HomeMy WebLinkAboutOMNI CRA 2021-10-28 Agenda PacketCity of Miami
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
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Omni
C R A
Meeting Agenda
Thursday, October 28, 2021
12:00 PM
(OR THEREAFTER)
City Hall
3500 Pan American Drive
Miami, FL 33133
OMNI Community Redevelopment Agency
Ken Russell, Chair, District Two
Joe Carollo, Vice Chair, District Three
Alex Diaz de la Portilla, Board Member, District, One
Manolo Reyes, Board Member, District Four
Jeffrey Watson, Board Member, District Five
OMNI CRA OFFICE ADDRESS:
1401 N. Miami Avenue, 2nd Floor, Miami 33136
Phone: (305) 679-6868
www.miamicra.com
OMNI Community Redevelopment Agency Meeting Agenda October 28, 2021
CALL TO ORDER
OMNI CRA RESOLUTION(S)
1. OMNI CRA RESOLUTION
10631 A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE OMNI
REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY
("CRA"), BY A FOUR -FIFTHS (4/5THS) AFFIRMATIVE VOTE, AFTER AN
ADVERTISED PUBLIC HEARING, RATIFYING, APPROVING, AND
CONFIRMING THE EXECUTIVE DIRECTOR'S RECOMMENDATION AND
FINDING THAT COMPETITIVE NEGOTIATION METHODS AND
PROCEDURES ARE NOT PRACTICABLE OR ADVANTAGEOUS
PURSUANT TO SECTIONS 18-85 AND 18-86 OF THE CODE OF THE CITY
OF MIAMI, FLORIDA, AS AMENDED, AS ADOPTED BY THE CRA; WAIVING
THE REQUIREMENTS FOR COMPETITIVE SEALED BIDDING AS NOT
BEING PRACTICABLE OR ADVANTAGEOUS TO THE CRA; AUTHORIZING
THE EXECUTIVE DIRECTOR TO NEGOTIATE AND EXECUTE AN
AGREEMENT WITH SUPPORTING DOCUMENTS, IN A FORM
ACCEPTABLE TO THE GENERAL COUNSEL, ALLOCATING GRANT
FUNDS OF $15,000,000.00 FOR A MIXED -USE DEVELOPMENT PROJECT
OF PROPERTIES LOCATED AT 1441, 1445, AND 1455 NORTH MIAMI
AVENUE, 25 AND 31 NORTHEAST 14TH STREET, AND 1412, 1418, 1428,
AND 1432 NORTHEAST MIAMI COURT, MIAMI, FLORIDA WITHIN THE
CRA'S REDEVELOPMENT AREA TO 14TH STREET DEVELOPMENT LLC,
SUBJECT TO THE CRA BEING ABLE TO SUCCESSFULLY SECURE
FINANCING AND SUBJECT TO THE AVAILABILITY OF FUNDS.
2. OMNI CRA RESOLUTION
10633 A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE OMNI
REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY
("CRA") AUTHORIZING THE CRA TO REBATE TO 14TH STREET
DEVELOPMENT LLC ("GRANTEE") THE TAX INCREMENT FINANCE ("TIF")
REVENUES GENERATED ONLY FROM THE DEVELOPMENT BY THE
GRANTEE OF THE 14TH STREET APARTMENT PROJECT ("PROJECT") IN
AN AMOUNT NOT TO EXCEED 95% OF THE AVAILABLE DEVELOPMENT
TIF COLLECTED FROM THE PROJECT ANNUALLY OR $816,731.00
ANNUALLY, WHICHEVER IS LESS, PER YEAR UNTIL 2047 IF THE LIFE OF
THE CRA IS EXTENDED TO 2047, FOR A TOTAL AMOUNT NOT TO
EXCEED $13,600,000.00, WITH PAYMENTS TO BEGIN UPON
SUBSTANTIAL COMPLETION AND THE PROJECT RECEIVING A
CERTIFICATE OF OCCUPANCY, SUBJECT TO THE RENTS BEING
RESTRICTED UNTIL 2047 IF THE LIFE OF THE CRA IS EXTENDED TO
2047; FURTHER AUTHORIZING THE EXECUTIVE DIRECTOR TO
NEGOTIATE AND EXECUTE ANY AND ALL DOCUMENTS NECESSARY
FOR SAID PURPOSE, ALL IN FORMS ACCEPTABLE TO GENERAL
COUNSEL.
ADJOURNMENT
OMNI Community Redevelopment Agency Page 2 Printed on 1012212021
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OMNI Board of Commissioners Meeting
October 28, 2021
OMNI REDEVELOPMENT DISTRICT
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
Board Chair Ken Russell Date: October 22, 2021
and Members of the CRA Board
File: 10631
Subject: 14th Street LLC Grant Agreement
Fr--- Jason Walker Enclosures: 10631 Bid Waiver Memo
Executive Director 10631 Notice to the Public
10631 NR 14th Street Proposal
BACKGROUND:
The Omni Redevelopment District Community Redevelopment Agency ("CRA") is responsible
for carrying out community redevelopment activities and projects within its redevelopment area
in accordance with the 2019 CRA Redevelopment Plan ("Plan").
On September 13, 2016, the CRA approved and adopted Resolution No. CRA-R-16-0042,
adopting the City of Miami's procurement ordinance as the process in which any and all
services and goods are procured by the CRA.
1411 Street Developments LLC, a subsidiary of NR Investments, Inc., ("NR Investments"),
submitted a grant proposal request to the CRA requesting the amount of $15,000,000.00 to
underwrite a portion of the costs to develop a mixed -use project within the Omni CRA. NR
Investments, a for profit entity, possesses a unique approach to this mixed -use development
project consisting of ground floor retail and approximately 398 units of income -restricted
housing. The principals of NR Investments have a history of successful development housing
units in Miami -Dade County.
This is a new way in which local government entities can collaborate and have a truly successful
project that meets the needs of the community.
JUSTIFICATION:
Chapter 4 of the 2019 Amendment to the Omni CRA Redevelopment Plan reaffirms the
importance of the development of affordable housing to the economic vitality of the CRA. With
regard to projects assisted by the CRA (from which it accepts projects it seeks to support to
provide workforce, low, or very -low income housing), it identifies among its community benefits
priorities the "inclusion of an appropriate amount of below -market rate units," specifically
workforce housing units (at less than 140% AMI) and units for low-income residents (less than
80% AMI). This project is consistent with Florida Statute 163, and also the goals and objectives
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of the 2019 Omni CRA Redevelopment Plan. The rates will remain in place until the anticipated
extension of life of the Omni CRA to 2047.
On page 4-32 of the amended Redevelopment Plan, the CRA has noted that housing
affordability is one of the key programs for the CRA to undertake. A thriving community is one
where residents in all phases of life with varying types of employment can live in one area. To
that end, the CRA outlined the following programmatic methods it can employ to increase the
supply of affordable housing:
To Assist For -Profit Housing Providers in the CRA could:
2) Pay some portion of development costs such as impact or permit fees
3) Provide a direct cash subsidy in the form of a rebate equal to a percentage of the
increases in taxes paid over a defined period of time after completion if affordable
units are provided
In addition to the above programmatic methods to expand the supply of affordable housing, the
CRA has identified the following goal on page 5-56 of the Redevelopment Plan:
6) Housing Affordability - The CRA should fund established and creative new ways to
increase the stock of workforce and lower income affordable housing within the
district.
GOALS:
a) Create project -specific developer incentives to ensure that new or significantly
redeveloped residential projects in the CRA contain a sufficient number of
units that are affordable to the target populations.
The 14th Street Development LLC proposal submitted will develop the group of properties with
the following addresses at 1441, 1445 & 1455 N. Miami Avenue, 25 & 31 N.E. 14th Street, and
1412, 1418, 1428 & 1432 N.E. Miami Court, Miami, Florida within the Omni CRA and now
requests grant and TIF funding to underwrite a portion of the costs.
RECOMMENDATION:
It is recommended that the Board of Commissioners of the Omni Redevelopment District
Community Redevelopment Agency ("Omni CRA") approve and adopt the attached Resolution,
authorizing the execution of a Grant agreement for an amount not to exceed $15,000,000.00
with 14th Street Development LLC, a subsidiary of NR Investments, Inc., ("Developer") for the
development of this mixed -use development project consisting of ground floor retail and
approximately 398 units of income -restricted housing.
FUNDING:
Subject to the availability of funds and subject to the Omni CRA being able to successfully
secure funding for the project.
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City of Miami OMNI CRA 1.1
1401 N. Miami Avenue
Omni Legislation Miami, FL 33136
www.miamicra.com
C R A OMNI CRA Resolution
File Number: 10631 Final Action Date:
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE OMNI
REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY ("CRA"),
BY A FOUR -FIFTHS (4/5THS) AFFIRMATIVE VOTE, AFTER AN ADVERTISED
PUBLIC HEARING, RATIFYING, APPROVING, AND CONFIRMING THE EXECUTIVE
DIRECTOR'S RECOMMENDATION AND FINDING THAT COMPETITIVE
NEGOTIATION METHODS AND PROCEDURES ARE NOT PRACTICABLE OR
ADVANTAGEOUS PURSUANT TO SECTIONS 18-85 AND 18-86 OF THE CODE OF
THE CITY OF MIAMI, FLORIDA, AS AMENDED, AS ADOPTED BY THE CRA;
WAIVING THE REQUIREMENTS FOR COMPETITIVE SEALED BIDDING AS NOT
BEING PRACTICABLE OR ADVANTAGEOUS TO THE CRA; AUTHORIZING THE
EXECUTIVE DIRECTOR TO NEGOTIATE AND EXECUTE AN AGREEMENT WITH
SUPPORTING DOCUMENTS, IN A FORM ACCEPTABLE TO THE GENERAL
COUNSEL, ALLOCATING GRANT FUNDS OF $15,000,000.00 FOR A MIXED -USE
DEVELOPMENT PROJECT OF PROPERTIES LOCATED AT 1441, 1445, AND 1455
NORTH MIAMI AVENUE, 25 AND 31 NORTHEAST 14TH STREET, AND 1412, 1418,
1428, AND 1432 NORTHEAST MIAMI COURT, MIAMI, FLORIDA WITHIN THE CRA'S
REDEVELOPMENT AREA TO 14TH STREET DEVELOPMENT LLC, SUBJECT TO
THE CRA BEING ABLE TO SUCCESSFULLY SECURE FINANCING AND SUBJECT
TO THE AVAILABILITY OF FUNDS.
