HomeMy WebLinkAboutCRA-R-25-0021 MemorandumSEOPW Board of Commissioners Meeting
April 24, 2025
SOUTHEAST OVERTOWN/PARK WEST
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
To: Board Chair Christine King Date: April 24, 2025
and Members of the CRA
Board File: 17522
From: James McQueen
Executive Director
Subject: Authorize Allocation of Funds for
Tenant Improvement Grant Initiative
at "Lyric Point"
Enclosures:
BACKGROUND:
A Resolution of the Board of Commissioners ("Board") of the Southeast Overtown/Park West
Community Redevelopment Agency ("SEOPW CRA"), with attachment(s), allocating an amount not to
exceed One Million Three Hundred Ninety Thousand Dollars and Zero Cents ($1,390,000.00) to establish
the Tenant Improvement Grant Initiative for the purpose of property improvements ("Purpose"), pursuant
to Section 163.370 Florida Statutes, for prospective tenants at the property commonly referred to as
"Lyric Point" located at 101 Northwest 8th Street, Miami, Florida 33136 ("Property").
The SEOPW CRA is leasing four (4) retail/commercial units ("Leased Spaces") at the Property, which is
immediately adjacent to the historic Lyric Theatre Complex. The SEOPW CRA is currently undertaking
property improvements within the Leased Spaces, pursuant to Section 163.370 Florida Statutes, in order
to accommodate future commercial tenant occupancy.
It is recommended that the Board of the SEOPW CRA approve and adopt the attached Resolution,
authorizing the SEOPW CRA to allocate funds for the Purpose stated herein.
JUSTIFICATION:
Section 163.340(9), Florida Statutes defines "redevelopment" as "undertakings, activities, or projects" in
a Redevelopment Area "for the elimination and prevention of the development or spread of slums and
blight...."
Section 163.370(2)(c)(5), Florida Statutes further authorizes the SEOPW CRA to implement plans for a
program of voluntary improvements in accordance with the Plan.
Section 163.380, Florida Statutes authorizes the SEOPW CRA to "lease, dispose of, or otherwise transfer
real property or any interest therein" acquired within the Redevelopment Area "to any private person ...
and may enter into [commercial] contracts" in order to "assist in preventing the development or spread of
future slums or blighted areas."
Section 2, Goal 4 of the 2018 Southeast Overtown/Park West Community Redevelopment Agency Plan
Update (the "Plan") encourages the "creat[ion of] jobs within the community" as a stated redevelopment
goal.
Section 2, Goal 6 of the Plan lists " [i]mprov[ing] of quality of life for residents" as a stated
redevelopment goal.
Section 2, Principle 4 of the Plan reinforces that a "variety in employment opportunities" be made
available to residents within the Redevelopment Area as a stated redevelopment principle.
Section 2, Principle 6 of the Plan insists that local businesses be promoted in order to "improve the
neighborhood economy" and "expand the economic opportunities of present and future residents and
businesses."
FUNDING:
$1,390,000.00 - from Other Grants and Aids - Account No. 10050.920101.883000.0000.0000.
FACT SHEET:
Funding request: $1,390,000.00
Scope of work or services (Summary): To provide grants for tenant improvements for future tenants
at the "Lyric Point" property.
Page 2 of 6
AGENDA ITEM
FINANCIAL INFORMATION FORM
SEOPW CRA
CRA Board Meeting Date: April 24, 2025
CRA Section:
Brief description of CRA Agenda Item:
Authorizing additional funds in an amount not to exceed $1,390,000.00 for the tenant
improvement grant initiative relating to the "Lyric Point" located at 101 NW 8th Street.
Project Number
YES, there
Account Code:
(if applicable):
are sufficient funds in Line Item:
10050.920101.883000.0000.00000 Amount: $1 , 3 9 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 4/17/2025
Miguel A Valentin, ririarice Of;cer 4/17/2025
Page 3 of 6
Southeast Overtown/Park West
Community Redevelopment Agency
File Type: CRA Resolution
Enactment Number: CRA-R-25-0021
File Number: 17522 Final Action Date:4/24/2025
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE SOUTHEAST
OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY ("SEOPW
CRA") ALLOCATING AN AMOUNT NOT TO EXCEED ONE MILLION THREE
HUNDRED NINETY THOUSAND DOLLARS AND ZERO CENTS ($1,390,000.00) TO
ESTABLISH THE TENANT IMPROVEMENT GRANT INITIATIVE FOR THE PURPOSE
OF PROPERTY IMPROVEMENTS ("PURPOSE"), PURSUANT TO SECTION 163.370
FLORIDA STATUTES, FOR PROSPECTIVE TENANTS AT THE PROPERTY
COMMONLY REFERRED TO AS "LYRIC POINT" LOCATED AT 101 NORTHWEST
8TH STREET, MIAMI, FLORIDA 33136 ("PROPERTY"); PROVIDING THAT GRANTS
IN EXCESS OF TWENTY-FIVE THOUSAND DOLLARS AND ZERO CENTS
($25,000.00) SHALL BE PRESENTED TO THE BOARD FOR APPROVAL OR
RATIFICATION; AUTHORIZING THE EXECUTIVE DIRECTOR TO DISBURSE
FUNDS, AT HIS DISCRETION, ON A REIMBURSEMENT BASIS OR DIRECTLY TO
VENDORS, UPON PRESENTATION OF INVOICES AND SATISFACTORY
DOCUMENTATION, SUBJECT TO THE AVAILABILITY OF FUNDING, ALLOCATED
FROM OTHER GRANTS AND AIDS, ACCOUNT NO.
