DEBT SERVICE REIMBURSEMENT 10-01-88 TO 09-30-98
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DEBT SERVICE REIMBURSEMENT AGREEMENT
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THIS AGREEMENT, dated this r day of [JC-er<.. ku,
, A,D., 1993, between
the CITY OF CLEARWATER, FLORIDA, a municipal corporation, hereinafter called "City",
and PACT, Inc, , a Florida not-far-profit corporation, hereinafter called "PACT":
WIT N E SSE T H:
WHEREAS, the City owns certain real estate adjacent to the Performing Arts Center and
Theater of PACT within the Richard B, Baumgardner'Center for the Performing Arts, more
fully described herein; and
WHEREAS, the City has granted to PACT an easement for ingress and egress over the
land described on Exhibit A, attached hereto, and an easement for parking over the land
described on Exhibit B, attached hereto; and
WHEREAS, the City has constructed an entry road and parking lot on said land, the cost
of which has been financed by the issuance of its Parking Revenue Bonds, Series 1983, in the
face amount of $950,000; and
WHEREAS, PACT has agreed to reimburse the City a sum equal to the original debt
service agreement on said bonds, together with the costs of operation of that parking lot, so that
it becomes self-supporting financially;
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NOW, THEREFORE, in consideration of the mutual promises herein contained and of
the prior actions taken in reliance 00 the parties prior agreements which are now reduced to
writing, the parties hereto agree as follows:
1, The City shall operate and maintain as part of its parking system parking lots
located on the land described on Exhibit B, such operation and maintenance to conform with
standards utilized on other lots and as required by parking bond ordinances presently in effect.
2. PACT shall pay the City on or before the tenth day of each month during the term
of this agreement, the sum of $11,078,30. This amount is composed of one twelfth of the
annual debt service, as per the original debt service agreement and one twelfth of the annual
operating costs of the City, currently estimated to be $1,561.67 per month, Both parties agree
that prior to October 1 st of each year, the operating costs portion of the payment set forth herein
shall be subject to reexamination by the City to determine whether it is calculated in a manner
consistent throughout the parking system. The City reserves the right as a part of such
reexamination to change or adjust such portion of the payment following each annual
reexamination, provided, however, that the fee shall not exceed the amount necessary to raise
funds sufficient to service the parking bonds and to pay for the maintenance required of the City
hereunder. Any applicable sales taxes shall be paid by PACT,
3, In lieu of the payments required by the foregoing paragraph, the City may, at its
sole option, deduct any payment due hereunder from any payments due PACT by the City,
4, The term of this Parking Use Agreement shall be for sixty months commencing
on the 1st day of October, 1993, and ending on the 30th day of September, 1998,
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5, As one of its operating expenses, PACT shall maintain the grounds, plant material
and landscaping located at the entranceway, arouod and within the parking areas and adjoining
the Performing Arts Theater building.
6. The City shall pay the cost of electricity associated with the parking lots and
entranceway, maintenance of striping and sweeping of parking lot, such costs to be included as
part of the parking system expenses.
7. This agreement shall not be interpreted or applied so as to create any conflict with
any bond ordinance presently applicable to the parking system. Should it be found that a conflict
does exist, then the provisions of the bond ordinance shall control.
8. Notice relating to any provisions of this agreement shall be sent to:
CITY:
City Manager, City of Clearwater
P,O. Box 4748
Clearwater, Florida 34618-4748
PACT:
Executive Director, PACT, Inc.
1111 McMullen Booth Road
Clearwater, Florida 34619
9. Should PACT default in the performance of the payment obligation and
maintenance function set forth herein, then the City shall have the right to require PACT to post
a bond to cover future performance.
10, This agreement constitutes the entire agreement between the parties and shall be
governed by the laws of Florida.
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IN WITNESS WHEREOF, the parties hereto have executed this agreement on the day and
year first above written,
By:
Attest:
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By:
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Elissa Getto,xRmsi:dmxtx Executive Director
& CEO
~C'fY\<Y\ "-- 0.:-rYI,:il G 0 n
As to Pact, Inc.
Attest:
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That certain piece, parcel, or tract of land lying in and being part of the North 1/2 of Section 9,
Township 29 South, Range 16 East, Pinellas County, Florida, being set aside for use as a
permanent ingress and egress easement, with access roads being coostructed within the
boundaries thereof as described as follows:
From the center of said Section 9, N 000 07' 43" E, and along the North-South centerline of
said Section, a distance of 54,0 feet for a P.O.B.; thence N 890 21' 08" W, and parallel with
the East-West centerline of said Section, a distance of 374.4 feet; thence N 000 07' 43" E, and
parallel with the North-South centerline of said Section, a distance of 556,57 feet; thence N 890
18' 31" W, a distance of 911.28 feet to the West right-of-way of State Road No. 593 and/or
McMullen-Booth Road, a 100 foot right-of-way, as now established; thence N 000 07' 00" E,
and along said right-of-way, a distance of 60.0 feet to the Southwest comer of Kapok Manor
Condominium Village One, as recorded in Condominium Plat Book 22, pages 48 through 51
inclusive, Public Records of Pinellas County, Florida; thence S 890 18' 31" E, a distance of
1586.49 feet; thence S ()()O 07' 43" W, and parallel with the North-South centerline of said
Section 9, a distance of 616,06 feet; thence N 89021' 08" W, and parallel with the East-West
centerline of said Section, a distance of 300,8 feet to the P.O,B,
EXHmIT A
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A parcel of land lying in the south '!2 of the North '/2 of Section 9, Township 29 South, Range
16 East, Clearwater, Pinellas County, Florida, and being more particularly described as follows:
BEGIN at the center of said Section 9; thence N 89021' 08" W, along the East-West centerline
of said Section, also being the North boundary of DEL ORO ESTATES, as recorded in Plat
Book 46, Page 29, of the Public Records of Pinellas County, Florida, for 695.52 feet to a point
lying 640.00 feet East of the centerline of McMULLEN-BOOTH ROAD (STATE ROAD 593);
thence N 00 01' 00" E 640,00' from and parallel with the centerline of said road, for 610.82
feet to a point lying 60.00 feet South of the southerly boundary of KAPOK MANOR
CONDOMINIUM VILLAGE ONE, as recorded in Plat Book 22, pages 48 through 51 of the
Public Records of Pinellas County, Florida; thence S 890 18' 31" E, 60,00 feet from and
parallel with said South boundary for 321.25 feet; thence S 00 01' 43" W, for 556,57 feet;
thence S 890 21' 08" E, for 374.40 feet, to a point on the North-South centerline of said Section
9; thence continue S 890 21' 08" E, for 300,80 feet; thence N 0001' 43" E, for 616,06 feet;
thence N 890 18' 31" W, for 300.80 feet to the North-South centerline of said Section; thence
N 0001' 43" E along said North-South centerline for 550.00 feet; thence S 890 IT 05" E and
parallel with the North boundary of said South half of the North half of said Section, for 290.00
feet; thence N 0001' 43" E, for 50.00 feet; thence S 890 IT 05" E, for 17.02 feet; thence S
00 01' 43" W along a line 307,00' easterly from and parallel to the North-South centerline of
said Section, for 1269,94 feet to a point on the East-West centerline of said Section, also being
the North boundary of DEL ORO GROVES, as recorded in Plat Book 12, Page 2, of the Public
Records of Pin ell as County, Florida; thence N 89021' 08" Walong said centerline for 307,02
feet to the POINT OF BEGINNING, and contains 9.33 acres, more or less,
EXHmIT B