HomeMy WebLinkAboutCRA-R-19-0046 Master Report10 OMNI
Community Redevelopment Agency
Omni Master Report
CRA
Enactment Number: CRA-R-19-0046
File Number: 6720
Revision:
File Type: OMNI CRA
Resolution
File Name: NR Investments 11, LLC Economic Incentive
Agreement
OMNI CRA
1401 N. Miami Avenue
Miami, FL 33136
htto://miamicra.com
Status: ADOPTED
Controlling Body: OMNI Community
Redevelopment Agency
Introduced: 10/24/2019
Requesting Dept: OMNI Community Redevelopment Agency Final Action Date: 10/30/2019
Title: 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.
Notes:
Links:
Attachments: 6720 NR Investments 11, LLC—Final TIF Proposal (PDF)
History of Legislative File:
Revision: Acting Body: Date: Action: Result:
Barnaby L. Min 10/24/2019
Approved Form and
Completed
Correctness
OMNI Community 10/30/2019
Meeting
Completed
Redevelopment Agency
OMNI Community 10/30/2019
ADOPTED
Passed
Redevelopment Agency
City Clerk's Office 11/4/2019
Rendered
Completed
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