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AMENDMENT TO DEVELOPMENT AGREEMENT t . '. . r RElr. ,;"j . I' \ . City 7-1"-07/" f Comm~ssion Agenda #106 : It. -5 /? .~~ f~~ /5 #3 CRA # 3 AMENDMENT TO DEVELOPMENT AGREEMENT THIS AMENDMENT made this day of July, 1984, by and CITY OF CLEARWATER, FLORIDA, a Florida municipal corporation, called "the City", the CLEARWATER REDEVELOPMENT AGENCY, a body corporate under the laws of the State of Florida, hereinafter Agency" and J.K. FINANCIAL CORPORATION, a Florida corporation, called "J.K. Financial". r:I ,,( between the hereinafter politic and called "the hereinafter WITNESSETH: WHEREAS, the parties hereto have entered into a Agreement dated July 14, 1983 providing for the development tower and parking facility within the City of Clearwater, and Redevelopment of an office WHEREAS, that Agreement contained certain provisions for which all of the parties thereto now desire to provide alternative. NOW, THEREFORE, in consideration of the foregoing and other good and valuable considerations, the receipt of which is hereby acknowledged, the parties hereto agree as follows: 1. The Development Agreement between the parties hereto dated July 14, 1983 is hereby amended by the addition of the following paragraph: 19.10 Alternatives to Payment of the Purchase Price. In lieu of the deposits of the purchase prices required by paragraphs 5.02 and 6.01, J.K. Financial may deposit with the Agency one or more unconditional, irrevocable, direct-pay letters of credit totalling $790,000 in favor of the Agency, issued or confirmed by a bank or holding company having combined capital, surplus and undivided profits of not less than $30,000,000. When funds are required by the Agency for deposit in the registry of the court pursuant to an order of taking as contem- plated by Paragraph 5 of this agreement, or prior thereto, if required by the Agency to settle such action or otherwise acquire title to the Janelli parcel, the Agency may draw on the letter or letters of credit in the amount of $650,000. At closing of the purchase of Parcel A, the Agency may draw the remaining $140,000 as and for the purchase price for said parcel. 2. All other provisions of the Development Agreement dated July 14, 1983 shall remain in full force and effect. -:< Ii ~~l ./ f i '. f 2/ r'; _ -- c: ..' -..) Gb) l. . ~ e. f , . IN WITNESS WHEREOF, the parties hereto have set their hands and seals on the day and year first written' above. By form and Attest: / at..;.. ...~....~.:: ..:~' I ll:~' - - -, ~ ...- -> - r- .- ~~- .f~~ - -. City Clerk ..:-:'....--::- WITNESSES: CLEARWA~E~DEVELOPMENT AGENCY / (/ mm~~: J. K. FINANCIAL CORPORATION ~.. . Q ~~ L ~lL/lL1>~ ~rn~ ~ll/lLeAA /d-L ~-c <z.- a. ~ ~- ) n. Ji,u~ /' '. ". ... } J c:::::;---;, By- ~ ~.. J~/Ci:;;><( 3'1{/ 1111111111111111111111111111111111111111111111111111111111111111111 1111111111111111111111111111 III - A*nda ~_ . CRA- 3 2 Mletin Date: 7/19/84 E - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ,E:I -A t t a c h men t 8 : :: - - - - - - - - - - - - - - - - - - - - - - - - - - - 111111I11111111111 u ;tij TO:. THE COM M U NIT Y R E DE VEL 0 P M EN TAG ENe Y 0 F 1H Eel T Y 0 F C LEA R W ATE R SUB J E C T: CLEARWATER SQUARE DEVELOPMENT AGREEMENT AMENDMENT RECOMMENDATION: The attached amendment to the Clearwater Square Development Agreement providing for the substitution of irrevocable letters of credit for cash deposits be approved m An.d that the appropriate official. be authorized to execute aame. B A C K G R 0 U N ~~ Development Agreement between the City, the Redevelopment Agency and J.K. Financial Corporation provided for the deposit of $650,000 as the purchase price of the Janelli parcel by J.K. Financial with the Agency simultaniously with the filing of the contemplated action for condemnation of the Janelli parcel. It also required the deposit of $140,000 by J.K. with the Agency at the same