HomeMy WebLinkAboutCRA-R-14-0078City of Miami
Legislation
CRA Resolution: CRA-R-14-0078
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 14-01286 Final Action Date: 12/29/2014
A RESOLUTION THE BOARD OF COMMISSIONERS OF THE SOUTHEAST
OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY, WITH
ATTACHMENTS, AUTHORIZING THE EXECUTION OF AN ECONOMIC INCENTIVE
AGREEMENT, IN SUBSTANTIALLY THE ATTACHED FORM, WITH MIAMI FIRST,
LLC, MIAMI SECOND, LLC, MIAMI THIRD, LLC, MIAMI FOURTH, LLC, AND MIAMI
A/I, LLC (COLLECTIVELY, THE "MASTER DEVELOPER"), AND FORBES MIAMI NE
1ST AVENUE, LLC (THE "RETAIL DEVELOPER") IN CONNECTION WITH THE
DEVELOPMENT OF THE MIAMI WORLDCENTER MIXED -USE PROJECT.
WHEREAS, the Southeast Overtown/Park West Community Redevelopment Agency ("CRA")
is a community redevelopment agency created pursuant to Chapter 163, Florida Statutes, and is
responsible for carrying out community redevelopment activities and projects within its
Redevelopment Area in accordance with the 2009 Southeast Overtown/Park West Redevelopment
Plan ("Plan"); and
WHEREAS, Section 2, Goal 4, at page 11, of the Plan lists the the "creati[on of] jobs within
the community", as a stated redevelopment goal; and
WHEREAS, Section 2, Goal 6, at page 11, of the Plan lists "improving quality of life for residents", as
a stated redevelopment goal; and
WHEREAS, Section 2, Principle 4, at page 14, of the Plan further provides that employment
opportunities be made available to existing residents ..."; and
WHEREAS, the Miami WorldCenter project is a phased mixed -use development which is
anticipated will include when completed a retail center containing approximately 765,000 net square
feet of retail space and approximately 2,500 parking spaces, 300 hotel rooms, more than 2,000
apartments and condominiums and 50,000 square feet of retail space in the first phase; and
WHEREAS, Miami First, LLC, Miami Second, LLC, Miami Third, LLC, Miami Fourth, LLC,
Miami A/I, LLC, Forbes Miami N.E. 1st Avenue, LLC ("Master Developer") anticipates that the
assessed value of the improvements to be included in the first phase will exceed $1,000,000.00 and
that the project will create substantial jobs opportunities within the Redevelopment Area; and
WHEREAS, Master Developer and the CRA have negotiated an economic incentive
agreement which provides for the payment to the Master Developer of 57% of the tax increment
revenues (excluding the land value) generated from the project actually received by the CRA from the
City of Miami and Miami -Dade County which amount shall be increased during the time period from
the completion of the first building through the calendar year 2022 to the lesser of 75% of the tax
increment revenues generated from the project (excluding land values) or $6,889,074.00 with Master
City of Miami Page 1 of 2 File Id: 14-01286 (Version: 2) Printed On: 10/7/2022
File Number: 14-01286 Enactment Number: CRA-R-14-0078
Developer being required to utilize the funds for public infrastructure improvements such as parking
and other permitted uses allowed pursuant to Chapter 163, Phase III, Florida Statutes; and
WHEREAS, as an inducement to the CRA's grant of financial assistance, Master Developer
agrees to develop reliable resources for community outreach to provide new job opportunities during
both construction and operations phases of the project and Master Developer and Retail Developer
have committed to the following:
a. A goal of 30% participation by unskilled laborers of the County, giving priority to
residents of the Redevelopment Area, Overtown and the highest poverty rated zip
codes of the City and the County (the "Job Priorities");
b. A goal of 10% participation by skilled laborers utilizing the Job Priorities;
c. A goal of 20% participation by subcontractors based upon their principal place of
business utilizing the Job Priorities;
d. First Source hiring opportunities for permanent job placement;
e. Living wage rates for construction workers; and
f. Responsible wage rates for electrical journeyman.
WHEREAS, the Board of Commissioners wishes to authorize the execution of an economic
incentive agreement, in substantially the attached form, with Miami First, LLC, Miami Second, LLC,
Miami Third, LLC, Miami Fourth, LLC, Miami A/I, LLC, Forbes Miami NE 1st Avenue, LLC, and
WHEREAS, the Board of Commissioners finds authorization of this Resolution would further
the aforementioned redevelopment goals and principle;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE
SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY:
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 Board of Commissioners hereby authorizes the execution of an economic
incentive agreement, in substantially the attached form, with Miami First, LLC, Miami Second, LLC,
Miami Third, LLC, Miami Fourth, LLC, Miami A/I, LLC, Forbes Miami NE 1st Avenue, LLC, with respect
to the proposed Miami WorldCenter mixed -use project.
Section 3. This Resolution shall become effective immediately upon its adoption.
City of Miami Page 2 of 2 File Id: 14-01286 (Version: 2) Printed On: 10/7/2022