Agenda 04-01-08
~~~<tY~T2~ eRA
Ii East Side-West Side- Seaside Renaissance
If any person decides to appeal any decision made by the Board with respect to any matter considered at this meeting, he or she will
need a record of the proceedings, and that, for such purpose, he or she may need to ensure that a verbatim record of the proceedings
is made, which record includes the testimony and evidence upon which the appeal is to be based.
Special Meeting of the eRA Board
Tuesday, Aprill, 2008
City Commission Chambers
5:45 PM
I. Call to Order - Chairman Jerry Taylor
II. Pledge to the Flag and Invocation
III. Roll Call
IV. Consideration of Assignment of Purchase and Sale Agreement from Ocean
Breeze, LLC to Madison Breeze, LLC
V. Consideration of Grant to Madison Breeze, LLC
VI. Consideration of Addendum to Purchase and Sale Agreement between the
CRA and Madison Breeze, LLC
V. Adjournment
OCEANBREEZE, LLC
615 CRESCENT ExECUTIVE COURT, SUITE 120
LAKE MARY, FLORIDA 32746
TEL: (407) 333-1440 F N<: (407) 333-1340
r--
March 31, 2008
Chairman Jerry Taylor
Boynton Beach Community Redevelopment Agency
915 S. Federal Highway
Boynton Beach, FL 33435
Re: Assignment of Purchase and Sale Agreement
Dear Chairman Taylor:
This letter requests the approval of the assignment of the Purchase and Sale Agreement
("PSA") between Boynton Beach Community Redevelopment Agency rCRA") and
Oceanbreeze, LLC dated January 24, 2008 for the purchase of 4.39 acres of land to Madison
Breeze, LLC. The subject property is to be developed with the proposed Seabreeze
apartments, an 84 unit affordable housing development.
,r-.
Madison Breeze, LLC is a single-asset entity formed by the principals of Oceanbreeze, LLC to
comply with IRS Section 42 and such that the proposed development would be eligible to
receive an allocation of Housing Credits which will be a principal source of funding for the
proposed development. Oceanbreeze, LLC intends to assign its rights, subject to the approval
of the CRA per the terms of the PSA, to Madison Breeze, LLC for the purpose of submitting an
application to the Florida Housing Finance Corporation for Housing Credits in the Universal
Cycle Application.
Respectfully. 0-
c:?-
Oceanbreeze, LLC
",.......
1!~~<!Y~T2~ eRA
. East Side-West S'lde-Seaside Renaissance
eRA SPEeIAL BOARD MEETING OF: Aprill,2008
I Consent Agenda I
Old Business I X I
New Business I I
Public Hearing I I
Other
SUBJECT: Consideration of Assignment of Purchase and Sale Agreement from Ocean Breeze, LLC to
Madison Breeze, LLC
SUMMARY: At the October 9,2007 CRA Board meeting, the Board unanimously voted to select
the proposal submitted by American Realty to develop the Ocean Breeze site. American's proposal
included townhomes on the west side of Seacrest and rental apartments on the east side.
American Realty is requesting an assignment of the Purchase Agreement between the CRA and Ocean
Breeze LLC to Madison Breeze, LLC for the purpose of applying to the State of Florida for an allocation
of federal low-income tax credits for the rental portion of the project. If awarded, the tax credits will be
sold in the market to provide the necessary equity to develop and operate the project. Per IRS
regulations, tax credits must be awarded to a single asset entity.
FISCAL IMPACT: None
CRA PLAN, PROGRAM or PROJECT: Heart of Boynton Community Redevelopment Plan
RECOMMENDATIONS: Approve the Assignment of Purchase and Sale Agreement from Ocean
Breeze, LLC to Madison Breeze, LLC.
cdL4L
Assistant Director
T:\AGENDAS, CONSENT AGENDAS, MONTHLY REPORTS\Completed Agenda Item Request Forms by Meeting\FY 2007 - 2008 Board
Meetings\08 04 01 CRA SPECIAL MEETING OB\Assignment of Contract. doc
'.
IN WITNESS WHEREOF, the parties hereto have executed this Assignment of Purchase and
Sale Agreement on the date fIrst written above.
