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North Miami CRA tables vote to rescind TIF agreement with Redwood Dev LLC
Summary
The CRA agreed to table a proposed resolution to rescind a tax increment recapture incentive for Redwood Dev LLC’s mixed-use development, asking for more discussion and scheduling the matter for the next meeting on July 8.
The North Miami Community Redevelopment Agency voted 5-0 to table consideration of a resolution that would rescind a tax increment recapture incentive for Redwood Dev LLC’s proposed multifamily and retail project at 1525 Northwest 130 Fifth Street.
The draft resolution sought to rescind a tax increment financing (TIF) recapture incentive that would have provided Redwood Dev LLC 50% of projected city ad valorem tax revenues from the time the project appeared on the property tax rolls until the CRA’s sunset, described in the packet as approximately 20 years. Board members said they wanted more open discussion before taking action and moved to table the item until the next meeting; board member Charles moved to table and Estimate Irvin seconded, and the motion carried unanimously, 5-0.
The board noted the next regular meeting date as July 8 for further consideration. No formal vote to rescind was taken; the item remains on the agenda for a future meeting.
