HomeMy WebLinkAboutCRA-R-24-0036 MemorandumSEOPW Board of Commissioners Meeting
May 23, 2024
SOUTHEAST OVERTOWN/PARK WEST
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
To: Board Chair Christine King Date: June 11, 2024
and Members of the CRA
Board File: 16083
From: James McQueen
Executive Director
Subject: Avanti Residential — Arte Grand
Central TIC V, LLC - Housing
Subsidy Agreement
Enclosures: File # 16083 - Exhibit A
File # 16083 - Exhibit B
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
Avanti Residential — Arte Grand Central TIC I, LLC; Avanti Residential — Arte Grand Central TIC II,
LLC; Avanti Residential — Arte Grand Central TIC III, LLC; Avanti Residential — Arte Grand Central
TIC IV, LLC; and Avanti Residential — Arte Grand Central TIC V, LLC; each a Delaware limited liability
company (collectively, "Owner") ("Purpose"). The Agreement will subsidize (100) One Hundred
affordable mixed rental units. The financial commitment for this Agreement is (i) on an annual basis
during the term of the Agreement, the SEOPW CRA shall make a fixed payment to the Owner equal to
Six Hundred Fifteen Thousand Dollars ($615,000.00) per year continue for five (5) years, and may
thereafter automatically renew for two (2) successive five (5) year periods, commencing in fiscal year
2025; and (ii) on an annual basis during the term of the Agreement, the SEOPW CRA shall make a
variable payment to Owner equal to the difference between the fair market rent for the new units (as
determined by Florida Housing Finance Corporation pursuant to the Guidelines) and forty percent (40%)
of the annual income of the qualified referrals, and is subject to the availability of funding. The Executive
Director desires to execute Exhibit "A" and to authorize the Executive Director to disburse funds derived,
from the City of Miami resolution R-24-0109, as Exhibit `B".
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 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, Goals 4 and 6 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 of the Plan provides that "[t]he neighborhood ... retain access to
affordable housing ..." as a stated redevelopment principle; and
WHEREAS, Section 2, Principle 6 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:
$615,000.00 per year, continue for five (5) years, commencing in fiscal year 2025, and shall thereafter
automatically renew for two (2) successive five (5) year periods allocated from account title "Other
Grants and Aids," account code no. 10050.920101.883000.0000.00000.
FACT SHEET:
Company name: Avanti Residential — Arte Grand Central TIC V, LLC.
Address: 1700 Broadway, Suite 200, Denver, Colorado 80290
Funding request: $615,000.00 per year.
Term: Five (5) years, commencing fiscal year 2025, and shall thereafter automatically renew for two (2)
successive five (5) year periods.
Scope of work or services (Summary): (100) One Hundred affordable mixed rental units composed of
studios, one (1) and two (2) bedroom units.
Page 2 of 6
AGENDA ITEM
FINANCIAL INFORMATION FORM
SEOPW CRA
CRA Board Meeting Date: May 23, 2024
CRA Section:
Brief description of CRA Agenda Item:
Authorizing a Housing Subsidy Rental Agreement in an amount not exceed
$615,000.00 annually.
Project Number
YES, there
Account Code:
(annually)
(if applicable):
are sufficient funds in Line Item:
10050.920101.883000.0000.00000 Amount: $ 61 5 , 0 0 0.0 0
NO (Complete the following source of funds information):
Amount budgeted in the line item: $
Balance in the line item: $
Amount needed in the line item: $
Sufficient funds will be transferred from the following line items:
ACTION
ACCOUNT NUMBER
TOTAL
Project No./Index/Minot Object
From
$
To
$
From
$
To
$
Comments: This allocation of funds will derive from City's share (45% Clawback
pursuant to Global Agreement) to be remained in the SEOPW CRA's budget
commencing FY 2025.
Page 3 of 6
Approved by:
Approval:
Miguel A Valcnt r , Finance Officer
Executive Director 5/16/2024
5/16/2024
Page 4 of 6
Southeast Overtown/Park West
Community Redevelopment Agency
File Type: CRA Resolution
Enactment Number: CRA-R-24-0036
File Number: 16083 Final Action Date:5/23/2024
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
("AGREEMENT"), BETWEEN THE SEOPW CRA AND AVANTI RESIDENTIAL — ARTE
GRAND CENTRAL TIC I, LLC; AVANTI RESIDENTIAL — ARTE GRAND CENTRAL TIC
II, LLC; AVANTI RESIDENTIAL — ARTE GRAND CENTRAL TIC III, LLC; AVANTI
RESIDENTIAL — ARTE GRAND CENTRAL TIC IV, LLC; AND AVANTI RESIDENTIAL —
ARTE GRAND CENTRAL TIC V, LLC; EACH A DELAWARE LIMITED LIABILITY
COMPANY (COLLECTIVELY, "OWNER"), ATTACHED AND INCORPORATED
HEREIN AS EXHIBIT "A"; AUTHORIZING THE EXECUTIVE DIRECTOR TO
DISBURSE FUNDS DERIVED, FROM THE CITY OF MIAMI RESOLUTION R-24-0109,
AS EXHIBIT "B", SUBJECT TO THE AVAILABILITY OF FUNDING FROM ACCOUNT
TITLE "OTHER GRANTS AND AIDS," ACCOUNT CODE NO.
10050.920101.883000.0000.00000, IN AN AMOUNT NOT TO EXCEED SIX
HUNDRED FIFTEEN THOUSAND DOLLARS AND ZERO CENTS ($615,000.00)
("FUNDS") ANNUALLY; 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 ("SEOPW 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 (the "Plan"); and
WHEREAS, Section 2, Goal 3 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, Goals 4 and 6 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 of the Plan provides that "[t]he neighborhood ... retain access
to affordable housing ..." as a stated redevelopment principle; and
WHEREAS, Section 2, Principle 6 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
Page 5 of 6
WHEREAS, the Housing Subsidy Agreement ("Agreement") is attached hereto and incorporated
herein as Exhibit "A"; and
WHEREAS, the financial commitment for this Agreement is Six Hundred Fifteen Thousand
Dollars and Zero Cents ($615,000.00) ("Funds") annually, commencing in fiscal year 2025, per year
continued for five (5) years, and may thereafter automatically renew for two (2) successive five (5) year
periods, 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 hereby authorized to execute the Housing Subsidy
Agreement (Exhibit "A"), and all in forms acceptable to Counsel, to effectuate said Agreement, with
funds allocated from account title "Other Grants and Aids," account code no.
10050.920101.883000.0000.00000, in an amount not to exceed Six Hundred Fifteen Thousand Dollars
and Zero Cents ($615,000.00) ("Funds"), annually, subject to the availability of funding, upon
presentation of invoices and satisfactory documentation.
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 "B", and to disburse Funds, derived from the City of
Miami resolution R-24-0109.
Section 5. 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 6. This Resolution shall become effective immediately upon its adoption.
APPROVED AS TO FORM AND LEGAL SUFFICIENCY:
4
ounsel
5/16/2024
Page 6 of 6