HomeMy WebLinkAboutCRA-R-09-0023 Cover MemoSEOPW & Omni Boards of Commissioners Meeting
April 27, 2009
Item # 5
SOUTHEAST OVERTOWN/PARK WEST
AND OMNI
COMMUNITY REDEVELOPMENT AGENCIES
INTER -OFFICE MEMORANDUM
To: Board Chair Michelle Spence -Jones Date: April 17, 2009 File: 09-00430
and Members of the CRA Board
Subject: Authorizing Execution of a Development
Agreement BOB Miami, LLC°s Bayview
Market Project.
From: James H. Villacort IJ References:
Executive Director'
Enclosures: Supporting Documentation; Legislation
BACKGROUND:
It is recommended that the Board of Commissioners of the Omni Redevelopment District Community
Redevelopment Agency ("CRA") approve and adopt the attached Resolution authorizing a development
agreement, in substantially the attached form, with BOB Miami, LLC ("BDB") for its Bayview Market Project
("Project"). The Project consists of minimum of 400,000 square feet of retail and office space and 1,800 parking
spaces. The highlights of this agreement are set forth in the Executive Summary accompanying this item.
BOB has requested funding assistance, in an amount not to exceed $24,000,000, from the CRA for the
development and construction of the Project. The CRA and BDB have negotiated a development agreement
that requires BDB to expend approximately $110,000,000 and create approximately 380 jobs, in exchange for
the receipt of 50% of the tax increment revenues generated by the Project.
JUSTIFICATION:
Section III.B., at page 9, of the Omni Area Redevelopment Plan, as amended, lists "[c]reat[ing] economic
magnets to draw more businesses to the Omni area ...°' as a stated redevelopment objective. Section III.D., at
page 10, of the Omni Area Redevelopment Plan, as amended, lists "[p]rovi[sion of] employment opportunities
and upward job mobility for residents" as a stated redevelopment objective. This Resolution accomplishes
these objectives.