HomeMy WebLinkAbout18357 MemorandumSEOPW Board of Commissioners Meeting
October 23, 2025
SOUTHEAST OVERTOWN/PARK WEST
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
To: Board Chair Christine King Date: October 24, 2025
and Members of the CRA
Board File: 18357
From: James McQueen
Executive Director
Subject: Authorize Development Economic
Incentive Agreement: Block 45, LLC.
Enclosures: File # 18357 - Exhibit A
File # 18357 - Backup
File # 18357 - Submittal-
SEOPW CRA-Financial
Information Form
BACKGROUND:
A Resolution of the Board of Commissioners ("Board") of the Southeast Overtown/Park West
Community Redevelopment Agency ("SEOPW CRA"), with attachment(s), authorizing the Executive
Director to negotiate and execute a Development Economic Incentive Agreement ("Agreement"), in
substantially the form attached as Exhibit "A," by and between the SEOPW CRA and Block 45, LLC, a
Florida limited liability company ("Developer"), for the development of Block 45, located at 152
Northwest 8th Street, Miami, Florida 33136 (Folio No. 01-0104-050-1010) ("Property") into a mixed -use,
mixed -income transit oriented development project ("Project"), and authorizing the allocation and
appropriation of a portion of the proceeds from the Series 2025 Bond issuance, in an amount not to
exceed Ten Million Dollars and Zero Cents ($10,000,000.00) ("Funds"), for project costs ("Purpose").
The Block 45 (Atlantic Square) development project is a large-scale, mixed -use development, which is
anticipated to include a retail center, containing approximately 24,000 net square feet of commercial/retail
space and approximately 616 residential units.
The Executive Director entered into negotiations with Developer in order to execute a Development
Economic Incentive Agreement ("Agreement"), in substantially the form attached as Exhibit "A," with
respect to the Project at 152 Northwest 8th Street, Miami, Florida, 33136 (Folio No. 01-0104-050-1010),
as well as Lease Agreement No. RFP-00700, dated July 15, 2019 (the "County Lease"), with respect to
that certain real property (the "Property").
The Agreement provides for an incentive payment to Developer equal to (i) seventy-five percent (75%) of
the tax increment revenues (excluding the land value) generated from the Project actually received by the
SEOPW CRA from the City of Miami ("City") and County and (ii) the City's Section 5(e) Payment
("Section 5(e) Payment"), as defined in Section 5.2 of the Agreement, in substantially the form attached
as Exhibit "A," to be used for affordable housing and related capital improvements, with Developer being
required, pursuant to City Resolution R-24-0109, to utilize the funds for that twelve (12) of the forty (40)
units (i.e. Low Affordable Units) to be made available solely for individuals and/or families (i.e. Low -
Income Tenants) earning up to sixty percent (60%) Area Median Income, as published annually by the
United States Department of Housing and Urban Development ("AMI"), within the Redevelopment Area,
throughout the term of the Agreement (set to expire at the earlier of March 31, 2042 or the sunset of the
SEOPW CRA).
The Agreement further provides for the annual payment to the Developer of Seven Hundred Fifty
Thousand Dollars and Zero Cents ($750,000.00) (set to expire at the earlier of March 31, 2042)
("Housing Subsidy"), for an affordable housing rent subsidy applied to the twenty-eight (28) of the forty
(40) units (i.e. Middle Low Affordable Units), first occupied by individuals or families earning up to 80%
of AMI.
The Agreement further provides for a grant to Developer for project construction costs, in an amount not
to exceed Ten Million Dollars and Zero Cents ($10,000,000.00), to be funded by a portion of the proceeds
from the issuance of the 2025 Series Bonds' as consideration for setting aside a number of affordable
residential units.
It is recommended that the Board of the SEOPW CRA approve and adopt the attached Resolution,
including the disposition of Property, for the Purpose stated herein.
BACKGROUND:
Pursuant to Chapter 163, Florida Statutes, the Southeast Overtown/Park West Community
Redevelopment Agency ("SEOPW CRA") is responsible for carrying out community redevelopment
activities and projects within its redevelopment area ("Redevelopment Area") in accordance with the
2018 Updated Southeast Overtown/Park West Redevelopment Plan (the "Plan").
Section 163.340(9), Florida Statutes, community redevelopment means "undertakings, activities, or
projects of a ... community redevelopment agency in a community redevelopment area for the
elimination and prevention of the development or spread of slums and blight...."
