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Omni
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OMNI
Community Redevelopment Agency
Legislation
OMNI CRA Resolution: CRA-R-25-0030
OMNI CRA
1401 N. Miami Avenue
Miami, FL 33136
www.omnicra.com
File Number: 15521 Final Action Date:6/26/2025
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE OMNI
REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY
("CRA"), WITH ATTACHMENT(S), BY A FOUR -FIFTHS (4/STHS) AFFIRMATIVE
VOTE, AFTER AN ADVERTISED PUBLIC HEARING, RATIFYING, APPROVING,
AND CONFIRMING THE EXECUTIVE DIRECTOR'S RECOMMENDATION AND
FINDING, ATTACHED AND INCORPORATED AS EXHIBIT "A," THAT
COMPETITIVE NEGOTIATION METHODS AND PROCEDURES ARE NOT
PRACTICABLE OR ADVANTAGEOUS PURSUANT TO SECTIONS 18-85 AND
18-86 OF THE CODE OF THE CITY OF MIAMI, FLORIDA, AS AMENDED, ("CITY
CODE"), AS ADOPTED BY THE CRA; WAIVING THE REQUIREMENTS FOR
COMPETITIVE SEALED BIDDING AS NOT BEING PRACTICABLE OR
ADVANTAGEOUS TO THE CRA; AUTHORIZING THE EXECUTIVE DIRECTOR
TO NEGOTIATE AND EXECUTE AN AMENDMENT TO THE ECONOMIC
INCENTIVE AGREEMENT DATED MAY 21, 2020 ("AGREEMENT") IN A FORM
ACCEPTABLE TO THE GENERAL COUNSEL, FOR THE MIXED -USE AND
MIXED -INCOME PROJECT KNOWN AS "UNI-TOWER" ("PROJECT") FOR THE
DEVELOPMENT OF PROPERTY LOCATED WITHIN A UNITED STATES SMALL
BUSINESS ADMINISTRATION DESIGNATED HUBZONE AT 70 NORTH EAST
17TH STREET, 90 NORTH EAST 17TH STREET, AND 1642 NORTH EAST 1ST
AVENUE, MIAMI, FLORIDA; FURTHER AMENDING THE AFFORDABILITY
PERIOD OF THE PROJECT TO 2055; AUTHORIZING THE ALLOCATION OF
GRANT FUNDS IN AN ADDITIONAL AMOUNT NOT TO EXCEED FIVE MILLION
AND 00/100 DOLLARS ($5,000,000.00), SUBJECT TO THE AVAILABILITY OF
FUNDS; FURTHER AUTHORIZING THE EXECUTIVE DIRECTOR TO
NEGOTIATE AND EXECUTE AN AMENDED RESTRICTIVE COVENANT
AGREEMENT, AND ANY AND ALL OTHER NECESSARY DOCUMENTS, ALL IN
FORMS ACCEPTABLE TO THE GENERAL COUNSEL FOR THE PURPOSE
STATED HEREIN AND PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, on April 9, 2020, the Omni Redevelopment District Community
Redevelopment Agency ("CRA") as part of its efforts to beautify and provide affordable housing
adopted CRA Resolution No. CRA-R-20-0001 (the "Resolution"), which authorized the allocation
of grant funds in an amount not to exceed Five Million Five Hundred Thousand and 00/100
Dollars ($5,500,000.00) for the mixed -use project consisting of ground floor retail, office space,
and approximately Two Hundred Fifty -Two (252) affordable housing units at 70 North East 17th
Street, 90 North East 17th Street, and 1642 North East 1st Avenue, Miami, Florida within the
CRA's boundaries, known as the "Uni-Tower" project (the "Project"); and
WHEREAS, pursuant to the Resolution, the Executive Director, on May 21, 2020,
executed an Economic Incentive Agreement for Mixed -Use and Mixed -Income units for the
Project (the "Agreement"), and agreed to grant to NR Investments 11, LLC (the "Developer"),
grant funds in an amount not to exceed Five Million Five Hundred Thousand and 00/100 Dollars
($5,500,000.00), subject to terms and conditions contained in the Agreement; and
City of Miami Page 1 of 3 File ID: 15521 (Revision: C) Printed On: 9/16/2025
File ID: 15521 Enactment Number: CRA-R-25-0030
WHEREAS, pursuant to CRA Resolution No. CRA-R-22-0042, the CRA approved
additional grant funding to the Project; and
WHEREAS, the Project, located within a United States Small Business Administration -
designated HubZone, uniquely combines Two Hundred Fifty -Two (252) affordable and
workforce housing units with commercial and office space, fostering sustainable economic
growth by enabling small businesses to qualify for HubZone benefits such as set -aside
contracts, price preferences, and subcontracting opportunities, while creating jobs, encouraging
business relocation, and generating revenue within the CRA and the City of Miami; and
WHEREAS, due to the continued circumstances beyond either the CRA's or the
