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HomeMy WebLinkAboutOMNI CRA 2022-06-09 Agenda PacketCity of Miami 3500 Pan American Drive Miami, FL 33133 www.miamigov.com Meeting Agenda Thursday, June 09, 2022 12:00 PM (OR THEREAFTER) City Hall 3500 Pan American Drive Miami, FL 33133 OMNI Community Redevelopment Agency Alex Diaz de la Portilla, Chair, District One Joe Carollo, Vice Chair, District Three Ken Russell, Board Member, District Two Manolo Reyes, Board Member, District Four Christine King, Board Member, District Five OMNI CRA OFFICE ADDRESS: 1401 N. Miami Avenue, 2"d Floor Miami, FL 33136 Phone: (305) 679-6868 www.miamicra.com OMNI Community Redevelopment Agency Meeting Agenda June 9, 2022 CALL TO ORDER OMNI CRA RESOLUTION(S) 1. OMNI CRA RESOLUTION 12071 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. 2. OMNI CRA RESOLUTION 12072 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. OMNI Community Redevelopment Agency Page 2 Printed on 6/7/2022 OMNI Community Redevelopment Agency Meeting Agenda June 9, 2022 3. OMNI CRA RESOLUTION 12073 A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY ("CRA") ISSUING A GRANT FROM 2021-2022 OMNI CRA BUDGET IN AN AMOUNT NOT TO EXCEED $30,000.00 TO FLORIDA FILM HOUSE INTERNATIONAL, INC. TO UNDERWRITE COSTS ASSOCIATED WITH THEIR 1ST TAKE YOUTH FILM AFTER -SCHOOL PROGRAM AT THE DORSEY LIBRARY; AUTHORIZING THE EXECUTIVE DIRECTOR TO NEGOTIATE AND EXECUTE ANY AND ALL DOCUMENTS NECESSARY TO EFFECTUATE THE PROGRAM, ALL IN FORMS ACCEPTABLE TO THE GENERAL COUNSEL. ADJOURNMENT OMNI Community Redevelopment Agency Page 3 Printed on 6/7/2022 OMNI Board of Commissioners Meeting June 9, 2022 1.1 OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY INTER -OFFICE MEMORANDUM To: Board Chair Alex Diaz de la Portilla Date: June 6, 2022 and Members of the CRA Board From: H. Bert Gonzalez Executive Director File: 12071 Subject: K-P 1900 Biscayne JV, LLC - Edgewater Collective Project Economic Incentive Agreement Enclosures: 12071 Exhibit A 12071 Backup BACKGROUND: 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 the 2010 CRA Redevelopment Plan ("Plan"). 1900 Biscayne Blvd - K-P 1900 BISCAYNE JV LLC (the "Developers") 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"). The Developers have joint ventured to develop Edgewater Collective. Located at 2000 and 1900 Biscayne Blvd, Edgewater Collective will be comprised of three towers including 1,299 rental units with ultramodern finishes, 18,500 SF of retail space on the ground floor, and a multi -level parking garage, elevating units to have unobstructed views of Biscayne Bay. The project will also feature a suite of first-class amenities, including outdoor pools and sun decks, a largescale co -working space with Zoom rooms, a podcast-recording room, yoga, and fitness studios, and more. In order to deliver the proposed Project, inclusive of the 130 affordable units, the Developers are seeking financial support from the Omni CRA. The Developer is requesting a rebate of 95% of the available TIF generated by the project 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. This amount represents a present value amount of $35.0 million over the remaining anticipated life of the CRA through 2047. JUSTIFICATION: Packet Pg. 4 1.1 The 2010 Redevelopment Plan on page 41, Section C-2 lists the objective of the CRA to, "Provide incentives for the development of a variety of housing choices, including affordable, special needs and a workforce housing." Additionally on page 41, Section C titled, Variety of Housing", subsection D-3 specifically states the "Provision of incentives for the construction of new housing to attract downtown workers." The proposal is also consistent with Section D of the plan on page 42 Section D stating CRA objectives as "Improvements to the Public Realm" and "to "[e]nhance the areas' visual attractiveness to businesses and residents." This project is consistent with Florida Statute 163 and also the goals and objectives of the 2010 Omni CRA Redevelopment Plan. RECOMMENDATION: In light of the above -mentioned background information and the CRA's identified objectives in the CRA's plan to reduce slum and blight, and in consideration of the Executive Director's pledge to allocate grant funding to further the plan and activate the area, an approval of the resolution is recommended. City of Miami Page 2 of 4 File ID: 12071 (Revision:) Printed On: 6/7/2022 Packet Pg. 5 1.1 `rr Omni CRA City of Miami Legislation OMNI CRA Resolution OMNI CRA 1401 N. Miami Avenue Miami, FL 33136 www.miamicra.com File Number: 12071 Final Action Date: 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 Redevelopment District 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 3 of 4 File ID: 12071 (Revision:) Printed On: 6/7/2022 Packet Pg. 6 WHEREAS, the success of the Project will result in accomplishing the stated objectives of the 2010 Redevelopment Plan. 1.1 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: VICTORIA MENDEZ, GENERAL COUNSEL City of Miami Page 4 of 4 File ID: 12071 (Revision:) Printed On: 6/7/2022 Packet Pg. 7 1.1.a Folio Number 01-3231-003-0080 01-3231-003-0090 01-3231-003-0100 01-3231-003-0110 01-3231-003-0010 01-3231-003-0130 01-3231-003-0140 01-3231-002-0090 01-3231-002-0071 01-3231-002-0060 01-3231-001-0150 01-3231-001-0140 01-3231-001-0130 EXHIBIT "A" FOLIOS COMPRISING PROPERTY Property Address 1900 Biscayne Boulevard 281 NE 19 Street 269 NE 19 Street 261 NE 19 Street 237 NE 19 Street 231 NE 19 Street 221 NE 19 Street 222 NE 19 Street 230 NE 20 Street 244 NE 20 Street 250 NE 20 Street 264 NE 20 Street 1920 Biscayne Boulevard Packet Pg. 8 1.1.b 1900 - 2000 BISCAYNE BLVD - MI Edgewater Collective Project - CRA TIF Proposal June 17, 2021 Packet Pg. 9 Edgewater Collective — TIF Proposal 1.1.b PROJECT OVERVIEW PTM Partners and Kushner (collectively, "Developer") have joint ventured to develop Edgewater Collective. Located at 2000 and 1900 Biscayne Blvd, Edgewater Collective will be comprised of three towers including 1,299 rental units with ultramodern finishes, 18,500 SF of retail space on the ground floor, and a multi -level parking garage, elevating units to have unobstructed views of Biscayne Bay. The project will also feature a suite of first-class amenities, including outdoor pools and sun decks, a large- scale co -working space with Zoom rooms, a podcast-recording room, yoga, and fitness studios, and more. Ideally located in the