A. MOTION TO APPROVE Grant Agreement No. 693JF72540011 between Broward County (“County”) and the U.S. Department of Transportation Maritime Administration (“MARAD"), with MARAD agreeing to grant up to $53,357,402 under the Fiscal Year 2024 Port Infrastructure Development Program (“PIDP”) for the Port Everglades Regional POWER (Port Operations With Efficiency and Reliability) Project, and County agreeing to secure a commitment of at least $24,992,001 (32%) in non-federal funds from two subrecipients; to authorize the County Administrator to execute any subsequent change order(s), supplemental(s), amendment(s), and certifications requested by MARAD relating to the grant agreement, provided there is no material increase in risk or cost to County, subject to review for legal sufficiency by the Office of the County Attorney; to authorize the Port Everglades Chief Executive Officer and Port Director to take ministerial actions to satisfy regular and routine reporting requirements of the Grant, including the execution and submission of reports and forms that do not present a material increase in risk or cost, subject to review for legal sufficiency by the Office of the County Attorney; and to authorize the County Administrator to take the necessary administrative and budgetary actions to implement and administer the grant agreement. B. MOTION TO APPROVE Three Party Escrow Agreement between Broward County, Port Everglades Terminal, LLC (Subrecipient), and an Escrow Agent, in substantially the form attached as Exhibit 2, providing for Subrecipient’s deposit of 10% of the amount attributable to non-construction costs for each reimbursement request under the Grant into an escrow account to be held as security to ensure compliance by Subrecipient with all grant and subgrant requirements; and authorize the County Administrator to execute same and any required amendments or other documents necessary to effectuate the Escrow Agreement, provided the document at issue does not impose any additional material legal or financial risk on the County, and subject to review and approval as to legal sufficiency by the Office of the County Attorney. — Exhibit 2 - Substantial Form of Escrow Agreement — County Commission (2026-05-12)
Broward County, Florida, Broward County, Florida
AI Summary
Broward County entered into a three-party escrow agreement with Port Everglades Terminal LLC and an escrow agent to manage federal funds for the Fiscal Year 2024 Port Infrastructure Development Program (Port Everglades Regional POWER Project). The escrow account will hold project funds and can only be withdrawn by the County's Port Everglades Department Director of Finance according to the terms of a separate subgrant award agreement. All interest earned on the escrow account remains in the account unless the County directs otherwise...
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