HomeMy WebLinkAboutCRA-R-20-0026Southeast Overtown/Park West
Community Redevelopment Agency
Legislation
CRA Resolution: CRA-R-20-0026
File Number: 8199
Final Action Date:11/16/2020
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE SOUTHEAST
OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY, WITH
ATTACHMENT(S), AUTHORIZING THE EXECUTIVE DIRECTOR TO EXECUTE
AN AMENDMENT TO THE AMENDED AND RESTATED MIAMI WORLDCENTER
ECONOMIC INCENTIVE AGREEMENT, INCORPORATING THE TERMS SET
FORTH ON EXHIBIT "A", IN THE FORM ACCEPTABLE TO THE EXECUTIVE
DIRECTOR; AUTHORIZING THE EXECUTIVE DIRECTOR TO EXECUTE ANY
AND ALL DOCUMENTS REQUIRED TO CONSUMMATE THE TRANSACTION.
WHEREAS, the Southeast Overtown/Park West Community Redevelopment Agency ("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 2009 Southeast Overtown/Park West Community Redevelopment Plan ("Plan"); and
WHEREAS, Section 2, Principle 6 on page 15 of the Plan further provides that in order to
"address and improve the neighborhood economy and expand economic opportunities of present
and future residents and businesses [,] [it] is necessary to] support and enhance existing
businesses and ... attract new businesses that provide needed services and economic
opportunities..." as a stated redevelopment principle; and
WHEREAS, Section 2, Goal 4 and 6 on page 11 of the Plan lists the "creat[ion of] jobs
within the community" and "improving quality of life for residents" as stated redevelopment
goals; and
WHEREAS, Section 2, Principle 4 on page 14 of the Plan provides that "employment
opportunities be made available to existing residents..." as a stated redevelopment principle; and
WHEREAS, on February 21, 2017, the Amended and Restated Miami World Center
Economic Incentive Agreement (the "Agreement") was executed as previously authorized by the
CRA Board of Commissioners. The Agreement provided for an incentive payment to the project
developers equal to Fifty -Seven Percent (57%) of the tax increment revenues (excluding the land
value) generated from the project, provided that certain conditions were met. An amendment to
the Agreement incorporating the terms set forth in Exhibit "A" will modify certain conditions
that the project developers have not yet met, resulting in the project developers receiving the
aforementioned incentive payment; and
WHEREAS, the CRA seeks authorization to enter into an amendment to the Agreement
incorporating the terms set forth in the Exhibit "A";
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF
THE
City of Miami Page 1 of 2 File ID: 8199 (Revision:) Printed On: 1111612020
File ID: 8199
Enactment Number: CRA-R-20-0026
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 Executive Director to
execute an amendment to the Amended and Restated Miami WorldCenter Economic Incentive
Agreement, incorporating the terms set forth in Exhibit "A", in the form acceptable to the
Executive Director.
Section 3. The Executive Director is authorized to execute any and all documents
required to consummate the transaction.
Section 4. This Resolution shall become effective immediately upon its adoption.
APPROVED AS TO FORM AND LEGAL SUFFICIENCY:
Chanel H. Jeffer o t ff Counsel 11/11/2020
City of Miami Page 2 of 2 File ID: 8199 (Revision:) Printed on: 1111612020