HomeMy WebLinkAboutR-10-0566City of Miami
Legislation
Resolution: R-10-0566
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 10-01441 Final Action Date: 12/16/2010
A RESOLUTION OF THE MIAMI CITY COMMISSION AUTHORIZING THE CITY
MANAGER TO ACCEPTA GRANT, IN AN AMOUNT NOT TO EXCEED ONE
HUNDRED AND SIXTY THOUSAND DOLLARS ($160,000) (THE "GRANT"), FROM
THE OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT
AGENCY, TO ASSIST IN THE PAYMENT OF AN ANNUAL FACILITY FEE FOR AN
IRREVOCABLE STANDBY LETTER OF CREDIT IN THE AMOUNT OF FIFTY
MILLION DOLLARS ($50,000,000) ("LETTER OF CREDIT") FROM WELLS FARGO
BANK, N.A., OBTAINED BY THE CITY OF MIAMI FOR THE MIAMI PORT TUNNEL
PROJECT; FURTHER AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND
TO EXECUTE A GRANT AGREEMENT AND ALL OTHER DOCUMENTS
NECESSARY FOR SAID PURPOSE, IN FORM(S) ACCEPTABLE TO THE CITY
ATTORNEY; ACCEPTANCE OF THE GRANT FUNDING INTO AND
APPROPRIATION FROM ACCOUNT NO. 24014.162000.481000.0000.00000 TO
PAY THE ANNUAL FACILITY FEE FOR THE LETTER OF CREDIT.
WHEREAS, the City of Miami ("City"), Miami -Dade County ("County"), and the Florida
Department of Transportation ("FDOT") have proposed to construct a port tunnel (the "Tunnel
Project") in order to reduce congestion in the City's Omni Redevelopment Area; and
WHEREAS, the Omni Redevelopment District Community Redevelopment Agency ("CRA") is
responsible for carrying out community redevelopment activities and projects within the Omni
Redevelopment Area in accordance with its approved Omni Redevelopment Plan; 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 City obtained an irrevocable standby letter of credit ("Letter of Credit") from
Wells Fargo Bank, N.A. (the "Bank") in the amount of Fifty Million Dollars ($50,000,000) in connection
with the City's contribution to the Tunnel Project; and
WHEREAS, in an Interlocal Cooperation Agreement dated December 31, 2007, between the
City, the CRA, and the County, the CRA agreed to fund the City's contribution towards the Tunnel
Project, up to Eighty -Eight Million Dollars ($88,000,000), upon substantial completion through 2030;
and
WHEREAS, the CRA passed CRA-R-10-0074 authorizing a grant to the City in an amount not
to exceed One Hundred and Sixty Thousand Dollars ($160,000) (the "Grant"), to assist in the
payment to the Bank of the annual facility fee for the Letter of Credit; and
City of Miami
Page 1 of 2 File Id: 10-01441 (Version: 1) Printed On: 8/17/2017
File Number: 10-01441 Enactment Number: R-10-0566
WHEREAS, the Miami City Commission wishes to accept the Grant from the CRA for said
purpose and to appropriate the Grant funding in order to pay the annual facility fee for the Letter of
Credit;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted
by reference and incorporated herein as if fully set forth in this Section.
Section 2. The City Manager is authorized {1} to accept a grant in an amount not to exceed
One Hundred and Sixty Thousand Dollars ($160,000) (the "Grant") from the Omni Redevelopment
District Community Redevelopment Agency to assist in the payment of an annual facility fee for an
irrevocable standby letter of credit in the amount of Fifty Million Dollars ($50,000.000) (the "Letter of
Credit") from Wells Fargo Bank, N.A. obtained by the City for the Miami Port Tunnel Project.
Section 3. The City Manager is further authorized {1} to negotiate and to execute a grant
agreement and all other documents necessary for said purpose, in form(s) acceptable to the City
Attorney.
Section 4. The Grant funding is accepted into and appropriated from Account No.
24014.162000.481000.0000.00000 to pay the annual facility fee for the Letter of Credit.
Section 5. This Resolution shall become effective immediately upon its adoption and signature
of the Mayor.{2}
Footnotes:
{1 } The herein authorization is further subject to compliance with all requirements that may be
imposed by the City Attorney, including but not limited to those prescribed by applicable City
Charter and Code provisions.
{2} If the Mayor does not sign this Resolution, it shall become effective at the end of ten calendar
days from the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall become
effective immediately upon override of the veto by the City Commission.
City of Miami Page 2 of 2 File Id: 10-01441 (Version: 1) Printed On: 8/17/2017