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HomeMy WebLinkAboutCity of Tamarac Resolution R-82-016Introduced by Temp. #2142 t 1 2 3 4 23 14 is 20 21 27 28 29 321 33 I 34 35 36 CITY OF TAMARAC, FLORIDA RESOLUTION NO. R- A RESOLUTION AUTHORIZING EXECUTION OF AN OPTION AGREEMENT WITH THE LAKES OF CARRIAGE HILLS, INC.; 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 and directed to execute an Option Agreement with the Lakes of Carriage Hills, Inc., a copy of said Agreement attached hereto as Exhibit "A". SECTION 2: 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 its adoption. PASSED, ADOPTED AND APPROVED this ay of --w 1982. VM A OR - ATTEST: ASSISTANT -CITY 7LERK I HEREBY CERTIFY that I have approved the form and correct- ness of this Resolution. CITY ATTORNEY MAYOR. DISTRICT DISTRICT DISTRICT DISTRICT RECORD OF COUNCIL VOTE OPTION AGREEMENT THIS OPTION AGREEMENT dated this ay of t/zl 4_4-44� ee- 1982, by and between LAKES OF CARRIAGE HILLS, INC., a Florida corporation ("Lakes") and the CITY OF TAMARAC, FLORIDA ("City"). WI T N+E S S E T H: WHEREAS, Lakes owns a parcel of real property (the "Property") in the City of Tamarac located near the intersection of Rock Island Road and Bailey Road upon which it plans to construct a residential development; and WHEREAS, City regulations require the payment of a park and recreation fee in the amount of Two Hundred Seventy -Two Thousand Two Hundred and Fifty ($272,250.60) Dollars ("Fee") of which One Hundred Twelve Thousand Five Hundred ($112,500.00) Dollars is currently outstanding ("Balance") in connection with payment of local park fees or the dedication of property to the City for local park purposes; and WHEREAS, Lakes would ultimately prefer to make the payment of the Balance in cash; and WHEREAS, discussions have been continuing between Lakes and the City as to when the Fee must be paid and the amount of the Fee; and WHEREAS, Lakes and the City acknowledge and agree that the Fee is reasonable and proper; and WHEREAS, Lakes and the City have reached an agreement re- garding such matters; NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 1. The parties hereto acknowledge that the foregoing recitations are true and correct. 2. Lakes hereby grants to the City the irrevocable option ("Option") to acquire the portion of the Property described on Exhibit A hereto (the "Parcel") for a price of Ten ($10.00) Dollars. The Parcel shall include the building presently existing thereon and all other improvements thereon. This Option may be exercised by the City by a resolution calling the Option in accordance with the contingencies set forth below, and within the o time frames set forth below: a. In the event of a denial by City of rezoning to a business use or a denial of an amendment to the Land Use Plan for the Parcel, the Option may be exercised not earlier than thirty (30) days and not later than ninety (90) days following a final vote by the City Council (the "Final Vote"); b. In the event of an approval of rezoning of the Parcel by City to a business district and denial of any necessary amendment to the County Land Use Plan or recertification of the Tamarac Land Use Element, as needed for the rezoning to become effective, the Option may be exercised not earlier than thirty (30) days and not later than ninety (90) days following a final vote by the County Commission or the Broward County Planning Council, as appropriate (the "Final Vote"); C. In the event of an approval of rezoning of the Parcel by City to a business district and approval of any necessary amendment to the County Land Use Plan or recertification of the Tamarac Land Use Element, as needed for the rezoning to become effective, the Option may be exercised not earlier than thirty (30) days and not later than ninety (.90) days following a final vote by the County Commission or the Broward County Planning Council, as appropriate (the "Final Vote"); d. In the unlikely event that a Final Vote has not been taken by the appropriate City or County entities in any of the contingencies set forth above, the Option may be exercised at any time between January 1, 1984 and April 1, 1984. In the event that the City exercises the Option in a manner consistent with any of the contingencies enumerated above, the City may record the deed for the Parcel which the City Attorney is holding in joint escrow with Lakes' attorney. 