LEGISLATIVE ACTION ITEM
SPONSOR: Grover C. Robinson, IV, Mayor
SUBJECT:
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SUPPLEMENTAL BUDGET RESOLUTION NO. 2022-024 FLORIDA SEAPORT TRANSPORTATION ECONOMIC DEVELOPMENT (FSTED) GRANT NO. 445549-1-94-03, WATERSIDE IMPROVEMENTS
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RECOMMENDATION:
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That City Council adopt supplemental Budget Resolution 2022-024
A RESOLUTION AUTHORIZING AND MAKING REVENUE REVISIONS AND APPROPRIATIONS FOR THE FISCAL YEAR ENDING SEPTEMBER 30, 2022; PROVIDING FOR AN EFFECTIVE DATE.
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HEARING REQUIRED: No Hearing Required
SUMMARY:
On September 16, 2020, Hurricane Sally made landfall before dawn near Gulf Shores, Alabama, causing significant damage to both the waterside and landside improvements at the Port of Pensacola. While the Port has received funding from the Federal Emergency Management Agency (FEMA) and the Florida Division of Emergency Management (FDEM) through FEMA’s Public Assistance Program, the assistance only reimburses 87.5% of the total project cost, leaving the remaining 12.5% to be covered by the Port. Since repairs for both the waterside and landside improvements are estimated to be in the millions, staff started researching options to assist the Port in covering the 12.5% not covered under FEMA’s Public Assistance Program.
At the January 12, 2021, Florida Ports Financing Commission (FPFC) meeting, the FPFC agreed to issue Florida Ports Financing Commission Refunding Revenue Bonds, Series 2021 in order to refinance the Series 2011 Bonds. The savings realized by the refunding were deposited into the State of Florida’s Seaport Grant Program and funds were awarded to various Florida ports through the Florida Department of Transportation (FDOT). The Port of Pensacola’s allocation totaled $628,581 for waterside rehabilitations and $453,131 for landslide rehabilitations. As part of the application process, the Port requested that these allocations be used to fund any cost the Port would be responsible for covering as it relates to the Hurricane Sally Public Assistance projects approved by FEMA.
The Florida Ports Financing Commission in the fall of 2020 refinanced their series 19 bonds using a portion of those proceeds and the FSTED grant allocation process, has awarded the Port of Pensacola $628,581 for use for hurricane rehabilitation waterside projects. Additionally, these funds may also be used to satisfy the 12.5% FEMA match requirement for projects related to damage from Hurricane Sally. These funds may be used any of the following waterside Hurricane Sally damages: 1) Rehabilitation of Berths 2, 3, 5, 6, 7, and the ferry terminal dock damaged by hurricane generated storm surge and wave action; 2) Refurbish berth cathodic protection systems damaged by hurricane generated storm surge and wave action; 3) Maintenance dredging; 4) Restore rip rap shoreline protection damaged by hurricane generated storm surge and wave action. Additionally, Obligated funds from FEMA Project Worksheets (PW) projects may be used to satisfy the local match.
PRIOR ACTION:
NONE
FUNDING:
Budget: $628,581 FDOT Seaport Grant
Actual: $628,581 Waterside Rehabilitation Projects
FINANCIAL IMPACT:
Adoption of the supplemental budget resolution will appropriate the grant funds in the amount of $628,581. Any required match will be met with funds allocated my FEMA already budgeted in the Natural Disaster Fund.
LEGAL REVIEW ONLY BY CITY ATTORNEY: Yes
1/26/2022
STAFF CONTACT:
Kerrith Fiddler, City Administrator
Amy Miller, Deputy City Administrator-Administration & Enterprise
Clark Merritt, Port Director
ATTACHMENTS:
1) Supplemental Budget Resolution No. 2022-024
2) Supplemental Budget Explanation No. 2022-024
PRESENTATION: No end