HomeMy WebLinkAboutSummary FormDate: 6/4/2007
AGENDA ITEM SUMMARY FORM
FILE ID: a 7- oc 7c lQ
RE.14
Requesting Department: Manager's Office
Commission Meeting Date: 6/14/2007 District Impacted: 2 and 5
Type: ® Resolution ❑ Ordinance n Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: The Master Aweement for the Port of Mai Tunnel and Access Improvement Project
Purpose of Item:
To authorize the City Manager to execute a Master Agreement ("Agreement") for the Port of Miami
Tunnel and Access Improvement Project ("Project") among the Florida Department of Transportation
("FDOT"), Miami -Dade County ("MDC"), and the City of Miami ("CITY"), which provides for a
financial contribution from the City of $50 Million in cash payments and $5 Million in land
rights/right-of-way to the FDOT in support of the Project.
Background Information:
The FDOT, through a competitive bidding process, has selected a Consortium (Concessionaire) to
design, build, operate, maintain, and finance the Project through a Public -Private Partnership with
Concession. The Project will include a bored tunnel from Watson Island to the Port of Miami on
Dodge Island and will facilitate the movement of freight and truck -traffic to and from the Pori of
Miami and 1-395. The City supports the Project as it serves to enhance the long-term economic
viability and sustainability of the Port of Miami and improve the quality -of -life in the City's urban
core by substantially reducing port -generated truck -traffic currently traversing downtown streets in an
area experiencing urban redevelopment and densifcation. Cont'd on page 2
Budget Impact Analysis
YES Is this item related to revenue?
YES Is this item an expenditure? If so, please identify funding source below.
General Account No.
Special Revenue Account No:
CIP Project No:
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bands?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
Final Approvals
fSIGN AND DATE)
CIP Budget
If using or receiving capital funds
Grants Risk Management
Dept. Director
Purchasing
Chiefl�
City Manager
Background Information cont'd:
The City has been requested by the FDOT and MDC to contribute $55 Million to the Project, consisting
of a cash contribution in the principal amount of $50 Million to be paid in either a lump sum payment or
annual payments as stipulated in the Agreement, and rights -of -way contribution on Watson Island
valued at $5 Million. The attached Agreement sets forth the financial provisions for the contributions of
both MDC and the City. The FDOT and MDC are still negotiating certain provisions of the Agreement;
however, all parties agree on the City's involvement and financial commitment to the Project. In order
to meet the accelerated schedule for the Project and secure the price proposed by the Concessionaire, the
Agreement must be signed in June 2007.