HomeMy WebLinkAboutCRA-R-26-0019Southeast Overtown/Park West
Community Redevelopment Agency
Legislation
CRA Resolution: CRA-R-26-0019
819 NW 2"d Ave
3rd Floor
Miami, FL 33136
www.seopwcra.com
File Number: 19200 Final Action Date:4/23/2026
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE SOUTHEAST
OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY
("SEOPW CRA"), WITH ATTACHMENT(S), AUTHORIZING THE EXECUTIVE
DIRECTOR TO EXECUTE A SETTLEMENT AGREEMENT AND RELEASE
("AGREEMENT"), IN SUBSTANTIALLY THE FORM ATTACHED AS EXHIBIT "A,"
BETWEEN THE SEOPW CRA, ELECTRASERVE, INC., A FLORIDA FOR -
PROFIT CORPORATION ("ELECTRASERVE"), SUFFOLK CONSTRUCTION
COMPANY, INC., A FOREIGN FOR -PROFIT CORPORATION AUTHORIZED TO
CONDUCT BUSINESS IN THE STATE OF FLORIDA ("SUFFOLK"), AND OSIB
MIAMI WORLD CENTER PROPERTIES LLC, A FOREIGN LIMITED LIABILITY
COMPANY AUTHORIZED TO CONDUCT BUSINESS IN THE STATE OF
FLORIDA ("OSIB") IN THE AMOUNT OF SEVEN HUNDRED THOUSAND
DOLLARS AND ZERO CENTS ($700,000.00) ("FUNDS") IN CONNECTION WITH
THE CONSTRUCTION OF THE CITIZENM AT MIAMI WORLDCENTER,
LOCATED AT 700 NORTHEAST 2ND AVENUE, MIAMI, FLORIDA 33132 (FOLIO
NO. 01-3137-036-0040) ("PURPOSE"), ALLOCATING FUNDS TO ACCOUNT NO.
10051.920101.4690000.0000.00000 — NON-TIF REVENUE; FURTHER
AUTHORIZING THE EXECUTIVE DIRECTOR TO NEGOTIATE AND EXECUTE
ANY AND ALL DOCUMENTS NECESSARY, INCLUDING ANY AND ALL
AMENDMENTS THERETO, ALL IN FORMS ACCEPTABLE TO COUNSEL, FOR
THE PURPOSE STATED HEREIN; PROVIDING FOR THE INCORPORATION OF
RECITALS AND AN EFFECTIVE DATE.
WHEREAS, the Southeast Overtown/Park West Community Redevelopment Agency ("SEOPW
CRA") is a community redevelopment agency created pursuant to Chapter 163, Florida Statutes, and is
responsible for carrying out community redevelopment activities and projects within its Redevelopment
Area in accordance with the 2018 Updated Southeast Overtown/Park West Community Redevelopment
Plan ("Plan"); and
WHEREAS, Electraserve, Inc., a Florida For -Profit Corporation ("Electraserve"), Suffolk
Construction Company, Inc., a Foreign For -Profit Corporation authorized to conduct business in the State
of Florida ("Suffolk") and OSIB Miami World Center Properties LLC, a Foreign Limited Liability
Company authorized to conduct business in the State of Florida ("OSIB") (collectively, the "Parties"), are
parties to various agreements, arising under the First Amendment to the Amended and Restated Miami
Worldcenter Economic Incentive Agreement dated November 15, 2021 and recorded November 16, 2021
in Official Records Book 32850, at Page 4845 of the Public Records of Miami -Dade County, Florida (the
"EIA"), with specific respect to the construction of the CitizenM at Miami Worldcenter ("Project"),
located at 700 Northeast 2nd Avenue, Miami, Florida 33132 (Folio no. 01-3137-036-0040) (the
"Property"), which is subject to the terms of the EIA; and
WHEREAS, the Parties had certain obligations with respect to the Project and under the EIA; and
WHEREAS, based upon a compliance review, the SEOPW CRA sent notice of violations arising
under the EIA to Suffolk and OSIB (the "Notice"); and
City of Miami Page 1 of 2 File ID: 19200 (Revision:) Printed On: 5/15/2026
File ID: 19200 Enactment Number: CRA-R-26-0019
WHEREAS, the Parties dispute the Notice and wish to resolve the matter in a mutually efficient
manner and without admission of liability; and
WHEREAS, the Executive Director and the Parties desire to execute a Settlement Agreement and
Release ("Agreement"), in substantially the form attached as Exhibit "A," to resolve, settle, and dismiss
all disputed claims, and all issues between them with respect to the Project and the Notice ("Purpose");
and
WHEREAS, per the terms of the Agreement, Electraserve shall pay or cause to be paid to the
SEOPW CRA the settlement sum of Seven Hundred Thousand Dollars and Zero Cents ($700,000.00)
within twenty (20) days of its execution; and
WHEREAS, effective upon receipt of the Funds in full, the SEOPW CRA shall provide the
Parties with a release limited to the disputes between the Parties, arising out of and in connection with the
EIA, specifically with respect to the Notice, as more particularly described in the Agreement, in
substantially the form attached as Exhibit "A"; and
WHEREAS, the Board of Commissioners wishes to authorize the execution of the Agreement
and the settlement sum of Seven Hundred Thousand Dollars and Zero Cents ($700,000.00) ("Funds") to
be paid to the SEOPW CRA for said Purpose; and
WHEREAS, the Board of Commissioners finds that authorizing this Resolution would further the
SEOPW CRA's redevelopment goals and objectives.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE
SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY:
Section 1. The recitals and findings contained in the Preamble to this Resolution are
adopted by reference and incorporated herein as if fully set forth in this Section.
Section 2. The Board of Commissioners hereby authorizes the Executive Director to
execute the Agreement, in substantially the form attached as Exhibit "A," and to accept the Funds to be
paid to the SEOPW CRA for the Purpose stated herein.
Section 3. The Executive Director is hereby authorized to execute the Agreement, in
substantially the form attached as Exhibit "A," for said Purpose.
Section 4. Funds are hereby allocated to Account No. 10051.920101.4690000.0000.00000 —
Non-TIF Revenue to further the Purpose stated herein.
Section 5. This Resolution shall become effective immediately upon its adoption.
APPROVED AS TO FORM AND LEGAL SUFFICIENCY:
yitiraeDlamounsel 4/16/2026
City of Miami Page 2 of 2 File ID: 19200 (Revision:) Printed on: 5/15/2026