Omni Community Redevelopment Agency - Regular Meeting

The Southeast Overtown Park West CRA meeting. Good afternoon, everyone. and Todd?

Sorry. I thought I had heard Omni.

You did, but oh, well, because he was they told me to go with the other one because he left the dais.

We'll have to flip the tape.

Okay, never mind. We'll just go with Omni because the chair is back. We'll go with the Omni because they flipped the tape for the Omni. Go with the Omni. Get out. Carlito. We're going with Omni. He's back.

And that's after our E1.

Do we have Richie on Zoom? Okay.

Okay, good afternoon, everyone. I'm calling to order the April 23rd, 2026 Omni CRA meeting. Is there a motion to approve the minutes for the March 12th, 2026 Omni CRA meeting? Motion to move. All in favor? Aye. Motion carries. The public comment period is now open for all resolutions and discussion items on today's agenda.

Good afternoon. Javier Albon, Deputy City Attorney for the Office of the Attorney, here serving as General Counsel for the Omni CRA. Item number one is a resolution of the Board of Commissioners of the Omni CRA by a four-fifths vote authorizing the allocation of grant funds in an amount not to exceed $4 million to Estella Lockett to underwrite costs associated with the redevelopment and rehabilitation of the Lockett House, a 10-unit residential affordable housing mixed-use project located at 157 Northwest 17th Street. further authorizing the Executive Director to disburse funds for the project and to negotiate and execute a forgivable loan and supporting documents all being subject to the rents being restricted for 50 years as more particularly described in a restricted covenant to be recorded in the public records of Miami-Dade County. And item number one is being amended to reflect an update in the memo clarifying that the funds are to be used for the redevelopment and rehabilitation costs associated with the project. And item number two is a resolution of the Board of Commissioners of the Omni CRA authorizing and approving The subordination of the CRA's forgivable loan as authorized pursuant to resolution number CRA R-24-0046 and amended pursuant to resolution number CRA R-26-006 made to Cush Property LLC for the mixed use affordable housing development located at 2003 North Miami Avenue to the additional lender NRD-1 Public Benefits Trust Fund. of the Wood Business Improvement District in an amount not to exceed $2,800,000, further authorizing the executive director to negotiate and execute an amendment to the forgivable loan agreement, a subordination agreement, and any additional necessary documents to effectuate said subordination.

Okay, the public comment period is now open for all resolutions and discussion items on today's agenda. Any public comment, anyone here for public comment? Okay. Seeing no further public comment, the public comment period is now closed. Is there any discussion among the board members regarding resolutions one and two? No. Is there a motion for resolutions one and two? Motion. So moved. All those in favor? Aye. Motion carries. With item number one as amended. Then we also have item DI1.

This is a discussion item for our audit. If Richie's on Zoom, you can put Richie through.

If the Zoom administrator can allow Mr. Tandock to appear on the screen.

Good afternoon. Can you hear me? Yes, we can hear you.

Oh.

Good afternoon, Chair and Board members. My name is Richie Tannock with Richie Tannock, PA, CPA. I am the partner in charge of the Omni CRA's audit engagement for the fiscal year ended September 30th, 2025. I thank you very much for allowing me to present via Zoom. Before I get into my brief presentation, I'd like to thank Carlos Suarez and Larry Spring for their cooperation and assistance in completing this year's audit of the CRA. Each of you should have received a copy of the report on the results of the 2025 audit and our required communications as your auditor. I'd like to just briefly go over some of those required communications starting on page one of that report. Regarding the auditor's responsibilities, our responsibilities under generally accepted auditing standards and government auditing standards, we have issued an unmodified opinion, which is a clean opinion on the CRA's basic financial statements for the year end September 30th, 2025. We also issued our report on the agency's internal control over financial reporting and on compliance and other matters for the year end September 30th, 2025. I'm sorry, we reported no significant deficiency in internal control in our report. Both reports are dated March 5th, 2026. Regarding significant accounting policies, the agency's significant accounting policies are described in Note 1 to the financial statements, and those accounting principles that were selected by management are consistent with those prescribed by government accounting standards, and the agency's financial statements and related disclosures are clearly presented in a complete manner. Regarding accounting estimates for the fiscal year ended September 30th, 2025, management judgment was called upon to establish the useful lives of capital assets. We've determined that those estimates are reasonable. Going down to significant or unadjusted audit adjustments, we had no significant or unadjusted audit adjustments during the current year audit. Going to the next page regarding fraud and illegal acts. We are not aware of any fraud or illegal acts that occurred in fiscal year involving senior management or any fraud or illegal acts involving any employee that would cause a material misstatement of financial statements. Going down to independence, there are no relationships between us and the agency or its related entities, including the city, that in our professional judgment may reasonably be thought to impede our independence. With regards to our audit of the agency, as of September 30, 2025, we are independent with respect to the agency in accordance with the rules of the AICPA. and government auditing standards. And we have not performed any non-audit services for the agency during the fiscal year on September 3rd, 2025, or thereafter, with the exception of assisting in preparing financial statements. And lastly, going to the management letter, we are required to issue a management letter in accordance with the rules of the Auditor General. We did issue that report, which is dated March 5th, 2026, and we did not document any issues therein. If you have any specific questions about our opinion, our audit, or the financial statements, I'd be happy to address those.

Can we have a motion to accept the findings of the fiscal year 2025 external independent audit report as presented? So moved.

Second.

All those in favor?

Aye.

Motion passes. Thank you, everyone, for being here today. The meeting is now adjourned.