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ORDINANCE NO. 4154-86
AN ORDINANCE AUTHORIZING THE EXECUTION AND
DELIVERY OF A "LEASE AGREEMENT COVERING THE
PARKING FACILITIES ADJACENT TO CLEARWATER
SQUARE" WITH THE COMMUNITY REDEVELOPMENT
AGENCY OF THE CITY OF CLEARWATER; APPROVING A
BOND RESOLUTION OF THE AGENCY AUTHORIZING THE
ISSUANCE OF BONDS TO FINANCE THE IMPROVEMENTS
SUBJECT TO SUCH LEASE AND OTHER RELATED
IMPROVEMENTS; PROVIDING AN EFFECTIVE DATE
IL
WHEREAS, the City has issued $950,000 Parking System Revenue Bands,
Series 1983, pursuant to Ordinance No. 3020-83 (the "Original Ordinance"), duly enacted
by the City Commission on February 14, 1983, In order to finance improvements to the
City's Parking System, as defined therein; and
WHEREAS, the Original Ordinance authorizes the City to issue "Additional
Obligations" under certain conditions to finance the cost of acquisition and construction
of additions, extensions and improvements to the Parking System; and
WHEREAS, the City has entered Into a Development Agreement dated July 14,
1983 between the Clearwater Redevelopment Agency (the "Agency"), the City and J.-K.
Financial Corporation (the "Developer"), for the purpose of Improving a portion of the
City's Redevelopment Area by construction of a commercial office building and adjacent
parking garage; and
WHEREAS, the City proposes to lease for operation as a part of the City's
Parking System a portion of the improvements; and
WHEREAS, in order to finance the cost of such Improvements, the Agency has
adopted a resolution authorizing the issuance of not exceeding $2,500,000 Tax Increment
and Lease Revenue Bonds, Series 1986 (the "Bond Resolution"); NOW THEREFORE,
BE IT ENACTED BY THE CITY COMMISSION OF THE
CITY OF CLEARWATER, FLORIDA, AS FOLLOWS:
Section 1. AUTHORITY FOR THIS ORDINANCE. This Ordinance Is enacted
pursuant to Chapter 166, Part 11, and Chapter 163, Part III, Florida Statutes, and other
applicable provisions of law, and pursuant to Section 15(S) of the Original Ordinance, and
is supplemental to the Original Ordinance.
Section 2. APPROVAL OF BOND RESOLUTION. Pursuant to the
requirements of law, the City hereby approves the adoption of the Bond Resolution by the
Community Redevelopment Agency of the City of Clearwater and the Issuance of not
exceeding $2,500,000 Tax Increment and Lease Revenue Bonds, Series 1986, pursuant
thereto, in accordance with and for the purposes set forth in the Bond Resolution.
3
LKL-08/07/85-840A-2223 -1-
'Rev.10/29/85
Rev%02/12186 ,
Ord. 4154--86 3/6/86
f
Section 3. APPROVAL OF LEASE AGREEMENT. The execution and delivery
of a "Lease Agreement Covering Parking Facilities Adjacent To Clearwater Square" (the
"Lease Agreement"), in the form attached hereto as Exhibit "A", is hereby approved, and
the Mayor, City Manager, City Clerk and City Attorney are hereby authorized and
directed to execute and deliver the Lease Agreement and to take all action and steps
necessary to execute and deliver other Instruments, documents, or contracts on behalf of
the City which are necessary or desirable in connection with- the execution and delivery of
the Lease Agreement and'the Issuance of the Tax Increment and Lease Revenue Bonds,
Series 1986 of the Agency pursuant to the Bond Resolution.
Section 4. VALIDATION AUTHORIZED. The City Attorney for the City is
hereby authorized to Institute appropriate proceedings In the Circuit Court of Pinellas
County, Florida, for the validation of the Lease Agreement.
Section 5. EFFECTIVE DATE. This Ordinance shall become effective
immediately upon its enactment.
PASSED ON FIRST READING February 20, 19B6
PASSED ON SECOND AND FINAL READING AND ADOPTED March 6, 1986
,'I
(SEAL)
ATTEST: '
i 'Clerk.
LKL-02/12/86-840A-2223
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i
LEASE AGREEMENT COVERING
PARKING FACILITIES ADJACENT TO CLEARWATER SQUARE
THIS LEASE AGREEMENT, dated as of , 1986, made and
executed by the COMMUNITY REDEV13LOPMENT AGENCY OF THE CITY OF
CL13ARWATER (the "Agency") and the CITY OF CLEARWATEn, FLORIDA (the "City").
