Approval of $5.47 Million Energy Efficiency Contract for PortMiami

Original title: RESOLUTION APPROVING AND AUTHORIZING THE COUNTY MAYOR OR COUNTY MAYOR'S DESIGNEE TO EXECUTE AN ENERGY PERFORMANCE CONTRACT WITH HONEYWELL INTERNATIONAL INC. IN THE AGGREGATE AMOUNT OF $5,474,947.00, INCLUSIVE OF THIRD-PARTY FINANCING IN AN AMOUNT NOT TO EXCEED $5,085,433.00 AND OPERATION AND MAINTENANCE COSTS OF UP TO $389,503.00, WHICH WILL BE FINANCED THROUGH CONTRACTUALLY GUARANTEED COSTS SAVINGS TO IMPLEMENT ENERGY CONSERVATION MEASURES AT PORTMIAMI; APPROVING THIRD PARTY FINANCING FOR THE PROJECT AFTER PUBLIC HEARING AS REQUIRED BY SECTION 147(F) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED; AND WAIVING RESOLUTION NO. R-130-06 (Port of Miami)

Record date · May 8, 2018

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What This Bill Does

This resolution authorizes the County Mayor to enter into a $5.47 million with Honeywell International Inc. to implement energy-saving measures at PortMiami. The project will be funded through third-party financing, which is guaranteed to be repaid by the energy cost savings generated by the new equipment.

Why it matters

The county is committing to a $5.47 million infrastructure project at PortMiami that will be paid for over time using the savings generated from reduced energy consumption.

Who It Affects

Groups the bill's text affects, as described in the record. Being affected is not a position for or against it.

Directly affected

Honeywell International Inc.

They are the contractor hired to perform the energy conservation work.

Directly affected

PortMiami

The facility will receive new energy-efficient equipment and infrastructure.

Indirectly affected

County Taxpayers

The county is entering into a multi-million dollar financial obligation to be repaid via energy savings.

Key Facts

You don't have to trust us. Each fact below is taken straight from the official document - click any one to see the exact passage, highlighted in the original.

Frequently Asked Questions

How will the county pay for this $5.47 million project?

The project is financed through third-party funding, which will be repaid using the savings generated by the energy conservation measures installed at the port.

What is an energy performance contract?

It is a contract where the cost of energy-saving improvements is paid for by the money saved on utility bills over time.

What else do you want to know?

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Full breakdown

Who this bill affects and the strongest case for and against it, written only from the bill’s own text.

Discoveries

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Self-Funding Infrastructure Model

The project utilizes a 'guaranteed savings' model, meaning the county is structuring the debt to be budget-neutral by relying on future utility savings.

Honeywell International Inc.PortMiami