HomeMy WebLinkAbout09-00527 Backup•
Developer:
Property:
Project:
Creation of Jobs:
Amount of Investment by
Developer:
TIF:
Base Year:
Cap on TIF paid to
Developer:
Participation by Residents
of Redevelopment Areas:
Executive Summary
Development Agreement
for the Mikado Project
Hotel De L'Opera. LLC, a Florida limited liability company
Lots 6, 7, 10 and 11 of Miramar Plat, Plat Book 5, Page 4
Mixed -use development, including (i) approximately 250
room hotel, with meeting. banquet, restaurant, recreation, and
spa facilities; (ii) 119 residential units; (iii) approximately
45,000 square feet of office and retail and commercial space;
and (iv) a 6 level parking garage.
Project will create 295 new jobs.
Developer will spend $107,000,000 in hard and soft costs in
connection with the design and construction of the Project.
CRA to pay to Developer 25% of TIF generated by the
Project above the Base Year if Developer expends
$107,000.000 in Development Costs. If Developer expends
less than $107,000,000 in Development Costs, then the
percentage of TIF available to Developer will be
proportionately reduced by the decrease in the amount
actually expended.
CRA to pay to Developer 25% of TIF generated by the
Project above the Base Year if 295 Jobs are generated by the
Project. If less than 295 are generated by the Project, then
the percentage of TIF available to Developer will be
proportionately reduced by the decrease in actual Jobs
generated.
The year prior to the year in which the Project is substantially
completed. In the event the Base Year occurs after 2015,
then percentage of TIF available to Developer will be
reduced 10% per year thereafter.
The amount of TIF paid to the Developer shall not exceed
$16,000,000.
Developer will enter into a First Source Hiring Agreements
with respect to Construction, and another First Source Hiring
Agreement with respect to the Operations of the Project.