HomeMy WebLinkAbout09-00526 Cover Memo•
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SEOPW & Omni Boards of Commissioners Meeting
May 18, 2009
Item # 8
SOUTHEAST OVERTOWN/PARK WEST
AND OMNI
COMMUNITY REDEVELOPMENT AGENCIES
INTER -OFFICE MEMORANDUM
To: Board Chair Michelle Spence -Jones Date: May 8, 2009 File: 09-00526
and Members of the CRA Board
From: James H. Villacorta�+q'
Executive Director
Subject: Resolution Authorizing Execution of an
Economic Incentive Agreement with
Downtown Miami Mall, LLC and
Downtown Miami Hotel, LLC for
Development of the Omni Shops Project.
References:
Enclosures: Supporting Documentation; Legislation
BACKGROUND:
It is recommended that the Board of Commissioners of the Omni Redevelopment District Community
Redevelopment Agency ("CRA") approve and adopt the attached Resolution authorizing an economic incentive
agreement, in substantially the attached form, with Downtown Miami Mall, LLC and Downtown Miami Hotel, LLC
(collectively, the "Owner") for development of the Omni Shops Project ("Project"). The Project is a mixed use
development consisting of approximately 350,000 square feet of office space, approximately 16,000 square feet
of retail space, and the renovation of a 527-room hotel and related banquet facilities.
The Owner has requested funding assistance, in an amount not to exceed $7,000,000, from the CRA for the
development and construction of the Project. The CRA and the Owner have negotiated an economic incentive
agreement that requires the Owner to expend approximately $95,000,000 and create approximately 817 full-
time jabs and 538 part-time jobs, in exchange for the receipt of 50% of the tax increment revenues generated by
the Project. The highlights of this agreement are set forth in the Executive Summary accompanying this item.
JUSTIFICATION:
Section III.B., at page 9, of the Omni Area Redevelopment Plan, as amended, lists "[c]reat[ing] economic
magnets to draw more businesses to the Omni area ..." as a stated redevelopment objective. Section III.D.5.,
at page 10, of the Omni Area Redevelopment Plan, as amended, lists "[p]rovi[sion of] employment opportunities
and upward job mobility for residents" as a stated redevelopment objective. This Resolution accomplishes
these objectives.