09-16-1993
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Agenda/C
9-16-93
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AGENDA
Community Redevelopment Agency
Thursday - September 16, 1993
4:30 P.M.
* Revised
,,.'
I. Call to order
II. Approval of Minutes
III. Unfinished Business
*a) sale of CRA property in
conjunction with Sun Bank
(Atrium) Building
b) CDC Status
c) Executive Director Search
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IV. New Business
a) Transfer of available balance in
eRA Trust Fund as of 9/30/93 for
funding of redevelopment projects . \ ~ \01 L{ I ~3
b) Monthly Financial Statement -Ju\j - \'Y\<i\fe.d
c) 1993/94 Budget (Res. #93-03)
*c) 1) clean up of downtown
streets
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V. Executive Director Verbal Reports
VI. Other Trustee Business
VII. Adjournment
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Agenda Cover Memorandum
I tern #I
Meeting Date:
\\1 ~;EP 14 1993
SUBJECT: TRANSFER OF AVAILABLE BALANCE IN eRA TRUST FUND FOR FUNDING OF
REDEVELOPMENT PROJECTS
RECOHMENDATION/HOTION: Select a specific project (or projects) from the list
presented below, and authorize the transfer of whatever balance remains in the
CRA Trust Fund as of September 30, 1993 into the designated project (or
projects)
mI and that the appropriate offfcials be authorized to eKecute same.
BACKGROUND: As has been discussed on several previous occasions, Chapter 163
Florida Statutes requires that all moneys remaining in the CRA Trust
(Operating) Fund at the end of the fiscal year be appropriated for a "specific
redevelopment project pursuant to an approved community redevelopment plan" or
deposited in the Debt Service Fund to be used for subsequent retirement of
existing debt. Failure to do one of the above results in a requirement to
return any such balance to the contributing taxing authorities, in this case
the city and the county.
At the agency's request, we are submitting the following list of projects which
we believe qualify for appropriation:
Cleveland Street parking modifications
Maas Brothers repair/renovation
Bayfront park renovations
Bilgore parking lot construction
Facade improvements assistance for downtown businesses
Train station acquisition
We recommend that the agency select one or more of these projects and authorize
the appropriation of the entire remaining balance in the CRA Trust Fund as of
September 30, 1993 in the project or projects selected.
Revi ewed by:
Legal
Budget
Purchasing
Risk Mgmt.
CIS
ACM
Other
AL
rEV
NlA
N/A
N/A
Costs:
Total
C01IIIIission Action:
o Approved
o Approved w/conditions
o Deni ed
o Continued to:
Current Fiscal Yr.
~i tted by:
Advertised:
Date:
Paper:
o Not Requi red
Affected Parties
o Notified
o Wot Requi red
Funding Source:
o Capital 1/11>.
o Operating
o Other
Attachments:
CRA Projects memo
o None
Appropriation Code:
City Manager
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FAX MESSAGE
CITY OF CLEARWATER
DEPARTMENT OF PLANNING & DEVELOPMENT
P.O. BOX 4748
CLEARWATER, FL 34618-4748
OFFICE PHONE - (813) 462-6880
FAX PHONE - (813) 462-6476
TO:
FROM:
DATE:
MESSAGE:
Project
1. Cleveland Street
Parking
2. Maas
Renovations
3. Bayfront Park
renovations
4. Bilgore Lot
5. Facade
Improvement
6. Train Station
Acquisition
Dan Deignan
Scott Shuford
August 19, 1993
CRA Projects - Info.
In eRA Plan?
Addendum to Plan discusses surface parking in the
Core area and its importance to Downtown
development - so long as on-street parking is couched
intenns of a "trial II project, it should be OK until Plan
is updated. Pennanent parking would create problems
with the pedestrian mall.
Maas building is the western anchor for Cleveland
Street in the Plan. The renovations to retain it as an
anchor would qualify.
Addendunl to Plan discusses this area specifically
(Sec. 5.4). This would qualify.
See surface parking above - would qualify and has
fewer problems than Cleveland St. parking.
Not specifically mentioned, could fall under pedestrian
environment improvements along Cleveland Street -
would be a "stretchll until Plan is amended.
Would qualify as Plan calls for retention of historic
structures; after acquisition, we would need to pursue
National Register status.
SAFEST BETS: 2, 3,4, AND 6.
NUMBER OF PAGES (INCLUDING TIllS PAGE): 1
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\ \J c.. SEP 14 /993
RESOLUTION NO. 93-3
A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY OF
THE CITY OF CLEARWATER, FLORIDA, ADOPTING AN OPERATING
BUDGET FOR THE FISCAL YEAR BEGINNING OCTOBER 1, 1993,
AND ENDING SEPTEMBER 30, 1994; PROVIDING AN EFFECTIVE
DATE.
WHEREAS, the Community Redevelopment Agency (IICRA") has submitted an
estimate of the expenditures necessary to carryon the CRA programs for the
fiscal year beginning October 1, 1993, and ending September 30, 1994; and
WHEREAS, an estimate of the revenues to be received by the CRA during said
period from tax increment revenues and other sources has been submitted; and
WHEREAS, a general summary of the operating budget and notice of the times
and places where copies of the budget message and operating budget are available
for inspection by the public, and such summary was advertised prior to the public
hearing; and
WHEREAS, the CRA ha s exam; ned and carefu lly cons i dered the proposed budget;
now, therefore,
BE IT RESOLVED BY THE COMMUNITY REDEVELOPMENT AGENCY OF
THE CITY OF CLEARWATER, FLORIDA:
Section 1. The budget for the fiscal year beginning October 1, 1993, and
ending September 30, 1994, a copy of which is attached hereto as Exhibit A, is
hereby adopted.
Section 2. This resolution shall take effect October 1, 1993.
PASSED AND ADOPTED this
day of
, 1993.
