HomeMy WebLinkAboutCRA-R-25-0077 Exhibit A,tlisi
Omni
C R A
INTER -OFFICE MEMORANDUM
Carlos Suarez
Executive Director
TO: Board Chair Damian Pardo and DATE: December 11111, 2025
Members of the CRA Board
FROM: Carlos Suarez SUBJECT: 4/5ths Grant Funding to
Executive Director Trackland Holdings LLC
BACKGROUND:
The Omni Redevelopment District Community Redevelopment Agency ("CRA") is responsible for
carrying out community redevelopment activities and projects within its redevelopment area in
accordance with the CRA Redevelopment Plan ("Plan").
On September 13, 2016, the CRA approved and adopted Resolution No. CRA-R-16-0042,
adopting the City of Miami's procurement ordinance as the process by which any and all services
and goods are procured by the CRA.
Trackland Holdings LLC submitted a grant proposal request to the CRA requesting $825,000.00.
This funding is needed to underwrite a portion of the costs for the residential project known as
"Trackland holdings LLC " (the "Project"), located within the Omni CRA boundaries at 1348 NW
1st Avenue, Miami, Florida 33136. The Project consists of approximately 18 units, of which 6 will
be restricted at 80%AMI.
Following severe vandalism and a subsequent arson incident, the building now requires extensive
interior rehabilitation. The damage includes the complete replacement of the plumbing, electrical,
and mechanical systems.
JUSTIFICATION:
This aligns with the Plan's objective of incentivizing diverse housing options, including affordable
and workforce housing. The Plan also aims to attract downtown workers and enhance the area's
visual appeal to businesses and residents through varied housing options. Trackland Holdings
LLC Project contributes to the CRA's goals of eliminating slum and blight by offering housing
options within the CRA.
The Project has incurred unavoidable cost increases due to arson, impacting construction costs
and delivery, along with other unforeseen issues. Additional expenditures were made to enhance
the residential experience. Due to rent restrictions, these additional costs cannot be recouped
through increased rent, necessitating economic support from the Omni CRA. The $825,000
requested grant funding will support units restricted at 80% AM I, representing 33% of the Project.
FUNDING:
The grant funding will be a total amount not to exceed amount of $825,000.00. Contingent upon
the issuance of the CRA's Tax Increment Revenue Bonds, Series 2026, is hereby approved.