In December, 2016, the CRA entered into Purchase and Sale Agreements (Phase 1 and Phase 2) and a Development Agreement with InVictus Development, LLC (InVictus) for its purchase and development of the Parramore Oaks project on property currently owned by the City and CRA. As InVictus was successful in obtaining 9 % Low Income Housing Tax Credits (LIHTC) through the Florida Housing Finance Corporation (FHFC) for Phase I of the Project, with closing imminent, and construction of the first 120 units anticipated to commence this month. 

On May 29, 2018, the CRA approved the Third Amendment to Development Agreement, providing an affordable housing incentive for Phase I of the Project in the amount of $1,148,000, or $9,567 per unit. This Mortgage and Security Agreement and Promissory Note document the terms by which the affordable housing incentive will be provided. The Subordination Agreements make the construction and permanent loans for the development take precedent over the CRA Mortgage and Security Agreement and Promissory Note.  

The attached Fourth Amendment to Development Agreement corrects a scrivener's error in the Third Amendment to Development Agreement approved in May.  The Third Amendment erroneously included Parramore Oaks, LLC as the party to the Amendment, rather than InVictus Development, LLC, which is the party to the original Development Agreement and remains the Developer.  Parramore Oaks, LLC is the assignee to only the Purchase and Sale Contract for Phase I, and as such will sign the Fourth Amendment to Development Agreement confirming the land owner's joinder in the obligations regarding development of the Phase 1 portion of the project.