10-04-1993
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Agenda/C
1 0-4-93
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AGENDA
Community Redevelopment Agency
Monday - October 4, 1993
following Pension Trustees meeting which begins at 9:00 A.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) July Monthly Financial
Statement
it d) Downtown Plan -
recommendation to City
Commission
IV. New Business
a) C.O.#1 and Final to Station
Square Parking Lot Contract to K
& S Contractors, Inc., Tarpon
Springs, FL, increasing the amount
by $8,094.30 for a new total of
$38,222.80
.. b) August Monthly Financial
Statement
V. Executive Director Verbal Reports
VI. Other Trustee Business
VII. Adjournment
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City of Clearwater
CLEARWATER CCt.4t~UflITV REDEVELOPt<4ENT AGENCV - General Fund
Interim Statelllent Of Operations
Ten Months El1ded July 31,1993
III c.
Month
Of
July, 1993
Actual
Thru
July, 1993
FY1993
Amended
Budget
Variance
Favorable or
(UnfaVorable)
Revenues and Other Financing Sources:
Ta~ Increment Revenues:
Pinellas County
City o~ Clearwater
Downtown Development Board
0 277,829 277,829 0
0 260,750 260,750 0
---------- ---------- ---------- ----------
0 53B,579 53B,579 0
---------- -----..---- ---------- ----------
0 9,678 9,678 0
other Revenues:
Interest Earnings on Investments
Interest Earnings on Debt Reserve
Rental Income - Coachman Lease
Rental Income - STEP Lease
Rental Income - Kravas Parking
Othe r Income
Total Revenues
0 0 10,000 (10,OOO)
0 0 10,000 (10,000)
1,313 14,437 15,750 (1,313)
1,000 4,105 8,940 (4,835)
500 5,203 6,500 {1,297}
2 10,121 10,200 (79)
---------- ---------- ---------- ----------
2,815 582 ,125 609,647 (27,522)
---------- ---------- ---------- -------.---
Expenditures:
Economic Environment
M i see 11 aneous
Saturday Downtown Parking - Street
Advertising - Bilgore/Bluff Parcels
Prof Services - East End
o
o
1,148
o
6,B10
15,000
11,594
4,514
13,500
15,000
12,000
4,515
6,690
o
406
1
Capital Outlay
Parking Lot Expansion - Kravas Parcel
o
27,949
70,000
42,051
Transfers (IN)/Out:
For Funding Capital Projects
o
(239 )
237,246
237,485
For Debt Service R6quir~ments
Fund 214 - 20~ of Tax Increments
Reimburse General Fund - Adm expense
Reimburse Goneral Fund - jolly T,'o1l6Y
Parking Fund - Garden Ave Garage
Total Expenditures and Transfers Out
0 107,716 107,716 0
0 104,530 104,530 0
0 32 ,100 32,100 0
0 21 ,000 21,000 0
---------- ---------- ---------- ----------
1,148 330,974 617,601 286,632
---------- ---------- ---------- ----------
Excess of Revenues F. Other Financing Sources
over Expenditures and Transfers Out
1 .667
251,150
(7,960)
259,110
----------
----------
----------
----------
----------
----------
Balance Available 10/01/92
7,960
TOTAL Funds Available For Appropriation
259,110
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Item #
COMMUNITY REDEVELOPMENT AGENCY
Agenda Cover Memorandum
\\1 Cl ~
Meet i ng Date
}O/QICf3
SUBJECT: Change Order #1 and Final - station Square parking Lot (600 Blk. of
Cleveland street) (93-15)
RECOMMENDATION/MOTION: Approve Change Order #1 and Final to the station Square
Parking Lot Contract (93-15) to K & S Contractors, Inc. of Tarpon Springs,
Florida increasing the contract amount by $8,094.30 for a new contract total of
$38,222.80,
~ and that the appropriate officials be authorized to execute same.
BACKGROUND: This contract was awarded by the Clearwater Community Redevelopment
Agency to K & S Contractors, Inc., of Tarpon Springs, Florida, on June 6, 1993,
for $30,128.50, to construct a landscaped, visible, downtown vehicle parking
area.
The scope of this contract included all paving, curbing and drainage associated
with the new parking lot as well as the restoration of the existing decorative
street brick along Cleveland street.
This Change Order No. 1 and Final adjusts the contract quantities to those
amounts actually used in the construction on the project and the addition of
three (3) new items.
The plans for this parking lot envisioned the use of the existing pavement
immediately adjacent to the Kravas building. After the removal of the Kravas
building and the cOlnmencement of this work it was found that two septic tanks,
several old concrete footings, and several lengths of old storm drain pipes
required removal in that they interfered with the construction of items to be
placed in that area. An 8-inch vitrified clay pipe which had been examined and
lamped by our inspectors literally fell apart when the embankment around it was
removed. In addition, the Florida Department of Transportation permit required
that the Cleveland street driveway be concrete instead of our original brick
design. The discoveries mentioned above occasioned the ne~y items of work (Item
Nos. 10, 11 and 12) and the accomplishment of the new items occasioned the
overages in Item Nos. 1, 2, and 6.
