HomeMy WebLinkAbout09-00527 Cover Memo•
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SEOPW & Omni Boards of Commissioners Meeting
May 18, 2009
SOUTHEAST OVERTOWNIPARK WEST Item # 9
AND OMNI
COMMUNITY REDEVELOPMENT AGENCIES
INTER -OFFICE MEMORANDUM
To: Board Chair Michelle Spence -Jones
and Members of the CRA Board
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From: James H. Viilacorta'i
Executive Director
Date: May 8, 2009 File: 09-00527
Subject: Resolution Authorizing Execution of an
Economic Incentive Agreement with Hotel
De L'Opera, LLC for Development of the
Mikado 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 execution of an
economic incentive agreement, in substantially the attached form, with Hotel De L'Opera, LLC for development
of the Mikado Project ("Project"). This Project is a mixed use development consisting of an approximately 250
room hotel, 119 residential units, approximately 45,000 square feet of retail and office space, and a 6 level
parking facility.
Hotel De L'Opera, LLC has requested funding assistance, in an amount not to exceed $16,000,000, from the
CRA for the development and construction of the Project. The CRA and Hotel De L'Opera, LLC have negotiated
an economic incentive agreement that requires Hotel De L'Opera, LLC to expend approximately $107,000,000
and create approximately 295 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 IIU.B., at page 9, of the Omni Area Redevelopment Plan, as amended, lists "jc]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.