Amendment No 5 - NSP Agmt w/ MBCDC 0
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AMENDMENT NO. 5
TO
NEIGHBORHOOD STABILIZATION PROGRAM 1 (NSP) AGREEMENT, DATED
JANUARY 27, 2010, BETWEEN CITY OF MIAMI BEACH, FLORIDA AND MIAMI
BEACH COMMUNITY DEVELOPMENT CORPORATION
THIS AMENDMENT NO. 5 TO NEIGHBORHOOD STABILIZATION PROGRAM 1
(NSP1) AGREEMENT is entered into this 21 day of t CS T 2011,
by and between the CITY OF MIAMI BEACH, a Florida municipal corporation, having its
principal office at 1700 Convention Center Drive, Miami Beach, Florida, (City), and MIAMI
BEACH COMMUNITY DEVELOPMENT CORPORATION, a Florida not - for - profit
corporation, having its principal office at 945 Pennsylvania Avenue, Miami Beach, Florida
33139 (MBCDC or Developer).
WITNESSETH:
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 - 27335, the City
was authorized to execute subsequent amendments to the NSP1 Agreement with
Developer, for any additional NSP1 funds which might be granted pursuant to the City's
requests; 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 30, 2010, City and Developer also executed Amendment No.
2 to the Developer's NSP1 Agreement, to identify and include the Neptune Project, and to
identify the additional NSP1 funding being allocated for said project, in the amount of
$4,679,226.78; 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
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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 75 Street,
Miami Beach, Florida, fora purchase price of $1,185,000; and
WHEREAS, on July 22, 2010, City and Developer executed Amendment No. 3 to
Developer's NSP1 Agreement, to identify and include the Lottie Apartments Project, and to
identify the additional NSP1 funding being allocated for said Project, in the amount of
$1,864,000.00 for the acquisition and rehabilitation; and
WHEREAS, current economic and banking conditions have restricted MBCDC's
ability to draw down on its lines of credit and have delayed completion of the contractually
required activities, Developer has requested that the City extend the expiration date of the
initial contract; and
WHEREAS, communications with DCA/NSP1 representatives have informed that the
majority of it's NSP1 sub - recipients are experiencing similar delays and have also requested
extensions of time; and
WHEREAS, further communications with DCA/NSP1 representatives have declared
that "DCA plans to extend all NSP1 grant agreements to March 1, 2013 ", in accordance with
the four year NSP1 expenditure plan established by HUD.
NOW THEREFORE, in consideration of the mutual promises contained herein, City
and Developer hereby amend the NSP1 Agreement, dated January 27, 2010, as follows:
1. Section 5, on page 2 of the Agreement and Attachment VII, item 2:
The monthly progress reports shall no longer be required.
2. Section 11, on page 4 of the Agreement, is deleted in its entirety and replaced with
the following:
Term: This Agreement shall commence upon the last date of execution by the
parties hereto (the Execution Date), and shall terminate eighteen (18) months after
said Execution Date (the Term). Any costs incurred by the Developer prior to the
Execution Date which were not approved by the City , will not be reimbursed by the
City.
Notwithstanding the preceding, the City hereby agrees to a one -time extension of the
Term, through March 1, 2013, which extension shall be contingent upon approval by
the State of Florida, in accordance with the guidelines established in the 2008 State
of Florida Action Plan Substantial Amendment (Attachment VIII). If approved, by the
State, the aforestated one -time extension is intended to be co- terminous with DCA's
program expiration date, in accordance with the four year NSP1 expenditure plan
established by HUD; and with the understanding that, at the end of the Term, the
State has the authority to re- capture any remaining unused funds.
3. 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 have executed this Amendment No. 5 to NSP1
Agreement as of the date first written above.
MIAMI BEACH COMMUNITY
DEVELOPMENT CORPORATION
ATTEST: a Florida not - for - profit corporation
IdaPilift*
Se; Roberto Datorre
President, Authorized Signatory
ATTEST: CITY OF MIAMI BEACH
a Florida Municipal Corporation
eo Aks
City Clerk Mayor
F: \RHCD \$ALL \HSG- CD\ALL \NSP 1 \MBCDC Correspondence \NSP1 AMENDMENT 5 EXTENSION.doc
APPROVE D ASTO
FORM & LANGUAGE
!t FOR EXECUTION
ity Attorr ` Date
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