HomeMy WebLinkAboutCRA-R-25-0055 Exhibit A,tlisi
Omni
C R A
INTER -OFFICE MEMORANDUM
Isiaa Jones
Executive Director
TO: Board Chair Damian Pardo and
Members of the CRA Board
FROM: Isiaa Jones
Executive Director
DATE: September 25t", 2025
SUBJECT: 4/5ths Bid Waiver
Additional Grant Funding of Twelve Million
Dollars for the 14th Street Development Project
BACKGROUND:
The Omni Redevelopment District Community Redevelopment Agency (CRA) is responsible for
implementing redevelopment initiatives within its designated boundaries, as outlined in the CRA
Redevelopment Plan ("Plan"). On September 13, 2016, the CRA adopted the City of Miami's
procurement ordinance to guide the acquisition of goods and services.
14th Street Development LLC, a subsidiary of NR Investments, Inc., has submitted a grant
proposal requesting Twelve Million and 00/100 Dollars ($12,000,000.00) to support a mixed -use
project within the CRA boundaries. The development, known as the "14th Street Development,"
will consist of a 31-story building with approximately 398 residential units. The Developer and
CRA propose to fully restrict these units across a range of income levels for 27 years after
Temporary Certificate of Occupancy (TCO) or Certificate of Occupancy (CO) (60% to 140% of
the Area Median Income, as published annually by the United States Department of Housing and
Urban Development), replicating the successful model of the UNI Tower project. This initiative
aligns with the CRA's goals of providing diverse, high -quality, and centrally located affordable
housing options, promoting community stability, and supporting economic vitality within the
district.
JUSTIFICATION:
The CRA previously approved funding for the Project under CRA Resolution No. CRA-R-21-0044,
consistent with the Plan's objectives to incentivize diverse housing, attract downtown workers,
and eliminate slum and blight through strategic redevelopment. Since the original resolution, the
Project has experienced significant increases in overall costs due to inflation, labor and material
expenses, and financing conditions.
The additional grant funding will ensure the Project remains financially viable while meeting the
CRA's commitment to deliver high -quality, affordable, and workforce housing opportunities. This
request is consistent with the CRA's redevelopment goals.
RECOMMENDATION:
The Executive Director seeks authorization to negotiate and execute amendments to the
Economic Incentive Agreement, Forgivable Project Loan Agreement, Rent Regulatory
Agreement, and all supporting documents, in a form acceptable to the General Counsel, to
allocate the additional funding.
FUNDING:
The additional funding shall be in an amount not to exceed Twelve Million and 00/100 Dollars
($12,000,000.00), contingent upon the issuance of the CRA's Tax Increment Revenue Bonds,
Series 2026.