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C R A
OMNI
Community Redevelopment Agency
Legislation
OMNI CRA Resolution: CRA-R-22-0020
OMNI CRA
1401 N. Miami Avenue
Miami, FL 33136
www.omnicra.com
File Number: 12072 Final Action Date:6/9/2022
A RESOLUTION OF THE BOARD OF THE COMMISSIONERS OF THE OMNI
REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY
("CRA") AUTHORIZING THE CRA TO REBATE TO K-P 2000 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 Redevelopmenstrict'Community Redevelopment Agency
("CRA") is tasked with reducing slum and blight within its Redevelopment Area; and
WHEREAS, K-P 2000 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") located at 2000 Biscayne Boulevard, Miami, FL
(Folio No. 01-3231-001-0120) within the Redevelopment Area; 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 to provide Developer a 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: 12072 (Revision:) Printed On: 9/9/2025
Rescinded by CRA-R-23-0014
File ID: 12072 Enactment Number: CRA-R-22-0020
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-23-0014
Page 2 of 2 File ID: 12072 (Revision:) Printed on: 9/9/2025