Assignor:
OCEANBREEZE, LLC, a Florida limited liability
company
By: Todd L. Borck, Manager
Assignee:
MADISON BREEZE, LLC, a Florida limited
liability company
By: Madison Breeze Apartments, LLC, a Florida
limited liability company, its managing member
By: Todd L. Borck, Manager
SELLER'S CONSENT TO ASSIGNMENT:
BOYNTON BEACH COMMUNITY
REDEVELOPMENT AGENCY
By: Jerry Taylor, Chairperson
Dated: April
,2008.
20f3
OCEANBREEZE, LLC
615 CRESCENT ExECUTNE COURT, SUITE 120
LAKE MARY, FLORIDA 32746
TEL: (407) 333-1440 F N<: (407) 333-1340
r--
March 31, 2008
Chairman Jerry Taylor
Boynton Beach Community Redevelopment Agency
915 S. Federal Highway
Boynton Beach, FL 33435
Re: Assignment of Purchase and Sale Agreement
Dear Chairman Taylor:
This letter requests the approval of the assignment of the Purchase and Sale Agreement
("PSA") between Boynton Beach Community Redevelopment Agency rCRA") and
Oceanbreeze, LLC dated January 24, 2008 for the purchase of 4.39 acres of land to Madison
Breeze, LLC. The subject property is to be developed with the proposed Seabreeze
apartments, an 84 unit affordable housing development.
,r-.
Madison Breeze, LLC is a single-asset entity formed by the principals of Oceanbreeze, LLC to
comply with IRS Section 42 and such that the proposed development would be eligible to
receive an allocation of Housing Credits which will be a principal source of funding for the
proposed development. Oceanbreeze, LLC intends to assign its rights, subject to the approval
of the CRA per the terms of the PSA, to Madison Breeze, LLC for the purpose of submitting an
application to the Florida Housing Finance Corporation for Housing Credits in the Universal
Cycle Application.
Respectfully, 0-
c:?
Oceanbreeze, LLC
",.......
2008 UNIVERSAL CYCLE - WCAL GOVERNMENT VERIFICATION
OFCONrRlBunON-GRANT
Name ofDevelopmemSeob1'C<:ZC
100 N. Seaaest Av<m1C. &ynlon Bead1, Florida 3343S
Development Locatioo:
(At. mioiaa=. provide die acIdlas aslis=S by tho UaiJOd 5_ Pocta1 SeMce. iacIudiag!be 1IdcIress DlJIDber. Sln:ct"""", ODd city, or iflhe
address has_J<t '*a aslis=d. provide "'" _-. eIos.stdcsiguated ~ aud city)
Onofbefore f)lf.e' b..o1J6 tl1t:CitylCountyof ~trJv\~\.. etA committed
Dab: dd/yyyJ) (N of City ... Cowtty)
s;loo If'no as a grant to the Applicanl. for its USe solely for assisting the proposed Development
n:fere.oced above. The City/Cowty does not expect to be repaid or reimbursed by the Applicant, or any other
entity, prcn..ided the fimds are expended sOlely for the Development referenced above. No consideration or
promise of consideration has been given with respect to the granl For purposes of the foregoing. the promise of
providing affordable housing does not constitute consideration. This grant is provided specifically with respect to
the proposed Development. LJ 4J. . I
The sonrc:e of the grant is: f!- ~ If- 1 A1rltJ
. (e.g., SHIP. HOME. CDBG)
CERTIFICATION
I certify that the foregoing information is true and correct and that this commitment is effective through
Date (mmidd/yyyy)
...-s-~ ~~o('}
or Type e
~6.1 {' J C~B-
Print or Type Title
Signature
Date (mmlddIyyyy)
QuI- "j"j~5fD
Telephone Nwnber
This eatificalion must be signed by the chic! appointed offieial (slaf!) responsible for such approvals, Mayor, City Manager,
CDunty Manager IAdministnlotfCoordinator. Chairperson of the City Couoci1/CDmmissWn or Chairperson of the &an1 of
CDunty Commissionen. If the coDlJ:ibutioa is from a Land Authority 0I'glIIIizcd pmsuaot to Chapter 380.0663, Florida
Statutes, Ibis =ti1ic:ation must be signed by the Chir of the l.aDd Authority. One of th..lIIl1hari=\ pasons named above
may sign this form fur catification of state, :fed<:raI or Local Govcmment funds iniIia1ly obtained by or derived from a Loea1
Gove:mm<:nt that is dim:tIy administered by an inlclmediary such as a housing finance a1llbority. . COmmwDty mnveslmcnt
c:oq>ontiou, or a statc-cc:mfied Community Housing Dc:velopment Orgaoizalioa (CHDO). Other .;ptorles .... not
""""Pfahl... The Applicant will DOt recc:ive aalit for this c:oDlrihutioa if the certification is impropedy signed. To be
e<>asidered for points, thc amount ofthc COIllributillll stated on Ibis form must be a precise dollar amount and cannot include
words such as estimaled, up to, maximum of; not to exceed, eb:..