center of Miami's Urban Core, Edgewater Collective is nestled between the performing Arts District, Edgewater and Wynwood with direct access to 1-95, 1-395 and 1-195, and minutes from destinations such as Miami Beach and the Brickell Corridor. Other community benefits and enhancements include: • Affordable Housing - The Developer, in partnership with the Omni CRA, proposes to designate a percentage of the units as affordable housing. These would be available to qualifying renters between 60% to 100% of Miami -Dade County AMI. • Public Improvements - The creation of winding public spaces and new, curated retail will create a "Town Center" for the Edgewater neighborhood. • Public Paseo - This network of ground -level public corridors will feature retail, outdoor markets, programming, and public art. • Long -Term and Short -Term Job Creation - With construction spanning 4+ years, Edgewater Collective is anticipated to create approximately 1,500 construction jobs and 750 permanent direct jobs once fully operational, as well as 200 indirect jobs. • Art Partnerships - Edgewater Collective is being developed with many varied opportunities for local art partnerships at all scales. These include interactive art installations during construction on Biscayne Boulevard, art installations in the fully activated Paseo, and rotating art installations inside the building. The Developer expects to obtained final building permit approval and commence construction within the next few months. 2 Packet Pg. 10 Edgewater Collective — TIF Proposal 1.1.b ALIGNMENT WITH CRA VISION Consistent with the CRA's mission, the development will achieve the following goals: (1) Enhance the quality of life of current neighborhood residents: • The entire frontage along Biscayne Boulevard, inclusive of the paseo, will be dedicated to ground floor am -'retail and community space for the entire neighborhood. The design includes 18,500+ square feet of retail space, intended for tenants that will be carefully curated tocomplement the current neighborhood offerings and will serve as a "Town Center" for the Edgewater neighborhood. • The Developers have assembled a world -class team of architects and design professionals who have conceptualized a campus development design including three building structures and spanning two city blocks. This design will not only complement the surrounding developments, but it is also aesthetically innovative and will elevate the neighborhood. All common areas, including the paseos, have been meticulously designed to engage with the walking public. As part of the project, the Developers will also be making a significant direct investment in ground level landscaping, walkways, sidewalks, and road improvements for the direct benefit of the neighborhood. (2) Activate the surrounding area: • The development will add 1,299 for -rent units to a previously vacant and under -improved section ofthe neighborhood, thereby adding to the neighborhood's energy and density. The nearly $400,000,000+ private investment will also have a significant impact on the tax base of the Omni CRA district. • The creation of a public paseo throughout the development campus will revitalize the immediate area and serve as a "bridge" to connect the Arts & Entertainment District to the broader Edgewater neighborhoods. 3 Packet Pg. 11 Edgewater Collective — TIF Proposal 1.1.b (3) Encourage the creation of housing attainable to all: • As part of the commitment to the neighborhood and the CRA's mission to foster affordability for tenants, the Developers are offering to restrict the maximum rents on 130 units (10% of the total unit count) as follows: - 60% of AMI for 26 units - 80% of AMI for 52 units - 100%ofAMIfor52units These rent -restricted units will be spread across the project's studios, 1-bedroom, 2-bedroom, and 3-bedroom units as detailed in the below table: Unit Type Number of Units 60% AMI 80% AMI 100% AMI Studio 25 5 10 10 1 Bedroom 62 12 25 25 2 Bedroom 38 8 15 15 3 Bedroom 5 1 2 2 Total 130 26 52 52 • As market rents in the neighborhood continue to rise at a faster rate than for the broader Miami market (as they are expected to, given the exponential growth of the area), these rent -restricted units will remain accessible and available for affordable tenants. The Developers are proposing to maintain these rent -restricted units through 2047 plus any additional extensions of the CRA. It is important to note that the Edgewater Collective project would be the first project within the OMNI CRA to comply with the recently adopted City Ordinance that defined "affordable housing" as being offered to residents with household incomes at 100% AMI or below. • The Developer understands the urgency in addressing the housing affordability need and would like to enhance the success of the offering by prioritizing the availability of the some of the subsidized units to residents that work in public service including police officers, teachers, healthcare workers, fire fighters, etc. OTHER IMPORTANT PROJECT CONSIDERATIONS Edgewater Collective is being delivered with an environmentally sustainable building program with a particular focus on resiliency while meeting Florida Green Building standards. The project is being built as of right, inclusive of the full parking requirements and with no variances from Miami 21. Finally, retail, and commercial leasing opportunities within the project will focus on locally and regionally owned and operated businesses. 