HomeMy WebLinkAbout12-00820 07-30-2012 Cover MemoGEORNBoard ofCommissioners Meting
July 3O.2012
SOUTHEAST {]VERTOVVN/PARKWEST
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
To: Board Chair Michelle Spence -Jones
and Members ofthe CRABoard
From: Clarence E.Woods, III
Executive Director
Date: Ju|y2O. 2012 File: 12-00820
Subject: Resolution authorizing oneconomic incentive
agreement with Wexford Miami, LLC,
Wexford Miami 1851.LLC
References: University of Miami Life Science Park
Enclosures: Supporting Documentation; Legislation
BACKGROUND:
It is recommended that the Board of Commissioners of the Southeast Ovedown/Pank West Community
Redevelopment Agency (^CRA") approve and adopt the attached Resolution, with Adbeohment(n), authorizing
the Executive Director to `execute the economic incentive ognaemmnt, in substantially the attached form (the
"Economic Incentive Agreement"), with Wexford Miami, LLC and Wexford Miami 1851. LLC (or a similar
Wexford enUh^4 kxoUmnt�e|y. the 'exfnrd Entities) which Economic |ncent�eAgreement contemplates that the
Wexford Entities
` will pay Three Million Dollars in community benefits and help develop long-term training
programs to develop skill sets and expertise needed in the life sciences and technology fields at the University
of Miami Life Science Park ("Pn�am[)' and the CF�\vvi|| pay to the Wexford Entities e percentage of the T|F
revenues generated from the
' buildings developed bythe Wexford Entities at the Pro]oot, in an amount not to
exceed $000.000. per year, per building, with a maximum of$5.000.UOO-UO per building for the life of the CRA.
pursuant tnthe terms ofthe Economic Incentive Agreement.
Wexford Miami. LLC has developed an office bui|ding, within the redevelopment area, that includes a research
and development facility containing approximately 252.000 square feet of office and research mpace, and
ancillary retail spmce, and surface parking spaces for approximately 416vehicles. Wexford 1851. LLC (ora
similar Wexford Entity) will develop o 220 room. 10 story hotel and conference oenher, apprnximete|y4.0OO
rentable square feet of ~ nutmi| and restaurant space and approximately 99.000 gross square feet of n|inine|/|mb
office space.
JUSTIFICATION:
Section 2, Gno| 4/Principle 4, at
pages 12 and 14, of the 2009 Amended and Restated Southeast
Ovortnwn/PerkVVemt Redevelopment Plan, lists "[clroaUng 'nba within the Community," as nbab»d redevelopment
goals.
This project will provide temporary construction joba, and new, permanent 'nba will be created as o renuresultofthis
Economic Incentive Agreement for residents of the redevelopment area. In addidon, scholarship opportunities
will be created for the students within the redevelopment area.
This Resolution carries out these objectives.