HomeMy WebLinkAboutCRA-R-24-0010 MemorandumSEOPW Board of Commissioners Meeting
January 25, 2024
SOUTHEAST OVERTOWN/PARK WEST
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
To: Board Chair Christine King
and Members of the CRA
Board
From: James McQueen
Executive Director
Date: February 12, 2024
File: 15451
Subject: Block 55 Residential, L.P., Housing
Subsidy Agreement
Enclosures: File # 15451 - Exhibit A
BACKGROUND:
A Resolution of the Board of Commissioners of the Southeast Overtown/Park West Community
Redevelopment Agency ("SEOPW CRA"), with attachment(s) the Housing Subsidy Agreement
("Agreement"), is attached hereto and incorporated herein as Exhibit "A", between the SEOPW CRA and
Block 55 Residential, L.P. a Florida Limited Partnership ("Purpose"). The Agreement will subsidize Two
Hundred Eighty -Nine (289) affordable housing units for individuals Sixty -Two (62) years of age. The
financial commitment for this Agreement is One -Million Six Hundred Thousand Dollars and Zero Cents
($1,600,000.00), per year for a Five (5) year term, not to exceed $8,000.000.00, and is subject to the
availability of funding. The Executive Director desires to execute Exhibit "A".
JUSTIFICATION:
Florida Statutes, Section 163.370(2)(e)(4) of the Community Redevelopment Act authorizes the disposal
of real property.
WHEREAS, Florida Statutes, Section 163.370(2)(e)(4) of the Community Redevelopment Act
authorizes the disposal of real property; and
WHEREAS, Section 2, Goal 3 on page 11 of the Plan lists the "creat[ion of infill housing, diversity in
housing types, and retaining affordable housing, as a stated redevelopment goal; and
WHEREAS, Section 2, Goal 4 and 6 on page 11 of the Plan lists the "creat[ion of jobs within the
Community" and "improving quality of life for residents" as stated redevelopment goals; and
WHEREAS, Section 2, Principle 4 on page 14 of the Plan provides that "Mlle neighborhood ... retain
access to affordable housing ..." as a stated redevelopment principle; and
WHEREAS, Section 2, Principle 6 on page 15 of the Plan further provides that in order to "address and
improve the 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
FUNDING:
$8,000,000.00 allocated from account 10050.920101.883000.0000.00000 — SEOPW - Other Grant and
Aids.
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AGENDA ITEM
FINANCIAL INFORMATION FORM
SEOPW CRA
CRA Board Meeting Date: January 25, 2024
CRA Section:
Brief description of CRA Agenda Item:
Approving a Housing Subsidy Agreement between SEOWP CRA and Block 55
Residential, LLP in an aggregate amount not to exceed $8,000,000.00.
Project Number:
Account Code: 10050.920101.883000.0000.0000 Amount: $8,000,000
Comments:
Funds will derive from the following funding sources:
A) Settlement FDOT Proceeds - $2,081,332.00
B) TIF Revenue Funds - $5,918,668.00
Approved by:
Approval:
Executive Director 1/18/2024
Miguel A Valentin, iriarice Officer 1/18/2024
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Southeast Overtown/Park West
Community Redevelopment Agency
File Type: CRA Resolution
Enactment Number: CRA-R-24-0010
File Number: 15451 Final Action Date:1/25/2024
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE SOUTHEAST
OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY ("SEOPW
CRA"), WITH ATTACHMENT(S), APPROVING A HOUSING SUBSIDY AGREEMENT
BETWEEN THE SEOPW CRA AND BLOCK 55 RESIDENTIAL, L.P., A FLORIDA
LIMITED PARTNERSHIP, ATTACHED AND INCORPORATED HEREIN AS EXHIBIT
"A"; AUTHORIZING THE EXECUTIVE DIRECTOR TO DISBURSE FUNDS, SUBJECT
TO THE AVAILABILITY OF FUNDING FROM THE SEOPW CRA TAX INCREMENT
FUND, "OTHER GRANTS AND AIDS," ACCOUNT CODE NO.
10050.920101.883000.0000.00000, IN AN AGGREGATE AMOUNT NOT TO EXCEED
EIGHT MILLION DOLLARS AND ZERO CENTS ($8,000,000.00) ("FUNDS"); AND
AUTHORIZING THE EXECUTIVE DIRECTOR TO EXECUTE ANY AND ALL
DOCUMENTS REQUIRED TO CONSUMMATE THE AGREEMENT; PROVIDING FOR
INCORPORATION OF RECITALS; AND PROVIDING FOR AN EFFECTIVE DATE.
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 Community Redevelopment Plan Update
("Plan"); and
WHEREAS, Florida Statutes, Section 163.370(2)(e)(4) of the Community Redevelopment Act
authorizes the disposal of real property; and
WHEREAS, Section 2, Goal 3 on page 11 of the Plan lists the "creat[ion of] infill housing,
diversity in housing types, and retaining affordable housing, as a stated redevelopment goal; and
WHEREAS, Section 2, Goal 4 and 6 on page 11 of the Plan lists the "creat[ion of] jobs within the
community" and "improving quality of life for residents" as stated redevelopment goals; and
WHEREAS, Section 2, Principle 4 on page 14 of the Plan provides that "[t]he
neighborhood... retain access to affordable housing..." as a stated redevelopment principle; and
WHEREAS, Section 2, Principle 6 on page 15 of the Plan further provides that in order to
"address and improve the 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 Housing Subsidy Agreement is attached hereto and incorporated herein as
Exhibit "A"; and
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WHEREAS, the Housing Subsidy Agreement will subsidize 289 affordable housing units for
individuals 62 years of age and older at 80% or below the Area Median Income ("AMI"); and
WHEREAS, the, financial commitment for this Agreement is one -million five hundred thousand
dollars and zero cents per year for a five-year term, and is subject to the availability of funding; and
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.
Section 2. The Board of Commissioners hereby, as attached hereto and incorporated herein
as Exhibit "A", and approves the terms contained therein.
Section 3. The Executive Director is authorized to execute the Housing Subsidy Agreement
(Exhibit "A").
Section 4. The Executive Director is further authorized to execute any additional terms to
the Agreement, including any and all necessary documents and all -in forms acceptable to the General
Counsel, for said purpose as set forth in Exhibit "A", and to disburse Funds, upon presentation of invoices
and satisfactory documentation from the account 10050.920101.883000.0000.00000 — SEOPW - Other
Grant and Aids.
Section 5. Sections of this Resolution may be renumbered or re -lettered and correction 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 a public hearing, by filing a corrected copy of the same
with the SEOPW CRA Board Clerk.
Section 6. This Resolution shall become effective immediately upon its adoption.
APPROVED AS TO FORM AND LEGAL SUFFICIENCY:
e Br ounsel 1/18/2024
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