HomeMy WebLinkAbout09-00527 ResolutionCity of Miami
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CRA Resolution
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3500 Pan American
Drive
Miami, FL 33133
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File Number: 09-00527 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 HOTEL DE
L'OPERA, LLC FOR DEVELOPMENT OF THE MIKADO 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, Hotel De L'Opera, LLC owns property at N.E. 17th Terrace and N.E. 4th Avenue,
and intends to develop "Mikado Towers," 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 ("Project"); and
WHEREAS, 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; and
WHEREAS, 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; and
WHEREAS, the Board of Commissioners wishes to authorize execution of the economic
incentive agreement with Hotel De L'Opera, LLC;
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
adopted by reference and incorporated herein as if fully set forth in this Section.
City of Miami Page 1 of 2 File Id: 09-00527 (Version: 1) Printed On: 10/11/2024
File Number: 09-00527
Section 2. Execution of an economic incentive agreement, in substantially the attached
form, with Hotel De L'Opera, LLC for development of the Mikado project is authorized.
Section 3. This Resolution shall become effective immediately upon its adoption.
City of Miami Page 2 of 2 File Id: 09-00527 (Version: 1) Printed On: 10/11/2024