Loading...
The URL can be used to link to this page
Your browser does not support the video tag.
Home
My WebLink
About
OMNI CRA 2026-04-23 Agenda Packet
City of Miami 3500 Pan American Drive Miami, FL 33133 www.miamigov.com Nft Omni C R A Meeting Agenda Thursday, April 23, 2026 9:30 AM (OR THEREAFTER) City Hall 3500 Pan American Drive Miami, FL 33133 OMNI Community Redevelopment Agency Damian Pardo, Chair, District Two Christine King, Vice Chair, District Five Miguel Angel Gabela, Board Member, District One Rolando Escalona, Board Member, District Three Ralph "Rafael" Rosado, Board Member, District Four OMNI CRA OFFICE ADDRESS: 1401 N. Miami Avenue, 2"d Floor Miami, FL 33136 Phone: (305) 679-6868 www.omnicra.com OMNI Community Redevelopment Agency Meeting Agenda April 23, 2026 CALL TO ORDER APPROVING THE MINUTES OF THE FOLLOWING MEETING(S): 1. OMNI COMMUNITY REDEVELOPMENT AGENCY - REGULAR MEETING - MAR 12, 2026 9:30 AM OMNI CRA RESOLUTION(S) 1. OMNI CRA RESOLUTION 19172 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 GRANT FUNDS FROM THE CRA'S FISCAL YEAR 2025-2026 BUDGET IN AN AMOUNT NOT TO EXCEED FOUR MILLION AND 00/100 DOLLARS ($4,000,000.00) TO ESTELLA LOCKETTE, AN INDIVIDUAL AND OWNER OF THE PROPERTY LOCATED AT 157 NORTH WEST 17TH STREET, MIAMI, FLORIDA, CONTINGENT UPON THE ISSUANCE OF THE CRA'S TAX INCREMENT REVENUE BONDS, SERIES 2026, TO UNDERWRITE COSTS ASSOCIATED WITH THE REDEVELOPMENT AND REHABILITATION OF THE LOCKETTE HOUSE, A TEN (10) UNIT AFFORDABLE HOUSING RESIDENTIAL AND COMMERCIAL MIXED -USE PROJECT ("PROJECT"); AUTHORIZING THE EXECUTIVE DIRECTOR TO DISBURSE FUNDS ON A REIMBURSEMENT BASIS OR UPON THE PRESENTATION OF INVOICE OR SATISFACTORY DOCUMENTATION; 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 50 YEARS AS MORE PARTICULARLY DETAILED IN A RESTRICTIVE COVENANT THAT IS TO BE RECORDED IN THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA; PROVIDING FOR THE INCORPORATION OF RECITALS AND AN EFFECTIVE DATE. OMNI Community Redevelopment Agency Page 2 Printed on 4/16/2026 OMNI Community Redevelopment Agency Meeting Agenda April 23, 2026 2. OMNI CRA RESOLUTION 19197 A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY ("CRA"), WITH ATTACHMENT(S), AUTHORIZING AND APPROVING THE SUBORDINATION OF THE CRA'S FORGIVABLE LOAN, AS AUTHORIZED PURSUANT TO CRA RESOLUTION NO. CRA-R-24-0046 AND AMENDED PURSUANT TO CRA RESOLUTION NO. CRA-R-26-0006 MADE TO KUSH PROPERTY, LLC, A FLORIDA LIMITED LIABILITY COMPANY, FOR THE MIXED -USE AFFORDABLE HOUSING DEVELOPMENT LOCATED AT 2003 NORTH MIAMI AVENUE, MIAMI FLORIDA, TO ADDITIONAL LENDER NRD- 1 PUBLIC BENEFITS TRUST FUND ("TRUST") OF THE WYNWOOD BUSINESS IMPROVEMENT DISTRICT ("BID") IN AN AMOUNT NOT TO EXCEED TWO MILLION EIGHT HUNDRED THOUSAND AND 00/100 DOLLARS ($2,800,000.00); AUTHORIZING THE EXECUTIVE DIRECTOR TO NEGOTIATE AND EXECUTE AN AMENDMENT TO THE FORGIVABLE LOAN AGREEMENT, A SUBORDINATION AGREEMENT, INCLUDING ANY AND ALL OTHER DOCUMENTS, AMENDMENTS, EXTENSIONS NECESSARY TO EFFECTUATE SAID SUBORDINATION, ALL IN FORMS ACCEPTABLE TO THE GENERAL COUNSEL; PROVIDING FOR THE INCORPORATION OF SAID RECITALS AND AN EFFECTIVE DATE. OMNI CRA DISCUSSION ITEM(S) 1. OMNI CRA DISCUSSION 19145 PRESENTATION OF EXTERNAL AUDIT REPORT FOR FISCAL YEAR 2025. ADJOURNED OMNI Community Redevelopment Agency Page 3 Printed on 4/16/2026 OMNI Board of Commissioners Meeting April 23, 2026 1.1 OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY INTER -OFFICE MEMORANDUM Board Chair Damian Pardo and Members of the CRA Board From: Carlos I. Suarez Executive Director Date: April 9, 2026 File: 19172 Subject: 4/5ths Grant Funding - 157 NW 17th Street Enclosures: 19172 Exhibit A 19172 Backup 19172 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 Four Million Dollars and 00/100 Dollars ($4,000,000.00) to Estella Lockette, an individual and owner of the property identified by folio number 01-3125-048-1111 located at 157 North West 17th Street, Miami, Florida, to underwrite the expenditures and costs associated with the Predevelopment cost of a 10-unit mixed -unit, mixed -income housing project within the CRA's boundaries. The project will include two units for eligible residents whose annual income is equal to or less than 30% of the Area Median Income ("AMI") for Miami -Dade County, as published by HUD. Another two units for eligible residents whose annual income is equal to or less than 60% of the Area Median Income ("AMI") for Miami -Dade County, as published by HUD, six units for eligible residents whose annual income is equal to or less than 70% of the Area Media Income ("AMI") for Miami - Dade County, as published by HUD, and a ground -level community and/or commercial space of approximately three thousand (3,000) square feet for the potential use of a neighborhood coffee shop, an art gallery for local artists, and a public serenity garden. Packet Pg. 4 1.1 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 further advance the CRA's goals of eliminating slum and blight by introducing quality housing and activating underutilized space within the CRA. Specifically, the Project will deliver ten (10) attainable housing units, along with community - serving amenities including a coffee shop, an art gallery for local artists, and a publicly accessible serenity garden, collectively representing approximately seventy-eight percent (78%) of the Project. FUNDING: The grant funding will be a total amount not to exceed amount of $4,000,000.00, and is hereby approved. City of Miami Page 2 of 5 File ID: 19172 (Revision:) Printed On: 4/16/2026 Packet Pg. 5 tigt Tai Omni C R A City of Miami Legislation OMNI CRA Resolution OMNI CRA 1401 N. Miami Avenue Miami, FL 33136 www.miamicra.com File Number: 19172 Final Action Date: 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 GRANT FUNDS FROM THE CRA'S FISCAL YEAR 2025-2026 BUDGET IN AN AMOUNT NOT TO EXCEED FOUR MILLION AND 00/100 DOLLARS ($4,000,000.00) TO ESTELLA LOCKETTE, AN INDIVIDUAL AND OWNER OF THE PROPERTY LOCATED AT 157 NORTH WEST 17TH STREET, MIAMI, FLORIDA, CONTINGENT UPON THE ISSUANCE OF THE CRA'S TAX INCREMENT REVENUE BONDS, SERIES 2026, TO UNDERWRITE COSTS ASSOCIATED WITH THE REDEVELOPMENT AND REHABILITATION OF THE LOCKETTE HOUSE, A TEN (10) UNIT AFFORDABLE HOUSING RESIDENTIAL AND COMMERCIAL MIXED -USE PROJECT ("PROJECT"); AUTHORIZING THE EXECUTIVE DIRECTOR TO DISBURSE FUNDS ON A REIMBURSEMENT BASIS OR UPON THE PRESENTATION OF INVOICE OR SATISFACTORY DOCUMENTATION; 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 50 YEARS AS MORE PARTICULARLY DETAILED IN A RESTRICTIVE COVENANT THAT IS TO BE RECORDED IN THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA; PROVIDING FOR THE INCORPORATION OF RECITALS AND AN EFFECTIVE DATE. WHEREAS, the Omni Redevelopment District Community Redevelopment Agency ("CRA") is tasked with reducing slum and blight within its boundaries; and WHEREAS, Estella Lockette, an individual ("Developer") and the owner of the property identified by folio number 01-3125-048-1111 located at 157 North West 17th Street, Miami, Florida, within the CRA Redevelopment Area ("Property"), submitted a request for grant funding to redevelop and rehabilitate a 10-unit affordable housing mixed -use and mixed -income project, to include two (2) units for income -eligible residents whose annual income is equal to or less than 30% of the Area Median Income ("AMI") for Miami -Dade County, as published annually by the United States Department of Housing and Urban Development ("HUD"), two (2) units for low-income eligible residents whose annual income is equal to or less than 60% AMI for Miami - City of Miami Page 3 of 5 File ID: 19172 (Revision:) Printed On: 4/16/2026 1.1 Packet Pg. 6 1.1 Dade County, as published by HUD, and six (6) units for moderate -income eligible residents whose annual income is equal to or less than 70% AMI for Miami -Dade County, as published by HUD, and a ground -level community and/or commercial space of approximately three thousand (3,000) square feet (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 Four Million and 00/100 Dollars ($4,000,000.00) 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, while also supporting small and local business development, creating jobs, and improving the public sphere by providing a space for local artists and placemaking, 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 Four Million and 00/100 Dollars ($4,000,000.00) to be disbursed, subject to the Executive Director's discretion on a draw schedule 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 Grant Funds in an amount not to exceed Four Million and 00/100 Dollars ($4,000,000.00) to the Developer for the Project are hereby authorized from the CRA Fiscal Year 2025-2026 budget, subject to the availability of funding, contingent upon the issuance of the CRA's tax increment revenue bonds, series 2026. Section 4. The Executive Director is hereby 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 purpose stated herein, including, but not limited to, a restrictive covenant detailing the rent restrictions as stated herein, City of Miami Page 4 of 5 File ID: 19172 (Revision:) Printed On: 4/16/2026 Packet Pg. 7 all being subject to the rents being restricted for 50 years which shall be recorded in the public records of Miami -Dade County, Florida. 1.1 Section 5. This Resolution shall become effective immediately upon its adoption. APPROVED AS TO FORM AND CORRECTNESS: k. ORGE .WYSON ENERAL COUNSEL City of Miami Page 5 of 5 File ID: 19172 (Revision:) Printed On: 4/16/2026 Packet Pg. 8 Damian Pardo Board Chair 110* Omni C R A INTER -OFFICE MEMORANDUM Carlos 1. Suarez Executive Director TO: Board Chair Damian Pardo and Members of the CRA Board FROM: Carlos I. Suarez Executive Director DATE: April 23rd, 2026 SUBJECT: 4/5ths Bid Waiver Funding — 157 NW 17 Street 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 Four Million Dollars and 00/100 Dollars ($4,000,000.00) to Estella Lockette, an individual and owner of the property identified by folio number 01-3125-048-1111 located at 157 North West 17th Street, Miami, Florida, to underwrite the expenditures and costs associated with the Predevelopment cost of a 10-unit mixed -unit, mixed - income housing project within the CRA's boundaries. The project will include two units for eligible residents whose annual income is equal to or less than 30% of the Area Median Income ("AMI") for Miami -Dade County, as published by HUD. Another two units for eligible residents whose annual income is equal to or less than 60% of the Area Median Income ("AMI") for Miami -Dade County, as published by HUD, six units for eligible residents whose annual income is equal to or less than 70% of the Area Media Income ("AMI") for Miami -Dade County, as published by HUD, and a ground -level community and/or commercial space of approximately three thousand (3,000) square feet for the pontential use of a neighborhood coffee shop, an art gallery for local artists, and a public serenity garden. 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 further advance the CRA's goals of eliminating slum and blight by introducing quality housing and activating underutilized space within the CRA. Attachment: 19172 Exhibit A (19172 : 4/5ths Grant Funding -157 NW 17th Street) Packet Pg. 9 1.1.a Specifically, the Project will deliver ten (10) attainable housing units, along with community -serving amenities including a coffee shop, an art gallery for local artists, and a publicly accessible serenity garden, collectively representing approximately seventy-eight percent (78%) of the Project. FUNDING: The grant funding will be a total amount not to exceed amount of $4,000,000.00, and is hereby approved. Attachment: 19172 Exhibit A (19172 : 4/5ths Grant Funding -157 NW 17th Street) Packet Pg. 10 1.1.b is Omni Omni Community Redevelopment Agency (CRA) Grant Funding Application This form is for government entities, organizations developers, or individuals seeking grant funding, ft gathers key details about the request, including funding amount, purpose, location, and compliance with CRA authority. This represents the first step in the application process. Any additional documentation or proposal must be submitted with this foran. Name of Entity/Organization/Property Owner [Enter the legal name ofyaut- organization] Estella Lockette Authorized Representative [Name and title of the person authorized to sign] Chauncy Lockette Address [Enter project location] 157 NW 17th Street City, State, Zip Code Miami, FL 33136 Phone Number [Authorized Representative] 305-504-0489 Email Address [Authorized Representative] lockette12@yahoo.com yahoo.com Is your organization a Public Entity? Yes El No • Isyour organization a Non -Profit? Yes No j"j n Isyour request within the 2019 Omni CRA Plan Yes U El No ❑ If yes explain: Applicable Authority under Chapter 163: Any municipal or county liens? [if yes, please provide details on a separate page] Yes No ■ Purpose or use of Funds Complete Gut Rehab of existing buildings, to provide ten (10) units of affordable housing- two (2) studio apartments at 30% AMI; two (2) Studio apartments at 60% AMI and Six (6) two Bedroom Apartments at TO%a AMI with Fifty (50) year affordability restrictions. Estimated Total Cost $ 4,000,000 CRA Grant Funding Request $ 4,000,000 Source of Other Funding and Amount Of applicable) For any questions or assistance, please contact us at 305-679-6B52 or omnicra@miamigov.coin. Attachment: 19172 Backup (19172 : 4/5ths Grant Funding -157 NW 17th Street) Packet Pg. 11 1.1.b !i , Omni N....CRA If applicable, name and address of other entities involved Nome: Chauncy Lockette Address: 1044 NW 53rd Street, Miami, FL 33127 Phone Number: 305-504-0489 Required Attachments - Engagement Letter. - Proof of property ownership or tenancy. - Photos of the property (Area for proposed enhancements before improvements). - Proposal/including scope of work. - Other documents you believe pertinent to this application. How did you hear about us? Omni CRA Staff Certification certify that the information provided in this application is true and correct to the best of my knowledge. I understand that submission of this application does not guarantee funding and that any grant received must be used solely for the purposes stated in this application. agree to comply with all program requirements and guidelines. Authorized Signature (.4) Gtl .— 9„46e,-, Date Marc �r77� ,,G •r-yy 26 For Office Use Only Application Received Reviewed By Approved DArnount Approved Denied • Reason for Denial Notes: Please submit this completed application and all required attachments to: otnnicra@miamigov.corn Prop off: 1401 North Miami Ave. Miami, F133136 For any questions or assistance, please contact us at 305-679.6868 or omnicra@miamigov.com. Attachment: 19172 Backup (19172 : 4/5ths Grant Funding -157 NW 17th Street) Packet Pg. 12 Lockett House —Omni CRA Funding Request A request for $4,000,00o in Omni CRA funding to support the redevelopment of the Lockett House, a io-unit mixed -use project located within the Omni District, Overtown, Miami, Florida. BIRDSONG MANAGEMENT CHAUNCEY LOCKETT 157 NW 17TH STREET, MIAMI, FL 33136 Packet Pg. 13 1.1.b Cover Letter A Request Rooted in Community On behalf of Birdsong Management and Mr. Chauncey Lockett, a lifelong resident of Overtown, we respectfully submit this request for $4,000,00o in Omni CRA funding to support the redevelopment of the Lockett House, a io-unit mixed -use project located within the Omni District. The proposed development will transform an existing ten -unit structure with shared facilities into a fully renovated property featuring ten private residential units, each with its own bathroom, alongside a neighborhood -serving coffee shop, an art gallery, and a public art serenity garden. These integrated components are designed to activate the corridor, provide a platform for local artists, create permanent jobs, and establish a welcoming community gathering space that reflects the cultural identity of Overtown. This project preserves the character of the neighborhood while delivering modern, code -compliant housing and complementary uses that drive economic activity and social engagement at the street level. The Lockett House directly advances the Omni CRA's priorities by eliminating blight, expanding attainable housing options, supporting small business development, and enhancing the public realm through art and placemaking. Upon successful completion of this phase, the development team intends to pursue adjacent property acquisition to support a future Phase II expansion, further amplifying the project's long-term impact. We appreciate your consideration and look forward to the opportunity to partner with the Omni CRA to deliver a project that is both community -centered and economically catalytic. Respectfully, Chauncey Lockett - Birdsong Management Attachment: 19172 Backup (19172 : 4/5ths Grant Funding -157 NW 17th Street) Packet Pg. 14 1.1.b Executive Summary Project Vision: A Restoration of Place, Dignity, and Legacy The Lockett House is more than a redevelopment project. It is a restoration of place, dignity, and generational legacy in the heart of Overtown. The property is currently owned by Chauncey Lockett and his mother, representing not just real estate, but a family's long-standing presence and commitment to the community. Led by a lifelong Overtown resident, this project transforms a once -overlooked structure into a vibrant, community -centered destination where residents can live with stability, artists can be seen, and neighbors can gather in spaces designed for connection. This is a project rooted in history and carried forward with intention. A place where working families can remain in the neighborhood they know, where opportunity is within reach, and where a morning coffee becomes conversation, and a garden becomes a place for reflection, art, and peace. Attachment: 19172 Backup (19172 : 4/5ths Grant Funding -157 NW 17th Street) Packet Pg. 15 Development Overview What the Lockett House Will Deliver Residential Component The Lockett House will deliver 10 attainable housing units designed to serve a range of income levels while maintaining a strong commitment to deep affordability. • Two studio units at 3o percent AMI • Two studio units at 60 percent AMI • Six two -bedroom units at 7o percent AMI Commercial & Community Space Approximately 3,00o square feet of thoughtfully curated commercial and community space at the ground level, including: • A community coffee shop • An art gallery for local creatives • A public art serenity garden These spaces are intentionally designed to create daily activity, provide a platform for local creatives, and offer a welcoming environment that reflects the culture and resilience of Overtown. The result is not just a building, but a living, breathing space that brings life to the street throughout the day and into the evening. 