4 Packet Pg. 12 1.1.b CRA PROPOSAL In order to deliver the proposed Project, inclusive of the 130 affordable units, the Developers are seeking financial support from the Omni CRA. The Developer is requesting a rebate of 95% of the available TIF generated by the project. This amount represents a present value amount of $35.0 million over the remaining anticipated life of the CRA through 2047. (Refer to Affordable Unit Mix and TIF Calculations) Edgewater Collective AFFORDABLE UNIT MIX Edgewater Collective Affordable Unit Mix Total Project 1 Number of Affordable Units • Maximum Rent # of Total % of Unit Type Units Avg SF 60%AMI 80% AMI 100% AMI Affordable Total 60% AMI 80% AMI 100%AMI Wtd Avg. 2000 Biscayne Studio 75 445 2 3 3 8 11% $960 $1,280 $1,600 $1,320 1-Bed 204 794 4 8 8 20 10% $1,029 $1,372 $1,715 $1,441 2-Bed 129 992 3 5 5 13 10% $1,234 $1,646 $2,058 $1,709 3-Bed 12 1,456 0 0 1 1 8% $1,426 $1,902 $2,964 $2,964 Subtotal 420 811 9 16 17 42 10% $1,082 $1,440 $1,869 $1,537 1900 Biscayne Studio 166 540 3 7 7 17 10% $960 $1,280 $1,600 $1,355 1-Bed 429 770 8 17 17 42 10% $1,029 $1,372 $1,715 $1,446 2-Bed 247 1,019 5 10 10 25 10% $1,234 $1,646 $2,058 $1,728 3-Bed 37 1,334 1 2 1 4 11% $1,426 $1,902 $2,964 $2,048 Subtotal 879 820 17 36 35 88 10% $1,100 $1,460 $1,826 $1,536 Total 1,299 817 26 52 52 130 10% $1,094 $1,454 $1,840 $1,536 % of Total 20% 40% 40% 100% 5 Packet Pg. 13 1.1.b Edgewater Collective TIF ANALYSIS Edgewater Collective TIF Calculations 95% CRA Fiscal Beginning Tax Estimated Tax Clawback Total Available % of Available Roll Year Year Roll Increment (35%) TIF TIF 2021 2022 $31,578,199 $0 $0 $0 $0 2022 2023 $32,525,545 $11,015 ($3,855) $7,160 $6,802 2023 2024 $33,501,311 $22,360 ($7,826) $14,534 $13,808 2024 2025 $144,506,351 $1,313,037 ($459,563) $853,474 $810,801 2025 2026 $281,841,541 $2,909,860 ($1,018,451) $1,891,409 $1,796,839 2026 2027 $309,090,104 $3,226,685 ($1,129,340) $2,097,345 $1,992,478 2027 2028 $416,362,807 $4,473,965 ($1,565,888) $2,908,077 $2,762,673 2028 2029 $468,466,715 $5,079,787 ($1,777,926) $3,301,862 $3,136,769 2029 2030 $482,520,717 $5,243,196 ($1,835,119) $3,408,077 $3,237,674 2030 2031 $496,996,338 $5,411,507 ($1,894,027) $3,517,479 $3,341,605 2031 2032 $511,906,229 $5,584,867 ($1,954,703) $3,630,164 $3,448,655 2032 2033 $527,263,415 $5,763,428 ($2,017,200) $3,746,228 $3,558,917 2033 2034 $543,081,318 $5,947,346 (52,081 ,571) $3,865,775 $3,672,486 2034 2035 $559,373,757 $6,136,781 ($2,147,873) $3,988,908 $3,789,462 2035 2036 $576,154,970 $6,331,900 ($2,216,165) $4,115,735 $3,909,948 2036 2037 $593,439,619 $6,532,872 ($2,286,505) $4,246,366 $4,034,048 2037 2038 $611,242,808 $6,739,873 ($2,358,955) $4,380,917 $4,161,871 2038 2039 $629,580,092 $6,953,084 ($2,433,579) $4,519,504 $4,293,529 2039 2040 $648,467,495 $7,172,691 ($2,510,442) $4,662,249 $4,429,137 2040 2041 $667,921,520 $7,398,887 ($2,589,610) $4,809,277 $4,568,813 2041 2042 $687,959,165 $7,631,869 ($2,671,154) $4,960,715 $4,712,679 2042 2043 $708,597,940 $7,871,840 ($2,755,144) $5,116,696 $4,860,861 2043 2044 $729,855,878 $8,119,010 (52,841 ,653) $5,277,356 $5,013,489 2044 2045 $751,751,555 $8,373,595 ($2,930,758) $5,442,837 $5,170,695 2045 2046 $774,304,101 $8,635,818 ($3,022,536) $5,613,282 $5,332,618 2046 2047 $797,533,224 $8,905,907 ($3,117,068) $5,788,840 $5,499,398 Total $141,791,179 ($49,626,913) $92,164,266 $87,556,053 NPV Discount Rate 6% $34,911,935 Assumes project delivery in three phases; the first CO expected in 2023 second CO in 2024 and final CO in 2026. Anticipated increase to the tax base is $400 million 6 Packet Pg. 14 1.1.b BACKGROUND ON DEVELOPERS Kushner is a multi -generational real estate development and management firm headquartered in New York City. Kushner's diverse portfolio encompasses residential, commercial, retail, hospitality, and industrial properties, with 10.8 million square feet currently under development and 24,000 apartments under ownership across six states. Kushner's integrated team touches upon every step of the development and management process for their properties, creating an unparalleled and seamless experience for tenants, employees, and real estate partners. The principals of PTM Partners have collectively invested, developed, constructed, and managed more than $20 billion in global real estate. To date, PTM has raised over $165 million for Qualified Opportunity Zone (QOZ) investment and deployed over $120 million into QOZ development projects with a combined capitalization of over $600 million. The PTM team has directly executed over $2 billion worth of construction projects covering a broad range of mixed -use development projects in Florida, New Jersey, New York, and Washington, D.C., including: • Residential Apartments - 4,000 total units, including 800 currently under construction in Miami and Washington, D.C. • Hospitality - 1,043 guest rooms, 54,000 sf of meeting space, eight F&B venues, including most notably the 1 Hotel and Homes South Beach • Residential Luxury Condominiums - 600 total units with a sales value over $600 million • Commercial Office Space - 4 million square feet for high profile tenants including UBS, JP Morgan Chase, ISO, Knight Securities, Cigna, Bank of America, and McKinsey & Co. • Commercial Office Fit Out - 300,000 square feet for legal, consulting, and medical uses • Educational Facilities - Four projects totaling 60,000 square feet • Gym and Spa Facilities - Three projects totaling 48,000 square feet, most notably the first Bamford Spa in the United States and the first branded Spartan Gym • Retail/Restaurant - 300,000 square feet of ground floor retail/restaurant space in hospitality, office, and residential projects • Big Box Retail - Turn -key construction of four projects • Garages - Seven new build garage structures with over 5,000 spaces and a renovation of an 1,188 space garage 7 Packet Pg. 15 EXTERIOR DESIGN RENDERINGS .= 000 BItCNE 6'LVD - MIAMI, FL adKarp Ar<hne<wreandWier. gn, Inc. mework aradanmay natdea,ed.aha,nheexams. vorarencone orAr<dre<d- aria Inter, Deign,Inc IRO.: tareore Wrenn DesAn,Inc. is me rot.property &Kat, Kara Architecture and interim. Desk, Ina. The work product may nc'c,s_d mdourthe e.aressed,mhenoonsen or pod<rpnrchnecture and Interim o_apr. Inc IK O; 8 Packet Pg. 16 1.1.b INTERIOR DESIGN RENDERINGS 9 Packet Pg. 17 1.1.b 10 Packet Pg. 18 OMNI Board of Commissioners Meeting June 9, 2022 1.2 OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY INTER -OFFICE MEMORANDUM To: Board Chair Alex Diaz de la Portilla Date: June 6, 2022 and Members of the CRA Board File: 12072 From: H. Bert Gonzalez Executive Director Subject: K-P 2000 Biscayne JV, LLC — Edgewater Collective Project Economic Incentive Agreement Enclosures: 12072 Backup BACKGROUND: 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 the 2010 CRA Redevelopment Plan ("Plan"). K-P 2000 BISCAYNE JV LLC (the "Developers") 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 (the "Property"). The Developers have joint ventured to develop Edgewater Collective. Located at 2000 and 1900 Biscayne Blvd, Edgewater Collective will be comprised of three towers including 1,299 rental units with ultramodern finishes, 18,500 SF of retail space on the ground floor, and a multi -level parking garage, elevating units to have unobstructed views of Biscayne Bay. The project will also feature a suite of first-class amenities, including outdoor pools