The available balance of $11,923 as of August 31, 1993 in the Community
Redevelopment Agency operating Budget for this purpose is sufficient to fund
Change Order #1 and Final payment for this contract.
I
.
I Revi ewed by: A
I Legal ~
.
,. Budget ~~
U
Purchasing N/A
CIS
N/A
N/A
N/A
N/A
I
.
I Originating Dept.
.
I Public Works/Eng e
I User Dept.
! Community Redevelopment
I Agency
I
I Advertised:
1
I Date:
I
I Paper:
I
I Not required N/A
,,1;'>1
. ~'I
~ Affected parties
. ! notified
I Not required N/A
I
Costs: $8.094.30 Commission Action
(Current FY) $8.094.30 Approved __
Funding Source: Approved
w/conditions _____
Capt. I 1Tfl.
-I Denied
I Operating X
I
I Contld to
I Other
I
.
I
I Appropriation Code(s) Attachments:
188-07000-563500-552-000 Change Order #1 & Final
Risk t-Igmt.
ACM
Other
oqU"'CO.1(If\
CHANGE ORDER: #1 and Final
DATE:
September 1, 1993
PROJECT: station Square Parking Lot
CONTRACTOR: K & S Contractors, Inc.
514 Anclote Road
Tarpon Springs, Florida
PROJECT NUMBER:
93-15
DATE OF CONTRACT:
06/24/93
CODE: 188-07000-563500-552-000
SCOPE OF CHANGE:
THIS CHANGE ORDER ACCEPTS REVISIONS TO THE CONTRACT
OVERAGES:
Item-# 1 - 6" compacted Limerock Base 512 S.Y. @ $
Item # 2 - 9" Stabilized Subgrade 512 S.Y. @ $
Item # 5 - 611 Concrete Header Curb 2 L.F. @ $
Item # 6 - Asphaltic Concrete PC Type 3 540 S.Y. @ $
ADDITIONAL ITEMS
Item #10 - 811 0.1. Pipe Replacement 1 L.S. @ $ 550..00 = $ 550.00
Item #11 - Removal of Concrete Footers 1 L.S. @ $1,500.00 = $1,500.00
Item #12 - Concrete Driveway Apron 1 L.S. @ $ 669.00 = $ 669.00
TOTAL OVERAGES/ADDITIONAL ITEMS = $8,731.80
6.40 = $3,276.80
3.00 = $1,536.00
6.00 = $ 12.00
2.20 = $1,188.00
UNDERAGES:
Item # 3 - 6" Concrete vertical Curb
Item # 9 - Unsuitable Material
6 L.F. @ $ 6.25 = $ 37.50
50 C.Y. @ $ 12.00 = $ 600.00
TOTAL UNDERAGES = $ 637. 50
NET OVERAGE/UNDERAGE AMOUNT = $8,094.30
STATEMENT OF CONTRACT AMOUNT
ACCEPTED BY:
Original Contract $30,128.50
change Order #1 &
Final + $ 8.094.30
New Contract Amount $38,222.80
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BY~
'Bett
Date: September 1, 1993
CLEARWATER COMMUNITY REDEVELOPMENT
AGENCY
WITNESSES:
D~~~~~ ~~~
Alice R. Eckman
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~=-ffC:~., ~( ,/,;;:&!c..dk- ~,
J e a net teL. Pat e r k i ew i c -
Arthur Deegan, Chairman
ReCO:]~ded by:
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William C. Baker
Director Public Works
CITY OF CLEARWATER, in
PINELLAS COUNTY, FLORIDA
ATTEST
Michael wright, Executive Director
cynthia E. Goudeau, Secretary
Date:
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City of Clearwater
CLEARWATER COMMUNITY REOEVELOPNENT AGENCY - General Fund
Interi. Statement ~ Operations
Eleven Months Ended August 31,1993
Revenues and other Financing Sources:
Tax Incre~ent Revenues:
Pinel1as County
City of Clearwater
Downtown Dove 1 opment Board
other Revenues:
Interest Earnings on Investments
Interest Earnings on Debt. Reserve
Rental Income - Coachman Lease
Rental Income - STEP Lease
Renta' Income - Kravas Parking
other Income
f.4arl<eting Grant
Total Revenues
Expenditures:
Economic Environment
Miscellaneous
Saturday Downtown Parking - Street
Advertising
Prof Services - East End
Capital Outlay
Parking lot Expansion - Kravas Parcel
Tr~nsfers (IN}/Out:
For Funding Capital Projects
For Debt Service ReqUirements
Fund 214 - 20~ of Tax Increments
Reimburse General Fund - Adm expense
Reimburse General Fund - Jolly Trolley
Parking Fund - Garden Ave Garage
Total Expenditures and Transfers Out
Excess of Revenues & other Financing Sources
OVer Expenditures and Transfers Out
Balance Available 10/01/92
TOTAL Funds Available For Appropriation
I~onth
Of
August, 1993
o
o
1,313
o
500
1,000
2,815
2,151
o
o
o
11,442
13,593
(10,779)
----------
----------
Actual
Thru
AU9ust,1993
o
o
277 ,829
260,750
o
538,579
o
9,678
2
o
o
15,750
4,105
5,703
10,124
, ,000
584,939
8,962
15,000
11,594
4,514
39,392
o
(239)
o
o
o
o
107,718
104,530
32,100
21 , 000
344,568
240,371
7,960
248,331
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FV1993
Amended
Budget
277,829
260,750
538,579
9,678
10,000
10,000
15,750
8,940
6,500
10,200
o
609,647
13,500
15,000
12,000
4,515
70,000
237,246
107,716
104,530
32,100
21,000
617,607
(7,960)
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\ vb.
