HomeMy WebLinkAboutCRA-R-06-0021 Cover MemoSEOPW & Omni Board of Directors Meeting
June 26, 2006
Item # 5
SOUTHEAST OVERTOWN/PARK WEST
AND OMNI
COMMUNITY REDEVELOPMENT AGENCIES
INTER -OFFICE MEMORANDUM
Chairman Johnny L. Winton
and Members of the CRA Board
From: Frank ason
Executive Director
RECOMMENDATION:
Date: June 16, 2006 File: 06-00921
Subject: Infrastructure Grant to Filling
Station Lofts, LLC for Residential
Project in Omni CRA
References:
Enclosure:': Supporting Documentation;
Legislation
It is recommended that the Board of Commissioners of the Omni Redevelopment District Community
Redevelopment (CRA) Agency approve and adopt the attached Resolution authorizing the Executive Director to
issue a Grant in an amount not to exceed $850,000.00 to Filling Station Lofts, LLC for the purpose of funding
required infrastructure for the Filling Station Lofts project located at North Miami Avenue and 17th Street within
the Omni CRA Area.
JUSTIFICATION:
Attached, you will find a request for a grant from Mr. Henry Harper in the amount of $850,000.00 to financially
assist in the construction of the required infrastructure (see attached list of projects) for the Filling Station Lofts
project. The types of infrastructure requested to be funded by the Omni CRA through this Grant are in line with
specific goals and objectives of the current Omni CRA Redevelopment Plan as outlined in Section V.B. — Capital
Improvement Projects, Item No. 3 — "Public infrastructure improvements including, but not limited to, utilities,
streets, sidewalks, parks, landscaping and upgrading of publicly -acquired easements." In recognizing the poor
to non-existent infrastructure to support desired development within the western portion of the Omni CRA Area,
a new Grant Program has been included in the proposed FY '07 Omni CRA Budget entitled "Public/Private
Infrastructure Development Grant Program" with an initial funding level of $3 million. This particular grant will be
the precursor of this new Grant Program and is recommended at this point in that this project is ready to come
out of the ground. The CRA would either pay the contractors/utility companies directly or reimburse Filling
Station Lofts, LLC for payments made as approved by the Executive Director.
FUNDING SOURCE:
$850,000.00 from Omni CRA TIF Account No. 686001.590320.6 .940 entitled Other Grants and Aids
FKR/eh