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Home My WebLink AboutCRA-R-26-0011 Exhibit A,tlisi Omni C R A INTER -OFFICE MEMORANDUM Carlos I. Suarez Executive Director TO: Board Chair Damian Pardo and DATE: March 12th, 2026 Members of the CRA Board FROM: Carlos Suarez SUBJECT: 4/5ths Grant Funding to Executive Director A&E District Holding Company, 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. In accordance with the CRA's 2019 Redevelopment Plan ("Plan") and Chapter 163, Florida Statutes, the Board will consider funding an amount not to exceed Two and Half Million and 00/100 Dollars ($2,500,000.00) to A&E District holding Company, LLC , a Florida limited Liability Company owner of Property identified by folio number 0131360050940, 0131360050970, 0131360050980, 0131360050950, 0131360050960, and 0131360050990 located at NE Miami Place, NE 15th Street, and NE 1st Avenue Miami Florida , to underwrite the expenditures and costs associated with the Predevelopment cost of a 576-unit mixed -income housing project within the CRA's boundaries. The project will include 10 units for eligible residents whose annual income is equal to or less than 100% of the Area Median Income ("AMI") for Miami -Dade County, as published by HUD. 231 units for eligible residents whose annual income is equal to or less than 120% of the Area Median Income ("AMI") for Miami -Dade County, as published by HUD. The remaining 345 at market rate. 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. This Project will contribute to the CRA's goals of eliminating slum and blight by offering housing options within the CRA. The $2,500,000.00 requested grant funding will support 241 restricted units of the property, representing 40% of the Project. FUNDING: The grant funding will be a total amount not to exceed amount of $2,500,000.00, is hereby approved.