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HomeMy WebLinkAboutLegislation-SUBCity of Miami Legislation Resolution: R-12-0410 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 12-01144 Final Action Date:10/25/2012 A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), AUTHORIZING THE ACCEPTANCE OF AN ANNUAL GRANT FROM THE OMNI REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY, IN AN AMOUNT EQUAL TO THE PRINCIPAL AND INTEREST DUE ANNUALLY ON BONDS/DEBT OBLIGATIONS TO BE ISSUED BY THE CITY OF MIAMI TO FUND ITS PORT TUNNEL DEBT OBLIGATION; FURTHER AUTHORIZING THE CITY MANAGER TO EXECUTE THE INTERLOCAL AND GRANT AGREEMENT, IN SUBSTANTIALLY THE ATTACHED FORM, AND ALL DOCUMENTS NECESSARY, IN A FORM ACCEPTABLE TO THE CITY ATTORNEY, FOR SAID PURPOSE. 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 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. 10-0565 and 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 z 0 z Lcs- E2 cL < W — u u � w m < < z z w o m cn O Z = O Q I — DOCUMENT. City of Miami (2- 011441- Le3 sfo-tion - SU j Page 1 of 3 File Id: 12-01144 (Version: 3) Printed On: 12/11/2012 File Number: 12-01144 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. Enactment Number: R-12-0410 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. 12-0284, adopted by the City Commission on July 26, 2012, the Board and the City 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, by Resolution No. CRA-R-12-0077, passed and adopted on October 25, 2012, authorized 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 this Grant Agreement to set forth the terms and conditions relating to the use of this grant; 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 as fully set forth in this Section. Section 2. The acceptance of an Annual Grant from the OMNI CRA, 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. Section 3. The City Manager is authorized {1} to execute the Interlocal and Grant Agreement, in substantially the attached form, and all documents necessary, in a form acceptable to the City Attorney, for said purpose. Section 4. This Resolution shall become effective immediately upon its adoption and signature of the Mayor. {2} City of Miami Page 2 of 3 File Id: 12-01144 (Version: 3) Printed On: 12/11/2012 File Number: 12-01144 Enactment Number: R-12-0410 APPROVED AS TO FORM AND CORRECTNESS: LCVJULIE O. BRU CITY ATTORNEY pac4 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. THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. City of Miami Page 3 of 3 File Id: 12-01144 (Version: 3) Printed On: 12/11/2012 SUBSTITUTED City of Miami Legislation Resolution City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com Fil 'umber: 12-01144 Final Action Date: A • * SOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), AUT •RIZING THE ACCEPTANCE OF AN ANNUAL GRANT FROM THE OMNI REDE . LOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCY, IN AN AMOUN QUAL TO THE PRINCIPAL AND INTEREST DUE ANNUALLY ON BONDS/D 'T OBLIGATIONS TO BE ISSUED BY THE CITY OF MIAMI TO FUND ITS PORT T NEL DEBT OBLIGATION; FURTHER AUTHORIZING THE CITY MANAGER TO . ECUTE THE INTERLOCAL AND GRANT AGREEMENT, IN SUBSTANTIALL HE ATTACHED FORM, AND ALL DOCUMENTS NECESSARY, IN A FORM ACCE • BLE TO THE CITY ATTORNEY, FOR SAID PURPOSE. WHEREAS, the Omni Redevelo. ent District Community Redevelopment Agency ("OMNI CRA") and the City of Miami ("City") enter- ' into the Interlocal Agreement Between The City of Miami, Miami -Dade County, Southeast Overto Park West CRA, and Omni CRA to Provide Funding for Major Projects for the Benefit of All Parties 'ated December 31, 2007 ("Global Agreement"); and WHEREAS, the Global Agreement describ. the Port Tunnel Project as consisting of widening the MacArthur Causeway Bridge, construction of a nnel between Watson Island and Dodge Island and roadway improvements on Watson Island and the 'ert of Miami; and WHEREAS, the Global Agreement states that the 'urpose of the Port Tunnel Project is to ensure the economic vitality and growth of the Port of Miami an educe congestion and improve the quality of life of the OMNI CRA, the Southeast Overtown/Park We Community Redevelopment Agency and downtown Miami, by removing over 5,000 port -bound trucks • r day from the local streets; and WHEREAS, pursuant to the terms of the Global Agreemen City and the OMNI CRA agreed to amend the OMNI CRA Redev contribution for the Port Tunnel Project from the OMNI CRA to boundaries to include Watson Island; and Miami -Dade County ("County"), the pment Plan to include a financial t • City, and further to expand its WHEREAS, the