FIRST AMENDMENT TO AGREEMENT FOR DEVELOPMENT AND PURCHASE AND SALE OF PROPERTY (3)FIRST AMENDMENT TO AGREEMENT FOR DEVELOPMENT
AND PURCHASE AND SALE OF PROPERTY
THIS FIRST AMENDMENT TO AGREEMENT FOR DEVELOPMENT AND
PURCHASE AND SALE OF PROPERTY (this "Amendment") is made and entered into as of
this /'j day of February, 2022, by and between the COMMUNITY REDEVELOPMENT
AGENCY OF THE CITY OF CLEARWATER, FLORIDA, a public body corporate and politic
of the State of Florida created pursuant to Part III, Chapter 163, Florida Statutes (the "Agency"),
and ARCHWAY CLEARWATER GARDENS, LLC, a Florida limited liability company (the
"Developer", together with the Agency, the "Parties").
WITNESSETH:
WHEREAS, the Agency and Archway Partners, LLC entered into that certain Agreement
for Development and Purchase and Sale of Property dated August 23, 2021 as assigned to the
Developer (the "Contract"); and
WHEREAS, the Developer was unsuccessful in obtaining an allocation of affordable
housing tax credits or other components of the Project Financing in RFA 2021-205 or RFA 2021-
202 issued by the Florida Housing Finance Corporation (collectively, "the RFAs"); and
WHEREAS, Section 4.05(h) of the Contract provides that if the Developer was
unsuccessful in obtaining an allocation of affordable housing tax credits or other components of
the Project Financing in the RFAs then the Developer shall have the right to request from the
Agency an extension of all relevant dates under the Contract by one year; and
WHEREAS, Section 4.05(h) of the Contract also provides that any approval or denial of
such an extension shall be at the sole discretion of the Agency's trustees; and
WHEREAS, the Agency and the Developer desire to enter into this Amendment to address
certain terms in the Contract.
NOW THEREFORE, for and in consideration of the mutual covenants and agreements
of the parties, and other good and valuable considerations, the receipt and sufficiency of which is
hereby acknowledged and agreed by each of the parties, the Agency and the Developer do hereby
covenant and agree as follows:
1. The Agency and the Developer do hereby mutually represent and warrant that the
foregoing recitals are true and correct, and said recitals are hereby ratified, confirmed, and
incorporated into the body of this Amendment.
2. Any capitalized terms utilized in this Amendment and which are not separately
defined herein shall have the meaning ascribed thereto in the Contract.
[M U 21-9311-061/283877/1]
3. Section 3.03(a) is hereby amended to provide that the Developer shall submit to the
Executive Director of the Agency floor plans, site plans and building facade plans by July 31,
2022.
4. Section 4.05(b) is hereby amended to provide that the Developer shall obtain all
necessary building permits by July 31, 2023.
5. Section 4.05(c) is hereby amended to provide that the Developer shall Commence
Construction of the Project by August 31, 2023.
6. Section 4.05(d) is hereby amended to provide that the Developer shall have
completed 50% of Construction by April 30, 2024.
7. Section 4.05(e) is hereby amended to provide that the Developer shall have
completed 100% of Construction by December 1, 2024.
8. Section 4.05(f) is hereby amended to provide that the Developer shall begin pre -
leasing the dwelling units by October 1, 2024.
9. Section 4.05(g) is hereby amended to provide that the Developer shall complete
leasing the dwelling units by March 1, 2025.
10. Section 6.10 is hereby amended to provide that the Closing Date shall occur on or
before the date which is 60 days after issuance of all Building Permits but no later than August 31,
2023.
11. Section 7.02(a) is hereby amended to provide that the Developer shall Commence
Construction of the Project by August 31, 2023.
12. Section 7.02(b) is hereby amended to provide that the Developer shall Commence
Vertical Construction of the Project by December 1, 2023.
13. Except as amended and modified hereby, the terms and conditions of the Contract
are and shall remain in full force and effect. The Contract, as modified by this Amendment, is
affirmed, confirmed and ratified in all respects.
14. This Amendment may be executed in multiple counterparts, each of which shall be
deemed an original but all of which, together, shall constitute one instrument. For the purposes of
this Amendment, an executed facsimile or electronically delivered counterpart copy of this
Amendment shall be deemed an original for all purposes.
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[MU21-9311-061/283877/1]
IN WITNESS WHEREOF, the parties have executed this Amendment as of the day and year
first set forth above:
AGENCY:
Community Redevelopment Agency
of the City of Clearwater, Florida
i‘b-�-
Frank V. Hibbard
Chairperson
Approved as to form: Attest:
Michael P. Fuino
CRA Attorney
[MU21-9311-061/28387711]
Rosemarie Call
City Clerk
DEVELOPER:
Archway Clearwater Gardens, LLC, a Florida limited
liability company
By: Archway Partne•., LLC, its manager
/
Brett Green, President
By:
STATE OF FLORIDA )
COUNTY OF 0(15\(1e
The foregoing instrument was acknowledged
2022, by i!/Y';\-i- Gi°.f
of Archway-artners, a Florida limited liability company,
personally known to me or who produced
)
before me this
, as i0(LS►Ae . .
on behalf of the company. He/She is
as identification.
Print/Type Name:_aja Kolgr hel/
Notary Public
(MU21-9311-061/283877/1)
th day of
Lash Korsohw
Mary Public
Stab of Florida
Comm. HH025633
Wm: 8/22/2024