The Real Deal Miami

Worldcenter subsidy agreement up for vote

Tax rebates valued at $6.9M annually
December 29, 2014 09:45AM

Miami Worldcenter rendering and Nitin Motwani

Miami Worldcenter rendering and Nitin Motwani

The Miami Worldcenter subsidy agreement is up for a vote today when city commissioners come together as the Overtown Community Redevelopment Agency.

The incentives would reportedly return more than half of the property taxes paid out to the CRA by the project’s owners  a portion of which would go toward financing public infrastructure improvements including roadways and parks.

The tax rebates, valued at $6.9 million annually once the $1 billion phase is completed, would begin as early as 2018 and continue through 2030, the Miami Herald reported.

Up to one-third of unskilled workers on the project will be required to be from Overtown, around Miami and the county. [Miami Herald]  Katherine Kallergis