HomeMy WebLinkAboutCRA-R-11-0065 12-15-2011 BackupWELLS
FARGO
INVOICE
To: Whom It May Concern:
Payment Date: January 5, 2012
Borrower: City of Miami, Florida
Obligor/Obligation: 0264061374 - 34
Principal Due:
Interest to January 5, 2012:
Total Due:
CUPPDRTA ION
DOCUMEN
Date: December 6, 2011
Wells Fargo Bank, National Association
Roanoke Loan Center
7711 Plantation Road / MAC: R4058-017
Roanoke, Virginia 24019
$5,000,000.00
$2,156,893.18
$7,156,893.18
PAYMENT DUE DATE: January 5, 2012
Wire Funds to: Wells Fargo Bank, National Association
Wholesale Loan Services
ABA = 121000248 Acct. No. = 00698310050720
City of Miami, Florida, Loan # 0264061374, Obligation # 34
Assigned Unit # 0132303
Please telephone Lance Aylsworth at 305-789-4824 with any additional questions.
SUPPORTING
DOCUMENTATION
City of Mia i c.yHall
3500 Pgn American
Drive
Legislation Miami, FL33133
www.miamigov.com
CRA Resolution: CRA-R-10-0074
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: 12/9/2011
File Number: 10-01085
SUPPORTING
UP
na Ena
ment Number: CRA-R-I0-0074
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
reimbursement basis or directly to vendors, upon
documentation.
to disburse funds, at his discretion, on a
presentation of invoices and satisfactory
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: 12/9/2011
City of
Legislation
Resolution: R-10-0566
City Hall
500 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 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) ("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 ("Couhty"), 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 File Id: 10-01441 (Version: I) Printed On: 12/9/2011
File Number: 10-01441
SUPPORTING
DOCUMENTATION
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 of2 File Id: 10-01441 (Version: 1) Printed On: 12/9/2011