Amendment No. 1 to NSP1°/G~ -~ ~
AMENDMENT NO. 1
TO
NEIGHBORHOOD STABILIZATION PROGRAM 1 (NSP1) AGREEMENT, DATED
JANUARY 27, 2010, BETWEEN CITY OF MIAMI BEACH, FLORIDA, AND MIAMI
BEACH COMMUNITY DEVELOPMENT CORPORATION
THIS AMENDMENT NO. 1 TO THE NEIGHBORHOOD STABILIZATION
PROGRAM 1 (NSP1) AGREEMENT entered into this 10th day of March, 2010, by and
between the CITY OF MIAMI BEACH, FLORIDA, a municipal 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 and 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
NOW THEREFORE, in consideration of the mutual promises contained herein,
the parties hereby amend the NSP1 Agreement as follows:
1. The parties acknowledge the City's approval and consent, pursuant to Resolution
No. 2010-27335, of MBCDC's transfer of ownership in the Crespi Project to
MBCDC: Madeleine Village, LLC, a Florida limited liability corporation whose sole
member and agent is MBCDC.
2. All other terms and conditions of the Agreement shall remain unchanged and in
full force and effect.
IN WITNESS WHEREOF, the parties have executed this Amendment No. 2 to
NSP1 Agreement as of the date first written above.
ATTEST:
S cretary
ATTEST:
~~
City.~Clerk
MIAMI BEACH COMMUNITY
DEVELOPMENT CORPORATION
a Florida not-for-profit corporation
R erto Datorre
President, Authorized Signatory
CITY OF MIAMI BEACH
a Florida Municipal Corporation
i Herrera- er, ayor
APPROVED AS TO
FORM & LANGUAGE
& FAN EXECUTION
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