HomeMy WebLinkAboutCRA-R-09-0023 04-27-2009 Submittal_Bayview Market Economic Incentive AgreementDeveloper:
Property:
Project:
Executive Summary
Bayview Market Economic Incentive Agreement
BDB Miami, LLC, a Maryland limited liability company
Tract A, Plat Book 144, Page 98
Creation of Jobs:
Amount of Investment
by Developer:
TIF:
Base Year:
Shovel Ready:
Cap on TIF paid to
Developer:
First Source Hiring
Agreement
Construction:
Development of between 300,000 and 525,000 square feet of o
and retail space, and a parking facility with capacity for 1,200
2,160 cars to be known as "Bayview Market".
Project is anticipated to create not less than 380 new jobs.
Developer will spend $110,000,000.00 in hard and soft costs,
excluding land costs, in connection with the design and construction
of the project ("Project Costs") and anticipates expending an
additional $10,000,000.00 for tenant improvements.
CRA to pay Developer 25% of TIF generated by the Project above
the Base Year if Developer expends at least $110,000,000.00 in
Project Costs. If Developer expends less than $1 10,000,000.00 in
Project Costs, then the percentage of TIF. available to Developer will
be proportionately reduced.
CRA to pay Developer 25% of TIF generated by the Project above
the Base Year if 380 jobs are generated by the Project. If less than
380 jobs are generated by the Project, then the percentage of TIF
available to Developer will be proportionately reduced.
The year prior to the year in which the Project is Substantially
Completed. In the event the Base Year occurs after 2015, then
percentage of TIF available ,to Developer will be reduced 10% per
year thereafter. If the Base Year does not occur by 2017, the
Agreement is of no further force and effect.
Developer represents to CRA that the Developer has sufficient funds
to develop the Project and commence construction within 24 months.
The amount of TIF paid to Developer shall not exceed
$20,000,000.00.
Developer has agreed to a participation goal of 25% for new
construction job opportunities for qualified individuals residing in the
Omni CRA, the SEOPW/CRA and the City of Miami.
Developer has committed to provide adequate notice of job
opportunities and to coordinate with community based organizations.
First Source Hiring Developer has agreed to a participation goal of 25% for new
Agreement Operations: employment opportunities for qualified individuals residing in the
Omni CRA, the SEOPW CRA and the City of Miami.
Developer has committed to provide adequate notice of job
opportunities and to coordinate with community based organizations.
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