Variance
Favorable or
(Unfavorable)
o
o
o
o
( 1 0,000)
( 1 0 , 000 )
(O)
(4,835)
(797)
(76)
1,000
(24,70B)
4,538
o
406
1
30,608
237,485
o
o
o
o
273,039
248,331
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Allium/memo
Dr:1ft 116:l
September 28. J 993
QlIT~QUA~.utUM OE: UNDE1~L\N1lJ!ill.
1. Sun DanlstAlrllun Huilqing.:. The Buyerl will purchnse the
[ huilding and the top two floors of the parkill2 earaee, ili.eeinnluJLi\.L.t1lQ
k- llC$lnuinl! of the mmp Crom the second floor to the third floor nncJ
indY.P.in&: interhu' parking SI21l.CW (ine-luding-a-pn.' mIll ~s illler~sl
~ [~nd). and Lhc air space above UP tu a~~ht ur r\:~L1~
e..-:oulld (or sea level) for $6,900,000, IIUS is", cash at closing, nil closing
[costs to be paid by Buyer (to be discussed-again and condudecl when an
c.. otlJtJ:: iss..u.e~ arc settled). This conveyance will include the righllU t.:lJlI~lrut:t
on top of or to cover the fourth floor, the right to construct a security sate
at the beginning of the acce!;~ ramp ftOUllhe second flout to the third fioor.
the right to construct a security entry or gal~ at tilt: entry to the elevator
entnmces or at the Cl)try to of the elevated pedestrian walkwa)' over Park
Street, an easement to permit the continued maintenance of the walkway oyer
Park Streel, and all assignment of the amount held in escrow by Maria Real
"Buyer' mearu Atrium at Clearwater. Limited, a Florida limited partnership, or which Atrium at
Clearwater, Inc., a Florida corporAtion, will be tho gener:!l partno!r.
MCnJor:ulllum. Rov: 6~
I'lls:e 1
Notes
--
~. This is new, but it is consistent with the legal description of
the properti if IIbeginning at the beginning of" is changed to
"including. II \
B. Additional air space requires a conveyance fro~ the CRA.
(Not a problem.)
C. "The Buyer is to pay Closing costs, if we understand the
Com~is5ion correctly.
W'V ~ ,...
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p, U4111
E,tate for the repair of tl18 pedestrian wol kwny, A joillt use easelllent
agn:cmcnl will be prepared for the Buyer's llnd S~lIer's joint use.
mnintennncc nnd operation of the t21al garage f~dlll v whIch shall expire
when and if Buyer purchases the l>{lIUllCC of the p~\tkJ.ng garage. 1.[
~uested by Buyer. S~ler !;hnll he ohligot('d to provide 150 park.i.ug
spllces as provided below provided Buyer pH rclH~l)eS or leases tlul.5c.spnc.es
11D..d.er the following terms.
2. Parking: Weller hos not idenUfled one sHe or twu ullcl"Imle
sHe!; for l);lrking or 150 cnr$ within tWC:llty-four (24) lllollths-AHmy-timc
k [aflerBuyer purchases the garage s.u~LlliUlk Bl.lildirl~1 Buyer may make a
request to Seller, and Sellcr2 shall then be obligated to make available 150
parkjn~ spaces for purchnl'e by Buyer or COl' lease to the Buyer on the
Dilgore tract or a substitute :illl:... s<:.les:tctl by llu.Y.Ct )lftreel-rel'
"5 [$
IBpi!eehYtenth commencing upon the completion of Ihe construction
hSclh::r" ffitllllU the Community Redevelopment Aecncy of the City of Clearwater, Florida (lhe
.C.R.A. "). with reference tn the Rlliorc tract, the tirst 2 Ooon of the parking ~a(l\ge (Including the
ground below and the air above). at}d tlltl ~ruund-Ievel parlcing east and south of the parking gar3l:c.
or the City or C;learwatcr. FlorIda C\he 'City"), with reference t(1 the Sun nankl Auium building, rhe
top :2 floors of lh. parking lllrllte l\nd eir ri,hb, and the police &tatlon.
