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Omni
CRA
OMNI
Community Redevelopment Agency
Legislation
OMNI CRA Resolution:
OMNI CRA
1401 N. Miami Avenue
Miami, FL 33136
www.miamicra.com
File Number: 2972 Final Action Date:10/3/2017
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE OMNI
REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY
("CRA") AUTHORIZING THE EXECUTIVE DIRECTOR TO EXECUTE THE FIFTH
AMENDMENT TO THE ECONOMIC INCENTIVE AGREEMENT ("INCENTIVE
AGREEMENT"), IN A FORM ACCEPTABLE TO THE GENERAL COUNSEL,
WITH NR MAX MIAMI, LLC, A FLORIDA LIMITED LIABILITY COMPANY
("DEVELOPER"), REMOVING THE CONDITION THAT THE DEVELOPER
COMPLETE THE COMMUNITY BENEFIT IMPROVEMENTS AS DESCRIBED IN
THE INCENTIVE AGREEMENT ("COMMUNITY IMPROVEMENTS");
INCREASING THE YEARLY CAPACITY OF TAX INCREMENT PROVIDED TO
THE DEVELOPER FROM $750,000.00 TO $812,500.00 PER YEAR; AND
FURTHER AUTHORIZING THE EXECUTIVE DIRECTOR TO ACCEPT A
PAYMENT FROM THE DEVELOPER IN AN AMOUNT NOT TO EXCEED TWO
MILLION DOLLARS ($2,000,000.00) FOR THE REMAINING VALUE OF THE
COMMUNITY IMPROVEMENTS, LESS ANY AMOUNT ALREADY EXPENDED
BY THE DEVELOPER PURSUANT TO THE INCENTIVE AGREEMENT.
WHEREAS, the Omni Redevelopment District 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 4.4, B at page 41 of the 2009 Omni Redevelopment Plan
lists the "[creation of] economic magnets to draw more businesses to the Omni area to
compliment established activities in the surrounding area" as a stated redevelopment
objective; and
WHEREAS, Section 4.4., B. at page 41 of the 2009 Omni Redevelopment Plan
lists "[providing] employment opportunities and upward job mobility for residents" as a
stated redevelopment objective; and
WHEREAS, the MAX Miami Project ("Project") is a planned mixed -use
development which will include 513 residential units, retail space, and 10,000 square
feet of commercial space; and
WHEREAS, NR MAX Miami, LLC ("Developer") anticipates approximately $100
million will be expended for construction and the Project will create substantial job
opportunities; and
WHEREAS, the Board of Commissioners of the CRA, by Resolution No. CRA-R-
14-0041 adopted June 11, 2014, originally approved an Economic Incentive Agreement
("Incentive Agreement") providing the Developer with financial assistance from the CRA
in an amount not to exceed $750,000.00 per year throughout the term of the Incentive
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File ID: 2972 Enactment Number:
Agreement in the form of a reimbursement of the actual tax increment generated by the
new development and collected by the CRA; and
WHEREAS, as inducement to the CRA's grant of financial assistance, the
Developer agreed to develop reliable resources for community outreach to provide new
job opportunities during both the construction and operation phases; and
WHEREAS, as a further inducement to the CRA's grant of financial assistance,
the Developer agreed to target local workforce participation at a minimum of thirty
percent (30%) with priority in hiring to residents of the CRA and the City of Miami
("City"); and
WHEREAS, as a further inducement to the CRA's grant of financial assistance,
the Developer agreed to spend in community benefits a minimum of two million dollars
($2,000,000.00) in community improvements ("Community Improvements"); and
WHEREAS, due to various delays beyond the Developer's control including but
not limited to permitting issues with the City and streetscape regulations and design with
Miami -Dade County, various amendments to the Incentive Agreement were executed in
order to extend completion of the project timeline; and
WHEREAS, the Incentive Agreement, as modified, will apply to the resident and
commercial portions of the project; and
WHEREAS, the Board of Commissioners wishes to authorize the execution of a
Fifth Amendment to the Incentive Agreement, in a form acceptable to the General
Counsel, with the Developer by removing the requirement that the Developer complete
the Community Improvements portion of the Project; and
WHEREAS, the Board of Commissioners wishes to increase the tax increment
("TIF") provided to the Developer pursuant to the Incentive Agreement from
$750,000.00 to $812,500.00 per year; and
WHEREAS, the Developer agrees to provide the CRA with a payment in an
amount not to exceed two million dollars ($2,000,000.00) for the remaining value of the
Community Improvements, less any amount already expended by the Developer
pursuant to the Incentive Agreement;
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 fully set forth in this Section.
Section 2. The Executive Director is authorized to execute the Fifth Amendment
to the Incentive Agreement, in a form acceptable to the General Counsel, with the
Developer by removing the condition that the Developer complete the Community
Improvements as described in the Incentive Agreement.
Section 3. The Incremental TIF capacity as provided to the Developer pursuant
to the Incentive Agreement is hereby increased from $750,000.00 to $812,500.00.
Section 4. The Executive Director is authorized to accept a payment from the
Developer in an amount not to exceed two million dollars ($2,000,000.00) for the
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remaining value of such improvements, less any amount already expended by the
Developer pursuant to the incentive Agreement.
Section 5. This Resolution shall become effective immediately upon its adoption.
APPROVED AS TO FORM AND CORRECTNESS:
Barnaby I_. Min, Deputy City Attorney 9/28/2017
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