HomeMy WebLinkAboutCRA-R-10-0074City of Miami
Legislation
CRA Resolution: CRA-R-10-0074
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 10-01085 Final Action Date: 9/20/2010
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 in the Omni Redevelopment Area; 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;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE
OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF
MIAMI, FLORIDA:
City of Miami Page 1 of 2 File Id: 10-01085 (Version: 2) Printed On: 12/15/2022
File Number: 10-01085 Enactment Number: CRA-R-10-0074
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 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 Wells Fargo Bank, N.A., obtained for the Miami Port Tunnel Project, is authorized.
Section 3. The Executive Director is authorized to disburse funds, at his discretion, on a
reimbursement basis or directly to vendors, 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.
Section 6. This resolution shall become effective immediately upon its adoption.
City of Miami Page 2 of 2 File Id: 10-01085 (Version: 2) Printed On: 12/15/2022