HomeMy WebLinkAboutCRA-R-24-0061Southeast Overtown/Park West
Community Redevelopment Agency
Legislation
CRA Resolution: CRA-R-24-0061
819 NW 2"d Ave
3rd Floor
Miami, FL 33136
www.seopwcra.com
File Number: 16742 Final Action Date:10/24/2024
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE SOUTHEAST
OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY
("SEOPW CRA"), WITH ATTACHMENT(S), AUTHORIZING A HOUSING
SUBSIDY AGREEMENT ("AGREEMENT"), RETROACTIVE TO OCTOBER 1,
2024, IN SUBSTANTIALLY THE FORM ATTACHED AS EXHIBIT "A," BETWEEN
THE SEOPW CRA AND BLOCK 55 RESIDENTIAL, L.P., A FLORIDA LIMITED
PARTNERSHIP ("OWNER"); AUTHORIZING THE EXECUTIVE DIRECTOR TO
DISBURSE FUNDS IN FIVE (5) ANNUAL INSTALLMENTS OF ONE MILLION SIX
HUNDRED THOUSAND DOLLARS AND ZERO CENTS ($1,600,000.00)
("FUNDS"), IN AN AGGREGATE AMOUNT NOT TO EXCEED EIGHT MILLION
DOLLARS AND ZERO CENTS ($8,000,000.00) ("PURPOSE"), SUBJECT TO THE
AVAILABILITY OF FUNDING FROM ACCOUNT NO.
10050.920101.883000.0000.00000; 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 COUNSEL; PROVIDING FOR THE
INCORPORATION OF RECITALS AND 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 Updated Southeast Overtown/Park West Community Redevelopment
Plan ("Plan"); and
WHEREAS, Section 163.370(2), Florida Statutes, (the "Act") authorizes the SEOPW CRA to
dispose of real property and to enter any contracts necessary to effectuate this part within the
Redevelopment Area; and
WHEREAS, Section 2, Goal 2 of the Plan provides justification to leverage public -private
partnerships to create viable opportunities within the Redevelopment Area; 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, Goal 6 of the Plan provides justification for "improv[ing] the quality of
life for residents" within the Redevelopment Area; and
WHEREAS, Section 2, Principle 4 of the Plan provides justification for "retain[ing] access to
affordable housing..." within the Redevelopment Area; and
WHEREAS, Section 2, Principle 6 of the Plan further provides justification for "address[ing] and
improv[ing] the neighborhood economy and expand[ing] economic opportunities of present and future
residents and businesses..." as a stated redevelopment principle; and
City of Miami Page 1 of 2 File ID: 16742 (Revision: B) Printed On: 9/15/2025
File ID: 16742 Enactment Number: CRA-R-24-0061
WHEREAS, the SEOPW CRA and Block 55 Residential, L.P., a Florida Limited Partnership
("Owner") seek to execute a Housing Subsidy Agreement ("Agreement"), retroactive to October 1, 2024,
in substantially the form attached as Exhibit "A"; and
WHEREAS, the Agreement will provide for, among other things, rental assistance to applicants
for the affordable housing project at the residential community known as "The Residences of Sawyer's
Walk," and shall continue up to five (5) years from the SEOPW CRA's first payment date, with an option
to renew, allocating funds in five (5) annual installments of One Million Six Hundred Thousand Dollars
and Zero Cents ($1,600,000.00) ("Funds"), in an aggregate amount not to exceed Eight Million Dollars
and Zero Cents ($8,000,000.00) ("Purpose"); and
WHEREAS, the Board of Commissioners wishes to authorize the Agreement, retroactive to
October 1, 2024, subject to the availability of funding, for the Purpose stated herein; and
WHEREAS, the Board of Commissioners finds that authorizing this Resolution would further the
SEOPW CRA's redevelopment goals and objectives; and
WHEREAS, based on the recommendation and findings of the Executive Director, it is in the
SEOPW CRA's best interest for the Board of Commissioners to authorize the Executive Director to
negotiate and execute any and all documents necessary, for which terms may be amended by the
Executive Director, all -in forms acceptable to Counsel, with the Owner for the Purpose stated herein;
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 authorizes the Agreement, retroactive to
October 1, 2024, in substantially the form attached as Exhibit "A," as well as any and all documents
necessary, for which terms may be amended by the Executive Director, all -in forms acceptable to
Counsel, for the Purpose stated herein.
Section 3. 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 substantially in Exhibit "A", and to disburse Funds, upon
presentation of invoices and satisfactory documentation from the Other Grant and Aids Account
10050.920101.883 000.0000.00000.
Section 4. This Resolution shall become effective immediately upon its adoption.
APPROVED AS TO FORM AND LEGAL SUFFICIENCY:
yititer ounsel 10/3/2024
City of Miami Page 2 of 2 File ID: 16742 (Revision: B) Printed on: 9/15/2025