North Miami CRA approves $3.6 million grant, 50% TIF incentive for Prestige District projects
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Summary
The North Miami CRA approved Resolution 2025027 to award up to $3.6 million in infrastructure funding and a 50% tax-increment recapture incentive to Prestige District LLC and Prestige North LLC; the award includes 12 units reserved at 80% of AMI for the life of the CRA.
The North Miami Community Redevelopment Agency on a 4–0 vote approved Resolution 2025027 to authorize an infrastructure grant of up to $3,600,000 and a 50% tax‑increment recapture incentive for Prestige District LLC and Prestige North LLC.
CRA staff said the award is funded by bond series 2024 and will support rehabilitation of two multifamily properties — Prestige District, a 62-unit property at 13200 Northeast 7th Avenue, and Prestige North, a 48‑unit property at 13480 Northeast 6th Avenue. Staff said the grantee will set aside a total of 12 units across the two properties for households at 80% of area median income (AMI) “for the life of the CRA.”
The planned renovations include HVAC, electrical and plumbing work, appliance upgrades and, for Prestige North, elevator and landscaping improvements. Executive Director/Staff told the board the award will be paired with a tax-increment recapture incentive equal to 50% of projected city ad valorem tax revenues from when the project appears on the tax roll until the CRA’s sunset — a period staff said is approximately 19 years.
The public hearing on the item opened and closed with no speakers. Board member Esta May Irvin moved approval; Vice Chair Timothy seconded. The resolution passed by roll call with no dissent.
Next steps named by staff include negotiating and finalizing the infrastructure grant and tax‑increment recapture incentive agreement and executing documents authorizing the CRA’s executive director to implement the agreement.