TO: CRA Board of Commissioners
FROM: Renée A. Jadusingh, Esq., Executive Director
DATE: September 29, 2020
Title
FIRST AMENDMENT TO THE PARKING COST SHARING AGREEMENT WITH DELRAY BEACH 4TH AND 5TH AVENUE, LLC
Body
Recommended Action:
Recommendation
Authorize the Board Chair to execute the First Amendment to the Parking Cost Sharing Agreement by and between Delray Beach 4th and 5th Avenue, LLC and the Delray Beach Community Redevelopment Agency.
Body
Background:
At its meeting of December 12, 2013, the CRA Board approved the Agreement for Purchase and Sale for CRA’s Fourth and Fifth properties for the construction of a mixed use building consisting of: iPic Theater; Class A office space; feet of retail space; and, a multi-level parking garage providing public spaces.
On March 17, 2017, the CRA executed a Parking Cost Sharing Agreement with Delray Beach Holdings, LLC (Assigned to Delray Beach 4th & 5th Avenue, LLC on May 15, 2017) to assist with the maintenance cost for the public parking spaces for $75,000 per year with an allowance for CPI increases annually.
Delray Beach 4th & 5th Avenue hereby seeks to amend the Parking Cost Sharing Agreement to reduce the CRA’s annual maintenance payments in the Parking Cost Sharing Agreement for the parking garage from $75,000 annually to $50,000 annually with zero allowance for CPI increases, as well as forgiving the annual maintenance payments for years 2019, 2020, and 2021 as consideration for modifications to the City of Delray Beach Parking Facility Easement Agreement and Project Covenant for 4th & 5th Delray.
City Parking Facility Easement Agreement and Project Covenant for 4th & 5th Delray:
At its meeting of January 20, 2016, the Site Plan Review and Appearance Board approved the Class V site plan for the iPic movie theater, offices, and retail for the project known as "4th & 5th Delray". A condition of approval required the applicant to record a covenant related to the applicant's obligati...
Click here for full text