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HomeMy WebLinkAbout09-00526 Backup• • • Developer: Property: Project: Creation of Jobs: Executive Summary Omni Development Incentive Agreement Downtown Miami Mall. LLC, a Delaware limited liability company with regard to Retail and Office Phases (as defined below), and Downtown Miami Hotel, LLC, a Delaware limited liability company with regard to Hotel Phase (as defined below). Development of approximately 350,000 square feet of Class A office and approximately 16.000 square feet of retail space (the "Office Phase"), approximately 225,000 square feet of big bix retail space (the "Retail Phase"), and the renovation of a 527 room hotel and related banquet facilities (the "Hotel Phase") The Office Phase is anticipated to create no less than 700 full-time jobs, and no less than 300 part-time jobs. to be ramped up over a 5 year period. The Retail Phase is anticipated to created no less than 100 full-time jobs, and no less than 200 part-time jobs, to be ramped up over a 3 year period. The Hotel Phase currently employs 245 full-time jobs, and no part- time jobs. Upon completion, the Hotel Phase s anticipated to create no less than 17 additional full-time jobs, and no less than 38 new part-time jobs. Amount of Investment Developer will spend $40,000,000.00 in hard and soft costs in by Developer: connection with the renovation of the Office Phase ("Office Renovation Costs"). $30.000,000 in hard and soft costs in connection with the renovation of the Retail Phase ("Retail Renovation Costs"), and $25,000,000 in hard and soft costs in connection with the renovation of the Hotel Phase ("Hotel Renovation Costs"). TIF: Renovation Costs Based CRA to pay Developer 25% of TIF generated by the Office Phase TIF: above the Base Year if Developer expends at least $40,000,000.00 in Office Renovation Costs. If Developer expends less than $40,000,000.00 in Office Renovation Costs, then the percentage of TIF available to Developer will be proportionately reduced. CRA to pay Developer 25% of TIF generated by the Retail Phase above the Base Year if Developer expends at least $30,000,000.00 in • • • Employment Based TIF: Base Year: Retail Renovation Costs. If Developer expends less than $30,000.000,00 in Retail Renovation Costs, then the percentage of TIF available to Developer will be proportionately reduced. CRA to pay Developer 25% of TIF generated by the Hotel Phase above the Base Year if Developer expends at least $25,000,000.00 in Hotel Renovation Costs. If Developer expends less than $25.000,000.00 in Hotel Renovation Costs. then the percentage of TIF available to Developer will be proportionately reduced. CRA to pay Developer 25% of TIF generated by the Office Phase above the Base Year if 700 full -tithe jobs and 300 part-time jobs are generated by the Office Phase. in accordance with the ramp -up schedule. If less than 700 full jobs and 300 part-time jobs are generated by the Office Phase, then the percentage of TIF available to Developer will be proportionately reduced. CRA to pay Developer 25% of TIF generated by the Retail Phase above the Base Year if 100 full-time jobs and 200 part-time jobs are generated by the Retail Phase, in accordance with the ramp -up schedule. If less than 100 full -jobs and 200 part-time jobs are generated by the Retail Phase, then the percentage of TIF available to Developer will be proportionately reduced. CRA to pay Developer 25% of TIF generated by the Hotel Phase above the Base Year if 17 new full -jobs and 38 new part-time jobs are generated by the Hotel Phase. If less than 17 new full -jobs and 38 new part-time jobs are generated by the Hotel Phase, then the percentage of TIF available to Developer will be proportionately reduced. For each Phase of the Project, other than the Hotel Phase, the Base Year shall be the earlier of (i) 2012 and (ii) the year prior to the year the tax rolls for that Phase reflects an increase in the assessed value of that particular Phase as a result of the renovation of that Phase, and in the event no increase is reflected, it shall be the year prior to the year in which the renovation to that particular Phase are Substantially Completed. The Base Year for the Hotel Phase shall be 2008. Cap on TIF paid to The amount of TIF paid to Developer shall not exceed $7,000,000.00. Developer: Right -of -Way: Developer acknowledges that the City of Miami has requested that Developer dedicate a portion of the Property to enable the City of Miami to construct a traffic circle at the intersection of North Bayshore Drive and 17``' Street. In the event Developer seeks compensation for the dedication, the TIF paid to Developer under the • • First Source Hiring Agreement Construction (for all Phases): First Source Hiring Agreement Operations (for all Phases): # 6273591 vI Development Incentive Agreement shall be reduced by the amount paid to Developer for the dedication. Developer has agreed to a participation goal of 51% for new construction job opportunities for qualified individuals residing in the Omni CRA, the SEOPW/CRA and the City of Miami. Developer has committed to provide adequate notice of job opportunities and to coordinate with community based organizations. Developer has agreed to a participation goal of 51% for new employment opportunities for qualified individuals residing in the Omni CRA, the SEOPW CRA and the City of Miami. Developer has committed to provide adequate notice of job opportunities and to coordinate with community based organizations.