HomeMy WebLinkAboutBackup DocumentationMIAMI PORT TUNNEL LETTER OF CREDIT FACILITY FEE
GRANT AGREEMENT
This MLM\11 PORT TUNNEL LETTER OF CREDIT FACILITY FEE GRANT AGREEMENT (the
-A.c.rreement") is made as of this day of , 20 by and between the OMNI
REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY, a public agency and body
corporate created pursuant to Section 163.356, Florida Statutes (the "CRA"). and the CITY OF MIAMI,
FLORIDA, a municipal corporation of the State of Florida (the "Grantee").
RECITALS
A. The CRA is responsible for carrying out community redevelopment activities and projects
within its Redevelopment Area in accordance with its approved Redevelopment Plan.
B. Grantee, Miami -Dade County, and the Florida Department of Transportation have proposed
to construct an access tunnel to the Port of Miami ("Port Tunnel") in order to reduce congestion in the Omni
Redevelopment Area.
C. Grantee obtained an irrevocable standby letter of credit ("Letter of Credit") from Wells Fargo
Bank, N.A. in the amount of $50 million for the Port Tunnel.
D. The Letter of Credit is scheduled to expire on October 17, 2010, and Grantee sought the
CRA's assistance, in the form of a one-time grant, to obtain a 90-day extension from Wells Fargo.
E. The CRA's support for the Port Tunnel includes direct support, indirect support, in -kind
support, or other such activities as may be deemed by the CRA Board of Commissioners to advance the
Tunnel Project.
F. The Board of Commissioners of the Omni Redevelopment District Community
Redevelopment Agency of the City of Miami, by Resolution No. CRA-R-10-0074, a copy of which is attached
as Exhibit "A" hereto and made a part hereof, passed and adopted on September 20, 2010, authorized the
issuance of a grant, in an amount not to exceed One Hundred Sixty Thousand and No/100 Dollars
($160,000.00), to Grantee, to assist in thepayment the facility fee of Grantee's Letter of Credit.
G. The CRA and Grantee wish to enter into this Agreement to set forth the terms and conditions
relating to the use of this grant.
NOW, THEREFORE, in consideration of the mutual promises of the parties contained herein and
other good and valuable consideration, receipt and sufficient of which is hereby acknowledged, the CRA and
Grantee agree as follows:
1. RECITALS. The Recitals to this Agreement are true and correct, and are incorporated herein
by reference and made a part hereof.
2. GRANT. Subject to the terms and conditions set forth herein and Grantee's compliance with
al] of its obligations hereunder, the CRA hereby agrees to make available to the Grantee the Grant to be used
for the purpose and disbursed in the manner hereinafter provided.
040010) Miami Port Tunnel Facility Fee
10- Ofq4'
3. USE OF GRANT. The Gram shall used as follows: for the payment of the quarterly facility
fee for the Letter of Credit, for the purpose of obtaining a 90-day extension of the expiration date of said Letter
of Credit ("Scope of Work" or "Proiect").
4. COMPLIANCE WITH POLICIES AND PROCEDURES. Grantee understands that the use
of the Grant is subject to specific reporting, record keeping, administrative and contracting guidelines and
other requirements affecting the activities funded by the Grant. Grantee covenants and agrees to comply, and
represents and warrants to the CRA that the Grant shall be used in accordance, with all of the requirements,
terms and conditions contained therein as the same may be amended during the term hereof. Without limiting
the generality of the foregoing, Grantee represents and warrants that it will comply and the Grant will be used
in accordance with all applicable federal, state and local codes, laws, rules and regulations.
5. RECORDS AND REPORTS/AUDITS AND EVALUATION.
5.1 RECORDS MAINTENANCE. Grantee understands and acknowledges that the CRA
must meet certain record keeping and reporting requirements with regard to the Grant. In order to enable the
CRA to comply with its record keeping and reporting requirements, Grantee agrees to maintain all records as
required by the CRA.
5.2 DELIVERY UPON REQUEST. At the CRA's request, and no later than thirty (30)
days thereafter, Grantee shall deliver to the CRA such written statements relating to the use of the Grant as the
CRA may require.
5.3 AUDIT RIGHTS. The CRA shall have the right to conduct audits of Grantee's
records pertaining to the Grant and to visit the Project, in order to conduct its monitoring and evaluation
activities. Grantee agrees to cooperate with the CRA in the performance of these activities.
