HomeMy WebLinkAbout25887AGREEMENT INFORMATION
AGREEMENT NUMBER
25887
NAME/TYPE OF AGREEMENT
OMNI CRA & 14TH STREET DEVELOPMENT, LLC
DESCRIPTION
AMENDED & RESTATED DISBURSEMENT
AGREEMENT/MIXED-USE & MIXED -INCOME PROJECT/FILE
ID: 18194/CRA-R-25-0055
EFFECTIVE DATE
December 19, 2025
ATTESTED BY
TODD B. HANNON
ATTESTED DATE
12/19/2025
DATE RECEIVED FROM ISSUING
DEPT.
12/22/2025
NOTE
Poi
AMENDED AND RESTATED
DISBURSEMENT AGREEMENT FOR
14th STREET DEVELOPMENT, LLC
This Disbursement Agreement for 14th Street evelopment, LLC (this "CRA
Disbursement Agreement") is made as of this lq day of , 2025 by and between
14TH STREET DEVELOPMENT, LLC, a Florida limited liability company (hereinafter the
"Project Sponsor"), and the OMNI REDEVELOPMENT DISTRICT COMMUNITY
REDEVELOPMENT AGENCY, a public agency and body corporate created pursuant to Section
163.356, Florida Statutes, with a principal office located at 1401 N. Miami Avenue, Miami, FL,
33136 (hereinafter the "CRA").
RECITALS
WHEREAS, the Project Sponsor is the owner to the real property ("Property") described
in Exhibit "A." The Project Sponsor is constructing a mixed -use housing project consisting of
ground floor retail and approximately 398 housing units, all of which would be affordable units 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, to be known as UNI+DOS (hereinafter referred
to as the "Project"), that will increase the supply of rental housing units by constructing and
maintaining new and affordable rental units; and
WHEREAS, on October 28, 2021, the Board of Directors of the CRA ("Board") through
resolution CRA-R-21-0044 approved funding for the Project in the amount of $15,000,000.00 for
the Project (the "CRA Funds"), and stipulated that the CRA funding of this Project is subject to
the extension of life of the CRA and the CRA being able to successfully secure fmancing; and
WHEREAS, on April 10, 2025, the City of Miami adopted Resolution No. R-25-0131 in
conformance with County Resolution No. R-575-20 approving and authorizing the ratification of
the Second Amendment to the Interlocal Cooperation Agreement, in order to extend the life of the
CRA to July 7, 2047; and
WHEREAS, on September 3, 2025, the Developer requested an increase in the Funds in
the amount of Twelve Million and 00/100 Dollars ($12,000,000.00), in return for increasing the
CRA-Assisted Units from 120 to 398 residential units and increasing the Affordability Period; and
WHEREAS, on September 25, 2025, the CRA Board adopted Resolution No. CRA-R-25-
0055, authorizing the increase in the CRA Funds in an amount not to exceed Twelve Million and
00/100 Dollars ($12,000,000.00) to be disbursed, contingent upon the issuance of the CRA's Tax
Increment Revenue Bonds, Series 2026, for a total amount of Twenty -Seven Million and 00/100
Dollars ($27,000,000.00), in return for Developer to increase the number of the CRA-Assisted
Units from 120 Units to 398 residential Units and increasing the Affordability Period; and
WHEREAS, the CRA and the Project Sponsor intend and agree that the CRA Funds be
subject to the terms and conditions of this Agreement and the Loan Agreement, which has been
executed of even date herewith; and
WHEREAS, the CRA and the Project Sponsor agree that Disbursement of a portion of the
CRA Funds, in the amount of Twelve Million and 00/100 Dollars ($12,000,000.00), is expressly
contingent upon the issuance of the CRA's Tax Increment Revenue Bonds, Series 2026.
NOW, THEREFORE, for and in consideration of the Project Sponsor's construction and
development of the Project and the reciprocal agreements set forth herein, the Project Sponsor and
the CRA agree as follows:
ARTICLE I
DISBURSEMENT PROCEDURE
1.1 This CRA Disbursement Agreement establishes the conditions and process under
which the CRA Funds will be disbursed to the Project Sponsor. The Project Sponsor may not
request disbursement of funds pursuant to this CRA Disbursement Agreement until such funds are
needed for the reimbursement of eligible costs and other costs as approved by the CRA pursuant
to that certain that certain Forgivable Loan Agreement for 14t' STREET DEVELOPMENT, LLC
(the "Loan Agreement;" the CRA will disburse such funds in accordance with this Article I.
