HomeMy WebLinkAboutSEOPW-CRA-R-00-0135ITEM 9
SEOPW/CRA
RESOLUTION NO. SEOPW/CRA ® Q - 135
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
COMMUNITY REDEVELOPMENT AGENCY ("CRA")
AUTHORIZING (1) A LETTER OF INTEREST/TENDER FOR A
HOTEL/OFFICE/RETAIL COMPLEX WITHIN THE SOUTHEAST
OVERTOWN/PARKWEST ("SEO/PW") REDEVELOPMENT AREA,
AND (2) AUTHORIZES THE EXECUTIVE DIRECTOR TO INITIATE
AN ECONOMIC FEASIBILITY STUDY FOR A
HOTEL/OFFICE/RETAIL COMPLEX WITHIN THE SEO/PW
REDEVELOPMENT AREA WHICH WILL ALSO HOUSE THE CRA
OFFICE, AND (3) AUTHORIZING THE EXECUTIVE DIRECTOR TO
ADVERTISE IN INTERNATIONAL AND LOCAL NEWSPAPERS
AND COME BACK TO THE BOARD WITH SPECIFIC
RECOMMENDATIONS AND OTHER INCENTIVES WITHIN 90
DAYS TO 120 DAYS FOR BOARD ACTION.
WHEREAS, the City of Miami approved and adopted the Southeast
Overtown/Park West Community Redevelopment Plan pursuant to
Resolution Nos. 82-755 and 85-1247 (the "Redevelopment Plan"); and
WHEREAS, the CRA is responsible for carrying out community
redevelopment activities and projects in the Southeast Overtown/Park West
Redevelopment Area (the "Redevelopment Area") established pursuant to the
Redevelopment Plan; and
WHEREAS, the CRA desires to authorize a Letter of Interest/Tender
for a Hotel/Office/Retail complex within the SEO/PW Redevelopment Area;
and
WHEREAS, the CRA desires to initiate an economic feasibility study
for a hotel/office/retail complex within the SEO/PW Redevelopment Area
which will also house the CRA Office; and
WHEREAS, the CRA desires to advertise such a Hotel/Office/Retail
complex in both National and Local newspapers and return to the Board with
specific recommendations and other incentives within 90 days to 120 days for
Board action.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF
DIRECTORS OF THE COMMUNITY REDEVELOPMENT AGENCY OF
THE CITY OF MIAMI, FLORIDA:
SEOMICRA 0 0 - 13 5
ITEM 9
SEOPW/CRA
Section 1. The recitals and findings contained in the Preamble to
this Resolution are incorporated herein as if fully set forth in this Section.
Section 2. The Board of Directors of CRA hereby authorizes a Letter
of Interest/Tender for a Hotel/Office/Retail complex within the SEO/PW
Redevelopment Area
Section 3. The Board of Directors of CRA hereby authorizes the
Executive Director to initiate an economic feasibility study for a
Hotel/Office/Retail complex within the SEO/PW Redevelopment Area which
will also house the CRA Office.
Section 4. The Board of Directors of CRA hereby authorizes the
Executive Director to advertise in International and Local newspapers and
return to the Board with specific recommendations and other incentives
within 90 days to 120 days for Board action.
Section 5. The resolution shall be effective upon its adoption.
PASSED AND ADOPTED on this 8th day of December, 2000.
own
Arthur E. Teele, Jr., Chairman
SEOPWICR 0 0 - 135
CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
TO: Chairman Teele and DATE: December 6, 2000
Members of the CRA Board
SUBJECT: Parkwest/Hotel Office
FROM: Dlpak M. Pare REFERENCES.
Executive Director
ENCLOSURES:
Resolution
ITEM 9
FILE :
RECOMMENDATION
It is recommended that the CRA Board (1) authorizes a Letter of Interest/Tender for a
Hotel/Office/Retail complex within the SEO/PW Redevelopment Area, and (2) approves the CRA to
initiate an economic feasibility study for a hotel/office/retail complex within the SEO/PW
Redevelopment Area which will also house the CRA Office, and (3) authorizing the Executive Director
to advertise in National and Local newspapers and come back to the Board with specific
recommendations and other incentives within 90 days to 120 days for Board action.
• BACKGROUND
As a principal component to the Redevelopment of the SEO/PW Area, we are initiating a proposal
which will help to solidify the other business entities being constructed in the same area. It is proposed
that it be a structure that will consist of the three needed additional components in the district; a
hotel/office/retail complex. By using the 1995 Special Obligation Bonds of $2.2 MM including accrued
interest as part of the funding, we will be able to house our permanent office there. In addition, via a
National and Local offering in the countries major newspapers, we will generate interest from private
developers that will create several potential options for the CRA Board members to evaluate and direct
staff to conduct the appropriate feasibility study to outline the cost benefits ratio and all economic
incentives available.
Funding Source: (a) 1995 Special Obligation Bond of $2.2MM incl. Accrued interest, (b) other non -
designated
Account Number: (a) 689005.550012.6.860, (b) N/A