5.4 FAILURE TO COMPLY. Grantee's failure to comply with these requirements or
the receipt or discovery (by monitoring or evaluation) by the CRA of any inconsistent, incomplete or
inadequate inforrnation shall be grounds for the immediate termination of this Agreement by the CRA.
6. ASSET REVERSION.
6.1 UNUSED FUNDS. Upon the expiration of the term of this Agreement, Grantee shall
transfer to the CRA any unused Grant funds on hand at the time of such expiration.
6.2 GOODS AND EQUIPMENT. Any goods or equipment, with a depreciable life, as
determined by the Regulations of the Internal Revenue Service, procured with Grant funds shall be returned to
the CRA's possession upon the termination of this Agreement.
7. REPRESENTATIONS; WARRANTIES; CERTIFICATIONS. Grantee represents, warrants,
and certifies the following:
7.1 INVOICES. Invoices for all expenditures shall be submitted to the CRA for review.
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EXPENDITURES. Funds disbursed under the Grant shall be used solely for the
,
purposes ) described herein. Al! expenditures of the Grant will be made in accordance with the provisions of
this A.Q-reement.
7.3 SEPARATE ACCOUNTS. The Grant will not be co-minzled with any other funds
and separate bank accounts and accounting records will be maintained.
7.4 POLITICAL ACTIVITIES. No expenditure of Grant funds shall be used for
political activities.
7.5 RECORD -KEEPING. The expenditures of the Grant will be properly documented
and such documentation will be maintained on file,
7.6 PROGRESS REPORTS. Periodic progress reports will be provided to the CRA as
the same may be requested from time to time.
7.7 LLABILITY. Grantee will be liable to the CRA for the amount of the Grant
expended in a manner inconsistent with this Agreement.
7.8 AUTHORITY. This Agreement has been duly authorized by all necessary actions on
the part of, and has been, or will be, duly executed and delivered by the Grantee, and neither the execution and
delivery hereof, nor compliance with the terms and provisions hereof, (i) requires the approval and consent of
any other party, except such as have been duly obtained or as are specifically noted herein, (ii) contravenes any
existing law, judgment, governmental rule, regulation or order applicable to or binding on any indenture,
mortgage, deed of trust, bank loan or credit agreement, applicable ordinances, resolutions, or on the date of this
Agreement, any other agreement or instrument to which the Grantee is a party, or (iii) contravenes or results in
any breach of, or default under any other agreement to which the Grantee is a party, or results in the creation of
any lien or encumbrances upon any property of the Grantee.
8. DISBURSEMENT OF GRANT. Subject to the terms and conditions contained in this
Agreement, the CRA shall make available to Grantee up to One Hundred Sixty Thousand and No/100 Dollars
($160,000.00). Payments will be made only after receipt and approval of Project specific invoices and
verification of acceptable work product. In no event shall payments to Grantee under this Grant agreement
exceed One Hundred Sixty Thousand and No/100 Dollars ($160,000.00).
9. TERM. The term of this Agreement shall commence on the date first above written and shall
terminate upon the earlier of: (a) full disbursement of One Hundred Sixty Thousand and No/100 Dollars
($160,000); or (b) earlier termination as provided for herein; provided, however, that all rights of the CRA to
audit or inspect, to require reversion of assets, to enforce representations, warranties and certifications, to
default remedies, to limitation of liability and indemnification, and to recovery of fees and costs shall survive
the expiration or earlier termination of this Agreement.
10. REMEDIES FOR NON-COMPLIANCE. If Grantee fails to perform any of its obligations or
covenants hereunder, or materially breaches any of the terms contained herein, then the CRA shall have the
right to take one or more of the following actions:
(a) Withhold cash payments, pending correction of the deficiency by Grantee;
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(by Recover payments made to Grantee:
(c) Disallow (that is, deny the use of the Grant for) all or part of the cost for the activiry
or action not in compliance:
(d) Withhold further awards for the Project: or
(e) Take such other remedies that may be legally pem-nned.
I 1. NON-DISCRIMINATION. Grantee. for itself and on behalf of its contractors and sub-
contractors, agrees that it shall not discriminate as to race, sex, coior, religion, national origin, age, marital
status or handicap in connection with its performance under this Agreement. Furthermore, Grantee represents
that no otherwise qualified individual shall, solely, by reason of his/her race, sex, color, religion, national
origin, age, marital status or handicap be excluded from the participation in, be denied benefits of, or be
subjected to discrimination under any program or activity receiving financial assistance pursuant to this
Agreement.