WHEREAS, the Omni Redevelopment District Community Redevelopment Agency
("CRA") is tasked with reducing slum and blight within its Redevelopment Area; and
WHEREAS, On September 13, 2016, the CRA adopted Resolution No. CRA-R-16-0042,
adopting the City of Miami's procurement code as the process in which any and all services and
goods are procured by the CRA; and
WHEREAS, 14th Street Development LLC, a subsidiary of NR Investments, Inc., a for
profit entity ("Grantee"), submitted a request for grant funding to develop a mixed -use project
consisting of ground floor retail, office space, and approximately 398 income -restricted housing
units within the Redevelopment Area; and
WHEREAS, page 4-23 of the 2019 Amendment to the CRA's Redevelopment Plan
("Plan") reaffirms the importance of the development of affordable housing to the economic
vitality of the CRA and identifies among its community benefits priority for the "inclusion of an
appropriate amount of below -market rate units," specifically workforce housing units (at less
than 140% AMI) and units for low-income residents (less than 80% AMI); and
WHEREAS, page 4-33 of the Plan states that "To assist for -profit housing providers in
the CRA could"... "Provide a direct cash subsidy in the form of a rebate equal to a percentage of
the increases in taxes paid over a defined period of time after completion if affordable units are
provided" and ..."Grant funds to assist in rehabilitation of an existing housing project"; and
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WHEREAS, the Grantee proposes to complete a mixed -use development of properties
at 1441, 1445, and 1455 North Miami Avenue, 25 and 31 Northeast 14th Street, and 1412,
1418, 1428, and 1432 Northeast Miami Court, Miami, Florida within the CRA's Redevelopment
Area ("Project"); and
WHEREAS, the Grantee requests grant funding for the development of the properties in
the amount of $15,000,000.00; and
WHEREAS, the success of the Project will result in accomplishing the stated objectives
of the CRA's Redevelopment Plan; and
WHEREAS, based on the recommendation and findings of the Executive Director, it is in
the CRA's best interest to authorize, by an affirmative four -fifths (4/5ths) vote, a waiver of
competitive sealed bidding procedures pursuant to Sections 18-85 and 18-86 of the Code of the
City of Miami, Florida, as amended ("City Code"), as adopted by the CRA, to authorize the
Executive Director to execute and negotiate all agreements, all in forms acceptable to the
General Counsel, with the Grantee for the provision of grant funds for the development of the
Project in the amount of $15,000,000.00;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF
THE OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY OF
THE CITY OF MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the Preamble of the Resolution are
adopted by reference and incorporated as fully set forth in this Section.
Section 2. By a four -fifths (4/5ths) affirmative vote, after an advertised public hearing,
the Executive Director's recommendation and written findings pursuant to Sections 18-85 and
18-86 of the City Code, as adopted by the CRA, are ratified, approved, and confirmed and the
requirements for competitive sealed bidding methods as not being practicable or advantageous
to the CRA are waived.
Section 3. The Executive Director is authorized to negotiate and execute an agreement
and supporting documents to provide funding, all in forms acceptable to the General Counsel,
with the Grantee to provide assistance with a portion of the costs associated with the Project in
the amount of $15,000,000.00 in the form of a forgivable loan, subject to a covenant being
recorded on the property restricting the rents until 2047, the Omni CRA being able to secure
financing, and the availability of funds.
Section 4. This Resolution shall become effective immediately upon its adoption.
APPROVED AS TO FORM AND CORRECTNESS:
VICTORIA MENDEZ, GENERAL COUNSEL
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Ken Russell Jason Walker
Board Chair Executive Director
Omni
C R A
INTER -OFFICE MEMORANDUM
TO: Board Chair Ken Russell and DATE: October 18, 2021
Members of the CRA Board
FROM: Jason Walker SUBJECT: 4/5ths Bid Waiver to waive
Executive Director competitive negotiation procedures per City
Code, authorizing the allocation of Grants
funds to 14th Street Development, LLC for a
mixed -used development project located
within the Omni
BACKGROUND:
M
The Omni Redevelopment District Community Redevelopment Agency ("CRA") is responsible for c
carrying out community redevelopment activities and projects within its redevelopment area in
accordance with the 2019 CRA Redevelopment Plan ("Plan"). E
a�
14th Street Development LLC, a subsidiary of NR Investments, Inc., ("Developer") submitted a
grant proposal request and a Tax Increment Rebate request to the CRA requesting the amount
of $15,000,000.00 in grant assistance and 95% of the available developmental Tax Increment
(TIF) collected by the Omni CRA to underwrite a portion of the costs to develop a mixed -use
project within the Omni CRA. NR Investments, a for -profit entity, possesses a unique approach
to this mixed -use development project that will consist of ground floor retail, ground floor c
commercial space and approximately 398 units of income -restricted housing. The project is
estimated to cost approximately $141 Million. The developer will commence construction by June
1, 2022, and substantially complete by October 1, 2024.
This proposal anticipates the CRA will be extended through 2047 and as such rents will be
restricted until 2047. This proposal is dependent on the successful extension of life and financing. a
This project also presents a unique approach and opportunity for a local government entity to
collaborate on a below -market housing project. This is a way in which local government entities
are able to enhance Tax Increment Financing dollars and add equity to fill the gap in financing to
achieve housing affordability in the area.
OMNI COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF MIAMI
1401 N. Miami Ave 12"e Floorl Miami, FL 33136
Tel (305) 679 68681 http://www.miami-cra.org/
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RECOMMENDATION
In light of the above -mentioned background information, the Grantee's past business successes
and the CRA's identified objectives in the CRA's plan to reduce slum and blight, and in
consideration of the Executive Director's pledge to allocate grant funding to further the Plan and
activate the area, the approval of a bid waiver is recommended.
OMNI COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF MIAMI
1401 N. Miami Ave 12"e Floors Miami, FL 33136
Tel (305) 679 68681 http://www.miami-cra.org/
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Omni
C R A
OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY
NOTICE OF PUBLIC HEARING
By special meeting, the Board of Commissioners ("Board") of the Omni Redevelopment District Community
Redevelopment Agency ("CRA") will hold a Public Hearing on Thursday, October 28, 2021, at 12:00 p.m. or
anytime thereafter in the City Commission chambers located at Miami City Hall, 3500 Pan American Drive,
Miami, FL 33133. m
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The Board will consider the award of grant funds to 14t" Street Development LLC, a legal entity authorized to Q
transact business/render services in the State of Florida, to underwrite a portion of the costs associated with the =
development of a mixed -use project consisting of income -restricted housing units in the Omni CRA.
v
In accordance with the Board's 2019 Redevelopment Plan ("Plan") and Florida Statutes 163, the Board will --Jj
consider the funding, in an amount not to exceed $15,000,000.00 to underwrite the expenditures and costs a
associated with the development of a mixed use project consisting of income -restricted housing units
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located within the Redevelopment Area of the Omni CRA at 1441, 1445 & 1455 N. Miami Avenue, 25 & 31 N.E.
14th Street, and 1412, 1418, 1428 & 1432 N.E. Miami Court, Miami, Florida. This funding is critical in the
development of the Project, which is envisioned to reduce slum and blight and provide housing affordability in
the area. o
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All comments and questions with respect to the special meeting and remote public participation should be 2
addressed to Jason Walker, Executive Director, at 1401 N. Miami Ave., 2nd Floor, Miami Florida 33136 (305) ;
679-6868. Should any person desire to appeal any decision of the Board with respect to any matter considered
at this special meeting, that person shall ensure that a verbatim record of the proceedings is made, including all
testimony and evidence upon which any appeal may be based (F.S. 286.0105). °
m
In accordance with the Americans with Disabilities Act of 1990, persons needing special accommodations to z°
participate in this proceeding may contact the Office of the City Clerk at (305) 250-5361 (Voice), not later than M
two (2) business days prior to the proceeding. TTY users may call 711 (Florida Relay Service), not later than two 0
(2) business days prior to the proceeding.
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Ad No. 36474 Todd B. Hannon
Clerk of the Board
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RATIONALE FOR CRA SUPPORT
Housing Affordability
14t' Street Apartments Project
Miami's Downtown and Greater Downtown skylines are pictures of construction, as new condos and
apartments are built throughout our burgeoning City. But the expansion experienced in the last and current real
estate cycles is misleading as the City faces one of the nation's most severe crisis of housing unaffordability
stemming from the dual problem of high housing costs and comparably low wages.
Today, Greater Miami's housing stock suffers from a significant supply mismatch. The local market has
a glut of expensive housing and not nearly enough affordable housing. While we have seen the construction of
expensive condos to the point of over -supply, not nearly enough affordable and workforce housing has been
built to meet market's demand. While thousands of new housing units have been developed within the City,
including thousands within the CRA alone, most of the units built are market -rate or high -end luxury units.