W1TNESSETI"1:
WHEREAS, the Agency and the City have entered into a Development
Agreement, dated July 14, 1983 (the "Development Agreement") with J. K. Financial
Corporation (the "Developer'") for the acquisition of land by the Agency to be sold to the
Developer for construction by the Developer of a commercial office building and a
parking facility, a portion of which parking facility will be owned by the Agency and
leased pursuant to this Lease Agreement to the City for operation as a part of the City's
Parking System; and -
WHEREAS, the Agency has authorized the issuance of not exceeding
_ $2,500,000 Tax Increment and Lease Revenue Bonds, Series 1986 (the "Bonds"), to finance
the Agency's cost of development under the Development Agreement and has pledged for
payment of the Bonds certain Pledged Revenues, as defined in the Agency's Resolution
No. 86-1, adopted February 20, 1986 (the "Bond Resolution"), including, inter alia, the
revenues'to be received by the Agency pursuant to this Lease Agreement;
NOW THEREFORE, in consideration of the mutual and dependent covenants of
the parties hereto and other good and valuable considerations as hereinafter set forth it is
hereby agreed by and between the Agency and the City as follows:
Section 1. Definitions. All terms defined In the Bond Resolution shall have
the same meanings herein. In addition, the following terms shall have the following
meanings in this Lease Agreement unless the text otherwise requires:
(a) "City Parking System Bond Ordinance" shall mean Ordinance No. 3020-
83, enacted by the City Commission of the City on February 14, 1983.
(b) "City Project" shall mean that portion of the 1986 Project (as defined in
the Bond Resolution) consisting of additions, extensions and improvements to be made on
the City Parcel (as defined in the Bond Resolution) in accordance with the Development
Agreement.
(c) "Leased Premises" shall mean the real property described on Exhibit "A"
attached hereto, together with all Improvements thereon, including, but not limited to,
the City Project.
LKL-08/06/85-840A-2223 -I-
Rev.10/29/85
Rev.02/12/86
i, Rev.02/26/86 "
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' (d) "Net Revenues" shall mean the Net Revenues of the Parking System, as
defined In the City Parking System Bond Ordinance.
(e) "Rentals" shall mean all sums due to be paid by the City to the Agency
pursuant to the provisions of this Lease Agreement.
(f) Where the context so requires, words importing singulsr number shall
include the plural number In each case and vice versa, and words importing persons shall
Include firms and ccrporation.
Section 2, Lease of Leased Premises. The Agency, as lessor, does by
these presents hereby lease to the City, as lessee, the Leased Premises for a term
commencing on the date of delivery hereof and ending on the final maturity date of the
Bonds, or on such earlier date on which all the principal of and interest on the Bonds,
including any refundings thereof, have been fully paid and discharged. The Leased
Premises shall include all Iraprove ments to be constructed thereon with the proceeds of
the Bonds and other moneys legally available for such purpose; subject to such
modifications thereof and variations therefrom as may be determined to be necessary or
expedient by the City.
Section 3, Rentals. The City agrees to pay the Agency as Rentals for
the Leased Premises in each Fiscal Year beginning on the date of issuance of the Bonds, a
sum equal to the Bond Service Requirement becoming due on the Bonds In such Fiscal
Year, reduced by the amount of Tax Increment Revenues on deposit in the Payments Sub-
Account In the Bond Debt Service Escrow Account on the first day of such Fiscal Year
prior to transfer to the Sinking Fund. Such annual rentals shall be paid in equal monthly
Installments. All such rentals shall be cumulative, and any deficiencies In any Fiscal Year
shall be added to the Rentals due in the next succeeding Fiscal Year and all Fiscal Years
thereafter until fully paid.
Section 4. Effective Date of Lease. This Lease Agreement shall
become effective and binding upon the parties upon its execution; provided, however, that
the Rentals shall not commence until the fifteenth day of the month following the
delivery of the Bonds.
Section 5. Construction of City Project. The Agency shall construct
and equip the City Project, or cause the same to be constructed and equipped, by the
Developer pursuant to the Development Agreement.
