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The Real Estate Development Accelerator benefits are contingent on funding availability and CRA approval, and are not to be construed as an entitlement or right of a property owner or applicant. Properties in the CRA areas are not eligible for City/CRA funded programs when such funding conflicts with the goals expressed in the CRA Strategic Finance Action Plan or Community Redevelopment Plan. The CRA may obtain an analysis by a third party or outside firm hired by the CRA to evaluate the application.
Property to be improved must be free of all municipal and county liens, judgments or encumbrances of any kind. This provision can be waived by the CRA Board of Commissioners if development plans for said property meets the goals and objectives as set forth in the CRA Strategic Finance Action Plan or CRA Plan. Upon grant approval, said property must remain free of all municipal and county liens, judgments or encumbrances of any kind under the term of the agreement.
Projects in the City of North Miami Beach Community Redevelopment Agency (CRA) may be eligible for a tax incentive known as the Real Estate Development Accelerator (REDA). This incentive will be instituted to expedite development in the CRA.
Although businesses within the entire North Miami Beach Community Redevelopment Agency area are eligible to participate, emphasis shall be placed on those businesses within NE 19th Avenue, Dixie Highway, North of the Canal, and South of the Canal . Applicants meeting the location criteria of this program will have preference to ensure maximum impact to the CRA district.
REDA, a performance-based tax incentive, is a phased-in program that provides larger incentives to developers during the initial development stage. The developers who bring projects to the area in the early stages are accepting more risk; they will incur more costs for marketing their development and may experience slower sales than projects that are built after the market is established. Costs to develop the projects are also generally higher due to the lenders ability to mitigate risk by charging higher interest rates or to require more up-front equity, thus negatively effecting the developer’s pro forma.
A clearly defined need must exist and be proven by each development initiative before funding under REDA will be considered. Any incentive that is approved by the CRA Board will be paid during and/or after construction of a project. Approved projects will require a Development Agreement among the CRA and the developer.
Disbursements of the Grant proceeds may be made on a reimbursement basis or paid directly to the Service Provider, in accordance with the Scope of Services attached to application and provided applicant first approves of payment to Service Provider.
Should an applicant choose to engage the services of an agent (individual or company) to assist/represent applicant in this aspect of the process, the expenses for the agent’s service will be borne by the applicant. Such expenses are not reimbursable under the terms of any of the CRA’s incentive programs. CRA funds cannot be applied to services other than architecture, engineering, etc. related to the construction of the interior or exterior of the building.
The REDA incentive is contingent on funding availability and CRA approval, and is not to be construed as an entitlement or right of a property owner or applicant. Properties in the CRA areas are not eligible for City/CRA funded programs when such funding conflicts with the goals expressed in the CRA Strategic Finance Action Plan or Community Redevelopment Plan.
The REDA program will be available for a six-year period, with Phase I in effect for four years and Phases II and III for one year each. Phase I will be effective from January 2021 and will expire September 2024. At that point Phase II incentives will take effect for one year, followed by the final stage, Phase III. The incentives for the three phases are as follows:
Properties listed for sale may not apply. Properties sold within twenty-four months of receiving grant funding must repay the full amount.
Prior to application submittal, a preliminary review of proposed renovations to property must be completed by the Planning Department.
After approval process, the CRA will provide the applicant with an approved Grant Agreement for signature. It is recommended that NO CONSTRUCTION begin until the Grant Agreement is signed by all parties. Improvements completed prior to approval by the CRA Board, may not be eligible for reimbursement.
If deemed necessary, the Community Redevelopment Agency (CRA) reserves the right to have the application and its contents evaluated and analyzed by an outside third party including but not limited to; the proposed business plan, partnership/ownership information with equity positions, mortgage on the property, lease agreements, letter of Intent from lending institution and any other documents provided by the applicant.
If your site plan or application request includes landscaping, the landscaping must be a species and variety of native plants that are drought tolerant, require little irrigation and withstand the environmental conditions of North Miami Beach. Irrigation systems must prevent over spray and water waste and it is recommended a drip irrigation system be installed.
Property to be improved must be free of all municipal and county liens, judgments or encumbrances of any kind. This provision can be waived by the CRA Board of Commissioners if development plans for said property meets the goals and objectives as set forth in the CRA Strategic Finance Action Plan. Upon grant approval, said property must remain free of all municipal and county liens, judgments or encumbrances of any kind under the term of the agreement.
All work must commence within 12 months of application approval. If work has not commenced within 12 months, funds will be reprogrammed.
I have read completely and understand the program, including the application guidelines and grant reimbursement process.
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