TO: CRA Board of Commissioners
FROM: Renée A. Jadusingh, Esq., Executive Director
DATE: August 13, 2019
Title
FIRST AMENDMENT PURCHASE AND SALE AGREEMENT - BH3 MANAGEMENT, LLC - SW 600-800 BLOCKS OF W. ATLANTIC AVENUE
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Recommended Action:
Recommendation
Approve the First Amendment for the Purchase & Sale Agreement with BH3 Management, LLC for SW 600-800 Blocks West Atlantic Avenue Properties.
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Background:
At the April 9, 2019 CRA Board Meeting, the CRA Board approved the Purchase & Sale Agreement for the SW 600-800 Blocks West Atlantic Avenue Properties with BH3 Management LLC (‘BH3”).
The Board approved for BH3 to provide Workforce Housing units off-site by September 1, 2019. The agreement executed by BH3 and the CRA included a scriveners error stating that units would be available by June 1, 2019; not September 1, 2019.
The First Amendment to the Purchase & Sale Agreement corrects the scriveners error as follows:
• The date in paragraph 1.14 f) is revised to read as September 1, 2019.
• The date for the commencement of the restrictive covenant referenced in paragraph 1.17 e) is revised to read as September 1, 2019.
Attachment(s): Exhibit A - First Amendment to the Purchase & Sale Agreement
CRA Attorney Review:
The CRA Attorney has reviewed the Agreement as to form and determined it to be acceptable.
Finance Review:
N/A
Funding Source/Financial Impact:
N/A