1.1.b Attachment: 19172 Backup (19172 : 4/5ths Grant Funding -157 NW 17th Street) Packet Pg. 16 Community & Economic Impact Measurable Benefits for Overtown 300+ 15 10 $4M Temporary Jobs Permanent Jobs Attainable Units CRA Investment 1.1.b Construction jobs generated Tied to property operations, the Housing at or below 7o%AMI, A high -leverage public during the build phase, coffee shop, and cultural including deeply affordable units investment that eliminates blight prioritizing local hiring and small programming. at 3o% AMI. and activates the corridor. business participation. The Lockett House addresses multiple priorities of the Omni CRA in a single, efficient intervention. It replaces an underutilized asset -already held within the community -with a productive, income -generating property that contributes to the tax base while directly serving neighborhood residents. By prioritizing local hiring and small business participation, the economic benefits are designed to circulate within the community. Attachment: 19172 Backup (19172 : 4/5ths Grant Funding -157 NW 17th Street) Packet Pg. 17 Development Approach & Strategic Value Revitalization Without Displacement Development Approach The project consists of a full gut rehabilitation of the existing structure, preserving its physical presence while completely modernizing its systems, layout, and performance. This approach honors the legacy of the property while delivering safe, code -compliant, energy -efficient housing. Unlike speculative development, this is a reinvestment by those who already have roots in the community. It demonstrates that revitalization can occur without displacement, and that ownership can remain in the hands of those who have contributed to the neighborhood over time. 1.1.b Strategic Value to the Omni CRA Eliminates blight and activates the corridor • Creates a visible example of inclusive, community -led redevelopment Delivers measurable affordability • Supports small business growth Enhances the public realm through art and placemaking Funding this project is not simply supporting a building. It is preserving legacy while creating opportunity for the future. O The Lockett House sends a powerful signal: that generational ownership matters, that local families can lead meaningful development, and that public investment can strengthen -not replace -community presence. Attachment: 19172 Backup (19172 : 4/5ths Grant Funding -157 NW 17th Street) Packet Pg. 18 Development Team The People Behind the Project 00 n Developer Birdsong Management / Chauncey Lockett Birdsong Management, led by lifelong Overtown resident Chauncey Lockett, serves as the project developer. The developer brings deep community roots and a commitment to delivering quality attainable housing that reflects the character and needs of Overtown and the Omni district. E Architect Design2Form — Zamar Brown, AIA, Principal Zamar Brown is the founder and principal of Design2Form, a Miami -based architecture firm recognized for context -sensitive urban development. The portfolio includes affordable housing, mixed -use, and adaptive reuse across South Florida, with emphasis on efficiency, sustainability, and community impact. 1.1.b n General Contractor To Be Determined A licensed general contractor will be selected through a competitive process prioritizing adaptive reuse, multifamily construction, and urban infill rehabilitation experience with MWBE and local hiring emphasis. A Development Consultant Urban Pointe Developers, LLC — Eric L. Haynes, Principal Urban Pointe Developers is a South Florida -based real estate development and advisory firm specializing in affordable and attainable housing, mixed -use urban redevelopment, and public - private partnerships. The firm has guided the structuring, financing, and delivery of more than 1,000 affordable and workforce housing units in Miami -Dade and Broward counties. Attachment: 19172 Backup (19172 : 4/5ths Grant Funding -157 NW 17th Street) Packet Pg. 19 1.1.b Conceptual Development Budget Total Uses: $4,000,000 Category Basis / Assumption Estimated Cost Hard Costs - Residential io units x $175,000 $1,750,000 Hard Costs - Commercial Buildout 3,00o SF x $200 $600,000 Sitework and Contingency look of hard costs $235,000 Architectural and Engineering 7% of hard costs $18o,000 Permitting, Legal, Insurance Lump sum $60,000 Developer Fee 10% $282,000 Financing and Carry Interest, taxes, closing $120,000 Soft Costs and Admin Project management, accounting $74,000 Total Estimated Development Cost $3,301,000 Reserve and Inflation Allowance lock, of TDC $33o,ioo Overall Project Budget $3,631,1oo CRA Controlled Contingency and Interest Reserve $368,900 Total Uses S4,000,000 O CRA Controlled Contingency and Interest Reserve is not disbursed without CRA approval. Any unused funds will be returned or reprogrammed per CRA direction. Attachment: 19172 Backup (19172 : 4/5ths Grant Funding -157 NW 17th Street) Packet Pg. 20 Rent Loss Analysis — Miami Metro 2025 Basis Affordability Commitment & Rent Loss Unit Type AMI Level Market Rent Restricted Annual Rent Loss Units Total Annual Rent (FMR) Rent per Unit Loss Studio (o BR) 30% $1,828 Studio (o BR) 60% $1,828 2 BR 70% $2,436 Annual Total $263,136 io-Year Cumulative $651 $1,302 $1,951 $187,344 $14,124 2 $28,248 $6,312 2 $12,624 $5,820 6 $34,920 to $75,792 $757,920 Method: Market rents use Miami metro 2025 FMR benchmarks for studio and 2 BR units. Restricted rents are set at the listed AMI levels. Annual rent loss equals market rent minus restricted rent, times 12 months. 1.1.b Attachment: 19172 Backup (19172 : 4/5ths Grant Funding -157 NW 17th Street) Packet Pg. 21 Pro Forma Summary — Year 1 Financial Performance at Stabilization Item Assumption Amount Residential Potential Gross Rent Based on $187,344 restricted rents Residential Vacancy Allowance 5% ($9,367) Commercial Gross Rent 3,000 SF x $18/SF $54,000 Vacancy Allowance 5% of commercial ($2,700) Other Income Laundry, fees $2,500 (estimate) Effective Gross Income $231,777 Operating Expenses Est. 40% of EGI $92,711 Net Operating Income EGI minus $139,066 expenses 1.1.b Key Takeaways • $231,777 Effective Gross Income in Year 1 • $139,066 Net Operating Income • Commercial rent from 3,00o SF coffee shop & gallery contributes $54,00o annually • Operating expenses estimated at 4o%of EGI (placeholder) Attachment: 19172 Backup (19172 : 4/5ths Grant Funding -157 NW 17th Street) Packet Pg. 22 Lockette House 157 NW 17th Street Miami, FL 33136 Affordable Housing Art Gallery Coffee House Public Art Garden Prepared for Omni CRA Presented by Birdsong Management, LLC. Attachment: 19172 Backup (19172 : 4/5ths Grant Funding -157 NW 17th Street) Packet Pg. 23 Birdsong Management, LLC. Executive Summary 1.1.b Lockette House 157 NW 17th Street Miami, FL 33136 Income, Expenses & Cash Flow Property Overview Potential Rental Income Other Income Total Vacancy and Credits Operating Expenses $ 241,344 2,496 (12,067) $ (92,711) Net Operating Income (NOI) $ 139,062 Debt Service: Cash Flow Before Taxes $ 139,062 Purchase/Asking Price Improvements Other Closing Costs Finance Points $ 4,000,000 Total Acquisition Cost $ 4,000,000 Mortgage (s) $ 4,000,000 Down Payment / Investment $ Property Type No. of Units Price Per Unit Total Sq Ft Price Per Sq Ft Income per Unit Expenses per Unit Multi -Family 12 $ 333,333 3,000 $ 1,333 $ 20,320 $ (7,726) Assumptions Loan Information Rental Growth Rate: Expense Growth Rate: Capitalization Rate (Resale): 3.00% 2.00% 7.00% Down Payment: $ Initial Loan Balance: $ 4,000,000 Loan Amount Interest Rate $ 4,000,000 0.00% % of Asking 0.00% 0.00% Term 30 % of Cost 0.00% 100.00% Payment $0 Financial Measurements Year 1 Year 3 Year 7 Notes / Discussion Debt Coverage Ratio (DCR) Loan -to -Value Ratio (LVR) Capitalization Rate Based on Cost Capitalization Rate Based on Resale Price Gross Rent Multiplier Net Present Value (NPV)- B/ Taxes 13.50% Cash on Cash Return - Before Taxes Internal Rate of Return - Before Taxes Modified Internal Rate of Return - Before Taxes 201.3% 3.48% 7.00% 185.0% 3.78% 7.00% 160.6% 4.36% 7.00% 8.44 8.64 (1,756,420) (1,006,584) (12,669) Can't Comp. Can't Comp. Can't Comp. 212.73% 14.13% -46.06% -6.54% Attachment: 19172 Backup (19172 : 4/5ths Grant Funding -157 NW 17th Street) Disclaimer: All information presented is believed to be accurate. The information, calculations and data presented in this report are believed to be accurate but are not guaranteed. The information contained in this report shall not be considered as a accounting or other professional advice. Please seek proper legal and tax advice as appropriate before making investments. Packet Pg. 24 1.1.b Lockette House 157 NW 17th Street Miami, FL 33136 Rent Roll Summary Unit Description Number of Units Per unit Total Percent of Monthly Rent Monthly Sq Ft Sq Ft Total Rev/ Sq Ft Per Unit Rent Annual Rent 0 Bed, 1 Bath (30%) 0 Bed, 1 Bath (60%) 2 Bed, 1 Bath (70%) Commercial Rent 2 2 6 2 1,500 3,000 100.00% $ 651 $ 1,302 $ 15,6; $ 1,302 $ 2,604 $ 31,24 $ 1,951 $ 11,706 $ 140,4i 1.500 $ 2,250 $ 4,500 $ 54,0( Totals 12 1,500 3,000 100.0% 6.704 6,154 $ 20,112 $ 241,34 Unit Mix ■ 0 Bed, 1 Bath (30%) ■ 0 Bed, 1 Bath (60%) 2 Bed, 1 Bath (70%) ■ Commercial Rent Attachment: 19172 Backup (19172 : 4/5ths Grant Funding -157 NW 17th Street) Packet Pg. 25 1.1.b Lockette House 157 NW 17th Street Miami, FL 33136 Other Income Description Monthly Annual Amount Amount Per Unit Per Unit Total Sq. Ft. Sq. Ft. Laundry Totals $ 208 $ 2,496 $ 17 0.14 0.07 $ 208 $ 2,496 $ 17 0.14 0.07 Attachment: 19172 Backup (19172 : 4/5ths Grant Funding -157 NW 17th Street) Packet Pg. 26 1.1.b Lockette House 157 NW 17th Street Miami, FL 33136 Potential Rental Income Less: Vacancy & Credit Losses Other Income Effective Gross Income Operating Expenses Total Operating Expenses Net Operating Income (NOI) Cash Flow Before Taxes Year 1 Sq Ft Per Unit $ 241,344 6.70 1,676.00 (12,067) -0.34 -83.80 2,496 0.07 17.33 $ 231,773 6.44 1,609.53 92,711 2.58 643.83 Annual Property Operating Data Year 2 Sq Ft Per Unit $ 248,584 6.91 1,726.28 (12,429) -0.35 -86.31 2,571 0.07 17.85 $ 238,726 6.63 1,657.82 92,711 2.58 643.83 $ 139,062 3.86 965.711 I $ 146,015 $ 139,062 Year 3 Sq Ft Per Unit $ 256,042 7.11 1,778.07 (12,802) -0.36 -88.90 2,648 0.07 18.39 $ 245,888 6.83 1,707.55 94,565 2.63 656.70 4.06 1,013.991 I $ 151,323 3.86 965.711 I $ 146,015 4.06 1,013.991 I $ 151,323 Year 4 Sq Ft Per Unit $ 263,723 7.33 1,831.41 (13,186) -0.37 -91.57 2,727 0.08 18.94 $ 253,264 7.04 1,758.78 96,457 2.68 669.84 4.20 1,050.851 I $ 156,808 Year 5 Sq Ft Per Unit $ 271,635 7.55 1,886.35 (13,582) -0.38 -94.32 2,809 0.08 19.51 $ 260,862 7.25 1,811.54 98,386 2.73 683.23 4.36 1,088.941 I $ 162,477 4.20 1,050.851 I $ 156,808 4.36 1,088.941 I $ 162,477 4.51 1,128.311 4.51 1,128.31 Attachment: 19172 Backup (19172 : 4/5ths Grant Funding -157 NW 17th Street) © 1993 - 2022 Cash Flow Analyzers) Packet Pg. 27 1.1.b Lockette House 157 NW 17th Street Miami, FL 33136 Potential Rental Income Less: Vacancy & Credit Losses Other Income Effective Gross Income Operating Expenses Total Operating Expenses Net Operating Income (NOI) Cash Flow Before Taxes Year 6 Sq Ft Per Unit $ 279,784 7.77 1,942.94 (13,989) -0.39 -97.15 2,894 0.08 20.09 $ 268,688 7.46 1,865.89 100,353 2.79 696.90 168,335 $ 168,335 Annual Property Operating Data Year 7 Sq Ft Per Unit $ 288,177 (14,409) 2,980 $ 276,749 8.00 2,001.23 -0.40-100.06 0.08 20.70 7.69 1,921.87 $ 102,360 2.84 710.84 4.68 1,168.991 I $ 174,388 4.68 1,168.991 I $ 174,388 Year 8 Sq Ft Per Unit $ 296,823 8.25 2,061.27 (14,841) -0.41-103.06 3,070 0.09 21.32 $ 285,051 7.92 1,979.52 104,408 2.90 725.05 4.84 1,211.031 I $ 180,644 Year 9 Sq Ft Per Unit $ 305,727 8.49 2,123.11 (15,286) -0.42-106.16 3,162 0.09 21.96 $ 293,603 8.16 2,038.91 $ 106,496 2.96 739.55 5.02 1,254.471 I $ 187,107 4.84 1,211.031 I $ 180,644 5.02 1,254.471 I $ 187,107 Year 10 Sq Ft Per Uni $ 314,899 8.75 2,186.80 (15,745) -0.44-109.34 3,257 0.09 22.62 $ 302,411 8.40 2,100.08 108,626 3.02 754.35 5.20 1,299.351 I $ 193,785 5.38 1,345.73 5.20 1,299.351 I $ 193,785 5.38 1,345.73 Attachment: 19172 Backup (19172 : 4/5ths Grant Funding -157 NW 17th Street © 1993 - 2022 Cash Flow Analyzers) Packet Pg. 28 Project Timeline — Phase I From Approval to Stabilization Q1 2026 1 CRA Funding Approval Q2 2026 Final Design and Permitting Q3 2026 Construction Start Q3 2027 Construction Completion Q4 2027 Lease Up and Stabilization The Phase I timeline spans from CRA funding approval in Qi 2026 through full lease -up and stabilization by Q4 2o27. Upon successful completion, the development team intends to pursue adjacent property acquisition to support a future Phase II expansion, further amplifying the project's long-term impact. 1.1.b Attachment: 19172 Backup (19172 : 4/5ths Grant Funding -157 NW 17th Street) Packet Pg. 29 Closing Preserving Legacy. Creating Opportunity. The Lockett House is a high -leverage investment for the Omni CRA - eliminating blight, activating the corridor, and creating a visible example of inclusive, community -led redevelopment. It delivers measurable affordability, supports small business growth, and enhances the public realm through art and placemaking. Project Lockett House 157 NW 17th Street, Overtown, Miami, FL 33136 Developer Birdsong Management Chauncey Lockett Funding Request $4,000,000 Omni CRA Grant or Forgivable Loan Submitted To Omni Community Redevelopment Agency 1401 North Miami Avenue, Miami, FL 33136 Funding this project is not simply supporting a building. It is preserving legacy while creating opportunity for the future. 1.1.b Project Renderings =Eli UMW simm. ism • ttachment: 19172 Backu • 19172 : 4 5ths rant Fundin• - 157 NW 17th treet; Packet Pg. 31 Checklist Cross Reference 1.1.b Application Completeness Overview 01 02 Applicant Information Project Description and Vision Birdsong Management / Chauncey Lockett. Include Sunbiz, articles, and professional licenses as attachments. See Project Description and Development Program sections. Include renderings and photos as attachments. Property Documentation Financial Overview Provide site control, legal description, folio, CRA boundary map, tax assessment, and code compliance status as attachments. See Conceptual Development Budget, Sources and Uses, Rent Loss Analysis, and Pro Forma Summary sections. CRA Funding Request Details Community Benefits Amount: $4,000,000. Requested as grant or forgivable loan. Uses include construction, soft costs, contingency, and reserves. Affordable and attainable housing, veteran preference, construction and permanent jobs, economic impact, corridor activation. MWBE and Local Hiring Strategy Development Team Target 3o percent MWBE and local contractor participation. Outreach plan to local trades and job training partners. Developer: Birdsong Management / Chauncey Lockett. Architect: Design2Form. GC: To be determined. Development Consultant: Urban Pointe Developers. Required Attachments References and Support Omni CRA application form, engagement letter, proof of ownership or Provide references and letters of support tied to veterans and small tenancy, photos, scope of work, financial commitment letters, business initiatives. community support, schedule, insurance. Attachment: 19172 Backup (19172 : 4/5ths Grant Funding -157 NW 17th Street) Packet Pg. 32 Attachments 1. Sunbiz - Corporate Filing- Birdsong Management, LLC. 2. Property Deed 3. Assessor's Report 4. Property Report 5. Grant Application 6. Statement of No Liens 1.1.b Attachment: 19172 Backup (19172 : 4/5ths Grant Funding -157 NW 17th Street) Packet Pg. 33 10/19/25, 5:36 PM Detail by Entity Name 1.1.b DIVISION OF CORPORATIONS nrftug UJ "mpg'. 'org c cx )cx tArr'rD u//iriai Slate of Fturirtu webrile Department of State / Division of Corporations / Search Records / Search by Entity Name / Detail by Entity Name Florida Limited Liability Company BIRDSONG MANAGEMENT, LLC Filing Information Document Number L18000148173 FEI/EIN Number 83-1050168 Date Filed 06/15/2018 Effective Date 06/15/2018 State FL Status ACTIVE Last Event REINSTATEMENT Event Date Filed 09/29/2020 Principal Address 1701 NW 1ST PLACE MIAMI, FL 33136 Mailing Address 1044 NW 53RD STREET MIAMI, FL 33127 Registered Agent Name & Address LOCKETTE, CHAUNCY 1044 NW 53RD STREET MIAMI, FL 33127 Name Changed: 09/29/2020 Authorized Person(s) Detail Name & Address Title MGR LOCKETTE, CHAUNCY 1044 NW 53RD STREET MIAMI, FL 33127 Annual Reports Report Year Filed Date 2023 03/21/2023 2024 04/24/2024 https://search.sunbiz.org/Inquiry/CorporationSearch/SearchResultDetail?inquirytype=EntityName&directionType=1 nitial&search NameOrd Attachment: 19172 Backup (19172 : 4/5ths Grant Funding -157 NW 17th Street) Packet Pg. 34 10/19/25, 5:36 PM 2025 04/30/2025 Detail by Entity Name 1.1.b Document Images 04/30/2025 --ANNUAL REPORT 04/24/2024 --ANNUAL REPORT 03/21 /2023 --ANNUAL REPORT 04/11/2022 --ANNUAL REPORT 04/12/2021 --ANNUAL REPORT 09/29/2020 -- REINSTATEMENT 06/15/2018 -- Florida Limited Liability View image in PDF format View image in PDF format View image in PDF format View image in PDF format View image in PDF format View image in PDF format View image in PDF format Florida Department of State, Division of Corporations Attachment: 19172 Backup (19172 : 4/5ths Grant Funding -157 NW 17th Street) https://search.sunbiz.org/Inquiry/CorporationSearch/SearchResultDetail?inquirytype=EntityName&directionType=l nitial&search NameOrd Packet Pg. 35 1.1.b Ttata IMITRDR CIT aB PREPARED BY 11D TO HZ RBSURI= TO: GIORGI N. LLCM (97-175) ASTORAVY AT LAN 7875 BM RD. 122s UWC IrLOt4IDa 73155 DB: (305) 264-2221 Warranty Deed This Warranty Deed, made and executed the 7 f• day of OCTOBER, 1997 by M.r.B. CORPORATION, a dissolved Florida corporation hereinafter called the grantor, to LSTZLLa LOCKETTE, unmarried whose post office address le 1044 NW 53 ST, M/AMI, FLORIDA 33127, hereinafter called the grantee: (Wherever used herein the tcr?ns grantor' and 'grantee Include all the parties to this instrument and the heirs, legal representatives and assigns of individuals. and the successors and assigns of corporations) Witnesses*: That the grantor, for and in consideration of the sum of $10.00 and other valuable considerations, receipt whereof is hereby acknowledged, hereby grants, bargains, sells, aliens. remises, releases, conveys and confirms unto the grantee all that certain land situate in-DDade County. Florida, yam: LOT 14 ACCORDING TO THE PLAT THIRSOf REIN CORDDZDLOCK 2IH OPLATMBOOK BSADDIPAGET53N TO THE TOWN Or THg PUBLICFMIAMI RECORDS Or DADS COUNTS YLORIDA, =XCZPT � NORTHNEST CORNER or SAID LOT, 'Tag SANE HAING A STRIP or LAND DISCRIBZD AS FOLLOWS • STARTING AT THZ NORTHWEST CORNZR Or THE SAID LOT AND EETZNDING !ASTNARD ALONG THZ NORTH LOT LIIS 50 FEET; THING= DUI SOUTH FOR A DISTANCE Or 30 FIAT; THINCZ DUA WIST A DISTANT Or 50 PUT; THLNCZ DUE NORTH A DISTANCE Or 30 MKT TO THt POINT Or BEGINNDIG. also des0ribed as: LOT 14 IN BLOCK , Or ING To TM FLAT TEKRZOr, RECORDED IN PLPT27BOOK B,, AT PAGZZ 53,DOrELLTH1soN AN,SPUBLIC RECORDS ADDITION, Accoor DADA COUNTS FLORIDA, XXCIPT TEE P RTHIOCBT STARTING ATSma NORTSRZBTOr 8A/D T!ORNZRS01 Us BSAID LOT AND = INDING =�ABTKARD ALONG THC )MATH LOT LIMA 50 FEET; THING DUI SOUTH FOR A DISTANCE Or 30 r1ET; THENCE DUD NEST A DISTANCE Or 50 MIT; THZNCZ DUE NORTH A DISTANCE Or 30 FEET TO THE POINT Or BEGINNING SUBJECT TO: 1. Conditions, restrictions, limitations and easements of record, if any, with no intent to reimpose same. I. AApp{icable zoning ordinances. 