HomeMy WebLinkAboutCRA-R-09-0039 Cover Memo•
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SEOPW & Omni Boards of Commissioners Meeting
June 29, 2009
Item # 4
SOUTHEAST OVERTOWN/PARK WEST
AND OMNI
COMMUNITY REDEVELOPMENT AGENCIES
INTER -OFFICE MEMORANDUM
To- Board Chair Michelle Spence -Jones Date: June 19, 2009 File: 09-00739
and Members of the CRA Board
Subject: Resolution Authorizing Expenditure of
Funds for the Interior Build -out of Three
Additional Retail Bays at New Arena
Square.
From: James H. VillacortaReferences:
Executive Director,
Enclosures: Supporting Documentation; Legislation
BACKGROUND:
It is recommended that the Board of Commissioners of the Southeast Overtown/Park West Community
Redevelopment Agency ("CRA") approve and adopt the attached Resolution authorizing expenditure of funds, in
an amount not to exceed $130,000, to underwrite costs associated with the interior build -out of three additional
retail bays at New Arena Square, 271 N.W. 10th Street, Miami Florida, provided that New Arena Square North &
South Ltd. executes a restrictive covenant limiting the rent charged on the retail space to $500 per month per
bay for a period of five years.
The Board of Commissioners, by Resolution No. CRA-R-07-0051, passed and adopted on December 12, 2007,
authorized grants, in a total amount not to exceed $240,000, to various businesses for interior build -out of six
retail bays at New Arena Square, 268 N.W. 11 th Street, Miami, Florida.
The building's owner has agreed to perform the build -out of three additional retail bays at New Arena Square, at
a cost not to exceed $130,000, and execute a restrictive covenant limiting the rent charged for this additional
retail space to $500 per month per bay, for a period of five years.
JUSTIFICATION:
Section III. B, at page 13, of the 1982 Southeast Overtown/Park West Plan, as amended, lists maintaining
existing businesses, attracting new businesses, and providing better employment opportunities as stated
redevelopment objectives. This Resolution furthers those objectives.
FUNDING: $ 130,000 from SEOPW Tax Increment Fund, "Other Grants and Aids," Account Code No.
10050.920101.883000.0000.00000.