Attest:
Cynthia E. Goudeau, Secretary
Arthur X. Deegan, Chairperson
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Exhibit A
CLEARWATER COMMUNITY REDEVELOPMENT AGENCY
PROPOSED OPERATING BUDGET
FISCAL YEAR 1993/94
Revenues:
. Tax Increment Revenues:
Pinellas County
City of Clearwater
Downtown Development Board
$ 227,978
213,964
6,608
Other Revenues
Interest Earnings on Investments
Interest Earnings on Debt Service
Rental Income - Garden Ave. Garage
Rental Income - Station Square Parking
Other Income
5,000
10,000
15,750
8,000
~OO
Total Revenues
$ 487,600
Expenditures:
Economic Environment:
Administrative
Miscellaneous
Saturday Downtown Parking
Advertising
125,599
3,000
15,000
10,000
Transfers (In)/Out:
Redevelopment Projects
Debt Service Requirements
General Fund - Administrative expenses
General Fund - Jolley trolley
Parking Fund - Garden Ave. Garage.
171,013
88,388
3,600
50,000
21.000
Total Expenditures and Transfers Out
$ 487,600
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.':lRESS
Date JUt 221993
CITY CLERK
!\1E!\10RANDU1\1
TO:
FROl\1:
Commissioner Art Deegan
Michael 1. ~ht. City Manager
City Commission
COPIES:
SUBJECT:
Downtown Appearance
DATE:
July 21, 1993
Chapter 20.35(2) states the "owner of any real property abutting any dedicated right-or-way
in the city shall be required to keep such right-or-way in a clean and sanitary condition at all
times by keeping it free from weeds and trash of all kinds..."
. .
Enforcement of this code section is through the Code Enforcement Board, which as you
know, seldom provides for immediate relief.
Downtown streets and parking lots are swept twice a week by the contract street sweepers.
No other part of the city, except for Clearwater Beach receives this level of cleaning service.
In addition, public service employees periodically kill and remove grass and weeds that grow
through the sidewalk in the downtown area only.
I've had experience with the litter issue i.n other jurisdictions. Peer pressure was successful
in one town where the majority of the storefronts were occupied. Also, there was a strong
merchants association that followed through on problem businesses.
In the absence of such efforts, the next effective way I know of to keep the sidewalks clean
is to pay for it. A simple way would be to periodically sweep or vacuum the sidewalks at
night much the way we clean Clearwater Beach. Another alternative is the "Disney World"
approach where uniformed employees routinely pick-up debris on the sidewalks.
In a low volume pedestrian area like downtown, these employees could also .serve as
information assistants. I believe either activity could be funded either through the
Community Redevelopment Agency or the Downtown Development Board.
I will inquire into other ways to approach the problem and suggest this matter be included
for discussion at the eRA budget meeting.
Incidently, there are approximately 700 miles of sidewalks in the City of Clearwater, many
miles of which are owned by the State or County.
Please advise if I can provide additional information.
As a storefront tenant myself, I have learned thar it is the responsibility of
each owner/cenant ro keep che sidewalk in frolJt of his/her building clean.
That becomes hopeless in the case of empry buildings.
J also realize that Parks & Rec rakes care of (he flower boxes lining the
sidewalks and Solid Wasre emptjes the r~sh receptacles. However} noone
seenlS fO be sweeping up fhe cigarette butts and otller assorted trasll tbat
accurJJu1ares under rhe benches along the sidew81ks. Take a look some day a.t
the benches on the norch side of the 500 block of Cleveland Street a.s an
example of the WOrst conditions.
Somehow we have to do a better job of seeing that someone performs regula.r
clean-ups of these areas which are abused by rransjen [S.
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JUL-~0-' 93 -LIE :=':59 :D: AR- [lEEGAN
-EL. r~O: 8:'3-462-5037
~:'6:' PC2
10
memorandum
DATE:
10:
FRO~1:
strnJECT':
July 20, 1993
Michael ,^'rlght, City Manager
Art Deegan, Commissioner
Downtown Appearance
-----__________4___________________________________________.__~~___p____
We are all trying to do wluucver we can to keep rlle sparkle from fading in our
downtown area. .
Trying to get prospective buyers and/or tenants for properties 011 Cleveland
Srreer in particular is dlfflculr enough wjth all the empr)' score fronts. Bur
that becomes downright impossible if the RO~' is not .kept clean.
The eRA spen t considerable tax dollars constructing tile srreetscape project.
My question for you is: who is responsible for keeping it clea.n 7
.
Thank you for lookiIlg in to this.
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M E M 0 RAN DUM
TO:
FROM:
The Honorable Mayor and Members of the City Commission
,
M. A. Galbraith, Jr., City Attorney ~
Sun Bank/Atrium Building
September 16, 1993
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RE:
DATE:
Here is the fifth draft of the outline of a memorandum of understanding for the
sale of the Sun Bank/Atrium Building, as received by us last evening, marked up
to show you the changes since the fourth draft which you saw on August 20.
Enclosure
MAG:a
Copy:
Michael Wright, City Manager
Cynthia Goudeau, City Clerk
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TO 4626720
FAX~, 16144511514
PI 02/10
SEP-15-93 WED \2~46
UAL iER J liACKEY OH 10
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Atrlumlmemo/Sliptamr 15. 1993
Draft #~
September 15. 1993
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The following is ~ubjcct to review by bond/tax counsel ~n view of the March B,
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1993. IRS ruling regarding the "safe harbor" role:
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· The Buyerl will purchase the building
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and the top two floors of the parking garage, (including a pro rata Jh interest in ~eA
Land), and air space above for $6,900,000, "as is" J cash a~ closing, an closing
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costs to be paid by Buyer (to be discussed..agaln). ThlE; conveyance will include
NEW
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the right to construct on top of or to cover the fourth floor, the right to construct
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a security gate at the beginning of tlle access ramp to t~e third floor. the right to
construct a security entry or gate at the entry or elevator of the elevated pedestrian
\~/alk\vay oyer Park Street, au ~i\semtmt to permit the continued maintenance of the
walkway oover Park Street, and an assignment of the amount held in escrow by
:tvlarla Real Estate for the repair of the pedestrian walkway. A joint use easement
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agreoment will be prepar~d for t.he Buyer's and Seller"sjoint use, malnteDan~ c.b ~
oporCltion. of tbe gnTnge which :shall c:;{pirc wllcn And jf Bu)'~r pl.lr-Cht15CS thclSaragc;. NEW
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'.Buyer" means Atrium at Clearwllter,.'Umlted. a Florida limited partnen:hip, ofwhicb Atrium at
CleRrwtlter. Inc..>> B. Ploridu c:orp9nttoJ\, will be the .scDI'ul p~or.
