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File #: 18-0482 CRA    Version: 1 Name:
Type: CRA Resolution Status: Agenda Ready
File created: 11/6/2019 In control: Community Redevelopment Agency
On agenda: 11/19/2019 Final action:
Title: SECOND AMENDMENT PURCHASE AND SALE AGREEMENT - BH3 MANAGEMENT, LLC - SW 600-800 BLOCKS OF W. ATLANTIC AVENUE
Attachments: 1. Agenda Cover Report, 2. Exhibit A - Second Amendment to PSA, 3. Exhibit B - BH3 November 11 letter
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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TO:                                           CRA Board of Commissioners

FROM:                     Renée A. Jadusingh, Esq., Executive Director

DATE:                      November 19, 2019

 

Title

SECOND AMENDMENT PURCHASE AND SALE AGREEMENT - BH3 MANAGEMENT, LLC - SW 600-800 BLOCKS OF W. ATLANTIC AVENUE

 

Body

Recommended Action:

Recommendation

Approve the Second 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 (“Agreement”) for the SW 600-800 Blocks West Atlantic Avenue Properties with BH3 Management LLC (“BH3”).  A First Amendment to the Agreement was approved by the CRA Board on August 13, 2019, to correct scriveners’ errors in the document. 

 

The Agreement states that BH3 has “210 calendar days subsequent to the Effective Date, by which the PURCHASER must submit applications for all governmental approvals to the City of Delray Beach and any other governmental entity required to approve the Project…” (“Application Date”).  The Agreement was executed on April 18, 2019, and therefore the Application Date is November 18, 2019. 

 

At this time, BH3 states that national, regional, and local grocers have provided feedback on the site plan and that feedback has created a need to revise the site plan. BH3 is requesting a sixty (60) day extension to the Application Date, thereby extending the Application Date to January 17, 2020, to revise the site plan and submit their applications for governmental approvals to the City of Delray Beach and other applicable governmental entities.

 

 

Attachment(s): Exhibit A - Request letter; Exhibit B - Second 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