HomeMy WebLinkAboutCRA-R-10-0091 Cover Memo 10-14-2010Omni Board of Commissioners Meeting
October 14, 2010
OMNI REDEVELOPMENT DISTRICT
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
To: Board Chair Marc D. Sarnoff
and Members of the CRA Board
From: Pieter A. Bockweg
Executive Director
Date: October 4, 2010 File: 10-01100
Subject: Resolution Authorizing Expenditures and
Grants for the Entertainment Industry.
References:
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 expenditures and
grants, in a total amount not to exceed $250,000, in support of film, media entertainment, and film -support
businesses within the Redevelopment Area.
Jobs Component. The 2010 Omni Film Initiative Capital Outlay Grant Program ("Program") requires that
applicants create a minimum of one (1) full-time job for funding up to $24,999, and a minimum of fifteen full-time
jobs for funding in excess of $25,000. Both new construction and existing expansion projects are eligible for
funding which typically generates employment opportunities during the construction and operational phases.
The CRA seeks to develop the Redevelopment Area as an attractive location for those professionals and
entities involved in the film, media entertainment, and film support industries. The Redevelopment Area offers a
diverse landscape featuring several distinct entertainment districts and is located in close proximity to downtown
Miami, just minutes away from Miami Beach.
State Matching Funds & Incentives. The State of Florida allocated $242 million in tax credits for film projects.
The Redevelopment Area is also within an Empowerment Zone, Urban Enterprise Zone, and Brownfield
Redevelopment Zone providing additional tax advantages and financial incentives.
This item was deferred from the September 20, 2010 meeting of the Board of Commissioners of the
Omni Redevelopment District Community Redevelopment Agency.
JUSTIFICATION:
Section 4.4, B., at page 41, of the 2009 Omni Redevelopment Plan lists the "[creation of] a sustainable regional
destination and identity by capitalizing on the development of the ... Media/Entertainment District," as a stated
redevelopment objective.
Section 4.4, B., at page 41, of the 2009 Omni Redevelopment Plan lists the "[creation of] economic magnets to
draw more businesses to the Omni area to compliment established activities in the surrounding area," as a
stated redevelopment objective.
Section 4.4, B., at page 41, of the 2009 Omni Redevelopment Plan lists "[providing] employment opportunities
and upward job mobility for residents," as a stated redevelopment objective.
FUNDING: $250,000 from Omni Tax Increment Fund, "Other Grants and Aids," Account Code No.
10040.920101.883000.0000.00000.