HomeMy WebLinkAboutCRA-R-10-0074 Legislation 09-20-2010City 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 FORA$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: 10-01085 (Version: 1) Printed On: 9/14/2010
File Number: 10-01085
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE
OMNI 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
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: 1) Printed On: 9/14/2010