The COVED-19 pandemic as well as the expected economic recovery that will follow successful
r
vaccination campaigns, combined with current trends towards increased remote work, threatens to exacerbate the N
City's housing unaffordability issues, as growing numbers of high -income workers and wealthy out-of-state r
residents relocate to Miami in search of its unique urban amenities and "destination city" status. The prospect of
companies moving to Miami or opening offices in the City, in an effort to lure skilled workers and/or take
advantage of state and local tax and regulatory advantages, while a very welcoming development, could certainly co
compound existing problems around scarcity and unaffordability in housing. c
Today, the Miami -Fort Lauderdale metro is already one of the least affordable large metro areas in
the country, measured in terms of median -wage work hours needed to pay average monthly rent: at 87.1
hours, it ranks higher than San Francisco -Oakland (73.4 hours), Austin -Round Rock (70.4), New York -
Newark (69.4 hours) and Boston -Cambridge (67.0 hours), among others. The combination of relatively high
average rents with relatively low median wages is, in a nutshell, the central dynamic of the City's unaffordability
crisis.
According to the Affordable Housing Blueprint. Needs Assessment crafted by the Jorge M. Perez
Metropolitan Center at Florida International University (FlU), "the most serious problem in Miami -Dade County is
the estimated 251,732 renter households who are cost -burdened and the 140,062 renter households who are
`severely' cost -burdened. The significant growth of severely cost -burdened renters is the most pressing
problem due to three market conditions: 1) the increasing demand for renter housing throughout the County
resulting in low vacancy rates and spiraling increases in rent prices, 2) the lack of affordable rental housing
production, and 3) rent prices are increasing much faster than wages."
Furthermore, "[... ] the vast preponderance of County workers earn wages in service sector occupations,
including retail trade, leisure and hospitality, and educational and health services. The household incomes of these
service sector workers limit housing choices to affordable rental housing opportunities, where available." The
problem is compounded, moreover, by the fact that, historically, the City's economy "[... ] has shown it can shed
higher wage jobs very quickly but has shown resistance to adding new high -skill, higher -paying jobs."
Currently, already six in 10 employed adult residents of Greater Miami are housing cost -burdened,
meaning they spend more than 30 percent of their incomes on housing — the highest rate of any large metropolitan
area in the nation. Racial and ethnic minorities, as well as our community's low-income service workers, shoulder a
disproportionate share of the burden of today's housing crisis. The following facts provide chilling insight into the
scope and impact of the current crisis:
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14t' Street Apartments Project
■ About 49% of Miami -Dade County's households are renters. Between 2012 and 2017, the County has
seen its proportion of renter households grow by 11.4%, or nearly 2% annually. Miami, in particular,
has become a city of renters: the City's homeownership rate, at 30%, is the lowest among large cities in the
U.S.
■ Miami's renter population is disproportionately African American and Hispanic with 55% of black
households and 48% of Hispanic households renting, compared with just over 25% of white households.
■ Greater Miami's median rents are increasingly unaffordable. As of October 2018, the median rent for
Greater Miami was $2,095 — the eighth highest in the nation behind communities like Denver, Portland,
Dallas and Austin. Said median rent requires an annual household income of not less than $83,800 for such
rent to be "affordable" or for the household not to be "cost -burdened."
■ Miami's low-income service class — workers in low -skill jobs like retail, hospitality, food service and
home care which make-up more than 50 percent of the region's workforce — is severely cost -burdened.
Miami's service class faces the greatest rental cost burdens among all classes with just under $11,000 in
annual income left -over after paying rent — the 51' worst rate among large metropolitan areas in the nation.
■ At the same time, an estimated 45% of the jobs created in the City from now through 2024 will be in
occupations with a median annual income less than $35,000 per year: meanwhile, more than 9 out of 10
90.9% of renters in Greater Miami earning less $35,000 annually are cost -burdened. co
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■ Miami, in particular, has the highest proportion of cost -burdened renters in the nation by a significant ..
margin. More than half of renters 6( 2A*/o spend 35 percent or more of their household income on N
rent. Moreover, 32% of all renter households are "severely" cost -burdened — paying an excess of 50 Q.
percent of their incomes on housing costs. Greater Miami's renters have the least amount of money left
over after paying for housing of any large metro: Miami's renters have, on average, less than $16,000 left (L
over after paying their rent, far less than the $30,000 or so in take-home income that renters in Washington, a)
D.C. and Boston have left over after paying for their housing.
Crucially, though, despite the bleak picture, Miami has a lot of gains to reap by increasing the stock
of affordable housing, gains that are broader than strictly dealing with housing scarcity and unaffordability.
As stated in FlU's Miami Affordable Housing Master Plan, "affordable housing has broad -based
economic growth impacts. As families keep more of their income, they drive greater local spending which in turn
stimulates high -wage job creation, increased tax revenue, and lower public costs for health, human services and
policing." Conversely, "keeping housing costs as a reasonable percentage of family income promotes higher
educational attainment and improves family health outcomes, as families have more money to spend on education
and health costs." It is clear that "improved affordability promotes inclusive economic growth".
■ "Housing affordability can be a potent tool for improving economic performance, driving employment
growth, productivity, wages, business development, and retaining and attracting high -skilled, educated
workers to the region."
■ "The cumulative economic impacts of greater, more widespread housing affordability would be a major
boost to developing a more diversified, higher income City economy. "
■ "Affordable housing is b.4 critical to Miami Dade County's economic resilience [...j"
N 1t�STNENTS. COM
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14th Street Apartments Project
CONSISTENCY WITH CRA REDEVELOPMENT PLAN
Chapter 4 of the CRA proposed amendment to the Redevelopment Plan (2019) reaffirms the importance of
the development of affordable housing to the economic vitality of the CRA. With regard to projects assisted by the
CRA (from which it accepts projects it seeks to support to provide workforce, low, or very -low income housing), it
identifies among its community benefits priorities the "inclusion of an appropriate amount of below -market rate
units," specifically workforce housing units (at less than 140% AMI) and units for low-income residents (less than
80% AMl). Among the policy reasons articulated for such community benefits requirement are: (i) preservation of
the affordability of the neighborhood; (ii) prevention of existing resident displacement; and (iii) provide area
workers an opportunity to live near work.
On page 4-32 of the amended Redevelopment Plan, the CRA has noted that housing affordability is one of
the key programs for the CRA to undertake. A thriving community is one where residents in all phases of life with
varying types of employment can live in one area. To that end, the CRA outlined the following programmatic
methods it can employ to increase the supply of affordable housing:
To Assist For -Profit Housing Providers in the CRA could.-
2) Pay some portion of development costs such as impact or permit fees
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W
3) Provide a direct cash subsidy in the form of a rebate equal to a percentage of the c
increases in taxes paid over a defined period of time after completion if affordable units `@
are provided. N
In addition to the above programmatic methods to expand the supply of affordable housing, the CRA has identified
the following goal on page 5-56 of the Redevelopment Plan:
6) Housing Affordability — The CRA should fund established and creative new ways to increase
the stock of workforce and lower income affordable housing within the district.
GOALS:
a) Create project -specific developer incentives to ensure that new or significantly
redeveloped residential projects in the CRA contain a sufficient number of units that are
affordable to the targetpopulations.
The Project and accompanying request seek financial support from the CRA to underwrite the development of
residential units, specifically for low-income and workforce households, and asks the CRA to provide the Applicant
with a project -specific incentive.
NRINVESTMENTS. COM
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10 Street Apartments Project
PROJECT DESCRIPTION
The Developer proposes to enter into a public -private partnership with the CRA to advance the CRA's
goal of developing much needed affordable and workforce housing units within the redevelopment area.
Applicant proposes to construct a 35-story tower on land it purchased over the course of the last four years
which will consist of a mixed -use project comprised of the following elements: (i) 398 multi -family residential
units; and (ii) approximately 9,000 sq. ft. of ground floor commercial use (the "Project').
Applicant proposes to assist the CRA in advancing its Redevelopment Plan goal by restricting rents for
ALL of the 398 residential units within the Project through the life of the CRA as outlined herein below. The rent
restrictions proposed will ensure that the Developer make residential units available to low-income households and
households who can afford "workforce" rents, more specifically teachers, police officers, firefighters, nurses, first
responders, and recent college graduates, among other professions.
The Project represents the Developer's latest investment in the Omni "Arts + Entertainment District" — a r
dynamic urban residential neighborhood connecting the CRA & Downtown Miami with the Wynwood Arts District co
and the Design District. With the surrounding expansion, the Arts + Entertainment District has seen growth in its
residential, culinary, entertainment and nightlife offerings, but substantial land remains undeveloped and a number
of buildings remain dilapidated within the district evidencing the continued "slum & blight conditions" within the
co
CRA. Applicant's CANVAS project, an art -inspired condominium offering a "bohemian luxe" lifestyle immersed W
in the local art, culinary & cultural scene, has served to anchor the district's ascendant trajectory. CD
Beyond its project investments within the redevelopment area, NR Investments, Inc., has invested
approximately $2 million in efforts to beautify the Arts & Entertainment District, attract new businesses and retailers
to the area, and deliver high -quality arts, music and community programming, including "The Miami Flea," a pop-
up market, and a "Moonlight Grooves," a music series held on CANVAS's backyard, among others.
Given the Project's location just north of Downtown Miami, it is conveniently accessible via multiple
modes of transit, including: (i) the MetroMover via the "School Board Station" on N.E. 151 Street; (ii) the City's
free trolley system; and (iii) Virgin Trains' service at Grand Central Station. The inclusion of the proposed
affordable and workforce dwelling units in the Project will provide residents convenient access to employment
opportunities via mass transit servicing greater Downtown Miami area and portions of the South Florida region via
inter -city passenger rail service.
Illustrative Project rendering enclosed as Exhibit "A".