and sun decks, a largescale co -working space with Zoom rooms, a podcast-recording room, yoga, and fitness studios, and more. In order to deliver the proposed Project, inclusive of the 130 affordable units, the Developers are seeking financial support from the Omni CRA. The Developer is requesting a rebate of 95% of the available TIF generated by the project 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. This amount represents a present value amount of $35.0 million over the remaining anticipated life of the CRA through 2047. JUSTIFICATION: Packet Pg. 19 1.2 The 2010 Redevelopment Plan on page 41, Section C-2 lists the objective of the CRA to, "Provide incentives for the development of a variety of housing choices, including affordable, special needs and a workforce housing." Additionally on page 41, Section C titled, Variety of Housing", subsection D-3 specifically states the "Provision of incentives for the construction of new housing to attract downtown workers." The proposal is also consistent with Section D of the plan on page 42 Section D stating CRA objectives as "Improvements to the Public Realm" and "to "[e]nhance the areas' visual attractiveness to businesses and residents." This project is consistent with Florida Statute 163 and also the goals and objectives of the 2010 Omni CRA Redevelopment Plan. RECOMMENDATION: In light of the above -mentioned background information and the CRA's identified objectives in the CRA's plan to reduce slum and blight, and in consideration of the Executive Director's pledge to allocate grant funding to further the plan and activate the area, an approval of the resolution is recommended. City of Miami Page 2 of 4 File ID: 12072 (Revision:) Printed On: 6/7/2022 Packet Pg. 20 1.2 `rr Omni CRA City of Miami Legislation OMNI CRA Resolution OMNI CRA 1401 N. Miami Avenue Miami, FL 33136 www.miamicra.com File Number: 12072 Final Action Date: 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 Redevelopment District 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 WHEREAS, the success of the Project will result in accomplishing the stated objectives of the 2010 Redevelopment Plan. City of Miami Page 3 of 4 File ID: 12072 (Revision:) Printed On: 6/7/2022 Packet Pg. 21 1.2 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: VICTORIA MENDEZ, GENERAL COUNSEL City of Miami Page 4 of 4 File ID: 12072 (Revision:) Printed On: 6/7/2022 Packet Pg. 22 1.2.a 1900 - 2000 BISCAYNE BLVD Edgewater Collective Project - CRA TIF Proposal June 17, 2021 Attachment: 12072 Backup (12072 : K-P 2000 Biscayne JV, LLC — Edgewater Collective Project Economic Incentive Agreement) 1 Packet Pg. 23 Edgewater Collective — TIF Proposal 1.2.a PROJECT OVERVIEW PTM Partners and Kushner (collectively, "Developer") have joint ventured to develop Edgewater Collective. Located at 2000 and 1900 Biscayne Blvd, Edgewater Collective will be comprised of three towers including 1,299 rental units with ultramodern finishes, 18,500 SF of retail space on the ground floor, and a multi -level parking garage, elevating units to have unobstructed views of Biscayne Bay. The project will also feature a suite of first-class amenities, including outdoor pools and sun decks, a large- scale co -working space with Zoom rooms, a podcast-recording room, yoga, and fitness studios, and more. Ideally located in the center of Miami's Urban Core, Edgewater Collective is nestled between the performing Arts District, Edgewater and Wynwood with direct access to 1-95, 1-395 and 1-195, and minutes from destinations such as Miami Beach and the Brickell Corridor. Other community benefits and enhancements include: • Affordable Housing - The Developer, in partnership with the Omni CRA, proposes to designate a percentage of the units as affordable housing. These would be available to qualifying renters between 60% to 100% of Miami -Dade County AMI. • Public Improvements - The creation of winding public spaces and new, curated retail will create a "Town Center" for the Edgewater neighborhood. • Public Paseo - This network of ground -level public corridors will feature retail, outdoor markets, programming, and public art. • Long -Term and Short -Term Job Creation - With construction spanning 4+ years, Edgewater Collective is anticipated to create approximately 1,500 construction jobs and 750 permanent direct jobs once fully operational, as well as 200 indirect jobs. • Art Partnerships - Edgewater Collective is being developed with many varied opportunities for local art partnerships at all scales. These include interactive art installations during construction on Biscayne Boulevard, art installations in the fully activated Paseo, and rotating art installations inside the building. The Developer expects to obtained final building permit approval and commence construction within the next few months. 2 Attachment: 12072 Backup (12072 : K-P 2000 Biscayne JV, LLC — Edgewater Collective Project Economic Incentive Agreement) Packet Pg. 24 Edgewater Collective — TIF Proposal 1.2.a ALIGNMENT WITH CRA VISION Consistent with the CRA's mission, the development will achieve the following goals: (1) Enhance the quality of life of current neighborhood residents: • The entire frontage along Biscayne Boulevard, inclusive of the paseo, will be dedicated to ground floor am -'retail and community space for the entire neighborhood. The design includes 18,500+ square feet of retail space, intended for tenants that will be carefully curated tocomplement the current neighborhood offerings and will serve as a "Town Center" for the Edgewater neighborhood. • The Developers have assembled a world -class team of architects and design professionals who have conceptualized a campus development design including three building structures and spanning two city blocks. This design will not only complement the surrounding developments, but it is also aesthetically innovative and will elevate the neighborhood. All common areas, including the paseos, have been meticulously designed to engage with the walking public. As part of the project, the Developers will also be making a significant direct investment in ground level landscaping, walkways, sidewalks, and road improvements for the direct benefit of the neighborhood. (2) Activate the surrounding area: • The development will add 1,299 for -rent units to a previously vacant and under -improved section ofthe neighborhood, thereby adding to the neighborhood's energy and density. The nearly $400,000,000+ private investment will also have a significant impact on the tax base of the Omni CRA district. • The creation of a public paseo throughout the development campus will revitalize the immediate area and serve as a "bridge" to connect the Arts & Entertainment District to the broader Edgewater neighborhoods. 