HomeMy WebLinkAboutCRA-R-24-0047 MemorandumOMNI Board of Commissioners Meeting
July 25, 2024
OMNI REDEVELOPMENT DISTRICT
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
Board Chair Damian Pardo
and Members of the CRA Board
Isiaa Jones
Executive Director
Date: April 18, 2025
File: 16408
Subject: Lease Agreement - Wynwood
Works, LLC
Enclosures: 16408 Lease Term Sheet
BACKGROUND:
The attached resolution of the Board of Commissioners of the Omni Community Redevelopment
Agency ("Omni CRA") seeks authorization for the execution of a seventy two -month lease
agreement, by and between the Omni CRA and Wynwood Works, LLC, for a 5,153 rentable
square feet of retail and/or commercial space at the Project, also referred to as "Wynwood
Works", with a monthly rental fee of $20,833.00 ($48.60 per square foot) starting on the
effective date. Additionally, on each anniversary of the effective date, the rent shall increase by
3.0% every year until the lease expires.
The Omni CRA has the flexibility either to use the space exclusively or subleasing it below the
market rate as an economic incentive to new businesses to operate within the redevelopment
area.
RECOMMENDATION:
Based on the aforementioned background, it is recommended that the Board of Commissioners
of the Omni Community Redevelopment Agency authorize the execution of the seventy two -
month lease agreement for a 5,153 rentable square feet of retail and/or commercial space at the
Project, also referred to as "Wynwood Works", with a monthly rental fee of $20,833.00 ($48.60
per square foot) starting on the effective date. Additionally, on each anniversary of the effective
date, the rent shall increase by 3.0% every year until the lease expires.
FUNDING:
$249,966.00 has been allocated from the FY 2024's Omni Tax Increment Fund, Account No.
10040.920501.544000.0000.00000 — Rental and Leases with an annual 3% increase.
Omni
C R A
City of Miami
Legislation
OMNI CRA Resolution
CRA-R-24-0047
OMNI CRA
1401 N. Miami Avenue
Miami, FL 33136
www.miamicra.com
File Number: 16408 Final Action Date:7/25/2024
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE OMNI
REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY ("CRA"),
AUTHORIZING THE EXECUTIVE DIRECTOR TO NEGOTIATE AND EXECUTE A
LEASE AGREEMENT BETWEEN THE "CRA" AND WYNWOOD WORKS, LLC, A
FLORIDA LIMITED LIABILITY COMPANY; ALLOCATING FUNDS FROM THE CRA'S
FISCAL YEAR 2023-2024 BUDGET IN AN AMOUNT NOT TO EXCEED TWO
HUNDRED FORTY-NINE THOUSAND NINE HUNDRED NINETY-SIX DOLLARS
($249,996.00) ANNUALLY FOR FIVE THOUSAND ONE HUNDRED FIFTY THREE
(5,153) SQUARE FEET OF RENTABLE RETAIL AND/OR COMMERCIAL SPACE
LOCATED AT 2037 NORTH MIAMI AVENUE, MIAMI, FL 33127 ("PROPERTY") ALSO
REFERRED TO AS "WYNWOOD WORKS", LOCATED WITHIN THE CRA
REDEVELOPMENT AREA; FOR A PERIOD OF SEVENTY-TWO (72) MONTHS;
AUTHORIZING THE EXECUTIVE DIRECTOR TO DISBURSE FUNDS AT HER
DISCRETION, SUBJECT TO THE AVAILABILITY OF FUNDS; FURTHER
AUTHORIZING THE EXECUTIVE DIRECTOR TO NEGOTIATE AND EXECUTE ANY
AND ALL DOCUMENTS NECESSARY INCLUDING ANY AND ALL AMENDMENTS
THERETO, ALL IN FORMS ACCEPTABLE TO THE GENERAL COUNSEL, FOR THE
PURPOSES STATED HEREIN AND PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the Omni Redevelopment District Community Redevelopment Agency
("CRA") is tasked with reducing slum and blight within its boundaries; and
WHEREAS, the Executive Director seeks authorization for the negotiation and execution
of a lease agreement for a period of seventy-two (72) months, by and between the CRA and
Wynwood Works, LLC, a Florida Limited Liability Company for the property located at 2037
North Miami Avenue, Miami, FL 33127, also referred to as "Wynwood Works" ("Property")
located within the CRA redevelopment area, for Five Thousand One Hundred Fifty Three
(5,153) square feet of rentable and/or commercial space; and
WHEREAS, the CRA desires to allocate an amount not to exceed Two Hundred Forty
Nine Thousand Nine Hundred Ninety Six Dollars ($249,996.00) annually plus an increase of
Three Percent (3.0%) every year for the term of the lease; and
WHEREAS, the CRA has the flexibility to use the space exclusively or sublease it below
market rate as an economic incentive to attract new businesses within the redevelopment
area; and
WHEREAS, adoption of the Resolution is consistent with the CRA's 2019 redevelopment
plan;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE
OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY OF THE
CITY OF MIAMI, FLORIDA:
City of Miami Page 2 of 3 File ID: 16408 (Revision:) Printed On: 9/12/2025
Section 1. The recitals and findings contained in the Preamble of the Resolution are
adopted by reference and incorporated as fully set forth in this Section.
Section 2. Funds in an amount not to exceed Two Hundred and Forty -Nine Thousand
Nine Hundred and Ninety -Six Dollars ($249,996.00), with an annual increase of three percent
(3.0%) until the lease expires, are allocated from the CRA Fiscal Year 2023-2024 budget to fund
the costs as requested for a period of Seventy -Two (72) Months, subject to the availability of
funding to Wynwood Works, LLC for the Purpose stated herein.
Section 3. The Executive Director is authorized to negotiate and execute a lease
agreement including any and all necessary documents, all in forms acceptable to the General
Counsel, for the purposes stated herein.
Section 4. This Resolution shall become effective immediately upon its adoption.
APPROVED AS TO FORM AND CORRECTNESS:
ORGE . WYSON III, JENERAL COUNSEL
City of Miami Page 3 of 3 File ID: 16408 (Revision:) Printed On: 9/12/2025