Developer's control, and as a result of the dramatic increase in housing costs, the costs of
construction (labor, materials, and supplies), the Developer has been unable to fully fund the
construction costs of the Project, and has requested that the CRA provide an additional Five
Million and 00/100 Dollars ($5,000,000.00) in grant funding for the Project; and
WHEREAS, the CRA and the Developer has agreed to extend the rent restrictions for
the Project through the year 2055, beyond the current term of 2047, thereby extending the
affordability period to a total of 30 years; and
WHEREAS, the Developer shall retain the option to repay up to Five Million and 00/100
Dollars ($5,000,000.00) on a prorated basis between 2047 and 2055 in order to remove the rent
restrictions during that period; and
WHEREAS, the CRA and the Developer desire to further amend the Agreement in order
to provide for the additional Five Million and 00/100 Dollars ($5,000,000.00) in grant funding, for
a total amount of grant funding not to exceed Fifteen Million Five Hundred Thousand and
00/100 Dollars ($15,500,000.00) for the development of the Project; and
WHEREAS, the CRA Board finds that the approval of this Resolution is consistent with
the requirements of Chapter 163, Part III, Florida Statutes, the provisions of the CRA's
Redevelopment Plan and is in the best interest of the residents and businesses within the
CRA's boundaries, and serves a municipal and public purpose; and
WHEREAS, based on the recommendation and finding of the Executive Director,
attached and incorporated as Exhibit "A," it is in the CRA's best interest to authorize, by an
affirmative four -fifths (4/5ths) vote, a waiver of competitive sealed bidding procedures pursuant
to Sections 18-85 and 18-86 of the Code of the City of Miami, Florida, as amended ("City
Code"), as adopted by the CRA, the allocation of additional grant funds for the Project will be
disbursed as Two Milliion Five Hundred Thousand ($2,500,000.00) in Fiscal Year 2024 - 2025
and Two Milliion Five Hundred Thousand ($2,500,000.00) in Fiscal Year 2025 - 2026 in a total
amount not to exceed Five Million and 00/100 Dollars ($5,000,000.00);
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY:
Section 1. The recitals and findings contained in the Preamble to this Resolution are
hereby adopted by reference thereto and incorporated herein as if fully set forth in this Section.
Section 2. By a four -fifths (4/5ths) affirmative vote, after an advertised public hearing,
the Executive Director's recommendation and written finding, attached and incorporated as
City of Miami Page 2 of 3 File ID: 15521 (Revision: C) Printed on: 9/16/2025
File ID: 15521 Enactment Number: CRA-R-25-0030
Exhibit "A," pursuant to Sections 18-85 and 18-86 of the City Code, as adopted by the CRA, are
ratified, approved, and confirmed, and the requirements for competitive sealed bidding methods,
having been found as not being practicable or advantageous to the CRA, are waived.
Section 3. The Executive Director is authorized to negotiate and execute an Amendment
to the Economic Incentive Agreement, the Restrictive Covenant Agreement, and any and all
other necessary documents, all in forms acceptable to the General Counsel, for the Project
Section 4. The Executive Director is hereby authorized to allocate additional grant funds
in an amount not to exceed Five Million and 00/100 Dollars ($5,000,000.00) for a total amount
not to exceed Fifteen Million Five Hundred Thousand and 00/100 Dollars ($15,500,000.00) for
the Project, subject to the availability of funds, to be disbursed in the form of two payments to
the Developer from account code 10040.920501.883000.0000.00000.
Section 5. This Resolution shall become effective immediately upon its adoption.
APPROVED AS TO FORM AND CORRECTNESS:
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ge Wy j ng III, C y -ttor -y 6/4/2025 e , ge Wy j ng III, C y ttor- -y 6/20/2025
City of Miami Page 3 of 3 File ID: 15521 (Revision: C) Printed on: 9/16/2025