3 Attachment: 12072 Backup (12072 : K-P 2000 Biscayne JV, LLC — Edgewater Collective Project Economic Incentive Agreement) Packet Pg. 25 Edgewater Collective — TIF Proposal 1.2.a (3) Encourage the creation of housing attainable to all: • As part of the commitment to the neighborhood and the CRA's mission to foster affordability for tenants, the Developers are offering to restrict the maximum rents on 130 units (10% of the total unit count) as follows: - 60% of AMI for 26 units - 80% of AMI for 52 units - 100%ofAMIfor52units These rent -restricted units will be spread across the project's studios, 1-bedroom, 2-bedroom, and 3-bedroom units as detailed in the below table: Unit Type Number of Units 60% AMI 80% AMI 100% AMI Studio 25 5 10 10 1 Bedroom 62 12 25 25 2 Bedroom 38 8 15 15 3 Bedroom 5 1 2 2 Total 130 26 52 52 • As market rents in the neighborhood continue to rise at a faster rate than for the broader Miami market (as they are expected to, given the exponential growth of the area), these rent -restricted units will remain accessible and available for affordable tenants. The Developers are proposing to maintain these rent -restricted units through 2047 plus any additional extensions of the CRA. It is important to note that the Edgewater Collective project would be the first project within the OMNI CRA to comply with the recently adopted City Ordinance that defined "affordable housing" as being offered to residents with household incomes at 100% AMI or below. • The Developer understands the urgency in addressing the housing affordability need and would like to enhance the success of the offering by prioritizing the availability of the some of the subsidized units to residents that work in public service including police officers, teachers, healthcare workers, fire fighters, etc. OTHER IMPORTANT PROJECT CONSIDERATIONS Edgewater Collective is being delivered with an environmentally sustainable building program with a particular focus on resiliency while meeting Florida Green Building standards. The project is being built as of right, inclusive of the full parking requirements and with no variances from Miami 21. Finally, retail, and commercial leasing opportunities within the project will focus on locally and regionally owned and operated businesses. 4 Attachment: 12072 Backup (12072 : K-P 2000 Biscayne JV, LLC — Edgewater Collective Project Economic Incentive Agreement) Packet Pg. 26 1.2.a CRA PROPOSAL In order to deliver the proposed Project, inclusive of the 130 affordable units, the Developers are seeking financial support from the Omni CRA. The Developer is requesting a rebate of 95% of the available TIF generated by the project. This amount represents a present value amount of $35.0 million over the remaining anticipated life of the CRA through 2047. (Refer to Affordable Unit Mix and TIF Calculations) Edgewater Collective AFFORDABLE UNIT MIX Edgewater Collective Affordable Unit Mix Total Project 1 Number of Affordable Units • Maximum Rent # of Total % of Unit Type Units Avg SF 60%AMI 80% AMI 100% AMI Affordable Total 60% AMI 80% AMI 100%AMI Wtd Avg. 2000 Biscayne Studio 75 445 2 3 3 8 11% $960 $1,280 $1,600 $1,320 1-Bed 204 794 4 8 8 20 10% $1,029 $1,372 $1,715 $1,441 2-Bed 129 992 3 5 5 13 10% $1,234 $1,646 $2,058 $1,709 3-Bed 12 1,456 0 0 1 1 8% $1,426 $1,902 $2,964 $2,964 Subtotal 420 811 9 16 17 42 10% $1,082 $1,440 $1,869 $1,537 1900 Biscayne Studio 166 540 3 7 7 17 10% $960 $1,280 $1,600 $1,355 1-Bed 429 770 8 17 17 42 10% $1,029 $1,372 $1,715 $1,446 2-Bed 247 1,019 5 10 10 25 10% $1,234 $1,646 $2,058 $1,728 3-Bed 37 1,334 1 2 1 4 11% $1,426 $1,902 $2,964 $2,048 Subtotal 879 820 17 36 35 88 10% $1,100 $1,460 $1,826 $1,536 Total 1,299 817 26 52 52 130 10% $1,094 $1,454 $1,840 $1,536 % of Total 20% 40% 40% 100% 5 Attachment: 12072 Backup (12072 : K-P 2000 Biscayne JV, LLC — Edgewater Collective Project Economic Incentive Agreement) Packet Pg. 27 1.2.a Edgewater Collective TIF ANALYSIS Edgewater Collective TIF Calculations 95% CRA Fiscal Beginning Tax Estimated Tax Clawback Total Available % of Available Roll Year Year Roll Increment (35%) TIF TIF 2021 2022 $31,578,199 $0 $0 $0 $0 2022 2023 $32,525,545 $11,015 ($3,855) $7,160 $6,802 2023 2024 $33,501,311 $22,360 ($7,826) $14,534 $13,808 2024 2025 $144,506,351 $1,313,037 ($459,563) $853,474 $810,801 2025 2026 $281,841,541 $2,909,860 ($1,018,451) $1,891,409 $1,796,839 2026 2027 $309,090,104 $3,226,685 ($1,129,340) $2,097,345 $1,992,478 2027 2028 $416,362,807 $4,473,965 ($1,565,888) $2,908,077 $2,762,673 2028 2029 $468,466,715 $5,079,787 ($1,777,926) $3,301,862 $3,136,769 2029 2030 $482,520,717 $5,243,196 ($1,835,119) $3,408,077 $3,237,674 2030 2031 $496,996,338 $5,411,507 ($1,894,027) $3,517,479 $3,341,605 2031 2032 $511,906,229 $5,584,867 ($1,954,703) $3,630,164 $3,448,655 2032 2033 $527,263,415 $5,763,428 ($2,017,200) $3,746,228 $3,558,917 2033 2034 $543,081,318 $5,947,346 (52,081 ,571) $3,865,775 $3,672,486 2034 2035 $559,373,757 $6,136,781 ($2,147,873) $3,988,908 $3,789,462 2035 2036 $576,154,970 $6,331,900 ($2,216,165) $4,115,735 $3,909,948 2036 2037 $593,439,619 $6,532,872 ($2,286,505) $4,246,366 $4,034,048 2037 2038 $611,242,808 $6,739,873 ($2,358,955) $4,380,917 $4,161,871 2038 2039 $629,580,092 $6,953,084 ($2,433,579) $4,519,504 $4,293,529 2039 2040 $648,467,495 $7,172,691 ($2,510,442) $4,662,249 $4,429,137 2040 2041 $667,921,520 $7,398,887 ($2,589,610) $4,809,277 $4,568,813 2041 2042 $687,959,165 $7,631,869 ($2,671,154) $4,960,715 $4,712,679 2042 2043 $708,597,940 $7,871,840 ($2,755,144) $5,116,696 $4,860,861 2043 2044 $729,855,878 $8,119,010 (52,841 ,653) $5,277,356 $5,013,489 2044 2045 $751,751,555 $8,373,595 ($2,930,758) $5,442,837 $5,170,695 2045 2046 $774,304,101 $8,635,818 ($3,022,536) $5,613,282 $5,332,618 2046 2047 $797,533,224 $8,905,907 ($3,117,068) $5,788,840 $5,499,398 Total $141,791,179 ($49,626,913) $92,164,266 $87,556,053 NPV Discount Rate 6% $34,911,935 Assumes project delivery in three phases; the first CO expected in 2023 second CO in 2024 and final CO in 2026. Anticipated increase to the tax base is $400 million 6 