Share to Facebook Share to Twitter Bookmark and Share
File #: 18-0418 CRA    Version: 1 Name:
Type: CRA Board Action Status: Agenda Ready
File created: 7/31/2019 In control: Community Redevelopment Agency
On agenda: 8/13/2019 Final action:
Title: FIRST AMENDMENT PURCHASE AND SALE AGREEMENT - BH3 MANAGEMENT, LLC - SW 600-800 BLOCKS OF W. ATLANTIC AVENUE
Attachments: 1. Agenda Cover Report, 2. Exhibit A - Signed First Amendment
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
No records to display.

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

 

Body

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.

 

Body

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