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Home My WebLink AboutCRA-R-26-0011 MemorandumOMNI Board of Commissioners Meeting March 12, 2026 OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY INTER -OFFICE MEMORANDUM Board Chair Damian Pardo and Members of the CRA Board Trnm. Carlos I. Suarez Executive Director Date: March 5, 2026 File: 19003 Subject: 4/5ths Bid Waiver Grant Funding - A&E District Holding Company, LLC Enclosures: 19003 Exhibit A 19003 Backup 19003 Notice to the Public 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. 221 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 231 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. City of Miami Page 2 of 5 File ID: 19003 (Revision: A) Printed On: 4/6/2026 i Omni CRA City of Miami Legislation OMNI CRA Resolution CRA-R-26-0011 OMNI CRA 1401 N. Miami Avenue Miami, FL 33136 www.miamicra.com File Number: 19003 Final Action Date:3/12/2026 A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY ("CRA"), WITH ATTACHMENT(S), BY A FOUR -FIFTHS (4/5THS) AFFIRMATIVE VOTE, AFTER AN ADVERTISED PUBLIC HEARING, RATIFYING, APPROVING, AND CONFIRMING THE EXECUTIVE DIRECTOR'S RECOMMENDATION AND FINDING, ATTACHED AND INCORPORATED AS EXHIBIT "A," THAT COMPETITIVE NEGOTIATION METHODS AND PROCEDURES ARE NOT PRACTICABLE OR ADVANTAGEOUS TO THE CRA 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 ALLOCATION OF FUNDS IN AN AMOUNT NOT TO EXCEED TWO MILLION FIVE HUNDRED THOUSAND DOLLARS ($2,500,000.00) TO A&E DISTRICT HOLDING COMPANY, LLC, CONTINGENT UPON THE ISSUANCE OF THE CRA'S TAX INCREMENT REVENUE BONDS, SERIES 2026, TO UNDERWRITE COSTS ASSOCIATED WITH THE CONSTRUCTION AND DEVELOPMENT OF A MIXED - INCOME AFFORDABLE HOUSING PROJECT LOCATED AT NORTH EAST MIAMI PLACE, NORTH EAST 15TH STREET, AND NORTH EAST 1ST AVENUE, MIAMI FLORIDA, IDENTIFIED BY FOLIO NUMBERS 01-3136-005-0940, 01-3136-005-0970, 01-3136-005-0980, 01-3136-005-0950, 01-3136-005-0960, AND 01-3136-005-0990 ("PROJECT") CONSISTING OF FIVE HUNDRED SEVENTY SIX (576) UNITS, INCLUDING 10 UNITS AT OR BELOW 100% OF THE AREA MEDIAN INCOME ("AMI"), 221 UNITS AT OR BELOW 120% AMI, AND 345 RESIDENTIAL UNITS AT MARKET RATE; FURTHER AUTHORIZING THE EXECUTIVE DIRECTOR TO NEGOTIATE AND EXECUTE A FORGIVABLE LOAN AGREEMENT AND SUPPORTING DOCUMENTS, INCLUDING ANY AND ALL OTHER DOCUMENTS NECESSARY FOR THE PURPOSE STATED HEREIN, ALL IN FORMS ACCEPTABLE TO THE GENERAL COUNSEL; ALL BEING SUBJECT TO THE RENTS BEING RESTRICTED FOR 30 YEARS AS MORE PARTICULARLY DETAILED IN A RESTRICTIVE COVENANT THAT IS TO BE RECORDED IN THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA. WHEREAS, the Omni Redevelopment District Community Redevelopment Agency ("CRA") is tasked with reducing slum and blight within its boundaries; and WHEREAS, A&E District Holding Company, LLC, a Florida limited Liability Company ("Developer") owns the properties located at Northeast Miami Place, Northeast 15th Street, and Northeast 1st Avenue Miami Florida, identified by folio numbers 01-3136-005-0940, 01-3136- 005-0970, 01-3136-005-0980, 01-3136-005-0950, 01-3136-005-0960, and 01-3136-005-0990, and has requested the CRA to underwrite the expenditures and costs associated with the City of Miami Page 3 of 5 File ID: 19003 (Revision: A) Printed On: 4/6/2026 Development and Construction of a 576-unit mixed -income housing project within the CRA's Redevelopment Area ("Area"); and WHEREAS, the project will consist of ten (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 annually by the United Stated Department of Housing and Urban Development ("HUD"), two hundred twenty one (221) units for eligible residents whose annual income is equal to or less than 120% AMI for Miami -Dade County, as published by HUD, and the remaining three hundred forty five (345) units at market rate (the "Project"); and WHEREAS, the CRA's 2019 Redevelopment Plan ("Plan") provides for the promotion of a variety of housing options, including affordable and workforce housing, and encourages partnerships with private entities to redevelop blighted properties and improve the public realm; and WHEREAS, the Developer requests grant funding in an amount not to exceed Two Million Five Hundred Thousand Dollars ($2,500,000.00) to underwrite the costs associated with the Project; and WHEREAS, funding this Project is critical to addressing slum and blight, while enhancing affordable housing options within the CRA, consistent with the goals outlined in the Plan; and WHEREAS, based on the recommendation and finding of the Executive Director, attached and incorporated as Exhibit "A," it is in the CRA's best interest to authorize, by an affirmative four -fifths (4/5ths) vote, a waiver of competitive sealed bidding procedures pursuant to Sections 18-85 and 18-86 of the Code of the City of Miami, Florida, as amended ("City Code"), as adopted by the CRA, for the allocation of grant funds in an amount not to exceed Two Million Five Hundred Thousand Dollars ($2,500,000.00) to be disbursed, on a reimbursement basis, or upon the presentation of invoices or proper documentation to the Developer for the Project; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF MIAMI, FLORIDA: Section 1. The recitals and findings contained in the Preamble of this Resolution are adopted by reference and incorporated herein as fully set forth in this Section. Section 2. By a four -fifths (4/5ths) affirmative vote, after an advertised public hearing, the Executive Director's recommendation and written finding, attached and incorporated as Exhibit "A," pursuant to Sections 18-85 and 18-86 of the City Code, as adopted by the CRA, are ratified, approved, and confirmed, and the requirements for competitive sealed bidding are waived as not being practicable or advantageous to the CRA. Section 3. The allocation of funds in an amount not to exceed Two Million Five Hundred Thousand Dollars ($2,500,000.00) to the Developer, contingent upon the issuance of the CRA's Tax Increment Revenue Bonds, Series 2026, to underwrite the expenditures and costs associated with the construction and development of the Project, is hereby approved. Section 4. The Executive Director is authorized to disburse funds on a reimbursement basis or upon the presentation of invoices or satisfactory documentation. City of Miami Page 4 of 5 File ID: 19003 (Revision: A) Printed On: 4/6/2026 Section 5. The Executive Director is further authorized to negotiate and execute a Forgivable Loan Agreement and supporting documents, including any and all other documents necessary, all in forms acceptable to the General Counsel, for the Project, including, but not limited to, a restrictive covenant detailing the rent restrictions for 30 years herein, which shall be recorded in the public records of Miami -Dade County, Florida. Section 6. This Resolution shall become effective immediately upon its adoption. APPROVED AS TO FORM AND CORRECTNESS: It" • ORGE(MC. WYSON', III. ENERAL COUNSEL City of Miami Page 5 of 5 File ID: 19003 (Revision: A) Printed On: 4/6/2026