OMNI CRA adopts $4.0M grant allocation, subordinates $2.8M forgivable loan, and accepts FY2025 audit

Minutes of Mar 12, 2026 9:30 AMAPPROVED [Unanimous]

CRA-R-26-0017 : A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY (“CRA”), WITH ATTACHMENT(S), BY A FOUR-FIFTHS (4/5THS) AFFIRMATIVE VOTE, AFTER AN ADVERTISED PUBLIC HEARING, RATIFYING, APPROVING, AND CONFIRMING THE EXECUTIVE DIRECTOR’S RECOMMENDATION AND FINDING, ATTACHED AND INCORPORATED AS EXHIBIT "A," THAT COMPETITIVE NEGOTIATION METHODS AND PROCEDURES ARE NOT PRACTICABLE OR ADVANTAGEOUS TO THE CRA PURSUANT TO SECTIONS 18-85 AND 18-86 OF THE CODE OF THE CITY OF MIAMI, FLORIDA, AS AMENDED, AS ADOPTED BY THE CRA; WAIVING THE REQUIREMENTS FOR COMPETITIVE SEALED BIDDING AS NOT BEING PRACTICABLE OR ADVANTAGEOUS TO THE CRA; AUTHORIZING THE ALLOCATION OF GRANT FUNDS FROM THE CRA’S FISCAL YEAR 2025-2026 BUDGET IN AN AMOUNT NOT TO EXCEED FOUR MILLION AND 00/100 DOLLARS ($4,000,000.00) TO ESTELLA LOCKETTE, AN INDIVIDUAL AND OWNER OF THE PROPERTY LOCATED AT 157 NORTH WEST 17TH STREET, MIAMI, FLORIDA, CONTINGENT UPON THE ISSUANCE OF THE CRA’S TAX INCREMENT REVENUE BONDS, SERIES 2026, TO UNDERWRITE COSTS ASSOCIATED WITH THE REDEVELOPMENT AND REHABILITATION OF THE LOCKETTE HOUSE, A TEN (10) UNIT AFFORDABLE HOUSING RESIDENTIAL AND COMMERCIAL MIXED-USE PROJECT (“PROJECT”); AUTHORIZING THE EXECUTIVE DIRECTOR TO DISBURSE FUNDS ON A REIMBURSEMENT BASIS OR UPON THE PRESENTATION OF INVOICE OR SATISFACTORY DOCUMENTATION; FURTHER AUTHORIZING THE EXECUTIVE DIRECTOR TO NEGOTIATE AND EXECUTE A FORGIVABLE LOAN AGREEMENT AND SUPPORTING DOCUMENTS, INCLUDING ANY AND ALL OTHER DOCUMENTS NECESSARY FOR THE PURPOSE STATED HEREIN, ALL IN FORMS ACCEPTABLE TO THE GENERAL COUNSEL, ALL BEING SUBJECT TO THE RENTS BEING RESTRICTED FOR 50 YEARS AS MORE PARTICULARLY DETAILED IN A RESTRICTIVE COVENANT THAT IS TO BE RECORDED IN THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA; PROVIDING FOR THE INCORPORATION OF RECITALS AND AN EFFECTIVE DATE.

CRA-R-26-0018 : 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.

PRESENTATION OF EXTERNAL AUDIT REPORT FOR FISCAL YEAR 2025.