4
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H A
14th Street Apartments Project
REQUESTED PROJECT SUPPORT
Applicant's request assumes the approval of an extension of the term of the CRA through 2047 and
obligations of the Applicant and CRA pursuant to an Incentive Agreement would be conditioned upon the passage
of such an extension. With the clarification, Applicant proposes the following development restrictions and makes
the following request of the CRA to assist the Project:
Proposed Residential Restrictions: Applicant proposes to rent -restrict 398 residential dwelling units — 27
studio dwelling units, 300 one -bedroom dwelling units and 71 two -bedroom dwelling units — as set forth in
the "Project Information Sheet" attached hereto as Exhibit `B." Said rent -restrictions will be remain in
place from the date the Residential portion of the Project is placed in-service (as evidenced by the issuance
of a temporary certificate of occupancy or certificate of occupancy for a residential dwelling unit) through
the date of the CRA's expiration (2047). The Applicant will be permitted to adjust the maximum rent per
unit for each unit type consistent with the rate schedule adopted by the Corporation for "Multifamily Rental
Programs" for Miami -Dade County. The Developer will impose a Covenant setting forth the rent
restrictions and the minimum number of rent -restricted units by type. The Covenant shall grant the
enforcement rights to the CRA through the term of its existence.
Requested Financial Support: Applicant requests partial loss reimbursement of $15.0 million, along
with a rebate of 95% of the TIF collected by the Omni CRA from the Project. Developer anticipates that
the rebated tax increment generated by the Project will amount to approximately $13.6 million in gross
receipts, or approximately $8_7 million in present value. The partial loss reimbursement and TIF receipts
will be used to offset the estimated $38.0 million in gross economic loss (in the 2047 scenario).
Moreover, the project foresees around $4_3 million in estimated permit fees, water & sewer connection N
charges, and impact fees to be assessed at the initiation of the Project. See Exhibit "C" attached hereto. a
Construction costs have increased significantly in the last year, reflecting higher costs of materials
and labor alike. The sharp post COVID-19 economic rebound, coupled with unprecedented public
sector relief and stimulus outlays, are expected to create supply-side and labor bottlenecks, which
threaten to exacerbate and prolong upward price pressures. The requested financial support will
significantly help to offset these factors.
i£ The value of the requested financial support partial loss reimbursement of $15.0 million and
TIF rebate in the amount of $8_7 million in present value— is still substantially lower than the
value of the losses generated by the rent and use restrictions detailed above: $38.0 million. This is
without including the project's approximately $4_3 million in estimated permit and impact fees.
iii. The calculation of rent and use losses assumes that market rent prices will grow at a conservative
rate of 3.00% per year. That being said, the specific area where the project is located is
undergoing —and has, in fact, been experiencing for years— rapid growth and redevelopment, in
the larger context of a City which expects to continue expanding its population and urban core.
Therefore, it is not at all unreasonable to anticipate that market rates will increase at a much higher
pace, which would, in turn, cause an even greater loss in rents due to the restrictions in place. In
other words, the project's financial projections may very well be underestimating the losses
generated by the rent restrictions.
iv. The future resale/refinance value of the building, which is calculated on a cash flow basis, is also
substantially diminished by the rent restrictions, by as much as $46314.638, based on a standard
market cap of 5.00%.
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N R
14`h Street Apartments Project
In sum, applicant deems that the project's present value losses and increased construction costs easily
exceed the support sought, with even conservative estimates of market rents growth during the period.
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10 Street Apartments Project
APPLICANT EXPERIENCE & QUALIFICATIONS
14'h Street Development LLC, is a subsidiary of NR Investments, Inc. ("NR" ), a privately held real estate
investment company. Each of the company's principals and senior executives has extensive experience in real estate
capital markets, acquisition, asset management, development, construction and risk management. NR believes in
fostering cultural movements and communities in undiscovered areas, and in making their buildings the beacons of
their renaissance.
NR specializes in acquiring developing, repositioning, and managing real estate assets in major markets
throughout the world. The company has acquired more than 10 million square feet of office and residential space
across the globe. Over the past 18 years, NR has purchased, developed, repositioned and sold over $700 million of
multifamily and commercial real estate assets.
Recent Development Experience
■ Filling Station Lofts: In January 2013, NR stepped into Miami's Omni / Arts & Entertainment District
with the acquisition and subsequent completion of Filling Station Lofts, an 81-unit loft -style apartment
building.
■ CANVAS Condominiums: In November 2013, NRI closed on the 1.07-acre CANVAS condominium site.
co
NR constructed a 37-story, 513-unit residential condominium tower that received its fmal certificate of W
CD
occupancy (C.O.) at the end of 2018, and was delivered in 2019.
OualiTcations ofPrincipals
■ Nir Shoshani — Principal. Prior to forming NR in 2001, Mr. Shoshani held the title of President at TiS
America, Inc., a subsidiary of Top Image Systems Ltd. (NASDAQ: TiSA), a publicly traded, high-tech
firm headquartered in Israel with operations around the globe. Mr. Shoshani is a graduate of the Belgrano
School of Business in Buenos Aires.
Ron Gottesmann — Principal. Prior to forming NR in 2001, Mr. Gottesmann worked as a mortgage broker
overseeing the operation of GFI Mortgage Bankers Inc. of New York. With Mr. Shoshani, Mr. Gottesmann
leads NR which today is a fully integrated development firm which owns and manages a wide variety of
real estate, including large scale office buildings, commercial shopping centers, and multi -family housing.
Under Mr. Gottesmann's leadership, the firm has maintained a consistent focus on property repositioning
via the acquisition of underperforming buildings in high visibility locations rehabilitating them to their full
potential through extensive renovation and management restructuring.
Terry Wellons — C.O.O. Mr. Wellons serves as the Chief Operating Officer at NR. He leads the United
States team directing a group of highly experienced attorneys, accountants and portfolio and property
managers. He has a background in finance and as a real estate attorney, serves as lender's counsel and
representing buyers and sellers of real estate, aids NR in each aspect of NR's business, effectively
negotiating and gauging the legal and financial risks involved with each transaction. Mr. Wellons holds a
degree in fmance from Florida International University and a law degree from Nova Southeastern
University.
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EXHIBIT "A"
PROJECT RENDERING
NRINVESTMENTS.COM
14th Street Apartments Project
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EXHIBIT "B"
Omni CRA
Tax Increment Recapture Agreement
Project Information Sheet
14'h Street Apartments Project
Developer/Applicant: 141 Street Development LLC
Contact Person: Terry Wellons, C.O.O.
Telephone: (305) 625-0949
E-mail: terrvli^nrinvestments.com
Project Address: 1441, 1445 & 1455 N. Miami Avenue, 25 & 31 N.E. 141 Street, and
1412, 1418, 1428 & 1432 N.E. Miami Court, Miami, Florida
Pro erty Information
Prior Year Taxable Values
2019 2018 2017
Folio Numbers
Existing Building
Size
Lot Size
01-3136-005-1110
0 sq, ft.
0 sq. ft.
7,600 sq. ft.
$1,333,420
$1,212,200
$1,102,000
01-3136-005-1070
11,400 sq. ft.
$1,875,630
$1,705,119
$1,550,109
01-3136-005-1060
929 sq. ft.
0 sq. ft.
5,700 sq. ft.
$874,463
$794,967
$722,698
01-3136-005-1180
3,355 sq. ft.
$551,489
$501,354
$486,475
01-3136-005-1151
0 sq. ft.
5,000 sq. ft.
$821,892
$750,000
$679,250
01-3136-005-1150
0 sq. ft.
2,200 sq. ft.
$361,632
$328,757
$298,870
01-3136-005-1140
0 sq. ft.
4,200 sq. ft.
$690,389
$690,389
$627,627
$570,570
01-3136-005-1130
0 sq. ft.
4,200 sq. ft.
$627,627
$570,570
01-3136-005-1090
0 sq. ft.
6,300 s . ft.
$1,035,584
$941,440
$855,855
Total:
929 sq. ft.
49,955 sq. ft.
$8,234,888
$7,489,091
$6,836,397
Type of Project:
Construction Commencement:
Project Construction Completion Date:
Project Construction Cost:
Estimated Adj. Taxable Value (TIF Basis):
Residential Square Footage:
Retail Square Footage:
Property Acquisition Date:
Total Acquisition Cost:
Projected Residential Rent (Per Unit Type):
Mixed Use (Retail, Multi -Family Residential)
June 1st, 2022
October 11, 2024
$141,414,310
$65,088,738
297,625 sq. ft. +/-
8,706 sq. ft.+/-
May 2014 and February 2015
$7,842,000
Studio - $1,747 / 1BD - $2,224/ 2BD- $2,750
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14`h Street Apartments Project
Proposed Affordability Restrictions:
2047
Unit Type
Total
Units
Maximum Rent
Studio- 60% AMI
2
$960
Studio- 80% AMI
3
$1,280
Studio- 100% AMI
4
$1,600
Studio- 120% AMI
5
$1,920
Studio- 140% AMI
13
$2,240
1BD- 60% AMI
15
$1,029
1BD- 80% AMI
30
$1,372
1BD- 100% AMI
45
$1,715
BD- 120% AMI
60
$2,058
—I
1 BD- 140% AMI
150
$2,469
2BD- 60% AMI
3
$1,234
2BD- 80% AMI
7
$1,646
2BD- 100% AMI
11
$2,058
2BD- 120% AMI
14
$2,469
2BD- 140% AMI
36
$2,880
Total:
398
-
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EXHIBrr "C»
FINANCIAL ANALYSIS
RESIDENTIAL ECONOMIC LOSS
14'h Street Apartments Project
4
5
6
1
B
9
l0
11
Q
Ter Yaen
r
0m
mz R2B
3DD
3�
2031
MR
2D33
T-1
Annual Rent toss:
($L244,830)
($1.282,1651
($1d20,fi301
($1,3w,24)
($L40L056)
(51,443A86)
($LQ61380)
(51,530,9]2)
($t1A69,3581
L
Valuation lass
($24,896,400)
(535,643,292)
($26,412,5911
($27,304,968)
ISi8,031118)
(528861,)51)
I$29,)2),604)
(530.619.432)
0
t2
a14
IS
16
17
SB
19
IV
e Ynn
J
�34
OLfi 2me
x9n
2934
3039
zaD
2W3
Total
J
Annual Ren[Iass:
($L576,901)
($1,624,20BI
ISL6r2,934)
151,)23,1221
($1,T24d161
1$La28A6p1
($L882,902)
I51539,3B9)
($14.022,331)
V3luadm S9v
1531,538,015)
1$33.481,ss5)
($33,45&6B0)
($34,462,440)
($1549G,313)
($36,-,-)
($3?66R039)
IS38,-l-)
fA`r
R
L
22
23
24
25
26
27
28
L
r
Trt Years
/I�
V�
Z0/2
I43 SOM
3a6
]046
204]
i016
1IM]
T-1
Annual Rent lass:
({1.997.571)
($2,05].49g1
($2,119,223)
(52,382.]991
($2,248.2W1
($2,31%-)
s0
so
Valuadan lass
($39,%1,413)
($41,149,956)
($4L3B4,4541
(S43,655,988)
($W,%S,fifiBj
($46,319,638)
s0
s0
fF
r
We4hted Wl Ra•tdttbn4F Bottom
50%0l Units
9950%
r
M
Total Rem lass:
($30 M,nsl
w
O
R
UN
O
CL
TIF TO DEVELOPER
CALCULATION
O
a
r
m
d
L
CRA/0eveloper Retainage:
91%
V�
GrovrtM1 Pate:
1.03
0lstaunt Rate
3%
Y
MIIla4e Rate
Ta bl Value (30201 Taaabk Yalue(@[A.)