time which was to be held at interest for the benefit of J.K. until closing of the sale of Parking Lot 9 to J.K. by the Agency. J.K. has requested that the Agency accept in lieu of those deposits one or more letters of credit totalling the amounts of the required deposits pending the entry of an order of taking by the Court. During negotiation of the Agreement the parties were of the opinion that the estimate of value of the land to be acquired would be required to be deposited in the court registry at the time of filing the action and therefore required that funds be made available at that time by the d~eve:L9per'., We have since determined that no such deposit is required until the entry of the order of taking. Particularly because of the owner's avowed intention to dispute the Agency's right to condemn, it appears to be an undue burden on the developmer to require the deposit of $790,000 in cash pending determination of that issue. The time required may vary substantially depending upon the issues raised by the owners and their respective appelate rights. The Agency and the City remain desirious of being securely assured that funds will , be available for that purpose immediately upon entry of an therefore, the substitution of a letter of credit, as set forth the amendment to the agreeement, will satisfy the intentions agreement. order of taking, and in the attached draft of of all parties to the Redevelopment Agency Disposition: Follow-up Action: ./ " -1 . ';tc ~c.~ /f .0 I' : ',....1 v . , "--- .:..~" g'ubmltted by: Coat.: NONE Funding Source: Cl Cepltal Improve- ment Budget 1. Draft of Amendment Advertised: Cl Affected Parties Not Ifled of Meeting Date: f; . !. , Pap e r: Executive Director D Operating Budget Cl Other jg1 Not o Non", OriginatIng Department: ApproprIatIon Code Dete & Sequential COMMUNITY DEVELOPMENT Reference 3 1111111111111111111111I1111111111111111111111111111111111111111111111111111111111111111111111I111111111111111111111111111111111111111111 Hand.liV"'~' Office of City "."a~er apprlx.telY.o P.M. on 4/30/84 ~: ClerK~ cc: Joe McFate, Community Development Coordinator FINANCIAL CORPORATION April 30, 1984 Mr. Anthony Shoemaker City Manager City of Clearwater 112 S. Osceola Avenue Clearwater, FL 33516 RECEIVED MAY 1 1984 CITY CLERK RE: Clearwater Square Dear Tony: We are hereby fully committing to proceed with the project pursuant to the terms of the Agreement and waive the 50% lease committment require- ment stipulated in Paragraph 10, sub-section g. As described in Paragraph 5, once we receive evidence that the condi- tions stipulated in Paragraph 10 are completed, the Agency is committed to commence "Quick Take" condemnation proceedings and provide title to J. K. Financial Corporation. Please note that in Paragraph 19.01, we would like copies of notices and correspondence sent to JOseph Gaynor.-Jacobs, Robbins & Gaynor, et aI, 1 Plaza Place, N.E., St. Petersburg, FL. 33701 If you have any questions regarding Clearwater Square, please feel free to contact us. We thank you for your support and look forward to a continued working relationship with you. Sincerely, ./f/~7;>ZJ-' Kenneth W. Heretick Vice President KWH:kab 335 ONE PLAZA PLACE N.E. . SUITE 1500. ST. PETERSBURG, FL 33701-3491 . (813) 823-7234 ! . I ciTY OF'LEARWATER Interdepartment Correspondence Sheet TO: Lucille Williams - City Clerk FROM: Joseph R. McFate - Community Development Di"ecto~(tL = COPIES: SUBJECT: Amendment to Development Agreement - J. K. Financial corp. DATE: August 10, 1984 Please find enclosed the originally executed Amendment to Agreement between the City, the Clearwater Redevelopment Agency and J. K. Financial Corpora- tion. A copy has been retained for our files. JRM: nt l' II( ,,(..(..~,' ." . ' I' , ;; ~,. c-'r.A. ~'l/~.01 r",-- 11:;) .{L. c..} -?~ 3 t/ 7 - 3 ( V o U J ,r -t~. i;' .. )1/ RECEIVED~~ A UG "1 ~!"9B4 CITY CLERK :-' f) 'J) ....... _.,.f'