File #: 21-0946    Version: 1 Name:
Type: MOTION Status: Agenda Ready
File created: 9/17/2021 In control: Community Redevelopment Agency
On agenda: 11/16/2021 Final action: 11/16/2021
Title: Motion Approving a Subordination Agreement, Subordinating the CRA Mortgage to 613 NW 3rd Ave Holdings, Inc. in the Amount of $7,000,000 to a New Mortgage by NorthMarq in an Amount not to Exceed 85% of Loan to Value at the Time of Refinance; An Amendment to the Development Agreement, If Necessary; A Subordination of the Regulatory Agreement; and Authorizing the Executive Director to Execute Any and All Related Instruments, and Delegating Authority to the Executive Director to Take Certain Actions - (Commission District 2)
Sponsors: COMMUNITY REDEVELOPMENT AGENCY BOARD
Attachments: 1. CRA Board Memo 21-0946, 2. Exhibit 1 – Location Map, 3. Exhibit 2 – Broward County Property Appraiser Information and Photos, 4. Exhibit 3 – Letter from SIX13 NW 3rd Ave, LLC, 5. Exhibit 4 – City National Bank of Florida Mortgage - $19,274,000, 6. Exhibit 5 – City National Bank of Florida Notice of Future Advance and Mortgage - $2,500,000, 7. Exhibit 6 – CRA Mortgage - $7,000,000, 8. Exhibit 7 – HUD Subordination Agreement (standard form), 9. Exhibit 8 – HUD Commitment for Insurance Upon Completion Pursuant to Section 223 (f) (standard form), 10. Exhibit 9 – HUD Rider/Amendment to Restrictive Covenants (standard form), 11. Exhibit 10 – NorthMarq Engagement Letter, 12. Exhibit 11 – Appraisal Report for The SIX13

Title

Motion Approving a Subordination Agreement, Subordinating the CRA Mortgage to 613 NW 3rd Ave Holdings, Inc. in the Amount of $7,000,000 to a New Mortgage by NorthMarq in an Amount not to Exceed 85% of Loan to Value at the Time of Refinance; An Amendment to the Development Agreement, If Necessary; A Subordination of the Regulatory Agreement; and Authorizing the Executive Director to Execute Any and All Related Instruments, and Delegating Authority to the Executive Director to Take Certain Actions - (Commission District 2)