HomeMy WebLinkAboutCRA-R-23-0059 MemorandumSEOPW Board of Commissioners Meeting
November 16, 2023
SOUTHEAST OVERTOWN/PARK WEST
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
To: Board Chair Christine King Date: February 12, 2024
and Members of the CRA
Board File: 15057
From: James McQueen
Executive Director
Subject: Second Amendment to the
Amended and Restated Miami
Worldcenter Economic Incentive
Agreement
Enclosures: File # 15057 - Exhibit A
BACKGROUND:
A Resolution of the Board of Commissioners of the Southeast Overtown/Park West Community
Redevelopment Agency ("SEOPW CRA"), with attachment(s) on November 16, 2020, the SEOPW CRA
unanimously adopted a resolution CRA-R-20-0026 authorizing the execution of a First Amendment to the
Amended and Restated Miami Worldcenter Economic Incentive Agreement (the "Agreement"), which
Agreement modified the terms for the payment of authorized Incentive Payment to the Incentive Payment
Administrator. The project developers have substantially advanced the redevelopment goals of the project
and have already completed approximately $850 million of taxable improvements on the Property, with
approximately another $1.5 billion of improvements presently under construction. The SEOPW CRA
seeks authorization to enter into a Second Amendment to the Amended and Restated Miami Worldcenter
Economic Incentive Agreement (the "Second Amendment"), in substantially the form attached and
incorporated as Exhibit "A".
JUSTIFICATION:
The Plan, in pertinent part, provides that in order to "address and improve neighborhood economy and
expand economic opportunities of present and future residents and businesses [,] [it] is necessary to]
support and enhance existing businesses and... attract new businesses that provide needed services and
economic opportunities..." as a stated redevelopment principle.
The Plan, in pertinent part, lists the "create[ion] of] jobs within the community" and "improving quality
of life for residents" as stated redevelopment goals.
The Plan, in pertinent part, further provides that "employment opportunities be made available to existing
residents..." as a stated redevelopment principle.
FACT SHEET:
Company name: Miami Worldcenter Holdings, LLC, a Delaware limited liability company
Scope of work or services (Summary): The project developers have substantially advanced the
redevelopment goals of the project and have already completed approximately $850 million of taxable
improvements on the Property with approximately another $1.5 billion of improvements presently
under construction.
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AGENDA ITEM
FINANCIAL INFORMATION FORM
SEOPW CRA
CRA Board Meeting Date: November 16, 2023
CRA Section:
Approved by:
Approval:
1
Executive Director 11/8/2023
Miguel A Valentin, :riarice Off;cer 11/8/2023
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Southeast Overtown/Park West
Community Redevelopment Agency
File Type: CRA Resolution
Enactment Number: CRA-R-23-0059
File Number: 15057 Final Action Date:11/16/2023
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE SOUTHEAST
OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY, WITH
ATTACHMENT(S), AUTHORIZING THE EXECUTIVE DIRECTOR TO EXECUTE AN
AMENDMENT TO THE FIRST AMENDMENT TO THE AMENDED AND RESTATED
MIAMI WORLDCENTER ECONOMIC INCENTIVE AGREEMENT, IN SUBSTANTIALLY
THE ATTACHED FORM; AUTHORIZING THE EXECUTIVE DIRECTOR TO EXECUTE
ANY AND ALL DOCUMENTS REQUIRED TO CONSUMMATE THE AMENDMENT IN
A FINAL FORM ACCEPTABLE TO THE EXECUTIVE DIRECTOR.
WHEREAS, the Southeast Overtown/Park West Community Redevelopment Agency ("CRA") is a
community redevelopment agency created pursuant to Chapter 163, Florida Statutes, and is responsible for
carrying out community redevelopment activities and projects within its Redevelopment Area in accordance with
the 2018 Southeast Overtown/Park West Redevelopment Plan Update ("Plan"); and
WHEREAS, the Plan, in pertinent part, provides that in order to "address and improve neighborhood
economy and expand economic opportunities of present and future residents and businesses, it is necessary to
support and enhance existing businesses and... attract new businesses that provide needed services and economic
opportunities..." as a stated redevelopment principle; and
WHEREAS, the Plan, in pertinent part, lists the "create[ion] of] jobs within the community" and
"improving quality of life for residents" as stated redevelopment goals; and
WHEREAS, the Plan, in pertinent part, further provides that "employment opportunities be made
available to existing residents..." as a stated redevelopment principle; and
WHEREAS, on November 16, 2020, the CRA Board of Commissioners ("Board") unanimously adopted
a resolution authorizing the execution of a First Amendment to the Amended and Restated Miami Worldcenter
Economic Incentive Agreement (the "Agreement"), which Agreement modified the terms for the payment of
authorized Incentive Payment to the Incentive Payment Administrator; and
WHEREAS, the project developers have substantially advanced the redevelopment goals of the project
and have already completed approximately $850 million of taxable improvements on the Property with
approximately another $1.5 billion of improvements presently under construction; and
WHEREAS, the CRA seeks authorization to enter into a Second Amendment to the Amended and
Restated Miami Worldcenter Economic Incentive Agreement (the "Second Amendment"), in substantially the
form attached in Exhibit "A";
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE
SOUTHEAST OVERTOWN/PARK WEST 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 if fully set forth in this Section.
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Section 2. The Board of Commissioners hereby authorizes the Executive Director to execute an
amendment to the First Amendment to the Amended and Restated Miami Worldcenter Economic Incentive
Agreement, in substantially the form attached hereto in Exhibit "A."
Section 3. The Executive Director is authorized to negotiate and execute an agreement, including
any and all necessary documents, and all -in forms acceptable to the General Counsel, to consummate the
transaction.
Section 4. Sections of this Resolution may be renumbered or re -lettered and corrections of
typographical errors which do not affect the intent may be authorized by the Executive Director, or the Executive
Director's designee, without need of public hearing, by filing a corrected copy of same with the City of Miami City
Clerk.
Section 5. This Resolution shall become effective immediately upon its adoption.
APPROVED AS TO FORM AND LEGAL SUFFICIENCY:
yirre Br ounsel 11/8/2023
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