HomeMy WebLinkAboutCRA-R12-0024City of Miami
Legislation
CRA Resolution: CRA-R-12-0024
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 12-00186 Final Action Date: 3/29/2012
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE OMNI
REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY
AUTHORIZING THE PAYMENT, IN AN AMOUNT NOT TO EXCEED $28,000, TO
FIRST SOUTHWEST, FOR FINANCIAL SERVICES PROVIDED FOR A $50 MILLION
IRREVOCABLE STANDBY LETTER OF CREDIT ("LOC") FROM WELLS FARGO
BANK, N.A., OBTAINED FOR THE MIAMI PORT TUNNEL PROJECT ("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, "PROFESSIONAL SERVICES," ACCOUNT CODE NO.
10040.920101.531000.0000.00000.
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 a $50 million irrevocable standby letter of credit ("LOC") from
Wells Fargo Bank, N.A., for financing its obligations towards the Project; 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 payment, in an amount not
to exceed $28,000, to First Southwest, Co., for financial services provided in connection with the $50
million irrevocable standby letter of credit from Wells Fargo Bank, N.A., for the Project;
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.
City of Miami Page 1 of 2 File Id: 12-00186 (Version: 2) Printed On: 11/7/2022
File Number: 12-00186 Enactment Number: CRA-R-12-0024
Section 2. The payment, in an amount not to exceed $28,000, to First Southwest Co., for
financial services provided in connection with the $50 million irrevocable standby letter of credit from
Wells Fargo Bank, N.A., for the 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, "Professional Services,"
Account Code No. 10040.920101.531000.0000.00000.
Section 6. This resolution shall become effective immediately upon its adoption.
City of Miami Page 2 of 2 File Id: 12-00186 (Version: 2) Printed On: 11/7/2022