MemorDlIl)um. Rev: 68
PlIse :2
Notes
A. A significant change, but consistent with our understanding
of your intent.
B. This phrase is left over from a reference to the term of the
lease, and should be deleted.
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IIt1L I 1:1\ J nH\,,~t Y VIII U
FAX Ilu. 14U' j~11J 140
P. U5/17
A-
[Or the parking spaces. (U r~qu.e.s1WJJ~lJ('r, 1l\1)'.e.ulll\~illlsh.:.u.t..Ub.e
Int p rovern e.nts..a1Jl...pm..UUIJ fO \' ed IU:.J.lU:-C.Jt...A.._nud.Jl.u):.Cr....)
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Ie the 15!lligaccs contlnlles to be desired by Bu)'cr, t.he cost rOI:
III e 150 son ces shall be P..ai.t1...b.Y....DJU.tt...a.s.J 0 II ows:
c... [ a1 If n lensw selected, the lease slmll be a fifteen (15) to
t1Y.cnty (20) year lensc. per-nlanenHlrr-angement-:- (It is Intend~d that the
lease payments will ~ cover .the .Gily'S eosts. and amortiz.e 100% of
these C.R.A. 's Interes' c.osts required to carry the costs of the
lm~nenls and Ule CuiI' market value or the lamLLc.lelcnnincll bv
-:l' D-.U)'cr's selcctin~ 011 nv~cr from t1!C City's npgrovcd list. n~ oUnched
hereto a~ Exhibit "All). At the end of the lease (Len the 15 to 20-year
1~1]1J). 1'Ius-the-€i~lIterest--eest-s-eve~-yea~erjodh---After-thjs
period-;-tho-!~I13(; payments will-bo-pr<tfiHQ-the-Gtty Buyer ,till hove Oil
[ option to purchase title 1.0 the Iqnd find improv~d ISO pnrking spnces nt
e-
the fair market value fdefinetllo mean l!)02Q uLthe Cllrrent fair nmrkct
Memorandum, Rev: 6a
Pal!e .>
Notes
A. At whose expense?
B. "Continues" after what date, and for how long?
C. We should agree now on how long the lease will be.
D. This makes sense if we use the Bilgore tract, but if we use
t>roperty bought f rom another O\VDer, the CRA should be
reimbursed for its ~urchase price and closing costs, plus the
cost of im~rovements, not the fair market value. Because a
purchase from a private owner would amount to a forced purchase
on our part, the purchase price may be. greater than .the =air
market value. Also, if the se18cted property is in private
ownership, there is an issue as to whether the Buyer should
buy the property directly.
E. The Buyer would be paying us twice, in effect. 15 this likely
to happen?
~tr~~~-~J wtU U~:4j
\.IALTER J MACKEY 01110
FAX /lO. 14013943146
P.06/17
)'altle ~)r tho ltJjl<} wHh;n 2'1" (6) 1I10111hs of tile c~r.rds~ o[sudl olllilm....1l1lJ.S
the cO$t.s..otJhe..llU_1Ul[k1uu.gaces.l~
h.l If a snl,:tls selected. Duyer sJI1l.I.LwtillklJf ~ he purclmsc
ilLil uUWfllJaYluelll with the balallce.lll be paid..al tile 5~lUle inlel'est rnte
a.ppUcnble to the gnrnge sale and n 2Q-)"cnr ijlll~.!.iIDub1~'nl,lc mUlllllly
and )Vilh n 20-Yf>..1r nJaturlty. The purchnt:c pl'lCB shall sh1lllllrl)' he 100%
k pC the tune..t "pDruls~l1 value of tluUatULtlws the cost Ilf cOJlstrudine
J..S.O..P..arldna s~
g The parking lot improvt:tn~nlS (at least 150 spaces) shall be
constructed by, and at cost to, the Seller within 120 days, weat11cr permitting,
following nOllce by the Buyer to the Seller. which nolice may be g.iven at any
f> [time after two years fr0l111he dosing on the gttfuge SulLlltUlk .U.ullillng. by
Buyer. Parking spaces in ex.cess of the ISO-space minimum may be made
[available to the public by the SelJer if...HJ.ll\rale acc~ss amI security is
C provided fot: Buyer's ISO spacc~. ~eller may terminate the Bilgore tract
parking spaces lease (if such site is selected by (he Cit}:) provided that if
l'.lezllorandum. RevI 63
Patte 4
Notes
A.
If we have to buy the land, the purchase price should be
our price plus Closing costs, plus cost of improv~~ents~
B.
