HomeMy WebLinkAboutCRA-R-25-0017 Backup2025's Budget Reserve Reconciliation
Budget Reserve as of October 1st 2024
Less: Settlement Agreement with 1401 Group - CRA-R-24-0069
$6,750,485.00
-$2,100,000.00
$4,650,485.00
4/9/25, 9:31 AM CRA-R-24-0069 A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE OMNI REDEVELOPMENT DISTRICT COMMU...
Miami
FL
OMNI CRA Resolution
CRA-R-24-0069
ADOPTED
Nov 21, 2024 9. 30 AM
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 TERMINATION OF LEASE
AGREEMENT AND RELEASE OF ALL CLAIMS, IN A FORM ACCEPTABLE TO THE GENERAL
COUNSEL, BETWEEN THE CRA AND 1401 GROUP, LLC ("LESSEE"), FOR THE USE OF
APPROXIMATELY 5,400 SQUARE FEET OF PROPERTY LOCATED AT 1401 NORTH MIAMI
AVENUE, MIAMI, FLORIDA ("PROPERTY") FOR A RESTAURANT AND ENTERTAINMENT
FACILITY, WITH TERMS AS SET FORTH IN THE TERMINATION AGREEMENT, ATTACHED
AND INCORPORATED HEREIN; FURTHER AUTHORIZING THE EXECUTIVE DIRECTOR TO
ALLOCATE AN AMOUNT NOT TO EXCEED TWO MILLION ONE HUNDRED THOUSAND
DOLLARS ($2,100,000.00) AS PAYMENT FOR BUILD -OUT AND IMPROVEMENTS AT THE
PROPERTY UNDERTAKEN BY LESSEE AND PROVIDING FOR AN EFFECTIVE DATE.
Information
Department:
Category:
Attachments
OMNI Community
Redevelopment Agency
Grant
Agenda Summary and Legislation
16970 Build Cost Estimates
16970 Expenditures Analysis
Sponsors:
Body/Legislation
VVHEREAS, the Omni Redevelopment District Community Redevelopment Agency ("CRA") is
responsible for carrying out community redevelopment activities and projects within its Redevelopment Area;
and
VVHEREAS, the CRA Redevelopment Plan at Section 4, Goal D/ Principals A-2, C-4 and C-5 lists as a
goal: "encourage the restoration of historic buildings and [enhance the area's visual attractiveness to
businesses and residents], by creating opportunities for new development through improvements to the public
realm"; and
VVHEREAS, pursuant to CRA-R-13-0036, adopted on June 13, 2013, the CRA entered into a lease
agreement, dated November 4, 2013 and as subsequently amended pursuant to Amendment 1 dated
December 30, 2014, with 1401 Group, LLC. ("Lessee") for the use of approximately 5,400 square feet as a
restaurant and entertainment facility, located at 1401 North Miami Avenue, Miami, Florda ("Property") with a
term expiring September 30, 2030; and
VVHEREAS, the Lessee invested approximately Three Million Four Hundred Thousand Dollars
($3,400,000.00) in construction, build -out and improvements at the Property; and
VVHEREAS, Lessee and the CRA now wish to terminate the lease agreement; and
VVHEREAS, the CRA desires to allocate an amount not to exceed Two Million One Hundred Thousand
Dollars ($2,100,000.00) to Lessee for enhancements to the Property; and
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4/9/25, 9:31 AM CRA-R-24-0069 A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE OMNI REDEVELOPMENT DISTRICT COMMU...
WHEREAS, the CRA and Lessee desire to amicably resolve any differences between the parties and
agree to enter into the Termination of Lease Agreement and a release of all claims, in a form acceptable to
General Counsel;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE OMNI
REDEVELOPMENT DISTRICT 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 Executive Director is authorized to negotiate and execute a Termination of Lease
Agreement and release of all claims from, in a form acceptable to the General Counsel, between the CRA and
Lessee, for the use of approximately 5,400 square feet for a restaurant and entertainment facility.
Section 3. The Executive Director is authorized to allocate an amount not to exceed Two Million
One Hundred Thousand Dollars ($2,100,000.00) to Lessee for construction, build -out, and improvements at
the Property.
Section 4. This resolution shall become effective immediately upon its adoption.
Meeting History
OMNI Community
Nov 21, 2024 9:30 AM Redevelopment Regular Meeting
Agency
RESULT: ADOPTED [UNANIMOUS]
MOVER: Manolo Reyes, Board Member, District Four
SECONDER: Miguel Angel Gabela, Board Member, District One
AYES: Damian Pardo, Joe Carollo, Miguel Angel Gabela, Manolo Reyes, Christine King
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