HomeMy WebLinkAboutCRA-R-12-0024 03-29-12 Cover MemoOmni Board of Commissioners Meeting
March 29, 2012
OMNI REDEVELOPMENT DISTRICT
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
To: Board Chair Marc D. Sarnoff
and Members of the CRA Board
From: Pieter A. Bockweg
Executive Director
Date: March 16, 2012 File: 12-00186
Subject: Resolution Authorizing Payment to First
Southwest for Financial Services, re: Miami
Port Tunnel.
References:
Enclosures: Supporting Documentation; Legislation
BACKGROUND:
It is recommended that the Board of Commissioners of the Omni Redevelopment District Community
Redevelopment Agency ("CRA") approve and adopt the attached Resolution authorizing the payment, in an
amount not to exceed $28,000, to First Southwest, Co for financial services provided regarding a $50 million
irrevocable standby letter of credit from Wells Fargo Bank, N.A., for the Miami Port Tunnel Project
JUSTIFICATION:
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.
FUNDING:
Funds to be allocated from Omni Tax Increment Fund, "Professional Services," Account Code No.
10040.920101.531000.0000.00000.