Atl4Taeatle Yalue
TURepeloo !aloe
CtATIF 55%)
CRA RetaYrM TIF (fi5%)
CaumT[IawhacY (35%)
nid"lOperating
1.4311
$8,]00,000
$]3,JS18,T38
$65}I88,)3B
$484,032
$459,831
5298,890
$160,941
MIaM 0a6e Cpunry Operatlng
4.6fi69
$g,)00,000
$T3,]88,Ti8
$65¢BB,]3B
$303.]63
$288.$)5
$Ln-
$301,001
TodRuts:
$M,]95
$]48,405
S486,463
$261.942
Z
TazYears
4r
L126
]OZ]
un
lOR
2190
1031
R31
_
2033
TaGI
M
TFb[RA:
548fi,463
1111,017
$,1"-
$531,ST2
$54],519
$553,944
$SB.-
$598,289
$4,325,796
(�
llF to Oeveleper.
$46L340
$4]6004
$490,285
$-.-
$520.143
$535,]4)
$55LB20
%M,314
$4,109,50)
CDTIF
to Develpper("):
$430,606
$410,,606
$410,606
$410,606
$410.606
S410,606
$410,FA6
$410,fi06
$3,284,845
az Years
fF
2034
R35
ID36
IQ3)
Rib
2039
2�0
20a1
Tod
TIF to C.:
5-,425
$fi02,988
562L076
$M,710
$6Sg,902
$678M
$699A29
$719,999
$Sd05800
TIF to OeYelalxr.
$556,154
$5]2d39
5590,@4
$6 ,m
$625,956
$644,]35
$664,0]]
11.11,
$4,945,530
TIF to Developer (vYh:
$390,0]5
s390.0]5
5390,0]5
$390¢)5
$390.0)s
$39D,015
$390,015
1390,075
$3,120,fiO3
az Years
V
2042
LI43
2_MS
R46
-W
204]
0
Tad
TF t4 CPA:
1711,59:
$)63d4]
$)efi,]63
$B10.3G6
$8346]]
%59,]1]
$0
$0
$0
$4,]96,969
Y
TIFb Developer.
f]04,51
$]25,G55
$]4],425
$)69d4)
"2,943
$H36,]31
s0
$0
$0
$4,55],121
TIF to Deueloperl"):
5390,015
$390A)5
s39 m
s390.0]5
$390¢]5
s390A)5
$0
$0
$0
$2,WOA52
Total TF to CRP:
$14,328,565
TIF to Developer:
$13,612,137
TIF to Developer("):
$8,745,900
NRINVESTMENTS.COM
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OMNI Board of Commissioners Meeting
October 28, 2021
OMNI REDEVELOPMENT DISTRICT
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
Board Chair Ken Russell Date: October 19, 2021
and Members of the CRA Board
File: 10633
Jason Walker
Executive Director
BACKGROUND:
Subject: NR Investment 14th Street
Project TIF
Enclosures: 10633 NR 14th Street Proposal
The Omni Redevelopment District Community Redevelopment Agency ("CRA") is
responsible for carrying out community redevelopment activities and projects within its
redevelopment area in accordance with the 2019 CRA Redevelopment Plan ("Plan").
14th Street Development LLC, a subsidiary of NR Investments, Inc., ("Developer")
submitted a grant proposal request and a Tax Increment Rebate request to the CRA
requesting the amount of $15,000,000.00 in grant assistance and 95% of the available
developmental Tax Increment (TIF) collected by the Omni CRA to underwrite a portion
of the costs to develop a mixed -use project within the Omni CRA. NR Investments, a
for -profit entity, possesses a unique approach to this mixed -use development project
that will consist of ground floor retail, ground floor commercial space and approximately
398 units of income -restricted housing. The project is estimated to cost approximately
$141 Million. The developer will commence construction by June 1, 2022 and
substantially complete by October 1, 2024.
This proposal anticipates the CRA will be extended through 2047 and as such rents will
be restricted until 2047. This Project is dependent on the extension of life of the CRA.
This project also presents a unique approach and opportunity for a local government
entity to collaborate on a below -market housing project. This is a way in which local
government entities are able to leverage Tax Increment Financing dollars and fill the
gap in financing to achieve housing affordability in the area.
RECOMMENDATION:
It is recommended that the Board of Commissioners of the Omni Redevelopment
District Community Redevelopment Agency ("Omni CRA") approve and adopt the
attached Resolution, authorizing the execution of an economic incentive agreement with
Packet Pg. 21
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14th Street Development LLC, a subsidiary of NR Investments, Inc., ("Developer") for
the development of this mixed -use development project consisting of ground floor retail
and approximately 398 units of income -restricted housing.
JUSTIFICATION:
Chapter 4 of the 2019 Amendment to the Omni CRA Redevelopment Plan reaffirms the
importance of the development of affordable housing to the economic vitality of the
CRA. With regard to projects assisted by the CRA (from which it accepts projects it
seeks to support to provide workforce, low, or very -low income housing), it identifies
among its community benefits priorities the "inclusion of an appropriate amount of
below -market rate units," specifically workforce housing units (at less than 140% AMI)
and units for low-income residents (less than 80% AMI). This project is consistent with
Florida Statute 163, and also the goals and objectives of the 2019 Omni CRA
Redevelopment Plan. The rates will remain in place until the anticipated extension of life
of the Omni CRA to 2047.
On page 4-32 of the amended Redevelopment Plan, the CRA has noted that housing
affordability is one of the key programs for the CRA to undertake. A thriving community
is one where residents in all phases of life with varying types of employment can live in
one area. To that end, the CRA outlined the following programmatic methods it can
employ to increase the supply of affordable housing:
To Assist For -Profit Housing Providers in the CRA could:
2) Pay some portion of development costs such as impact or permit fees
3) Provide a direct cash subsidy in the form of a rebate equal to a percentage
of the increases in taxes paid over a defined period of time after completion
if affordable units are provided
In addition to the above programmatic methods to expand the supply of affordable
housing, the CRA has identified
the following goal on page 5-56 of the Redevelopment Plan:
6) Housing Affordability - The CRA should fund established and creative new
ways to increase the stock of workforce and lower income affordable
housing within the district.
GOALS:
a) Create project -specific developer incentives to ensure that new or
significantly redeveloped residential projects in the CRA contain a
sufficient number of units that are affordable to the target populations.
The Project and accompanying request seek financial support from the CRA to
underwrite the development of residential units, specifically for low-income and
workforce households, and asks the CRA to provide the Applicant with a project -specific
incentive.
The 14th Street Development LLC proposal submitted will develop the group of
properties with the following addresses at 1441, 1445 & 1455 N. Miami Avenue, 25 & 31
N.E. 14th Street, and 1412, 1418, 1428 & 1432 N.E. Miami Court, Miami, Florida within
the Omni CRA and now requests grant and TIF funding to underwrite a portion of the
costs.
City of Miami Page 2 of 4 File 0: 10633 (Revision:) Printed On: 1012212021
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City of Miami OMNI CRA
1401 N. Miami Avenue
Omni Legislation Miami, FL33136
www.miamicra.com
C R A OMNI CRA Resolution
File Number: 10633 Final Action Date:
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE OMNI
REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY ("CRA")
AUTHORIZING THE CRA TO REBATE TO 14TH STREET DEVELOPMENT LLC
("GRANTEE") THE TAX INCREMENT FINANCE ("TIF") REVENUES GENERATED
ONLY FROM THE DEVELOPMENT BY THE GRANTEE OF THE 14TH STREET
APARTMENT PROJECT ("PROJECT") IN AN AMOUNT NOT TO EXCEED 95% OF
THE AVAILABLE DEVELOPMENT TIF COLLECTED FROM THE PROJECT
ANNUALLY OR $816,731.00 ANNUALLY, WHICHEVER IS LESS, PER YEAR UNTIL
2047 IF THE LIFE OF THE CRA IS EXTENDED TO 2047, FOR A TOTAL AMOUNT
NOT TO EXCEED $13,600,000.00, WITH PAYMENTS TO BEGIN UPON
SUBSTANTIAL COMPLETION AND THE PROJECT RECEIVING A CERTIFICATE OF
OCCUPANCY, SUBJECT TO THE RENTS BEING RESTRICTED UNTIL 2047 IF THE
LIFE OF THE CRA IS EXTENDED TO 2047; FURTHER AUTHORIZING THE
EXECUTIVE DIRECTOR TO NEGOTIATE AND EXECUTE ANY AND ALL
DOCUMENTS NECESSARY FOR SAID PURPOSE, ALL IN FORMS ACCEPTABLE
TO GENERAL COUNSEL.
