HomeMy WebLinkAbout18357 ResolutionSoutheast Overtown/Park West
Community Redevelopment Agency
Legislation
CRA Resolution:
819 NW 2d Ave
3rd Floor
Miami, FL 33136
www.seopwcra.com
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
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File ID: 18357 Enactment Number:
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
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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 Bonds' 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.
' 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.
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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 authorized2 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:
Ice Br ounsel 10/16/2025
2 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.
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