ORD Apv & Auth the Mayor, or Her Desig, & the Corp Sec to Execute & Deliver, for & on Behalf of the City: (1) a 3rd Mortgage Modification Agrmt Among the City, VCP-Roosevelt Bldg, Ltd., & VCP-Roosevelt Garage, LLC; (2) a 3rd Note Modification Agrmt btwn the City & VCP-Roosevelt Bldg, Ltd., for the Purpose of Extending the Maturity Date of the Loan From 3/1/26 to 9/1/26, the Original Loan Having Been Auth by Ord 2001-795-E; (3) a 4th Mortgage Modification Agrmt btwn the City & VCP-Lynch Bldg, Ltd.; & (4) a 4th Note Modification Agrmt btwn the City & VCP-Lynch Bldg, Ltd., for the Purpose of Extending the Maturity Date of the Loan From 3/1/26 to 9/1/26, the Original Loan Having Been Auth by Ord 2000-1079-E; Requiring an Acknowledgment & Consent of Guarantor by the Vestcor Companies, Inc. for each of the Foregoing Loan Modification Agrmts as a Cond of Closing, Together with such other Closing Docs & Technical Changes as May Be Required by the Gen Counsel, or His Desig, & the Mayor’s Office, Prov that the City’s Costs Are Not Increased; Prov for City Oversight by the DIA (Sawyer) (Introduced by CM Peluso) 2/24/26 CO Introduced: NCSPHS, F 3/2/26 NCSPHS Read 2nd & Rerefer 3/3/26 F Read 2nd & Rerefer Public Hearing Pursuant to Ch 166, F.S. & C.R. 3.601 - 3/10/26
Summary
This ordinance authorizes the Mayor to execute modification agreements for two existing loans related to downtown development projects. The agreements aim to extend the maturity dates of these loans by six months, from March 1, 2026, to September 1, 2026.
Key Modifications:
- VCP-Roosevelt Building, Ltd. (The Carling): A Third Mortgage Modification Agreement and a Third Note Modification Agreement are being executed. The original loan was authorized by Ordinance 2001-795-E.
- VCP-Lynch Building, Ltd. (11E): A Fourth Mortgage Modification Agreement and a Fourth Note Modification Agreement are being executed. The original loan was authorized by Ordinance 2000-1079-E.
Purpose: These modifications are requested by the borrowers to allow them more time to refinance or sell the projects, given current real estate and debt market conditions. The Vestcor Companies, Inc. must provide acknowledgment and consent as guarantor for each agreement.
Oversight: The Downtown Investment Authority (DIA) will provide city oversight. The agreements stipulate that the City's costs will not be increased. The DIA Board approved these agreements on February 18, 2026.