3. Kea/ estate fares for the year 1992, 1994 and all subsequent years. PARCEL IDENTIFICATION NO. 01-3125-048-1111 SOCIAL SECURITY NO. Together with all the tenements. hereditaments and appurtenances thereto belonging or in anywise appertaining. To Have and to Hold, the same in fee simple forever. And the grantor hereby covenants with said grantee that the rontor is lawfully seized of said land in fee simple; than the grantor has good right and lawful authority to sell and eo said land; that the grantor hereby fully warrants the !isle to said land and will defend the same against the lawful claims o pe sons whomsoever; and that said land is free of all encumbrances, except taxes as not . rein. 97R466383 1997 OCT 14 15:3 DOCSTFDEE 150.00 SURTX 0.0 HARVEY RUVIN. CLERK, DADE COUNTY, F ecrrlary Sign . d and delivered in the presence of Witness Si ture Q �{u )��� Witnessed Name: r // i Mara/ J OFF.1 5m C.A. n nnFss Witnes Name:Ca (Y1 LvCfk S STATE OF FLORIDA COUNTY OF DADE ss: The foregoing rrnsmument was acknowledged before me this 7ih day of Ojtober 1997, by WAFA AWED, the President of M.F.B. CORPORAT ON, a Flarrda eorporalioq, on behalf of the corporate.: who (& re personally known to me) (has/have produced iza__S -CsR\ .r,K. ULrt F as identification). / In Witneu Whereof the grantor has caused Its nome, and its corporate seal to be hereunto affixed, by its proper offlcers thereunto duly authorized, the day and year first above written. A(.F.B. CO ORATION (Soa1) By: WAFA AWAD, Its President dddress: 320.E Flamineo Road. U 133. Pembroke finer. Florida 33027 S. M. WCAS Y1 COMMISSION I CC 666200 MIRES: Ay 24, 2C431 Wald TWary__ c, tate o led Name: ion Expiration mission No.: omsA pt�•• r>rr tits �nHVLY RUV►N „rr count ent: 19172 Backup (19172 : 4/5ths Grant Funding -157 NW 17th Street cs 4 1.1.b Menu © x JtAKUI1: 1445 nw 1 place PS RErq` O �rwT T olk O F�flu PROPERTY APPRAISER 9M GOJ� �OADE 011 X Suite English PROPERTY INFORMATION O Folio: 01-3125-048-1111 Sub -Division: WADDELLS ADDN Property Address 157 NW 17 ST Owner ESTELLA LOCKETTE Mailing Address 1044 NW 53 ST MIAMI, FL 33127-1836 PA Primary Zone 5700 DUPLEXES - GENERAL Primary Land Use 0803 MULTIFAMILY 2-9 UNITS : MULTIFAMILY 3 OR MORE UNITS Beds / Baths /Half 4/4 / 0 Floors 2 Living Units 5 Actual Area 4,753 Sq.Ft Living Area 4,753 Sq.Ft Adjusted Area 4,163 Sq.Ft Lot Size 4,860 Sq.Ft Attachment: 19172 Backup (19172 : 4/5ths Grant Funding -157 NW 17th Street) Year Built 1939 ZOOM Map View Layers • Packet Pg. 37 MUNICIPALITY: MIAMI ZIP CODE: 33136 1COMMISSION DISTRICT: 3 OPPORTUNITY ZONE: 31 Featured Online Tools Comparable Sales Property Record Cards Report Discrepancies Tax Comparison Value Ad'ustment Board Glossary Property Search Help Report Homestead Fraud Tax Estimator Tax Visualizer 2025 Aerial Photography PA Additional Online Tools Property Taxes Special Taxina Districts and Other Non -Ad valorem Assessments TRIM Notice Year Land Value Building Value Extra Feature Value Market Value Assessed Value 2025 $315,900 $870,700 $0 $1,186, 600 $613,096 2024 $315,900 $616,282 SO $932,182 $557,360 2023 $315,900 $548,601 $0 $864,501 $506,691 Attachment: 19172 Backup (19172 : 4/5ths Grant Funding -157 NW 17th Street) Packet Pg. 38 XABLE VALUE INFORMATION Q 1.1.b Year COUNTY Exemption Value 2025 2024 2023 $0 $0 $0 Taxable Value $613,096 $557,360 $506,691 SCHOOL BOARD Exemption Value $0 $0 $0 Taxable Value $1,186,600 $932,182 $864,501 CITY Exemption Value $0 $0 $0 Taxable Value $613,096 $557,360 $506,691 REGIONAL Exemption Value $0 $0 $0 Taxable Value $613,096 $557,360 $506,691 Benefit Type 2025 2024 2023 Non -Homestead Cap Assessment Reduction $573,504 Note: Not all benefits are applicable to all Taxable Values (i.e. County, School Board, City, Regional). $374,822 $357,810 FULL LEGAL DESCRIPTION Q WADDELLS ADD PB B-53 LOT 14 LESS NW1/4 BLK 27 & W1/2 OF ALLEY LYG E & ADJ CLOSED PER ORD 13492 LOT SIZE 4860 SQ FT M/L Previous Sale Price OR Book -Page Qualification Description Previous Owner 1 Previous Owner 2 10/01/1997 $25,000 17825-3506 Sales which are qualified 04/01/1991 $75,000 14993-2079 Sales which are qualified For more information about the Department of Revenue's Sales Qualification Codes. 2025 2024 2023 AND INFORMATION The calculated values for this property have been overridden. Please refer to the Land, Building, and XF Values in the Assessment Section, in order to obtain the most accurate values. Land Use Muni Zone PA Zone GENERAL T3 0 5700 - DUPLEXES - GENERAL Unit Type Square Ft. Units Calc Value 4,500.00 GENERAL T3 0 5700 - DUPLEXES - GENERAL Square Ft. 360.00 The calculated values for this property have been overridden. Please refer to the Land, Building, and XF Values in the Assessment Section, in order to obtain the most accurate values. Building Number Sub Area Year Built Actual Sq.Ft. Living Sq.Ft. Calc Adj Sq.Ft. Value Attachment: 19172 Backup (19172 : 4/5ths Grant Funding -157 NW 17th Street) 1 2 1 1939 3,153 3,153 1 1939 1,600 1,600 Packet Pg. 39 Current Building Sketches Available DDITIONAL INFORMATION 1.1.b * The information listed below is not derived from the Property Appraiser's Office records. It is provided for convenience and is derived from other government agencies. LAND USE AND RESTRICTIONS Community Development District: Empowerment Zone: Urban Development: Existing Land Use: NONE NORTH CENTRAL INSIDE URBAN DEVELOPMENT BOUNDARY 30-Multi-Family, Low -Density (Under 25 DU/Gross Acre). Community Redevelopment Area: Enterprise Zone: Zoning Code: Omni CENTRAL T3-O-SUBURBAN ZONE Government Agencies and Community Services OTHER GOVERNMENTAL JURISDICTIONS Business Incentives Childrens Trust City of Miami Florida Inland Navigation District Septic - Well: Property List (MDC) Septic - Well: Septic GIS Points ,(DOH) PA Bulletin Board Special Taxing District and Other School Board Non -Ad valorem Assessment Tax Collector Environmental Considerations Septic- Well: Well GIS Points ,(DOH) South Florida Water Mgmt District The information contained herein is for ad valorem tax assessment purposes only. The Property Appraiser of Miami -Dade County is continually editing and updating the tax roll. This website may not reflect the most current information on record. The Property Appraiser of Miami -Dade County and Miami -Dade County assumes no liability, see full disclaimer and User Agreement at https://www.miamidadepagaapa/disclaimer.p_gga For inquiries and suggestions email us at Contact Form. Version: 2.1.0 Attachment: 19172 Backup (19172 : 4/5ths Grant Funding -157 NW 17th Street) Packet Pg. 40 1.1.b 9.4 REC O ! I* O ciao, o PROPERTY APPRAISER \ 4'''DA DE CDJ © 2025 Property Appraiser of Miami -Dade County. All rights reserved. Key Services Property Search Homestead Exemption Save Our Homes Changing Your Property Information Common Forms Help & Support Privacy Statement Disclaimer Accessibility Connect with Us News & Events Contact Us Public Records Requests Careers Under Florida law, e-mail addresses are public records. If you do not want your e-mail address released in response to a public records request, do not send electronic mail to this entity. Instead, contact this office by phone or in writing. _incgT4 MMTTIE PI Wl :TIR TIT:liatE Packet Pg. 41 1,tb Broward, Palm Beaches & St. Lucie REALTOR® - IMAPP Miami -Dade County Tax Report - 157 NW 17TH ST, MIAMI, FL 33136-1955 Report Prepared By Eric Haynes PROPERTY INFORMATION PID # 01-3125-048-1111 Property Type: Multi -Unit Property Address: 157 NW 17TH ST MIAMI, FL 33136-1955 Current Owner: ESTELLA LOCKETTE Tax Mailing Address: 1044 NW 53RD ST MIAMI, FL 33127-1836 Property Use: 08 / MULTIFAMILY 2-9 UNITS Land Use: 1. MULTIFAMILY 2-9 UNITS : MULTIFAMILY 3 OR MORE UNITS (0803)Area: 0.1033 acres / 4,500 sf Zoning: 5700/DUPLEXES -GENERAL 2. MULTIFAMILY 2-9 UNITS : MULTIFAMILY 3 OR MORE UNITS (0803)Area: 0.1116 acres/ 4,860 sf Zoning: 5700/DUPLEXES -GENERAL Total Lot Size: 0.1116 acres / 4,860 sf Waterfront: No Development Name: OCOEE PARK Subdivision: WADDELLS Census Tract/Block: 003100 / 1012 Twn: 53 Rng: 41 Sec: 25 Block: Lot: Coordinates: 25.7918(lat)-80.1983(lon) Legal Description: WADDELLS ADD PB B-53 LOT 14 LESS NW1/4 BLK 27 & W1/2 OF ALLEY LYG E & ADJ CLOSED PER ORD 13492 LOT SIZE 4860 SQ FT M/L VALUE INFORMATION 2021 2022 2023 2024 2025* Building Value: $227,948 $259,032 $548,601 $616,282 Land Value: $199,260 $267,300 $315,900 $315,900 $315,900 Just Market Value: $427,208 $526,332 $864,501 $932,182 $1,186,600 Percent Change: - n/a - 23.2% 64.25% 7.83% 27.29% Total Assessed Value: $418,754 $460,629 $506,691 $557,360 $613,096 Homestead Exemption: NO NO NO NO NO Total Exemptions: $0 $0 $0 $0 $0 Taxable Value: $418,754 $460,629 $506,691 $557,360 $613,096 Total Tax Amount: $8,956.36 $9,928.86 $12,812.70 $13,640.29 -n/a- Taxing District(s): 0100 - MIAMI , $2000k $1800k $1600k $ 1400k $ 1200k $1000k • wok; I $600k 1 $400k•• $200k l City • Property • Subdivision •Zip Code 2019 2020 2021 2022 2023 2024 2025 Located in Opportunity Zone (Low -Income Community-#12086003100)6 ie Equity Estimate: $1,167,857 'Estimate of potential property value and equity Estimated Current Value: $1,177,857 amounts are based on proprietary computational 0% 99 Attachment: 19172 Backup (19172 : 4/5ths Grant Funding -157 NW 17th Street) Packet Pg. 42 `c/413.yl017.1:Mrev1rlQ 1.1.b Deed Type: Sale Date: Grantor: -n/a- 10/01/1997 Recorded Date: Not Available Mortgage Amount: Terms: Lender: Deed Type: Sale Date: Grantor: $10,000 Instrument Date: Attributes: -n/a- 04/01/1991 Recorded Date: Not Available Price: $25,000 Document # Bk 17825/Pg 3506 Grantee: Not Available 10/14/1997 Document # Bk 17825/Pg 3507 There is 1 more sale in our records. Click here to show all sales. Borrower Price: $75,000 Document # Bk 14993/Pg 2079 Grantee: Not Available Qualifiers: Q Qualifiers: Q Qualifier Flags: Q=Qualified, U=Unqualified, 0=Other (see note), M=Multiple, P=Partial, V=Vacant, I=Improved BUILDING INFORMATION 1. MULTIFAMILY 2-9 UNITS : MULTIFAMILY 3 OR MORE UNITS Beds: 0 Bldg Area: Baths: Living Area: Building Subareas: ACA - ADJUSTED COMMERCIAL AREA (196 sf) TWO - TWO STORY (1,400 sf) 3,153 sf Year Built: 1939 act / 1970 eff Units: 1 3,153 sf Adjusted Area: 2,723 sf Stories: 2.0 8 - 8 (196 sf) 2. MULTIFAMILY 2-9 UNITS : MULTIFAMILY 3 OR MORE UNITS Beds: 4 Bldg Area: 1,600 sf Year Built: 1939 act / 1970 eff Units: 4 Building Subareas: Baths: 4.0 Living Area: 1,600 sf Adjusted Area: TWO - TWO STORY (800 sf) 0 sf Stories: 2.0 Covered Parking: No CITY INTERACTIONS Pool: No Building Permits Permit # B019008083001RC001-48643 B019008083001RC001-48501 B019008083001RC001-47983 Type BUILDING RECERTIFICATION/MILESTONE INSPECTION BUILDING RECERTIFICATION/MILESTONE INSPECTION 40 YEAR AND OLDER RECERTIFICATION Description BUILDING RECERTIFICATION/MILESTONE INSPECTION BUILDING RECERTIFICATION/MILESTONE INSPECTION 40 YEAR AND OLDER RECERTIFICATION Issued Value Contractor 08/29/2024 $0 08/29/2024 $0 08/29/2024 $0 ASSIGNED SCHOOLS School Name Grades Enrollment School Rating Phyllis Wheatley Elementary School PK-05 189 B (2023/2024) Q Small Class Sizes Q Below Average Standardized Testing Scores` Jose De Diego Middle School 06-08 868 C (2023/2024) • Below Average Teachers 0 Small Class Sizes CO Below Average Standardized Testing Scores Booker T. Washington Senior High 09-12 1,014 B (2023/2024) L O Small Class Sizes (o Below Average Standardized Testing Scores U Magnet School Report Card Distance FL DOE ' FL DOE FL DOE Source: National Center for Education Statistics, 2022-2023 ; Florida Dept of Education, 2023-2024 FLOOD ZONE DETAILS 0.1 mile 1 miles 0.5 mile Zone Description CID Panel # Published X Area that is determined to be outside the 1% and 0.2% chance floodplains. 120650 12086C0312L 09/11/2009 Source: FEMA National Flood Hazard Layer (NFHL), updated 07/16/2025 PropertyKey.com, Inc., 2025 I Powered by PropertyKey I Information is believed accurate but not guaranteed and should be independently verified. Attachment: 19172 Backup (19172 : 4/5ths Grant Funding -157 NW 17th Street) Packet Pg. 43 1.1.b Omni __ Omni Community Redevelopment Agency (CRA) Grant Funding Application This form is for government entities, organizations, developers, or individuals seeking grant funding. It gathers key details about the request, including funding amount, purpose, location, and compliance with CRA authority. This represents the first step in the application process. Any additional documentation or proposal must be submitted with this form. Name of Entity/Organization/Property Owner [Enter the legal name ofyour organization] Birdsong Management, LLC. Authorized Representative [Name and title of the person authorized to sign] Chauncy Lockette, President Address [Enter project location] 157 NW 17th Street City, State, Zip Code Miami, FL 33136 Phone Number [Authorized Representative] 305-504-0489 Email Address [Authorized Representative] lockette12@yahoo.com Is your organization a Public Entity? Yes No ❑ Isyourorganization a Non -Profit? Yes No ❑ Is your request within the 2019 Omni CRA Plan Yes No If yes explain: Applicable Authority under Chapter 163: Any municipal or county liens? (ifyes, please provide details on a separate page] Yes ❑ No Purpose or use of Funds Complete Gut RRehab off eisting buildings, tenant improvements and conversion of existing units into upgraded housing. Estimated Total Cost $ 5,100,000 CRA Grant Funding Request $ 4,000,000 Source of Other Funding and Amount (if applicable) Owner's Equity Attachment: 19172 Backup (19172 : 4/5ths Grant Funding -157 NW 17th Street) For any questions or assistance, please contact us at 305-679-6852 or omnicra@miamigov.com. Packet Pg. 44 1.1.b Omni �► GRA If applicable, name and address of other entities involved Name: Chauncy Lockette Address: 1044 NW 53rd Street, Miami, FL 33127 Phone Number: 305-504-0489 Required Attachments - Engagement Letter. - Proof of property ownership or tenancy. - Photos of the property (Area for proposed enhancements before improvements). - Proposal/including scope of work. - Other documents you believe pertinent to this application. How did you hear about us? Omni C RA Staff Certification I certify that the information provided in this application is true and correct to the best of my knowledge. I understand that submission of this application does not guarantee funding and that any grant received must be used solely for the purposes stated in this application. I agree to comply with all program requirements and guidelines. Authorized Signature Date October 18, 2025 For Office Use Only Application Received Reviewed By Approved Amount Approved Denied Reason for Denial Notes: Please submit this completed application and all required attachments to: omnicra@miamigov.com or Drop off: 1401 North Miami Ave. Miami. F133136 For any questions or assistance, please contact us at 305-679-6868 or omnicra@miamigov.com. Attachment: 19172 Backup (19172 : 4/5ths Grant Funding -157 NW 17th Street) Packet Pg. 45 1.1.b Birdsong Management 1044 NW 53rd Street Miami, FL 33127 October 18, 2025 Omni Community Redevelopment Agency City of Miami 3500 Pan American Drive Miami, FL 33133 Subject: Statement of No Liens and No Code Violations - Lockette House (157 NW 17th Street, Miami, FL) Dear Sir or Madam: This letter certifies that as of the date of this statement, the property known as "Lockette House," located at 157 NW 17th Street, Miami, Florida, and owned or controlled by Birdsong Management, has no outstanding liens of record, including but not limited to mechanic's liens, mortgage or deed of trust liens, tax liens, or security interests affecting the property. To the best of our knowledge and belief, there are no known violations of municipal or county codes, including building, zoning, fire, health and safety, or other regulatory violations, open against the property or attributable to Birdsong Management. The property is in good standing with all local permitting, inspection, and code compliance requirements, and no notices of violation or enforcement actions remain unsettled. Birdsong Management affirms that it will notify the Omni Community Redevelopment Agency immediately if any lien or violation is filed or arises subsequent to this date and will take all reasonable steps to remove or cure any such lien or violation promptly. This statement is provided for the benefit of the Omni Community Redevelopment Agency in connection with its review of the property for redevelopment or funding consideration and may be relied upon in that capacity. Sincerely, Chauncy Lockette President Attachment: 19172 Backup (19172 : 4/5ths Grant Funding -157 NW 17th Street) Packet Pg. 46 OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY 1.1.c NOTICE OF PUBLIC HEARING The Board of Commissioners ("Board") of the Omni Redevelopment District Community Redevelopment Agency ("OMNI CRA") will hold a Public Hearing on Thursday, April 23, 2026, at 9:30 am or anytime thereafter in the City Commission chambers located at Miami City Hall, 3500 Pan American Drive, Miami, FL 33133. In accordance with the OMNI CRA's 2019 Redevelopment Plan ("Plan") and Chapter 163, Florida Statutes, the Board will consider funding an amount not to exceed Four Million and 00/100 Dollars ($4,000,000.00) to Estella Lockette, an individual and owner of the property, identified by folio number 01-3125-048-1111 located at 157 Northwest 17th Street, Miami, Florida to underwrite the expenditures and costs associated with the construction of a ten (10) unit affordable housing mixed - income project within the OMNI CRA's Redevelopment Area. The project will include two (2) units for income -eligible residents whose annual income is equal to or less than 30% of the Area Median Income ("AMI") for Miami -Dade County, as published annually by the United States Department of Housing and Urban Development ("HUD"), two (2) units for low-income eligible residents whose annual income is equal to or less than 60% AMI for Miami -Dade County, as published by HUD, and six (6) units for moderate -income eligible residents whose annual income is equal to or less than 70% AMI for Miami -Dade County, as published by HUD, and a ground -level community and/or commercial space of approximately three thousand (3,000) square feet. This funding is critical to addressing slum and blight while enhancing affordable housing options in the community, consistent with the goals outlined in the Plan. The Board requests all interested parties be present or represented at the meeting and may be heard with respect to any proposition before the Board, in which the Board may take action. Should any person desire to appeal any decision of the Board with respect to any matter considered at this meeting, that person shall ensure that a verbatim record of the proceedings is made, including all testimony and evidence upon which any appeal may be based (F.S. § 286.0105). Pursuant to Resolution No. CRA-R-25-0031, whenever a scheduled OMNI CRA meeting is cancelled or is not held due to a lack of a quorum or other emergency, a special OMNI CRA meeting will be automatically scheduled for Tuesday immediately following the cancelled meeting. In the event of one of the aforementioned circumstances, the special meeting would be held on April 28, 2026, at 9:30 a.m., or anytime thereafter, in the City Commission chambers located at Miami City Hall, 3500 Pan American Drive, Miami, Florida 33133. All of the scheduled agenda items from that cancelled meeting shall automatically be scheduled as an agenda item at the special OMNI CRA meeting. The Clerk of the Board shall notify the public of the special meeting that is to take place by placing a notice of the special OMNI CRA meeting at the entrance of City Hall, placing a notice on the OMNI CRA's website, and, if feasible, placing an ad in a newspaper of general circulation before the special meeting on the immediately following Tuesday. There shall be no additional notice by publication required for any such scheduled agenda item that is moved to the special OMNI CRA meeting. Inquiries regarding this notice may be addressed to Mr. Carlos I. Suarez, Executive Director, at 1401 N. Miami Ave., 2nd Floor, Miami, Florida 33136, (305) 679-6868. In accordance with the Americans with Disabilities Act of 1990, persons needing special accommodations to participate in this proceeding may contact the Office of the City Clerk at (305) 250-5361 (Voice), not later than two (2) business days prior to the proceeding. TTY users may call 711 (Florida Relay Service), not later than two (2) business days prior to the proceeding. Ad No. 43938 Todd B. Hannon Clerk of the Board Attachment: 19172 Notice to the Public (19172 : 4/5ths Grant Funding -157 NW 17th Street) Packet Pg. 47 OMNI Board of Commissioners Meeting April 23, 2026 1.2 OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY INTER -OFFICE MEMORANDUM Board Chair Damian Pardo and Members of the CRA Board From: Carlos I. Suarez Executive Director Date: April 16, 2026 File: 19197 Subject: Kush Property, LLC — Subordination Request Enclosures: 19197 Exhibit A 19197 Exhibit B 19197 Exhibit C 19197 Backup BACKGROUND: The Omni Redevelopment District Community Redevelopment Agency ("CRA") is tasked with reducing slum and blight within its boundaries and advancing affordable housing objectives under its 2019 Redevelopment Plan. On July 25, 2024, the CRA adopted Resolution No. CRA- R-24-0046 authorizing funding not to exceed $3,100,000.00 to Kush Property, LLC ("Grantee") for rehabilitation of 2003 North Miami Avenue, Miami, Florida 33127, consisting of ground floor commercial space and residential units. Subsequent project execution revealed unanticipated costs necessary to bring the property into full code compliance, including life safety, structural, and building systems upgrades, creating a funding gap. During execution, it was determined the existing staircase did not comply with current building code and ADA requirements, requiring widening and reducing the unit count from eleven (11) to ten (10). As updated, the