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Community Redevelopment Agency
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C R A
OMNI CRA Resolution: CRA-R-22-0020
File Number: 12072
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") AUTHORIZING THE CRA TO REBATE TO K-P 2000 BISC E
A DELAWARE LIMITED LIABILITY COMPANY ("DEVELOPER") TA:
INCREMENT FINANCE ("TIF") REVENUES GENERATED ON ROM
DEVELOPMENT BY THE DEVELOPER OF THE PROJECT IN A
TO EXCEED 95% OF THE TIF COLLECTED FROM THE EC I
PAYMENT BEING UPON SUBSTANTIAL COMPLETI R
RECEIVING A CERTIFICATE OF OCCUPANCY O PORA
CERTIFICATE OF OCCUPANCY, SUBJECT TO RENTS FO T LESS
THAN 10% OF THE PROJECT'S DWELLING NIT NG REST TED UNTIL
2030, OR UNTIL 2047 IF THE LIFE OF THE IS E DED 047, AT
RENTS SERVING HOUSEHOLDS EARNING N SS N o OF AREA
MEDIAN INCOME (AMI) AND NOT MO
RE THAN OF URTHER
AUTHORIZING THE EXECUTIVE DI IAT AND EXECUTE
ANY AND ALL DOCUMENTS NE ES RPOSE, ALL IN A
FORM ACCEPTABLE TO GEN CO L.
WHEREAS, the Omni' e lopmen . trict Community Redevelopment Agency
("CRA") is tasked with reduclr�lum and bliglIt wi 17 fits Redevelopment Area; and
("Developer'), si
to develop a mi
(Folio No. 01-32
FLLC, a Delaware limited liability company
ment rebate to underwrite a portion of the costs
ocated at 2000 Biscayne Boulevard, Miami, FL
evelopment Area; and
)n C-2 of the 2010 Redevelopment Plan lists the objective of
r the development of a variety of housing choices, including
-kforce housing"; and
42, Sections A-1 and A-3 of the 2010 Redevelopment Plan also states
)ntives for the redevelopment of blighted properties"; and
WHE1� the Executive Director is requesting authority to negotiate and execute an
nt wii he Developer to provide Developer a Tax Increment Finance Rebate only from
t Funds ("TIF") received from the developed project by the CRA in an amount not
to exceed 95% per year until 2030, or 2047 if the life of the CRA is extended, to be paid upon
ubstantial completion of the Project as evidenced by the Project's receipt of a temporary
*ficate of occupancy or certificate of occupancy, subject to a covenant being recorded on the
P perty 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 AMI and not more than 100% of AMI; and
City of Miami
Rescinded by CRA-R-23-0013
Page 1 of 2 File ID: 12072 (Revision:) Printed On: 611012022
File ID: 12072
Enactment Number: CRA-R-22-0020
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 AGENCY OF
THE CITY OF MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the Preamble of the R Cion <
adopted by reference and incorporated as if fully set forth in this Section.
Section 2. The Executive Director is authorized to provide the
Increment Finance Rebate from the Development TIF from the CRA in a
95% per year until 2030, or 2047 if the life of the CRA is extended
substantial completion of the Project and the Project receiving a t
occupancy or certificate of occupancy for the Project, subject to venal
the property restricting rents for not less than 10% of the Pro'
2047 if the current life of the CRA is extended through sucCated
to un
costs associated with the mixed use development Projec at 2 00
Miami, Florida.
Section 3. The Executive Director is further
and all documents, all in a form acceptable to general c
of
on
, or
Iron of the
Boulevard,
and execute any
stated herein.
iately upon its adoption.
WYAMiby CRA-R-23-0013
Page 2 of 2 File ID: 12072 (Revision:) Printed on: 611012022