~[em()randum, Rev: t
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O~-\S-Q3 t?':46PU P002 ~'3
.1:-
09~lS-93 05:44PM FROM JUSTICE CORP. .
P005
TO 4626720
FAX NO. 16144571514
P.03/tO
. SEP~15-93 WRD 12:48
~ALTER J MACKEY OHIO
W5.h .. f3..hOf'<.. -m..f ..
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2. ~ At any time ~fW:-Buyor ~a.the~~, Buyer may ,J:vI
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make a request to Seller, and Selle~ shall then be obligated to make avaUable 150
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parking Gpace~ for le111~e to the Buyer on the Bilgore tract or a subgtitute parcel for
. ~ '&.5 ~ t: ~\' d.- ie-rlM J J...t~ '.
r n... $ Ispftce/month commencing upon tho completion o. f the constructIon of tho,. .,{1.;. ] Mdd
P' C ~ ~ o--#..... ~ Uul;-"~ I; ~ &08 ~-\L fl/4 ~f4*i~ P-Wl.--...J
parking spaces. the Idse shall be a permanent arrnngement. (It is intended that .
A - -'
tht) lease pnymenta will cover the Cityta oosts and amortize 10096 of these costs ,JfM/
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plus the CilY'S inrerest costs over a 20-year period.' After this period the lease
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payments will be profit to the City. The parking lot improvements (at least 150
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space;3) Shtdl be constructed by I uud at cost to, the Seller within 120 days, weather
permitting, following notice hy the Buyer to the Seller, which notice may be given
. C$J.<<- &..kIA~ btlkj]
nt any timo nfter the closing on the gtl1'age by Buyer. Parking spaces in excess of I
- . LC\foOt~~ -J J..k..~
the iSO-space nlinimun'1 may be made available to the public by the Seller. Seller
(~~ ~ate tho Bilgore tract parking spnoes lease jf a substItute ground.levc>~
parking area having a conlparable number of acces.~:bie parking spaces tor fuli.
......~ b.t' . ed b the S 11 [&~,~t-] J.~~] d. h f
Sl;c..t;U a,lltolno 1 es IS acqu1f y . e er on property ocate In t e area west 0
Myrtle Avtinl.le, east of Ft. Hamson Avenuo. south of Drew Slr~et, and north of
Court Street.
:lIlSeller. mean! the Community Redevelopment Agency or tho CitY of Clearwater, Florida (the
.CRA tf), with rarereoce to ,he. l:1i1gorc. trllct, UlD tltct :2 floors of tb6 par\d.n~ !U\t(l.t. Cinoludlnt: tho
ground below and tho eir ilLJUV~)t and the grQund-Ievel parking e4lst and 50utb of the parkin~ ~arage.
or tbe City of Clearwlter, Florida (tbe welty"), with reference to the Sun Bank/Atrium buUdlng) the,
top 2 floora of th~ pllrL-hll gal'ise And air rights. And the police station.
Memol'nndum. Rev: t
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161H~111:.14 .
OQ-l~-g3 12:4GP~ ~003 ~43
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0';-! :,-9} O~: H Hi FF.)M JUST I CE COF:P.
10 4625720
P006
SEP-15-93 ~ED 12:41
~ALTER J MACKEY OHIO
FAX NO. 1614457]614
PI 04/10
3. ~~[kln2 garage. BuyeT will buy option to purchase parking garase
(the first two floors, the groun~ below, and the ajr above). The option
C 2 ()(), (X)(). ()(J:J ~ l4>leJ.
consideration will be $50,000.00, The Seller shall give a credit to Buyer in tho
-C-f;2oo,()O::)~oo] J...,-~
amount of 550,000.00 against the purchase price at closing if the option 1&
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exercised And Buyer conlpletes the acquisition. The option consideration shall be
tlon-ref\lndable and may be used by the Seller as SelJer sees fit. The term of the
option \"I.,ill be five yeArs from the date of closing on the Sun Bank/Atrium
[cWJ ~l,{ Sv.nl,'~ d--~,f;Ch of -<<.u. ~t~ 1(4.(.(:.. l-.L~.,. J ~
building. Closing on lht1 gardgv will initJnte Buyer's right to request 150
"
additiona.l parking spaces which ~hall be constructed llY Seller and then leased to
~
Buyer. 1'he purchase price of the garage facility will be the current appraised
~
value to be dereru)lned prior to closing. but not more than six months prior to
closing. with the appraisal to be obtained by Buyer from the City's list of nppro~ed
appraisers attached hereto as Exhibit A. An annual escalator based upon the
Consumer Price Index (National Urban index) shall be useQ as a multiplier to
increase the purchase price if a closing is not obtain~d within six. (6) months of the,
date of the apprai~al. The terms of the purchase shall be as follows: The $50,000 [.{2M,~
credit ~hnl1 oonstitute part of the down payment at ti me of c)osin.g with 20 % of tho
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totnl Purel1usc PrIce being d\lC at closing as the down payment (tncluc.1lng the
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$50,000) '(vith th~ bal~nce to be paid in equal montbly installmc-nts ov~r n 5-ycnf
~
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tern"\. at an intere~t rate of "prime minus oDell or one percentage poInt lese than the
1\-fclTlorandum, nevi 1
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1~1~4t::l'l1b14
09-1b"S'3 12\~IH'l" l'on41143
OS-IS-93 05:~~PM F~OM JUSTICE CORP.
TO ~626720
POD?
