LEGISLATIVE ACTION ITEM
SPONSOR: Grover C. Robinson, IV, Mayor
SUBJECT:
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PORT OF PENSACOLA - FLORIDA SEAPORT TRANSPORTATION ECONOMIC DEVELOPMENT (FSTED) GRANT FUNDS FOR WAREHOUSE IMPROVEMENT PROJECTS ALLOCATED BY THE REFINANCE OF FLORIDA PORTS FINANCING COMMISSION SERIES 19 BONDS
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RECOMMENDATION:
recommendation
That City Council accept and authorize the Mayor to execute State of Florida, Florida Seaport Transportation Economic Development (FSTED) Grant agreement for Warehouse Improvements #413775-1-94-02 in the amount of $400,000 comprised of $200,000 in Florida Ports Financing Commission bond refinance funds and $200,000 in local match provided by Streamline Boats of NW Florida. Further, that City Council authorize the Mayor to take all actions necessary to accept, execute and administer the grant. Finally, that City Council adopt a supplemental budget resolution appropriating the grant funds.
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HEARING REQUIRED: No Hearing Required
SUMMARY:
The Florida Ports Financing Commission in the fall of 2020 refinanced their series 19 bonds and, using a portion of those proceeds and the FSTED grant allocation process, has awarded the Port of Pensacola $200,000 for the purchase and installation of a crane for Warehouse 9/10 adding significantly to the capabilities of the facility. Streamline Boats of NW Florida will provide the local match of $200,000 to complete the project.
PRIOR ACTION:
None
FUNDING:
Budget: $ 200,000 FSTED grant (Warehouse Improvements #413775-1-94-02)
200,000 Streamline Boats of NW Florida (Port Matching Funds 50%)
$ 400,000
Actual: $ 80,000 Design, Engineering, Permitting, etc.
320,000 Purchasing and Contracting
$ 400,000
FINANCIAL IMPACT:
Adoption of the supplemental budget resolution will appropriate the FSTED Grant funds in the amount of $200,000 and local match provided by Streamline Boats of NW Florida in the amount of $200,000 for a total amount of $400,000.
LEGAL REVIEW ONLY BY CITY ATTORNEY: Yes
11/30/2021
STAFF CONTACT:
Kerrith Fiddler, City Administrator
Amy S. Miller, Deputy City Administrator - Administration and Enterprise
Clark Merritt, Port Director
ATTACHMENTS:
1) Grant Agreement No. 413775-1-94-02
2) Supplemental Budget Resolution
3) Supplemental Budget Explanation
PRESENTATION: No end