HomeMy WebLinkAboutCRA-R-25-0023 MemorandumOMNI Board of Commissioners Meeting
June 17, 2025
OMNI REDEVELOPMENT DISTRICT
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
Board Chair Damian Pardo
and Members of the CRA Board
Isiaa Jones
Executive Director
Date: June 20, 2025
File: 17639
Subject: Wynwood Haus, LLC - Consent
to Collateral Assignment
Enclosures:
BACKGROUND:
The purpose of this memorandum is to recommend that the Board of Commissioners ("Board")
of the Omni Redevelopment District Community Redevelopment Agency ("CRA") approve and
adopt the enclosed Resolution. This Resolution authorizes the Executive Director to negotiate
and execute consent to the collateral assignment of the redevelopment agreement.
JUSTIFICATION:
On April 12, 2022, the CRA and Wynwood Haus, LLC (the "Developer") entered into an
Economic Incentive Agreement for Mixed -Use And Mixed -Income Project ("Redevelopment
Agreement"), to underwrite a portion of the costs to develop a mixed -use and mixed -income
housing development consisting of approximately Two Hundred Twenty -Four (224) housing
units ("Project") to be located at 23 NE 17th Terrace, Miami, Florida (the "Property"). The
duration of the Redevelopment Agreement was dependent upon the life of the CRA being
extended.
On April 10, 2025, the City of Miami Commission adopted Resolution R-25-0131 authorizing the
CRA's extension of life to 2047. Based on the CRA's extension of life, the Redevelopment
Agreement now extends to March 31, 2047. The Redevelopment Agreement provides that in
exchange for the Developer reserving a total of 100 residential units at the Property to be rented
at 100%, 120%, and 140% Area Median Income ("AMI"), the CRA will pay to the Developer, its
assigns, or successors interest, an incentive payment equal to 95% of the Project's
Development TIF annually, or Seven Hundred Seventy -Eight Thousand, Eighty -Six Dollars and
00/100 ($778,068.00) annually, whichever is less, per year, until March 31, 2047, for a total
amount not to exceed Twelve Million, Nine Hundred Thirty -Five Thousand, Six Hundred
Seventy -Four Dollars and Sixty -One 0/100 ($12,935,674.61).
The Developer is now looking to obtain refinancing from Fannie Mae to pay off an existing
construction loan. As such, the Developer is seeking to assign the total of the Project's
Development TIF due under the Redevelopment Agreement to Fannie Mae as collateral for the
refinancing. Fannie Mae, however, requires the Developer to obtain the CRA's consent to the
assignment of Development TIF before execution of the assignment.
Section 23 of the Redevelopment Agreement provides that the Development TIF cannot be
assigned without prior CRA Board approval. Section 23 of the Redevelopment Agreement also
provides that consent to assignment shall not be unreasonably withheld or conditioned by the
CRA Board. The provisions of the consent to assignment are acceptable as to form and
correctness by the General Counsel.
This Resolution carries out the objectives of the 2019 Omni Redevelopment Plan.
FUNDING:
None.
City of Miami Page 2 of 4 File ID: 17639 (Revision:) Printed On: 9/16/2025
Omni
C R A
City of Miami
Legislation
OMNI CRA Resolution
CRA-R-25-0023
OMNI CRA
1401 N. Miami Avenue
Miami, FL 33136
www.miamicra.com
File Number: 17639 Final Action Date:6/17/2025
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE OMNI
COMMUNITY DEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT
AGENCY ("CRA"), AUTHORIZING THE EXECUTIVE DIRECTOR TO NEGOTIATE
AND EXECUTE A CONSENT TO COLLATERAL ASSIGNMENT OF THE ECONOMIC
INCENTIVE AGREEMENT BETWEEN THE CRA AND WYNWOOD HAUS, LLC FOR
MIXED -USE AND MIXED -INCOME DEVELOPMENT PROJECT OF PROPERTIES
LOCATED AT FOLIOS 01-3136-003-0140, 01-3136-003-0150, 01-3136-003-0160, 01-
3136-003-0170, 01-3136-003-0180, AND 01-3136-003-0190, ALL LOCATED IN THE
CRA REDEVELOPMENT AREA; FURTHER AUTHORIZING THE EXECUTIVE
DIRECTOR TO NEGOTIATE 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, on September 24, 2020, the Board of Commissioners of the Omni
Redevelopment District Community Redevelopment Agency, adopted Resolution No. CRA-R-
20-0014, which authorized a rebate to Wynwood Haus, LLC ("Developer") of the Tax Increment
Finance ("TIF") revenues generated by the development of the project located at Folios 01-
3136-003-0140, 01-3136-003-0150, 01-3136-003-0160, 01-3136-003-0170, 01-3136-003-0180,
and 01-3136-003-0190 (collectively, the "Property") in an amount not to exceed Ninety -Five
percent (95%) of the TIF collected from the Property annually until 2030, or until 2047 if the life
of the Omni Redevelopment District Community Redevelopment Agency ("CRA") was extended
to 2047, for a total amount not to exceed Twelve Million Nine Hundred Thirty Five Thousand Six
Hundred Seventy Four Dollars and 00/100 ($12,935,674.61); and
WHEREAS, on April 12, 2022, the CRA and Developer entered into an Economic
Incentive Agreement for Mixed -Use And Mixed -Income Project ("Redevelopment Agreement"),
to underwrite a portion of the costs to develop the Property consisting of approximately Two
Hundred Twenty -Four (224) housing units ("Project") to be located at 23 NE 17th Terrace, Miami,
Florida; and
WHEREAS, on April 10, 2025, the City of Miami ("City") Commission adopted Resolution
No. R-25-0131, which finalized the extension of life of the CRA to 2047; and
WHEREAS, based on the CRA's extension of life, the TIF revenues generated by the
development of the Property shall be until 2047; and
WHEREAS, the Developer is now seeking consent to a collateral assignment of the TIF
revenues authorized pursuant to the Redevelopment Agreement for refinancing of the Property;
and
City of Miami Page 3 of 4 File ID: 17639 (Revision:) Printed On: 9/16/2025
WHEREAS, the 2010 Redevelopment Plan ("Plan") on page 41, section D-2 lists the
objective of the CRA "to create a variety of housing"; and
WHEREAS, page 42, Sections A-1 and A-3 of the Plan also lists as an objective of the
CRA to "Provide incentives for redevelopment of blighted properties"; and
WHEREAS, authorizing the consent to the collateral assignment of the Redevelopment
Agreement furthers the stated objectives of the 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:
Section 1. The recitals and findings contained in the Preamble of this Resolution are
adopted by reference and incorporated as fully set forth in this Section.
Section 2. The Executive Director is authorized to negotiate and execute a Consent to
Collateral Assignment of the TIF revenues authorized in the Redevelopment Agreement
between the CRA and Developer for the Property.
Section 3. The Executive Director is further authorized 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.
Section 4. This Resolution shall become effective immediately upon its adoption.
APPROVED AS TO FORM AND CORRECTNESS:
2O&-iRGE . WYSON III, ^ENERAL COUNSEL
City of Miami Page 4 of 4 File ID: 17639 (Revision:) Printed On: 9/16/2025