SEP-16-93 WED 12:47
. ~
FAX NOI 181445116t~
P,05/10
WALTER J MACKEY (l1I 0
New York prime rate a~ published in The Wall Str4et J()uinaI. on the date the
,
option is exercised. p'er annum" secured by a first mortgago on the property. In
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the event a range of prime rates i9 published in The Wall Str~i.t Journal, tho
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midpoint of such rat}ge shall bo used, The interest rate shall pc adjusted annually
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as of each annlversary of the date of exercIse of the opUon~' baseQ upon increases
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or deoreageo in the prime rate. During the term 'of the option and prior to olosing, ,JeN
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Buyer shall have the righl of first refusal on the rental of 100 parking spaces on
the fi rst two floors for the balance of the term of ~he option' ~ith rent prepaid'
, -
ulUlually, at tho diaoountcd rate of $25.00 per 8pace, plus a 5 per~Cin~ incre~so pCt
year beginning Jannary 1. 1996.
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4. &2Jjce statlon7. Tho Buyer or its General Partner will have a ri,i'ht of Jt/l;;.v..I
^
first refusal, as distinguished from an option, on the police s'tati~n, givin~ to ~uyer
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the right to match the highest competitive bid at or abovt:) th~ appx'aised value of
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the property. If lhv City receives a bId which the Buyer \s unwilling to match, thi~
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right shall expire upon tbe olosing of th~ other offer. The right of first l'~fusal
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will have an Indefi]litc term commoncing from U1C dato ot- closIng on the Sun
)DecalUe the polleD ,mtion is City property and not eRA property. tha ilIa of the poliC<lltatlon It
tmbjQof. tu lhu Chy CluneI' rcqul~mcnt~ to deo)~I'O tho property surpius l1nd to sell to tho pAsty
submIttIng the hIgl1est competitive bId abo\lO the tJppmilled value. See Sectlon 2.01 (d)(4). City Chl\rter.
A right of first refuul will permit Iluyer to mltoh thfl h1ah bid, or waive thM flSht, A~ hi, C)cQt10D.
l\1"emorandmn, Rev: J
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Fr.(.M ~lJST ICE C0KP,
TG 4626720
FAK NO. 16144671514
PODa
P. 06/ t 0
SEP-16-93 WED 12:41
~IAL TER J MAOKEY 011 I 0
Bank/Atrluln building, but expiring upon tbe 5ale of the Sun Bank/Atriunl buildin~
hy the Buyer. If the City abandons the police station as a police station. then
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Duycr ma.y request the City to lldvcrtlae the polico station for sale (as "surplus"),
-
,vlth such purcl1as~ offers being subject to an appraisal from one of the parties on
~
the list of Approved Appralsera being a~ Of below the amount of such offers.
5. Snaces A.rOl1ncLOaraje~ The land occupied by the ground..level
parking spaces on the cast and south sides of the garAge is part of the rea) property
on which the garage is located and is subject to and part of the Buyer's option tD
purchase the garage. The number of parking spa.oes shall be determined by
reference to the Burvey of tlle property.
(1) If the option on the garage is not exercised I the pl'operty will
rema 111 eRA property I and the City will continue to have the right to use the
apac(.~s for pnrking for City purposes without charge,
. [0.-. ) ~iJJ
(2) If Ihe Option to tll~ g~nlgc is excrcis~, und if t.he polic~ stat.lon
-
.
bas Hot heen l'c:locatt:ll us or the closing on the purchase of the gurage:
)\(unnror.J1ChU11, tha', 1
Pft~~ 5
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lr.1H~'11S1~
09-1~-S3 12:4tiPM ~uu~ ~~~
09-15-33 G~:4~fM FR(Y JUSTICE CORP,
TO 4626720 POD9
,
FAX NO. 16 t 446115) 4'
P,07/10
SEP-15-93 ~ED 12:48
UALTER J NACKEY OHIO
, ' .' , " >. \ i'. '. ~ '; .'. fl,':' t t ~ .:. . f. . I
(a) The Seller shall rotaiq' an I ~~~et~ldnt '~~ ~ p~~it' Z\cc~~s' to,' < .
. ',. . ,_ I . ,
maintenance. and use at i~lW.<<~g~~' fa/;~~kl~g for City ~u~poses"
without rent for, a term of two years' after closing on tho
SuuBaq.k/Atrlum officI:) building or untU such time as' thepolJce
.
" j \,
department Js relocated. whlchever occurs earlier ~ (The Seller does
not represent that the police department will be retoc~k:d.) This same
-
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~asemeDt sball provide for access to these spaces over thl> police ,f2N
station property J which easement shaH benefit Buyer and its invitccs
after the two-year t:erm or whenever use of these spaces is granted to
Buyer, Thus, there shaH be an e.asement created as a recorded
encumbrance on the police station property. .
[fOt.fL.~~~+L~~+k~~~ ~~] J.JdeJ
(b) " Tho Buyer will be credited by Seller for 38 spactls against
Ule rental on the Bilgore tract or on the alternate parking 'property for
o.ny period during which the City retains use of all or uny portioIl of
,JrcW
the 38 spaces around the gurnge.
O/f.." ;(f- 6l~ /b.A1r..:.. ;r -a.J 0....- ~~ ....+~ ~ ofL ~w.<
~'l If Nk. # 11:( ""JJ 4.'I~ ~ ~ ~ ~I-(,......~(J) ~ CftJ-d' II. -0 I J (JI-
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(3) If the option on the garage is e"ercised. nnd if the police station 1L. &1~'fi,
~~J
Jk
has been relocal11 such li~. the spaces shall be immediately available to Buyer
[~~~u..~w w.r..tL ~
MenUll'anduma )tay: 1 ~ c:f~ d<J~~M (J4-.- ~..1 I I I I
;c.4<.~ rk {fkl. ~~ -1 a~
Page 6
11 - (It;"
lQ14~(j11~14
.
o ~ I ~ fl ;) . &: I 4 t'H'1.1 roo '7 'f 4 )
09-1~,-93 u:.:4HM FROM JUSTICE CORP.
