Release reversion rights in OMNI CRA deed for North Miami Avenue property

AGENDA ITEM SUMMARY FORM File ID: #17318 Date: 03/03/2025 Requesting Department: OMNI Community Redevelopment Agency Commission Meeting Date: 03/13/2025 Sponsored By: District Impacted: All Type: Resolution Subject: Authorize - Termination of Reverter Clause Purpose of Item: A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), APPROVING AND AUTHORIZING THE RELEASE OF ANY AND ALL RIGHTS OF REVERSION AND AUTOMATIC REVERSION IN THE CITY DEED, DATED AUGUST 1, 2007, RECORDED IN OFFICIAL RECORDS BOOK 26076, PAGES 3191-3198 IN THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, ISSUED TO THE OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY (“OMNI CRA”) FOR PROPERTIES LOCATED APPROXIMATELY AT 1401 AND 1441 NORTH MIAMI AVENUE; AUTHORIZING THE CITY MANAGER TO EXECUTE A RELEASE OF THE REVERSIONARY RIGHTS IN A FORM ACCEPTABLE TO THE CITY ATTORNEY, A DRAFT OF WHICH IS ATTACHED AND INCORPORATED EXHIBIT “A” AND TO DO ALL THINGS NECESSARY TO EFFECTUATE THIS RESOLUTION; PROVIDING FOR AN EFFECTIVE DATE. Background of Item: WHEREAS, pursuant to Resolution No. 06-0658, adopted on November 9, 2006 by City Commission of the City of Miami (“City”), the City Commission approved the conveyance of the properties located at approximately 1401 and 1441 North Miami Avenue, as more particularly described in the attached and incorporated Exhibit “B” (“Property”) to the Omni Redevelopment District Community Redevelopment Agency (“Omni CRA”) for redevelopment purposes; and WHEREAS, in conveying the property to the Omni CRA, the City imposed numerous conditions in the Deed, which include but are not limited to the requirement that the CRA obtain the approval of the City Commission before conveying the Property to a third party; and WHEREAS, the City Deed dated August 1, 2007, recorded in Book 26076 Pages 3191- 3198 in the official records of Miami-Dade County, contains a specific provision which requires the Property to revert back to the City if the CRA fails to obtain the approval of the City before conveying the Property to a third party; and WHEREAS, by CRA Resolution No. CRA-R-15-0021, the CRA directed its Executive Director to negotiate a purchase and sale agreement with 14th Street Development LLC (“Developer”) for the sale of the Property; and WHEREAS, by Special Warranty Deed dated February 12, 2016, and recorded in Book 29967 Page 3701 of the public records of Miami-Dade County, the Omni CRA sold the Property to 14th Street Development LLC for the sum of One Million Two Hundred Eighty Thousand Dollars ($1,280,000.00); and WHEREAS, the Omni CRA did not obtain the approval of the City Commission before sale of the Property to the Developer as required by the City Deed and consequently the sale is inconsistent with restrictions in the City Deed and the Property may be reverted back to the City if the violations of the deed restrictions are not cured; and WHEREAS, the Omni CRA and the City believe that it is in the best interest of the City to release the City’s right of reversion in the City Deed to facilitate the redevelopment of the Property consistent with redevelopment plan of the CRA, and WHEREAS, the City Commission now need to approve and authorize the release of the reversionary conditions and all reversionary rights set forth in the City Deed dated August 1, 2007; Budget Impact Analysis Item has NOT an Expenditure Item is NOT Related to Revenue Item is NOT funded by Bonds Total Fiscal Impact: N/A Reviewed By OMNI Community Redevelopment Agency Isiaa Jones Department Head Review Completed 03/03/2025 6:48 PM Office of Management and Budget Donovan Dawson Budget Analyst Review Completed 03/04/2025 9:05 AM Office of Management and Budget Marie Gouin Budget Review Completed 03/04/2025 10:29 AM City Manager’s Office Mabel Betancourt Assistant City Manager Review Skipped 03/04/2025 4:17 PM City Manager’s Office Larry M. Spring Assistance City Manager Completed 03/04/2025 6:12 PM City Manager’s Office Natasha Colebrook-Williams Deputy City Manager Review Completed 03/04/2025 7:35 PM City Manager’s Office Arthur Noriega V City Manager Review Completed 03/04/2025 8:10 PM Legislative Division Valentin J Alvarez Legislative Division Review Skipped 03/04/2025 7:49 PM Outside Counsel Outside Counsel Approved Form and Correctness Completed 03/04/2025 8:40 PM Office of the City Attorney Mabel Betancourt Approved Form and Correctness Skipped 03/04/2025 9:19 AM City Commission Todd B. Hannon Meeting Pending 03/13/2025 9:00 AM City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com City of Miami Legislation Resolution File Number: 17318 Final Action Date: A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), APPROVING AND AUTHORIZING THE RELEASE OF ANY AND ALL RIGHTS OF REVERSION AND AUTOMATIC REVERSION IN THE CITY DEED, DATED AUGUST 1, 2007, RECORDED IN OFFICIAL RECORDS BOOK 26076, PAGES 3191-3198 IN THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, ISSUED TO THE OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY (“OMNI CRA”) FOR PROPERTIES LOCATED APPROXIMATELY AT 1441 NORTH MIAMI AVENUE; AUTHORIZING THE CITY MANAGER TO EXECUTE A RELEASE OF THE REVERSIONARY RIGHTS IN A FORM ACCEPTABLE TO THE CITY ATTORNEY, A DRAFT OF WHICH IS ATTACHED AND INCORPORATED EXHIBIT “A” AND TO DO ALL THINGS NECESSARY TO EFFECTUATE THIS RESOLUTION; PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, pursuant to Resolution No. 06-0658, adopted on November 9, 2006 by City Commission of the City of Miami (“City”), the City Commission approved the conveyance of the properties located at approximately 1401 and 1441 North Miami Avenue, as more particularly described in the attached and incorporated Exhibit “B” (“Property”) to the Omni Redevelopment District Community Redevelopment Agency (“Omni CRA”) for redevelopment purposes; and WHEREAS, in conveying the property to the Omni CRA, the City imposed numerous conditions in the Deed, which include but are not limited to the requirement that the CRA obtain the approval of the City Commission before conveying the Property to a third party; and WHEREAS, the City Deed dated August 1, 2007, recorded in Book 26076 Pages 3191- 3198 in the official records of Miami-Dade County, contains a specific provision of reversion of the Property back to the City if the CRA fails to obtain the approval of the City before conveying the Property to a third party; and WHEREAS, the City Deed also includes a provision that if the Omni CRA ceases to exist and there is no legally or validly organized successor to assume the obligations of the Omni CRA, the Property would automatically revert back to the City; and WHEREAS, by CRA Resolution No. CRA-R-15-0021, the CRA directed its Executive Director to negotiate a purchase and sale agreement with 14th Street Development LLC (“Developer”) for the sale of a portion of the Property; and WHEREAS, by Special Warranty Deed dated February 12, 2016, and recorded in Official Records Book 29967, Page 3701 of the public records of Miami-Dade County, the Omni CRA sold a portion of the Property to 14th Street Development LLC for the sum of One Million Two Hundred Eighty Thousand Dollars ($1,280,000.00); and WHEREAS, this portion of the Property was conveyed in connection with the implementation of a project authorized under the Florida Community Redevelopment Act of 1969; and WHEREAS, the Omni CRA did not obtain the approval of the City Commission before sale of the Property to the Developer as required by the City Deed and consequently the sale is inconsistent with restrictions in the City Deed and the Property may be reverted back to the City if the violations of the deed restrictions are not cured; and WHEREAS, the Omni CRA and the City believe that it is in the best interest of the City to release the City’s right of reversion in the City Deed to that portion of the Property conveyed to a third party in order, as more particularly described in the attached and incorporated Exhibit “C”, to facilitate the redevelopment of the Property consistent with the redevelopment plan of the CRA; and WHEREAS, the City Commission approves and authorizes the release of the reversionary conditions and all reversionary rights set forth in the City Deed dated August 1, 2007 with respect to the portion of the Property described in Exhibit “C”, Folio No. 01-3136-005- 1110, located at 1441 North Miami Avenue, Miami, Florida;

