HomeMy WebLinkAboutCity of Tamarac Resolution R-90-192Temp. Reso. #5860
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CITY OF TAMARAC, FLORIDA
RESOLUTION NO. R-90-IZA,
A RESOLUTION AUTHORIZING THE APPROPRIATE CITY
OFFICIALS TO EXECUTE A RELEASE OF BOND AND
TERMINATION OF DEVELOPMENT AGREEMENT WITH
PERPETUAL ASSET MANAGEMENT COMPANY, INCORPORATED,
FOR SPRING HOUSE; PROVIDING FOR RELEASE OF A CASH
BOND; AND PROVIDING AN EFFECTIVE_ DATE.
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF TAMARAC, FLORIDA:
SECTION 1: That the appropriate City officials are hereby
authorized to execute a Release of Bond and Termination of
Development Agreement with Perpetual Asset Management Company,
Inc., for Spring House, a copy of said document being attached
hereto as "Exhibit 1".
SECTION 2: That a bond posted for off --site improvements in
the amount of $20,000.00 is hereby released to the City of
Tamarac.
SECTION 3: That the City Clerk is hereby authorized and
directed to record said document in the public records of Broward
County, Florida.
SECTION 3: This Resolution shall become effective upon
adoption. p
PASSED, ADOPTED AND APPROVED thise2vA day of ,1990.
ATTEST:
CAROL A, EVANS
CITY CLERK
I HEREBY CERTIFY that I have
approved this Re so ion as
to form—
ALAN F. OF
TO CITY ATNEY
yV
NORMAN ABRAMOWITZ
MAYOR
RECORD OF COUNCIL VOTE
MAYOR-ABRAMOWITZ
DISTRICT 1:
C/M ROHR
DISTRICT2:
C/M SCHUMA.NN
DISTRICT 3:
V/M HOFFMAN
DISTRICT4:
C/M B 'DER
Ic - C)o- / 901,
RELEASE OF BOND AND
TERMINATION OF DEVELOPMENT AGREEMENT
THIS RELEASE OF BOND AND TERMINATION OF DEVELOPMENT AGREE-
MENT ("Agreement") is entered into as of this day of t,
1990, by and between THE CITY OF TAMARAC, a municipal corporation
of the State of Florida ("City"), and PERPETUAL ASSET MANAGEMENT
COMPANY, INC., a California corporation ("PAMCO").
W I T N E S S E T H:
WHEREAS, the City and Tamarac -Oxford Limited Partnership, a
Maryland limited partnership ("Oxford"), entered into that cer-
tain Development Agreement dated August 7, 1966, and recorded in
Official Records Book 3671, Page 51, Public Records of Broward
County, Florida (the "Development Agreement") in connection with
Oxford's development of a multi -family housing project known as
Springhouse Apartments; and
WHEREAS, PAMCO is now the fee simple owner of the real
w m property which was previously owned by Oxford and encumbered by
'z a
z the Development Agreement; and
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�a c WHEREAS, the Development Agreement provided, among other
o a things, that Oxford, or its successors and assigns, complete cer-
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W< ° tain off -site improvements ("Off -Site Improvements"); and
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WHEREAS, PAMCO, as successor in title to the Oxford
property, is obligated to complete the Off -Site Improvements to
the City's satisfaction; and
WHEREAS, there is currently a cash bond in favor of the City
in the amount of Twenty Thousand and N0/100 Dollars ($20,000.00)
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presents to be executed on the day and year first above.written.
Signed, sealed and delivered
in the presence of: THE CITY OF TAMARAC
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By:
oManag
By:
City Attorn
PERPETUAL ASSET MANAGEMENT COMPANY,
INC.
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STATE OF FLORIDA
COUNTY OF BROWARD
The fore oi g nstrument was acknowledged ore me is
_ day of 1990 i% ,
as the Miyor, City Manager and `'City Attorney; respectively, of
the City of Tamarac, a municipal corporation \af the State of
Florida.
(SEAL)
ARY PUBLIC
My Com""$%k FffJ?e ofF1S:orlda at urge
My Commission Expires June 15, 1991
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