HomeMy WebLinkAbout09-00526 ResolutionCity of Miami
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CRA Resolution
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Miami, FL 33133
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File Number: 09-00526 Final Action Date: 5/18/2009
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE OMNI
REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY, WITH
ATTACHMENT(S), AUTHORIZING EXECUTION OF AN ECONOMIC INCENTIVE
AGREEMENT, IN SUBSTANTIALLY THE ATTACHED FORM, WITH DOWNTOWN
MIAMI MALL, LLC AND DOWNTOWN MIAMI HOTEL, LLC FOR DEVELOPMENT OF
THE OMNI SHOPS PROJECT.
WHEREAS, the Omni Redevelopment District Community Redevelopment Agency ("CRA") is
responsible for carrying out community redevelopment activities and projects within the
Redevelopment Area in accordance with its approved Redevelopment Plan; and
WHEREAS, 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; and
WHEREAS, Section III.D., 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; and
WHEREAS, Downtown Miami Mall, LLC and Downtown Miami Hotel, LLC (collectively, the
"Owner") own the property at Biscayne Boulevard and N.E. 15th Street, and intend to develop "The
Omni Shops," 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 an approximately
527-room hotel and related banquet facilities ("Project"); and
WHEREAS, 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; and
WHEREAS, 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 jobs
and 538 part-time jobs, in exchange for the receipt of 50% of the tax increment revenues generated
by the Project; and
WHEREAS, the Board of Commissioners wishes to authorize execution of the economic
incentive agreement with the Owner;
NOW, THEREFORE BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE
OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF
MIAMI, FLORIDA;
Section 1. The recitals and findings contained in the Preamble to this Resolution are
City of Miami Page 1 of 2 File Id: 09-00526 (Version: 1) Printed On: 10/11/2024
File Number: 09-00526
adopted by reference and incorporated herein as if fully set forth in this Section.
Section 2. Execution of an economic incentive agreement, in substantially the attached
form, with the Owner for development of the Omni Shops project is authorized.
Section 3. This Resolution shall become effective immediately upon its adoption.
City of Miami Page 2 of 2 File Id: 09-00526 (Version: 1) Printed On: 10/11/2024