A significant change.
C. New. Who pays?
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A [a suustitute ground-level parking area ULiill.i\S (not to ex\:ecll twu sl1csl
having a comparable numher of accessible parHng spaces for full-sized
automobiles is at;quin~tl l)ruvlcJ~tl by the Seller Oll properly localed in the
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area west of Myrtle Avenue, east of Fe lIarrison Avenue, soulh of Drew
,,~. , - \
Street, and north of Court Street under the sallie le;\!.e terms, (We will tr)'
",
to redefine this areA if it helps the Cit}'..)
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'Withilllhe first twenty-four (24) mpnlh!i.3fter cl2Si.I.m. tho City 1Il1l)!
[ldCntil"x Q Rotential ~Ile or ,lte~ (no nrur~ LIIIIII twoL.JrJ11c1l will
[~CCOmmodate 150 pnrkin~ fipaces nnd which the C.n.A. is prepurcd t.Q
purchase (or.J)lreacly owns) and improve slJch with n pnr:kiug facility and
then Jcnsc or sell such improvements to Buyer at t.he terms set forth
[herein. Such site(sl must he in the area mnrl(ed in pinlt on the ntt..nched
[EXhihit "B". Buyer slul.l.l..h.aY.CJlln~ty f9()) days llfler such "DIke tQ accept
the selection of such IDle's) or to desiguate its uwn site muy~
dp_"lgnatiml of a ~lIbstitute site nof, o}vllcd by the City or C.R.A.) which
E [deSlglH1Led site will then ue llc<uilr.e.ctb.y the C.R-A. find leus..ed or re-sold
.t2.JJuycr under the above terms - after which nuyer's right.5 to llih~ore
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lI.fr.morandum. Revl 6:1
})BGe 5
Notes
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A. Three sites'?
....,) "
B.
Or, Buyer should purchase directly if not owned by CRA or Cit7.
Exhibit not furnished.
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C.
D.
what "notice," and when?
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E.
See note B.
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lll^ IN, 1"...I..IiI'loll'll)
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or unr- other selection or slte(s) ~Iltlll...ceusc (hu..\U.W:......Ult...rl~htJllJlrs1
refusal 011 the pQllce st,ation shall conlin~e). If Bu}'cr do~s 1l0~ nc~pt
~l c.lesl2Jlutcd site or sGJ.e.c.tJ1S_Ul\'Julesignat~d ,.;Hc, th~1l lhe Bu)'er's
Trellts to I~nse snd. additional 15()lWJ'I\iIl~ ,'}llUC(~S shallli.I'l\till.alc...
3. Parkine: ganll~ Buyer will buy lUl option to purch3se parking
garage (the first two floors. the ground below us described lu theJt1.ta<:l1.ed
~ [ Exhihlt "eu: and the air snn.t.t: above the Cfll':1l:.C up to fee.t
above sea level or ~{Olmd leven. The option com;idemtioll will be
$50,000.00. The SeIler shall give n credit to Buyer in lhe UJIIUUnL of
$50.000.00 again!:t the p\lrch~se price at closing if the option is exercised nnd
Buyer completes the acquisitiun. The option consideraLion shall he non-
refundable and may be used by the Seller as Seller sees fit. The It:rm uf the
option wlll be five years from !he date of closing on the Sun Bank/Atrium
building. Glo5ing-on the tltrtt~",HHnldatc Bt1Ye-MHighHe-request-l-59
ftddilional pf1~hall be eOI\6tftleted-by-Scller-flnd-then-l~
l(t-B~ Tile purchase price of the garage facility will be the current
appraised value to be determined prior to closing, but ',not more than six
J\.femor:andum. Rev, 611
Page (i
Notes
A.
How high? For this transaction, why have an upper limit
on the air space?
. .
SEP-29-93 ~ED 09:44
~ALTER J MflCKEY 01110
FAX HO, 14U73B43146
p, UUt)1
months prior to closing, with the nppraisaJ to be obtained by Duyel' frOIll lht::
City's list of approved apprai;erso attached hereto as Exhibit A. An o.nnunJ
escalator ba~eu upon the Consumer Price Index (NatIonal Urhan index) shall
k be used as a multiplier to increase the purchase price if a closing is not
obtained within six (6) nmnths of the date of the appraisal. The terms of the
purchase: shall be as follows: The $50,000 credit shall constitute part of the
down payment at time of closing with 20% of the total Purchase Price be:ing
due at closing as the down payment (including the S50,OOO) with the balance
to be paid in equal monthly installments bnsed on it twenty (20) yem:
ilIlJOrtizlltion schedule over a 5-year term with thc principal balance due
at the end of the fi~~.:Y.r.ar term and at an interep,t rate of "prime minus
ono" or one percentage point less than the New Yt.wk primt: rute as published
. in The Wall Street Joumall on the date the option is exercised, per annum,
secured by a first mortgage on the property. J n the event a range of prime
rates is published in The Wall Street Joumal, Ult: midpuint of such range
shall be used. The interest rate shall be adjusted' annually ns of each
anniversary of the date of exercise of the option, based upon increases or
'B [decreases in the prime rute; howevel', the rate for the 150 spuces (if Bu)'er
l\ICIIIOnludUIlI, ne\': 6:1
Pat:c 7
Notes
A.
