HomeMy WebLinkAboutCRA-R-16-0026 Cover Memo 3/30/16SEOPW Board of Commissioners Meeting
March 30, 2016
SOUTHEAST OVERTOWNIPARK WEST
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
To: Board Chair Keon Hardemon
and Members of the CRA Board
1=rom:f Clarence E. Woods, I
Executive Director
BACKGROUND:
Date: March 21, 2016 File: 16-00014
Subject: Conference and Convention Center & Hotel
Economic Incentive Agreement.
References:
Enclosures: Supporting Documentation; Legislation
The attached Resolution of the Board of Commissioners of the Southeast Overtown/Park West Community
Redevelopment Agency ("CRA") authorizes the execution of an economic incentive agreement in substantially
the form attached to the Resolution with P & G investors, LLC ("Developer") in connection with the development
of a 600,000 square foot Convention Center and a 1,700 key hotel at the Miami Arena Subdivision ("Project").
The Project is to consist of a convention center component ("Convention Center Component") consisting of
approximately 600,000 square feet of space and will include a grand ballroom containing approximately 65,000
square feet of space, a junior ballroom containing approximately 45,000 square feet of space, approximately
100,000 square feet of exhibition space, approximately 390,000 square feet of meeting and event space as well
as a 1,500 seat theater, pre -function areas and related back of house service area associated with the
convention center customarily forming part of a state of the art convention center and a 1,100 key hotel in the
first phase and a 600 key hotel connecting to the Convention Center Component in the second phase.
Developer and the CRA have negotiated an economic incentive agreement which the CRA has proffered a
payment to the Developer of 65% 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 excluding tax increment
revenues generated from the value of the land up to the maximum amount of $50,000,000.00 ($115,000,000.00
if the life of the CRA is extended to March 31, 2042). In the agreement, the Developer will provide community
benefits to the Redevelopment Area, including but not limited to, job creation, living wages, and partnerships
with local community organizations.
JUSTIFICATION:
This Project should be a lynch pin for the redevelopment in the Park West area of the Redevelopment Area.
Providing the Developer with a portion of the tax increment revenues generated by the Project, to be utilized for
uses permitted under Chapter 163 Part 3, Florida Statutes, which will assist the Developer in the implementation
of this project which will create needed job opportunity and promote an environment which will foster other
development in the Park West Area.