLOYER Atlantic) end PRWnc Aesoola0an Management Inc, Atlantic Peolflo Community Bulldere LLC 622 Banyan Trull Suite 168 Boon Raton, FL 33431 INSURERS INSURER C I INSURER D I INSURER E ; - INSURER F I COVERAGES QERTIFICATE NUMBER: 3323420 REVISION NUMBER: THIS IS TO CERTIFY THAT THE POLICES OF INSURANCE LISTED BELOW HAVEBEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED, NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL, THE TERMS, EXCLUSIONS AND CONDIUON8 O_F SUCH POLICIES, LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS, LIMITS SHOWN ARE AS REQUESTED, iNBR LTR TYPE OF INSURANCE AOgLaUBR �SR WVD POLICY NUMBER PCLICYpFF IMWDDNYTY) POLICYBXP (MWDOITYYY) LIMITS COMMERCIAL GENERAL UABILIrY OCCUR EACH OCCURRENCE $ CLAIMS -MADE DAMAGE TO RENTED PRErpE5 me oncummooL ' $ MED EXP (Anyone person) $ PERSONAL & ADV INJURY $ GEN'L AGGREGATE LIMIT APPLES PER:GENERAL POLICY El PROJECT LOO 'OTHER AGGREGATE$ $ PRODUCTS - OC P10P AGO $ AUTOMOBILE — LIABILITY ANY AUTO OWNED AUTOS ONLY HIRED AUTOS ONLY — _ SCHEDULED AUTOS NON -OWNED AUTOS ONLY COMBINED SINGLE UMIT JEO accident) $ _ BODILY INJURYper parson) S BODILY INJURY Peraocldent) $ PROPERTY DAMAGE (eeraaddenl) $ S UMBRELLA LIAR EXCSB WAS � OCCUR GLAND -MADE EACH OCCURRENCE $ AGGREGATE $ DEC I RETENTION$ A WORKERS COMPENSATION AND EMPLOYERS' LIABILITY Y jLl ANY PROPRIETOR(PARTNERJBXECUTWE !L_JI OFFICER/MEMBER EXCLUDED? (Mendatery In WO II yea, desalbo under DESCRIPTION OF OPERATIONS below N 1 A WC 038381533 FL 07/01/2021 07/01/2022 X PER OTH• STATUTE ER E.L. EACH ACCIQENT $ 2,000,000 EL, DISEASE - EA EMPLOYEE $ 2,000,000 E.L. DISEASE • POLICY LIMIT $ 2,000,000 DESCRIPTION OF OPERATIONS 1 LOCATIONS / VEHICLES (ACORD 101, 'Additional Remarks Schedule, may be attached If more apace is required) All workelte employees waking for ATLANTIC AND PACIFIC ASSOCIATION MANAGEMENT INC, , ATLANTIC PACIFIC COMMUNITY BUILDERS LLO, peld under ADP TOTALSOURCE, INC; s payroll, ers revered uncial' the above elated policy. ATLANTIC AND PACIFIC ASSOCIATION MANAGEMENT INC, , ATLANTIC PACIFIC COMMUNITY BUILDERS LLD le an alternate employer under INe policy, RE; Resident al Dr. XJng, r. CERTIFICATE HOLDER CANCELLATION City of Mewl 444 9 W 2nd Avenue, 3rd Floor Mleny, FL 33130 ACORD 25 (2018/03) SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE THE EXPIRATION DATE THEREOF, NOTICE WILL , BE DELIVERED IN ACCORDANCE WITH THE POLICY PROVISIONS. AUTHORIZED REPRESENTATIVE ©1988-2018 ACORD CORPORATION, All rights reserved. The ACORD name and logo ere registered marks of ACORD .^ - ATLAPAC-04 ACCP ©Y `,,,� CERTIFICATE OF LIABILITY INSURANCE HJAMES DATE IMMIDDNYYY) 7/6/2021 THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS CERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW, THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(8), AUTHORIZED REPRESENTATIVE OR PRODUCER, AND THE CERTIFICATE HOLDER. IMPORTANT: If the certificate holder Is an ADDITIONAL INSURED, the pollcy(les) must have ADDITIONAL INSURED provisions or be endorsed. If SUBROGATION IS WAIVED, subject