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OMNI
Community Redevelopment Agency
Legislation
OMNI CRA Resolution: CRA-R-22-0019
OMNI CRA
1401 N. Miami Avenue
Miami, FL 33136
www.omnicra.com
File Number: 12071 Final Action Date:6/9/2022
A RESOLUTION OF THE BOARD OF THE COMMISSIONERS OF THE OMNI
REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY
("CRA"), WITH ATTACHMENT(S), AUTHORIZING THE CRA TO REBATE TO K-P
1900 BISCAYNE JV LLC, A DELAWARE LIMITED LIABILITY COMPANY
("DEVELOPER"), THE TAX INCREMENT FINANCE ("TIF") REVENUES
GENERATED ONLY FROM THE DEVELOPMENT BY THE DEVELOPER OF THE
PROJECT IN AN AMOUNT NOT TO EXCEED 95% OF THE TIF COLLECTED
FROM THE PROJECT ANNUALLY, PAYMENT BEING UPON SUBSTANTIAL
COMPLETION OF THE PROJECT RECEIVING A CERTIFICATE OF
OCCUPANCY OR TEMPORARY CERTIFICATE OF OCCUPANCY, SUBJECT TO
THE RENTS FOR NOT LESS THAN 10% OF THE PROJECT'S DWELLING
UNITS BEING RESTRICTED UNTIL 2030, OR UNTIL 2047 IF THE LIFE OF THE
CRA IS EXTENDED TO 2047, AT RENTS SERVING HOUSEHOLDS EARNING
NOT LESS THAN 60% OF AREA MEDIAN INCOME (AMI) AND NOT MORE
THAN 100% OF AMI; FURTHER AUTHORIZING THE EXECUTIVE DIRECTOR
TO NEGOTIATE AND EXECUTE ANY AND ALL DOCUMENTS NECESSARY
FOR SAID PURPOSE, ALL IN A FORM ACCEPTABLE TO GENERAL COUNSEL.
WHEREAS, the Omni REdelopmen' istrict'Community Redevelopment Agency
("CRA") is tasked with reducing slum and blight within its Redevelopment Area; and
WHEREAS, K-P 1900 Biscayne JV LLC, a Delaware limited liability company
("Developer"), submitted a request for tax increment rebate to underwrite a portion of the costs
to develop a mixed -use project (the "Project") on an assemblage located generally at 1900
Biscayne Boulevard, Miami, FL and comprised of twelve property folios within the
Redevelopment Area further described in Exhibit "A" attached hereto (the "Property"); and
WHEREAS, page 41, Section C-2 of the 2010 Redevelopment Plan lists the objective of
the CRA to "[p]rovide incentives for the development of a variety of housing choices, including
affordable, special needs and a workforce housing"; and
WHEREAS, page 42, Sections A-1 and A-3 of the 2010 Redevelopment Plan also states
as a goal to "[p]rovide incentives for the redevelopment of blighted properties"; and
WHEREAS, the Executive Director is requesting authority to negotiate and execute an
agreement with the Developer with Tax Increment Finance Rebate only from Tax Increment
Funds ("TIF") received from the developed project by the CRA in an amount not to exceed 95%
per year until 2030, or 2047 if the life of the CRA is extended, to be paid upon substantial
completion of the Project as evidenced by the Project's receipt of a temporary certificate of
occupancy or certificate of occupancy, subject to a covenant being recorded on the Property
restricting rents on not less than 10% of the Project's dwelling units through 2030, or 2047 if the
life of the CRA is extended through such date, at rents serving households earning not less than
60% of AMI and not more than 100% of AMI; and
City of Miami Page 1 of 2 File ID: 12071 (Revision:) Printed On: 9/9/2025
Rescinded by CRA-R-23-0013
File ID: 12071 Enactment Number: CRA-R-22-0019
WHEREAS, the success of the Project will result in accomplishing the stated objectives
of the 2010 Redevelopment Plan.
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 of the Resolution are
adopted by reference and incorporated as if fully set forth in this Section.
Section 2. The Executive Director is authorized to provide the Developer with Tax
Increment Finance Rebate from the Development TIF from the CRA in an amount not to exceed
95% per year until 2030, or 2047 if the life of the CRA is extended to 2047, to be paid upon
substantial completion of the Project and the Project receiving a temporary certificate of
occupancy or certificate of occupancy for the Project, subject to a covenant being recorded on
the Property restricting rents for not less than 10% of the Project's dwelling units until 2030, or
2047 if the current life of the CRA is extended through such date, to underwrite a portion of the
costs associated with the mixed use development Project located at 2000 Biscayne Boulevard,
Miami, Florida.
Section 3. The Executive Director is further authorized to negotiate and execute any
and all documents, all in a form acceptable to general counsel, for the purposes stated herein.
Section 4. This Resolution shall become effective immediately upon its adoption.
APPROVED AS TO FORM AND CORRECTNESS:
ng61'P1td by CRA-R-23-0013
Page 2 of 2 File ID: 12071 (Revision:) Printed on: 9/9/2025