TO 4626720
FAX NO. 16144571514
POlO
P.08/10
SEP-16-93 ~ED 12:48
WALTER J MACKEY OHIO
for 'BuyerJs uses (with the easen1ent), and no credit shan be available thereafter
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against the rental On the Bilgorc tract or on any alternate parking property.
6. Spnc~.s SOlJ1h...2f_Atriu.m }!uflding. The six parking spaces) more or
less. immediately south of the Atrium Building wIll ~e "reconflgured" to permit
Innd&caping, provided that the access to the East-West ~lleywa.y Ii preserved and
maintained iLn Its present location or in " substilu.te location if adjoining propt:r~y t1r=W
~
owners consent. [Caveat: if this i~ City property J see footf1~fe explaining limits
on City's ability to sell tho property.] [This provislpn is 5l;1bject to a fyvlcw of
title to determine the existence of restrictions or easements limiting the ability of
either party to perform.]
7. Control of Garage. Whenever the Buyer acquires or oontrllcts to
acquire 100% of the parking spa.ces within U1e garage, Buy~r may control the
acce.c;s, security r or personnel used to operate, secure, or maintain the garage.
8. D~raulL. A ucfault by Buyer In th~ lease agreement for rhe EUlgores
tract "will constitute n default ill the option agreement for tho pcu'killg garage and/or
the right of first refusal agreement for the police station.
)\''ItmorWldum, :Rey; 1
fagc7
R-5l1X
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OU-l~-U~ \~l~~~U ruu~ A1~
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09~15-93 05:~~PM FROM JUSTICE CORP.
. SEP-15-93 ~ED 12:48
TO 4626720
FAK NO, 18144671514
POll
. . f .
P, 09/10
WALTER J MAOKEY OH10
, .'. ,I . . : 11
,: I ' ,\', : '.HI" ,..! II . " '
9. &.rking Sp~ce pimeJlSlsulL. All references ~o park:Jn~ iot ~paoes sh~U
. , " I 1 . I I \ '
1\ ' ~"J' I . f I "., . , .. ..", I'" ~ ....
be deemed to he (or full-sized (not compact) automopiles with minimum
dimensions for each space of 9 or 10 feet by 20 feet.
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10. I.B~jSI With respect to th6 Bilgore tract parking 'space lense, the
. .' , ' I I t i', . ~ ~ f ;. l' I ·
option Lo purchase tllt~ parking garage, the lease' of 'parking spaces wJthln the
'I .' L. " .' J ~ .., ~ :
parking garase, and the right of first refusal on tlae p~Jice station, the Seller ,hall
. ; t : , . .:,," '1'1
, ,\ i " . ,",
pay any ad vaJorenl proporty taxes thereon, if any, and the :t3uyer shall pay any
, .., ". : I! ,',
sales taxes theteol1. (Wll:at does, this mean'l~ State safes tax Ot1 rent or on
closing costs?)
t '
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11. In appraising the value of the garage, the value of tho raw land shall
-
.) I .
not be valued 50parately and the garage and th~ structures shall be valued as a
single integrated asset (parking faciUty),
",
12. The City \vitl n1ake a commitment to spend $
south
-
. ,
of Cleveland between the P,nk Gnrllge and tho SUn Uank Building In order to
l1eanctfy, reconl1gure, landscape, and create park areas, which amount is deemC'.d
-
,
to be sim.ilar to ~he investn1ent made by t11e City on tho north aide of ClovoInnd at
,
Station Stree~ Squllre. The plnn shall be subjec~ to the appro'\'nl of Buye~ and its
l\femonmdum, Rc:"', 1
rage 8
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161H~'1~1"
UY-ID"~~ 121iorw r008 ~43
SEP-15-93 ~'ED 12:49 WALTER J NACKEY OHIO FAX 00, 161446715J4 P.IO/JO
.7 "',r "
~~ :' , "... '.'
G;-1~-~3 05:~~?M. FE:W JUSTI~E COlf, TO ~626720 POJ2
~rohltect) as well 4lS the City. ProvIded the retail establishments east of the Sun
~
J
BElnk Building along Cleveland Ullth access to the alley agree to a relocation or
--
&\btl'ndontUent of 011 or n portion of tho aUoy, thon the City will agree to support
such desire for r~onflgurat!on of the alley and adjoining areas.
-
The City was 5UPPQSeQ to have pruvid~d AI Justice with concept plan
for revised ~trect landscaping, sidewalks, and possible reductJon of the street width
for tho Area between the bfU1k and th~ garage,
1\J~lDortmdum, Rct": 1
.ra~e 9
R-91,.
IIH~H71!.14
O~-l~-~3 12:4epu POlO ~4J
T\1EMORANDUfvt
COi'lES 111:
COlVlMISSION
PRESS
Date SEP, 1 5 1993
CITY CLERK
, .,',
.' :'-', .J.:.",..".;.::-~:",:.r::~..i' :. .
~.:.~. ".", ......, ,. ,. .
t ,,:.~ .... ~
TO:
City Commission ~
Kathy S. Rice, Deputy City Manager ~
FROM:
COPIES:
Michael Wright, City Manager
SUBJECT:
AI Justice Fax regarding Sun Bank Building
DATE:
September 15, 1993
Mr. Justice has sent at 5:44 p.m. a copy of a letter to Al Gailbraith regarding the purchase agreement.
Due to the time of the receipt and the desire of the City Commission to review items in a timely manner
I am sending this before it has been reviewed by staff and as soon as it was received by this office.
I
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09~15-93 05:44PM FROM JUSTICE CORP.
T(I 4626720
POOl
JUsrlCE
COR PORATION
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/
FAX TRANSMlTTAl~ SHEET
DATE: SEPTEMBER 15, 1993
TO: MIKE WRIGHT, CITY ~NAGER
(FOR IMMEDIATE DELIVERY)
COMPANY NAME:
CITY OF CLEARWATER
TELEPHONE NUMBER: . 46 2 - 67 0 0
462-6720
FAX NUMBER:
SUBJECT: SUN BANK BUILDING - THE ATRIUM
NUMBER OF PAGES nEING TRANSMITTED INCLUDING COVER PAGE: TWELVE
(PLEASE NOTIFY US IMMEDIATELY IF YOU DO NOT RECEIVE ALL PAGES.)
