HomeMy WebLinkAboutCRA-R-26-0018 Exhibit CRESOLUTION 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