HomeMy WebLinkAboutCRA-R-16-0026 Legislation V2City of Miami
Legislation
CRA Resolution
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
File Number: 16-00014 Final Action Date:
A RESOLUTION THE BOARD OF COMMISSIONERS OF THE SOUTHEAST
OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY, WITH
ATTACHMENTS, AUTHORIZING THE EXECUTION OF THE CONVENTION
CENTER ECONOMIC INCENTIVE AGREEMENT, IN SUBSTANTIALLY THE
ATTACHED FORM, WITH P & G INVESTORS, LLC (THE "DEVELOPER"), IN
CONNECTION WITH THE DEVELOPMENT OF A 600,000 SQUARE FOOT
CONVENTION CENTER AND A 1,700 KEY HOTEL (COLLECTIVELY, THE
"PROJECT") AT MIAMI ARENA SUBDIVISION; FURTHER RATIFYING AN
EXPENDITURE OF FUNDS IN THE AMOUNT OF $6,000 TO CONVENTIONS,
SPORTS & LEISURE INTERNATIONAL FOR COSTS ASSOCIATED WITH
PREPARATION OF AN INDEPENDENT FINANCIAL ASSESSMENT LETTER ON
BEHALF OF THE CRA; FUNDS TO BE ALLOCATED FROM SEOPW TAX
INCREMENT FUND, ENTITLED "PROFESSIONAL SERVICES," ACCOUNT CODE
NO. 10050.920101.531000.0000.00000.
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 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 Project is to consist of a convention center component (the "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; and
WHEREAS, P & G Investors, LLC and the Executive Director of the CRA have negotiated the
convention center economic incentive agreement in the form attached hereto, which provides for the
payment to the Developer of up to 65% of the tax increment revenues generated from the Project
actually received by the CRA from the City of Miami and Miami -Dade County, excluding tax increment
City of Miami
Page 1 of 2 File Id: 16-00014 (Version: 2) Printed On: 4/19/2016
File Number: 16-00014
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); and
WHEREAS, the Board of Commissioners wishes to authorize the execution of the Convention
Center economic incentive agreement, in substantially the attached form, with P & G Investors, LLC;
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 Executive Director of the
CRA to execute, on behalf of the CRA, the convention center economic incentive agreement, in
substantially the attached form, with P & G Investors, LLC, with respect to the proposed Project.
Section 3. The Board of Commissioners hereby 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.
Section 4. This Resolution shall become effective immediately upon its adoption.
APPROVED AS TO FORM AND LEGAL SUFFICIENCY:
WILLIAM R. BLOOM
HOLLAND & KNIGHT LLP
Special Counsel
City of Miami Page 2 of 2 File Id: 16-00014 (Version: 2) Printed On: 4/19/2016