Recommendation: Require closing \vith 6 months and eliminate
t~e provision for adjusting the price.
B. See Note A on next page.
.1
.
~tr-lH-Hj WtD U~:~b
WflLlE~ J ttAl:KEY OHIU
rAX NO. 14U"13H43146
p, 10/17
.;':.,^
.~ [elects to 1>urchQs~ the 150 spaces), stUll! be determined os of construction
COl1l()lefion and shall "(It he n<ljusted ann\1aU)'.
During the term of the option QILllie balance of the enrage amI
prior to closing on the halauce of the gllu~, Buyer shall have the right of
1$ [first refusal on the renlli' of l!J2Jl!lOO parking spaces on the first two flon"
for the balance of the term of the option with rent prepaid annually, at the
discounted rate of $2.';.00 per space, plus a 5 percent increase per year
beginning January 1, 1996.
4. Police SlaMI1. The Buyer, its General Partner, Qr any of the
Co- [G~ne"'l Partner's affiliates. will have a right of first refusal, as
distinguished from an option, on the police stntion, giving to Buyer the right
to match the highest competitive bid fti:-ef above the appraised value of the
property or if (here Is no. ~ompetltive hid to re-appraise the unul~rfy ur
Illatch the nppx:nisAI vnlne. If the City receives a third-port)' bid
'nccordin~ tu the Clt)"sJ~roceclurcs) which the Buyer j~ unwi Iling to match
inner the nhove notice hns bc~n ~lven to Duyer) and if this third-ID!J1Y
l\lernonullluru, Rev: 6a
rll~e .8
Notes
B.
We do not understand this.
Under the 1983 Development Aqreement, the Buyer vlill hnve an
option to lease 50 spaces on the first. t\lO _ floors a~ n rental
of 75 percent of the rental Buyer chacges Ior re~cr~ed
parking spaces in its portion of the garage. Th~s proposal
should replace the option fro~ the 1983 agreement.
. h' h hall not be
Chan e to "a Walter T. Krumm enterpr1Sc, W 1~ 5 -' ~/ >>
an e~tit:t \'/hich may claim ta;~-e::cmpt status 1:0r the pro!?erL..~.
A.
c.
,I
',."
/1 \.
SEP-29-93 UED 09:45
UALTER J MACKEY OHIO
FAX NO, 14013943146
P.II/J'I
~lllly closes upon the Jl1.U:.dllL1e...l2Lthc police statlun. then lit}"
, '.:
ti:hHlh811~re-u[l6lHhe-elomg-of-the-6thet'-()ffer Tl", llils right of first
I
refusal shall t:xulre_llDnn tbe closinUY slIell third Illllix. will-haYe-en
il\ '
,,'
fAde fj ni te-teffi1-eemmenemg- f rem-the-dftte-esf-ckr.J ing;:m-the-5tffi-Ba nk-.LAt1'tttm
't\1 ~'1
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bulldlflt;-bu~pmng-ut-"en-th~ef-the-Su,t-BanklAtffi;tm-buHding by-the
Buyet":" If the City abandons the pollee slation as a police Slalion or otheJ:
\' \
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Cily...~. then Buyer may request the City to advertise the polic~ :itation for
~~).~~
sale (as "surplus"), WiUl such purchase offers being subject to an appraisal
,
"
from one of the panics on t.he list of Approved Appraisers being at or helow
:', }\'l
the amount of such offers.
. '. \\~
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5. Spllces ArQund Gar"g~ The: IUlIu occupied by the ground-level
parking spaces on the east 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
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Buyer's option to purchase the balance uCJJ.ill garage. The number of
parking spaces shall be determined by reference to the survey of the property.
,;''''.
'Because the polle., 'Iltion ia Cil)' propeny nnd not C.R.A, propell)'. the .alll ur the police st;)[lon
is subject to tht: City Chaner requlremelitS to declllre the propertY surplus 3l1d 10 ,~elJ 10 the pany
subntittinl! the highe~l cnmpetiti~l' bid above tht O1pprllited value. See Secllon 2.01(d)(4), City Chillier.
^ right of 11m refuslll will permit Buyer to IIIbll:h Ihe high bId, or waive that rii:ht. at his cleelion,
,:1;.
