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Home My WebLink AboutCRA-R-24-0065 MemorandumSEOPW Board of Commissioners Meeting October 24, 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: November 22, 2024 File: 16740 Subject: Lease Agreement at Block 55 - 249 NW 6th Street, Suite 108 Enclosures: File # 16740 - Exhibit A 2024-10-10 File # 16740 - Exhibit A BACKGROUND: A Resolution of the Board of Commissioners of the Southeast Overtown/Park West Community Redevelopment Agency ("SEOPW CRA Board"), with attachment(s), authorizing the Executive Director to execute a new Lease Agreement ("Lease"), in substantially the form attached as Exhibit "A," with Block 55 Org Owner LLC, a Florida limited liability company ("Block 55"), where Block 55 currently has access to 1,000 leasable square feet of space of the Building ("Premises"), situated on the ground floor of an eighteen (18) level mixed -use building located at 249 N.W. 6tn Street, Miami, Florida 33136 for a term of ten (10) years from commencement, at a total base rent of Twenty Thousand Dollars and Zero Cents ($20,000.00) annually, with a Five Percent (5%) increase after the first lease period ("Purpose"). It is recommended that the SEOPW CRA Board approve and adopt the attached Resolution, authorizing the allocation of Funds to Block 55 for the Purpose stated herein. JUSTIFICATION: Pursuant to Section 163.370, Florida Statutes authorizes the SEOPW CRA to enter into leases for property within the redevelopment area. Section 2, Goal 2 of the 2018 Updated Southeast Overtown/Park West Community Redevelopment Agency Plan (the "Plan") authorizes the SEOPW CRA to leverage public -private partnerships to create viable opportunities within the redevelopment area. Section 2, Goal 6 of the Plan authorizes the SEOPW CRA to improve the quality of life for residents within the redevelopment area. Section 2, Principle 4 of the Plan authorizes the SEOPW CRA to create employment opportunities within the neighborhood, so that they be made available to existing residents within the redevelopment area. FUNDING: Funds to be allocated from the Rentals and Leases Account No. 10050.920101.544000.0000.00000 as follows: $20,000.00, annually for ten (10) year term. FACT SHEET: Company name: Block 55 Org Owner, LLC Address: 249 N.W. 6th Street, Miami, Florida 33136 Funding request: $20,000.00, annually for ten (10) year term. Scope/Summary: Authorization for execution of a Lease Agreement with Block 55 Org Owner, LLC until 2034, with a Five Percent (5%) increase after the first lease period. Page 2 of 6 AGENDA ITEM FINANCIAL INFORMATION FORM SEOPW CRA CRA Board Meeting Date: October 24, 2024 CRA Section: Brief description of CRA Agenda Item: Authorizing a lease agreement with the owner Block 55 Owner LLC in the amount of $20,000.00 annually. Project Number YES, there Account Code: (if applicable): are sufficient funds in Line Item: 10050.920101.544000.0000.00000 Amount: $ 2 0 , 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: Approved by: Approval: Executive Director 10/3/2024 JaExecutive Director 10/17/2024 Miguel A Valentin, ririarice Off;cer 10/3/2024 Miguel A Valentin, Finance Off;cer 10/17/2024 Page 3 of 6 Southeast Overtown/Park West Community Redevelopment Agency File Type: CRA Resolution Enactment Number: CRA-R-24-0065 File Number: 16740 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 THE EXECUTIVE DIRECTOR TO NEGOTIATE AND EXECUTE A NEW LEASE AGREEMENT ("LEASE"), IN SUBSTANTIALLY THE FORM ATTACHED AS EXHIBIT "A," WITH BLOCK 55 ORG OWNER, LLC, A FLORIDA LIMITED LIABILITY COMPANY ("BLOCK 55") FOR 1,000 SQUARE FEET OF RETAIL AND/OR COMMERCIAL SPACE ("PURPOSE") AT 249 N.W. 6TH STREET, SUITE 108, MIAMI, FLORIDA, 33136 ("PROPERTY"), FORA TEN (10) YEAR INITIAL TERM, AT A TOTAL BASE RENT OF TWENTY THOUSAND DOLLARS AND ZERO CENTS ($20,000.00) ANNUALLY, WITH A FIVE PERCENT (5%) ANNUAL INCREASE AFTER THE FIRST LEASE PERIOD, ALLOCATING FUNDS FROM ACCOUNT NO. 10050.920101.544000.0000.00000; 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, Florida Statutes authorizes the SEOPW CRA to enter into leases for property 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 6, of the Plan provides justification to improve the quality of life for residents; and WHEREAS, Section 2, Principle 4, of the Plan provides justification to create employment opportunities within the neighborhood, so that they be made available to existing residents; and WHEREAS, Block 55 Org Owner, LLC, a Florida limited liability company ("Block 55") and the SEOPW CRA wish to enter into a Lease Agreement ("Lease"), substantially in the form attached as Exhibit "A" ("Purpose"); and Page 4 of 6 WHEREAS, Block 55 currently owns 249 N.W. 6th Street, Miami, Florida 33136 ("Property"), which contains three (3) floors of retail and office space, as well as eleven (11) floors of residential units, and four (4) levels of parking; and WHEREAS, Block 55 has access to approximately 250,000 square feet of floor area, in the aggregate, within the Property and would like to lease approximately 1,000 leasable square feet at Suite 108 ("Premises") to the SEOPW CRA for retail and/or commercial use; and WHEREAS, the Lease shall have an initial term of ten (10) years at a total base rent of Twenty Thousand Dollars and Zero Cents ($20,000.00) annually, with a Five Percent (5%) annual increase after the first lease year; 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 Block 55 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 execution of a Lease, 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, in a form acceptable to Counsel, for an initial term of ten (10) years from commencement, at a total base rent of Twenty Thousand Dollars and Zero Cents ($20,000.00) annually, with a Five Percent (5%) annual increase after the first lease year, for the Purpose stated herein. Section 3. The Executive Director is authorized to disperse funds, at his discretion, from the Rentals and Leases Account No. 10050.920101.544000.0000.00000 to Block 55 to further the Purpose stated herein. Section 4. The Executive Director is authorized to negotiate and execute the Lease, substantially in the form attached as Exhibit "A," including any and all necessary documents to effectuate said Lease, all in forms acceptable to Counsel, for said Purpose. Section 5. This Resolution shall become effective immediately upon its adoption. APPROVED AS TO FORM AND LEGAL SUFFICIENCY: Page 5 of 6 4 ounsel 10/3/2024 Page 6 of 6