HomeMy WebLinkAboutCRA-R-12-0077City of Miami
Legislation
CRA Resolution: CRA-R-12-0077
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 12-01242 Final Action Date: 10/25/2012
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE OMNI
REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY, WITH
ATTACHMENT(S), AUTHORIZING THE ISSUANCE OF AN ANNUAL GRANT TO
THE CITY OF MIAMI ("CITY"), IN AN AMOUNT EQUAL TO THE PRINCIPAL AND
INTEREST DUE ANNUALLY ON BONDS/DEBT OBLIGATIONS TO BE ISSUED BY
THE CITY TO FUND ITS PORT TUNNEL DEBT OBLIGATION; FURTHER
AUTHORIZING THE EXECUTIVE DIRECTOR TO EXECUTE THE INTERLOCAL
AND GRANT AGREEMENT, IN SUBSTANTIALLY THE ATTACHED FORM, AND ALL
DOCUMENTS NECESSARY, IN A FORM ACCEPTABLE TO GENERAL COUNSEL,
FOR SAID PURPOSE; FURTHER AUTHORIZING THE EXECUTIVE DIRECTOR TO
DISBURSE THE ANNUAL GRANT AS SET FORTH IN THE INTERLOCAL AND
GRANT AGREEMENT; 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 ("OMNI
CRA") and the City of Miami ("City") entered into the Interlocal Agreement Between The City of Miami,
Miami -Dade County, Southeast Overtown Park West CRA, and Omni CRA to Provide Funding for
Major Projects for the Benefit of All Parties dated December 31, 2007 ("Global Agreement"); and
WHEREAS, the Global Agreement describes the Port Tunnel Project as consisting of widening
the MacArthur Causeway Bridge, construction of a tunnel between Watson Island and Dodge Island
and roadway improvements on Watson Island and the Port of Miami; and
WHEREAS, the Global Agreement states that the purpose of the Port Tunnel Project is to
ensure the economic vitality and growth of the Port of Miami and reduce congestion and improve the
quality of life of the OMNI CRA, the Southeast Overtown/Park West Community Redevelopment
Agency and downtown Miami, by removing over 5,000 port -bound trucks per day from the local
streets; and
WHEREAS, pursuant to the terms of the Global Agreement, Miami -Dade County ("County"),
the City and the OMNI CRA agreed to amend the OMNI CRA Redevelopment Plan to include a
financial contribution for the Port Tunnel Project from the OMNI CRA to the City, and further to
expand its boundaries to include Watson Island; and
WHEREAS, the Interlocal Cooperation Agreement by and among the County, the City, and
the OMNI CRA, dated June 24, 1996 ("Original Interlocal"), as restated in the Global Agreement,
obligated the OMNI CRA to pay the first $1.43 million of Tax Increment Financing Revenues collected
each year to the County for the payment of County Debt Service Payment on the Performing Arts
Center Bonds, which obligation would cease when the Performing Arts Center Bonds are no longer
outstanding; and
City of Miami Page 1 of 3 File Id: 12-01242 (Version: 1) Printed On: 10/28/2022
File Number: 12-01242 Enactment Number: CRA-R-12-0077
WHEREAS, the OMNI CRA is responsible for carrying out community redevelopment activities
and projects within its Redevelopment Area in accordance with its approved Redevelopment Plan;
and
WHEREAS, in connection with the Port Tunnel Project, pursuant to Resolution Nos.
R-10-0565 and R-10-0566 adopted by the Miami City Commission ("Commission") on December 16,
2010, and Resolution No. CRA-R-10-0074 adopted on September 20, 2010 by the Board of
Commissioners of the Omni Redevelopment District Community Redevelopment Agency of the City of
Miami ("OMNI CRA Board"), the Commission and the OMNI CRA Board authorized certain payments,
through grants and otherwise, to be made to the Florida Department of Transportation and the
Commission authorized the City to enter into a Loan Agreement with Wells Fargo Bank, National
Association and for the City to issue its Revenue Note Series 2010 (Port of Miami Tunnel and Access
Improvement Project) in the principal amount of $50,000,000 dated January 5, 2011 ("Tunnel Note");
and
WHEREAS, pursuant to Resolution No. R-622-12, adopted by the Board of County
Commissioners of Miami -Dade County ("Board") on July 3, 2012, and Resolution No. R-12-0284,
adopted by the Commission on July 26, 2012, the Board and the Commission, authorized the
issuance and receipt of an annual grant from the OMNI CRA to the City from all legally available
OMNI CRA revenues in an amount equal to the principal and interest, premiums, if any, and
redemption fees, if any, due annually on bonds/debt obligations to be issued by the City to refinance
the Tunnel Note ("Annual Grant"); and
WHEREAS, the City is in the processes of refinancing the Tunnel Note with Wells Fargo Bank,
National Association in the not to exceed amount of $50,000,000 ("Tunnel Debt Obligation") and the
OMNI CRA will continue to provide financial support to the City under the terms of this Grant
Agreement; and
WHEREAS, the OMNI CRA Board, wishes to authorize the issuance of an Annual Grant to the
City, in an amount equal to the principal and interest due annually on bonds/debt issued by the City to
fund its Tunnel Debt; and
WHEREAS, the Annual Grant from the OMNI CRA to the City shall be subordinate to the
OMNI CRA's annual payment to the County pursuant to Exhibit A of the Original Interlocal; and
WHEREAS, the OMNI CRA and the City wish to enter into an Interlocal and Grant Agreement
to set forth the terms and conditions relating to the use of this grant.
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 as fully set forth in this Section.
Section 2. The issuance of an Annual Grant from the OMNI CRA to the City, in an amount equal
to the principal and interest due annually on bonds/debt obligations issued by the City to fund its Port
Tunnel debt obligation, is authorized.
City of Miami Page 2 of 3 File Id: 12-01242 (Version: 1) Printed On: 10/28/2022
File Number: 12-01242 Enactment Number: CRA-R-12-0077
Section 3. The Executive Director is authorized to execute the Interlocal and Grant Agreement, in
substantially the attached form, and all documents necessary, in a form acceptable to General
Counsel, for said purpose.
Section 4. Funds are to be allocated from OMNI Tax Increment Fund, "Other Grants and Aids",
Account Code No. 10040.920101.883000.0000.00000.
City of Miami Page 3 of 3 File Id: 12-01242 (Version: 1) Printed On: 10/28/2022