Miami Worldcenter developers win millions in incentives

Project to get up to $88M in tax rebates

Dec.December 30, 2014 11:15 AM

Miami Worldcenter’s developers won millions in incentives on Monday when city commissioners approved a multi-year tax-rebate deal, despite complaints from Overtown residents, labor officials and community activists.

The 5-0 vote came during a meeting of the city commission, sitting as the board of the Southeast Overtown/Park West Community Redevelopment Agency, in a packed community room at Camillus House. The unusual timing was prompted by what the $1.06 billion project’s developers say were pressing contractual and financial deadlines, according to the Miami Herald.

The subsidy package would kick back more than half the property taxes paid out to the redevelopment agency by the owners of the 10-block complex, which sits inside the CRA’s borders – or as much $88 million through the 12-year life of the deal. The CRA typically gets a large portion of the property taxes generated by new development inside its boundaries for the purpose of remedying blight, including by providing financial incentives to attract private developers.

In exchange, corporations managed by Miami World Center Holdings, LLC, and shopping center developer The Forbes Company agreed to pay higher wages and ensure their contractors and subcontractors hire up to one-third of their unskilled workers from Overtown and then from around Miami and the county, the Miami Herald reported. [The Miami Herald] Ina Cordle

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