HomeMy WebLinkAboutCRA-R-21-0037 Bid Waiver Memo14 •A•
Ken Russell ` Jason Walker
Board Chair Executive Director
Omni
CRA
INTER -OFFICE MEMORANDUM
TO: Board Chair Ken Russell and
Members of the CRA Board
FROM: Jason Walker
DATE: October 20, 2021
SUBJECT: 4/5ths Bid Waiver to Waive
Executive Director Competitive Negotiation Procedures per
City Code, authorizing the allocation of
Grant funds to Caprock 123, LLC for a
mixed -use development project located
within the Omni.
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").
Caprock 123, LLC ("Developer") submitted a grant proposal request to the CRA requesting the
amount of $1,300,000.00 in grant assistance to underwrite a portion of the costs to develop a
mixed -use, affordable project within the Omni CRA. This proposal is a unique approach to
development that will consist of ground floor commercial, office space, and 3 or more work -live
units of 50% AMI housing, restricted for 30 years with two 10-year extensions, on a difficult small
lot. The project is estimated to cost approximately $2.6 Million. Without the CRA's help this project
would not be feasible. This will be the first new development on 14t" Street in the Omni CRA
portion of Overtown since the 1950s.
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 the neighborhood and add equity to fill the gap in financing to achieve housing
affordability and clearance of blight in the area.
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 12n' Floor I Miami, FL 33136
(305) 679 6868 1 http://www.omnicra.com/