HomeMy WebLinkAboutCRA-R-22-0019Aim OMNI
Community Redevelopment Agency
Omni Legislation
C R A
OMNI CRA Resolution: CRA-R-22-0019
File Number: 12071
OMNI CRA
1401 N. Miami Avenue
Miami, FL 33136
www.miamicra.com
Final Action
A RESOLUTION OF THE BOARD OF THE COMMISSIONERS OF THE O
REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT A
("CRA"), WITH ATTACHMENT(S), AUTHORIZING THE CRA TO R E
1900 BISCAYNE JV LLC, A DELAWARE LIMITED LIABILITY C ANY
("DEVELOPER"), THE TAX INCREMENT FINANCE ("TIF") RE UES
GENERATED ONLY FROM THE DEVELOPMENT BY THE DEV
PROJECT IN AN AMOUNT NOT TO EXCEED 95% OF T C C,
FROM THE PROJECT ANNUALLY, PAYMENT BEIN S
COMPLETION OF THE PROJECT RECEIVING A IFICAT
OCCUPANCY OR TEMPORARY CERTIFICATE CCUPANC UBJ
THE RENTS FOR NOT LESS THAN 10% OF E ECT'S D LING
UNITS BEING RESTRICTED UNTIL 2030, O TIL IF TH E OF THE
CRA IS EXTENDED TO 2047, AT RENTS SER HO EARNING
NOT LESS THAN 60% OF AREA MEDIAN INCO 1) OT MORE
THAN 100% OF AMI; FURTHER AU C IVE DIRECTOR
TO NEGOTIATE AND EXECUTEkNY TS NECESSARY
FOR SAID PURPOSE, ALL IN AIMWWM A PTABLE T GENERAL COUNSEL.
WHEREAS, the Om
("CRA") is tasked with reducir
'Community Redevelopment Agency
Redevelopment Area; and
WHEREAS, K-P 19C Biscayne J LLC, a Delaware limited liability company
("Developer'), submiff- ' -,,.requ, '+, for tax in/ ,�ment rebate to underwrite a portion of the costs
to develop a mix��' .Jse' -Oroject'Kv�t") on an assemblage located generally at 1900
Biscayne Boule Ird, Miar-- . FL ana"' comprised of twelve property folios within the
Redevelopment oet.Jibed in Exhibit "A" attached hereto (the "Property"); and
\r x.REAS, page, 1, Sep lion C-2 of the 2010 Redevelopment Plan lists the objective of
the CF ,r to " [p]r�yide i ` `�� �` . s for the development of a variety of housing choices, including
affable, spry ,AI nee ds"and 'a workforce housing"; and
,`e 42, Sections A-1 and A-3 of the 2010 Redevelopment Plan also states
incentives for the redevelopment of blighted properties"; and
'HERLwAS, the Executive Director is requesting authority to negotiate and execute an
th the Developer with Tax Increment Finance Rebate only from Tax Increment
es ("TIF") received from the developed project by the CRA in an amount not to exceed 95%
er year until 2030, or 2047 if the life of the CRA is extended, to be paid upon substantial
111%pletion of the Project as evidenced by the Project's receipt of a temporary certificate of
ocTupancy or certificate of occupancy, subject to a covenant being recorded on the Property
restricting rents on not less than 10% of the Project's dwelling units through 2030, or 2047 if the
life of the CRA is extended through such date, at rents serving households earning not less than
60% of AM and not more than 100% of AM I; and
City of Miami Page 1 of 2 File ID: 12071 (Revision:) Printed On: 611012022
Rescinded by CRA-R-23-0012
File ID: 12071
Enactment Number: CRA-R-22-0019
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 AG�
THE CITY OF MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the Preamble of the
adopted by reference and incorporated as if fully set forth in this Section.
Section 2. The Executive Director is authorized to provide
Increment Finance Rebate from the Development TIF from the CRA in'
95% per year until 2030, or 2047 if the life of the CRA is extended to
substantial completion of the Project and the Project receivin t
occupancy or certificate of occupancy for the Project, subject
the Property restricting rents for not less than 10% of the P ct's dwe
2047 if the current life of the CRA is extended through s ate, to un�
costs associated with the mixed use development Protect d at 20
Miami, Florida.
Section 3. The Executive Director is further
and all documents, all in a form acceptable tGlldw�i
This Resolution s
APPROVED AS TO FORM AND
y certi of
hU rgoltled on
.qW2030, or
a ortion of the
lyne Boulevard,
l5tiate and execute any
rposes stated herein.
iately upon its adoption.
WYAMiby CRA-R-23-0012
Page 2 of 2 File ID: 12071 (Revision:) Printed on: 611012022