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Community Redevelopment Agency
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CRA Resolution: CRA-R-24-0010
File Number: 15451 Final Action Date:1/25/2024
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE SOUTHEAST
OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY
("SEOPW CRA"), WITH ATTACHMENT(S), APPROVING A HOUSING SUBSIDY
AGREEMENT BETWEEN THE SEOPW CRA AND BLOCK 55 RESIDENTIAL,
L.P., A FLORIDA LIMITED PARTNERSHIP, ATTACHED AND INCORPORATED
HEREIN AS EXHIBIT "A"; AUTHORIZING THE EXECUTIVE DIRECTOR TO
DISBURSE FUNDS, SUBJECT TO THE AVAILABILITY OF FUNDING FROM THE
SEOPW CRA TAX INCREMENT FUND, "OTHER GRANTS AND AIDS,"
ACCOUNT CODE NO. 10050.920101.883000.0000.00000, IN AN AGGREGATE
AMOUNT NOT TO EXCEED EIGHT MILLION DOLLARS AND ZERO CENTS
($8,000,000.00) ("FUNDS"); AND AUTHORIZING THE EXECUTIVE DIRECTOR
TO EXECUTE ANY AND ALL DOCUMENTS REQUIRED TO CONSUMMATE
THE AGREEMENT; PROVIDING FOR INCORPORATION OF RECITALS; AND
PROVIDING FOR AN EFFECTIVE DATE.
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 2018 Southeast Overtown/Park West Community Redevelopment Plan Update
("Plan"); and
WHEREAS, Florida Statutes, Section 163.370(2)(e)(4) of the Community Redevelopment Act
authorizes the disposal of real property; and
WHEREAS, Section 2, Goal 3 on page 11 of the Plan lists the "creat[ion of] infill housing,
diversity in housing types, and retaining affordable housing, as a stated redevelopment goal; and
WHEREAS, Section 2, Goal 4 and 6 on page 11 of the Plan lists the "creat[ion of] jobs within the
community" and "improving quality of life for residents" as stated redevelopment goals; and
WHEREAS, Section 2, Principle 4 on page 14 of the Plan provides that "[t]he
neighborhood... retain access to affordable housing..." as a stated redevelopment principle; and
WHEREAS, Section 2, Principle 6 on page 15 of the Plan further provides that in order to
"address and improve the neighborhood economy and expand economic opportunities of present and
future residents and businesses [,] [it] is necessary to] support and enhance existing businesses
and... attract new businesses that provide needed services and economic opportunities..." as a stated
redevelopment principle; and
WHEREAS, the Housing Subsidy Agreement is attached hereto and incorporated herein as
Exhibit "A"; and
WHEREAS, the Housing Subsidy Agreement will subsidize 289 affordable housing units for
individuals 62 years of age and older at 80% or below the Area Median Income ("AMP'); and
City of Miami Page 1 of 2 File ID: 15451 (Revision:) Printed On: 2/12/2024
File ID: 15451 Enactment Number: CRA-R-24-0010
WHEREAS, the, financial commitment for this Agreement is one -million five hundred thousand
dollars and zero cents per year for a five-year term, and is subject to the availability of funding; and
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE
SOUTHEAST OVERTOWN/PARK WEST 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 if fully set forth in this Section.
Section 2. The Board of Commissioners hereby, as attached hereto and incorporated herein
as Exhibit "A", and approves the terms contained therein.
Section 3. The Executive Director is authorized to execute the Housing Subsidy Agreement
(Exhibit "A").
Section 4. The Executive Director is further authorized to execute any additional terms to
the Agreement, including any and all necessary documents and all -in forms acceptable to the General
Counsel, for said purpose as set forth in Exhibit "A", and to disburse Funds, upon presentation of invoices
and satisfactory documentation from the account 10050.920101.883000.0000.00000 — SEOPW - Other
Grant and Aids.
Section 5. Sections of this Resolution may be renumbered or re -lettered and correction of
typographical errors which do not affect the intent may be authorized by the Executive Director, or the
Executive Director's designee, without need of a public hearing, by filing a corrected copy of the same
with the SEOPW CRA Board Clerk.
Section 6. This Resolution shall become effective immediately upon its adoption.
APPROVED AS TO FORM AND LEGAL SUFFICIENCY:
1 ce Br o nu sel 1/18/2024
City of Miami Page 2 of 2 File ID: 15451 (Revision:) Printed on: 2/12/2024