HomeMy WebLinkAboutCRA-R-14-0041 LegislationCity of Miami
Legislation
CRA Resolution
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 14-00536 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 NR
MAX MIAMI, LLC, A FLORIDA LIMITED LIABILITY COMPANY, FOR THE
DEVELOPMENT OF THE MAX MIAMI 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 MAX Miami Project ("Project") is a planned mixed -use development which will
include 513 residential units, retail space, and 10,000 square feet of commercial space; and
WHEREAS, NR MAX Miami, LLC ("Developer") anticipates approximately $100 million will be
expended for construction and the Project will create substantial job opportunities; and
WHEREAS, the 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
$750,000.00 per your throughout the term of the agreement (set to expire at the sunset of the CRA) in
the form of a reimbursement of the actual tax increment generated by the new development and
collected by the CRA; and
WHEREAS, as inducement to the CRA's grant of financial assistance, the Developer agrees to
develop reliable resources for community outreach to provide new job opportunities during both the
construction and operation. phases; and
WHEREAS, as a further inducement to the CRA's grant of financial assistance, the Developer has
agreed to target local workforce participation at a minimum of thirty percent (30%) with priority in hiring
to residents of the CRA and the City of Miami; and
WHEREAS, as a further inducement to the CRA's grant of financial assistance, the Developer has
agreed to spend in community benefits a minimum of $2 million in community improvements; and
City of Miami Page 1 of 2 File Id: 14-00536 (Version: 1) Printed On: 6/4/2014
File Number: 14-00536
WHEREAS, the Board of Commissioners wishes to authorize
agreement, in substantially the attached form, with NR MAX
company, for the development of the Project;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD
REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT
FLORIDA:
the execution of an economic incentive
Miami, LLC, a Florida limited liability
OF COMMISSIONERS OF THE OMNI
AGENCY OF THE CITY OF MIAMI,
Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted by
reference and incorporated herein as fully set forth in this Section.
Section 2. The execution of an economic incentive agreement, in substantially the attached form ,
with NR MAX Miami, LLC, for the development of the Project is authorized.
Section his r: solution shall become effective immediately upon its adoption .
APJ'ROVED ' : TO RrvrA D CORRECTNESS:
c
VICTORIA MENDE -N€RAL COUNSEL
City of Miami Page 2 of 2 File Id: 14-00536 (Version: 1) Printed On: 6/4/2014