project includes ground floor commercial space and ten (10) total residential units: eight (8) to be rented to Moderate -Income eligible residents at or below eighty percent (80%) of AMI for Miami -Dade County, and two (2) units at or below one hundred percent (100%) of AMI, as published annually by HUD. The affordability period shall be a total of fifty (50) years commencing at issuance of the Temporary Certificate of Occupancy or Certificate of Occupancy, whichever is earlier. On February 12, 2026, the CRA adopted Resolution No. CRA-R-0006 increasing the CRA funding allocation to an amount not to exceed $5,100,000.00, extending affordability to fifty (50) years, and updating the unit mix. Packet Pg. 48 JUSTIFICATION: 1.2 On March 19, 2026, the NRD-1 Public Benefits Trust Fund ("Trust") of the Wynwood Business Improvement District adopted Resolution No. 26-004 authorizing a low -interest loan not to exceed $2,800,000.00 to the Grantee to satisfy the senior lender for the project. Authorizing subordination of the CRA's loan (not to exceed $5,100,000.00) to the Trust's additional financing (not to exceed $2,800,000.00) will limit the CRA's financial exposure on the property and ensure project completion, furthering the Plan's affordable housing objectives. RECOMMENDATION: Approve authorization for the Executive Director to negotiate and execute an amendment to the Forgivable Loan Agreement, a Subordination Agreement, and any and all other documents, amendments, and extensions necessary to effectuate the subordination of the CRA's loan to the Trust's loan, in forms acceptable to the General Counsel. Approve the subordination of the CRA's loan to Kush Property, LLC in an amount not to exceed $5,100,000.00 to the Trust's loan in an amount not to exceed $2,800,000.00. FUNDING: No additional CRA funding beyond the previously approved not -to -exceed amount of $5,100,000.00 is requested; action sought is limited to loan subordination and related documentation authority. City of Miami Page 2 of 5 File ID: 19197 (Revision: A) Printed On: 4/16/2026 Packet Pg. 49 ,'tigt Omni CRA City of Miami Legislation OMNI CRA Resolution OMNI CRA 1401 N. Miami Avenue Miami, FL 33136 www.miamicra.com File Number: 19197 Final Action Date: A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY ("CRA"), WITH ATTACHMENT(S), AUTHORIZING AND APPROVING THE SUBORDINATION OF THE CRA'S FORGIVABLE LOAN, AS AUTHORIZED PURSUANT TO CRA RESOLUTION NO. CRA-R-24-0046 AND AMENDED PURSUANT TO CRA RESOLUTION NO. CRA-R-26-0006 MADE TO KUSH PROPERTY, LLC, A FLORIDA LIMITED LIABILITY COMPANY, FOR THE MIXED -USE AFFORDABLE HOUSING DEVELOPMENT LOCATED AT 2003 NORTH MIAMI AVENUE, MIAMI FLORIDA, TO ADDITIONAL LENDER NRD-1 PUBLIC BENEFITS TRUST FUND ("TRUST") OF THE WYNWOOD BUSINESS IMPROVEMENT DISTRICT ("BID") IN AN AMOUNT NOT TO EXCEED TWO MILLION EIGHT HUNDRED THOUSAND AND 00/100 DOLLARS ($2,800,000.00); AUTHORIZING THE EXECUTIVE DIRECTOR TO NEGOTIATE AND EXECUTE AN AMENDMENT TO THE FORGIVABLE LOAN AGREEMENT, A SUBORDINATION AGREEMENT, INCLUDING ANY AND ALL OTHER DOCUMENTS, AMENDMENTS, EXTENSIONS NECESSARY TO EFFECTUATE SAID SUBORDINATION, ALL IN FORMS ACCEPTABLE TO THE GENERAL COUNSEL; PROVIDING FOR THE INCORPORATION OF SAID RECITALS AND AN EFFECTIVE DATE. WHEREAS, the Omni Redevelopment District Community Redevelopment Agency ("CRA") is tasked with reducing slum and blight within its boundaries; and WHEREAS, the 2019 Redevelopment Plan ("Plan") on page 4-32 states "to find ways to ensure housing remains affordable for all income levels within the district, but particularly for those households meeting workforce or lower income guidelines," as an objective of the CRA; and WHEREAS, the Plan on page 4-33 states the CRA can "create and implement programs to assist target income households rehabilitate and/or maintain units they currently own" and "devise and implement programs to assist housing providers in creating affordable units for target households"; and WHEREAS, on July 25, 2024, the Board of Commissioners of the CRA as part of its efforts to beautify the CRA area adopted CRA Resolution No. CRA-R-24-0046 (the "Resolution") attached and incorporated herein as Exhibit "A," which authorized the allocation of funds in an amount not to exceed Three Million One Hundred Thousand and 00/100 Dollars ($3,100,000.00) to Kush Property LLC, a Florida Limited Liability Company ("Grantee"), to rehabilitate the property located at 2003 North Miami Avenue, Miami, Florida 33127 ("Property"), located within the CRA boundaries, consisting of ground floor commercial space and residential units; and City of Miami Page 3 of 5 File ID: 19197 (Revision: A) Printed On: 4/16/2026 1.2 Packet Pg. 50 1.2 WHEREAS, subsequent to the adoption of the Resolution, the Grantee experienced unforeseen and unanticipated Project costs required to bring the Property into full code compliance, including but not limited to life safety, structural, and building systems upgrades, thereby creating a funding gap necessitating additional CRA assistance to complete the project as approved; and WHEREAS, during Project execution it was determined that the existing staircase did not comply with current building code and Americans with Disabilities Act ("ADA") requirements, requiring it to be widened, which reduced available floor area and necessitated a reduction in the unit count from eleven (11) to ten (10) units; and WHEREAS, the project now consists of ground floor commercial space and ten (10) total residential units, which after completion eight (8) units will be rented to Moderate -Income eligible residents whose annual income is equal to or less than eighty percent (80%) of the Area Median Income ("AMI") for Miami -Dade County, as published annually by the United Stated Department of Housing and Urban Development ("HUD"), and two (2) units will be for eligible residents whose annual income is equal to or less than one hundred percent (100%) AMI for Miami -Dade County, as published annually by HUD ("Project"); and WHEREAS, Grantee thereby submitted a request to the CRA for additional funding in the amount of Two Million and 00/100 Dollars ($2,000,000.00) to continue the Project; and WHEREAS, the affordability period for the Project shall be extended to a total of fifty (50) years, commencing at the issuance of the Temporary Certificate of Occupancy or Certificate of Occupancy, whichever is earlier; and WHEREAS, on February 12, 2026, the Board of Commissioners of the CRA adopted Resolution No. CRA-R-26-0006, attached and incorporated herein as Exhibit "B," which increased the allocation of funding by an amount not to exceed Two Million and 00/100 Dollars ($2,000,000.00) to an aggregate amount not to exceed Five Million One Hundred Thousand and 00/100 Dollars ($5,100,000.00) to Grantee, extended the period of affordable to fifty (50) years, and updated the unit mix of the Project; and WHEREAS, on March 19, 2026, the Board of the NRD-1 Public Benefits Trust Fund ("Trust") of the Wynwood Business Improvement District ("Bid") adopted Resolution No. 26-004, attached and incorporated herein as Exhibit "C," which authorized a low -interest loan in the amount not to exceed Two Million Eight Thousand and 00/100 Dollars ($2,800,000.00) to Grantee to satisfy the senior lender of the Project; and WHEREAS, the new financing limits the financial exposure of the CRA's loan on the Property and will ensure the completion of the Project; and WHEREAS, the success of the Project will result in accomplishing the stated objectives of the Plan; and WHEREAS, it is in the best interest of the CRA to increase the amount of affordable housing units within the boundaries of the CRA; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF MIAMI, FLORIDA: City of Miami Page 4 of 5 File ID: 19197 (Revision: A) Printed On: 4/16/2026 Packet Pg. 51 Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted by reference and incorporated herein as fully set forth in this Section. 1.2 Section 2. The subordination of the CRA's loan to Grantee in the amount not to exceed Five Million One Hundred Thousand and 00/100 Dollars ($5,100,000.00), as adopted in accordance with Exhibits "A" and "B", attached and incorporated herein to the additional lender Bid's Trust in an amount not to exceed Two Million Eight Hundred Thousand and 00/100 Dollars ($2,800,000.00), as adopted in accordance with Exhibit "C" attached and incorporated herein, is hereby authorized. Section 3. The Executive Director is hereby authorized to negotiate and execute an amendment to the Forgivable Loan Agreement, Subordination Agreement, and any and all other documents, amendments, extensions necessary to effectuate said subordination, all in forms acceptable to the General Counsel. Section 4. This Resolution shall become effective immediately upon its adoption. APPROVED AS TO FORM AND CORRECTNESS: K. ORGE. WYSON - III, ENERAL COUNSEL City of Miami Page 5 of 5 File ID: 19197 (Revision: A) Printed On: 4/16/2026 Packet Pg. 52 1.2.a Trai Omni C R A City of Miami Legislation OMNI CRA Resolution CRA-R-24-0046 OMNI CRA 1401 N. Miami Avenue Miami, FL 33136 www.miamicra.com File Number: 16406 Final Action Date:7/25/2024 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; ALLOCATING GRANT FUNDS FROM THE CRA'S FISCAL YEAR 2023-2024 BUDGET IN AN AMOUNT NOT TO EXCEED THREE MILLION ONE HUNDRED THOUSAND DOLLARS ($3,100,000.00) FOR A MIXED -USE AFFORDABLE HOUSING DEVELOPMENT PROJECT CONSISTING OF NINE (9) MICRO UNITS AT 80% AREA MEDIAN INCOME ("AMI") AND TWO (2) AT 100% AMI AT THE PROPERTY LOCATED AT 2003 NORTH MIAMI AVENUE, MIAMI, FLORIDA 33127, LOCATED IN THE CRA REDEVELOPMENT AREA, TO KUSH PROPERTY LLC ("GRANTEE"); AUTHORIZING THE EXECUTIVE DIRECTOR TO DISBURSE FUNDS IN HER DISCRETION; FURTHER AUTHORIZING THE EXECUTIVE DIRECTOR TO NEGOTIATE AND EXECUTE ANY AND ALL AGREEMENTS NECESSARY AND AMENDMENTS, ALL IN FORMS ACCEPTABLE TO THE GENERAL COUNSEL, FOR THE PURPOSES STATED HEREIN; ALL BEING SUBJECT TO THE AVAILABILITY OF FUNDING AND THE RENTS BEING RESTRICTED FOR THIRTY (30) YEARS AS MORE PARTICULARLY DETAILED IN A RESTRICTIVE COVENANT TO BE RECORDED IN THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA, AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the Omni Redevelopment District Community Redevelopment Agency ("CRA") is tasked with reducing slum and blight within its boundaries; and WHEREAS, Kush Property LLC, a Florida Limited Liability Company ("Grantee"), submitted a request for funding to rehabilitate the property located at 2003 North Avenue Miami, Florida 33127 consisting of commercial space, and eleven (11) total units which after completion will be rented at nine (9) units at eighty (80%) AMI and two (2) units at one hundred percent (100%) AMI ("Project"); and WHEREAS, the 2019 Redevelopment Plan ("Plan") on page 4-32, lists "to find ways to ensure housing remains affordable for all income levels within the district, but particularly for those households' meeting workforce or lower income guidelines," as an objective of the CRA; and City of Miami Page 3 of 5 File ID: 16406 (Revision:) Printed On: 4/16/2026 Attachment: 19197 Exhibit A (19197 : Kush Property, LLC — Subordination Request) Packet Pg. 53 1.2.a WHEREAS, the Plan on page 4-34, states the CRA can "create and implement programs to assist target income households rehabilitate, and/or maintain unit they currently own" and "devise and implement programs to assist housing providers in creating affordable units for target households"; and WHEREAS, the Grantee requests grant funding for the Project in an amount not to exceed three Million One Hundred Thousand Dollars ($3,100,000.00); and WHEREAS, the grant funding for the Project will not be disbursed until verification of the total project funding structure is complete; and WHEREAS, the success of the Project will result in accomplishing the stated objectives of 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 for the Project in an amount not to exceed Three Million One Hundred Thousand Dollars ($3,100,000.00) to be disbursed subject to the availability of funding and the Executive Director's discretion; 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 the Resolution are adopted by reference and incorporated 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 methods as not being practicable or advantageous to the CRA are waived. Section 3. Funds in an amount not to exceed Three Million One Hundred Thousand Dollars ($3,100,000.00) for the Project are allocated, subject to the availability of funding and the Executive Director's discretion, from CRA Fiscal Year 2023-2024 budget, to assist with the Project as requested. Section 4. The Executive Director is authorized to negotiate and execute any and all agreements and amendments, including any and all necessary documents, all in forms acceptable to the General Counsel, for the purposes stated herein, including but not limited to a restrictive covenant, with rents being restricted for a period of Thirty (30) years, detailing rent restrictions which is to be recorded in the public records of Miami - Dade County, Florida. City of Miami Page 4 of 5 File ID: 16406 (Revision:) Printed On: 4/16/2026 Attachment: 19197 Exhibit A (19197 : Kush Property, LLC — Subordination Request) Packet Pg. 54 1.2.a Section 5. This Resolution shall become effective immediately upon its adoption. APPROVED AS TO FORM AND CORRECTNESS: k. ORGE. WYSON - III. ENERAL COUNSEL City of Miami Page 5 of 5 File ID: 16406 (Revision:) Printed On: 4/16/2026 Attachment: 19197 Exhibit A (19197 : Kush Property, LLC — Subordination Request) Packet Pg. 55 giro Tai Omni C R A City of Miami Legislation OMNI CRA Resolution CRA-R-26-0006 OMNI CRA 1401 N. Miami Avenue Miami, FL 33136 www.miamicra.com File Number: 18892 Final Action Date:2/12/2026 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 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 AN ADDITIONAL ALLOCATION OF GRANT FUNDS IN AN AMOUNT NOT TO EXCEED TWO MILLION AND 00/100 DOLLARS ($2,000,000.00) FOR THE MIXED -USE AFFORDABLE HOUSING PROJECT LOCATED AT 2003 NORTH MIAMI AVENUE, MIAMI, FLORIDA 33127, WITHIN THE CRA'S REDEVELOPMENT AREA TO KUSH PROPERTY LLC, A FLORIDA LIMITED LIABILITY COMPANY; EXTENDING THE AFFORDABILITY PERIOD OF THE PROJECT TO FIFTY (50) YEARS, COMMENCING AT THE ISSUANCE OF THE TEMPORARY CERTIFICATE OF OCCUPANCY ("TCO") OR CERTIFICATE OF OCCUPANCY, WHICHEVER IS EARLIER AND AMENDING THE MIX TO TEN (10) UNITS; FURTHER AUTHORIZING THE EXECUTIVE DIRECTOR TO NEGOTIATE AND EXECUTE AN AMENDMENT TO THE GRANT AGREEMENT AND SUPPORTING DOCUMENTS, ALL IN A FORM ACCEPTABLE TO THE GENERAL COUNSEL, INCLUDING ANY AND ALL OTHER NECESSARY DOCUMENTS, AMENDMENTS, AND MODIFICATIONS THERETO, TO EFFECTUATE SAID AMENDMENTS, ALL BEING SUBJECT TO THE AVAILABILITY OF FUNDING UPON THE PRESENTATION OF INVOICES OR SATISFACTORY DOCUMENTATION, AND RESTRICTIVE COVENANT BEING RECORDED IN THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA; PROVIDING FOR THE INCORPORATION OF RECITALS AND AN EFFECTIVE DATE. WHEREAS, the Omni Redevelopment District Community Redevelopment Agency ("CRA") is tasked with reducing slum and blight within its boundaries; and WHEREAS, the 2019 Redevelopment Plan ("Plan") on page 4-32 lists "to find ways to ensure housing remains affordable for all income levels within the district, but particularly for those households meeting workforce or lower income guidelines," as an objective of the CRA; and WHEREAS, the Plan on page 4-33 states the CRA can "create and implement programs to assist target income households rehabilitate and/or maintain units they currently own" and City of Miami Page 3 of 5 File ID: 18892 (Revision: A) Printed On: 4/16/2026 1.2.b Packet Pg. 56 1.2.b "devise and implement programs to assist housing providers in creating affordable units for target households"; and WHEREAS, on July 25, 2024, the CRA as part of its efforts to beautify the OMNI Community Redevelopment District adopted CRA Resolution No. CRA-R-24-0046 (the "Resolution"), which authorized the allocation of funds in an amount not to exceed Three Million One Hundred Thousand and 00/100 Dollars ($3,100,000.00) to Kush Property LLC, a Florida Limited Liability Company ("Grantee"), to rehabilitate the property located at 2003 North Miami Avenue, Miami, Florida 33127 ("Property"), located within the CRA boundaries, consisting of ground floor commercial space and residential units; and WHEREAS, subsequent to the adoption of the Resolution, the Grantee experienced unforeseen and unanticipated project costs, primarily attributable to additional requirements imposed by the City of Miami to bring the Property into full code compliance, including but not limited to life safety, structural, and building systems upgrades, thereby creating a funding gap necessitating additional CRA assistance to complete the project as approved; and WHEREAS, during project execution it was determined that the existing staircase did not comply with current building code and Americans with Disabilities Act ("ADA") requirements, requiring it to be widened, which reduced available floor area and necessitated a reduction in the unit count from eleven (11) to ten (10) units; and WHEREAS, the project now consists of ground floor commercial space and ten (10) total residential units, which after completion eight (8) units will be rented to Moderate -Income eligible residents whose annual income is equal to or less than eighty percent (80%) of the Area Median Income ("AMI") for Miami -Dade County, as published annually by the United Stated Department of Housing and Urban Development ("HUD"), and two (2) units will be for eligible residents whose annual income is equal to or less than one hundred percent (100%) AMI for Miami -Dade County, as published annually by HUD ("Project"); and WHEREAS, Grantee thereby submitted a request for additional funding in the amount of Two Million and 00/100 Dollars ($2,000,000.00) to continue the Project; and WHEREAS, the affordability period for the Project shall be extended to a total of fifty (50) years, commencing at the issuance of the Temporary Certificate of Occupancy or Certificate of Occupancy, whichever is earlier; and WHEREAS, the grant funding for the Project will not be disbursed until verification of the total project funding structure is complete; and WHEREAS, the success of the Project will result in accomplishing the stated objectives of 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 additional grant funds to Grantee for the Project in an amount not to exceed Two Million and 00/100 Dollars ($2,000,000.00) to be disbursed subject to the availability of funding, upon the presentation of invoices or satisfactory documentation; City of Miami Page 4 of 5 File ID: 18892 (Revision: A) Printed On: 4/16/2026 Packet Pg. 57 1.2.b 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 the Resolution are adopted by reference and incorporated 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 methods as not being practicable or advantageous to the CRA are waived. Section 3. Additional funds in an amount not to exceed Two Million and 00/100 Dollars ($2,000,000.00) for the Project are allocated from the CRA Fiscal Year 2025-2026 budget, subject to the availability of funding, presentation of invoices or satisfactory documentation, and a restrictive covenant being recorded in the public records of Miami -Dade County, Florida. Section 4. The Executive Director is hereby authorized to negotiate and execute an amendment to the grant agreement and supporting documents, including any and al other necessary documents, amendments, and modifications thereto, all in forms acceptable to the General Counsel, to effectuate said amendment, including but not limited to a restrictive covenant detailing the rental unit mix for rent restrictions as stated herein, with rents being restricted for a period of Fifty (50) years, commencing at the issuance of the Temporary Certificate of Occupancy or Certificate of Occupancy, whichever is earlier, to be recorded in the public records of Miami -Dade County, Florida. Section 5. This Resolution shall become effective