12. CONFLICT OF INTEREST. Grantee has received copies of, and is familiar with, the
following provisions regarding conflict of interest in the performance of this Agreement by Grantee. Grantee
covenants, represents and warrants that it will comply with all such conflict of interest provisions:
(a) Code of the City of Miami, Florida, Chapter 2, Article V.
(b) Miami -Dade County Code, Section 2-11.1.
13, CONTINGENCY. Funding for this Agreement is contingent on the availability of funds and
continued authorization for Project activities, and is subject to amendment or termination due to lack of funds
or authorization, reduction of funds, or change in regulations.
1 4. MARKETING.
14.1 SIGNAGE. Grantee shall prominently display signage acknowledging the CRA's
contribution to the Project at Grantee's primary place of business during the term of this Agreement. Said
signage shall remain on display at Grantee's primary place of business for a period of two (2) years following
this Agreement's termination.
14,2 PUBLICATION. Grantee shall produce, publish, advertise, disclose, or exhibit the
CRA's name and/or logo, in acknowledgement of the CRA's contribution to the Project, in all forms of media
and communications created by Grantee for the purpose of publication, promotion, illustration, advertising,
trade or any other lawful purpose, including but not limited to stationary, newspapers, periodicals, billboards,
posters, email, direct mail, flyers, telephone, public events, and television, radio, or intemet advertisements or
interviews.
14.3 APPROVAL. The CRA shall have the right to approve the fo in and placement of
all acknowledgements, which approval shall not be unreasonably withheld.
14,4 LIMITED USE. Grantee further agrees that the CRA's name and logo may not be
otherwise used, copied, reproduced, altered in any manner, or sold to others for purposes other than those
specified in this Agreement. Nothing in this Agreement, or in Grantee's use of the CRA's name and logo,
confers or may be construed as conferring upon Grantee any right, title, or interest whatsoever in the CRA's
name and logo beyond the right granted in this Agreement.
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15. DEFAULT. If Grantee fails to comply with anv term or condition of this Aareement, or fails
to perform any of its obligations hereunder, then Grantee shall be in default. Upon the occurrence of a default
hereunder the CRA, in addition to all remedies available to it by law, may immediately, upon written notice to
Grantee, terminate this Agreement whereupon all payments, advances. or other compensation paid by the CRA
to Grantee Nvhile Grantee was in default shall be immediately returned to the CRA. Grantee understands and
agrees that termination of this Agreement under this section shall not release Grantee from any obligation
accruing prior to the effective date of termination.
16. LIABILITY OF THE CRA. No officer, employee, agent, or principal, whether disclosed or
undisclosed, of the CRA shall have any personal liability with respect to any of the provisions of this
Agreement. Any liability of the CRA under this Agreement shall be subject to the limitations imposed by
Section 768.28, Florida Statutes.
17. SPECIFIC PERFORMANCE. In the event of breach of this Agreement by the CRA, the
Grantee may only seek specific performance of this Agreement and any recovery shall be limited to the grant
funding authorized for the Project. In no event shall the CRA be liable to Grantee for any additional
compensation, other than that provided herein, or for any consequential or incidental damages or costs.
18. INDEMNIFICATION OF THE CRA. Grantee shall protect, defend, indemnify and hold
harmless the CRA and its agents from and against any and all claims, actions, damages, liability and expense
(including fees of attorneys, investigators and experts) in connection with loss of life, personal injury or
damage to property or arising out of this Agreement, except to the extent such loss, injury or damage was
caused by the gross negligence of the CRA or its agents.
19. DISPUTES. In the event of a dispute between the Executive Director of the CRA and
Grantee as to the terms and conditions of this Agreement, the Executive Director of the CRA and Grantee shall
proceed in good faith to resolve the dispute. If the parties are not able to resolve the dispute within thirty (30)
days of written notice to the other, the dispute shall be submitted to the CRA's Board of Commissioners for
resolution within ninety (90) days of the expiration of such thirty (30) day period or such longer period as may
be agreed to by the parties to this Agreement. The Board's decision shall be deemed final and binding on the
parties.
20. INTERPRETATION.
20.1 CAPTIONS. The captions in this Agreement are for convenience only arid are not a
part of this Agreement and do not in any way define, limit, describe or amplify the terms and provisions of this
Agreement or the scope or intent thereof.
