HomeMy WebLinkAboutCRA-R-23-0014I I
`rr
Omni
CRA
OMNI
Community Redevelopment Agency
Legislation
OMNI CRA Resolution: CRA-R-23-0014
OMNI CRA
1401 N. Miami Avenue
Miami, FL 33136
www.omnicra.com
File Number: 13913 Final Action Date:4/27/2023
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE OMNI
REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY
("CRA") RESCINDING CRA RESOLUTION CRA-R-22-0020, ADOPTED ON JUNE
9, 2022, RELATED TO THE APPROVAL OF A TAX INCREMENT FINANCE
("TIF") REBATE TO K-P 2000 BISCAYNE JV, LLC, FOR A MIXED -USE AND
MIXED -INCOME PROJECT KNOWN AS "EDGEWATER COLLECTIVE" FOR THE
DEVELOPMENT OF PROPERTY GENERALLY LOCATED AT 2000 BISCAYNE
BOULEVARD, MIAMI, FLORIDA,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 OTHER NECESSARY
DOCUMENTS, ALL IN ACCORDANCE WITH THIS RESOLUTION.
WHEREAS, on June 9, 2022, the Omni Redevelopment District Community
Redevelopment Agency ("CRA") as part of its efforts to beautify the OMNI Community
Redevelopment District approved OMNI CRA Resolution CRA-R-22-0020 (the "Prior
Resolution"), which authorized the rebate to K-P 2000 Biscayne JV, LLC, (the "Prior
Developer"), the tax increment finance ("TIF") revenues generated only from the development
by the Developer of the Edgewater Collective Development (the "Project") located at 2000
Biscayne Boulevard, Miami, Florida, 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 until 2030, or until 2047, if the life
of the CRA is extended to 2047; and
WHEREAS, pursuant to the Prior Resolution, the Executive Director was authorized to
negotiate and execute any and all necessary documents, all in a form acceptable to the General
Counsel; and
WHEREAS, 2000 Biscayne Fee Owner, LLC (the "Developer") is requesting that the
CRA rescind the Prior Resolution and replace it with this new Resolution in order to provide the
correct name of the from K-P 2000 Biscayne JV, LLC to 2000 Biscayne Fee Owner, LLC; and
City of Miami Page 1 of 2 File ID: 13913 (Revision: A) Printed On: 9/11/2025
File ID: 13913 Enactment Number: CRA-R-23-0014
WHEREAS, the CRA agrees to rescind and replace the Prior Resolution to provide for
the correct name of the Developer from K-P 2000 Biscayne JV, LLC to 2000 Biscayne Fee
Owner, LLC, and except for the change of the name of the Developer affirms the approval of the
rebate of the TIF for the Project as provided in the Prior Resolution as set forth herein; and
WHEREAS, the CRA Board finds that the approval of this Resolution is consistent with
the requirements of Chapter 163, Part III, Florida Statutes, the provisions of the Omni
Redevelopment District Community Redevelopment Plan, is in the best interest of the residents
and businesses within the CRA's boundaries, and serves a municipal and public purpose;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY
Section 1. The recitals and findings contained in the Preamble to this Resolution are
hereby adopted by reference thereto and incorporated herein as if fully set forth in this Section.
Section 2. The CRA hereby rescinds CRA Resolution CRA-R-22-0020, adopted June 9,
2022.
Section 3. 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 4. 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 5. This Resolution shall become effective immediately upon its adoption.
APPROVED AS TO FORM AND CORRECTNESS:
ndez, ity (tor ey 4/25/2023
City of Miami Page 2 of 2 File ID: 13913 (Revision: A) Printed on: 9/11/2025