HomeMy WebLinkAboutCRA-R-21-0005Southeast Overtown/Park West
Community Redevelopment Agency
Legislation
CRA Resolution: CRA-R-21-0005
File Number: 8883
Final Action Date:4/15/2021
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE SOUTHEAST
OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY
AUTHORIZING THE EXECUTION OF LEASE AGREEMENT BETWEEN THE
SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT
AGENCY AND LYRIC DEVELOPMENT, LLC AND NOXXEN LYRIC, LLC TA
LARGAVISTA COMPANIES, FOR 7,000 SQUARE FEET OF RETAIL AND/OR
COMMERCIAL SPACE AT THE LYRIC POINT, LOCATED AT 101 NW 8TH
STREET, MIAMI, FL 33136, AND AN ALLOCATION OF FUNDS FOR THE
ANNUAL LEASE AMOUNT OF $280,000.00 PLUS THE PROPORTIONATE
SHARE OF TAXES, INSURANCE, AND CAM CHARGES. FUNDS ALLOCATED
FROM SEOPW - "RENT" ACCOUNT CODE NO.
10050.920101.544000.0000.00000.
WHEREAS, the Southeast Overtown/Park West Community Redevelopment Agency
("SEOPW CRA") is a community redevelopment agency created pursuant to Chapter 163,
Florida Statutes, and is responsible for carrying out Community Redevelopment activities and
projects within its redevelopment area in accordance with the 2018 Southeast Overtown/Park
West Redevelopment Updated Plan (the "Updated Plan"); and
WHEREAS, under Florida Statutes, Section 163.340(9) of the Community
Redevelopment Act, (the "Act"), "community redevelopment means projects of a ... community
redevelopment agency in a community redevelopment area for the elimination and prevention of
the development or spread of slum and blight'; and
WHEREAS, Section 2, Goal 2, on page 10 of the 2018 Southeast Overtown/Park West
Community Updated Redevelopment Agency Plan (the "Updated Plan"), lists the "[e]xpan[sion
of] the [t]ax [b]ase using Public -Private principles" as a stated redevelopment goal; and
WHEREAS, Section 2, Goal 4, on page 10 of the Updated Plan, further lists "[c]reat[ing]
jobs within the community", as a stated redevelopment goal; and
WHEREAS, Section 2, Principle 4, on page 13 of the Plan provides that "employment
opportunities be made available to existing residents ..." as a stated redevelopment principle;
and
WHEREAS, Section 2, Goal 7, on page 10 of the Updated Plan, also lists "[p]romot[ing]
[e]ntrepreneurship and [t]echnology [i]nnovations", as a stated redevelopment goal; and
WHEREAS, Section 2, Principle 4, on page 13 of the Updated Plan provides that "[t]here
must be variety in employment opportunities" as a stated redevelopment principle; and
WHEREAS, Lyric Point is a product of the partnership between Lyric Development, LLC
and Noxxex Lyric, LLC TA Larga Vista Companies. The property is located on NW 8th Street
and NW 1st Avenue and boasts 26,850 square feet on its ground floor, 28,220 square feet on its
City of Miami Page 1 of 2 File ID: 8883 (Revision: A) Printed On: 411912021
File ID: 8883 Enactment Number: CRA-R-21-0005
second, and a total of 101 parking spaces. Lyric Point will be home to a mix of retail,
commercial, and office tenants, including some existing Overtown small businesses.; and
WHEREAS, the Board of Commissioners wishes to authorize the execution of a ten-year
lease agreement consistent with the terms set forth in the Letter of Intent for 7,000 square feet
of retail and/or commercial space at the Lyric Point, and allocation of funds for the annual lease
amount of $280,000.000 plus the proportionate share of taxes, insurance, and CAM charges;
and
WHEREAS, the Board of Commissioners finds that authorizing this Resolution would
further the SEOPW CRA redevelopment goals and objectives.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE
SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY OF
THE CITY OF MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are
adopted by reference and incorporated herein as if fully set forth in this Section.
Section 2. The Board of Commissioners hereby authorizes the execution of a ten-
year lease agreement between the Southeast Overtown/Park West Community Redevelopment
Agency and Lyric Development, LLC and Noxxen Lyric, LLC TA LargaVista Companies, for
7,000 square feet of retail and/or commercial space at the Lyric Point, and further authorizes an
allocation of funds for the annual lease amount of $280,000.00 plus the proportionate share of
taxes, insurance, and CAM charges.
Section 3. The Executive Director is authorized to execute all documents necessary
for said purpose.
Section 4. The Executive Director is authorized to disburse funds, at his discretion,
on a reimbursement basis or directly to vendors, upon presentation of invoices and satisfactory
documentation.
Section 5. $280,000.00 plus the proportionate share of taxes, insurance, and CAM
charges allocated from SEOPW — "Rent", Account Code No.
10050.920101.544000.0000.00000.
Section 6. This Resolution shall become effective immediately upon its adoption.
APPROVED AS TO FORM AND LEGAL SUFFICIENCY:
Anna -Bo manuel, hief Legal Counsel 4/16/2021
City of Miami Page 2 of 2 File ID: 8883 (Revision: A) Printed on: 411912021