immediately upon its adoption. APPROVED AS TO FORM AND CORRECTNESS: x • ORGE. WYSONIII. ENERAL COUNSEL City of Miami Page 5 of 5 File ID: 18892 (Revision: A) Printed On: 4/16/2026 Packet Pg. 58 1.2.c RESOLUTION 26-004 A RESOLUTION BY THE WYNWOOD BUSINESS IMPROVEMENT ("BID") PUBLIC BENEFITS TRUST FUND COMMITTEE ("TRUST") AUTHORIZING THE WYNWOOD BID EXECUTIVE DIRECTOR TO EXECUTE A LOAN AGREEMENT AND ALL OTHER DOCUMENTS NECESSARY TO KUSH PROPERTY, LLC, FOR THE PROJECT LOCATED AT 2003 NORTH MIAMI AVENUE, MIAMI, FLORIDA WHICH SHALL CONTAIN TEN (10) WORKFORCE HOUSING UNITS, ALL IN FROMS ACCEPTABLE TO THE CITY ATTORNEY; FURTHER AUTHORIZING THE WYNWOOD BID EXECUTIVE DIRECTOR TO TAKE ANY AND ALL STEPS NECESSARY TO ALLOCATE AND DISBURSE A LOAN IN THE AMOUNT OF TWO MILLION TWO HUNDRED THOUSAND DOLLARS AT FOUR PERCENT (4%) LOAN, WITH $600,000.00 IN NO INTEREST INCENTIVES. WHEREAS, pursuant to section 62-644, of the City of Miami Code of Ordinances, as amended, the Wynwood Business Improvement District may collect cash contributions to support reinvestment and supplement affordable/workforce housing, public parks and open space, and civic space or civil support space within the NRD-1 boundaries ("PBTF"); and WHEREAS, the property located at 2003 N. Miami Avenue, Miami, Florida is within the NRD-1 boundaries and is creating ten (10) workforce housing units ("Project"); NOW, THEREFORE BE IT RESOLVED, the committee formed to oversee and allocate the PBTF funds approves a loan in the amount of $2.2 million at four percent (4%) to the Project, as well as, a forgiveable loan in the amount of $600,000.00 at zero interest in incentives, which both loans shall be in first lien position. Dated this 19 day of March 2026 Scott Sherman Chairman, NRD-1 Public Benefits Trust Fund Committee Packet Pg. 59 1.2.d KUSH HOSPITALITY To Whom It May Concern, I am writing on behalf of Kush Property LLC regarding the existing loan agreement involving Omni Community Redevelopment Agency (Omni CRA). Kush Property LLC is currently in the process of refinancing its existing loan. As part of this process, we respectfully request that Omni CRA is willing to maintain its current position in second lien position and that its forgivable loan will remain subordinate to the new financing. This accommodation will allow Matthew Kuscher, as owner of Kush Property LLC, to proceed with refinancing while preserving the existing structure and intent of the Omni CRA's support. We greatly appreciate Omni CRA's continued partnership and consideration of this request. Please feel free to contact me directly should you require any additional information or documentation to facilitate this process. Thank you for your time and cooperation. Sincerely, Matthew Kuscher Owner Kush Property LLC Attachment: 19197 Backup (19197 : Kush Property, LLC — Subordination Request) Packet Pg. 60 OMNI Board of Commissioners Meeting April 23, 2026 2.1 OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY INTER -OFFICE MEMORANDUM Board Chair Damian Pardo and Members of the CRA Board Carlos I. Suarez Executive Director Date: April 6, 2026 File: 19145 Subject: OMNI CRA External Audit Report for FY 2025 Enclosures: 19145 External Audit Report 19145 Financial Statements BACKGROUND: Discussion regarding the Independent Annual Audit Report for Fiscal Year 2025. Packet Pg. 61 /r 1Li. ,.► Omni CRA City of Miami Legislation OMNI CRA Discussion 2.1 OMNI CRA 1401 N. Miami Avenue Miami, FL 33136 www.miamicra.com File Number: 19145 Final Action Date: PRESENTATION OF EXTERNAL AUDIT REPORT FOR FISCAL YEAR 2025. City of Miami Page 2 of 2 File ID: 19145 (Revision:) Printed On: 4/16/2026 Packet Pg. 62 2.1.a + x 'RicViie rtomolvc, 77L\. Certified 1'iit19lic Accotnotavit & CovismItawt Omni Community Redevelopment Agency 2025 Audit Results and Required Communications Report to Those Charged with Governance Packet Pg. 63 2.1.a x IChle TaVIGbc, -P,7, Certified Trnblic {iccoahta1t & Covlsrnitavit 13453 SW 105"' Ave, Miami, Florida 3317G / T. (3D5) 720-25D2 March 5, 2026 Management and Board Members City of Miami Omni Community Redevelopment Agency Miami, Florida Dear Management and Board Members: We are pleased to present the results of our audit of the basic financial statements of the City of Miami Omni Community Redevelopment Agency (the "Agency") for the year ended September 30, 2025. This report summarizes our audits, the scope of our engagement, and key observations and findings from our audit procedures for the year ended September 30, 2025. This report also contains the communications required by our professional standards and by Government Auditing Standards. The audit was designed to express an opinion on the Agency's 2025 basic financial statements. In accordance with professional standards, we obtained a sufficient understanding of internal control to plan the audits and to determine the nature, timing, and extent of tests to be performed. However, we were not engaged to and we did not perform an audit of internal control over financial reporting. This report is intended solely for the information and use of those charged with governance, and is not intended to be and should not be used by anyone other than these specified parties. We appreciate this opportunity to meet with you to discuss the contents of this report, and to answer any questions that you may have about this report or any other audit -related matters. If you have any questions, please contact Richie C. Tandoc, Partner in charge of the audit, at (305) 720-2502. Very truly yours, , Packet Pg. 64 2.1.a Omni Community Redevelopment Agency 2025 Audit Results and Required Communications Generally Accepted Auditing Standards and Government Auditing Standards require the auditor to communicate certain matters to those charged with governance that may assist in overseeing management's financial reporting and disclosure process. Below is a summary of these required communications, and our response to each, as they apply to the Agency as of and for the fiscal year ended September 30, 2025. Required Communication Response Auditors' Responsibilities Under Generally Accepted Auditing Standards (GAAS) and Government Auditing Standards (GAS) Our responsibility is to express an opinion on the Agency's financial statements based on our audit conducted in accordance with auditing standards generally accepted in the United States and Government Auditing Standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. In addition, we are required to report on the Agency's internal control over financial reporting and on compliance and other matters. However, providing assurance on the internal control or compliance with certain provisions of laws, regulations, contracts, and agreements was not an objective of our audit, and accordingly, we do not express such an opinion. We have issued an unmodified opinion (i.e. clean opinion) on the Agency's basic financial statements for the year ended September 30, 2025. We have also issued our report on the Agency's internal control over financial reporting and on compliance and other matters for the year ended September 30, 2025. We reported two significant deficiencies in internal control in our report. Both reports are dated March 5, 2026. Significant Accounting Policies Initial selection of and changes in significant accounting policies or their application and new accounting and reporting standards during the year must be reported. In addition, we must discuss our judgments about the quality, not just the acceptability, of the accounting policies as applied in the Agency's financial reporting. The Agency's significant accounting policies are described in Note 1 to the financial statements. Accounting principles selected by management are consistent with those prescribed by government accounting standards, and the Agency's financial statements and related disclosures are clearly presented in a complete manner. Accounting Estimates The preparation of the financial statements requires the use of accounting estimates. We are required to inform those charged with governance of such accounting estimates and about our conclusions regarding the reasonableness of those estimates. For fiscal year ended September 30, 2025, management's judgment was called upon to establish the useful lives of capital assets. We have determined that such estimates are reasonable. Methods of Accounting for Significant Unusual Transactions and for Controversial or Emerging Areas We are required to inform those charged with governance about the methods used to account for significant unusual transactions and the effects of significant accounting policies in controversial or emerging areas for which there is a lack of authoritative guidance or consensus. We did not identify any significant unusual transactions by the Agency or any significant accounting policies used by the Agency related to controversial or emerging areas for which there is a lack of authoritative guidance. Significant and/or Unadjusted Audit Adjustments We are required to inform those charged with governance about auditor adjustments arising from the audit (whether recorded or not) that could, in our judgment, have a significant effect, individually or in the aggregate, on the Agency's financial statements. We had no significant or unadjusted audit adjustments during the current year's audit. All adjustments made during the audit were proposed by the Finance Officer, and approved by us. 1 Packet Pg. 65 2.1.a Omni Community Redevelopment Agency 2025 Audit Results and Required Communications Required Communication Response Fraud and Illegal Acts We are required to inform those charged with governance about any and all fraud and illegal acts involving senior management and any fraud and illegal acts (whether caused by management or other employees) that cause a material misstatement of financial resources. We are not aware of any fraud or illegal acts that occurred during the fiscal year involving senior management, or any fraud or Illegal acts involving any employee that would cause a material misstatement of the financial statements. Disagreements or Difficulties with Management We are required to inform those charged with governance about any significant disagreements or difficulties encountered with management. We did not encounter any significant disagreements or difficulties with management during the course of the audit. Major Issues Discussed with Management Prior to Retention We are required to inform those charged with governance about any major issues discussed with management prior to retaining us as auditors. We did not discuss any major issues with management prior to retaining us as your auditors. Independence We are required to communicate with those charged with governance, at least annually, the following: 1. Disclose, in writing, all relationships between us and the Agency and its related entities that, in our professional judgment, may reasonably be thought to impede our independence; 2. Confirm in writing that, in our professional judgment, we are independent of the Agency in accordance with generally accepted auditing standards and Government Auditing Standards; and 3. Disclose any non -audit services performed for the Agency. 1. There are no relationships between us and the Agency and its related entities that, in our professional judgment, may reasonably be thought to impede our independence. 2. With regards to our audit of the Agency as of September 30, 2025, we are independent with respect to the Agency, in accordance with Rule 101 of the American Institute of Certified Public Accountants' Code of Professional Conduct, its interpretations and rulings, and Government Auditing Standards. 3. We have not performed any non -audit services for the Agency during the fiscal year ended September 30, 2023, or thereafter, except for assistance in preparing the financial statements. Management Letter We are required to issue a management letter responding to certain requirements in accordance with the Rules of the Auditor General of the State of Florida. We have issued a management letter in accordance with the Rules of the Auditor General of the State of Florida, dated March 5, 2026. Management Representations We are required to communicate with those charged with governance about representations requested from management. We requested certain representations from management that are included in the management representation letter dated March 5, 2026. 2 Packet Pg. 66 2.1.b CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A Component Unit of the City of Miami, Florida) Basic Financial Statements September 30, 2025 Attachment: 19145 Financial Statements (19145 : OMNI CRA External Audit Report for FY 2025) Packet Pg. 67 2.1.b CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA) TABLE OF CONTENTS SEPTEMBER 30, 2025 Independent Auditor's Report Management's Discussion and Analysis (Required Supplementary Information) Pages 1-2 3-8 Basic Financial Statements: Government -wide Financial Statements: Statement of Net Position 9 Statement of Activities 10 Fund Financial Statements: Balance Sheet — Governmental Funds 11 Reconciliation of the Balance Sheet - Governmental Funds to the Statement of Net Position 12 Statement of Revenues, Expenditures, and Changes in Fund Balances — Governmental Funds 13 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds to the Statement of Activities 14 Notes to Basic Financial Statements 15-24 Required Supplementary Information (Unaudited): Budgetary Comparison Schedule — Special Revenue Fund Note to Required Supplementary Information 25 26 Other Reports: Independent Auditor's Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance With Government Auditing Standards 27-28 Management letter in Accordance with the Rules of the Auditor General of the State of Florida 29-30 Independent Accountants Report on Compliance with Sections 163.387(6) and (7), Florida Statutes 31 Attachment: 19145 Financial Statements (19145 : OMNI CRA External Audit Report for FY 2025) Packet Pg. 68 2.1.b X 1c' T iobc, C6rtifieci itnblic { ccoAvrt-atirt- Goosv►ito 13453 Sw 105" Ava, Florida 33174) 1 T. (305)1zo-250l INDEPENDENT AUDITOR'S REPORT The Board of Directors City of Miami Omni Community Redevelopment Agency: Opinions We have audited the accompanying financial statements of the governmental activities and each major fund of the City of Miami Omni Community Redevelopment Agency (the Agency), a component unit of the City of Miami, Florida, as of and for the year ended September 30, 2025, and the related notes to the financial statements, which collectively comprise the Agency's basic financial statements as listed in the table of contents. In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of the Agency as of September 30, 2025, and the respective changes in financial position thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.. Basis for Opinions We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor`s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Agency, and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Agency's ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter. Auditor's Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing standards and Government Auditing Standards will always detect a material misstatement when it exists. Attachment: 19145 Financial Statements (19145 : OMNI CRA External Audit Report for FY 2025) 1 Packet Pg. 69 2.1.b The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control, Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. In performing an audit in accordance with generally accepted auditing standards and Government Auditing Standards, we: • Exercise professional judgment and maintain professional skepticism throughout the audit. • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Agency's internal control. Accordingly, no such opinion is expressed. • Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. • Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Agency's ability to continue as a going concern for a reasonable period of time. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control -related matters that we identified during the audit. Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management's discussion and analysis and budgetary comparison information be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated March 5, 2026 on our consideration of the Agency's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with GovernmentAuditing Standards in considering the Agency's internal control over financial reporting. Pickit-T404mP17 Miami, Florida March 5, 2026 Attachment: 19145 Financial Statements (19145 : OMNI CRA External Audit Report for FY 2025) 2 Packet Pg. 70 2.1.b CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA) MANAGEMENT'S DISCUSSION AND ANALYSIS - UNAUDITED SEPTEMBER 30, 2025 This section of the City of Miami Omni Community Redevelopment Agency (the Agency) financial statement presents management's analysis of the financial performance during the fiscal year that ended September 30, 2025. This discussion addresses whether or not the Agency as a whole is better off or worse off as a result of this year's activities. Overview The purpose of the Agency is to eliminate blight and slum conditions within the redevelopment area of the Agency, pursuant to the redevelopment plans of the Agency for new residential and commercial activity in the Omni area. The Agency's primary source of revenue is tax -increment funds. This revenue is computed by applying the operating tax rate for the City and the County, multiplied by the increased value of property located within the boundaries of the redevelopment areas of the Agency, over the base property value, minus 5%. Both the City and the County are required to fund this amount annually without regard to tax collections or other obl igations. On June 24, 1996, the City and County entered into an Interlocal Cooperation Agreement with the Agency, whereby the Agency will receive over a three-year period, commencing on the date of the Agreement, a total of $1.2 million of tax increment revenue contributed by the City and County. If within the three-year period the Agency receives more than $1.2 million in tax increment revenue, the excess shall be remitted to the County for the Performing Arts Center Project. Thereafter, the Agency shall remit to the County tax increment funds received up to, but no more than $1.43 million per year. The obligation to pay the $1.43 million each year shall cease at such time that the County has no Performing Arts Center construction bonds outstanding. On December 31, 2007, the City and County entered into an Interlocal Agreement with the Agency, whereby in addition to the $1.43 million per year described above for the Performing Arts Center project, the Agency shall remit on March 31, 2010 and every March 31st thereafter ending on March 31, 2012 an amount equal to 35°I0 of the amount by which the increment revenue exceeds $1.43 million, and on March 31, 2013 and every March 315t thereafter until March 31, 2027, including any additional time extensions beyond March 31, 2027, an amount equal to the greater of $1.43 million or 35% of the increment revenue, provided that the mounts remitted by the Agency do not exceed $25 million in any fiscal year. This Interlocal Agreement was amended in 2020, and again on May 8, 2025, to acknowledge and agree that the projects identified in the 2020 Redevelopment Plan, other projects in the Redevelopment Area, along with a list of priority projects, shall be funded by the Agency utilizing tax increment revenues. On August 6, 2007, the City, County and The Children's Trust (the Trust) entered into an Interlocal Agreement with the Agency, whereby the Agency would receive from the Trust, on an annual basis, tax increment revenues derived from the imposition of a half -mil tax levied by the Trust against real property located within the redevelopment district (referred to as Trust revenues). The agency agreed to use the Trust revenues for debt service on, and other obligations relating to, existing debts of the Agency