HomeMy WebLinkAbout23896AGREEMENT INFORMATION
AGREEMENT NUMBER
23896
NAME/TYPE OF AGREEMENT
8TH STREET PROPERTIES, LLC
DESCRIPTION
DECLARATION OF RESTRICTIVE COVENANTS/ESSENCE
MIAMI/INCREASE SUPPLY OF RENTAL HOUSING UNITS FOR
LOW & MODERATE INCOME HOUSEHOLDS/#41
EFFECTIVE DATE
ATTESTED BY
TODD B. HANNON
ATTESTED DATE
4/27/2022
DATE RECEIVED FROM ISSUING
DEPT.
5/6/2022
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
Property Address: 829-845-847 Southwest 8 Street Miami, FL 33130
DECLARATION OF RESTRICTIVE COVENANTS FOR
ESSENCE MIAMI (MIAMI FOREVER BOND FUNDS)
This Declaration of Restrictive Covenants for Essence Miami (the "Covenant") made this
day of , 2022 ("Effective Date") by 8' STREET PROPERTIES, LLC, a Florida
limited liability company (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 a 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 $5,000,000.00 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 Low, and Moderate Income Households in the
community known as Little Havana (hereinafter referred to as the "Project"), which consists of a
newly constructed, mixed -use, eight -story building located at 829-845-847 Southwest 8 Street
Miami, FL 33130, as legally described in Exhibit "A" (hereinafter referred to as the "Property").
The Project consists of a total of eighty-eight (88) residential apartment units. All eighty-eight (88)
Project Units are Bond -Assisted Units (the "Bond Assisted Units") developed on that certain
Property and are all subject to the terms, covenants, and restrictions contained herein; and
WHEREAS, the City's allocation of funds for the Project is subject to that certain Miami
Forever Bond Loan Agreement for 8th Street Properties, LLC (the "Loan Agreement" or "Bond
Loan Agreement") and other loan documents of even date herewith between the City and the
Project Sponsor (collectively the "Loan Documents"); and
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 to construct the
Project 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
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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 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 frilly set forth in this Section.
Section 2. Use of Property: The Project shall be developed on the Property and there shall
be eighty-eight (88) Bond Assisted Units out of the Project's total eighty-eight (88) residential
apartment units. Bond Assisted Units shall remain Affordable during the thirty (30) year
Affordability Period. The eighty-eight (88) Bond Assisted Units shall remain affordable to Low
and Moderate Income Households 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
City Assisted Units shall be comprised as follows: twelve (12) one-bedroom/one-bathroom Units
to be occupied by Low Income Households, six (6) two-bedroom/one-bathroom Units to be
occupied by Low Income Households, fifty-seven (57) one-bedroom/one-bathroom Units to be
occupied by Moderate Income Households, and twenty-five (25) two-bedroom/one-bathroom
Units to be occupied by Moderate Income Households. "Low Income Household" shall mean a
household whose annual income does not exceed sixty percent (60%) of the median income for
the area, as determined by FHFC, with adjustments and certain exceptions as provided by FHFC.'
"Moderate Income Household" shall mean a household whose annual income does not exceed one
hundred percent (100%) of the median income for the area, as determined by FHFC, with
adjustments and certain exceptions as provided by FHFC.
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 fiurther 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: The Project Sponsor covenants and agrees not to
encumber or convey its interest in the Project, Property, or any portion thereof, without City's
prior written consent to the extent 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 City's
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 frill amount of
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1
Loan fiends 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 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 by the City and the
Project Sponsor or their respective successors -in -interest. Should this instrument be modified,
amended, or released, the City Manager, or such person who hereafter is delegated such authority,
shall execute a written instrument in recordable fonn 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 nmst 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
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.
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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'S ADDRESS:
16426 Northeast 32 Avenue
North Miami Beach, FL 33160
STATE OF FLORIDA
}
COUNTY OF MIAMI-DADE } SS:
PROJECT S NSOR: 8th Street Properties, LLC,
a Florida licit d liability ompany
By:
Print Name.
Title: i4t
Date: w7
ACKNOWLEDGMENT
t.th'1,1, �iurA
The foregoing instrument was ac owledged before me by mea� of L�!".hysical pres-1ce or ❑
�F
of 8th Street Properties, LLC, a Florida limited liabil'Yy company, to is personally known to •" or has
online notarization this ?" 1 day of ) , 2022 by �►n r
produced
0,I ,�.�AY PU rc ' GREGORY R. FISHMAN
S = `' MY COMMISSION # GG 348456
EXPIRES: October 23, 2023
F off' Bonded Thru Notary Public Underwriters
CF F�•.
as identification.
Print Nam
Notary' ublic, State of Florida at large
Page 4 of 6
ATTEST:
odd Hannon,
Date: t3
APPROVED AS TO INSURANCE
REQUIREMNTS
CITY OF MIAMI, a municipal corporation of the
State of Florida
i
By:
Arthur Noriega V, LGity Manager
APPROVED AS TO FORM AND
CORRECTNESS:
A R -Marie harpe Vitto}ia Mendez
Director of ' isk Management City Attorney
Page 5 of 6
Exhibit A
Legal Description Of The Property
LEGAL DESCRIPTION:
PARCEL A
THE SOUTH 35 FEET OF LOTS 2 AND 3, LOT 10 AND 11, LESS THE SOUTH 10 FEET THEREOF,
IN BLOCK R, OF "RIVERVIEW MRS. MARY BRICKELL SUBDIVISION" AS RECORDED IN PLAT
BOOK 5
AT PAGE 43, OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA.
PARCEL B
THE WEST 1/2 OF LOT 12, LESS THE SOUTH 10 FEET THEREOF, ALL IN BLOCK R, OF
"RIVERVIEW MRS. MARY BRICKELL SUBDIVISION" AS RECORDED IN PLAT BOOK 5 AT PAGE 43,
OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA.
PARCEL C
THE EAST 1/2 OF LOT 12, LESS THE EAST 6.35 FEET OF THE SOUTH 74.86 FEET, AND LESS
THE SOUTH 10 FEET THEREOF, IN BLOCK R, OF "RIVERVIEW MRS. MARY BRICKELL
SUBDIVISION"
AS RECORDED IN PLAT BOOK 5 AT PAGE 43, OF THE PUBLIC RECORDS OF MIAMI-DADE
COUNTY, FLORIDA.
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