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OMNI
Community Redevelopment Agency
Legislation
OMNI CRA Resolution: CRA-R-26-0029
OMNI CRA
1401 N. Miami Avenue
Miami, FL 33136
www.omnicra.com
File Number: 19416 Final Action Date:6/11/2026
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE OMNI
REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY
("CRA") AUTHORIZING THE EXECUTIVE DIRECTOR TO NEGOTIATE AND
EXECUTE AN AGREEMENT WITH 16 CORNER PROPERTY OWNER, LLC, IN A
FORM ACCEPTABLE TO THE GENERAL COUNSEL, TO FORGIVE ALL
REMAINING INDEBTEDNESS AND OTHER SUMS DUE ON THE ACQUISITION
CRA LOAN DATED JULY 30, 2018, AND RELEASE ALL DOCUMENTS GIVEN
AS COLLATERAL SECURITY; THE COVENANT AND RENT REGULATORY
AGREEMENT FOR THE PROJECT SHALL REMAIN IN FULL FORCE AND
EFFECT FOR THE DURATION OF THE AFFORDABILITY PERIOD.
WHEREAS, the Omni Redevelopment District Community Redevelopment Agency
("CRA") is tasked with reducing slum and blight within its boundaries; and
WHEREAS, 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 in which
any and all services and goods are procured by the CRA; and
WHEREAS, 16 Corner, LLC, a for profit entity, submitted a request for grant funding to
acquire and rehabilitate affordable housing units within the Redevelopment Area; and
WHEREAS, the 2010 Redevelopment Plan ("Plan") on page 41, section D-2 list an
objective of the CRA is to "[a]chieve rehabilitation of the maximum number of housing units," to
make "Improvements to the Public Realm" by "[enhancing] the areas' visual attractiveness to
businesses and residents"; and
WHEREAS, the Plan also outlines working with private entities on page 42 Sections A-1
and A-3 to "Provide incentives for redevelopment of blighted properties" and to "Promote
rehabilitation and maintenance of existing viable uses and structures"; and
WHEREAS, on February 22, 2018, the CRA adopted Resolution No. CRA-R-18-0008
authorizing the Executive Director to execute and negotiate any and all agreements, in a form
acceptable to the General Counsel, with 16 Corner Property Owner, LLC, for the provision of
grant funds for the acquisition and rehabilitation of the Properties in the amount of
$1,800,000.00 towards acquisition and $2,000,000.00 towards rehabilitation of a group of
properties at 1541 NW 1st Place, 1535 NW 1st Place, and 1540 NW 1st Court, Miami, Florida,
all within the Redevelopment Area ("Project"); and
WHEREAS, pursuant to Resolution No. CRA-R-18-0008, the CRA and 16 Corner LLC
executed a certain Construction Loan Agreement for 16 Corner Property Owner LLC, dated July
City of Miami Page 1 of 3 File ID: 19416 (Revision:) Printed On: 6/22/2026
File ID: 19416 Enactment Number: CRA-R-26-0029
30, 2018 ("Construction CRA Loan") and related Loan Documents for the $2,000,000.00
Construction Loan; and
WHEREAS, pursuant to Resolution No. CRA-R-18-0008, the CRA and 16 Corner LLC
executed a certain Acquisition Forgivable Loan Agreement for 16 Corner Property Owner LLC,
dated July 30, 2018 ("Acquisition CRA Loan") and related Loan Documents for the
$1,800,000.00 Acquisition Loan; and
WHEREAS, pursuant to Section 2.3 A. of the Construction CRA Loan, the Construction
Loan would be forgiven upon Close -Out of the Project, which has occurred, and a certain
Release of Mortgage was executed on May 28, 2026, which will be recorded in the Public
Records of Miami -Dade County, Florida; and
WHEREAS, pursuant to Section 2.3 A. the Acquisition CRA Loan "[t]he CRA may, at its
sole discretion, forgive all remaining indebtedness and other sums due on the Acquisition CRA
Loan and release all documents given as collateral security for no additional consideration at
any time before maturity"; and
WHEREAS, the CRA finds it is in the best interests of the CRA to forgive all remaining
indebtedness and other sums due on the Acquisition CRA Loan; and
WHEREAS, a certain Declaration of Restrictive Covenants for 16 Corner Property
Owner, LLC dated July 26, 2018, and recorded on August 8, 2018, in Official Records Book
31092 at Page 4753 of the Public Records of Miami -Dade County, Florida ("Covenant"), and a
certain Rent Regulatory Agreement for 16 Corner Property Owner, LLC dates July 30, 2018,
and recorded on August 8, 2018, in Official Records Book 31092 at Page 4759 of the Public
Records of Miami -Dade County, Florida ("Rent Regulatory Agreement"), shall not be affected by
the forgiveness of the Construction CRA Loan and Acquisition CRA Loan and said Covenant
and Rent Regulatory Agreement shall remain in full force and effect for the duration of the
Affordability Period; and
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. The Executive Director is authorized to negotiate and execute a release and
supporting documents, all in a form acceptable to the General Counsel, to forgive all remaining
indebtedness and other sums due on the Acquisition CRA Loan and release all documents
given as collateral security.
Section 3. The Covenant and Rent Regulatory Agreement for the Project shall remain in
full force and effect for the duration of the Affordability Period.
Section 4. This Resolution shall become effective immediately upon its adoption.
City of Miami Page 2 of 3 File ID: 19416 (Revision:) Printed on: 6/22/2026
File ID: 19416 Enactment Number: CRA-R-26-0029
APPROVED AS TO FORM AND CORRECTNESS:
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City of Miami Page 3 of 3 File ID: 19416 (Revision:) Printed on: 6/22/2026