HomeMy WebLinkAboutCRA-R-15-0038 LegislationCity of Miami
Legislation
CRA Resolution
City Hall
3500 Pan American
Drive
Miami, FL 331133
www.miamigov.com
File Number: 15-01193 Final Actions Date:
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE SOUTHEAST
OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY, WITH
ATTACHMENT(S), AUTHORIZING THE EXECUTIVE DIRECTOR OF THE CRA TO
EXECUTE A LOAN AGREEMENT, IN SUBSTANTIALLY THE ATTACHED FORM, BY
AND BETWEEN THE CRAAND VSMD FOOD CORP. ("VSMD"), FOR A LOAN IN AN
AMOUNT NOT TO EXCEED $400,000, TO ASSIST WITH CONSTRUCTION COSTS
OF "TOP VALUE SUPERMARKET" AT THE OVERTOWN SHOPPING CENTER,
1490 N.W. 3RDAVENUE UNIT 101, MIAMI, FLORIDA; FURTHER AUTHORIZING
THE EXECUTIVE DIRECTOR OF THE CRATO EXECUTE A SECOND LEASE
AMENDMENT, IN SUBSTANTIALLY THE ATTACHED FORM, WITH VSMD;
AUTHORIZING THE EXECUTIVE DIRECTOR TO DISBURSE FUNDS, AT HIS
DISCRETION, ON A REIMBURSEMENT BASIS OR DIRECTLY TO VENDORS,
UPON PRESENTATION OF INVOICES AND SATISFACTORY DOCUMENTATION;
FURTHER AUTHORIZING THE EXECUTIVE DIRECTOR TO EXECUTE ALL
DOCUMENTS NECESSARY FOR SAID PURPOSE; ALLOCATING FUNDS FROM
SEOPW, "OTHER GRANTS AND AIDS," ACCOUNT CODE NO.
10050.920101.883000.0000.00000.
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 5, at page 11, of the Plan lists the "[p]romotion and marketing of
the community," as a stated redevelopment goal; and
WHEREAS, Section 2, Principle 6, at page 15, of the Plan lists the promotion of "local cultural
events, institutions, and businesses," as a stated redevelopment principle; and
WHEREAS, Section 2, Principle 6, at page 15, of the 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 ...;" and
WHEREAS, the Plan, at pages 62-63, identifies the N.W. 3rd Avenue Neighborhood Center as
becoming a thriving mixed -use area, which requires the CRA to "attach new businesses to N.W. 3rd
Avenue in anticipation of [surrounding residential development];"; and
WHEREAS, the CRA owns the Overtown Shopping Center, at 1490 N.W. 3rd Avenuve, Miami,
Florida ("Property"), and said Property is located within the N.W. 3rd Avenue Neighborhood Center;
and
City of Miami Page I of 3 File Id: 15-01193 (Version: 1} Printed On: 9/23/2015
File Number, 15-01193
WHEREAS, in order to attract and accommodate commercial tenants, the CRA partially
renovated and rehabilitated the Overtown Shopping Center and thereafter sought proposals from
persons interested in leasing commercial space therein; and
WHEREAS, on March 31, 2014, the Board of Commissioners, by Resolution No.
CRA-R-14-0028, authorized the execution of a commercial lease agreement by and between the CRA
and VSMD Food Corp. ("VSMD") wherein VSMD sought to open a grocery store at the Property; and
WHEREAS, due to an increase in construction costs since VSMD submitted its proposal in
2013, VSMD has requested a loan from the CRA in an amount not to exceed $400,000. If approved,
the loan will be amortized at a fixed rate of four percent (4%) for a period beginning September 1,
2015 through March 31, 2030; and
WHEREAS, this Resolution further authorizes the execution of a second lease amendment with
VSMD to revise the commencement date and correct the rent amounts due during the lease "Renewal
Period"; and
WHEREAS, the Board of Commissioners wish to authorize the Executive Director of the CRA
to execute a loan agreement, in substantially the attached form, by and between the CRA and VSMD,
for a loan in an amount not to exceed $400,000 to assist with construction costs of "Top Value
Supermarket" and further wish to authorize the Executive Director of the CRA to execute of a second
lease amendment, in substantially the attached form, with VSMD;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE
SOUTHEAST OVERTOWN/PARK WEST 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 Board of Commissioners hereby authorizes Executive Director of the CRA
to execute a loan agreement, in substantially the attached form, by and between the CRA and VSMD
Food Corp. ("VSMD"), for a loan in an amount not to exceed $400,000 to assist with construction costs
of "Top Value Supermarket", at the Overtown Shopping Center, 1490 N.W. 3rd Avenue, Unit 101,
Miami, Florida.
Section 3. The Board of Commissioners further authorizes the Executive Director of the
CRA to execute of a second lease amendment, in substantially the attached form, with VSMD.
Section 4. The Executive Director is authorized to disburse funds, at his discretion, on a
reimbursement basis or directly to vendors, upon presentation of invoices and satisfactory
documentation.
Section 5. The Executive Director is authorized to execute all documents necessary for
said purpose.
Section 6. Funds are to be allocated from SEOPW Tax Increment Fund, entitled "Other
Grants and Aids," Account Code No. 10050.920101.883000.0000.00000.
City of Miami Page 2 of 3 File Id: 15-01193 (Version: 1) Printed On: 9/23/2015
File Number: 15-01193
Section 7. This Resolution shall become effective immediately upon its adoption.
APPROVED AS TO FORM AND LEGAL SUFFICIENCY:
RENEE A. JADUSIN'GH
STAFF COUNSEL
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