HomeMy WebLinkAboutCRA-R-07-0010City of Miami
Legislation
CRA Resolution: CRA-R-07-0010
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 07-00271 Final Action Date: 2/26/2007
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE SOUTHEAST
OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY
AUTHORIZING REIMBURSEMENT TO CARLISLE DEVELOPMENT GROUP, LLC,
IN AN AMOUNT NOT TO EXCEED $10,285.75, FOR COSTS ASSOCIATED WITH
THE PREPARATION OF THE TAX CREDIT HOUSING APPLICATION IN
CONNECTION WITH THE LYRIC PROMENADE DEVELOPMENT ON BLOCK 36 IN
OVERTOWN, PROVIDED THAT IF A DEVELOPER IS CHOSEN, THEY
REIMBURSEMENT THE CRA FOR THE COST, UPON PRESENTATION OF
INVOICES AND SATISFACTORY DOCUMENTATION; ALLOCATING FUNDS FROM
SEOPW TIF FUND, ENTITLED "CONSTRUCTION IN PROGRESS," ACCOUNT
CODE NO. 10050.920101.670000.0000.00000.
WHEREAS, on February 18, 2005, the Board of Commissioners authorized negotiations with
the Overtown Folklife Village Development Corporation, an affiliate of the Black Archives History and
Research Foundation, Inc., and its co -developers Brickell Ventures, LLC, and Carlisle Development
Group, LLC. for the Lyric Promenade project to be constructed on Block 36 in Overtown; and
WHEREAS, Block 36 is subject to a reverter provision in favor of Miami -Dade County that
requires construction on the property to begin by August 1, 2007; and
WHEREAS, to assure that tax credit housing would be included in the project and meet the
time frame mandated by the reverter, the Carlisle Development Group, LLC ("Carlisle") submitted a
tax credit housing application prior to obtaining site control; and
WHEREAS, Carlisle notified the CRA of its intention to seek reimbursement of the costs of the
tax credit housing application if the negotiations did not result in the transfer of site control by the end
of the tax credit housing application cure period; and
WHEREAS, at the December 18, 2006 Board of Commissioners meeting the Lyric Promenade
developers advised the Board that, due to changes in the real estate market, the project described in
its response to the Request for Proposals was no longer economically viable and the tax credit
housing application was terminated; and
WHEREAS, the Board of Commissioners wishes to authorize reimbursement of the costs
associated with the tax credit housing application, provided that if a developer is chosen, they
reimbursement the CRA for the cost.
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:
City of Miami Page 1 of 2 File Id: 07-00271 (Version: 2) Printed On: 1/10/2023
File Number: 07-00271 Enactment Number: CRA-R-07-0010
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 Executive Director is authorized to reimburse Carlisle Development Group,
LLC, in an amount not to exceed $10,285.75, for the costs associated with the preparation of the tax
credit housing application in connection with the Lyric Promenade development on Block 36 in
Overtown provided that if a developer is chosen, they reimbursement the CRA for the cost, upon
presentation of invoices and satisfactory documentation.
Section 3. Funds are to be allocated from SEOPW TIF Fund, entitled "Construction in
Progress," Account Code No. 10050.920101.670000.0000.00000.
Section 4. This Resolution shall become effective immediately upon its adoption.
City of Miami Page 2 of 2 File Id: 07-00271 (Version: 2) Printed On: 1/10/2023