HomeMy WebLinkAboutCRA-R-11-0020 03-28-2011 Legislation (Signed)City of Miami
Legislation
CRA Resolution
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 11-00276 Final Action Date:
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE OMNI
REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY
("CRA"), WITH ATTACHMENTS, AUTHORIZING THE EXECUTION OF AN
ECONOMIC INCENTIVE AGREEMENT, IN SUBSTANTIALLY THE ATTACHED
FORM, WITH HOTEL DE L'OPERA, LLC, FOR THE DEVELOPMENT OF THE
MIKADO MIXED -USE PROJECT.
WHEREAS, the Omni Redevelopment District Community Redevelopment Agency ("CRA") is
responsible for carrying out community redevelopment activities and projects within its Redevelopment
Area in accordance with its approved Redevelopment Plan; and
WHEREAS, 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; and
WHEREAS, 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; and
WHEREAS, the Mikado project is a planned mixed -use development which will include a
250-room hotel, meeting/banquet/recreation facilities, retail and commercial space, and residential
units; and
WHEREAS, Hotel de L'Opera, LLC ("Developer") anticipates that approximately $61.5 million
will be expended for construction and that the project will create substantial short-tem job
opportunities; and
WHEREAS, Developer and the CRA have negotiated an economic incentive agreement
providing the Developer with financial assistance from the CRA, in an amount not to exceed
$600,000/year, in the form of a reimbursement of the actual tax increment generated by the new
development and collected by the CRA; and
WHEREAS, as an inducement to the CRA's grant of financial assistance, Developer agrees to
develop reliable resources for community outreach to provide new job opportunities during both
construction and operations phases, it being anticipated that the Mikado project will generate 268 new
full-time jobs; and
WHEREAS, the Board of Commissioners wishes to authorize the execution of an economic
incentive agreement, in substantially the attached form, with Hotel de L'Opera, LLC, for the
development of the Mikado project;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE
�' City of Miami Page 1 of 2 File Id: 11-00276 (Version: 1) Printed On: 3/21/2011
File Number: 11-00276
OMNI REDEVELOPMENT DISTRICT 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 execution of an economic incentive agreement, in substantially the attached
form, with Hotel de L'Opera, LLC, for the development of the Mikado project, is authorized
Section 3. This resolution shall become effective immediately upon its adoption.
APPROVED AS TO FORM AND CORRECTNESS:
WILLIAM R. BLOOM
SPECIAL COUNSEL
City of Miami Page 2 of 2 File Id: 11-00276 (Version: 1) Printed On: 3/21/2011