HomeMy WebLinkAbout12-00820 ResolutionCity of Miami
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CRA Resolution
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3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 12-00820 Final Action Date:
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.
WHEREAS, the Southeast Overtown/Park West Community Redevelopment Agency ("CRA")
is responsible for carrying out community redevelopment activities and projects within its
Redevelopment Area in accordance with its approved Redevelopment Plan; and
WHEREAS, Section 2, Goal 4/Principle 4, at pages 12 and 14, of the 2009 Amended and
Restated Southeast Overtown/Park West Redevelopment Plan, lists "[c]reating jobs within the
Community," as stated redevelopment goals; and
WHEREAS, pursuant to Florida Statute Chapter 163.370(2)(n), the CRA may coordinate and
direct the provisions of Chapter 163 in order that the objective of remedying slum and blighted areas
and preventing the causes thereof may be most effectively achieved; and
WHEREAS, Wexford Miami, LLC has developed an office building, within the redevelopment
area, that includes a research and development facility containing approximately 252,000 square feet
of office and research space, and ancillary retail space, and surface parking spaces for approximately
416 vehicles; and
WHEREAS, Wexford 1851, LLC (or a similar Wexford Entity) will develop a 220 room, 16
story hotel and conference center, approximately 4,000 rentable square feet of retail and restaurant
space and approximately 99,000 gross square feet of clinical/lab office space; and
City of Miami Page 1 of 2 File Id: 12-00820 (Version: 1) Printed On: 10/11/2024
File Number: 12-00820
WHEREAS, the Board of Commissioners wishes to authorize the Executive Director to
execute the Economic Incentive Agreement, in substantially the attached form, 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.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE
SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY:
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.
Section 2. The Executive Director is hereby authorized to execute the Economic Incentive
Agreement, in substantially the attached form, with 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 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.
Section 3. The Executive Director is authorized to execute and amend all documents
necessary for said purpose, in a form acceptable to Special Counsel.
Section 4. This resolution shall become effective immediately upon its adoption.
APPROVED AS TO FORM AND CORRECTNESS:
WILLIAM R. BLOOM
SPECIAL COUNSEL
City of Miami Page 2 of 2 File Id: 12-00820 (Version: 1) Printed On: 10/11/2024