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Home My WebLink AboutCRA-R-26-0029 MemorandumOMNI Board of Commissioners Meeting June 11, 2026 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: June 4, 2026 File: 19416 Subject: 16 Corner Property Owner, LLC - Release of Acquisition Loan Enclosures: 19416 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 within the Redevelopment Area. On February 22, 2018, the CRA adopted Resolution No. CRA- R-18-0008, authorizing agreements with 16 Corner, LLC for grant funds in the amount of $1,800,000.00 toward acquisition and $2,000,000.00 toward rehabilitation of properties located at 1541 NW 1st Place, 1535 NW 1st Place, and 1540 NW 1st Court, Miami, Florida. Pursuant to Resolution No. CRA-R-18-0008, the CRA and 16 Corner LLC executed a Construction Loan Agreement and an Acquisition Forgivable Loan Agreement, each dated July 30, 2018, for 16 Corner Property Owner LLC. The Construction CRA Loan has been forgiven upon Close -Out of the Project, and a Release of Mortgage was executed on May 28, 2026, to be recorded in the Public Records of Miami -Dade County, Florida. The attached Resolution authorizes the Executive Director to negotiate and execute a release and supporting documents, 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. The Covenant and Rent Regulatory Agreement for the Project shall remain in full force and effect for the duration of the Affordability Period. RECOMMENDATION: Approve authorization for the Executive Director 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. FUNDING: No additional CRA funding is requested. The action sought is limited to the forgiveness of the remaining indebtedness and release of collateral security documents related to the Acquisition CRA Loan. City of Miami Page 2 of 5 File ID: 19416 (Revision:) Printed On: 6/22/2026 -•••1111, Omni CRA City of Miami Legislation OMNI CRA Resolution CRA-R-26-0029 OMNI CRA 1401 N. Miami Avenue Miami, FL 33136 www.miamicra.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 3 of 5 File ID: 19416 (Revision:) Printed On: 6/22/2026 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. APPROVED AS TO FORM AND CORRECTNESS: CiM1 of Miami Page 4 of 5 File ID: 19416 (Revision:) Printed On: 6/22/2026 GEORGE K. WYSONG III, GENERAL COUNSEL City of Miami Page 5 of 5 File ID: 19416 (Revision:) Printed On: 6/22/2026