First Amendment HOME Program AgreementFIRST AMENDMENT
TO HOME PROGRAM AGREEMENT
THIS FIRST AMENDMENT TO THE HOME PROGRAM AGREEMENT dated
March 14, 2007, and 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 MBCDC MERIDIAN PLACE LLC., a FloridaNot-for-Profit Corporation, with offices
located at 945 Pennsylvania Avenue, Miami Beach, Florida (MBCDC), hereinafter referred to as
"Agreement", is entered into this _day of 2008.
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 Apri18, 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 March 14, 2008, the City and MBCDC entered into the Agreement whereby
the City agreed to provide a grant of HOME Program funds to MBCDC in the amount of $309,469,
from FY 2002/03 HOME Program funds; and
WHEREAS, on March 12, 2008, the City's Loan Review Committee reviewed and
recommended that the City Commission approve and award an additional $800,000.00 available
from FY 2007/08 CHDO Set-Aside funds, to MBCDC for seller financing and/or construction for
the Meridian Place Apartments, located at 530 Meridian Avenue, Miami Beach, FL for the purpose
of providing rental housing for income-eligible elderly participants, and
WHEREAS, the City and the MBCDC now wish to amend the Agreement.
NOW, THEREFORE, in consideration of the mutual promises contained herein, the parties
hereto agree as follows:
i~
WHEREAS, the City and the MBCDC now wish to amend the Agreement.
NOW, THEREFORE, in consideration of the mutual promises contained herein, the parties
hereby amend the Agreement as follows:
ARTICLE II, ALLOCATION OF HOME FUNDS, on page 2, paragraph 1 of the
Agreement, is deleted in its entirety and replaced with the following:
In consideration of the erformance b MBCDC of its role and res onsibilities set forth in
this A Bement the Ci a ees to rovide a ant of HOME Pro am funds to MBCDC in
the amount of $309 469 from FY 2002/03 HOME Pro am funds and an additional
$800 000.00 from FY 2007/2008 HOME Pro am CHDO set-aside funds for a total of
$1,109,469.00 HOME Program funds (also referred to as the Funds)
2. EXHIBIT "B" to the Agreement, entitled "BUDGET", is deleted in its entirety, and is
replaced by a revised EXHIBIT "B", attached and incorporated hereto
3. Except as amended by this First Amendment, no other 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 provisions 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:
S ecre ,~
ji's-rte r-~~7`'
ATTEST:
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City Clerk
MBCDC MERIDIAN PLACE LLC.
a Florida not-for-profit corporation
Rob o
President, Authorized Signatory
CITY OF MIAMI BEACH
a Florida Municipal corporation
~~
Matti Herrera Bower, M ~ROVEO ~ TO
FORM & LANGUAGE
~ FOR CUTION
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city m ~ e
EXHIBIT B
BUDGET
PROPOSED SOURCES AND USES:
SOURCES
City of Miami Beach HOME 2002/03 309,469.00
Miami-Dade County Surtax 1,379,395.00
Miami-Dade County HOME 280,517.00
State of Florida Demonstration Loan 1,000,000.00
City of Miami Beach RDA 1,500,000.00
City of Miami Beach FY 07/08 CDBG Facade 160,230.00
City of Miami Beach CDBG Facade (re programmed funds) 69,894.00
City of Miami Beach HOME 2008 800,000.00
Miami-Dade County RFA Surtax 2008 900,000.00
City of Miami Beach HOME 2009 (CHDOSgit-Aside) 415,000.00
Bank Financing 693,821.00
Total $7,508,326.00
USES
Purchase Price 3,800,000.00
Rehabilitation Costs 2,400,000.00
Construction Contingency 240,000.00
Pre Development Costs 1,068,326.00
Total $7,508,326.00