HomeMy WebLinkAboutCRA-R-13-0042 06-24-13 Cover MemoSEOPW Board of Commissioners Meeting
June 24, 2013
SOUTHEAST OVERTOWN/PARK WEST
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
To: Board Chair Michelle Spence -Jones
and Members of the CRA Board
From: Clarence E. Woods, ill
Executive Director
Date: June 14, 2013 File: 13-00736
Subject: Resolution Authorizing Tenant Improvement
Grant Program for Prospective Tenants of
Overtown Shopping Center
References:
Enclosures: Resolution
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 a grant initiative, in a
total amount not to exceed $500,000, to provide tenant improvement grants for prospective tenants at the
Overtown Shopping Center, 1490 NW 3rd Avenue, Miami, Florida. .
The CRA owns the Overtown Shopping Center, at 1490 NW 3"`' Avenue, Miami, Florida ("Property"), and said
Property is located within the NW 3rd Avenue Neighborhood Center. The NW 3rd Avenue Neighborhood Center
is envisioned as becoming a thriving mixed -use area, and requiring the CRA to attract new businesses to NW
3rd Avenue in anticipation of surrounding residential development.
The CRA is currently undertaking the renovation and rehabilitation of the Property in order accommodate
commercial tenant occupancy. Additionally, the CRA has entered into an exclusive management and leasing
agreement with WLS, L.C., d/b/a "NAI Miami Commercial Services, Worldwide" to provide property
management services for the Property, including, among other things, presentation of recommendations to the
CRA for improvement allowances.
Adoption of this Resolution would enable the CRA to attract tenants to occupy commercial space at the
Property.
JUSTIFICATION:
Principle 6, at page 15, of the 2009 Southeast Overtown/Park West Redevelopment Plan provides that in order
to "address and improve the neighbor economy and expand economic opportunities of present and future
residents and businesses[,]... [it is necessary to] support and enhance existing businesses and ... attract new
businesses that provide needed services and economic opportunities...."
FUNDING:
$500,000 from SEOPW Tax Increment Fund, "Other Grants and Aids," Account Code No.
10050.920101.883000.0000.00000