Interlocal Cooperation Agreement by and among th County, the City, and the OMNI CRA, dated June 24, 1996 ("Original Interlocal"), as restated in the G ..al Agreement, obligated the OMNI CRA to pay the first $1.43 million of Tax Increment Financing Reve es collected each year to the County for the payment of County Debt Service Payment on the Perform' : Arts Center Bonds, which obligation would cease when the Performing Arts Center Bonds are no long- outstanding; and WHEREAS, the OMNI CRA is responsible for carrying out community redevelopm- t activities and projects within its Redevelopment Area in accordance with its approved Redevelopment ' an; and WHEREAS, in connection with the Port Tunnel Project, pursuant to Resolution Nos. 1 10-0566 adopted by the Miami City Commission ("Commission") on December 16, 2 Resolution No. CRA-R-10-0074 adopted on September 20, 2010 by the Board of Commissio 565 and and s of City of Miami Page 1 of 3 File Id: 12-01144 (Version: 1) Printed On: 10/16/20 SUBSTITUTED CRA's annual payment to the County pursuant t File Number: 12-01144 he Omni Redevelopment District Community Redevelopment Agency of the City of Miami ("OMNI I. -A Board"), the Commission and the OMNI CRA Board authorized certain payments, through grants an• otherwise, to be made to the Florida Department of Transportation and the Commission auth. zed the City to enter into a Loan Agreement with Wells Fargo Bank, National Association and for the ity to issue its Revenue Note Series 2010 (Port of Miami Tunnel and Access Improvement Project) i the principal amount of $50,000,000 dated January 5, 2011 ("Tunnel Note"); and WHERE • pursuant to Resolution No. R-622-12, adopted by the Board of County Commissioners of Miami -Dade ounty ("Board") on July 3, 2012, and Resolution No. 12-0284, adopted by the City Commission on ly 26, 2012, the Board and the City Commission, authorized the issuance and receipt of an ann •I grant from the OMNI CRA to the City from all legally available OMNI CRA revenues in an amo •t equal to the principal and interest, premiums, if any, and redemption fees, if any, due annually on ..nds/debt obligations to be issued by the City to refinance the Tunnel Note ("Annual Grant"), and WHEREAS, the y is in the processes of refinancing the Tunnel Note with Wells Fargo Bank, National Association, in he not to exceed amount of $50,000,000 ("Tunnel Debt Obligation") and the OMNI CRA will continue o provide financial support to the City under the terms of this Grant Agreement; and WHEREAS, the OMNI CRA Boar. by Resolution No. CRA-R-12- , passed and adopted on October 25, 2012, authorized the is ance of an Annual Grant to the City, in an amount equal to the principal and interest due annually on • •nds/debt issued by the City to fund its Tunnel Debt; and WHEREAS, the Annual Grant from the 0 iNI CRA to the City shall be subordinate to the OMNI xhibit A of the Original Interlocal; and WHEREAS, the OMNI CRA and the City wish enter into this Grant Agreement to set forth the terms and conditions relating to the use of this grant; NOW, THEREFORE, BE IT RESOLVED BY THE OMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The recitals and findings contained in the Prea •le to this Resolution are adopted by reference and incorporated as fully set forth in this Section. Section 2. The acceptance of an Annual Grant from the OMNI • RA, in an amount equal to the principal and interest due annually on bonds/debt obligations issued by e City to fund its Port Tunnel debt obligation, is authorized. Section 3. The City Manager is authorized {1} to execute the Interlocal •nd Grant Agreement, in substantially the attached form, and all documents necessary, in a form . ceptable to the City Attorney, for said purpose. Section 4. This Resolution shall become effective immediately upon its adoptio .nd signature of the Mayor. {2} Cio, of Miami Page 2 of 3 File Id: 12-01144 (Version: 1) Printed On: 10/16/2012 SUBSTITUTED File Number: 12-01144 PPROVED AS TO FORM AND CORRECTNESS: JULIE ► BRU CITY AI RNEY Footnotes: {1} The herein auth. ization is further subject to compliance with all requirements that may be imposed by the City Attorney, i luding but not limited to those prescribed by applicable City Charter and Code provisions. {2} If the Mayor does not si. l this Resolution, it shall become effective at the end of ten calendar days from the date it was passed a d adopted. If the Mayor vetoes this Resolution, it shall become effective immediately upon override of th, veto by the City Commission. City of Miami Page 3 of 3 File Id: 12-01144 (Version: 1) Printed On: 10/16/2012