FROM: A. N _ JUSTICE
MESSAGE:
w~ WILL SEE YOU AT 3:00 P.M. TOMORROW, THURSDAY, SEPTEMBER 16
~
IN ~OU:R. OFFICE.
ORtGINAL W/ATTACUHENT(S) MAILED ~O RECIrIENT~ ~
YES ~1O
19329 U.S. 19 North, Suite 1001 Clem'water, Florido 34624-3156
Telephone: 813-531-4600 PAX: 813-5~O.4004
OS-15-93 05:44PM FROM JUSTICE CORP.
S~~-15-83 WEe 18:34 CE~TURICN TOWER LTD
~o A~?~7?~' P002
.. ,*O..O..v
FAX NO. 4016848811
P.01
if/~ f LkJh $-.
~ lVJVi tif~ oJ L
921 Chatllarn Lane. SuIte 110
Columbus, Ohio 43221
Telephone
(614) 457.H~11
f=ax
(614) 45T'1614
September 15, 1993
AI Galbraith
City Au.urncy
P.O. Box 4748
City of Clearwater
Clearwater, Florida
Re; Sun Bank: Building - Purchase
Dear Al~
I have redrafted the addendum comments regarding the purchase agreement for the
Sun Bank propertY, As you will note, I have made some changes which sho'-lld
benefit the City, particularly witll regard to deferring the City's obligation to
provide immediate parking at the Bilgare site.. Some important i$sues include:
1. The City does not Jlave [0 do anYthing about the 150 parking spaces at Bilgore
or any substitute site ~urchases tho Gart!gc. Thus. the City, wjU
no.tJlay,UQ ,layout-an)! !rem ft!n..ds untjI. it receiv~s o.p.r..cl.osin~ro~e~ds (doW1j
pa)m1ent) QD th~ Garage. Furthermore, the purchase money mortgage on the
garage will provide a subst~ ntl31 semi-liquid asset that will be payable in nUl over
a fIve year period. helping to offset olher City costs of rodevelopment or
otherwise.
2. The City will not have to develop the Bilgore site into a parking lot
prematurely and then find a replacement site. The City can look for a replacement
site now and avoid doing anytbing with the Bilgore site which I believe has been
a. big problem.
S. Qur lease payment for the 150 parking spaces will COVel- 100% of the CitY-R
costs amortized over 20 years at the City's cost of funds . We are not looking f{)r
the City to subsidize the parking lot costs or provide free parking. After the
R"S6"
4076848811
n"-lS-"~ 04:341"14 :POOl l~02
OS-15-93 05:44PM FROM J~STICE CORP. TO 4626720 P003
SEP-15-93 W2D 16:35 CENTURION TOWER LTD FAX HO, 4076848811 P,02
A1Gabraith
Page 2
Sept... 15 J 1993
parking lot costs are paid for the Gity will have positive income for other purposes
(Le. after 20 years). The lease of these spaces will be forever and will run with
the Building.
4. We m:e willing to pay 100% ro cure pall of the "parking deficit" that the past
administrations created. Without a cure for the "parking deficit" DownWWIl
offices buildings are doomed and so goes the fate of the Downtown l'evival process
- the City cannot carry the Downtown alooe or even with the Chu.rch of
Scientology. We do not want to debate h()w the City CnD make 1:\ profit on creating
this parking.
5. We applaudo the City's decision to keep its offices on the We~t Ba.nk of
Downtown. The lack of direction in the past. I am sure. has been a major
detriment to the private sector's decision making processes regarding Downtown
office locations.
6. We have talked with Firenze and they do not have a problem with the loss of
use of the alley and. we hope to get further cooperation from adjoining businesses
to support a beautification and park program to the east of the Sun Bank: Building. '
I have asked Allusticc to set up a meeting with f\1ike Wright to e"P1ore the issues
raised in our last meeting regarding revival of thi s area.
[ look forward to meeting with you again and hope we can resolve the fmal issues
and get closed.
Very truly yours,
Walter J - Mackey. Jr.
R-96%
':'070t:l4~611
09-15-93 04:34PM P002 ~02
.,./ I , ' t q \ \ I,' . 1 1 \ . \' 1 , . I I \ \' \ \ , .
TO 4626720
OU-l'5-Q'j lu~::"~4~M J:P.O\l TU'~rIr"''''F.''
... ..' wi ,toz' .. ., rl1 V;,J .. ~ j.. I.' ~: ,
P004
SEP-15-93 WED 12:46.
UALiER J MACK~Y OHIO
FAX t{), 16144571514
PI 02/10
Atdarn/n>>lno/Saptambtr 15. 1993
Draft #5
September 15. 1993
The following is subject to review by bond/tax counsel in view of tho March 8)
1993. IRS ruling regarding the lIssfe harbor" rule:
1. $1.n JUnkl Atrium Butlp,Jng;. The BuyerJ will purchase the buJIdlng
and the top two floors 0'( the parking garage, (indudillg a pro rata l,h intetelt i.u e-
~, and air space above for $6.900,000, lias is", cash at closing. all closing
costs to be paid by Buyer (to be discussed..again). Thi~ conveyance wilt include
the. right to construct on top of or to cover the fou.rth floor, the right to construct
a security gate at the beginning of the access ramp to the third floor. the right to
construot a security entry or gate at the entry or elevator of the elevated pedestrian
walkway oyer Park Street, an ~asement to permit the continued maintenance of the
walkway over Park Street, and an assignment of the amount held in escrow by
1\1aria Real Estate for the repair of the pedestrian walkway. A joint use easement
agreoment will be prepared for the Buyer"s and Sener"sjolnt use, maintenance and
oporation of the garage which shall e:xpitc when l.\nd if Buyer purchtlses the ,garages.
laBuyer" means Atrium at Clearwater, Limited, a Florida limited partne~hip, of which Atrium at
Cloar.v:lter r Ine., a Ploridn t',o'1'pQ~tion, will be the seDeral partner,
Memorandum, Rev: 1
Pagel
Rug 7J& '
\(;]4'57151'
09-1S-93 1?o:46PM P002 #43
" ".,i,,".
