HomeMy WebLinkAboutCRA-R-09-0039 LegislationCity of Miami
Legislation
CRA Resolution
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 09-00739 Final Action Date:
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE SOUTHEAST
OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY
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; AUTHORIZING THE EXECUTIVE
DIRECTOR TO EXECUTE ALL DOCUMENTS NECESSARY FOR SAID PURPOSE;
ALLOCATING FUNDS FROM SEOPW TAX INCREMENT FUND, "OTHER
GRANTS AND AIDS," ACCOUNT CODE NO. 10050.920101.883000.0000.00000.
WHEREAS, the Southeast Overtown/Park West Community Redevelopment Agency ("CRA")
is responsible for carrying out community redevelopment activities and projects within the
Redevelopment Area in accordance with its approved Redevelopment Plan; and
WHEREAS, maintaining existing businesses, attracting new businesses, and providing better
employment opportunities for residents are stated objectives of the Redevelopment Plan, at page 13,
Section III. B.; and
WHEREAS, 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. 11th Street,
Miami, Florida; and
WHEREAS, 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 retail space to $500 per month per bay, for a period of five years; and
WHEREAS, the Board of Commissioners wishes to authorize expenditure of funds for the
interior build -out of three additional retail bays at New Arena Square;
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;
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 expenditure of funds, in an amount not to exceed $130,000, to underwrite
Citt° of;lliuuri
Page 1 of 2 Printed On: 6/23/2009
File Number: 09-00739
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costs associated with the interior build -out of three additional retail bays at New Arena Square, 271
N.W. 10th Street, Miami, Florida is authorized, 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.
Section 3. The Executive Director is authorized to execute all documents necessary for
said purpose.
Section 4. Funds are to be allocated from SEOPW Tax Increment Fund, "Other Grants and
Aids," Account Code No. 10050.920101.883000.0000.00000.
Section 5. This Resolution shall become effective immediately upon its adoption.
APPROVED AS TO FORM AND CORRECTNESS:
JULIE O. BRU
GENERAL COUNSEL
City of,llianri
Pine 2 of 2 Printed On: 6/23/2009