Section 6. Application of Bond Proceeds. The Agency agrees to apply
the proceeds of the sale of the Bonds in accordance with the Bond Resolution. The
LKL-10/29/85-840A-2223 -2-
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Agency shall pay to the City, from proceeds of the sale of the Bonds, the amount required
to be deposited by the City In Its Reserve Account created under the City Parking System
Bond Ordinance by reason of the City's obligation to pay the Rentals hereunder. Such sum
shall be held In a separate sub-account in such Reserve Account and shall be applied to
pay the Rentals whenever the other moneys are not sufficient under the terms of the City
Parking System Bond Ordinance. Interest earnings on such funds shall be applied by the
City under the City Parking System Bond Ordinance. The moneys In such sub-account
shall be applied by the City to make the final payments of Rentals due hereunder.
Section 7. Special Obligations of City. The obligations of the City
w under the Lease Agreement, Including the obligations to pay the Rentals, shall be special
obligations of the City, payable solely from the Net Revenues as herein provided. Such
obligations do not constitute an Indebtedness, liability, general or moral obligation or a
pledge of the faith or loan of the credit of the City, the State of Florida or any political
subdivision thereof, within the meaning of any constitutional or statutory provisions.
Neither the State of Florida nor any political subdivision thereof nor the City shall be
obligated to pay the Rentals or other costs incident to this Lease Agreement except from
the Met Revenues, in the manner provided herein. Neither the faith and credit nor the
taxing power of the State of Florida or any political subdivision thereof is pledged to the
payment of the Rentals or other costs Incident to this Lease Agreement, The acceptance
of this Lease Agreement by the Agency shall be deemed an agreement between the City
and the Agency that the obligation to pay the Rentals and other costs incident to this
Lease Agreement shall not constitute a lien upon the Parking System, or any part thereof,
or any other property of the City, but shall constitute a lien only on the Net Revenues, In
the manner hereinafter provided.
The payment of the Rentals and other costs Incident to this Lease Agreement
shall be secured forthwith equally and ratably by an irrevocable lien on the Net Revenues,
as defined herein, and the City does hereby irrevocably pledge such Net Revenues to the
s payment of the Rentals and for all other required payments under this Lease Agreement.
The obligations of the City hereunder shall constitute "Additional Obligations" within the
meaning of the City Parking System Bond Ordinance, and the lien on and pledge of the
Net Revenues hereby made shall rank equally and on a parity with the lien on and pledge
of the Net Revenues made under the City Parking System Bond Ordinance to secure the
Bonds (as defined therein) issued thereunder. All covenants contained in the City Parking
System Bond Ordinance shall be applicable to the obligations of the City under this Lease
Agreement.
LKL-10/29/85-84OA-2223 -3-
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Section 8. Covenants of the City. The City further covenants that it
will take over the controls operation, management, maintenance and repair of the City
Project after completion of construction thereof and agrees to operate the City Project
as a part of the City's Parking System.
Section 9. Agreement Irrevocable, This Lease Agreement shall not be
subject to revocation or termination either by the City or the Agency, and the City does
hereby irrevocably bind itself to continue in possession of the City Project and all parts
thereof as Lessee hereunder for the full term of the lease of the City Project made by
this Lease Agreement and to fully perform all the provisions of this Lease Agreement
with respect to the operation, maintenance and repair of the City Project or any part
thereof, the application of the Net Revenues as provided in this Lease Agreement, and all
other obligations provided in this Lease Agreement for the full term hereof and In any
event for as long as any of the Bonds or the interest thereon are outstanding and unpaid.
Election 10. Enforceability. This Lease Agreement shall be deemed to
have been made for the benefit of the Registered Holders from time to time. of the Bonds
issued under the Agency's Bond Resolution and Registered Holders of the Bonds Issued by
the City under the City Parking System Bond Ordinance; and all the provisions of this
Lease Agreement shall be enforceable in any court of competent jurisdiction by any such
person. The failure of the Agency to enforce any agreement, condition, covenant or term
by reason of breach thereof by the City after notice thereof shall not be deemed to void,
invalidate or affect the right of the Agency to enfroce this Lease Agreement or any of
the terms and covenants hereof on the occasion of a subsequent default or breach.
Section 11. ' Covenants of the Agency. The Agency covenants and agrees
as follows:
(a) As soon as possible after the execution and delivery of this Lease
Agreement it will take all necessary action to Issue the Bonds and will apply or cause to
be deposited and applied the proceeds of the Bonds in the manner and for the purposes
provided in this Lease Agreement.