09-i::-C'), n;:.,"4~M Ft'OM J'T;,'l'I\."~ ro~p
..,} 0 ~ ..' 't . .. . I.i .. · - '" .. j .
TO 4626120
FOOS
SEP-15-93 WED 12:46
WALTER J MACKEY OHlO
FAX NO. 16144511514
P.03/1O
2.
B-the, garage, Buyer may
~
make a request to Seller, and Selle~ shall then be obligated to make available ISO
parking spaces for lease to the Buyer on the Bilgore tract or a substirute parcel for
$ /spAce/month commencing upon the completiou of the construction of the
parking spaces. The lease shall be a permanent arrangement. (It is int-ended that
the lease payments will cover the City's costs and amortize 100% of these costs
i
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plus the City.s interest costs over a 20-year period. After this period the lease
payments will be profit to the City. The parking lot improvements (at least 150
spaces) $b~ll be constru~1Gd by, und at cost tot the Seller within 120 days, weatbcx
permitting, following notice by the Buyer to th.e Seller, which notice may be give.n
at any time after the closing on the garage by Buyer. Parking spaces in excess of
the lSD-space minimum may be made available to the public by the Seller. Seller
may terminate the Bilgore traot parking spaces lease if a substitute ground-level
parking area having a comparable number of accessible parking spaces for fuU..
sized a'Utomobiles is acquired by the Seller on property located in the area west of
Myrtle Avenue, east of Ft. Harrison Avenue, south of Drew Street, and Dortb of
Court Street.
:l"Seller- means the Community Redevelopment Agency of the City of CleaIWater. Florida (the
"eRA "). with refereace to the Bilgore tract, the tint :z floors of the parldng ga.r~ge unol\ldinJ: the
ground below and the air ~buvl:), and the ground-level parking east and south of the parking iarage,
or the CitY of Clearwater, Florida (the "City"), with reference to the SWl Bank/Atrium building) the
top 2 floon of tha PIIf'I..-it'lt prage and air rights, mld the police- station.
Memorandum, Rev~ t
P~e2
~-9-rX
16144.511~14
09-1~-~3 12;~GPM ~003 ~43
09-15-93 05:44PM FROM JUSTICE CORP. TO 4626720 P006
SEP-15-93 WED 12:41 WALTER J MAOKEY OHIO FAX NJ. 16144571614
PI 04/10
3. fAt.klne iftrale. Buyer win buy option to purchase parking garage
(the first two floors, the ground below, and the air above). The option
consideration will be $50,000.00. The Seller shall give a credit to Buyer in tho
amount of SSO,OOO~OO against the purchase price at closing if the option II
exercised and Buyer completes the acquisition. The option consideration shall be
non..refundable and may be used by the Seller as Seller sees fit. The term of the
option will be five years from the date of closing on the Sun Bank/Atrium
building. Closing on lhe gardge will initiate Buyer's right to request 1.50
additional parking spaces which ~hall be constructed by Seller and then leased to
Buyer. The p\U'chase price of the garage facility will be the current apprals~
value to be determined prior to closing. but not more titan six months prior to
closing, with the appraisal to be obtain$d by Buyer from the City's list of approved
appraisers attached hereto as Exhibit A. An annual escalator based upon the
Cons"Umer Price Index (National Urban index) sball be used as a multiplier to
increase the purchase price if a closing is not obtained within si~ (6) montbs of the
date of the appraisal. The terms of' the purchase shall be as follows: The $50,000
credit sht111 constitute part of the down payment at time of closing with ZO % of the
total Purchase Price being due at closing as the down payment (including the
550,000) with the balanoe to be paid in equal monthly installments over as-year
term at an interest rate of "prime minus oneil Qr one percentage point less than the
Memorandum, RC'Y; 1
rage 3
R..e1X
09-15~93 12:~6PN PQ04 ~4J
IB1!,4!;'llbH
09-15-93 05:44PM FROM JUSTICE CORP,
TO 4626720
POO?
SEP-16-93 WED 12;41
WALTER J liHCKEY 00 10 .
FAX NO, 16144571514
PI 05/10
New York prime rate ~ published in The Wall Street Jeumal, on the date the
option is cxcrcisedt per annum, secured by a first mortgage on the property. In
the event a range of prime ra.te~ 18 published in The Wall Street JoumalJ the
midpoint of su.ch range shall be used, The interest rate shall be adjusted annually
as of eaoh anniversary of the date of exercise of the OptiOD, based upon increases
or deoreases in the prime rate. During the tel'm of the option and prior to closing,
Buyer shall have the rlghl of first refusal on the rental of 100 parking spaces on
the, first two floocs for the balance of the term of Ule option with rent prepaid
a.nnuallYJ at tho diacountc<l rate of $25.00 pe.r space, plus a 5 p~cent increa.se pCl
year beginning January L 1996.
4. I:alice station. The Buyer or its General Partner 'Will have a right of
first refusal, as distinguished from an option, on the police station, giving to :Buyer
the right to match the highest competitive bid at or abov" the appraised value of
the property. If the City receives a bid which the Buyer is unwilling to match, this
.
right shtill expire upon the closing of the other offer. The right of first refusal
will have an indefinite term commencing from the date ot" closing on the Sun
)Beca~e the police station is CIty f>topert)' and not CRA property, the aale of the police station is
&\.Ibjc;ot to i.h1:l CJty CQ~t'ter requimmonU to declare the property surplus and to sell to tho palty
. submitting the highest competitive bid abo\>o the apPtiised 'value. See Section 2.01(d)(4}~ City Charter.