Attachment: 12072 Backup (12072 : K-P 2000 Biscayne JV, LLC — Edgewater Collective Project Economic Incentive Agreement) Packet Pg. 28 1.2.a BACKGROUND ON DEVELOPERS Kushner is a multi -generational real estate development and management firm headquartered in New York City. Kushner's diverse portfolio encompasses residential, commercial, retail, hospitality, and industrial properties, with 10.8 million square feet currently under development and 24,000 apartments under ownership across six states. Kushner's integrated team touches upon every step of the development and management process for their properties, creating an unparalleled and seamless experience for tenants, employees, and real estate partners. The principals of PTM Partners have collectively invested, developed, constructed, and managed more than $20 billion in global real estate. To date, PTM has raised over $165 million for Qualified Opportunity Zone (QOZ) investment and deployed over $120 million into QOZ development projects with a combined capitalization of over $600 million. The PTM team has directly executed over $2 billion worth of construction projects covering a broad range of mixed -use development projects in Florida, New Jersey, New York, and Washington, D.C., including: • Residential Apartments - 4,000 total units, including 800 currently under construction in Miami and Washington, D.C. • Hospitality - 1,043 guest rooms, 54,000 sf of meeting space, eight F&B venues, including most notably the 1 Hotel and Homes South Beach • Residential Luxury Condominiums - 600 total units with a sales value over $600 million • Commercial Office Space - 4 million square feet for high profile tenants including UBS, JP Morgan Chase, ISO, Knight Securities, Cigna, Bank of America, and McKinsey & Co. • Commercial Office Fit Out - 300,000 square feet for legal, consulting, and medical uses • Educational Facilities - Four projects totaling 60,000 square feet • Gym and Spa Facilities - Three projects totaling 48,000 square feet, most notably the first Bamford Spa in the United States and the first branded Spartan Gym • Retail/Restaurant - 300,000 square feet of ground floor retail/restaurant space in hospitality, office, and residential projects • Big Box Retail - Turn -key construction of four projects • Garages - Seven new build garage structures with over 5,000 spaces and a renovation of an 1,188 space garage 7 Attachment: 12072 Backup (12072 : K-P 2000 Biscayne JV, LLC — Edgewater Collective Project Economic Incentive Agreement) Packet Pg. 29 EXTERIOR DESIGN RENDERINGS Db Karp ATchileclure ancl gn. Inc. Ihe wad( ratlucl may nal be usetl*Ille exams. vovIlen cone, al Orp ArcMeclx: aria Infer, Deli, Inc MAID: Attachment: 12072 Backup (12072 : K-P 2000 Biscayne JV, LLC — Edgewater Collective Project Economic Incentive Agreement) 8 Packet Pg. 30 1.2.a INTERIOR DESIGN RENDERINGS Attachment: 12072 Backup (12072 : K-P 2000 Biscayne JV, LLC — Edgewater Collective Project Economic Incentive Agreement) 9 Packet Pg. 31 1.2.a Attachment: 12072 Backup (12072 : K-P 2000 Biscayne JV, LLC — Edgewater Collective Project Economic Incentive Agreement) 10 Packet Pg. 32 OMNI Board of Commissioners Meeting June 9, 2022 1.3 OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY INTER -OFFICE MEMORANDUM To: Board Chair Alex Diaz de la Portilla Date: June 6, 2022 and Members of the CRA Board From: H. Bert Gonzalez Executive Director File: 12073 Subject: Grant to Florida Film House International, Inc. Enclosures: 12073 Budget 12073 Program Proposal BACKGROUND: The attached Resolution of the Board of Commissioners of the OMNI Community Redevelopment Agency ("OMNI CRA") authorizes a grant to the Florida Film House International Inc. ("Grantee") in a total amount not to exceed $30,000.00, to underwrite costs associated with their 1st Take Youth Film after -school Program ("Program") at the Dorsey Library. The 1st Take Youth Film Program will serve the OMNI CRA district by enriching the young minds of the community, and by providing them with hands-on training that centers around the complete process of filmmaking. Targeting underserved local communities, the Program can give the local youth an opportunity to tell their stories and show their talents. The 1st Take Youth Film Program serves as an interactive central connection between arts, business, media, and entertainment. Students will have the opportunity to attend workshops in film, editing, cinematography, and photography. Select Teens that qualify for on-the-job training can compete for paid and unpaid internships as well. It is recommended that the Board of Commissioners of the Omni Redevelopment District Community Redevelopment Agency approve and adopt the attached Resolution, authorizing a grant to Florida Film House International, Inc. to fund a portion of the Grantee's 1st Take Youth Program including the funding of a Program Manager in the amount of $20,000 and funding of a Film Instructor in the amount of $10,000 in a total amount not to exceed $30,000.00 to underwrite the costs associated with its after -school Program. JUSTIFICATION: Pursuant to Section 163.340(9), Florida Statutes, (the "Act") community redevelopment means "undertakings, activities, or projects of a ... community redevelopment agency in a community redevelopment area for the elimination and prevention of the development or spread of slums and blight...." Packet Pg. 33 1.3 Section 4.4, B., D-5, at page 41 of the OMNI CRA Redevelopment Plan ("Plan"), Section 4.4, C., D-1, at page 41 of the Plan, and Section 4.4, D., A-2, at page 42 of the Plan, respectively lists providing employment opportunities and upward job mobility for residents, maximizing conditions for residents to live in the area, and the elimination of conditions which contribute to blight as stated redevelopment objectives. This Program substantially fulfills these requirements. FUNDING: $30,000.00 allocated from account — OMNI CRA — Other Grant and Aids — 10040.920501.883000.0000.00000. City of Miami Page 2 of 4 File ID: 12073 (Revision:) Printed On: 6/7/2022 Packet Pg. 34 %i• • `rr Omni CRA City of Miami Legislation OMNI CRA Resolution OMNI CRA 1401 N. Miami Avenue Miami, FL 33136 www.miamicra.com File Number: 12073 Final Action Date: A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY ("CRA") ISSUING A GRANT FROM 2021-2022 OMNI CRA BUDGET IN AN AMOUNT NOT TO EXCEED $30,000.00 TO FLORIDA FILM HOUSE INTERNATIONAL, INC. TO UNDERWRITE COSTS ASSOCIATED WITH THEIR 1ST TAKE YOUTH FILM AFTER - SCHOOL PROGRAM AT THE DORSEY LIBRARY; AUTHORIZING THE EXECUTIVE DIRECTOR TO NEGOTIATE AND EXECUTE ANY AND ALL DOCUMENTS NECESSARY TO EFFECTUATE THE PROGRAM, ALL IN FORMS ACCEPTABLE TO THE GENERAL COUNSEL. 