Amendment No. 3 to NSP1 Agreementhalo - ~ ~33~'"'
AMENDMENT NO. 3
TO
NEIGHBORHOOD STABFLIZATION PROGRAM 1 (NSP1) AGREEMENT, DATED
JANUARY 27, 2010, BETWEEN THE CITY OF MIAMI BEACH AND MIAMI BEACH
COMMUNITY DEVELOPMENT CORPORATION
HIS AMENDMENT NO. 3 TO NSP1 AGREEMENT entered into this ~a ~~ day
of -:J1J~ 2010, by and between the CITY OF MIAMI BEACH, FLORIDA, a
municipa corporation having its principal office at 1700 Convention Center Drive, Miami
_ Beach, Florida, 33139 (City), and MIAMI BEACH COMMUNITY DEVELOPMENT
CORPORATION, a Florida not for profit development corporation having its principal
office at 945 Pennsylvania Avenue, Miami Beach, Florida, 33139 (MBCDC or
Developer).
RECITALS:
WHEREAS, on July 31, 2009, pursuant to the City's application for same
authorized under Resolution No. 2009-27039, the City was awarded a grant under the
NSP1 Program, in the amount of $2,549,551, and, accordingly, on November 24, 2009,
the City entered into an NSP1 Grant Agreement with the State of Florida Department of
Community Affairs (DCA); and
" .WHEREAS, as authorized pursuant to Resolution No. 2009-27194, the City
entered. into an NSP1 Agreement with Developer (as the sole responsive proposer
pursuant to a City issued Request for Proposals for potential NSP1 funded projects),
dated January 27, 2010, in the amount of $2,376,181.53, for funding related to
Developer's acquisition and' rehabilitation of a sixteen (16) unit residential property
located at 7871 Crespi Boulevard, .Miami. Beach, Florida (the Crespi Project), with any
remaining funds to be utilized for the "Secondary Objective Project-Home Ownership
Activities;" and
WHEREAS, on February 3, 2010, pursuant to Resolution No. 2010-27348, the
City was authorized to enter into ahd execute Amendment No. 1 to the NSP1 Agreement
with 'Developer, approving a transfer in the ownership of the Crespi Project from
MBCDC, to MBCDC: Madeleine Village, LLC, a Florida limited liability corporation whose
sole member and. agent is MBCDC; and
WHEREAS, on March 24, 2010, the City was awarded an additional allocation of
NSP1 funds, in the amount of $4.,755,717, and, accordingly, executed Modification No. 1
to the November 24, 2009 NSP1 Grant Agreement. with DCA; and
WHEREAS, on March 6, 2010, Developer entered into a contract for the
'purchase of the Neptune Apartments, a 35 unit residential property located at 1632
Meridian Avenue, Miami Beach, Florida (the Neptune Project); and
~_
WHEREAS, on March 30, 2010, the City and Developer entered into and
executed Amendment No. 2 to the NSP1 Agreement, which allocated NSP1 funding, in
the amount of $4,679,226.78, to Developer for the proposed purchase and rehabilitation
of the Neptune Apartments, located at 1632 Meridian Avenue, Miami Beach, Florida (the
Neptune Project); and
WHEREAS, Developer has also created a not-for-profit entity, MBCDC:
Neptune, LLC, which, as the intended owner of the Property, is the successor in interest
#o MBCDC (and will assume all interest and title to the Property); and
WHEREAS, MBCDC is the sole member and agent of MBCDC: Neptune, _LLC;
and
WHEREAS, the closing and acquisition of the Neptune Apartments occurred on
May 26, 2010; and
WHEREAS, on March 3, 2010, Developer entered into a contract for purchase
and sale of the Lottie Apartments, a nine (9) unit residential property, located at 530 75tH
Street, Miami Beach, Florida, for a purchase. price of $1,185,000; and
WHEREAS,- the closing and acquisition of the of the Lottie Apartments is
scheduled for August 6, 2010; and
WHEREAS, on July 1, 2010, the City was awarded an additional allocation of
$2,000,000 in recaptured NSP1 funds, and, accordingly,.executed Modification No. 2 to
the November 24, 2009 NSP1 Grant Agreement with DCA; and
WHEREAS, City and Developer have negotiated the following Amendment No. 3
the NSP1 Agreement, to identify and include the Developer's acquisition and'
rehabilitation of the Lottie Apartments (the Lottie Apartments Project), and to identify the
additional NSP1 funding being allocated to Developer for said Project, in the amount of
$1,.864,000.
NOW, THEREFORE, in consideration of the mutual promises contained herein,
the parties hereby amend the NSP1 Agreement dated January 27, 2010, as follows:
1. The above recitals are deemed true. and correct and incorporated by reference
hereto.
2. Section 2 (page 2) of the NSP1 Agreement, is amended to include the following:
The Lottie Apartments Project (Primary Objective)-Rental Housing Activity
Purchase and rehabilitation of a two (2) story residential apartment building
containing 9 units and located at 530 75th Street, Miami Beach, Florida.
3. The NSP1 Agreement is also amended to incorporate Exhibit 1 to this
Amendment No. 3, entitled "The Lottie Apartments Pro-forma, dated July 12,
2010,,.
- 4. Section 3 (page 2) of the NSP1 Agreement is amended to include the following:
Additional .Funds: Subject to availability of funds,. the City Agrees to make
available.. according to the terms and conditions contained in the Agreement, in
the amount of $1,864 000 (hereinafter, referred to as the "Additional Funds").
S. All other terms and conditions of the NSP1 Agreement (as amended) shall
remain unchanged and in full force and effect.
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IN WITNESS WHEREOF, the parties hereto execute this Amendment No. 3 to NSP1
- Agreement as of the date first written above.
' MIAMF BEACH COMMUNITY '
- - DEVELOPMENT CORPORATION
ATTEST: a Florida not-for-profit corporation
-~
- ,
S retary Roberto Datorre
- President, Authorized Signatory
. ~ ~ `
i ,
ATTEST: CIjTY OF MIAMI .BEACH
. + ~ . ~ a ~ lorida .Municipal Corporation
- .~ City-Clerk att~ Herrera ower, Mayor
' f:1RHCD1$ALLIHSG-CDWLLINSP 11MBCDC CorrespondencelNSP1 AMENDMENT 3 (2010).doc
APPROVED AS TO
FORM'& t.ANGUAGE
e~~FOt2 EXECUTION
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