20.2 ENTIRE AGREEMENT. This instrument constitutes the sole and only agreement of
the parties hereto relating to the Grant, and correctly set forth the rights, duties, and obligations of the parties.
There are no collateral or oral agreements or understandings between the CRA and Grantee relating to the
Agreement. Any promises, negotiations, or representations not expressly set forth in this Agreement are of no
force or effect. This Agreement shall not be modified in any manner except by an instrument in writing
executed by the parties. The masculine (or neuter) pronoun and the singular number shall include the
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masculine. feminine and neuter genders and the singular and plural number. The word "includina" followed by
any specific item(s) is deemed to refer to examples rather than to be words of limitation.
20.3 CONSTRUCTION. Should the provisions of this Agreement require judicial or
arbitral interpretation, it is agreed that the judicial or arbitral body interpreting or construing the same shall not
apply the assumption that the terms hereof shall be more strictly construed against one party by reason of the
rule of construction that an instrument is to be construed more strictly against the party which itself or through
its agents prepared same, it being agreed that the agents of both parties have equally participated in the
preparation of this Agreement.
20.4 COVENANTS. Each covenant, agreement, obligation, teuii, condition or other
provision herein contained shall be deemed and construed as a separate and independent covenant of the party
bound by, undertaking or making the same, not dependent on any other provision of this Agreement unless
otherwise expressly provided. All of the terms and conditions set forth in this Agreement shall apply
throughout the term of this Agreement unless otherwise expressly set forth herein.
20.5 CONFLICTING TERMS. In the event of conflict between the terms of this
Agreement and any terms or conditions contained in any attached documents, the terms of this Agreement
shall govern.
20.6 WAIVER. No waiver or breach of any provision of this Agreement shall constitute a
waiver of any subsequent breach of the same or any other provision hereof, and no waiver shall be effective
unless made in writing.
20.7 SEVERABILITY. Should any provision contained in this Agreement be determined
by a court of competent jurisdiction to be invalid, illegal or otherwise unenforceable under the laws of the State
of Florida, then such provision shall be deemed modified to the extent necessary in order to conform with such
laws, or if not modifiable to conform with such laws, that same shall be deemed severable, and in either event,
the remaining terms and provisions of this Agreement shall remain unmodified and in full force and effect.
20.8 THIRD -PARTY BENEFICIARIES. No provision of this Agreement shall, in any
way, inure to the benefit of any third party so as to make such third party a beneficiary of this Agreement, or of
any one or more of the terms hereof, or otherwise give rise to any cause of action in any party not a party
hereto.
21. AMENDMENTS. No amendment to this Agreement shall be binding on either party, unless
in writing and signed by both parties.
22. DOCUMENT OWNERSHIP. Upon request by the CRA, all documents developed by
Grantee shall be delivered to the CRA upon completion of this Agreement, and may be used by the CRA,
without restriction or limitation. Grantee agrees that all documents maintained and generated pursuant to this
Agreement shall be subject to all provisions of the Public Records Law, Chapter 119, Florida Statutes. It is
further understood by and between the parties that any document which is given by the CRA to Grantee
pursuant to this Agreement shall at all times remain the property of the CRA, and shall not be used by Grantee
for any other purpose whatsoever, without the written consent of the CRA.
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AWARD OF AGREEMENT. Grantee warrants that it has not employed or retained anv
person employed by the CRA to solicit or secure this Agreement, and that it has not offered to pay, paid, or
agreed to pay any person employed by the CRA any fee, commission percentage, brokerage fee, or gift of anv
kind contingent upon or resulting from the award of the Grant.
24. NON-DELEGABILITY. The obligations of Grantee under this Agreement shall not be
delegated or assigned to any other party without the CRA's prior written consent which may be withheld by
the CRA, in its sole discretion.
?5.
Florida law.
CONSTRUCTION. This Agreement shall be construed and enforced in accordance with
26.TERMINATION. The CRA reserves the right to terminate this Agreement, at any time for
any reason upon giving five (5) days written notice of termination to Grantee. If this Agreement should be
terminated by the CRA, the CRA will be relieved of all obligations under this Agreement.
27. NOTICE. All notices or other communications which shall or may be given pursuant to this
Agreement shall be in writing and shall be delivered by personal service, or by registered mail, addressed to
the party at the address indicated herein or as the same may be changed from time to time. Such notice shall be
deemed given on the day on which personally served, or, if by mail, on the fifth day after being posted, or the
date of actual receipt or refusal of delivery, whichever is earlier.