to the terms and conditions of the galley, certain policies may require en endorsement A statement on thls certificate does not confer rights to the certificate holder in lieu of such endorsement(s). PRODUCER Tanner Bellew and Maloof, Inc, 6874 G)enrldge Dr Suite 400 Atlanta, GA 30328 NR CT Rico, elsI): (404) 252.8850 ac, Nol:(404) 262.8834 AJSURERIS1 AFFORDING 00VERAOE NAM INSURERA t Mi'. Hawleylnsurance Ct9mpanV 37974 INSURED Residences at Dr, King Boulevard, Ltd 8609 South Dixie Highway Plnecrest, FL 33166 r INSURER BI INSURER 0: (NSUREg D r INSURER a INSURER F I • EVISION NUMBER: THIS IS TO CERTIFY THAT THE POLICIES INDICATED. NOTWITHSTANDING ANY REQUIREMENT, CERTIFICATE MAY BE ISSUED OR MAY EXCLUSIONS AND CONDITIONS OF SUCH OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TERM OR CONDITION OF ANY CONTRACT PERTAIN, THE INSURANCE AFFORDED BY THE FOLIC POLIOIES, LIMITS SHOWN MAY HAVE BEEN REDUCED BY TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS ES DESCRIBED HEREIN IS SUBJECT TOALL THE TERMS, PAID CLAIMS. OR LTR TYPE OF iNSURANOE ADO MD Waft � POLIDY NUMaER P LICyaP (f,(�)ODryYm OLICY P �maw I LIMITS A X COMMERCIAL GENERAL LIABILITY ►yGL0181308 4/112021 411/2022 FA^H OCCURRENCE $ 1,000,000 ° _Liiisu. iFaEoccamencq) $ 60,000 CL.JMs MADE �X OCCUR X MED EXPJApv one person) $ 6,000 PERSONAL S. ADV INJURY $ 1,000,000 C�ENERALAGGREGATE $ 2,000,000 GENLAGGRE _ AGGREGATE POLICY j Li E UMITAP ES PER: Li LOC PRDPUCTB.COMP/OP AGO S 2,000,000 $ 1,000,00($ A AUT X MOBILE LIABILITY xANN©ppR SCHEDULED4— IT • MGL0191308 4/1/2021 4/1/2022 COMBINED aINED SJ.EIN4L@ LIMrf la BODILY INJURY (Per person) u0DILYINJURY (Per ecGdent1 Jy$ ujlag AGE , $ $ A X UMBRELLA LIAR EXDESSLIAS X OCCUR CLAIMS•MAOE X MXL0429466 4/1/2021 4/1/2022 - EACH OCCURRENCE § 10,000,000 ATE $ 10,000,000 $ DED RNNETE77NTION $ 0 ppXMM ANDREMPLLOYERS LJ BILIITY AAQNFFFIO0PERRO1PRIIMTOR EXCLUD tEXECUTIVE r`1 tmandntory in NN) (—J If yea, describe under PEScRIPTION OF OPERATIONS bolo w N!A E STATUTE ERH E.I.. EAC j ACCIDENT $ E?L. DISEASE - EA EMPLOYEE $ E,L, DISEASE. POLICY LIMIT $ DE CRIPTION OFF OPERATIONS I LOCATIONS 1 VEHICLES (ACORD 1$1, Additional Remark(' Schedule, may ha ells if more Space la required) Project: Rapidants at Dr. King 1600 &1501 NW 62nd Street, Mlaml•Dade County, Mlaml, Florida 33147 1500 =7 Story Residential Building (bottom 3 floors parking with floors 4 through 7 residential units), North .Bullding; 1501=6 Story, 60 unit Multl•FamllyBuilding, elevator equipped (ground level parking and remainder floors are residential units); South Primary NonContributary applies to the General Liability as required by written contract. Tho XCU Hazards are Included. AT City of Mlaml 444 SW 2nd Avenue 3rd Floor Mlaml, FL 33130 SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE THE EXPIRATION DATE THEREOF, NOTICE WILL BE DELIVERED IN ACCORDANCE WITH THE POLICY PROVISIONS. AUTHORIZED REPRESENTATN6 ACORD 25 (2018/03) @ 1988.2016 ACORD CORPORATION. Ail rights reserved. The ACORD name and logo are registered marks of ACORD