Section 2, Goal 2, of the Plan, upholds "expand[ing] the tax base using public -private principles" and
"creat[ing] viable commercial corridors ... through Public -Private Partnerships," as a stated
redevelopment goal.
Section 2, Goal 3, of the Plan, emphasizes "working with the [public] and the private sector to encourage
and create a sound balance of ... affordable ... housing within the [SEOPW] CRA," as a stated
redevelopment goal.
Section 2, Goal 6, of the Plan, supports "improv[ing] the quality of life for residents [and] creating
housing ...," as a stated redevelopment goal.
Section 2, Principle 2, of the Plan, proposes that the "neighborhood ... retain access to affordable
housing," as a stated redevelopment principle.
Lastly, Section 2, Principle 3, of the Plan, discusses that there "must be variety in housing options," as a
stated redevelopment principle.
1 On April 10, 2025, the Board, through CRA-R-25-0014, and the City of Miami, through R-25-0135 approved the
issuance of the SEOPW CRA's Tax Increment Revenue Bonds, Series 2025.
Page 2 of 8
FUNDING:
$10,000,000.00 from Account No. 300000.920101.883000.0000.00000 — "SEOPW Capital Projects Grant
and Aids"
$750,000.00 from Account No. 300000.920101.883000.0000.00000 — "SEOPW Capital Projects Grant
and Aids"
FACT SHEET:
Entity name: Block 45, LLC.
Project Address: 152 Northwest 8th Street, Miami, Florida (Folio no. 01-0104-050-1010)
Scope of work or services (Summary): Authorize execution of the Development Economic
Incentive Agreement for the purpose of affordable housing development.
Page 3 of 8
AGENDA ITEM
FINANCIAL INFORMATION FORM
SEOPW CRA
CRA Board Meeting Date: October 23, 2025
CRA Section:
Brief description of CRA Agenda Item:
<Insert Description Here>
Project Number (if applicable):
YES, there are sufficient funds in Line Item:
Account Code:
Amount:
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: <Insert Comments Here>
Approved by:
Approval:
fo
Miguel A Valentin, Finance Officer 10/16/2025
Executive Director 10/16/2025
Page 4 of 8
Southeast Overtown/Park West
Community Redevelopment Agency
File Type: CRA Resolution
Enactment Number:
File Number: 18357 Final Action Date:10/23/2025
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 DEVELOPMENT ECONOMIC INCENTIVE
AGREEMENT ("AGREEMENT"), IN SUBSTANTIALLY THE FORM ATTACHED AS
EXHIBIT "A," BY AND BETWEEN THE SEOPW CRA AND BLOCK 45, LLC, A
FLORIDA LIMITED LIABILITY COMPANY ("DEVELOPER"), FOR THE
DEVELOPMENT OF BLOCK 45, LOCATED AT 152 NORTHWEST 8TH STREET,
MIAMI, FLORIDA 33136 (FOLIO NO. 01-0104-050-1010) ("PROPERTY"), INTO A
MIXED -USE, MIXED -INCOME TRANSIT ORIENTED DEVELOPMENT PROJECT,
AND AUTHORIZING THE ALLOCATION AND APPROPRIATION OF A PORTION OF
THE PROCEEDS FROM THE SERIES 2025 BOND ISSUANCE, IN AN AMOUNT NOT
TO EXCEED TEN MILLION DOLLARS AND ZERO CENTS ($10,000,000.00)
("FUNDS"), FOR PROJECT COSTS ("PURPOSE"); FURTHER AUTHORIZING THE
EXECUTIVE DIRECTOR TO ALLOCATE THE FUNDS FROM ACCOUNT NO.