1.2 Provided the CRA is obligated to disburse the CRA Funds pursuant to the Loan
Agreement, the CRA will disburse Twenty -Seven Million Dollars ($27,000,000) in accordance
with the Project Sponsor's requests. Disbursement of a portion of the CRA Funds, in the amount
of Twelve Million and 00/100 Dollars ($12,000,000.00), is expressly contingent upon the issuance
of the CRA's Tax Increment Revenue Bonds, Series 2026. The Project Sponsor shall (in
accordance with the terms of this CRA Disbursement Agreement) submit draw requests for the
CRA Funds, which draw requests will be submitted reasonably consistent with the Disbursement
Schedule attached to the Loan Agreement. The Project Sponsor will submit or cause to be
submitted the following documentation to the CRA:
(a) Hard Costs:
(i) A Request for Disbursement, in a form reasonably acceptable to the CRA,
setting forth such details concerning construction of the Project as the CRA shall reasonably
require, including: the amount paid to date to the General Contractor constructing the Project (the
"Contractor") and pursuant to the contract for the construction of the Project between the Project
Sponsor and the Contractor (the "Construction Contract"); the amounts, if any, paid directly by
the Project Sponsor to subcontractors of the Contractor and materialmen; the amount then currently
payable to the Contractor, broken down by trades; and the balance of the construction costs which
will remain unpaid after the payment of the amount currently payable.
(ii) Any Request for Disbursement for Hard Costs must be submitted and must
be signed by the Project Sponsor, the Architect for the Project, and the Contractor.
(iii) Within sixty (60) days of the date of each Request for Disbursement, the
Project Sponsor shall submit to the CRA copies of its cancelled checks or other evidence
confirming final payment of each cost included in such Request for Disbursement.
(b) Land Reimbursement and Soft Costs:
(i) A Request for Disbursement, in a form acceptable to the CRA, together with:
(a) a copy of invoices of those costs for which the Project Sponsor is requesting disbursement, and
(b) copies of the Project Sponsor's checks in payment of each soft cost for which disbursement is
being requested.
(ii) Within sixty (60) days of the date of each Request for Disbursement, the
Project Sponsor shall submit to the CRA copies of its cancelled checks confirming final payment
of each cost included in such Request for Disbursement.
(iii) Each Request for Disbursement of land acquisition and soft costs must be
signed by the Project Sponsor.
(iv) Repayment for land acquisition costs shall only be made after all other
previously incurred non -land costs at the time of the Request for Disbursement have been
documented and paid by Project Sponsor and included in a prior or current Request for
Disbursement.
(c) Each Request for Disbursement of Hard Costs shall constitute a representation and
certification by the Project Sponsor and the Contractor to the CRA that:
(i) The materials have been or will be physically incorporated into the Project,
free of liens and security interests, and that the construction of the Project to date has been
performed substantially in accordance with the drawings and specifications and in a good and
workmanlike manner;
(ii) All governmental licenses and permits required by the Project as then
completed have been obtained and are available for inspection by the CRA;
(iii) The Project as then completed does not violate any law, ordinance, rule,
regulation, or order or decree of any court or governmental authority;
(iv) No Event of Default has occurred and is continuing and there is no
continuing default under the Construction Contract; and
(v) The Project Sponsor, the Contractor and each subcontractor has complied
with all Federal, state and local laws and regulations relating to labor standards
1.3 If the CRA finds the Disbursement Request complies with this Disbursement
Agreement and in accordance with the Loan Agreement, the CRA shall fund to the Project Sponsor
the sum requested by the Project Sponsor or such lower sum as the CRA deems reasonably as
necessary in accordance with such rights under the Loan Agreement.
1.4 The CRA shall fund disbursements of the CRA Funds by no later than Ten (10)
working days after it has received both the Request For Disbursement, in the form required by
Section 1.2 hereof, provided that all necessary documentation is complete and correct.
1.5 Disbursements for other than hard costs, if permitted pursuant to the Loan
Agreement, shall be made in accordance with this CRA Disbursement Agreement.
ARTICLE II
MISCELLANEOUS
2.1 This CRA Disbursement Agreement may only be amended in writing by all the
parties hereto.
2.2 This CRA Disbursement Agreement, the Loan Agreement and the other documents
executed by the parties in connection therewith constitute the entire agreement between the parties
hereto and no other agreements or representations, unless incorporated in this CRA Disbursement
Agreement, shall be binding upon any of the parties hereto.
2.3 All capitalized terms not defined herein shall have the meanings provided in the
Loan Agreement.
2.4 In the event of litigation, arbitration, or mediation, between the parties hereto, arises
out of the terms of this CRA Disbursement Agreement, each party shall be responsible for its own
attorney's fees, costs, charges, and expenses through the conclusion of all appellate proceedings,
and including any final settlement or judgment.
2.5 This CRA Disbursement Agreement may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, and such counterparts
shall together constitute but one and the same CRA Disbursement Agreement. The parties shall be
entitled to sign and transmit an electronic signature of this CRA Disbursement Agreement (whether
by facsimile, PDF or other email transmission), which signature shall be binding on the party whose
name is contained therein. Any party providing an electronic signature agrees to promptly execute
and deliver to the other parties an original signed CRA Disbursement Agreement upon request.
