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OMNI
Community Redevelopment Agency
Legislation
OMNI CRA Resolution: CRA-R-26-0018
OMNI CRA
1401 N. Miami Avenue
Miami, FL 33136
www.omnicra.com
File Number: 19197 Final Action Date:4/23/2026
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 1 of 3 File ID: 19197 (Revision: A) Printed On: 5/15/2026
File ID: 19197 Enactment Number: CRA-R-26-0018
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 2 of 3 File ID: 19197 (Revision: A) Printed on: 5/15/2026
File ID: 19197 Enactment Number: CRA-R-26-0018
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.
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:
g Wy ng III, C y ttor ~y 4/16/2026
City of Miami Page 3 of 3 File ID: 19197 (Revision: A) Printed on: 5/15/2026