HomeMy WebLinkAboutCRA-R-14-0041 Cover MemoOmni Board of Commissioners Meeting
June 11th , 2014
OMNI REDEVELOPMENT DISTRICT
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
Board Chair Marc D. Sarnoff
and Members of the CRA Board
Frc Pieter A. Bockweg
Executive Director
Date: June 11'h, 2014
Subject. MAX Miami Economic Incentive Agreement
References:
Enclosures: Supporting Documentation; Legislation
BACKGROUND:
It is recommended that the Board of Commissioners of the OMNI Redevelopment District Community
Redevelopment Agency ("Omni CRA") approve and adopt the attached Resolution, with attachment(s),
authorizing the execution of an economic incentive agreement with NR MAX Miami, LLC ("Developer"), for
the development of the MAX Miami mixed -use project ("Project").
The Project is a planned mixed -use development which will include 513 residential units, retail space, and
10,000 sq. ft. of commercial space. The commercial and residential portions of the Project are anticipated to
cost approximately $100 million.
The Developer now seeks assistance from the Omni CRA in the form of a reimbursement of the actual tax
increment generated by the Project, with a maximum payout of $750,000/year throughout the term of the
Agreement (set to expire at the sunset of the Omni CRA). The Omni CRA economic incentive will apply to the
resident and commercial portions of the Project. The Developer will commence construction by June 30, 2015,
and substantially complete construction by January 1, 2017. TIF penalties will apply in for specific listed
defaults.
The Developer agrees to develop reliable resources for community outreach to provide new job opportunities
during both construction and operations phases of the Project and anticipates the generation of new full-time
jobs. The Omni CRA will require that residents of the Omni CRA and the City of Miami receive priority in
hiring. The target local workforce participation is set at thirty (30%) percent.
The Developer will spend in community benefits and improvements a minimum of $2 million dollars. The TIF
reimbursements are dependent upon the completion of the community benefits and improvements. No
reimbursement will be provided unless the community benefits and improvements are completed.
JUSTIFICATION:
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 the "[providing] employment
opportunities and upward job mobility for residents," as a stated redevelopment objective.