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 the CRA's 2010 Redevelopment Plan ("Plan"); and WHEREAS, Section 4.4, B., D-5, at page 41 of the OMNI CRA Redevelopment Plan ("Plan"); Section 4.4, C., D-1, at page 41 of the Plan; and Section 4.4, D., A-2, at page 42 of the Plan respectively list providing employment opportunities and upward job mobility for residents, maximizing conditions for residents to live in the area, and the elimination of conditions which contribute to blight as stated redevelopment objectives; and WHEREAS, the Board wishes to allocate grant funds in an amount not to exceed $30,000.00 to Florida Film House International Inc. ("Grantee"), from the CRA 2021- 2022 Budget; and WHEREAS, the Executive Director is requesting authority from the Board to negotiate and execute any and all documents necessary to assist the Grantee in funding a Program Manager in the amount of $20,000 and to fund a Film Instructor in the amount of $10,000, all in forms acceptable to the General Counsel; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY: Section 1. The recitals and findings contained in the Preamble of this Resolution are adopted by reference thereto and incorporated herein as if fully set forth in this Section. Section 2. The Executive Director is authorized to allocate grant funds from the OMNI CRA Budget— Other Grant and Aid — 10040.920501.883000.0000.00000, in a total amount not to exceed $30,000.00 to Florida Film House International Inc. City of Miami Page 3 of 4 File ID: 12073 (Revision:) Printed On: 6/7/2022 1.3 Packet Pg. 35 1.3 Section 3. The Executive Director is authorized to negotiate and execute any and all documents necessary to effectuate the grant to Film House International Inc., all in forms acceptable to the General Counsel. Section 4. This Resolution shall become effective immediately upon its adoption. APPROVED AS TO FORM AND CORRECTNESS: VICTORIA MENDEZ, GENERAL COUNSEL City of Miami Page 4 of 4 File ID: 12073 (Revision:) Printed On: 6/7/2022 Packet Pg. 36 1.3.a 1st Take Youth Film Program Budget Total Expense "Grant Request" Tine items. Executive Director $15,000.00 Approx $1,250 x Month Program Manager $20,000.00 $20/Hour x 20 Hrs x 50 Weeks $20,000 Lead Film Instructor $20,000.00 $20/Hour x 20 Hrs x 50 Weeks $20,000 Film Instructor $10,000.00 $20/Hour x 10 Hrs x 50 Weeks $10,000 Film Instructor $10,000.00 $20/Hour x 10 Hrs x 50 Weeks $10,000 Subcontractors (Celebrity Film Trainers/Speakers) $10,000.00 Workshops, Special Programming, Key Note Speakers Materials / Supplies $5,000.00 Teaching Supplies, Hard Drives, Batteries, Software, & Editing Programs Community Day Screenings $10,000.00 Quarterly Celebration - Community Screening of the students films Marketing/Publicity/Advertising $2,000.00 Market Students Films for Festivals and Social Media Printing & Copying $1,000.00 Scripts, Awards, Props, Banners, Misc Printing needs Internet, Communication & Security Camera System $5,000.00 Internet, Communications & Security Camera System Equipment Purchase $20,000.00 Cameras, Desktops, Printers, Monitors, Furniture, Audio Gear, Lighting Packages Transportation for Students $7,000.00 (15) passenger van service for pick ups & drop offs Facility $0.00 Participant Snacks/Meals $4,000.00 After School Snacks Field Trips, Events $7,000.00 Exposure & On Set opportunities for students Insurance Cost $4,000.00 TOTAL EXPENSES $150,000.00 Attachment: 12073 Budget (12073 : Grant to Florida Film House International, Inc.) Packet Pg. 37 1.3.b 1 , . 0 US e'jsents i it Prog ra EtIS Packet Pg. 38 1.3.b Florida Film House presents: The ist Take Youth Film Program 1, Cover 2. Table of Contents 3. Mission 4. Project Description 5. Locations 6. Overview of Programming 7. ist Take Programming 8. Budget 9. Job Training 10. List of Staff 11. Contact Information Packet Pg. 39 ginitimpta, Y Mission Our mission is to enrich the young minds of our community by providing them with hands-on training that centers around the complete process of filmmaking. By targeting underserved local communities, we can give our youth an opportunity to tell their stories and show their talents. Our innovative program is set up to build skill sets that expand beyond the classroom and into the workforce. The skills, education, and guidance provided at 1st Take will prepare our youth to have the skills needed to be successful in life. We aim to develop relationships with local and state colleges to create scholarship programs that will provide our students with the workforce and knowledge in media art and the opportunity to continue their education to achieve a college degree in film and entertainment. The 1st Take Youth Film Program will serve as an interactive central connection between arts, business, media, and entertainment. Students will have the opportunity to attend workshops in film, editing, cinematography, and photography. Select Teens that qualify for on-the-job training can compete for paid and unpaid internships as well. All interns will be under the direction of Project Coordinator and the film professionals at Florida Film House (FFH). FFH has been helping the youth find their voice for six years. With the help of our ci innnrfarc %nia ran rnnfini is fn mahina a rhanaa in ni it fi i+i ira ST TAKE YOUTH PROGRAM Attachment: 12073 Program Proposal (12073 : Grant to Packet Pg. 40 Project Description 0 Education and College Readiness - The 1st Take Youth Film Program will be dedicated to teaching the youth career and life skills through hands- on coaching that centers around the complete process of filmmaking. Employment Growth, Job Training, Job Placement, and Vocational Training for adults and 2nd Chance opportunities- From the local community into the film business. According to the labor market statistics motion picture will have 11% more jobs in arts and film will increase by 9.5% between 2019-2026. 