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HomeMy WebLinkAboutCRA-R-25-0055 Master Report/jt Omni CRA OMNI Community Redevelopment Agency Master Report Enactment Number: CRA-R-25-0055 OMNI CRA 1401 N. Miami Avenue Miami, FL 33136 http://miamicra.com File Number: 18194 File Type: OMNI CRA Resolution Revision: File Name: 14th Street Development, LLC - Additional Funding Status: ADOPTED Controlling Body: OMNI Community Redevelopment Agency Introduced: 9/17/2025 Requesting Dept: OMNI Community Redevelopment Agency Final Action Date: 9/25/2025 Title: 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 HEREIN 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, 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 AMENDMENTS TO THE ECONOMIC INCENTIVE AGREEMENT, FORGIVABLE PROJECT LOAN AGREEMENT, RENT REGULATORY AGREEMENT AND SUPPORTING DOCUMENTS, ALL IN A FORM ACCEPTABLE TO THE GENERAL COUNSEL, TO ALLOCATE ADDITIONAL FUNDING IN THE 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, FOR THE MIXED -USE AND MIXED - INCOME PROJECT LOCATED AT 1441, 1445, AND 1455 NORTH MIAMI AVENUE, 25 AND 31 NORTHEAST 14TH STREET, AND 1412, 1418, 1428, AND 1432 NORTHEAST MIAMI COURT, MIAMI, FLORIDA WITHIN THE CRA'S REDEVELOPMENT AREA TO 14TH STREET DEVELOPMENT, LLC, FURTHER EXTENDING THE AFFORDABILITY PERIOD OF THE PROJECT TO TWENTY-SEVEN (27) YEARS, COMMENCING AT THE ISSUANCE OF THE TEMPORARY CERTIFICATE OF OCCUPANCY ("TCO") OR CERTIFICATE OF OCCUPANCY, WHICHEVER IS EARLIER; FURTHER AUTHORIZING THE EXECUTIVE DIRECTOR TO NEGOTIATE AND EXECUTE ANY AND ALL OTHER NECESSARY DOCUMENTS, INCLUDING ANY AMENDMENTS AND MODIFICATIONS TO SAID AGREEMENTS, ALL IN A FORM ACCEPTABLE TO THE GENERAL COUNSEL TO EFFECTUATE SAID AMENDMENTS AND PROVIDING FOR AN EFFECTIVE DATE. Notes: Links: Attachments: 18194 Exhibit A (PDF) 18194 Backup (PDF) 18194 Notice to the Public (PDF) History of Legislative File: City of Miami Page 1 of 2 Printed on: 10/7/2025 Omni CRA OMNI Community Redevelopment Agency Master Report Enactment Number: CRA-R-25-0055 OMNI CRA 1401 N. Miami Avenue Miami, FL 33136 http://miamicra.com Revision: Acting Body: Date: Action: Result: Isiaa Jones 9/17/2025 Department Head Review Completed Domini J. Gibbs 9/17/2025 ACA Review Completed George K. Wysong III 9/18/2025 Approved Form and Completed Correctness OMNI Community 9/25/2025 Meeting Completed Redevelopment Agency OMNI Community 9/25/2025 ADOPTED Passed Redevelopment Agency City Clerk's Office 10/6/2025 Rendered Completed City of Miami Page 2 of 2 Printed on: 10/7/2025