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~E.fI-c~~-9J ~El> Otl: 4b
\lAlTER J MACKEY 01110
FAX NO, 14073943146
P,12/17
(1) Jflhu option on the huJlUH~e ortlu: g<il'iJgc is Ilut cxcfciseLl,
the property will r~main C.R.A. property, and the City or C.U.I\... will
continue to have the right tu use the spnces for parkine for City purposes
without charge,
~
(2) If the Option to the lmlunce of the garage Is exercised. and
if the police station has not been rolocated os of the closing on the purchase
of the balance of tile enrage, t.I1.e...fnllmvfne shall npllly:
(a) The Seller shall retain on easemenl to permit access
to. maIntenance, and use of the spaces for parking for City
purposes withollt rent for n term ~yhlch shnll expire on the lat!:.!'
A- [Qf:.!ll two years after closing on t11e SunBank/Atrium office
blllldln~ or: nu until st!'-.uHUUhs llfler the halance of the
gnrnge is lllU:<:laflscd, whichever is later to occllt'lstteh-Ht1l~
lhe-pftl i ce def3n.ftmettt-ijjffieeated,\...hieh~~u 1'9-eftf1 i-e-r ~ fter
.u:.l1kh time. 'he use of J~18.spa~'LShall rest eX<:lusivclX
"ith Rllyer. (The Seller' docs not rcpres~nt that the police
l\1cJI1ornndum. R.,v: 6a Puge 10
~ot:eq
A.
A significant chan~e. If Buyer docs not~~ur~~as~ the
f'--t ~\'o =loor~ o~ the garage, we lose ~hc ~drklng
1..."" ~..L .,... _, b'11'
spaces two years after closing on thf~ O:flCC U1 <: lng.
~tP-~~-~J UtO 09:46
~ALTER J MACKEY OHIO
FAX NO. 14073943146
P.13/17
...' ,,~,'.'
,'''''':'/_ .1.,';:./'
department will be relocated.) This same east::lIlt':nl :shaH provIde
for access to these spaces over the police slntion property, which
easement shall benefit Buyer nnd its invitees after the two-year
term or whencver use of thcse spaces is grunt~d to Buyer as
provided her.m.n. Thus, aLoE closing on the Sun Bnnl{~ there
shall be an eHsemem created as a recorded encumhrance on the
police station property .n11ich shall cont.niu the fure2olll~
provisional (~ondition~ reuardina future ncce$~.
~[
(b) The Buyer will be credited by Seller for 38-sptlC'eS
8giiittM 2.5..2'a...{lf the rental m:Jlwrlgage IH\ym{:lIts on the Bilgore
tract or on the alternatc parking proptmy for any period during
which the City retains use of all or ony portion of the 38 spaces
around the garage (38 -:- 150 = 25%),
(3) If the ept-ien-en-th-e-gar-sgc is cxofei~ed,flnd-1f-thc police
station has been relocated pr abandoned at any lime, at-sueft-ttme-;- the 38~:l:
spaces ruJjacent t.o the i:~ shall ue immediately avaIlable to Buyer for
l\ff'JII0rRndllm, ne\l: 6,\
I'ose 1 I
Rot~
A.
A significant change. This began as a crRdit agains~
parking space rentals, ~ut is~rop~sed t~~bc~~me a d~scount
4nnt ~he '')ur~hase or1ce of the cllterna~~ ~~te(s).
aga....;.J ... l '-' .
SEP-29-93 ~EO 09:46
WALTER J MACKEY 01110
FAX HO. 14073943148
p, 14/17
"
.,1
Buyer's uses (with the c:ust;rm:nt), anu 110 credit shall he available thereafter
against the rental or m(Jrlg()~ on the Dilgore tract or on any alternate
parking properly.
6. Spaces South of Atrium Building.. The six parking spaces, more
or less, immediately south of the Atrium Building will be "reconfigured" to
permit landscaping, provided that the access to the East-West alleyway is
preserved and maintained in its present location or in a substitute location jf
adjoinIng property owners consent, f€av(."tlf7If-this-i:s-€ity--property-;-see
footnet~lainlng-llmits'-en-Git-~-nbilit-y--t~c!Hhe-pt'epert)'7} [This
provision is subject to a review of title to determine Ihe existence of
restrictions or easements limiting the ability of either party to perform =
A [yerifY hy Oetoh~t 4. 19~,J,J
7. Cunlrul oLQ~ Wht:uever the Buyer acquires or contracts to
acquire 100 % of the parking spaces within the garage, Buyer may control the
access. security, or personnel used 10 operate, secure, or maintain the garage.
hrC:lUorundlUlI, Hen 6.\
Pn:e 12
Notes
---
A. Not enough tim~ allowed.
~ .'.: . ; ~ ." ~. '.
': '->.'"
SEP-29-93 WED 09:46
WALTER J HACKEY 01110
FAX I/O. 14073943146
P.15/17
. 8. Defal/lt. A default by. Bu)'or in the leuse agreement for the
Bilgore tract will constitute a default in the option agreement for the pal king
garnge and/or the right of first refusn1 agreement for the pulice station.