WHEREAS, the Omni Redevelopment District Community Redevelopment Agency
("CRA") is tasked with reducing slum and blight within its Redevelopment Area; and
WHEREAS, 14th Street Development LLC, a subsidiary of NR Investments, Inc., a for
profit entity ("Developer"), submitted a request for a tax increment rebate to underwrite a portion
of the costs to develop a mixed -use project consisting of approximately 9,000 square feet of
ground floor retail and approximately 398 rent -restricted housing units at the properties located
at 1441, 1445, and 1455 North Miami Avenue, 25 and 31 Northeast 14th Street, and 1412,
1418, 1428, and 1432 Northeast Miami Court, Miami, Florida within the Redevelopment Area
("Project"); and
WHEREAS, page 4-23 of the 2019 Amendment to the CRA's Redevelopment Plan
("Plan") reaffirms the importance of the development of affordable housing to the economic
vitality of the CRA and identifies among its community benefits priority for the "inclusion of an
appropriate amount of below -market rate units," specifically workforce housing units (at less
than 140% AMI) and units for low-income residents (less than 80% AMI); and
WHEREAS, page 4-33 of the Plan states that "To assist for -profit housing providers in
the CRA could... Provide a direct cash subsidy in the form of a rebate equal to a percentage of
the increases in taxes paid over a defined period of time after completion if affordable units are
provided" and "Grant funds to assist in rehabilitation of an existing housing project"; and
WHEREAS, the Executive Director is requesting authority to provide the Developer with
a Tax Increment Finance Rebate only from Tax Increment Funds ("TIF") received from the
developed project from the CRA in an amount not to exceed 95% or $816,731.00, whichever is
less, per year until 2047 if the life of the CRA is extended, in a total aggregate amount not to
exceed $13,600,000.00, to be paid beginning upon substantial completion of the Project and the
City of Miami Page 3 of 4 File 0: 10633 (Revision:) Printed On: 1012212021
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Project receiving a certificate of occupancy and subject to a covenant being recorded on the
property restricting the rents until 2047; and
WHEREAS, the success of the Project will result in accomplishing the stated objectives
of the Plan;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF
THE OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY OF
THE CITY OF MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the Preamble of the Resolution are
adopted by reference and incorporated as fully set forth in this Section.
Section 2. The Executive Director is authorized to provide the Developer with Tax
Increment Finance Rebates from the Project's TIF from the CRA in an amount not to exceed
95% or $816,731.00, whichever is less, per year until 2047 if the life of the CRA is extended to
2047, in a total aggregate amount not to exceed $13,600,000.00, to be paid beginning upon
substantial completion of the Project and the Project receiving a certificate of occupancy and
subject to a covenant being recorded on the property restricting the rents until 2047 if the life of
the CRA is extended to 2047, to underwrite a portion of the costs associated with Project within
the CRA's Redevelopment Area.
Section 3. The Executive Director is authorized to negotiate and execute any and all
documents, all in forms acceptable to the General Counsel, for the purposes stated herein.
Section 4. This Resolution shall become effective immediately upon its adoption.
APPROVED AS TO FORM AND CORRECTNESS:
VICTORIA MENDEZ, GENERAL COUNSEL
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Ii R
RATIONALE FOR CRA SUPPORT
Housing Affordability
14t' Street Apartments Project
Miami's Downtown and Greater Downtown skylines are pictures of construction, as new condos and
apartments are built throughout our burgeoning City. But the expansion experienced in the last and current real
estate cycles is misleading as the City faces one of the nation's most severe crisis of housing unaffordability
stemming from the dual problem of high housing costs and comparably low wages.
Today, Greater Miami's housing stock suffers from a significant supply mismatch. The local market has
a glut of expensive housing and not nearly enough affordable housing. While we have seen the construction of
expensive condos to the point of over -supply, not nearly enough affordable and workforce housing has been
built to meet market's demand. While thousands of new housing units have been developed within the City,
including thousands within the CRA alone, most of the units built are market -rate or high -end luxury units.
The COVED-19 pandemic as well as the expected economic recovery that will follow successful
vaccination campaigns, combined with current trends towards increased remote work, threatens to exacerbate the
City's housing unaffordability issues, as growing numbers of high -income workers and wealthy out-of-state
residents relocate to Miami in search of its unique urban amenities and "destination city" status. The prospect of
companies moving to Miami or opening offices in the City, in an effort to lure skilled workers and/or take
advantage of state and local tax and regulatory advantages, while a very welcoming development, could certainly
compound existing problems around scarcity and unaffordability in housing.
Today, the Miami -Fort Lauderdale metro is already one of the least affordable large metro areas in
the country, measured in terms of median -wage work hours needed to pay average monthly rent: at 87.1
hours, it ranks higher than San Francisco -Oakland (73.4 hours), Austin -Round Rock (70.4), New York -
Newark (69.4 hours) and Boston -Cambridge (67.0 hours), among others. The combination of relatively high
average rents with relatively low median wages is, in a nutshell, the central dynamic of the City's unaffordability
crisis.
According to the Affordable Housing Blueprint. Needs Assessment crafted by the Jorge M. Perez
Metropolitan Center at Florida International University (FlU), "the most serious problem in Miami -Dade County is
the estimated 251,732 renter households who are cost -burdened and the 140,062 renter households who are
`severely' cost -burdened. The significant growth of severely cost -burdened renters is the most pressing
problem due to three market conditions: 1) the increasing demand for renter housing throughout the County
resulting in low vacancy rates and spiraling increases in rent prices, 2) the lack of affordable rental housing
production, and 3) rent prices are increasing much faster than wages."
Furthermore, "[... ] the vast preponderance of County workers earn wages in service sector occupations,
including retail trade, leisure and hospitality, and educational and health services. The household incomes of these
service sector workers limit housing choices to affordable rental housing opportunities, where available." The
problem is compounded, moreover, by the fact that, historically, the City's economy "[... ] has shown it can shed
higher wage jobs very quickly but has shown resistance to adding new high -skill, higher -paying jobs."
Currently, already six in 10 employed adult residents of Greater Miami are housing cost -burdened,
meaning they spend more than 30 percent of their incomes on housing — the highest rate of any large metropolitan
area in the nation. Racial and ethnic minorities, as well as our community's low-income service workers, shoulder a
disproportionate share of the burden of today's housing crisis. The following facts provide chilling insight into the
scope and impact of the current crisis:
Packet Pg. 25
1.2.a
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14t' Street Apartments Project
■ About 49% of Miami -Dade County's households are renters. Between 2012 and 2017, the County has
seen its proportion of renter households grow by 11.4%, or nearly 2% annually. Miami, in particular,
has become a city of renters: the City's homeownership rate, at 30%, is the lowest among large cities in the
U.S.
■ Miami's renter population is disproportionately African American and Hispanic with 55% of black
households and 48% of Hispanic households renting, compared with just over 25% of white households.
■ Greater Miami's median rents are increasingly unaffordable. As of October 2018, the median rent for
Greater Miami was $2,095 — the eighth highest in the nation behind communities like Denver, Portland,
Dallas and Austin. Said median rent requires an annual household income of not less than $83,800 for such
rent to be "affordable" or for the household not to be "cost -burdened."
■ Miami's low-income service class — workers in low -skill jobs like retail, hospitality, food service and
home care which make-up more than 50 percent of the region's workforce — is severely cost -burdened.
Miami's service class faces the greatest rental cost burdens among all classes with just under $11,000 in
annual income left -over after paying rent — the 51' worst rate among large metropolitan areas in the nation.
■ At the same time, an estimated 45% of the jobs created in the City from now through 2024 will be in
occupations with a median annual income less than $35,000 per year: meanwhile, more than 9 out of 10
90.9% of renters in Greater Miami earning less $35,000 annually are cost -burdened.
■ Miami, in particular, has the highest proportion of cost -burdened renters in the nation by a significant
margin. More than half of renters 6( 2A*/o spend 35 percent or more of their household income on
rent. Moreover, 32% of all renter households are "severely" cost -burdened — paying an excess of 50
percent of their incomes on housing costs. Greater Miami's renters have the least amount of money left
over after paying for housing of any large metro: Miami's renters have, on average, less than $16,000 left
over after paying their rent, far less than the $30,000 or so in take-home income that renters in Washington,
D.C. and Boston have left over after paying for their housing.
Crucially, though, despite the bleak picture, Miami has a lot of gains to reap by increasing the stock
of affordable housing, gains that are broader than strictly dealing with housing scarcity and unaffordability.
As stated in FlU's Miami Affordable Housing Master Plan, "affordable housing has broad -based
economic growth impacts. As families keep more of their income, they drive greater local spending which in turn
stimulates high -wage job creation, increased tax revenue, and lower public costs for health, human services and
policing." Conversely, "keeping housing costs as a reasonable percentage of family income promotes higher
educational attainment and improves family health outcomes, as families have more money to spend on education
and health costs." It is clear that "improved affordability promotes inclusive economic growth".
■ "Housing affordability can be a potent tool for improving economic performance, driving employment
growth, productivity, wages, business development, and retaining and attracting high -skilled, educated
workers to the region."
