HomeMy WebLinkAboutCRA-R-21-0044 Bid Waiver Memo14 0%
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 18, 2021
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:
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 proposal is dependent on the successful extension of life and financing.
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 Aver 2"' Floors Miami, FL 33136
Tel (305) 679 68681 http://www.miami-cra.org/
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 Aver 2"' Floors Miami, FL 33136
Tel (305) 679 68681 http://www.miami-cra.org/