300000.920101.883000.0000.00000 — "SEOPW CAPITAL PROJECTS GRANT AND
AIDS" FOR THE PURPOSE STATED HEREIN, SUBJECT TO ALL FEDERAL, STATE
AND LOCAL LAWS THAT REGULATE THE USE OF SUCH FUNDS FOR SAID
PURPOSE; DIRECTING THE EXECUTIVE DIRECTOR TO PRESENT ANY
AMENDMENTS TO THE AGREEMENT TO THE BOARD FOR ITS CONSIDERATION
AND, IF SATISFACTORY, APPROVAL; FURTHER AUTHORIZING THE EXECUTIVE
DIRECTOR TO NEGOTIATE AND EXECUTE ANY AND ALL DOCUMENTS
NECESSARY, ALL IN FORMS ACCEPTABLE TO COUNSEL, INCLUDING, BUT NOT
LIMITED TO, A RESTRICTIVE COVENANT TO BE RECORDED IN THE PUBLIC
RECORDS OF MIAMI-DADE COUNTY, FLORIDA, FOR SAID PURPOSE; 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 (the "Plan"); and
WHEREAS, pursuant to Section 163.340(9) Florida Statutes, "community redevelopment means
projects of a ... community redevelopment agency in a community redevelopment area for the
elimination and prevention of the development or spread of slum and blight"; and
WHEREAS, affordable housing, and the lack thereof, is a significant issue in the City of Miami
and within the Redevelopment Area, specifically; and
Page 5 of 8
WHEREAS, Section 2, Goal 2, of the Plan, upholds "expand[ing] the tax base using public -
private principles" and "creat[ing] viable commercial corridors ... through Public -Private Partnerships,"
as a stated redevelopment goal; and
WHEREAS, Section 2, Goal 3, of the Plan, emphasizes "working with the [public] and the
private sector to encourage and create a sound balance of ... affordable ... housing within the [SEOPW]
CRA," as a stated redevelopment goal; and
WHEREAS, Section 2, Goal 6, of the Plan, supports "improv[ing] the quality of life [and]
creating housing ...," as a stated redevelopment goal; and
WHEREAS, Section 2, Principle 2, of the Plan, proposes that the "neighborhood ... retain access
to affordable housing," as a stated redevelopment principle; and
WHEREAS, Section 2, Principle 3, of the Plan, discusses that there "must be variety in
[affordable] housing options," as a stated redevelopment principle; and
WHEREAS, the Block 45 (Atlantic Square) development project is a large-scale, mixed -use
development, which is anticipated to include a retail center, containing approximately 24,000 net square
feet of commercial/retail space on the Property and approximately 616 residential units (the "Project");
and
WHEREAS, Block 45, LLC, a Florida Limited Liability Company (the "Developer") anticipates
that the Project will create substantial job opportunities within the Redevelopment Area; and
WHEREAS, Atlantic Pacific Communities, LLC, a Foreign Limited Liability Company,
authorized to do business in the State of Florida, and Miami -Dade County, Florida, a political subdivision
of the State of Florida (the "County"), are parties to the Project at 152 Northwest 8th Street, Miami,
Florida, 33136 (Folio No. 01-0104-050-1010), as well as Lease Agreement No. RFP-00700, dated July
15, 2019 (the "County Lease"), with respect to that certain real property (the "Property"); and
WHEREAS, Atlantic Pacific Communities, LLC, assigned all of its right, title and interest in the
County Lease, with respect to the Property, to Developer; and
WHEREAS, in accordance with the terms and provisions of the County Lease, Developer
commenced construction on the Project, in accordance with the Construction Plans, as defined in the
County Lease; and
WHEREAS, the SEOPW CRA and Developer are negotiating a development economic incentive
agreement; and
WHEREAS, terms have been negotiated, as more particularly described in the proposed
Development Economic Incentive Agreement ("Agreement"), in substantially the form attached as
Exhibit "A";
WHEREAS, the SEOPW CRA has agreed to provide certain economic incentives to Developer in
exchange for Developer's agreement to (i) set aside forty (40) affordable housing units and (ii) lease to
the SEOPW CRA approximately 4,000 square feet of the commercial/retail space at the Project, subject to
the terms and conditions of the Agreement; and
Page 6 of 8
WHEREAS, the Agreement provides for the SEOPW CRA's incentive payment to the Developer
equal to (i) seventy-five percent (75%) of the tax increment revenues (excluding the land value) generated
from the Project actually received by the SEOPW CRA from the City of Miami ("City") and County and
(ii) the City's Section 5(e) Payment ("Section 5(e) Payment"), as defined in Section 5.2 of the Agreement,