10050.920101.883000.0000.00000; FURTHER AUTHORIZING THE EXECUTIVE
DIRECTOR TO NEGOTIATE AND EXECUTE ANY DOCUMENTS NECESSARY,
INCLUDING AMENDMENTS AND EXTENSIONS, ALL IN FORMS ACCEPTABLE TO
COUNSEL FOR THE PURPOSE STATED HEREIN; 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 163.340(9), Florida Statutes defines "redevelopment" as "undertakings,
activities, or projects" in a Redevelopment Area "for the elimination and prevention of the development
or spread of slums and blight...."; and
WHEREAS, Section 163.370(2)(c)(5), Florida Statutes further authorizes the SEOPW CRA to
implement plans for a program of voluntary improvements in accordance with the Plan; and
WHEREAS, Section 163.380, Florida Statutes authorizes the SEOPW CRA to "lease, dispose of,
or otherwise transfer real property or any interest therein" acquired within the Redevelopment Area "to
any private person ... and may enter into [commercial] contracts" in order to "assist in preventing the
development or spread of future slums or blighted areas"; and
Page 4 of 6
WHEREAS, Section 2, Goal 4 of the Plan encourages the "creat[ion of] jobs within the
community" as a stated redevelopment goal; and
WHEREAS, Section 2, Goal 6 of the Plan focuses on "improv[ing] the quality of life for
residents" as a stated redevelopment goal; and
WHEREAS, Section 2, Principle 4 of the Plan reinforces that a "variety in employment
opportunities" be made available to residents within the Redevelopment Area as a stated redevelopment
principle; and
WHEREAS, Section 2, Principle 6 of the Plan insists that local businesses be promoted in order
to "improve the neighborhood economy" and "expand the economic opportunities of present and future
residents and businesses"; and
WHEREAS, the SEOPW CRA leases four (4) units of commercial space at the property
commonly referred to as "Lyric Point" located at 101 North West 8th Street, Miami, Florida 33136
("Property"), immediately adjacent to the historic Lyric Theatre Complex; and
WHEREAS, the four (4) units in the Property include the following addresses: 101 North West
8th Street, Unit 100, 101 North West 8th Street, Unit 102, 115 North West 8th Street, and 113 North West
8th Street, Miami, Florida 33136, which contain a total size of approximately 7,092 square feet of mixed -
used space in the aggregate ("Leased Spaces"); and
WHEREAS, the SEOPW CRA is currently undertaking vanilla box build -out improvements to
the Leased Spaces and has run into increases due to accommodating the layout and needs of future
tenants, rerouting of services to accommodate other occupied spaces on the Property, as well as upgrades
to the existing Property's electrical room to accommodate new tenant electrical service(s); and
WHEREAS, the SEOPW CRA desires to establish the Tenant Improvement Grant Initiative
("Program") for the purpose of property improvements, including cost increases related to vanilla box
build -out improvements, pursuant to Section 163.370 Florida Statutes, at the Property ("Purpose"); and
WHEREAS, the Board of Commissioners wishes to authorize an amount not to exceed One
Million Three Hundred Ninety Thousand Dollars and Zero Cents ($1,390,000.00) to fund the Program;
and
WHEREAS, the Program shall exist for a period of May 2025 to May 2030, unless further
extended by approval of this Board; and
WHEREAS, the Board of Commissioners finds that authorizing this Resolution would further the
SEOPW CRA redevelopment goals and objectives;
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 Tenant Improvement Grant Initiative ("Program") is hereby established and
shall be funded in an amount not to exceed One Million Three Hundred Ninety Thousand Dollars and
Zero Cents ($1,390,000.00).
Page 5 of 6
Section 3. All grants in excess of Twenty -Five Thousand Dollars and Zero Cents ($25,000.00)
shall be presented to the Board of Commissioners for approval or ratification.
Section 4. The Executive Director is authorized to disburse funds, at his discretion, on a
reimbursement basis or directly to vendors, upon the presentation of invoices and satisfactory
documentation, subject to the availability of funding, from SEOPW Tax Increment Fund, "Other Grants
And Aids," Account No. 10050.920101.883000.0000.00000 for the Purpose stated herein.
Section 5. The Executive Director is authorized to negotiate and execute any documents
necessary, including amendments and extensions, all in forms acceptable to Counsel for the Purpose
stated herein.
Section 6. 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 the same with
the City Clerk.
Section 7. This Resolution shall become effective immediately upon its adoption.
APPROVED AS TO FORM AND LEGAL SUFFICIENCY:
ounsel 4/17/2025
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