9. Parkine: SDacU2lro.~.llsl.nns... All references 10 parking lot spaces
shall be deemed to be for full-sized (not compact) automubiles with minimum
dImensions for each space of 9 or 10 feet by 20 feet.
10. Iaxe~, With respect to the Bilgore tract parking space leaSt:, the
oplion to purchase the parking garage. lhe Jensc of p:lrking spaces within the
pnrking gilrage, and the right of tirst n:fu:iul un the police station. the Seller
shall pay any ad valorem property lllxes thereon, if Clny. and the Duyer shall
pay any S~ sales taxes01Ul11~ Il'fiSC .1laYlll~"'.l; toJIH! C.R.A. or th~
lwouJd n2.LnmllLif.lhtre were n '~a~!:l..ther-etHl7
11. In appraising the value of the gmnge. the vallie of the raw Innd
shnll not b~ ..-allled separately and the gnrilge "lid the structures shilll be
valued as n single integrat~d ass~t (parking facility) lYHh...tuc YlIIH.L!!L.till:
l\IcmoranclulIl. He\': 6<1
Pnl;o 13
~~I'-~~-':lJ \.lEI> U\J:41
~AUER J I1ACKEY 01110
FflX NO. 14073943146
P,16/t"I
::.~.'\: ,"-: ..;:;. '~:t:<'-'. ('"
lullm.!~c (If the I:l\rn~ to he PIll.:.rlJil5.!:tl hy Huycr...tJ.Lllc..Pl".Q.l1l1.etlhnscd 011
the foflll mmlber uf P.llr.kiUg..j1h~..5_-'o he snld. The ,'nlnLULthe lafl~l
1Il1del'lif:nth shnILllllt.he. a-Scllaralc clement of value to be inclucl.e.tLin
such uPl'raiSAlj IH:)\VevcwJ!L~_liul.!l...n.ndernealh lhc-3.S....udjnJnLn1!-parking
S[lllcel; shaH be includp.d based on an unimproved IfIll<lYulwurlthout any
l(lnd valll~ ~.ivell tu the ~llscnHmLi1he eas~mcn1..lIl.C.!:.eI)' gives value to thili
3H..i~parldni: nrenh
k [
.
12, The Gily .c.J!...A... will make a commitment to spend $150.0Qn on
tlliLar.f.l.l south of Cleveland between the Park Si. Garage (jOU the Sun Bank
Buildine In order to beautify. reconfigure. landscape, and create park nreas,
which amount is deemed to he similar to the investment made by the City on
the north side of Cleveland at Station Street Square. The plan shall be
subject to the approval of Buyer and its architect, as well as tho Cil>'.
Provided the retail cstablishments il!lllhtl1tl l)Wller.~ east of the Sun Bank
Building along Cleveland with access to the alley agree to a rclocation ur
abanuunment of all or a portion of the alley. then the City will agree to
support sueh desire for recollfiguratioll of the all~y and adjoining arcas
l\ (elllO 1':\ I\I.!I II II , Ro\': GO!
l'agc 14
Notes
..----
A, Nevl.
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":.
SEP-29-93 UED 09:47
WALTER J HACKEY 011/0
FAX NO. 14073943146
P,17/f7
It>
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t.~
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m.dl or ~.Oll IIllea/ino a..Jl11lL.!Juu:lly or lb. C. R.~. '''''l..Jll!D:lLtlLll''
[ .e..nmulitu.e of the .hove bll'll:<l q,lIo'l~t Of $1~O.OOQm:lnr to c'o~
tbeir (o"t'.' ...lIJJJit.tuJ:nt recQgnlze.dJo bU firm oh/irallo. of Ibe Clu
"'lilt on' y tI,e 3r~II!IeJ:t.l1rn' de.sign or II. e-blillrov.rnel/t~ lo.be 'II hi ee Uo
tfuLaP.IlJ:JmlLQf Ibe... City prnv'''",1 Ih. CiIY'UOl!ro,'aL'I''111 not I1J:
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~'he-81l'-wa''''ltpp'''C"<ko-h.,..e-!''6'';ded-AJ-J .s';ee- with--eoneep,
.'J J V 1 3 J:1 ff
p1un-r.;'~iS'd""reoH'"d'''''PilJ.''''''dewol~OSsilile-re,j'''''i'''''''Hhe
;'(;'Clr r ii " J!"
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9~reef"'Wjd~feJ"-the-area-belwee-n-the-bank-tlnd -the-ga~;
[113(1...11 ! ,j,) I n J
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l\f.emorlludulII, nUl" (i"
"net! IS
No.tos , d valorom rovcnup. if this
commitment o. a This can be a
A. This cannot be ~ 1993-94 =iscal year.
con. tinues Dcyon d 'ra' orcm revenue.
&: nO-I-a '_
commit.ment 0... .