HomeMy WebLinkAbout12-00820 Master ReportCity of Miami
Master Report
City Hall
3500 Pan American Drive
Miami, FL 33133
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File Number: 12-00820
Version: 1
File Type: CRA Resolution Status:
Reference: Controlling Body:
File Name: Resolution authorizing an economic incentive agreement with Introduced:
Wexford Miami 1851, LLC.
Requester:
Cost: Final Action:
In CRA Agenda
SEOPW Community
Redevelopment
Agency
7/17/2012
Title: A RESOLUTION, WITH ATTACHMENT(S), OF THE BOARD OF COMMISSIONERS OF THE
SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY
AUTHORIZING THE EXECUTION OF AN ECONOMIC INCENTIVE AGREEMENT, IN
SUBSTANTIALLY THE ATTACHED FORM, (THE "ECONOMIC INCENTIVE AGREEMENT"),
WITH WEXFORD MIAMI, LLC AND WEXFORD MIAMI 1851, LLC (OR A SIMILAR WEXFORD
ENTITY) (COLLECTIVELY, THE WEXFORD ENTITIES) WHICH ECONOMIC INCENTIVE
AGREEMENT 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
("PROJECT"), AND THE CRA WILL PAY TO THE WEXFORD ENTITIES A PERCENTAGE OF
THE TIF REVENUES GENERATED FROM THE BUILDINGS DEVELOPED BY THE WEXFORD
ENTITIES AT THE PROJECT, IN AN AMOUNT NOT TO EXCEED $600,000, PER YEAR, PER
BUILDING, WITH A MAXIMUM OF $5,000,000.00 PER BUILDING FOR THE LIFE OF THE CRA,
PURSUANT TO THE TERMS OF THE ECONOMIC INCENTIVE AGREEMENT; FURTHER
AUTHORIZING THE EXECUTIVE DIRECTOR TO EXECUTE AND AMEND ALL DOCUMENTS
NECESSARY FOR SAID PURPOSE, IN A FORM ACCEPTABLE TO SPECIAL COUNSEL.
Sponsors:
Notes:
Indexes:
Attachments: File # 12-00820 07-30-2012 Cover Memo.pdf,File # 12-00820 07-30-2012 Legislation with
attachment(s).pdf,
History of Legislative File
Version: Acting Body: Date:
Action: Sent To: Due Date: Return Date: Result:
1
SEOPW Community 7/30/2012 DEFERRED
Redevelopment Agency
City of Miami Page 1 Printed on 10/11/2024