HomeMy WebLinkAboutCRA-R-17-0024i OMNI
I�� OMNI CRA
Community Redevelopment Agency 1401 N. Miami Avenue
Miami, FL 33136
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C R A
OMNI CRA Resolution: CRA-R-17-0024
File Number: 2104 Final Action Date:4/19/2017
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE OMNI
REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY
("CRA"), WITH ATTACHMENTS, AUTHORIZING THE EXECUTIVE DIRECTOR
TO EXECUTE THE FOURTH AMENDMENT TO AN ECONOMIC INCENTIVE
AGREEMENT, IN SUBSTANTIALLY THE ATTACHED FORM, WITH NR MAX
MIAMI, LLC, A FLORIDA LIMITED LIABILITY COMPANY, FOR THE
DEVELOPMENT OF THE MAX MIAMI PROJECT.
WHEREAS, 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 its approved Redevelopment
Plan; and
WHEREAS, Section 4.4, B at page 41 of the 2009 Omni Redevelopment Plan
lists the "[creation of] economic magnets to draw more businesses to the Omni area to
compliment established activities in the surrounding area" as a stated redevelopment
objective; and
WHEREAS, Section 4.4., B. at page 41 of the 2009 Omni Redevelopment Plan
lists "[providing] employment opportunities and upward job mobility for residents" as a
stated redevelopment objective; and
WHEREAS, the MAX Miami Project ("Project") is a planned mixed -use
development which will include 513 residential units, retail space, and 10,000 square
feet of commercial space; and
WHEREAS, NR MAX Miami, LLC ("Developer") anticipates approximately $100
million will be expended for construction and the Project will create substantial job
opportunities; and
WHEREAS, the Board of Commissioners of the CRA, by Resolution No. CRA-R-
14-0041 adopted June 11, 2014, originally approved an Economic Incentive Agreement
("Original Agreement") providing the Developer with financial assistance from the CRA
in an amount not to exceed $750,000.00 per year throughout the term of the Original
Agreement in the form of a reimbursement of the actual tax increment generated by the
new development and collected by the CRA; and
City of Miami Page 1 of 3 File ID: 2104 (Revision:) Printed On: 911412022
File ID: 2104 Enactment Number: CRA-R-17-0024
WHEREAS, as inducement to the CRA's grant of financial assistance, the
Developer agreed to develop reliable resources for community outreach to provide new
job opportunities during both the construction and operation phases; and
WHEREAS, as a further inducement to the CRA's grant of financial assistance,
the Developer agreed to target local workforce participation at a minimum of thirty
percent (30%) with priority in hiring to residents of the CRA and the City of Miami
("City"); and
WHEREAS, as a further inducement to the CRA's grant of financial assistance,
the Developer agreed to spend in community benefits a minimum of $2 million in
community improvements; and
WHEREAS, due to various delays beyond the Developer's control, including but
not limited to permitting issues with the City and streetscape regulations and design with
Miami -Dade County, various amendments to the Original Agreement were executed in
order to extend completion of the project timeline; and
WHEREAS, the Developer now seeks assistance from the CRA in the form of a
reimbursement of the actual tax increment generated by the Project, with a maximum
payout of $750,000.00 per year throughout the term of the Original Agreement, as
modified (set to expire at the sunset of the CRA); and
WHEREAS, the Original Agreement, as modified, will apply to the resident and
commercial portions of the project; and
WHEREAS, the Board of Commissioners wishes to authorize the execution of a
Fourth Amendment to the Economic Incentive Agreement, in substantially the attached
form, with NR MAX Miami, LLC, a Florida limited liability company, for the development
of the Project;
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 to this Resolution
are adopted by reference and incorporated herein as fully set forth in this Section.
Section 2. The Executive Director is authorized to execute the Fourth
Amendment to the Economic Incentive Agreement, in substantially the attached form,
with NR MAX Miami, LLC, for the development of the Project.
Section 3. This Resolution shall become effective immediately upon its adoption.
City of Miami Page 2 of 3 File ID: 2104 (Revision:) Printed on: 911412022
File ID: 2104
Enactment Number: CRA-R-17-0024
APPROVED AS TO FORM AND CORRECTNESS:
Barnaby L. Min, Deputy City Attorney 4/10/2017
City of Miami Page 3 of 3 File ID: 2104 (Revision:) Printed on: 911412022