in substantially the form attached as Exhibit "A," to be used for affordable housing and related capital
improvements, with Developer being required, pursuant to City Resolution R-24-0109, to utilize the
funds for that twelve (12) of the forty (40) units (i.e. Low Affordable Units) to be made available solely
for individuals and/or families (i.e. Low -Income Tenants) earning up to sixty percent (60%) Area Median
Income, as published annually by the United States Department of Housing and Urban Development
("AMI"), within the Redevelopment Area, throughout the term of the Agreement (set to expire at the
earlier of March 31, 2042 or the sunset of the SEOPW CRA); and
WHEREAS, the Agreement further provides for the annual payment to the Developer of Seven
Hundred Fifty Thousand Dollars and Zero Cents ($750,000.00) (set to expire at the earlier of March 31,
2042) ("Housing Subsidy"), for an affordable housing rent subsidy applied to the twenty-eight (28) of the
forty (40) units (i.e. Middle Low Affordable Units), first occupied by individuals or families earning up to
80% of AMI; and
WHEREAS, the Agreement further provides for a grant to Developer for project construction
costs, in an amount not to exceed Ten Million Dollars and Zero Cents ($10,000,000.00), to be funded by a
portion of the proceeds from the issuance of the 2025 Series Bonds2 as consideration for setting aside a
number of affordable residential units; and
WHEREAS, a Restrictive Covenant, shall be recorded on the Property, and any other land
transferred in furtherance of the project stated, in the event Developer fails to be in compliance with the
Agreement, and as described herein; and
WHEREAS, the Board of Commissioners wishes to authorize the execution of the Agreement, in
substantially the form attached as Exhibit "A," with the Developer, for the purpose of funding affordable
housing, and related capital improvements and costs ("Purpose"); and
WHEREAS, the Board wishes to authorize the allocation and appropriation of a portion of the
2025 Series Bond proceeds, in an amount not to exceed $10,000,000.00, for said Purpose; and
WHEREAS, the Board finds that authorizing this Resolution would further the SEOPW CRA's
redevelopment goals and objectives;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE
SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY:
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 hereby approves and authorizes the acceptance of negotiations for the
redevelopment of the Property for the Purpose stated herein.
Section 3. The Board hereby authorizes the Executive Director to execute the Agreement, in
substantially the form attached as Exhibit "A," between the SEOPW CRA and Developer, for the Purpose
stated herein.
2 On April 10, 2025, the Board, through CRA-R-25-0014, and the City of Miami, through R-25-0135 approved the
issuance of the SEOPW CRA's Tax Increment Revenue Bonds, Series 2025.
Page 7 of 8
Section 4. The Board hereby further authorizes the Executive Director to allocate and
appropriate a portion of proceeds from the Series 2025 Bond Issuance as a grant, in an amount not to
exceed $10,000,000.00, from Account No. 300000.920101.883000.0000.00000 — "SEOPW Capital
Projects Grant and Aids," to Developer to assist with project costs, for said Purpose.
Section 5. The Executive Director is hereby authorized' to negotiate and execute any
agreements, including any and all documents necessary, all in forms acceptable to Counsel, including, but
not limited to, a Restrictive Covenant to be recorded in the public records of the County, for said Purpose.
Section 6. The Executive Director is hereby further authorized to negotiate amendments and
clarifications to the Agreement with Developer, and is directed to present any amendments or clarification
to the SEOPW CRA Board for its consideration, and, if satisfactory, approval.
Section 7. 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 8. This Resolution shall become effective immediately upon its adoption.
APPROVED AS TO FORM AND LEGAL SUFFICIENCY:
wiMk
4
e Br ounsel 10/16/2025
The herein authorization is further subject to compliance with all legal requirements that may be imposed,
including but not limited to those prescribed by applicable State law, City Charter and City Code provisions, as
adopted by the SEOPW CRA.
Page 8 of 8