North Miami CRA tables resolution to rescind Redwood Dev LLC funding until Sept. 9

The North Miami Community Redevelopment Agency on a 5-0 vote on an item recorded as Agenda Item 1 postponed consideration of a resolution that would rescind funding for Redwood Dev LLC until the CRA’s next meeting on Sept. 9.

The resolution under consideration would rescind a previously approved tax-increment recapture incentive for a proposed multifamily residential and retail project at 1525 Northwest 130 Fifth Street, North Miami, Florida 33167. The incentive was described in the agenda language as a 50% tax-increment recapture of projected city ad valorem tax revenues for the life of the project until the North Miami CRA sunsets, “approximately 20 years.” The resolution would also have authorized the executive director and the CRA attorney to take actions necessary to rescind the incentive.

Board member Charles moved to table the item to the CRA meeting on Sept. 9; the motion was seconded by Board member Estime Irvin and carried 5-0. The board record shows the chair and other board members present and the item formally postponed rather than acted on.

Because the board only voted to table the resolution, no formal rescission or legal change took effect at the meeting. The agenda language identifies the mechanism as a tax-increment recapture incentive tied to ad valorem tax receipts; any legal or administrative steps to rescind the incentive would come only if the board takes the item up again and adopts the resolution.

The public record on the item at this meeting is limited to the board’s motion to postpone and the agenda text describing the proposed rescission. No public comment on this agenda item was recorded during the session.