To CRA: Omni Redevelopment District Community Redevelopment Agency
49 N.W. 5th Street, Suite 100
Miami, FL 33128
Attn: Pieter A. Bockweg
Executive Director
To Grantee:
City of Miami
444 S.W. 2nd Avenue, 10th Floor
Miami, FL 33130
Attn: Carlos A. Migoya
City Manager
With copy to:
City of Miami
444 S.W. 2nd Avenue, 10th Floor
Miami, FL 33130
Attn: Larry Spring
Chief Financial Officer
Office of the City Attorney
444 S.W. 2nd Avenue, 9th Floor
Miami, FL 33130
Attn: Julie O. Bru, Esq.
City Attorney
28, INDEPENDENT CONTRACTOR. Grantee, its contractors, subcontractors, employees and
agents shall be deemed to be independent contractors, and not agents or employees of the CRA, and shall not
attain any rights or benefits under the civil service or pension programs of the CRA, or any rights generally
afforded its employees; further, they shall not be deemed entitled to Florida Workers' Compensation benefits
as employees of the CRA.
29, SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon the parties hereto,
and their respective heirs, executors, legal representatives, successors, and assigns.
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30. MISCELLANEOUS.
30.1 In the event of any lineation between the parries under this Affreement. the parties
shall bear their own anomevsl fees and costs at trial and appellate levels.
Ag-reement.
30.2 Time shall be of the essence for each and every provisionprovislon ofthis Agreement.
30.3 All exhibits attached to this Agreement are incorporated in, and made a part of this
[SIGNATURES APPEAR ON THE FOLLOWING PAGE]
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10-0010) Mn Pon Tunnel Fecilny Fee
EN WITNESS WHEREOF, in consideration of the mutual entry into this A.frreement, for other aood
and valuable consideration, and intending to be legally bound. the CRA and Grantee have executed this
A greernem.
ATTEST: CITY OF MIAMI, FLORIDA, a municipal
corporation of the State of Florida ("GRANTEE")
By: Bv:
Priscilla A. Thompson Carlos A. Migoya
City Clerk City Manager
APPROVED AS TO INSURANCE APPROVED AS TO FORM AND
REQUIREMENTS: CORRECTNESS:
By: By:
Gary Reshefsky
Director, Risk Management
ATTEST:
By:
Julie O. Bru
City Attorney
OMNI REDEVELOPMENT DISTRICT
COMMUNITY REDEVELOPMENT
AGENCY, of the City ofMiami, a public agency
and body corporate created pursuant to Section
163.356, Florida Statutes, ("CRA")
By:
Priscilla A. Thompson Pieter A. Bockweg
Clerk of the Board Executive Director
APPROVED AS TO FORM AND
CORRECTNESS:
By:
Julie O. Bru
CRA General Counsel
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EXHIBIT "A"
Omni Board ofCommissioners Meeting
Srn:):r2O.2C�O
T
TEF,-C}Fk8E10DR � NDUK8
C-7.sir[vloz D. Samoff
ans Nambere of the C,--<4 Boa-_
FromPieter BockwegExecutive Director
.|
September 1O.2010 10'01085
5_DJ1sc�: Resolution Author'zingaGrant mthe City cf
Miami to Assist in the Payment ofits Annual
Facility Fee for Letter ofCredit, re: Miami Port
Tunnel.
References:
EodoourocSupporting Ououmertadon� Legislation
BACKGROUND:
It is recommended that the Board of Commioniones of the Omni Redevelopment District Community
Redevelopment Agency (^CRA[) approve and adopt the attached Resolution authorizing the issuance of gront,
in an amount not to exceed $150.000. to the City of Miami, to assist in the payment of the its annua� facility fee
for a $50 million irrevocable standby letter of credit ("LOC") from Wells Fargo Bank, N.A., obtained for the Miami
Port Tunnel Project (^Pnoject^).
To maintain this LOC. the City of Miami is -required to pay (on a quarterly basis) a facility fee, This LOC will
expire on October 17` 2010. Wells Fargo has agreed to extend the LOC for an additional AO -day period (to
expire on January 0. 2011). without change to the current facility fee. This grant to the City equals one
quarterly -payment ofthe facility fee.
JUSTIFICATION:
Section 5.4, at page 67, of the 2000 Omni Redevelopment Plan, states "[tlhe CRA's support of the Tunnel
Project shall include direct support, indirect nupport, in -kind support, or such other activities as may bedeemed
bythe CR4Board ofCommissioners 0aadvance this Project.