■ "The cumulative economic impacts of greater, more widespread housing affordability would be a major
boost to developing a more diversified, higher income City economy. "
■ "Affordable housing is b.4 critical to Miami Dade County's economic resilience [...j"
N 1t�STNENTS. COM
Packet Pg. 26
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14th Street Apartments Project
CONSISTENCY WITH CRA REDEVELOPMENT PLAN
Chapter 4 of the CRA proposed amendment to the Redevelopment Plan (2019) reaffirms the importance of
the development of affordable housing to the economic vitality of the CRA. With regard to projects assisted by the
CRA (from which it accepts projects it seeks to support to provide workforce, low, or very -low income housing), it
identifies among its community benefits priorities the "inclusion of an appropriate amount of below -market rate
units," specifically workforce housing units (at less than 140% AMI) and units for low-income residents (less than
80% AMl). Among the policy reasons articulated for such community benefits requirement are: (i) preservation of
the affordability of the neighborhood; (ii) prevention of existing resident displacement; and (iii) provide area
workers an opportunity to live near work.
On page 4-32 of the amended Redevelopment Plan, the CRA has noted that housing affordability is one of
the key programs for the CRA to undertake. A thriving community is one where residents in all phases of life with
varying types of employment can live in one area. To that end, the CRA outlined the following programmatic
methods it can employ to increase the supply of affordable housing:
To Assist For -Profit Housing Providers in the CRA could.-
2) Pay some portion of development costs such as impact or permit fees
3) Provide a direct cash subsidy in the form of a rebate equal to a percentage of the
increases in taxes paid over a defined period of time after completion if affordable units
are provided.
In addition to the above programmatic methods to expand the supply of affordable housing, the CRA has identified
the following goal on page 5-56 of the Redevelopment Plan:
6) Housing Affordability — The CRA should fund established and creative new ways to increase
the stock of workforce and lower income affordable housing within the district.
GOALS:
a) Create project -specific developer incentives to ensure that new or significantly
redeveloped residential projects in the CRA contain a sufficient number of units that are
affordable to the targetpopulations.
The Project and accompanying request seek financial support from the CRA to underwrite the development of
residential units, specifically for low-income and workforce households, and asks the CRA to provide the Applicant
with a project -specific incentive.
NRINVESTMENTS. COM
Packet Pg. 27
1.2.a
10 Street Apartments Project
PROJECT DESCRIPTION
The Developer proposes to enter into a public -private partnership with the CRA to advance the CRA's
goal of developing much needed affordable and workforce housing units within the redevelopment area.
Applicant proposes to construct a 35-story tower on land it purchased over the course of the last four years
which will consist of a mixed -use project comprised of the following elements: (i) 398 multi -family residential
units; and (ii) approximately 9,000 sq. ft. of ground floor commercial use (the "Project').
Applicant proposes to assist the CRA in advancing its Redevelopment Plan goal by restricting rents for
ALL of the 398 residential units within the Project through the life of the CRA as outlined herein below. The rent
restrictions proposed will ensure that the Developer make residential units available to low-income households and
households who can afford "workforce" rents, more specifically teachers, police officers, firefighters, nurses, first
responders, and recent college graduates, among other professions.
The Project represents the Developer's latest investment in the Omni "Arts + Entertainment District" — a
dynamic urban residential neighborhood connecting the CRA & Downtown Miami with the Wynwood Arts District
and the Design District. With the surrounding expansion, the Arts + Entertainment District has seen growth in its
residential, culinary, entertainment and nightlife offerings, but substantial land remains undeveloped and a number
of buildings remain dilapidated within the district evidencing the continued "slum & blight conditions" within the
CRA. Applicant's CANVAS project, an art -inspired condominium offering a "bohemian luxe" lifestyle immersed
in the local art, culinary & cultural scene, has served to anchor the district's ascendant trajectory.
Beyond its project investments within the redevelopment area, NR Investments, Inc., has invested
approximately $2 million in efforts to beautify the Arts & Entertainment District, attract new businesses and retailers
to the area, and deliver high -quality arts, music and community programming, including "The Miami Flea," a pop-
up market, and a "Moonlight Grooves," a music series held on CANVAS's backyard, among others.
Given the Project's location just north of Downtown Miami, it is conveniently accessible via multiple
modes of transit, including: (i) the MetroMover via the "School Board Station" on N.E. 151 Street; (ii) the City's
free trolley system; and (iii) Virgin Trains' service at Grand Central Station. The inclusion of the proposed
affordable and workforce dwelling units in the Project will provide residents convenient access to employment
opportunities via mass transit servicing greater Downtown Miami area and portions of the South Florida region via
inter -city passenger rail service.
Illustrative Project rendering enclosed as Exhibit "A".
4
Packet Pg. 28
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H A
14th Street Apartments Project
REQUESTED PROJECT SUPPORT
Applicant's request assumes the approval of an extension of the term of the CRA through 2047 and
obligations of the Applicant and CRA pursuant to an Incentive Agreement would be conditioned upon the passage
of such an extension. With the clarification, Applicant proposes the following development restrictions and makes
the following request of the CRA to assist the Project:
Proposed Residential Restrictions: Applicant proposes to rent -restrict 398 residential dwelling units — 27
studio dwelling units, 300 one -bedroom dwelling units and 71 two -bedroom dwelling units — as set forth in
the "Project Information Sheet" attached hereto as Exhibit `B." Said rent -restrictions will be remain in
place from the date the Residential portion of the Project is placed in-service (as evidenced by the issuance
of a temporary certificate of occupancy or certificate of occupancy for a residential dwelling unit) through
the date of the CRA's expiration (2047). The Applicant will be permitted to adjust the maximum rent per
unit for each unit type consistent with the rate schedule adopted by the Corporation for "Multifamily Rental
Programs" for Miami -Dade County. The Developer will impose a Covenant setting forth the rent
restrictions and the minimum number of rent -restricted units by type. The Covenant shall grant the
enforcement rights to the CRA through the term of its existence.
Requested Financial Support: Applicant requests partial loss reimbursement of $15.0 million, along
with a rebate of 95% of the TIF collected by the Omni CRA from the Project. Developer anticipates that
the rebated tax increment generated by the Project will amount to approximately $13.6 million in gross
receipts, or approximately $8_7 million in present value. The partial loss reimbursement and TIF receipts
will be used to offset the estimated $38.0 million in gross economic loss (in the 2047 scenario).
Moreover, the project foresees around $4_3 million in estimated permit fees, water & sewer connection
charges, and impact fees to be assessed at the initiation of the Project. See Exhibit "C" attached hereto.
Construction costs have increased significantly in the last year, reflecting higher costs of materials
and labor alike. The sharp post COVID-19 economic rebound, coupled with unprecedented public
sector relief and stimulus outlays, are expected to create supply-side and labor bottlenecks, which
threaten to exacerbate and prolong upward price pressures. The requested financial support will
significantly help to offset these factors.
i£ The value of the requested financial support partial loss reimbursement of $15.0 million and W
TIF rebate in the amount of $8_7 million in present value— is still substantially lower than the Z
value of the losses generated by the rent and use restrictions detailed above: $38.0 million. This is
without including the project's approximately $4_3 million in estimated permit and impact fees. o
iii. The calculation of rent and use losses assumes that market rent prices will grow at a conservative
rate of 3.00% per year. That being said, the specific area where the project is located is E
undergoing —and has, in fact, been experiencing for years— rapid growth and redevelopment, in
the larger context of a City which expects to continue expanding its population and urban core. Y
Therefore, it is not at all unreasonable to anticipate that market rates will increase at a much higher Q
pace, which would, in turn, cause an even greater loss in rents due to the restrictions in place. In
other words, the project's financial projections may very well be underestimating the losses
generated by the rent restrictions.
iv. The future resale/refinance value of the building, which is calculated on a cash flow basis, is also
substantially diminished by the rent restrictions, by as much as $46314.638, based on a standard
market cap of 5.00%.
NRINVESTMENTS.COM
Packet Pg. 29
1.2.a
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14`h Street Apartments Project
In sum, applicant deems that the project's present value losses and increased construction costs easily
exceed the support sought, with even conservative estimates of market rents growth during the period.
NRINVESTMENTS.COM
Packet Pg. 30
1.2.a
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10 Street Apartments Project
APPLICANT EXPERIENCE & QUALIFICATIONS
14'h Street Development LLC, is a subsidiary of NR Investments, Inc. ("NR" ), a privately held real estate
investment company. Each of the company's principals and senior executives has extensive experience in real estate
capital markets, acquisition, asset management, development, construction and risk management. NR believes in
fostering cultural movements and communities in undiscovered areas, and in making their buildings the beacons of
their renaissance.
NR specializes in acquiring developing, repositioning, and managing real estate assets in major markets
throughout the world. The company has acquired more than 10 million square feet of office and residential space
across the globe. Over the past 18 years, NR has purchased, developed, repositioned and sold over $700 million of
multifamily and commercial real estate assets.
Recent Development Experience
■ Filling Station Lofts: In January 2013, NR stepped into Miami's Omni / Arts & Entertainment District
with the acquisition and subsequent completion of Filling Station Lofts, an 81-unit loft -style apartment
building.
■ CANVAS Condominiums: In November 2013, NRI closed on the 1.07-acre CANVAS condominium site.
NR constructed a 37-story, 513-unit residential condominium tower that received its fmal certificate of
occupancy (C.O.) at the end of 2018, and was delivered in 2019.
OualiTcations ofPrincipals
■ Nir Shoshani — Principal. Prior to forming NR in 2001, Mr. Shoshani held the title of President at TiS
America, Inc., a subsidiary of Top Image Systems Ltd. (NASDAQ: TiSA), a publicly traded, high-tech
firm headquartered in Israel with operations around the globe. Mr. Shoshani is a graduate of the Belgrano
School of Business in Buenos Aires.
