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MOTION TO APPROVE THE SECOND AMENDMENT TO THE AGREEMENT FOR PURCHASE AND SALE WITH PROVIDENCE ONE INVESTMENTS, LLC.
Summary Explanation and Background
SUMMARY EXPLANATION AND BACKGROUND:
1. On January 30, 2019 the City of Pembroke Pines (Seller) and Providence I, Investments LLC (Buyer) entered into an agreement for Purchase and Sale for the approximately 3.15 acre of unimproved property generally located south of Pines Boulevard and west of Palm Avenue. The ordinance and associated restrictive covenant were approved at the January 16, 2019 Commission meeting.
2. The buyer is proposing to develop an Assisted Living and Memory Care facility with a minimum of 126 beds and a maximum of 150 beds on the 3.15 acre site.
3. On May 1, 2019, the City Commission approved the first amendment to the agreement for purchase and sale allowing more time to clear up title exceptions on the property.
4. The buyer is requesting a second amendment to the agreement for purchase and sale.
5. The second amendment, adjusts the approvals application period and the closing date.
6. The buyer's legal representation has provided a letter outlining the justification for this request, specifically the impact of COVID-19 on the assisted living industry.
7. To date, the buyer has moved diligently through the approvals process and has obtained the following approvals to facilitate development of the property:
(A) On October 16, 2019, the buyer received approval from the City Commission to rezoning the property (Reference Ordinance 1935).
(B) On February 19. 2020, the buyer received approval from the City Commission for a plat note amendment (Reference Resolution 3687).
(C) On April 15, 2020 the buyer received approval from the City Commission for their Site Plan.
(D) On June 16, 2020 the buyer received approval from Broward County for the plat note amendment.
8. Administration recommends approving the second amendment to the agreement fo...
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