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OMNI CRA Resolution: CRA-R-22-0042
File Number: 12762
OMNI CRA
1401 N. Miami Avenue
Miami, FL 33136
www.miamicra.com
Final Action Date:10/13/2022
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE OMNI
REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY
("CRA") AUTHORIZING THE EXECUTIVE DIRECTOR TO EXECUTE A FIRST
AMENDMENT TO THE ECONOMIC INCENTIVE AGREEMENT FOR MIXED -USE
AND MIXED -INCOME PROJECT KNOWN AS "UNI-TOWER" FOR THE
DEVELOPMENT OF PROPERTY LOCATED AT 70 NE 17TH STREET, 90 NE
17TH STREET, AND 1642 NE 1ST AVENUE, MIAMI, FLORIDA DATED MAY 21,
2020 ("AGREEMENT") TO PROVIDE FOR ADDITIONAL GRANT FUNDING IN
THE AMOUNT OF FIVE MILLION AND 00/100 DOLLARS ($5,000,000.00), IN A
FORM ACCEPTABLE TO THE GENERAL COUNSEL; FURTHER AUTHORIZING
THE EXECUTIVE DIRECTOR TO NEGOTIATE AND EXECUTE ANY AND ALL
OTHER NECESSARY DOCUMENTS, ALL IN ACCORDANCE WITH THE TERMS
AND CONDITIONS OF THE AGREEMENT.
WHEREAS, on April 9, 2020, the Omni Redevelopment District Community
Redevelopment Agency ("CRA") as part of its efforts to beautify the OMNI Community
Redevelopment District approved OMNI CRA Resolution CRA-R-20-0001 (the "Resolution"),
which authorized the allocation of grant funds in an amount not to exceed $5,500,000.00 for the
mixed -use project consisting of ground floor retail, office space, and approximately 252
affordable housing units at 70 NE 171h Street, 90 NE 171h Street, and 1642 NE 1st Avenue,
Miami, Florida within the CRA's boundaries, known as the "Uni-Tower" project (the "Project");
and
WHEREAS, pursuant to the Resolution, the Executive Director was authorized to
negotiate and execute any and all necessary documents, all in a form acceptable to the General
Counsel; and
WHEREAS, pursuant to the Resolution, the Executive Director, on May 21, 2020,
executed the Economic Incentive Agreement for Mixed -Use and Mixed -Income Project for Uni-
Tower (the "Agreement"), and agreed to grant to N.R. Investments 11, LLC (the "Developer")
grant funds in an amount not to exceed $5,500,000.00; subject to terms and conditions
contained in the Agreement; and
WHEREAS, due to circumstances beyond either the CRA's or the Developer's control,
and as a result of the dramatic increase in costs of construction (labor, materials, and supplies),
the Developer has been unable to fully fund the construction costs of the Project, and has
requested that the CRA provide an additional Five Million and 00/100 Dollars ($5,000,000.00) in
grant funding for the Project; and
WHEREAS, the CRA and the Developer desire to amend the Agreement by entering into
the First Amendment to the Agreement in order to provide for the additional $5,000,000 in grant
City of Miami Page 1 of 2 File ID: 12762 (Revision:) Printed On: 1012712022
File ID: 12762 Enactment Number: CRA-R-22-0042
funding, for a total amount of grant funding not to exceed $10,500,000.00 for the development
of the Project; and
WHEREAS, the CRA Board finds that the approval of this Resolution is consistent with
the requirements of Chapter 163, Part III, Florida Statutes, the provisions of the Omni
Redevelopment District Community Redevelopment Plan, is in the best interest of the residents
and businesses within the CRA's boundaries, and serves a municipal and public purpose;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY:
Section 1. The recitals and findings contained in the Preamble to this Resolution are
hereby adopted by reference thereto and incorporated herein as if fully set forth in this Section.
Section 2. The Executive Director is authorized to negotiate and execute a First
Amendment to the Economic Incentive Agreement for Mixed -Use and Mixed -Income Project for
the Uni-Tower project (the "Agreement'), in a form acceptable to the General Counsel.
Section 3. The Executive Director is further authorized to negotiate and execute any and
all necessary documents, including any amendments and modifications to said Agreement, all in
forms acceptable to the General Counsel, as may be necessary to effectuate the intent of this
Resolution.
Section 4. This Resolution shall become effective immediately upon its adoption.
APPROVED AS TO FORM AND CORRECTNESS:
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City of Miami Page 2 of 2 File ID: 12762 (Revision:) Printed on: 1012712022