only after all other available tax increment revenues have been exhausted for such purpose, and to remit to the Trust on the last day of the Agency's fiscal year, all of the Trust revenues that are not needed for debt service on, or other obligations relating to, existing debts of the Agency. Further, the Agency's policy is set by a board of directors comprised of the five members of the City commission and are separate, distinct and independent from the governing body of the City; and its management plan is executed by a small professional staff led by its executive director. Attachment: 19145 Financial Statements (19145 : OMNI CRA External Audit Report for FY 2025) 3 Packet Pg. 71 2.1.b CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA) MANAGEMENT'S DISCUSSION AND ANALYSIS - UNAUDITE❑ SEPTEMBER 30, 2025 Financial Highlights The assets of the Agency exceeded its liabilities at the close of its most recent fiscal year by $55,786,307. Of this amount, $37,098,774 was invested in capital assets net of related debt, $2,521,095 was restricted for debt service, resulting in $16,166,438 (unrestricted net position) available to meet the Agency's obligations to citizens in the Omni district. At the close of the current fiscal year, the Agency's governmental funds reported combined ending fund balances of $29,031m624 a decrease of $3,314,610 in comparison with the prior year. Overview to the Financial Statements This discussion and analysis is intended to serve as an introduction to the Agency's basic financial statements. The Agency's basic financial statements are comprised of three components: • Government -wide financial statements • Fund financial statements • Notes to the basic financial statements In addition, the Agency reports, as required supplementary information, a budget to actual comparison and notes to the required supplementary information. Government -wide Financial Statements The government -wide financial statements are designed to provide readers with a broad overview of the Agency's finances, in a manner similar to a private -sector business (i.e. economic resources and measurement focus). The statement of net position presents information on all of the Agency's assets and liabilities, with the difference between the two reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the Agency is improving or deteriorating. The statement of activities presents information showing how the Agency's net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of the related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods. The government -wide financial statements may be found on pages 9 and 10 of this report. Fund Financial Statements A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The Agency, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance related legal requirements. All of the funds of the Agency are categorized as governmental funds. Governmental funds are used to account for essentially the same functions reported as governmental activities in the government -wide financial statements. However, unlike the government -wide financial statements, governmental fund financial statements focus on near -term inflows and outflows of expendable resources, as well as on balances of expendable resources available at the end of the fiscal year. Such information may be useful in evaluating a government's near -term financing requirements. Because the focus of governmental funds is narrower than that of the government -wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government -wide financial statements. By doing so, readers may better understand the long-term impact of the government's near -term financing decisions. 4 Attachment: 19145 Financial Statements (19145 : OMNI CRA External Audit Report for FY 2025) Packet Pg. 72 2.1.b CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA) MANAGEMENT'S DISCUSSION AND ANALYSIS - UNAUDITED SEPTEMBER 30, 2025 Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. The Agency maintains three individual governmental funds during fiscal year 2025. Information is presented separately in the governmental fund balance sheet and in the governmental fund statement of revenues, expenditures, and changes in fund balances for each governmental fund. The basic governmental fund financial statements can be found on pages 11 and 13 of this report. The reconciliations between the governmental funds and governmental activities can be found on pages 12 and 14 of this report. Notes to the Basic Financial Statements The notes provide additional information that is essential to a full understanding of the data provided in the government -wide and fund financial statements. The notes to the basic financial statements can be found on pages 15 to 24 of this report. Budgetary Highlights The Agency adopts an annual budget on an individual fund basis. Budgetary comparison schedules have been provided for the Special Revenue Fund to demonstrate compliance with the budget on page 25 of this report. The following is a brief review of the significant variances between the original budget and the final budget, as well as the significant variances between the final budget and actual amounts, for the Special Revenue Fund: • The significant variance between the final budget and actual amounts reported for investment income is a result of investment income not being an item budgeted by management of the Agency. • The significant variance between the final budget and actual amounts reported for community redevelopment expenditures is a result of redevelopment projects that either did not commence yet or were not yet completed as planned. Financial Analysis Government -Wide Analysis Our analysis of the financial statements of the Agency begins below. The Statement of Net Position and the Statement of Activities report information about the Agency's activities that will help answer questions about the position of the Agency. A comparative analysis is provided below. Table A-1 Summary of Net Position FY 2025 FY 2024 Current assets $ 30,128,068 Capital assets, net 37,098,774 Total assets 67,226,842 Current liabilities 1,096,444 Non -current liabilities 10,344,091 Total liabilities 11,440,535 $ 32,486,140 37,592,443 70,078 583 139,906 12,611,803 12,751,709 Attachment: 19145 Financial Statements (19145 : OMNI CRA External Audit Report for FY 2025) 5 Packet Pg. 73 2.1.b CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA) MANAGEMENT'S DISCUSSION AND ANALYSIS - UNAUDITE❑ SEPTEMBER 30, 2025 Table A-1 Summary of Net Position (continued) Net position: Net investment in capital assets Restricted Unrestricted Total net position FY 2025 FY 2024 37,098,774 2,521,095 16.166.438 S 55,786,307 37,592,443 2,521,095 17.213,336 $ 57,326,874 ■ Total assets increased from the prior year mainly as a result of the decrease in cash. ■ Total liabilities decreased from the prior year as a result of the current year's debt service payment on the tax increment notes. ■ Total net position decreased from the prior year as a result of the overall net decrease in operations. Table A-2 Summary of Changes in Net Position Revenues: Charges for services Intergovernmental: Operating General revenues: Tax increment revenue Investment income Total revenues Expenses: General government Community redevelopment Interest on long-term obligations Total expenses Change in net position Net position, beginning of year FYE 2025 FYE 2024 $ 165,587 $ 394,424 1,115,031 43,218,025 1,829,859 46,328,502 1,930,547 45,435,708 502,814 47,869,069 129,580 37,506,663 1,543,268 39,573,935 1,360,241 24,846,578 592,239 26,798,917 (1,540,567) 12,775,018 57,326,874 44,551,856 Net position, end of year $ 55,786,307 S 57,326,874 ■ Tax increment revenue increased in the current year as a result of the increase in the payout by the City and the County. ■ Community redevelopment expenditures increased in the current year as a result of the significant increase in grant and project activity from the prior year. Individual Fund Analysis The fund balance for the Special Revenue Fund decreased from $29,825,139 at September 30, 2024 to $26,510,529 at September 30, 2025. Fund balance for the Debt Service Fund remained the same at $2,521,095 as September 30, 2024 and September 30, 2025. Since the Agency only has governmental funds/activities, the changes in fund balance also explain the increases in net position. The following are key factors in the changes in fund balances for 2025: Attachment: 19145 Financial Statements (19145 : OMNI CRA External Audit Report for FY 2025) 6 Packet Pg. 74 2.1.b CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA) MANAGEMENT'S DISCUSSION AND ANALYSIS - UNAUDITE❑ SEPTEMBER 30, 2025 • The significant decrease in fund balance in the Special Revenue Fund was mainly due to the significant increase in grant and project expenditure activity from the prior year. Capital Assets As of September 30, 2025,.the Agency's investment in capital assets, net of accumulated depreciation, amounted to $37,098,774, decreasing from $37,592,443 as of September 30, 2024. Summary of Capital Assets (Net of Accumulated Depreciation) Land Construction -in -progress Infrastructure Total capital assets Fiscal Year 2025 $ 17,155,178 6,673,092 13,270,504 $ 37,098,774 Fiscal Year 2024 $ 17,155,178 6,673,092 13,764,173 $ 37,592,443 Additional capital asset information can be found on page 19 of this report. Debt Management On March 6, 2018, the Agency issued Tax Increment Revenue Note, Tax-exempt Series 2018A, in the aggregate principal amount of $10,000,000, maturing through September 1, 2029, at an interest rate of 3.25% payable semi-annually on March 1 and September 1. The note is secured by a pledge of tax increment revenue amounts received for the Omni Community Redevelopment area. Pledged revenues on the note includes all tax increment funds accruing within the redevelopment area, after amounts deducted for any payments of the Interlocal Agreement obligations and to payment on a parity therewith of other outstanding authorized notes. The proceeds of the note are to be used to finance a portion of the 2009 amended Omni Area Community Redevelopment Plan, including support of affordable housing, acquisition of real estate and other capital projects (the "2017 Project"). On July 13, 2018, the Agency issued Tax Increment Revenue Note, Taxable Series 2018B, in the aggregate principal amount of $15,000,000, maturing through September 1, 2029, at an interest rate of 4.49% payable semi-annually on March 1 and September 1. The note is secured by a pledge of tax increment revenue amounts received for the Omni Community Redevelopment area. Pledged revenues on the note includes all tax increment funds accruing within the redevelopment area, after amounts deducted for any payments of the Interlocal Agreement obligations and to payment on a parity of the 2018A Note. The proceeds of the note are to be used to finance a portion of the 2009 amended Omni Area Community Redevelopment Plan, including support of affordable housing, acquisition of real estate and other capital projects (the "2017 Project"). As of September 30, 2025, the Agency had notes payable outstanding in the amount of $10,210,000 compared to $12,520,000 of as of September 30, 2024. No new debt was issued during fiscal year 2025. Additional debt information can be found on pages 20 of this report. Attachment: 19145 Financial Statements (19145 : OMNI CRA External Audit Report for FY 2025) 7 Packet Pg. 75 2.1.b CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA) MANAGEMENT'S DISCUSSION AND ANALYSIS - UNAUDITED SEPTEMBER 30, 2025 Requests for Information This financial report is designed to provide a general overview of the Agency's finances. Questions concerning any of the information provided in this report or requests for additional information should be addressed to the Executive Director, 1401 North Miami Avenue, Miami, Florida 33136. Attachment: 19145 Financial Statements (19145 : OMNI CRA External Audit Report for FY 2025) Packet Pg. 76 2.1.b CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA) STATEMENT OF NET POSITION SEPTEMBER 30, 2025 Governmental Activities ASSETS Current assets: Cash $ 27,324,566 Restricted cash equivalents 2,526,095 Interest receivable 277,407 Non -current assets: Capital assets (net of accumulated depreciation): Land 17,155,178 Construction -in -progress 6,673,092 Infrastructure 13,270,504 Total assets 67,226,842 LIABILITIES Current liablities: Accounts payable and accrued liabilities 1,096,444 Non -current liabilities: Due within one year Notes payable 2,405,000 Due in more than one year: Notes payable 7,805,000 Compensated absences 134,091 Total liabilities 11,440,535 NET POSITION Net investment in capital assets 37,098,774 Restricted for debt service 2,521,095 Unrestricted 16,166,438 Total net position $ 55,786,307 The accompanying notes are an integral part of the basic financial statements. Attachment: 19145 Financial Statements (19145 : OMNI CRA External Audit Report for FY 2025) 9 Packet Pg. 77 2.1.b CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA) STATEMENT OF ACTIVITIES YEAR ENDED SEPTEMBER 30, 2025 Functions/Programs Governmental Activities: General government Community redevelopment Interest on long-term obligations Total expenses Expenses Program Revenues Charges for Services Operating Grants and Contributions $ 1,930,547 $ 165,587 $ 45,435,708 502,814 Net Revenue (Expense) and Changes in Net Position - $ (1,764,960) 1,115,031 (44,320,677) - (502,814) $ 47,869,069 $ 165,587 $ 1,115,031 (46,588,451) General revenues: Tax increment revenue Investment income (loss) Total general revenues Change in net position Net position - beginning of the year Net position - end of the year The accompanying notes are an integral part of the basic financial statements. 43,218,025 1,829,859 45,047,884 (1,540,567) 57,326,874 $ 55,786,307 Attachment: 19145 Financial Statements (19145 : OMNI CRA External Audit Report for FY 2025) 10 Packet Pg. 78 2.1.b CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA) BALANCE SHEET - GOVERNMENTAL FUNDS SEPTEMBER 30, 2025 Total Special governmental revenue Debt service funds ASSETS Cash $ 27,329,566 $ (5,000) $ 27,324,566 Restricted cash equivalents - 2,526,095 2,526,095 Interest receivable 277,407 - 277,407 Total assets $ 27,606,973 $ 2,521,095 $ 30,128,068 LIABILITIES Accounts payable and accrued liabilities $ 1,096,444 $ $ 1,096,444 FUND BALANCES Spendable: Restricted - 2,521,095 2,521,095 Committed 21,154,489 21,154,489 Assigned 3,356,402 3,356,402 Unassigned 1,999,638 1,999,638 Total fund balances 26,510,529 2,521,095 29,031,624 Total liabilities and fund balances $ 27,606,973 $ 2,521,095 $ 30,128,068 The accompanying notes are an integral part of the basic financial statements. Attachment: 19145 Financial Statements (19145 : OMNI CRA External Audit Report for FY 2025) 11 Packet Pg. 79 2.1.b CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA) RECONCILIATION OF THE BALANCE SHEET - GOVERNMENTAL FUNDS TO THE STATEMENT OF NET POSITION YEAR ENDED SEPTEMBER 30, 2025 Total fund balance - governmental funds $ 29,031,624 Amounts reported for governmental activities in the statement of net position consist of: Capital assets used in governmental activities are not financial resources and, therefore, are not reported in the funds. 37,098,774 Long-term liabilities are not due and payable in the current period and therefore are not reported in the funds: Notes payable Compensated absences Net position of governmental activities (10,210,000) (134,091) (10,344,091) $ 55,786,307 The accompanying notes are an integral part of the basic financial statements. Attachment: 19145 Financial Statements (19145 : OMNI CRA External Audit Report for FY 2025) 12 Packet Pg. 80 2.1.b CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA) STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS YEAR ENDED SEPTEMBER 30, 2025 REVENUES Tax increment Intergovernmental Lease Investment income (loss) Total revenues EXPENDITURES Current: General government Community redevelopment Debt service: Principal Interest and other charges Total expenditures Excess (deficiency) of revenues over (under) expenditures OTHER FINANCING SOURCES (USES) Transfers in Transfers out Total other financing sources (uses) Net change in fund balances Fund balances - beginning of year Fund balances - end of year Special revenue Debt service $ 43,218,025 $ 1,115,031 165,587 1,829,859 46,328,502 1,930,547 44,899,751 46,830,298 (501,796) (2,812,814) (2,812,814) 2,812,814 2,310,000 502,814 2,812,814 (2,812,814) 2,812,814 (3,314,610) - 29,825,139 2,521,095 $ 26,510,529 $ 2,521,095 The accompanying notes are an integral part of the basic financial statements. Total governmental funds $ 43,218,025 1,115,031 165,587 1,829,859 46,328,502 1,930,547 44,899,751 2,310,000 502,814 49,643,112 (3,314,610) 2,812,814 (2,812,814) (3,314,610) 32,346,234 $ 29,031,624 Attachment: 19145 Financial Statements (19145 : OMNI CRA External Audit Report for FY 2025) 13 Packet Pg. 81 2.1.b CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA) RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES YEAR ENDED SEPTEMBER 33, 2325 Net change in fund balances - total governmental funds $ (3,314,610) Amounts reported for governmental activities in the statement of activities are different because: The governmental funds reported capital outlays as expenditures, however, in the statement of activities, the cost of those assets is allocated over their estimated useful lives: Depreciation expense Items reported in the statement of activities do not require the use of current financial resources, and therefore, are not reported as expenditures in governmental funds: Increase in compensated absences The issuance of long-term debt provides current financial resources to governmental funds, while the repayment of principal of long-term debt consumes the current financial resources of governmental funds. Neither transaction has any effect on net position. Also, governmental funds report the effect of premiums, discounts and similar items when debt is first issued, whereas these amount are deferred and amortized on the statement of activities. Principal payments on long-term obligations: Notes payable Change in net position of governmental activities (493,669) (42,288) 2,310,000 $ (1,540,567) The accompanying notes are an integral part of the basic financial statements. Attachment: 19145 Financial Statements (19145 : OMNI CRA External Audit Report for FY 2025) 14 Packet Pg. 82 2.1.b CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA) NOTES TO BASIC FINANCIAL STATEMENTS SEPTEMBER 30, 2025 1. Summary of Significant Accounting Policies This summary of the City of Miami Omni Community Redevelopment Agency (the Agency) significant accounting policies is presented to assist the reader in interpreting the basic financial statements. The policies are considered essential and should be read in conjunction with the basic financial statements. The accounting policies of the Agency conform to accounting principles generally accepted in the United States of America applicable to governmental units. This report, the accounting systems and classification of accounts conform to standards of the Governmental Accounting Standards Board (GASB), which is the accepted standard -setting body for establishing governmental accounting and financial reporting principles. The following is a summary of the more significant policies: A. Reporting Entity The Agency was established in 1986 by the City of Miami, Florida (the City) under the provisions of Section 163, Florida Statutes. The purpose of the Agency is to eliminate blight and slum conditions within the redevelopment area of the agency pursuant to the redevelopment plans of the Agency for new residential and commercial activity of the Omni area. The board of directors of the Agency are comprised of the five members of the City commission and are separate, distinct and independent from the governing body of the City. The City entered into an Interlocal Cooperation Agreement on June 24, 1996 with Miami -Dade County, Florida (the