NOW, THEREFORE,

BE IT RESOLVED BY THE COMMISSION OF CITY OF MIAMI, FLORIDA: 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 City Commission approves and authorizes the release of any and all rights of reversion and automatic reversion with respect to the portion of the Property with Folio No. 01-3136-005-1110, located at 1441 North Miami Avenue, Miami, Florida as set forth in the City Deed, dated August 1, 2007, recorded in Official Records Book 26076, Pages 3191-3198 of the public records of Miami-Dade County, issued to the Omni Redevelopment District Community Redevelopment Agency (“Omni CRA”) and in the deed recorded in Official Records Book 29967, Page 3701 of the public records of Miami-Dade County from the Omni CRA to 14th Street Development LLC, , as more particularly described in the attached and incorporated Exhibit “C”. Section 3. The City Manager is authorized1 to execute a release of the reversionary rights in a form acceptable to the City Attorney, a draft of which is attached and incorporated as Exhibit “A”. Section 4. The City Manager is further authorized1 to do all things necessary to effectuate this Resolution. Section 5. This Resolution shall become effective immediately upon its adoption. APPROVED AS TO FORM AND CORRECTNESS: OUTSIDE COUNSEL 3/04/2025Completed 1 The herein authorization is further subject to compliance with all legal requirements that may be imposed, including but not limited to, those prescribed by applicable City Charter and City Code provisions.