HomeMy WebLinkAboutCRA-R-10-0074 Backup 09-20-2010Fraser, Jamil
From: Fraser, Jamil
Sent: Monday, September 13, 2010 11:17 AM
To: Spring, Larry; Bockweg, Pieter; Valentin, Miguel A; Woods, Clarence
Cc: Binns II, Basil
Subject: Port Tunnel Facility Fee
Attachments: LOC Extension Letter,pdf
Larry:
Just to confirm, the CRA's grant to the City in the amount of $160,000 for the Port Tunnel Facility Fee will be a one-time
payment for the upcoming quarter, extending the expiration date of the Letter of Credit to January 6, 2010. This is based on the
copy of the letter from Wells Fargo to the City Manager.
ve'1..pineat Agency
49 hdortl u I st Fi s tre t, S it 1t (tvtiami,. FL 331.2;
Phone 5.
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From: Spring, Larry
Sent: Friday, August 27, 2010 9:08 AM
To: Bockweg, Pieter; Valentin, Miguel A; Fraser, Jamil; Woods, Clarence
Cc: Binns II, Basil
Subject:
Per our meeting please prepare the CRA resolution to be heard by the CRA board on September 20, 2010. The
resolution is specifically allocated $160K towards the payment of interest on the $50M Letter of Credit the City currently
have outstanding under the Port Tunnel Agreement. This will be the payment for one quarter only, which will allow the
City/CRA the time to complete the Omni Bond transaction which will include the contribution for the Port Tunnel.
Please advise to any back-up documentation you need to support the item.
Larry M. Spring, Jr.
Chief Financial Officer
City of Miami
444 SW 2nd Avenue 10th Floor
Miami, FL 33130
P:(305) 416-1011
F:(305) 416-1019
Lspring@miamigov.com
Government & institutional Banking
200 South Biscayne Boulevarcl, 11th Floor
MAC Z6206-1i3
MiriL FL 33131
June 24, 2010
City of Miami,
444 S.W. 2nd Avenue
Miami, Florida 33130
Attention: City Manager
RE: Wa.chovia Bank, National Association S50,000,000 —evocable Standby Letter of
Credit No, SM235797W — Miami Tunnel Project
Dear Mr, Migoya:
Wells Fargo Bank, N.A. (successor by merger to Wachovia Bank, National Association)
has approved the extension of the above -referenced letter for a 90-clay period
commencing On the current expiration date of October 7, 2010, The new expiration date
will be January 6, 2011.
The pricing on the facility will continue at its current level as provided in the related
reimbursement agreement for the term of the extension,
Our International -Department will send notification to you and to the bond trustee nf the
extension of the letter of credit, Should you have any questions, please do not hesitate to
call me at 305.789.4824.
To avoid the legal expense of a separate amendment to the reimbursement agreement,
this letter, with your acknowledgement, will be the agreement between the Bank and the
Financing Corporation as to the new term and continued pricing. Please sign the
acknowledgement below and return an original copy torn me.
Sincerely,
Lance Alysworth
Vice President
CITY OF MIAMI, a municipal corporation of the State of
Florida, confirms that it has requested the extension of the
letter of credit referred to above and acknowledges and
agrees to the terms of such extension as described above:
8igned by: City Manager
Dated
Together we'll go far
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Wells forqo Bank, N.A.