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Community Redevelopment Agency
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Legislation
CRA Resolution: CRA-R-17-0001
File Number: 1715
Final Action Date:1/30/2017
A RESOLUTION THE BOARD OF COMMISSIONERS OF THE SOUTHEAST
OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY, WITH
ATTACHMENTS, AUTHORIZING THE EXECUTION OF AN AMENDMENT TO
THE MIAMI WORLDCENTER ECONOMIC INCENTIVE AGREEMENT, IN
SUBSTANTIALLY THE ATTACHED FORM, IN CONNECTION WITH THE
DEVELOPMENT OF THE MIAMI WORLDCENTER MIXED -USE PROJECT.
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
Redevelopment Plan ("Plan"); and
WHEREAS, Section 2, Goal 4, at page 11, of the Plan lists the "creati[on of] jobs within
the community", as a stated redevelopment goal; and
WHEREAS, Section 2, Goal 6, at page 11, of the Plan lists "improving quality of life for
residents", as a stated redevelopment goal; and
WHEREAS, Section 2, Principle 4, at page 14, of the Plan further provides that
employment opportunities be made available to existing residents ..."; and
WHEREAS, on December 29, 2014, the Board of Commissioners, by Resolution No.
CRA-R-14-0078, authorized the execution of an economic incentive agreement in connection
with the development of Miami WorldCenter mixed -use project, a phased $1.7 billion dollar
mixed -use development which is anticipated to include commercial retail space, apartments
units, condominium units, and parking; and
WHEREAS, the Economic Incentive Agreement was executed on March 2, 2015 and
provided for the payment to the project developers of 57% of the tax increment revenues
(excluding the land value) generated from the project actually received by the CRA from the City
of Miami and Miami -Dade County which amount shall increase during the time period from the
completion of the first building through the calendar year 2022 to the lesser of 75% of the tax
increment revenues generated from the project (excluding land values) or $6,889,074.00 with
project developers being required to utilize the funds for public infrastructure improvements,
such as parking and other permitted uses allowed pursuant to Chapter 163, Phase III, Florida
Statutes; and
WHEREAS, as an inducement to the CRA's grant of financial assistance, project
developers agreed to develop reliable resources for community outreach to provide new job
opportunities during both construction and operations phases of the project; and
WHEREAS, since the agreement was executed, there have been several changes to the
overall project which require an amendment to the Economic Incentive Agreement. These
City of Miami Page 1 of 2 File ID: 1715 (Revision: 8) Printed On: 9/8/2022
File ID: 1715
Enactment Number: CRA-R-17-0001
changes include but are not limited to, a change in the size of the retail component of the project
and a change in project ownership; and
WHEREAS, the Board of Commissioners wish to authorize the execution of an
amendment to the Miami WorldCenter economic incentive agreement, in substantially the
attached form; and
WHEREAS, the Board of Commissioners finds authorization of this Resolution would
further the aforementioned redevelopment goals and principle;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF
THE SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY:
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 execution of an
amendment to the Miami WorldCenter economic incentive agreement, in substantially the
attached form in connection with the development of Miami WorldCenter mixed -use project.
Section 3. This Resolution shall become effective immediately upon its adoption.
APPROVED AS TO FORM AND LEGAL SUFFICIENCY:
Re,iee Jadusingh, Staff Counsel 2/2/2017
City of Miami Page 2 of 2 File ID: 1715 (Revision: 8) Printed on: 91812022