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OMNI CRA Resolution: CRA-R-19-0046
File Number: 6720
OMNI CRA
1401 N. Miami Avenue
Miami, FL 33136
www.miamicra.com
Final Action Date: 10/30/2019
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE OMNI
REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY
("CRA") AUTHORIZING THE CRA TO REBATE TO NR INVESTMENTS 11, LLC
("GRANTEE") THE TAX INCREMENT FINANCE ("TIF") REVENUES
GENERATED ONLY FROM THE DEVELOPMENT BY THE GRANTEE OF THE
17TH STREET APARTMENT PROJECT ("PROJECT") IN AN AMOUNT NOT TO
EXCEED 95% OF THE TIF COLLECTED FROM THE PROJECT ANNUALLY OR
$420,000.00 ANNUALLY, WHICHEVER IS LESS, PER YEAR UNTIL 2030, OR
UNTIL 2047 IF THE LIFE OF THE CRA IS EXTENDED TO 2047, FOR A TOTAL
AMOUNT NOT TO EXCEED $8,471,238.00, PAYMENT TO BEGIN UPON
SUBSTANTIAL COMPLETION AND THE PROJECT RECEIVING A
CERTIFICATE OF OCCUPANCY, SUBJECT TO THE RENTS BEING
RESTRICTED UNTIL 2038, OR UNTIL 2047 IF THE LIFE OF THE CRA IS
EXTENDED TO 2047; FURTHER AUTHORIZING THE EXECUTIVE DIRECTOR
TO FURTHER NEGOTIATE AND EXECUTE ANY AND ALL DOCUMENTS
NECESSARY FOR SAID PURPOSE, ALL IN A FORM ACCEPTABLE TO
GENERAL COUNSEL.
WHEREAS, the Omni Redevelopment District Community Redevelopment Agency
("CRA") is tasked with reducing slum and blight within its Redevelopment Area; and
WHEREAS, NR Investments 11, LLC, a for profit entity ("Developer'), submitted a
request for tax increment rebate to underwrite a portion of the costs to develop a mixed -use
project consisting of approximately 6,000 square feet of ground floor retail, approximately
30,000 square feet of office space, and approximately 252 affordable housing units ("Project") at
the properties located at 70 NE 17th Street, 90 NE 17th Street, and 1642 NE 1st Avenue,
Miami, Florida within the Redevelopment Area; and
WHEREAS, page 41, Section C-2 of the 2010 Redevelopment Plan lists the objective of
the CRA to "Provide incentives for the development of a variety of housing choices, including
affordable, special needs and a workforce housing" and to make "Improvements to the Public
Realm" by "[enhancing] the areas' visual attractiveness to businesses and along with creating a
variety of housing"; and
WHEREAS, page 42 Sections A-1 and A-3 of the 2010 Redevelopment Plan also states
as a goal to "Provide incentives for redevelopment of blighted properties;" and
WHEREAS, the Executive Director is requesting authority to provide the Developer with
Tax Increment Finance Rebate only from Tax Increment Fund ("TIF") received from the
developed project from the CRA in an amount not to exceed 95% or $420,000.00, whichever is
less, per year until 2030 or 2047 if the life of the CRA is extended, in a total aggregate amount
not to exceed $8,471,238.00, to be paid upon substantial completion of the Project and the
City of Miami Page 1 of 2 File ID: 6720 (Revision:) Printed On: 121912019
File ID: 6720
Enactment Number: CRA-R-19-0046
Project receiving a certificate of occupancy, subject to a covenant being recorded on the
property restricting the rents until 2047; and
WHEREAS, Developer's proposal also anticipates if the CRA is not extended beyond
the current expiration of 2030.The Developer proposes to receive the same cash grant and
rebate rate. However, the Developer would instead continue to restrict all 252 Units through
2038 (8 years beyond the current term of the CRA), but will restrict 19 fewer units at the lowest
three (3) rent levels.
WHEREAS, this Project is one of the first opportunity zone projects identified within the
Redevelopment Area providing for a unique opportunity to collaborate and meet the needs of
the residents while fulfilling the 2010 Redevelopment Plan; and
WHEREAS, the success of the Project will result in accomplishing the stated objectives
of the 2010 Redevelopment Plan;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF
THE OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY OF
THE CITY OF MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the Preamble of the Resolution are
adopted by reference and incorporated as fully set forth in this Section.
Section 2. The Executive Director is authorized to provide the Developer with Tax
Increment Finance Rebate from the Development TIF from the CRA in an amount not to exceed
95% or $420,000.00, whichever is less, per year until 2030 or 2047 if the life of the CRA is
extended to 2047, in a total aggregate amount not to exceed $8,471,238.00, to be paid upon
substantial completion of the Project and the Project receiving a certificate of occupancy,
subject to a covenant being recorded on the property restricting the rents until 2038 if the
current life of the CRA is not extend or 2047 if the life of the CRA is extended to 2047, to
underwrite a portion of the costs associated with the mixed use development Project located at
70 NE 17th Street, 90 NE 17th Street, and 1642 NE 1st Avenue, Miami, Florida.
Section 3. The Executive Director is authorized to negotiate and execute any and all
documents, all in a form acceptable to the General Counsel, for the purposes stated herein.
Section 4. This Resolution shall become effective immediately upon its adoption.
APPROVED AS TO FORM AND CORRECTNESS:
Barnaby L. Min, Deputy City Attorney 10/2412019
City of Miami Page 2 of 2 File ID: 6720 (Revision:) Printed on: 121912019