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HomeMy WebLinkAboutCRA-R-10-0074 09-20-2010 Legislation (Version 2)City of Miami Legislation CRA Resolution City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov,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 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: 9/1872010 Fife Number: 10-01 085 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. APPROVED AS TO FORM AND CORRECTNESS: — JULIE O. BRU GENERAL COUNSEL City of Miami Page 2 of 2 File Id: 10-01085 (Version: 2} Printed Onr 9/I,/2010