FUNDING: $150.000 from Omni Tax Increment Fund. "Other Grants and Aids," Account Code No.
10040.920101�803000,0000,00000,
City of Miami
Legislation
CRA Resolution
�i :-al.
353C Pan kmerican
Drive
Miami. =L 32
wwW.miamioov.com
File Number: 10-01085 Final Action Date:
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE OMNI
REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY
AUTHORIZING THE ISSUANCE OF A GRANT, IN AN AMOUNT NOT TO EXCEED
$160,000, TO THE CITY OF MIAMI, TO ASSIST IN THE PAYMENT OF ITS
ANNUAL FACILITY FEE FOR A $50 MILLION IRREVOCABLE STANDBY LETTER
OF CREDIT FROM WELL FARGO BANK, N.A., OBTAINED FOR THE MIAMI PORT
TUNNEL PROJECT; AUTHORIZING THE EXECUTIVE DIRECTOR TO DISBURSE
FUNDS, AT HIS DISCRETION, ON A REIMBURSEMENT BASIS OR DIRECTLY TO
VENDORS, UPON PRESENTATION OF INVOICES AND SATISFACTORY
DOCUMENTATION; FURTHER AUTHORIZING THE EXECUTIVE DIRECTOR TO
EXECUTE ALL DOCUMENTS NECESSARY FOR SAID PURPOSE, IN FORM
ACCEPTABLE TO GENERAL COUNSEL; ALLOCATING FUNDS FROM OMNI TAX
INCREMENT FUND, "OTHER GRANTS AND AIDS," ACCOUNT CODE NO.
10040.920101.883000.0000.00000.
WHEREAS, the Omni Redevelopment District Community Redevelopment Agency ("CRA") is
responsible for carrying out community redevelopment activities and projects within its Redevelopment
Area in accordance with its approved Redevelopment Plan; and
WHEREAS, the City of Miami ("City"), Miami -Dade County ("County"), and the Florida
Department of Transportation ("FDOT") have proposed to construct a port tunnel ("Project") in order to
reduce congestion on the Omni Redevelopment Area; and
WHEREAS, in an Interlocal Cooperation Agreement dated December 31, 2007, between the
CRA, the City, and the County, the CRA agreed to fund the City's contribution towards the Project, up
to $88 million, upon substantial completion through 2030; and
WHEREAS, the City obtained an irrevocable standby letter of credit ("LOC") from Wells Fargo
Bank, N.A. in the amount of $50 million for the Project; and
WHEREAS, with the LOC scheduled to expire October 17, 2010, the City now seeks the CRA's
assistance in obtaining a 90-day extension from Wells Fargo, said assistance to be in the form of a
one-time grant, in the amount of $160,000; and
WHEREAS, Section 5.4, at page 87, of the 2009 Omni Redevelopment Plan states "[t]he
CRA's support of the Tunnel Project shall include direct support, indirect support, in -kind support, or
such other activities as may be deemed by the CRA Board of Commissioners to advance this Project;"
and
WHEREAS, the Board of Commissioners wishes to authorize the issuance of a grant, in an
amount not to exceed $160,000, to the City, to assist in the annual facility fee of its LOC with Wells
Fargo;
City of Miami
Page 1 of 2 File Id: I0-01085 (Version: 1) Printed On: 9/14/2010
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE
OMN| REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF
MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted
byreference and incorporated herein aoiffully set forth inthis Section,
Section 2. The issuance of a gran1, in an amount not to exceed $160.000. to the City of Miami,
to assist in the payment of its annual facility fee for a $50 million irrevocable standby letter of credit
from VVoUu Fargo Bunk. N.4, obtained for the Miami Pont Tunnel Project, is authorized.
Section 3. The Executive Director is authorized to disburse funds, at his disoretion, on a
reimbursement basis or directly to vendoro, upon presentation of invoices and satisfactory
documentation.
Section 4. The Executive Director is authorized to execute all documents necessary for said
purpose. in a form acceptable to General Counsel.
Section 5. Funds to be allocated from Omni Tax Increment Fund. "Other Grants and Aids,"
Account Code No. 10040.920101.883000.0000.00000.
GechonG. This resolution shall become effective immediately upon its adoption.
APPROVED AS TO FORM AND CORRECTNESS:
JUL|EO.BRU
GENERAL COUNSEL