2.6 No CRA Funds shall be disbursed until all insurance requirements are provided to
the CRA, in a form acceptable to the CRA.
[Signature Page Follows]
IN WITNESS WHEREOF, this CRA Disbursement Agreement has been executed by the
Project Sponsor and the CRA on the date first above written.
WITNESSES:
Print Na s6\--aLLEcutof
14th STREET DEVELOPMENT, LLC
Attn: Nir Shoshani
1600 NE 1st Avenue, Suite 3800
Miami, Florida 33132
STATE OF FLORIDA )
COUNTY OF MIAMI-DADE )
PROJECT SPONSOR:
14th STREET DEVELOPMENT, LLC,
a Florida limited liability company
By NR Manager, LL , a Florida limited liability
company, its Manag r
By:
Nir Shoshani, Manager
Date: A g — o�S
ACKNOWLEDGMENT
THE FOREGOING INSTRUMENT was acknowledg d before me by means of ysical
presence or ❑ online notarization on this 11 day o , 2025 by Nir Shoshani, as
Manager of NR Manager, LLC, a Florida limited liability company, the Manager of 14th STREET
DEVELOPMENT, LLC, on behalf of such limited liability company, who is. nersonally known to
me or who produced a as identification.
My Commission Expires:
'Fogg-'• NATAUE BAILEY
;Q MY COMMISSION # HH 218889
''Por°,pr• EXPIRES:Apn127,2026
Ft;
Signature of Ni'-ttic, State of Florida
Printed Name of Notary Public
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by
their undersigned officials as duly authorized.
ATTEST:
Date: 11 _/ 7 ' ?,
APPROVED AS TO FORM AND
CORRECTNESS:
eorge K. Wsong, III
City Attorney
STATE OF FLORIDA
COUNTY OF MIAMI-DADE
CRA:
OMNI REDEVELOPMENT DISTRICT
COMMUNITY REDEVELOPMENT AGENCY
of the City of Miami, a public agency and body
corporate created pursuant to Section 163.356,
Florida Statutes ("CRA")
By:
os I. Suarez, Execu ive Director
The foregoing instrument was acknowledged before me by means of ❑ physical presence
or o online notarization, this i VI day of I Ctm , 2025, by Carlos I. Suarez, Executive
Director of OMNI COMMUNITY REDEVELOPMENT AGENCY of the City of Miami, a public
agency and body corporate created pursuant to Florida Statutes Section 163.356, on behalf of the
agency. He/she is personally known to me or has produced dentification.
•ti 1,:12,JESLY DE LOS SANTOS
°_` ,, Notary Public -State of Florida
/ Commission # HH 250953
,�'EoFadp�p� My Commission Expires
%%%%%%%%%% April 07. 2026
, State of Flo
My Commission Expires:
Exhibit "A"
Legal Description
Folio 01-3136-005-1110:
Lot 7 and the North 20 feet of Lot 10, Block 16, "NORTH MIAMI", (also known as ROBBINS,
GRAHAM AND CHILLINGSWORTH SUBDIVISION) according to the plat thereof, as
recorded in Plat Book "A", Page 49 1/2, of the Public Records of Miami -Dade County, Florida, less
the West 10 feet of said Lot 7 and further less the West 10 feet of the North 20 feet of said Lot 10,
Block 16.
Folio 01-3136-005-1060:
Lot 2, Block 16, Robbins -Graham & Chillingsworth, also known as North Miami, less the West
10 feet thereof, according to the plat thereof, as recorded in Plat Book A, Page 49 V2, of the Public
Records of Miami -Dade County, Florida.
Folios 01-3136-005-1070 and 01-3136-005-1090:
Lots 3 and 6 in Block 16, of ROBBINS, GRAHAM, & CHILLINGSWORTH'S SUBDIVISION,
according to the Plat thereof, as recorded in Plat Book "A" at Page 49 %2, of the Public Records of
Miami -Dade County, Florida, less the West 10 feet thereof.
Folios 01-3136-005-1130; 01-3136-005-1140; 01-3136-005-1150; 01-3136-005-1151; 01-3136-
005-1180:
Lots 5, 8, 9 and 12 in Block 16, of ROBBINS, GRAHAM & CHILLINGWORTH'S
SUBDIVISION, of the South 1/2 of the South 1/2 of the Northeast 1/2 of the Southeast 1/4 of the
Northeast 1/4 of Section 36, Township 53 South, Range 41 East; the same being commonly known
as "North Miami", according to the Plat thereof, as recorded in Plat Book "A", at Page 49 1/2, of
the Public Records of Miami -Dade County, Florida.
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