A. right of first refuial will permit Buyer to mttc:h thf' hIgh bid, or waive thnt dsht1 at h.i3 clcl;tioI1.
Memorandum, Rev: 1
Page 4
R-O"'~
O~-15-93 12:40PM P005 ~43
I tJ 1 ~ 4 b 'f 1 ~ I 4
09-1~-93 05:44PM FROM JUSTICE CORP, T0 4626720 POD8
SEP-15-93 ~D 12:47 WALTER J MACKEY OHIO FAX NO. 16i44671514 P.06/10
Bank/Atriuln bnilding, but expiri11& upon the sale of the Sun :Bank/Atriunl building
hy the Buyer. If the City abandons the police station as a palice station. then
Buyer may request the City to advertise the police station for sale (as "surplus"),
with such purchase offers being subject to an appraisal from one of the parties on
the list of Approved Apprf1isera being at or below the am.ount of such offers.
5. Sp.ac~ Ar.ountl G~J:aie. The land occupie4 by the ground..level
parking spaces on the cast and south sides of the garage is part of the real property
on which the garage is located and is sUbject to and part of the Buyer's option to
p\l1'Chase the garage. The nu.mber of parking spaces shall be determined by
reference to the survey of the property.
(1) Xf the option on the garage is not e~ercised, the pxoperey will
remain eRA property, and the City will continue to have the right to use the
spaces for parking for City purposes without charge.
(2) If lhe Option to the garage is exercised, llnd if the police station
.
has not been relocated as of the closing on the purchase of the garage:
Me.mOl'tmdoon, Rev: 1
P~c:5
R-91%
1~14Hi71Slol
09-15-93 12:4cPM PUU~ ~~~
SEP-15-93 WED 12:48
WAL 'fER J NACK~Y OH 10
TO 4626720 P009
FAX NO. 16144571514
P,01JI0
" .'.....
.' . .' ',"
09-15-93 05:44PM FROM JUSTICE CORP.
(a) The Seller shall retain an Cilscment to ponnit access to J
maintenance, and use of the spaces for parking for City purposes
without rent for a term of two years after closing on the
SunBunkl AtriuIXl office building or until such time as the pollce
department is relocated, whichever OCcurs earlier. (The Seller does
not Iepresent that the police departlncnt will be relocab::d.) This same
easement shall provide for access to these spaces over the polioe
station property, which easement shall benefit Buyer and its invitees
after the two-year term or whenever use of these spaces is granted to
Buyer. 'rhus, there shall be an easement created as a recorded
encumbrance on the police station property.
(b) The Buyer will be credited by Seller for 38 spactis against
the l'elltal on tile Bilgore tract or on the alternate p~rking property for
any period during which the City .retains use of all or any portion of
the 38 spaces around the garage.
(3) If the option on the garage is exercised, and if the police station
has been relocated at sucn timet the spaces shall be immediately a,'ailable to Buyer
Memorandum, ~v; 1
Page <<)
~-96~
101UC'71Cl"
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SEP-16-93 WED 12:48
WALTER J MACKEY OHIO
TO 4626720 POlO
FAX NO. 1614457]514
P. 08/10
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0]-15-93 05:44PM FROM JUSTICE CORP,
for Buyertg uses (with the easement)~ and no credit shall be available thereafter
against the rontal on the Bilgore tract or on any alternate parking property .
6. ~ac~s SolltJuzLAtril1l!1 Buildin~. The six parking spaces, more or
less, immediately south of the Atrium BuUding will be "recontlgured" to permit
landscapina, provided that the access to the East-West alleY~"lay is preserved and
maintained in its present location or in a substitu.te location if adjoining property
owners consent. [Caveat: if this; is City property, see footnote explalning limits
on City's ability to sell the property.] [This provision is subject to a review of
title to determine the existence of restrictions or easements limiting the ability of
either party to perform.]
'7. c..ontroJ of Garage. Whenever the Buyer acquires or contracts to
acquire 100% of the parkillg spaces within lhe garage, Buyer may control th~
acce&..~, security, or personnel used to operate, secure, or maintain the garage.
8. Defaull. A default by Buyer in the lease agreement for the Bilgore
tract will constitute a default in the option a.greement fur the parking gar"gc and/or
the right of tiIst refusal agreement for the police station.
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09-15-9305:44PM FROM JUSTICE CORP. TO 4626720 POll
SEP-15-93 WED 12:48 WALTER J MACKEY OHlD FAX NO. 16144671514 P, 09/10
9. &tking S~ee Oimensi~, All references to parking lot ~paces shall
b$ deemed to be (or full-sized (not compact) automobiles with minimum
dimensions for each space of 9 or 10 feet by 20 feet.
1 o. Tax.~s. With respect to the Bilgore tract parking space lease, the
option La purchase the parking garage, the lease of parking spaces within the
parking garage, and the right of first refusal on the police station, the Seller shall
pay any ad valorem property taxes thereon, if any, and the Buy~r shall pay any
sales taxes thereon. {What does this mean11 State sales tax on rent ()r on
closing costs?)
11. In appraising the value of the garage, the value of the raw land shall
110t be valued separately and the garage and the structures shall be valued as a
single integrated asset (parking facility),
12. The City will make a commitment to spend $
sou th
of Cleveland between the Park Garage and the Sun Bank Building in order to
beautlfy ~ recont1gure~ lan<lscapet and create park areas, which amount is deemed
to be similar to the investment made by the City on the north side of Cleveland at
Station Street Squ.arc. The plan shall be subject to the approval of Buyer and its
Memorandum, Hc,': 1 Page 8
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09-15-93 05:44PM FROM JUSTICE CORP.
WAL TER J I1ACKEY OH 1 0
TO 4626720
FAX NO, 16144571514
P012
SEP-15-93 WED 12:49
p, 10/10
Q.roh!tect, QA w~n as the City. Provided the retail establishments east of the Sun
Bank Building along Cleveland witb aece.ss to the alley agree to a relocation or
a.'bat1do:n=ent of all or a portion of the alley, them the City will agree to support
such desire for tecon1'lguratioQ of the alley and adjoining areas,
The City was supposed to bave pru,'ided Al Justice with concept plan
for revised ~treet Iand9caping, sidewalks, and possible reduction of the street width
fOr .~ area between. the bZUlk and the gange.
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