HomeMy WebLinkAboutCRA-R-16-0026 Cover Memo 4/25/16SEOPNBoard ofCommissioners Meeting
April 25.2U18
SOUTHEAST OVERTOVVNYPARKWEST
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
To: Board Chair KeonHardemon
and Members of the CRA Board
Date: April 16.2O10 Fi|e:1S-00U14
Subject: Conference and Convention Center &Hotel
Economic Incentive Agreement.
From: Clarence E.Woods, U| References:
Executive Director
Enclosures: Supporting Documentation; Legislation
The attached Resolution of the Board of Commissioners of the Southeast OvartownPark West Community
Redevelopment Agency (^CFA\ ) 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
ofa0O0'OOOoquonefnotCnnvontionConbarandm1.7OOkayhnUo|st1heMiamiArenoGubdiviuion(^Pnojact').
The Project is to consist ofaconvention center component ("CommntionCenter Component")consisting of
approximately 800,000 square feet of epoma and will include a grand ballroom containing approximately 05.000
square feet of space, e]unior ballroom containing apprnximate|y45.OU0 square feet nfspace, 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 thnoter, pre -function areas and related back of house service area associated with the
convention center customarily forming part ofastate uf the art convention center and o1.1OOkey 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 CF0A has proffered a
poymentbntheOovelnpercf8596ofthetaminorementrevenueaAexdudingthe|andva|ue\gemaratedhnmthe
project actually received by the CRAfrnm the City of Miami and Miami -Dade County excluding tax increment
revenues generated from the value ofthe land uptothe maximum amount of$5U.U0O.000.00($116.0UO.000.00
if the life of the CR/\ in extended to March 31. 2042). In the agreement, the Developer will provide community
benefits tuthe Redevelopment Area, including but not limited to, job creation, living wageu, and partnerships
with local community organizations.
This Project should bealynch pin for the redevelopment inthe 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 103 Part 3. Florida Statubyu, which will assist the Developer inthe implementation
of this project which will create needed job opportunity and promote an environment which will foster other
development in the Park West Area.
FUNDING:
This Resolution further ratifies an expenditure of funds in the amount of $6.000 to Conventions, Sports &
Leisure International for costs associated with the preparation of an independent financial assessment letter for
the proposed Project on behalf of the CRA.
$6000 allocated from 8EOPVV Tax Increment Fund, entitled "Professional Services" Account No.
10050.920101.531000.0000.00000.