1st Take Workshops in acting, writing, producing, directing, producing and cinematography for adults evenings. Helping to create and support the film market and introduce the community to the film world. Arts and Entertainment for the community Through premieres in the community at least once per quarter. Open to invite the community to enjoy the space and premier exclusive content created by 1st Take Youth Film Program students, Urban Film Festival Winners and the best of local content. Also be able to highlight, promote and celebrate local film makers at these quarterly screenings. Entrepreneurship and Leadership Skills -Students will entrepreneurship, leadership and team skills to develop content. They will learn to write, produce, schedule, budges create, edit/finalize, market and sell their projects. These si resonate into any field of business. Economic Rejuvenation- Repurposing an inactive space and making it a Diverse Event Space for the community to use and enjoy, while promoting economic development. Space will be available for the community to enjoy as need( History Preservation We will be able to archive, document and showcase the history of Overtown and Miar The students will be creating documentaries by researching and interviewing the elders within the community. The documentaries will be showcased quarterly, entered into international film festivals, be available to be screened upon 1st Take Youth Film Program channel or, broadcast companies. Attachment: 12073 Program Proposal (12073 : Grant to Packet Pg. 41 1.3.b Locations Dorsey Memorial Library: 100 NW 17th Street, Miami, FL 33136 Black Archives - Historic Lyric 819 NW 2nd Ave, Miami, FL, 33136 Overtown Performing Arts Center 1074 NW 3rd Ave, Miami, FL, 33136 Attachment: 12073 Program Proposal (12073 : Grant to Packet Pg. 42 Overview of Programming 1st Take Youth Film Program - Florida Film House will provide workshops in acting, writing, directing, producing, and cinematography for the community throughout the year. Online Schooling with other Community Programs - 9th -12th graders will be doing online schooling with Teachers during the day, allowing their parents the opportunity to go back to work. (During Covid Pandemic) Education and College Readiness- The 1st Take Youth Film Program and other community programs to better prepare students with college readiness. Job Training, and Vocational Training for adults and 2nd Chance opportunities -Will serve as a hub for vocational training for adults to learn about the film industry and prepare them for job opportunities. We will also work with workforce programs to help our students get job placements. Arts and Entertainment for the community- Once a quarter, the space will be open for the community to enjoy and watch exclusive content created by 1st Take Youth Film Program students. Students will have their films screened. History Preservation- The students will be creating digital archives and documentaries by researching and interviewing the elders within the community. 1.3.b ist Take Youth Film Programming Filmmakers will receive specialized training and perform work tasks under the direction of industry professionals in order to create products and services that benefit the community and local businesses. Student will create short films that tell the stories of their community. They will be screened at the Urban Film Festival, The American Black Film Festival, will be submitted for Sundance Film Festival & entered into other film festivals internationally. PRODUCTION ROLL SCENE SHOT TAKE 'RECTOR CAMERAMAN Attachment: 12073 Program Proposal (12073 : Grant to Packet Pg. 44 1.3.b Budget lst Take Youth Film Program Budget Total Expense "Grant Request" line items. Executive Director $15,000.00 Approx $1,250 x Month Program Manager $20,000.00 $201Hour x 20 Hrs x 50 Weeks $20,000 Lead Film Instructor $20,000.00 $20fHour x 20 Hrs x 50 Weeks $20,000 Film Instructor $10,000.00 $20fHour x 10 Hrs x 50 Weeks $10,000 Film Instructor $10,000.00 $201Hour x 10 Hrs x 50 Weeks $10,000 Subcontractors (Celebrity Film Trainers/Speakers) $10,000.00 Workshops, Special Programming, Key Note Speakers Materials / Supplies $5,000.00 Teaching Supplies, Hard Drives, Batteries, Software, & Editing Programs Community Day Screenings $10,000.00 Quarterly Celebration - Community Screening of the students films Marketing/Publicity/Advertising $2,000.00 Market Students Films for Festivals and Social Media Printing & Copying $1,000.00 Scripts, Awards, Props, Banners, Misc Printing needs Internet, Communication & Security Camera System $5,000.00 Internet, Communications & Security Camera System 1 Equipment Purchase $20,000.00 Cameras, Desktops, Printers, Monitors, Furniture, Audio Gear, Lighting Packages Transportation for Students $7,000.00 (15) passenger van service for pick ups & drop offs Facility $0.00 Participant Snacks/Meals $4,000.00 After School Snacks Field Trips, Events $7,000.00 Exposure & On Set opportunities for students Insurance Cost $4,000.00 TOTAL EXPENSES $150,000.60 Attachment: 12073 Program Proposal (12073 : Grant to Packet Pg. 45 On the job training Select students that qualify for on-the-job training can compete for paid and unpaid internships. We will be training high wages jobs that are necessary in the industry, averaging from $51,761 -$84,205. All interns will be under the direction of Project Coordinator. Internship experiences will include: • Creating marketing campaigns for local businesses • Storyboarding and writing scripts for local, not for profits. • Filming EPK for local businesses. • Data basing and Archiving footage of Miami • Electricians (Gaffer) • Camera Operator Packet Pg. 46 List of Staff: Project Coordinator & Professor - Will be responsible for keeping a collaborative strategy above organized and running smoothly. Working alongside the community to help enrich, give back and grow the project description initiatives. Film Professors - Industry professionals passionate about teaching and giving back. 1st Take Alumni/ Instructor - Past 1st Take Youth Film Program Student that has excelled and now is employed and giving back to the community of what he learned to the next generation of filmmakers & 1st Take Youth Film Program students. Film Professionals, Community Subcontractors and volunteers- From the local film community will be coming in for workshops and hands on training. We will also be taking many field tips to their studios and live sets. Guidelines for COVID 19 protocol will be implemented, so we all can work and learn safely. canon I, MAGk SIAIUf 9 IV \\ Thank pfAkl o Boa MARCO (MALL) MCI N ET - Founder marcof loridafi lm house®g mai l.com - 21 (786) 886 `�w 13 ,; 7 7 9 a Packet Pg. 48