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North Miami CRA amends developer agreement, rescinds $500,000 restaurant allocation after Palm 78 exits
Summary
The CRA approved a first amendment reducing a $1,250,000 award by $500,000 originally restricted for Palm 78’s build-out; staff said Palm 78 will not be a tenant, the grantee says it will not sign the amendment but will comply with the existing contract, and roughly $560,000 of the restaurant-related allocation had already been paid.
The North Miami CRA on a voice vote approved a first amendment to a previously authorized tax‑increment recapture incentive and infrastructure grant with 11 25 Real Estate Investments LLC that reduces the original $1,250,000 award by $500,000 tied to the build‑out of Palm 78 restaurant.
Staff told the board the original award allocated $750,000 for the project portion and $500,000 was restricted under section 5 of the agreement specifically for the Palm 78 build‑out. Staff said Palm 78…
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