This contributioa will not be considered and the Applieatioa will fait tbn:shold if the eatificatiOD coulains corrections or
'wbit.e-out' or if the certification is scanned, imaged, altered, or retyped. n., eatifieation may be photocopied.
The Application may still be eligtble for aulomatic points.
UAl016 (Rev. 3-Oll)
li74OOl(1)W; 67.,21.lIlIl(lJ(o). FAC.
Exlubit_
eRA SPEeIAL BOARD MEETING OF: Aprill,2008
I Consent Agenda I
Old Business I X I
New Business I I Public Hearing
Other
SUBJECT: Consideration of Grant to Madison Breeze, LLC
SUMMARY: American Realty is applying to the State of Florida for an allocation of federal low-
income housing tax credits to develop the rental portion of the Ocean Breeze site. The State requires a
match from local government of at least $200,000. American Realty, managing partner of Madison
Breeze, LLC is requesting a grant of $200,000 from the CRA to meet the State's requirement.
The attached Florida Housing Financing form verifies the CRA's willingness to grant the funds to the
project.
FISCAL IMP ACT: $200,000 from the CRA's 2008/2009 budget subject to Madison Breeze, LLC
being awarded a tax credit allocation.
CRA PLAN, PROGRAM or PROJECT: Heart of Boynton Community Redevelopment Plan
RECOMMENDATIONS: Approve the grant to Madison Breeze, LLC subject to Madison Breeze
being awarded an allocation of federal low-income housing tax credits in the 2008 Universal Cycle.
~fi--
Vivian L. Bro ks
Assistant Director
T:\AGENDAS, CONSENT AGENDAS, MONTHLY REPORTS\Completed Agenda Item Request Forms by Meeting\FY 2007 - 2008 Board
Meetings\08 04 01 CRA SPECIAL MEETING OB\Grant to American.doc
,,"\
1!~~<!Y~T2~ eRA
. East Side-West S'lde-Seas'lde Renaissance
eRA SPEeIAL BOARD MEETING OF: Aprill,2008
I I Consent Agenda I I Old Business I X I
New Business
Public Hearing I I
Other
SUBJECT: Consideration of Addendum to Purchase and Sale Agreement between the CRA and Madison
Breeze, LLC
SUMMARY: American Realty is applying to the State of Florida for an allocation of federal low-
income housing tax credits to develop the rental portion of the Ocean Breeze site. The State requires a
match from local government of at least $200,000. American Realty, managing partner of Madison
Breeze, LLC is requesting a grant of $200,000 from the CRA to meet the State's requirement.
The attached First Amendment to the Purchase and Sale Agreement dated January 24, 2008 outlines the
CRA's and Madison's obligations relative to the $200,000 grant from the CRA to Madison Breeze, LLC.
The CRA agrees to pay $200,000 to Madison Breeze subject to the following:
· Madison receiving funding from Florida Housing Finance
· Closing on the property
· Madison obtaining a building permit for the site
· American Realty contributing $200,000 to a down payment assistance program for future
tenants.
FISCAL IMP ACT: $200,000 from the CRA's 2008/2009 budget subject to the conditions stated
above.
CRA PLAN, PROGRAM or PROJECT: Heart of Boynton Community Redevelopment Plan
RECOMMENDATIONS: Approve the First Amendment to Purchase and Sale Agreement
between the CRA and Madison Breeze, LLC.
~
Assistant Director
T:\AGENDAS, CONSENT AGENDAS, MONTHLY REPORTS\Completed Agenda Item Request Forms by Meeting\FY 2007 - 2008 Board
Meetings\08 04 01 CRA SPECIAL MEETING OB\Amend to PA American.doc
FIRST AMENDMENT TO
PURCHASE AND SALE AGREEMENT
THIS FIRST AMENDMENT serves to amend and modify that certain Purchase and Sale
Agreement dated January 24,2008 (hereinafter the Purchase and Sale Agreement") entered into by
and between the Boynton Beach Community Redevelopment Agency, a Florida public body
corporate and politic created pursuant to Section 163.356 F.S., (the "Seller") and Madison
Breeze, LLC, a Florida limited liability company (the "Purchaser") for purchase of 4.39 acres of
land as more particularly described in Exhibit A to develop an 84 unit affordable rental housing to
be known as Seabreeze Apartments (the "Property").
