Second Amendment to HOME Program Agreement
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SECOND AMENDMENT TO HOME PROGRAM AGREEMENT
THIS SECOND AMENDMENT TO THE AGREEMENT, entered into this ~ day of ~
2007, 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, INC., a Florida Not-for-Profit Corporation,
with offices located at 954 Pennsylvania A venue, Miami Beach, Florida (hereinafter referred to as
Owner).
WITNESSETH:
WHEREAS, on February 18, 1992, the City was designated by the U.S. Department of Housing
and Urban Development (HUD) as a Participating Jurisdiction to receive funds through the HOME
Investment Partnerships (HOME) Program, as set forth in 24 CFR Part 92; and
WHEREAS, the City has established a HOME Investment Partnerships Program (HOME
Program) under the rules of the U.S. Department of Housing and Urban Development (U.S. HUD),
which provides financial assistance for the purpose of providing affordable housing within the City; and
WHEREAS, on April 8, 1993, the Mayor and City Commission approved Resolution No. 93-
20756, designating MBCDC as a qualified Community Housing Development Organization (CHDO)
under the HOME Program; and
WHEREAS, in accordance with the HOME Program regulations, the City must reserve a
minimum of fifteen (15) percent of each fiscal year's HOME allocation for a CHDO set-aside for
investment in housing to be developed, sponsored or owned by a designated CHDO; and
WHEREAS, on July 30, 2003, the City Commission approved Resolution No. 2003-25304,
which adopted the City of Miami Beach Five-Year Consolidated Plan for Federal Funds; and
WHEREAS, on July 27,2005 the City Commission adopted by Resolution No. 2005-25974
the City of Miami Beach One- Year Action Plan for Federal Funds, Fiscal Year (FY) 2005/2006, which
allocated $800,000 HOME Program CHDO funds to MBCDC; and on July 12, 2006 the City
Commission adopted by Resolution No. 2006-26253 the City of Miami Beach Action Plan for Federal
Funds, Fiscal Year (FY) 2006/2007, which also allocated $800,000 HOME Program CHDO funds to
MBCDC; and
WHEREAS, on December 8, 2004, the City Commission adopted Resolution No. 2004-25757
authorizing a HOME Program Agreement between the City and MBCDC to provide $1,100,000 of
HOME Program Set-Aside funds for the acquisition and rehabilitation ofan apartment building located
at 2800 Collins A venue, Miami Beach; and
WHEREAS, on February 2,2005, the City Commission adopted Resolution No. 2005-25799,
authorizing a First Amendment to the HOME Program Agreement between the City and MBCDC to
provide $500,000 of their previously allocated Fiscal Year 2004/2005 HOME CHDO funds towards the
acquisition and rehabilitation costs of the above mentioned building; and
WHEREAS, on March 18,2005, MBCDC entered into a mortgage and security agreement with
an outstanding promissory note with the seller of the Villa Maria Apartment building, Neighborhood
Development Ltd., in the amount of$1 ,400,000 with repayment of interest at seven percent annum from
the date of disbursement of the principal sum; and
WHEREAS, on March 28, 2007, the City's Loan Review Committee reviewed and
recommended that the City Commission approve and award HOME Program funds, in the amount of
$1,600,000, to MBCDC for the payment of existing seller financing for Villa Maria Apartments Project;
and
WHEREAS, on April 11, 2004, the City Commission approved Resolution No. 2007-26511,
awarding MBCDC $800,000 ofFY 2005/06 HOME CHDO set-aside funds, and $800,000 FY 2006/07
HOME Program funds, for a total of$I,600,000 HOME funds, for the acquisition of the Villa Maria
Apartments, located at 2800 Collins A venue, Miami Beach; and
WHEREAS, the City and the Owner now wish to amend the Agreement; and
NOW, THEREFORE, in consideration of the mutual promises contained herein, the parties
hereto agree as follows:
1. ARTICLE II, ALLOCATION OF HOME FUNDS, page 2, the first paragraph is deleted in its
entirety and amended as follows:
In consideration of the performance by MBCDC of its role and responsibilities set forth in this
Agreement, the City agrees to provide a grant of HOME Program funds to MBCDC in the
amount of$800,000, ofFY 2005/06 HOME CHDO set-aside funds, and $800,000 FY 2006/07
HOME Program funds, for a total of$1 ,600,000 HOME Program funds (also referred to as the
Funds).
2. The existing EXHIBIT B, BUDGET, is deleted in its entirety, and is replaced by the revised
EXHIBIT B TO SECOND AMENDMENT TO HOME PROGRAM AGREEMENT, BUDGET,
reflecting the adjustments in the HOME Program funds from the City of Miami Beach.
3. Except as amended by this Amendment, no term or condition of the Agreement shall be
modified and the same shall remain in full force and effect; provided, however, if any revision
of this Amendment is in conflict with, or inconsistent with, any information in the Agreement,
the provision contained in this Amendment shall govern and control.
4. This Amendment shall be binding upon and shall inure to the benefit of the respective
successors and assigns of the parties hereto.
IN WITNESS WHEREOF, the parties hereto executed this Amendment as of the day and date
first above written.
ATTEST:
MIAMI BEACH COMMUNITY
DEVELOPMENT CORPORATION
a Florida not-for-profit corporation
81: IL
~>
Roberto Datorre, President, Authorized Signatory
City Clerk
Robert Parcher
David Dermer
Mayor
ATTEST:
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F:\neig\HSG-CD\EDWARD\HOME\ViIla Maria\Legal\Villa Maria 2nd Amend. Agree,doc
APPROVED AS TO
FORM & LANGUAGE
& FOR EXECUTION
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ate
SOURCES
USES
EXHIBIT B
TO SECOND AMENDMENT TO HOME PROGRAM AGREEMENT
BUDGET
Villa Maria
2800 Collins Avenue
City of Miami Beach HOME CHDO Set-Aside $595,000.00
2003/04
City of Miami Beach HOME Program Income $505,000.00
2003/04
City of Miami Beach HOME CHDO Set-Aside $500,000.00
2004/05
City of Miami Beach HOME CHDO Set-Aside $800,000.00
2005/06 (subject funds - pending)
City of Miami Beach HOME CHDO Set-Aside $800,000.00
2006/07 (subject funds - pending)
Miami-Dade County HODAG
2005 (Pooled Funding) $500,000.00
(Housing Development Grant Program)
Miami-Dade County HODAG $715,000.00
2005 (Housing Development Grant Program)
Miami-Dade County Documentary Surtax Funds $1,000,000.00
2005
Florida Housing Financing Corporation
State Apartment Incentive Loan Program $1,083,565.00
2007 (application pending)
Miami-Dade Surtax $800,000.00
2007 (application pending)
Total $7,298,565.00
Purchase Price $2,600,000.00
Rehabilitation Costs $3,195,204.00
Rehabilitation Contingency $215,000.00
Pre-Development Costs $1,288,361.00
Total $7,298,565.00