(b) This Lease Agreement shall be irrevocable as long as any of the Bonds
Including any refundings thereof or interest thereon are outstanding and unpaid.
(c) When the City has performed all the covenants in this Lease Agreement
and ha.9 paid the Rentals provided herein for the full term of this Lease Agreement and
such rentals, together with other Pledged Revenues under the Bond Resolution,. shall have
been sufficient for the final payment and discharge of all the Bonds and all interest
LKL-10/28/85-840A-2223
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fay ?,'F?'?}•??:{?E^ .?M;?:I}.•F:: ..;?' ? '.Y.i. 'Y R "?+?. F Fvf ?':'+°+d'?'S?f: :,.
S ?' ",? ".[. ',r.s `.9• a.a t??r {'i cfl': rif .(k
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"iT' {lAf?'1Nlii@1FW?I.:'w.w.?w..n.wasw..a .s ti-.++++' 1Mwl`.."S.:
thereon, then the title and absolute ownership to all the City Project shall thereupon
Immediately be vested In the City in fee simple; and the Agency will deliver such deeds "fit
"
t
and conveyances to the City as shall be necessary to vest full title and ownership of the Ot
'
-,
City Project in the City.
tsy< Section 12. Agreement Not Assignable. This Lease Agreement shall not
be assignable by either the City or the Agency except for the benefit of the Registered
:'•4?'?Jz:
' ?; fit, ':
Holders of the Bonds issued under the Agency
s Bond Resolution and of the Bonds Issued
under the City's Parking System Bond Ordinance; provided, however, the City may c'?.•;"
bl
f
i
i VM
su
ease
rom t
me to t
me to other tenants such portion or portions of the City Project
as are not needed by the City at such terms and on such conditions, consistent with the L# tF#
City's Parking System Bond Ordinance, as the City may see fit.
Section 13. Lease Subject to Developer Option. This Lease Agreement
shall be subject to the option granted to the Developer under paragraph 14.06 of the
Developer Agreement to lease 50 parking spaces constituting a part of the City Project.
` Upon the exercise of such option, the Rentals due under this Lease Agreement shall be
reduced in each Fiscal Year by an amount equal to the rentals actually paid in such Fiscal
Year by the Developer.
Section 14. Amendment or Modification of Agreement. No material
rp
amendments or modifications of this Lease Agreement shall be made, except upon
r? .
compliance with the provisions of the Bond Resolution and the City Parking System Bond
Ordinance for amendment or modification thereof. This provision shall not be construed,
h r?r
however, to prevent the revision of this Lease Agreement by the Agency or the City upon
y. the refunding of all the Bonds issued under the Agency's Bond Resolution and then
outstanding.
rr}' Section 15. SeverabUlty of Invalid Provision. If any one or more of the
covenants or provisions of this Lease Agreement shall be held contrary to any express
provision of law or contrary to the policy of express law though not expressly prohibited
or against public policy or shall for any reason whatsoever be held Invalid then such
011 1 covenants or provisions shall be null and void and shall be deemed severable from the
remaining covenants or provisions of this Lease Agreement and shall in no way affect the
validity of the remaining covenants or provisions of this Lease Agreement or of the Bonds.
Section 16. Use of Additional Funds for Payment. Subject to the
provisions of the Florida Constitutlon, nothing herein contained shall preclude the City
from using any legally available funds in addition to the Net Revenues which may come
LKL-10/29/85--84OA-2223 -5-
-
• 1
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Into its possoasion, including the proceeds of sale of refunding bonds, contributions or
grants, for the purpose of payment of the Rentals and the other casts pursuant to this
Lease Agreement.
IN WITNESS WHEREOF, the Agency has caused these presents to be executed
on Its behalf in Its corporate name by Its appropriate officers and Its corporate seal to be
hereunto affixed; and the City has caused these presents to be executed on Its behalf In
Its corporate name by Its appropriate officers and Its corporate seal to be hereunto
affixed, all as of the day of 1986.
COMMUNITY REDEVELOPMENT
AGENCY OF THE CITY OF CLEARWATER
fay:
Che rman
Attest:
Clerk
Witness as to Agency:
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1 CITY OF CLBARWATBRf FLORIDA.
: By:
Mayor-Commissioner
• Attest:
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City Manager
City Clerk
. Approved as to form and.correctness:
City Attorney
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Witnesses as to City:
LKL-10/29/85-840A-2223 -7-
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