County) whereby tax increment revenue collected by the parties would be paid to the Agency and used in accordance with the approved budgets of the redevelopment plans and terms and conditions of the Interlocal Agreement for the benefit of the Agency. In addition, on March 13, 2000, the Agency entered into an Interlocal Agreement with the City. As stated in the agreement, the City has agreed to provide financial support to the Agency for the planning, development, program management, technical assistance, coordination, monitoring and other services needed for the projects, and to provide personnel and other resources including the use of the City attorney, which shall serve as counsel and the City Clerk, which will serve as the official custodian of records. For financial reporting purposes, the Agency is a component unit of the City and is thus included in the City's comprehensive annual financial report as a blended component unit. B. Government -wide and Fund Financial Statements The government -wide financial statements (i.e., the statement of net position and the statement of activities) report information on all the non -fiduciary activities of the Agency. For the most part, the effect of interfund activity has been removed from these statements. Governmental activities, which normally are supported by taxes and intergovernmental revenues, are reported separately from business —type activities, which rely to a significant extent on fees and charges for support. The Agency does not have any business -type activities. The statement of activities demonstrates the degree to which the direct expenses of a given function or segment are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include 1) charges to customers or applicants who purchase, use, or directly benefit from goods, services, or privileges provided by a given function or segment and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Taxes and other items not properly included among program revenues are reported instead as general revenues. Separate financial statements are provided for the governmental funds. Major individual governmental funds are reported as separate columns in the fund financial statements. Attachment: 19145 Financial Statements (19145 : OMNI CRA External Audit Report for FY 2025) 15 Packet Pg. 83 2.1.b CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA) NOTES TO BASIC FINANCIAL STATEMENTS SEPTEMBER 30, 2025 1. Summary of Significant Accounting Policies (continued) C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation The government -wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Governmental fund financial statements are reported using the current financial resource measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the Agency considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures, as well as expenditures related to compensated absences and claims and judgments, are recorded only when payment is due. Tax increment revenue, intergovernmental revenues, lease revenue, and interest associated with the current fiscal period are all considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. Only the portion due within the current fiscal period is considered to be susceptible to accrual as revenue of the current period. All other revenue items are considered to be measurable and available only when cash is received by the government. The Agency reports the following major governmental funds: ■ The Special Revenue Fund accounts for the proceeds of specific revenue sources (other than major capital projects) that are legally restricted for specified purposes. Specifically, this fund reports tax increment revenue collected from the City, County and The Children's Trust; and ■ The Debt Service Fund accounts for the accumulation of resources for, and the payment of, bond principal and interest on the Tax Increment Revenue Notes, Tax-exempt Series 2018A and Taxable Series 20186. D. Equity in Pooled Cash The Agency participates in the City's pool on a dollar equivalent and daily transaction basis. Investment income (which includes interest and unrealized gains and losses) is distributed monthly based on a monthly average balance. All such cash is reflected as equity in pooled cash on the Agency's governmental fund balance sheet and statement of net position. E. Restricted Cash Equivalents Unspent proceeds from the Tax Increment Revenue Notes, Tax-exempt Series 2018A and Taxable Series 2018B are considered restricted because their use is limited by the applicable bond indenture, and currently consists of money market funds that have an original maturity of three months or less from the date of purchase. F. Capital Assets Capital assets are defined by the Agency as assets with an initial, individual cost of more than $1,000 and an estimated useful life in excess of one year. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at estimated fair market value at the date of donation, unless donated by a related entity (e.g. the City). Capital assets donated by a related entity are recorded at the net book value of the related entity at the time of donation. Attachment: 19145 Financial Statements (19145 : OMNI CRA External Audit Report for FY 2025) 16 Packet Pg. 84 2.1.b CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA) NOTES TO BASIC FINANCIAL STATEMENTS SEPTEMBER 30, 2025 1. Summary of Significant Accounting Policies (continued) F. Capital Assets (continued) The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend assets lives are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are constructed. Capital assets of the Agency are depreciated using the straight- line method over the following estimated useful lives: Assets Years Furniture and equipment Infrastructure G. Fund Balance / Net Position Fund ,balance 5 5-35 GASB Statement No, 54, Fund Balance Reporting and Governmental Fund Type Definitions, establishes criteria for classifying fund balances into specifically defined classifications and clarifies definitions for governmental fund types. Fund balances for governmental funds are reported in classifications that comprise a hierarchy based primarily on the extent to which the government is bound to honor constraints on the specific purposes for which amounts in those funds can be spent, as follows: • Non spendable fund balance - amounts that cannot be spent because they are either (a) not in spendable form or (b) legally or contractually required to be maintained intact. • Restricted fund balance - amounts that are restricted to specific purposes when constraints placed on the use of resources are either by (a) externally imposed by creditors (such as debt covenants), grantors, contributors, or laws or regulations of other governments; or (b) imposed by law through constitutional provisions or enabling legislations. • Committed fund balance - amounts that can only be used for specific purposes pursuant to constraints imposed by formal action of the governments highest level of decision -making authority. • Assigned fund balance - amounts that are constrained by the government's intent to be used for specific purposes, but are neither restricted nor committed. • Unassigned fund balance - amounts that have not been assigned to other funds and that have not been restricted, committed, or assigned to specific purpose within the general fund. When both restricted and unrestricted amounts are available for use, it is the Agency's practice to use restricted resources first. Additionally, the Agency would first use committed, then assigned, and lastly unassigned amounts of unrestricted fund balance. Net position The government -wide financial statements utilize a net position presentation. Net position can be categorized as net investment in capital assets, restricted, or unrestricted. The first category represents capital assets, less accumulated depreciation and net of any outstanding debt associated with the acquisition of capital assets. Restricted net position represents amounts that are restricted by requirement of debt indenture or enabling legislation. Unrestricted net position represents the net position of the Agency which are not restricted for any project or purpose. Attachment: 19145 Financial Statements (19145 : OMNI CRA External Audit Report for FY 2025) 17 Packet Pg. 85 2.1.b CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA) NOTES TO BASIC FINANCIAL STATEMENTS SEPTEMBER 30, 2025 1. Summary of Significant Accounting Policies (continued) I. Tax Increment Revenues The Agency's primary source of revenue is tax increment funds. This revenue is computed by applying the operating tax rate for the City and the County, multiplied by the increased value of property located within the boundaries of the redevelopment areas of the Agency, over the base property value, minus 5% Both the City and the County are required to fund this amount annually without regard to tax collections or other obligations. On June 24, 1996, the City and County entered into an Interlocal Cooperation Agreement with the Agency, whereby the Agency will receive over a three-year period, commencing on the date of the Agreement, a total of $1.2 million of tax increment revenue contributed by the City and County. If within the three-year period the Agency receives more than $1.2 million in tax increment revenue, the excess shall be remitted to the County for the Performing Arts Center Project. Thereafter, the Agency shall remit to the County tax increment funds received up to, but no more than $1.43 million per year. The obligation to pay the $1.43 million each year shall cease at such time that the County has no Performing Arts Center construction bonds outstanding. On December 31, 2007, the City and County entered into an Interlocal Agreement with the Agency (the "Global Agreement"), whereby in addition to the $1.43 million per year described above for the Performing Arts Center project, the Agency shall remit on March 31, 2010 and every March 315' thereafter ending on March 31, 2012 an amount equal to 35% of the amount by which the increment revenue exceeds $1.43 million, and on March 31, 2013 and every March 31" thereafter until March 31, 2027, including any additional time extensions beyond March 31, 2027, an amount equal to the greater of $1.43 million or 35% of the increment revenue, provided that the mounts remitted by the Agency do not exceed $25 million in any fiscal year. For the fiscal year ended September 30, 2025, the Agency remitted a total of $14,500,764 to the County. On August 6, 2007, the City, County and The Children's Trust (the Trust) entered into an Interlocal Agreement with the Agency, whereby the Agency would receive from the Trust, on an annual basis, tax increment revenues derived from the imposition of a half -mil tax levied by the Trust against real property located within the redevelopment district (referred to as Trust revenues). The Agency agreed to use the Trust revenues for debt service on, and other obligations relating to, existing debts of the Agency only after all other available tax increment revenues have been exhausted for such purpose, and to remit to the Trust on the last day of the Agency's fiscal year, all of the Trust revenues that are not needed for debt service on, or other obligations relating to, existing debts of the Agency. For the fiscal year September 30, 2025, the Agency remitted a total $1,787,233 to the Trust. Effective May 8, 2025, the Agency entered into a second amendment to the Interlocal Agreement that extended the life of the agency to July 7, 2047, re -affirmed the prior obligations under the previous amendment and added funding commitment towards the Miami -Dade County Beach Corridor Strategic Miami Area Rapid Transit Plan ($50,000,000); the Underdeck Green Space ($1,000,000/yr); and workforce and affordable housing initiatives ($250,000,000). J. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although these estimates are based on management's knowledge of current events and actions it may undertake in the future, they may ultimately differ from actual results. Attachment: 19145 Financial Statements (19145 : OMNI CRA External Audit Report for FY 2025) 18 Packet Pg. 86 2.1.b CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA) NOTES TO BASIC FINANCIAL STATEMENTS SEPTEMBER 30, 2025 2. Cash and Restricted Cash Equivalents At September 30, 2025, the Agency's cash and restricted cash equivalents consist of the following: Cash: Pooled cash $ 27,324,566 Restricted cash equivalents: Money market funds $ 2,526,095 Custodial Credit Risk is the risk that in the event of a bank failure, the Agency's deposits may not be returned to it. In addition to insurance provided by the Federal Deposit Insurance Corporation (FDIC), deposits are held in banking institutions approved by the State of Florida, State Treasurer to hold public funds. Under the Florida Statutes Chapter 280, "Florida Security for Public Deposits Act", the State Treasurer requires all qualified public depositories to deposit with the Treasurer or another banking institution eligible collateral. In the event of a failure of a qualified public depository, the remaining public depositories would be responsible for covering any resulting losses. 3. Capital Assets Capital asset activity for the fiscal year ended September 30, 2025 was as follows: Capital assets, not being depreciated: Land Construction -in -progress Total capital assets, not being depreciated Capital assets, being depreciated: Infrastructure Furniture and equipment Total capital assets, being depreciated Less accumulated depreciation for: Infrastructure Furniture and equipment Total accumulated depreciation Total capital assets, being depreciated, net Total capital assets (net of accumulated depreciation) Balance Transfers/ 9/30/2024 Additions Transfers/ Balance Deletions 9/30/2025 $ 17,155,178 $ 6,673,092 23,828,270 $ - $ 17,15 5,178 6,673,092 - 23,828,270 18,140, 790 22,407 - 18,140,790 22,407 18,163,197 - 18,163,197 4,376,617 493,669 22,407 4,870,286 22,407 4,399,024 493,669 13,764,173 (493,669) $ 37,592,443 $ (493,669) $ During fiscal year 2025, depreciation expense in the amount of $493,669 was Redevelopment. 4,892,693 13,270,504 - $ 37,098,774 charged to Community Attachment: 19145 Financial Statements (19145 : OMNI CRA External Audit Report for FY 2025) 19 Packet Pg. 87 2.1.b CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA) NOTES TO BASIC FINANCIAL STATEMENTS SEPTEMBER 30, 2025 4. Long -Term Obligations The changes in the Tong -term obligations for the year ended September 30, 2025 are as Balance 9/30/2024 Tax Increment Revenue Note, Tax -Exempt Series 2018A Tax Increment Revenue Note, Taxable Series 2018B 7,755,000 Total notes payable 12,520,000 Compensated absences 91,803 Total $ 12,611,803 $ Notes Payable At September 30, 2025, a description of each revenue note payable is as follows: Balance Additions Deletions 9/30/2025 $ 4,765,000 $ - $ (895,000) $ 3,780,000 - (1,415,000) 6,340,000 - (2,310,000) 10,210,000 42,288 - 134,091 42,288 $ (2,310,000) $ 10,344,091 On March 6, 2018, the Agency issued Tax Increment Revenue Note, Tax-exempt Series 2018A, in the aggregate principal amount of $10,000,000, maturing through September 1, 2029, at an interest rate of 3.25% payable semi-annually on March 1 and September 1. The note is secured by a pledge of tax increment revenue amounts received for the Omni Community Redevelopment area. Pledged revenues on the note includes all tax increment funds accruing within the redevelopment area, after amounts deducted for any payments of the Interlocal Agreement obligations and to payment on a parity therewith of other outstanding authorized notes. The proceeds of the note are to be used to finance a portion of the 2009 amended Omni Area Community Redevelopment Plan, including support of affordable housing, acquisition of real estate and other capital projects (the "2017 Project"j. On July 13, 2018, the Agency issued Tax Increment Revenue Note, Taxable Series 2018B, in the aggregate principal amount of $15,000,000, maturing through September 1, 2029, at an interest rate of 4.49% payable semi-annually on March 1 and September 1. The note is secured by a pledge of tax increment revenue amounts received for the Omni Community Redevelopment area. Pledged revenues on the note includes all tax increment funds accruing within the redevelopment area, after amounts deducted for any payments of the Interlocal Agreement obligations and to payment on a parity of the 2018A Note. The proceeds of the note are to be used to finance a portion of the 2009 amended Omni Area Community Redevelopment Plan, including support of affordable housing, acquisition of real estate and other capital projects (the "2017 Project"). Total notes payable follows: Amount due within one year $ 920,000 1,485,000 2,405, 000 $ 2,405,000 Amount $ 3,780,000 6,340,000 $ 10,210,000 Debt service requirements of notes payable outstanding as of September 30, 2025, are as follows: Fiscal Year(s) 2026 2027 2028 2029 Principal $ 2,405,000 $ 2,500,000 2,600,000 2,705,000 Interest 410,441 313,865 213,395 108,869 Total $ 2,815,441 2,813,865 2,813,395 2,813,869 $ 10,210,000 $ 1,046,570 $ 11,256,570 Attachment: 19145 Financial Statements (19145 : OMNI CRA External Audit Report for FY 2025) 20 Packet Pg. 88 2.1.b CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA) NOTES TO BASIC FINANCIAL STATEMENTS SEPTEMBER 30, 2025 5. Fund Balances At September 30, 2025, the Agency reported the following governmental fund balances: • Non spendable fund balance — portion of fund balance that is not an available resource because it represents the fiscal year-end balance of the lease receivable in excess of the deferred inflow of resources for the lease receivable, which is not a spendable resource. ■ Restricted fund balance - these amounts are restricted to specific purposes stipulated by the Tax Increment Revenue Notes, Tax-exempt Series 2018A and Taxable Series 2018B. • Committed fund balance - these amounts can only be used for specific purposes pursuant to constraints imposed by the Board of the Agency. The items cannot be removed unless the Board removes it in the same manner it was implemented. • Assigned fund balance — these amounts are constrained by the Board's intent to be used for specific purposes. ■ Unassigned fund balance — these amounts have not been assigned to other funds and have not been restricted, committed, or assigned to specific purpose within the special revenue fund. Below is a table of fund balance categories and classifications, by fund, at September 30, 2025: Spendable: Restricted for debt service Committed to community redevelopment Assigned to community redevelopment Unassigned Total Special Revenue Debt Service $ - $ 2,521,095 21,154,489 3,356,402 1,999,638 $ 26,510,529 $ 2,521,095 6. 