Ron Gottesmann — Principal. Prior to forming NR in 2001, Mr. Gottesmann worked as a mortgage broker
overseeing the operation of GFI Mortgage Bankers Inc. of New York. With Mr. Shoshani, Mr. Gottesmann
leads NR which today is a fully integrated development firm which owns and manages a wide variety of
real estate, including large scale office buildings, commercial shopping centers, and multi -family housing.
Under Mr. Gottesmann's leadership, the firm has maintained a consistent focus on property repositioning
via the acquisition of underperforming buildings in high visibility locations rehabilitating them to their full
potential through extensive renovation and management restructuring.
Terry Wellons — C.O.O. Mr. Wellons serves as the Chief Operating Officer at NR. He leads the United
States team directing a group of highly experienced attorneys, accountants and portfolio and property
managers. He has a background in finance and as a real estate attorney, serves as lender's counsel and
representing buyers and sellers of real estate, aids NR in each aspect of NR's business, effectively
negotiating and gauging the legal and financial risks involved with each transaction. Mr. Wellons holds a
degree in fmance from Florida International University and a law degree from Nova Southeastern
University.
NRINVESTMENTS.COM
Packet Pg. 31
1.2.a
i -"r :.. -
EXHIBIT "A"
PROJECT RENDERING
NRINVESTMENTS.COM
14th Street Apartments Project
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Packet Pg. 32
1.2.a
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EXHIBIT "B"
Omni CRA
Tax Increment Recapture Agreement
Project Information Sheet
14'h Street Apartments Project
Developer/Applicant: 141 Street Development LLC
Contact Person: Terry Wellons, C.O.O.
Telephone: (305) 625-0949
E-mail: terrvli^nrinvestments.com
Project Address: 1441, 1445 & 1455 N. Miami Avenue, 25 & 31 N.E. 141 Street, and
1412, 1418, 1428 & 1432 N.E. Miami Court, Miami, Florida
Pro erty Information
Prior Year Taxable Values
2019 2018 2017
Folio Numbers
Existing Building
Size
Lot Size
01-3136-005-1110
0 sq, ft.
0 sq. ft.
7,600 sq. ft.
$1,333,420
$1,212,200
$1,102,000
01-3136-005-1070
11,400 sq. ft.
$1,875,630
$1,705,119
$1,550,109
01-3136-005-1060
929 sq. ft.
0 sq. ft.
5,700 sq. ft.
$874,463
$794,967
$722,698
01-3136-005-1180
3,355 sq. ft.
$551,489
$501,354
$486,475
01-3136-005-1151
0 sq. ft.
5,000 sq. ft.
$821,892
$750,000
$679,250
01-3136-005-1150
0 sq. ft.
2,200 sq. ft.
$361,632
$328,757
$298,870
01-3136-005-1140
0 sq. ft.
4,200 sq. ft.
$690,389
$690,389
$627,627
$570,570
01-3136-005-1130
0 sq. ft.
4,200 sq. ft.
$627,627
$570,570
01-3136-005-1090
0 sq. ft.
6,300 s . ft.
$1,035,584
$941,440
$855,855
Total:
929 sq. ft.
49,955 sq. ft.
$8,234,888
$7,489,091
$6,836,397
Type of Project:
Construction Commencement:
Project Construction Completion Date:
Project Construction Cost:
Estimated Adj. Taxable Value (TIF Basis):
Residential Square Footage:
Retail Square Footage:
Property Acquisition Date:
Total Acquisition Cost:
Projected Residential Rent (Per Unit Type):
Mixed Use (Retail, Multi -Family Residential)
June 1st, 2022
October 11, 2024
$141,414,310
$65,088,738
297,625 sq. ft. +/-
8,706 sq. ft.+/-
May 2014 and February 2015
$7,842,000
Studio - $1,747 / 1BD - $2,224/ 2BD- $2,750
NRINVESTMENTS.COM
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Packet Pg. 33
1.2.a
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14`h Street Apartments Project
Proposed Affordability Restrictions:
2047
Unit Type
Total
Units
Maximum Rent
Studio- 60% AMI
2
$960
Studio- 80% AMI
3
$1,280
Studio- 100% AMI
4
$1,600
Studio- 120% AMI
5
$1,920
Studio- 140% AMI
13
$2,240
1BD- 60% AMI
15
$1,029
1BD- 80% AMI
30
$1,372
1BD- 100% AMI
45
$1,715
BD- 120% AMI
60
$2,058
—I
1 BD- 140% AMI
150
$2,469
2BD- 60% AMI
3
$1,234
2BD- 80% AMI
7
$1,646
2BD- 100% AMI
11
$2,058
2BD- 120% AMI
14
$2,469
2BD- 140% AMI
36
$2,880
Total:
398
-
NRINVESTMENTS.COM
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Packet Pg. 34
1.2.a
EXHIBrr "C»
FINANCIAL ANALYSIS
RESIDENTIAL ECONOMIC LOSS
14'h Street Apartments Project
LL
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4
5
6
1
B
9
l0
11
Ter Yaen
0m
Mz 3028
3DD
3�
2031
Mt_31
x033
T-1
L
Annual Rent toss:
($L294,820)
($1.282,1651
($1d20,fi301
151,3fA1a8)
($L40L056)
(51,443A88)
($L486.380)
($L530,9]2)
($31A69,358{
r
N
Valuation lass
($24,896,400)
(535,643,292)
($26,412,5911
($27,304,958)
I528,03L118)
1528861,)51)
1$29,)2),604)
(530.619.432)
]1
13
14
IS
16
I]
SB
19
Y
T.Ynn
r
�34
OL9 2039
2033
1039
2060
2W1
Ted
iF
Annual Ren[Iass:
($I,5I6,901)
($1,624,20BI
ISL6T1,934)
151,)23,1221
($1,T24d161
1$La28A6p1
($L882,902)
I51539,3B9)
($11.022,331)
A_`
V3luadm S9v
1531,538,015)
1$33.481,ss5)
($33,45$6B0)
($34,462,440)
(05496,30)
1$36,561,303)
($3?658.039)
IS38,-l-)
ZO
L
22
23
24
25
26
27
28
fs
Taareara
UN
zdu
4343 x0M
2aa5
-
204]
xo46
-
T-1
ci
i
Annual Rent lass:
($1.99).5)1)
($2,05].49g1
($2,119,223)
152,182.]99l
($2,248.2W1
($2,31%-)
$0
SO
Valuadan lass
($39,%1,413)
($41,149,956)
($4L38L4541
(S43,655,988)
($W,%S,fifibj
($46,319,638)
$D
$0
wey
We4hted AMI Raltdttbn4F Bottom
50%0l Units
9950%
Tm l Rent lass:
($38 M,]951
M
M
O
O
R
UN
TIF TO DEVELOPER
CALCULATION
O
CL
O
L
a
m
m
CRA/0eveloper Retainage:
GrovrtM1 Pate:
95%
1.03
L
'/Y�
N^
0lstaunt Rate
3%
MlllaL Rate
Ta bl Value (30201 Taeable Yalue{@[.D.)
Atl4Taeatle Yalue
TURepeloo !Nee
CtATIF 95%)
CRA RetaY.M TIF 01
CaumT[IawhacY (35%)
Y
nidpal Operating
7.4365
$8,]00 .
5]3,19g.r33
$6;OBg,)3g
$484,0 203
$459131
5298,890
$160,941
IT
MIaMDa6e OpunryOperatlng
4.6fi69
$g,)OO,I100
$T3,]88,Ti8
$65A88,]3B
$303.]63
$288.575
$]Jn,S/3
$301,001
TodRuts:
$M,]95
$748,405
$486,463
$261.942
1,6
TazYears
_
Z
TFb[RA:
M126
5486,463
]OZ]
$501,05)
un
$,1".
MIM
$i31,5TL
M90
$54],519
1I31
$553,944
tD31
$ig0,g63
2033
$598,289
Tad
S4,325,196
M
llF to Oeveleper.
$462,140
14]6,004
5490,285
$5Dtd93
$520.143
$535,]4)
$55LB20
%M,314
$4,109,50)
M
TIF to Develpper("):
$430,606
$410,606
$410,606
$410,606
$410.606
S410,606
$410,FA6
$410,fi06
$3,284,845
((�'
O
az Years
r
2034
2035
ID36
IQ3)
Rib
M39
2010
20a1
Tod
TIF to C.:
$58.5,425
$fi02,969
562LO76
$M,710
S65B,902
$678M
$699¢29
$719,999
$vn..0
r
TIF to OeYelalxr.
$556,154
$572d39
$590,@4
$6 ,m
$625,956
5644,]35
$664,0]]
11.11,
$4,945,510
TIF to OeveloperlM:
$390,0]5
$390,0]5
$i90,0]5
$nom
$390.0)s
$390,015
$390,015
1390,075
$3,120,fiO3
az Years
E
2042
1043
7A44
Mq5
]d46
-W
204]
0
Tad
TF t4 CPA:
1711,59:
$)63d4]
$)6fi,]63
$810.366
$B3 w
%59,]1]
$0
$0
$0
$4,J96,969
TIFb Oevelaper.
f]04,51
$]25,655
$]4],425
5)69d4)
"2,943
$R36,]31
SO
SO
$0
$4,55],121
r
llF to Deaeloperl"1:
5390,015
$390A)5
S390An
$390.0]5
$390A]5
$390A75
$0
$0
$0
$2,340A52
r
Q
Total TF to CRP:
$14,328,565
TIF to Developer:
$13,612,137
TIF to Developer("):
$8,745,900
NRINVESTMENTS.COM
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Packet Pg. 35