WHEREAS, Section 5(a) of the Purchase and Sale Agreement refers to Purchaser's
obligation to obtain a tax credit allocation from the Florida Housing Finance Corporation,
Purchaser has requested Seller to incorporate additional provisions to the Purchase and Sale
Agreement to allow Purchaser to meet this contingency;
WHEREAS, this multi-family affordable housing project must be developed in accordance
with the requirements of the Federal Low Income Housing Tax Credits program and/or the Florida
Housing Finance Corporation;
NOW therefore, in consideration of the foregoing premises, mutual covenants and
conditions herein contained, the parties hereto agree as follows:
1. The following sub-paragraph (c) shall be added at the end of Section 5 of the Purchase and
Sale Agreement as follows:
(c) Seller agrees to cooperate with Purchaser's efforts to obtain the necessary tax credit
allocation for the development of the rental housing project. Purchaser shall provide
in a timely manner any additional information that may be required by the Florida
Housing Finance Corporation and comply with any and all program requirements in
connection with the Housing Credit Program.
2. The following paragraph shall be incorporated into the Purchase and Sale Agreement as
Section 26 and it shall read as follows:
Section 26. Grant Contribution.
Seller agrees to make a grant contribution to Purchaser in an amount determined by the
Seller, provided that Purchaser satisfies the following conditions:
a) Purchaser obtaining satisfactory funding from the Florida Housing Finance
Corporation;
b) Purchaser and Seller closing the transaction in accordance with the terms of the
Purchase and Sale Agreement;
c) Purchaser obtaining building permits from the City of Boynton Beach to allow for
the construction of 84 units of affordable rentals;
d) American Realty Development, LLC contributing not less than $200,000.00 to pre-
fund the Down-payment Assistance Program.
All of the provisions set forth in Section 26 shall survive closing.
3. American Realty Development, LLC agrees to become a Party to the Purchase and Sale
Agreement and this First Amendment solely for the purpose of obligating itself to perform
in accordance with the terms of Section 26 incorporated into the Purchase and Sale
Agreement pursuant to this First Amendment.
All of the terms and provisions of the Purchase and Sale Agreement, not otherwise
amended or modified hereby shall remain in full force and effect. In the event of any conflict
between the terms and provisions of the Purchase and Sale Agreement and this First Amendment,
the terms and provisions of this First Amendment shall control and prevail.
SELLER:
Boynton Beach Community Redevelopment
Agency
PURCHASER:
Madison Breeze, LLC, a Florida limited
liability company
By: Madison Breeze Apartments, LLC,
Its managing member
By: Jerry Taylor, Chairperson
By: Todd L. Borck, Manager
AMERICAN REALTY DEVELOPMENT, LLC
By: Todd L. Borck, Manager
EXHmIT A
LEGAL DESCRIPTION
LOTS 1 THROUGH 12, INCLUSIVE, BLOCK 1, PALM BEACH COUNTRY CLUB ESTATES,
ACCORDING TO THE PLAT THEREOF AS RECORDED IN PLAT BOOK 11, PAGE 43,
PUBLIC RECORDS OF PALM BEACH COUNTY, FLORIDA, AND THE SOUTH HALF OF
THE EAST HALF OF LOT 2, SUBDIVISION OF THE WEST HALF OF THE SOUTHEAST
QUARTER OF SECTION 21, TOWNSHIP 45 SOUTH, RANGE 43 EAST, ACCORDING TO
THE PLAT THEREOF AS RECORDED IN PLAT BOOK 1, PAGE 4, PUBLIC RECORDS OF
PALM BEACH COUNTY, FLORIDA, LESS THE SOUTH 125 FEET, THEREOF AND LESS
THE RIGHT OF WAY FOR SEACREST BOULEVARD AS SHOWN ON ROAD PLAT BOOK
5, PAGE 182, PUBLIC RECORDS OF PALM BEACH COUNTY, FLORIDA.
H:\2007\070685\08-03-28 First Amendment to PSA.doc