401(a) Deferred Compensation Plan All employees, including executives and general employees, of the Agency are eligible, after one year of service, to join the ICMA Retirement Trust 401(a) Deferred Compensation Plan (the Plan). The Plan agreement requires the Agency to contribute 10% of each executive employee's earnable compensation, and 5% of each general employee's earnable compensation. Contributions by executive and general employees are not required. Participants may withdraw funds at retirement or upon separation based on a variety of payout options. The following information relates to the Agency's participation in the 401(a) Deferred Compensation Plan for the fiscal year ended September 30, 2025: Executives General Current year's payroll $ 395,000 $ 420,000 Current year's employer contributions $ 82,793 $ 45,625 7. Risk Management The Agency is exposed to various risks of losses related to torts; theft or damage to, and destruction of assets; errors and omissions; injuries to employees; and natural disasters. The Agency purchases commercial insurance for the risks of loss to which it is exposed. Policy limits and deductibles are reviewed by management and established at amounts to provide reasonable protection from significant financial loss. There were no losses or claims incurred during the current fiscal year, and there were no settlements that exceeded insurance coverage during the past three fiscal years. Attachment: 19145 Financial Statements (19145 : OMNI CRA External Audit Report for FY 2025) 21 Packet Pg. 89 2.1.b CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA) NOTES TO BASIC FINANCIAL STATEMENTS SEPTEMBER 30, 2025 8. Commitment and Contingencies In May 2025, the Agency entered into the second amendment to the Interlocal with the City of Miami and Miami -Dade County. The amendment extended the life of the Agency to July 7, 2047, and affirmed the following items as priority projects: (a) Funding to Miami -Dade County for the Performing Arts Center Construction Bonds Debt Service at an aggregate total amount equal to $1,430,000 per year through September 30, 2027 by March 31st of each year. (b) Funding to the City of Miami for the Port Tunnel Debt Service at an amount not to exceed $4,234,000 per year through September 30, 2030. (c) Funding to Miami Dade County in an amount equal to 35% of the Agency's annual tax increment finance ("TIF") Revenue, or $25,000.00, whichever is less, per year through September 30, 2027 by March 31 of each year. Once the funds are returned to the County pursuant to this subsection (6)c, the County's use of the funds shall not be subject to this Agreement or any restrictions or requirements of Chapter 163, Part m, Florida Statutes. (d) Commencing October 1, 2027, the Agency shall provide: funding to Miami -Dade County in an amount equal to 35% of the Agency's annual TIF Revenue, or $25,000,000, whichever is less, per year through September 30, 2047 by March 31st of each year. Once the funds are returned to the County pursuant to this subsection (6)d, the County's use of the funds shall not be subject to this Agreement or any restrictions or requirements of Chapter 163, Part III, Florida Statutes. (e) Funding to Miami -Dade County for The Beach Corridor rapid transit route of the Strategic Miami Area Rapid Transit ("SMART") Plan. The Agency shall provide the County with funding in an amount not to exceed $50,000,000 for capital improvements for that portion of the Beach Corridor route that falls within the boundaries of the Omni Redevelopment Area. Maurice Ferre Park formerly Museum Park. The Agency shall provide funding to the City of Miami in a total amount of $28,000,000 in capital improvement costs for the Maurice Ferre Park based on a Capital Improvement Plan that is approved by the City of Miami Commission. Providing funds in an amount not to exceed funding of $1,000,000 annually for ongoing operations and maintenance to commence upon completion of the I 395 Underdeck Green Space to be constructed in conjunction with the Florida Department of Transportation 1-395/SR 836/1-95 Design -Build Project (I-395 Project) located below the 1-395 viaduct, subject to the 1-395 Project meeting all standards related to construction, operations, and maintenance. (h) Provide funds for community benefits package and assist in the redevelopment of School Board - owned properties within the Agency boundaries. (i) The Agency will commit to funding at least $250 Million in the development and rehabilitation of workforce and affordable housing, and mixed -income housing and homeownership projects within the Redevelopment Area throughout the life of the Agency. Additionally, the Agency has committed to the following obligations: (a) In accordance with an Economic Incentive Agreement entered into between the Agency and MNR Max Miami, LLC (the "Developer"), upon completion of the development of the MAX Miami mixed - use project (the "Project"), the Agency agreed to reimburse the Developer for the actual tax increment generated by the Project, with a maximum payout of $812,500 up to and through the year 2030 for a total amount not to exceed $9,000,000. (f) (g) Attachment: 19145 Financial Statements (19145 : OMNI CRA External Audit Report for FY 2025) 22 Packet Pg. 90 2.1.b CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA) NOTES TO BASIC FINANCIAL STATEMENTS SEPTEMBER 30, 2025 8. Commitment and Contingencies (continued) (b) Also as part of the Global Agreement, the Agency agreed to fund the City's portion of the Port Tunnel project upon substantial completion. On October 25, 2012, the Agency's Board authorized the issuance of an annual grant to the City, in an amount equal to the total principal (up to $50 million) and interest on the debt issued by the City to fund its portion of the Port Tunnel project. The Board further authorized the Executive Director to execute a Port Tunnel Interlocal and Grant Agreement with the City. Payments on the grant started in fiscal year 2013 and will continue through fiscal year 2030 and are pledged by tax increment funds. During the fiscal year ended September 30, 2025, payments made on the grant to the City totaled $3,993,000. (c) On October 30, 2019, the Board passed a resolution authorizing the Agency to rebate to a grantee the TIF revenues generated only from the development by the grantee of the 17th Street Apartment Project in an amount not to exceed 95% of the TIF collected from the project annually or $420,000 annually, whichever is less, per year until 2030, or until 2047 if the life of the Agency is extended to 2047, for a total amount not to exceed $8,471,238, with payment to commence upon substantial completion of the project. As of September 30, 2025, the project was substantially complete, the first payment is expected to be funded in March 2026. (d) On September 24, 2020, the Board passed a resolution authorizing the Agency to rebate to a grantee the TIF revenues generated by the development of the grantee's project in an amount not to exceed 95% of the TIF collected from the project annually until 2030, or until 2047 if the life of the Agency is extended to 2047, for a total amount not to exceed $12,935,675, with payment to commence upon substantial completion of the project. Additionally, on the same date, an award in the amount of $1,100,000 was approved for a mixed -use development project. As of September 30, 2024, the project has not yet been completed and $1,100,000 was disbursed to the developer accordingly. (e) On October 28, 2021, the Board passed a resolution approving a project grant in the amount of $15,000,000 with a developer to develop a mixed -use development project (the 14th Street Apartment Project). The project funding is subject to availability of funds and subject to the Agency being able to successfully secure funding for the project. $7,500,000 was funded in fiscal year 2025. Additionally, the project was awarded an additional grant of $5,000,000 in May of 2025, $2,500,000 of this grant will be paid in fiscal year. (f) On October 28, 2021, the Board passed a resolution authorizing the Agency to rebate to a grantee the TIF revenues generated only from the development by the grantee of the 14th Street Apartment Project in an amount not to exceed 95°I0 of the TIF collected from the project annually or $816,731 annually, whichever is less, per year until 2047 if the life of the Agency is extended to 2047, for a total amount not to exceed $13,600,000, with payment to commence upon substantial completion of the project and project receiving a certificate of occupancy, subject to the rents being restricted until 2047. As of September 30, 2025, the project was substantially complete and payment is expected to be made in March 2026. On June 9, 2022, the Board passed resolutions authorizing the Agency to rebate, to K-P 1900 Biscayne JV, LLC and K-P 2000 Biscayne JV, LLC, revenues generated only from the development in an amount not to exceed 95% of the TIF collected from the project annually until 2030, or until 2047 if the life of the Agency is extended to 2047. As of September 30, 2025 the agreement has not been executed and it is anticipated that the developer will forgo the incentive grant. (g) Attachment: 19145 Financial Statements (19145 : OMNI CRA External Audit Report for FY 2025) 23 Packet Pg. 91 2.1.b CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA) NOTES TO BASIC FINANCIAL STATEMENTS SEPTEMBER 30, 2025 8. Commitment and Contingencies (continued) (h) On October 27, 2021, the Board passed a resolution authorizing the Agency to award a grant in an amount not to exceed $1.3M to CAPROCK 123, LLC in the form of a forgivable loan with a term of 30 years with two (2) 10-year extensions, subject to a covenant being recorded on the Property. 9. New Pronouncements Issued The following pronouncements were recently issued, but were not yet effective for the Agency's fiscal year ended September 30, 2025. Management will evaluate the effect that the following pronouncements will have on its financial statements as they become effective: • GASB Statement No. 103, Financial Reporting Model Improvements • GASB Statement No. 104, Disclosure of Certain Capital Assets 10. Subsequent events The Agency evaluated subsequent events through March 5, 2026, the date the financial statements were available to be issued, and does not believe that there are any such events or transactions that require disclosure. Attachment: 19145 Financial Statements (19145 : OMNI CRA External Audit Report for FY 2025) 24 Packet Pg. 92 2.1.b CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA) BUDGETARY COMPARISON SCHEDULE - SPECIAL REVENUE FUND (REQUIRED SUPPLEMENTARY INFORMATION - UNAUDITED) YEAR ENDED SEPTEMBER 30, 2025 REVENUES Tax increment Intergovernmental Lease Investment income Total revenues EXPENDITURES Current: General government Community redevelopment Total expenditures Excess (deficiency) of revenues over (under) expenditures Budgeted amounts Original Final $ 43,032,708 139,181 100,000 43,271,889 2,902,563 58,356,392 61,258,955 (17,987,066) OTHER FINANCING SOURCES (USES) Transfers out (2,813,062) Net carryover fund balance 20,800,128 Total other financing sources (uses) 17,987,066 Net change in fund balance $ - Fund balances - beginning of year Fund balances - end of year $ 43,032,708 139,181 100,000 43,271,889 2,902,563 58,356,392 61, 258,955 (17,987,066) (2,813,062) 20,800,128 Variance with final budget - positive Actual (negative) $ 43,218,025 1,115,031 165,587 1,829,859 $ 185,317 975,850 65,587 1,829,859 46,328,502 3,056,613 1,930,547 44,899,751 972,016 13,456,641 46,830,298 14,428,657 (501,796) 17,485,270 (2,812,814) 248 (20,800,128) 17,987,066 (2,812,814) (20,799,880) (3,314,610) (3,314,610) 29,825,139 $ 26,510,529 The note to the required supplementary information is an integral part of this schedule. Attachment: 19145 Financial Statements (19145 : OMNI CRA External Audit Report for FY 2025) 25 Packet Pg. 93 2.1.b CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA) NOTES TO REQUIRED SUPPLEMENTARY INFORMATION SEPTEMBER 30, 2025 1. Budgetary Policy The Agency adopts an annual budget for the operations of the Special Revenue Fund. In accordance with generally accepted accounting principles, budgetary comparison information is disclosed for the Special Revenue Fund. The budget is adopted on a basis consistent with U.S. generally accepted accounting principles. Budgetary control is maintained at the fund level. Attachment: 19145 Financial Statements (19145 : OMNI CRA External Audit Report for FY 2025) 25 Packet Pg. 94 2.1.b Cer-hifiee rnblic iliccoAvvravit Goosmi e20-k- 13453 Sw 105"' Ava, Florida 33174)1 T. (305) 72.o,•25oi REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS The Board of Directors City of Miami Omni Community Redevelopment Agency: We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the governmental activities and the major fund of the City of Miami Omni Community Redevelopment Agency (the Agency) as of and for the year ended September 30, 2025, and the related notes to the financial statements, which collectively comprise the Agency's basic financial statements, and have issued our report thereon dated March 5, 2026. Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the Agency's internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Agency's internal control. Accordingly, we do not express an opinion on the effectiveness of the Agency's internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected an a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or, significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses and significant deficiencies may exist that were not identified Compliance and Other Matters As part of obtaining reasonable assurance about whether the Agency's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. Purpose of this Report Attachment: 19145 Financial Statements (19145 : OMNI CRA External Audit Report for FY 2025) 27 Packet Pg. 95 2.1.b The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity's internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity's internal control and compliance. Accordingly, this communication is not suitable for any other purpose. Eduauthim Pfi Miami, Florida March 5, 2026 Attachment: 19145 Financial Statements (19145 : OMNI CRA External Audit Report for FY 2025) 28 Packet Pg. 96 2.1.b 1C�11 T v obc, Certified Ytnblic ccot/LA-1-ai I" du Covismltoo 13453 Sw 105" Ava, Florida 33174) 1 T. (305) 72.o>250i MANAGEMENT LETTER IN ACCORDANCE WITH THE RULES OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA The Board of Directors City of Miami Omni Community Redevelopment Agency: Report on the Financial Statements We have audited the financial statements of the City of Miami Omni Community Redevelopment Agency (the Agency), a Component Unit of the City of Miami, Florida, as of and for the fiscal year ended September 30, 2025, and have issued our report dated March 5, 2026. Auditor's Responsibility We conducted our audit in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and Chapter 10.550, Rules of the Florida Auditor General. Other Report Requirements We have issued our Independent Auditors' Reports on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of the Financial Statements Performed in Accordance with Government Auditing Standards. Disclosures in that report, which is dated March 5, 2026, should be considered in conjunction with this management letter. Prior Audit Findings Section 10.554(1)(i)1., Rules of the Auditor General, requires that we determine whether or not corrective actions have been taken to address findings and recommendations made in the preceding annual financial audit report. There were no findings and recommendations in the preceding annual financial audit report. Official Title and Legal Authority Section 10.554(1)(1)4., Rules of the Auditor General, requires that the name or official title and legal authority for the primary government and each component unit of the reporting entity be disclosed in this management letter, unless disclosed in the notes to the financial statements. Such disclosures are made in note 1 to the Agency's financial statements. Financial Condition and Management Section 10.554(1)(i)5.a. and 10.556(7), Rules of the Auditor General, requires that we report the results of our determination as to whether or not the Agency has met one or more of the conditions described in Section 218.503(1), Florida Statutes, and identification of the specific condition(s) met. In connection with our audit, we determined that the Agency did not meet any of the conditions described in Section 218.503(1), Florida Statutes. Pursuant to Sections 10.554(1)(i)5.c. and 10.556(8), Rules of the Auditor General, we applied financial condition assessment procedures as of September 30, 2025. It is management's responsibility to monitor the Agency's financial condition, and our financial condition assessment was based in part on representations made by management and the review of financial information provided by same. Attachment: 19145 Financial Statements (19145 : OMNI CRA External Audit Report for FY 2025) 29 Packet Pg. 97 2.1.b Section 10.554(1)(i)2., Rules of the Auditor General, requires that we communicate any recommendations to improve financial management. In connection with our audit, we did not have any such recommendations. Property Assessed Clean Energy (PACE) Programs As required by Section 10.554(1)(i)6.a., Rules of the Auditor General, a statement is required as to whether a PACE program authorized pursuant to Section 163.081 or Section 163.082, Florida Statutes, did or did not operate within the Agency's geographical boundaries during the fiscal year under audit. The Agency did not have a PACE program operate within its geographical boundaries during the fiscal year under audit. Specific Information As required by Section 218.39(3)(a), Florida Statutes, and Section 10.554(1)(i)6, Rules of the Auditor General, the Agency reported: a. A total of 6 employees compensated in the last pay period of the Agency's fiscal year. b. A total of 2 independent contractors to whom nonemployee compensation was paid in the last month of the Agency's fiscal year. c. Compensation earned by or awarded to employees, whether paid or accrued, regardless of contingency totaled $887,280 for the fiscal year. d. Compensation earned by or awarded to nonemployee independent contractors, whether paid or accrued, regardless of contingency totaled $168,800 for the fiscal year. e. There are no construction projects with a total cost of at least $65,000 approved by the Agency that is scheduled to begin on or after October 1 of the fiscal year being reported. f A budget variance based on the budget adopted under Section 189.016(4), Florida Statutes, before the beginning of the fiscal year being reported if the Agency amends a final adopted budget under Section 189.016(6), Florida Statutes — is not applicable, as the Agency did not amend a final adopted budget under Section 189.016(6), Florida Statutes. Additional Matters Section 10.554(1)(i)3., Rules of the Auditor General, requires that we address noncompliance with provisions of contracts or grant agreements, or abuse, that have occurred, or are likely to have occurred, that have an effect on the financial statements that is less than material but which warrants the attention of those charged with governance. In connection with our audit, we did not have any such findings. Purpose of this Letter Our management letter is intended solely for the information and use of the Florida Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, and the Board of Directors and management of the Agency, and is not intended to be and should not be used by anyone other than these specified parties. ?out40/, P. Miami, Florida March 5, 2026 Attachment: 19145 Financial Statements (19145 : OMNI CRA External Audit Report for FY 2025) 30 Packet Pg. 98 2.1.b Ir • X l C1 l TeuO bC, '. , C rhfiieci Tmblic Accomvit tit &• C.UVisRitem'-" 13453 SW 105"' Ave, Miami, Florida 3317(p i T. [3(6) 7ZO.25O2- INDEPENDENT ACCOUNTANT'S REPORT ON COMPLIANCE WITH SECTIONS 163.387(6) AND (7), FLORIDA STATUTES The Board of Directors City of Miami Omni Community Redevelopment Agency: We have examined the City of Miami Omni Community Redevelopment Agency (the Agency), a Component Unit of the City of Miami, Florida compliance with Sections 163.387(6) and (7), Florida Statutes regarding the redevelopment trust fund during the year ended September 30, 2025. Management is responsible for the Agency's compliance with those requirements. Our responsibility is to express an opinion on the Agency's compliance based on our examination. Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about the Agency's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Agency's compliance with specified requirements. In our opinion, the Agency complied, in all material respects, with the aforementioned requirements for the year ended September 30, 2025. This report is intended solely for the information and use of the Florida Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, and the Board of Directors and management of the Agency, and is not intended to be and should not be used by anyone other than these specified parties. PGG i ilm,&, PA Miami, Florida March 5, 2026 Attachment: 19145 Financial Statements (19145 : OMNI CRA External Audit Report for FY 2025) Packet Pg. 99