2 3. Within thirty (30) days after its execution of this Agreement, Lakes shall apply to the City for rezoning of the Parcel to a business district. Lakes and the City acknowledge that .such rezoning may require an amendment to the Tamarac and Broward County Land Use Plans, or an amendment to the Tamarac Land Use Plan and recertification by the Broward County Planning Council. Lakes shall proceed as expeditiously as possible to ob- tain the rezoning, amendment or recertification, or each as appro- priate, and the City shall cooperate with Lakes in all reasonable manner in connection therewith. 4. Notwithstanding the grant of the Option as de- scribed in Paragraph 2 above, the City hereby acknowledges and agrees that (A) in the event Lakes is successful in obtaining the rezoning, amendment or recertification, or each as appropriate, to the Tamarac and Broward County Land Use Plans which it is seeking, Lakes shall, not later than fifteen (15)'days following the Final Vote, terminate the Option by the tender of payment of the Balance to the City plus interest at the rate of thirteen (13%) percent per annum computed from January 27, 1982 to date of payment; or (B) in the event Lakes is unsuccessful in obtaining either the rezoning, amendment or recertification, or each as appropriate, to the Tamarac and Broward. County Land Use Plans which it is seeking, Lakes shall have the right, but not the obligation, at any time prior to the timely exercise of the Option, to terminate the Option by the tender of payment of the Balance to the City plus interest at the rate of thirteen (13%) percent per anmim computed from January 27, 1982 to date of payment; or (C) in the unlikely event that a Final Vote has not been taken by the appropriate City or County entities by January 1, 1984, Lakes ­4 shall pay to City the sums set forth in Paragraph 4(a) or, if said sums are not paid by January 1, 1984, City may exercise the option and record the deed for the Parcel which the City Attorney is hold- ing in joint escrow with Lakes' attorney. The interest described above to be paid on the Balance shall be paid monthly in advance 3 beginning January 27, 1982. In the event an interest payment is not paid within fifteen (15) days from the due date, and same is not paid by Lakes within ten (10) days after receipt of notice of such non-payment from the City, City shall be entitled to exercise its rights under this Option Agreement and record the warranty deed being held in joint escrow by the City Attorney. S. The parties hereby acknowledge and agree that the Option is not transferable by the City. 6. Each of the parties hereto represents to the other that it has full power and authority to enter into this Agreement and to be bound hereby. 7. This Agreement shall be binding upon the parties hereto and their successors and assigns. 8. Lakes represents that the Parcel is presently en- cumbered by two (2) mortgages and that, within ten (10) days of the date of this Option Agreement, Lakes will obtain from each mortgagee either a release of mortgage as to the Parcel or an executed and recordable subordination agreement in form approved by the City Attorney. Lakes additionally represents and warrants that, if it should convey the Parcel to the City under the terms of this Agreement, the Parcel will be free and clear from all encumbrances at the date of conveyance. Further, Lakes represents that it will not further encumber the Parcel during the term of this Option Agreement, except with the prior written consent of the City. 9. Upon payment by Lakes of the sums set forth herein, the City shall execute any documents reasonably requested by Lakes to terminate and cancel this Option Agreement of record. IN WITNESS WHEREOF, the parties hereto have entered into this Agreement as of the day and year first above written. 6, LAKES OF ZURIAGE HILLS, INC. By:/ Attest: 4 (CORPORATE SEAL) CITY F TA�MA C, FLORIDA By: Attest (SEAL) By: V Attest: 1 (QEAL) STATE OF FLORIDA ) ss. COUNTY OF ) I HEREBY CERTIFY that on this day personally appeared before m an officer duly aut r'zed to take ack wledgments11 ad and , the and , r ective y, of LAKES OF CARRIAGE HILLS, INC., to known to be the persons who signed the foregoing instrument as such officers, and they severally acknowledged that the execution thereof was their free act and deed as such officers for the uses and purposes therein expressed and that the said instrument is the act and deed of said corpo- ration. WITNESS my hand and official seal 'n the County and State last aforesaid this__ day of 1982. No ary Public My Commission Expires • Rdllli PubiK, St a of Florida at Large Mr COMMis1ic0 Expires !ui 19,1544 loaded Thtu 7,cy Fun imam.,* Inc. STATE OF FLORIDA ) ss. COUNTY OF ) I HEREBY CERTIFY that on this day personally appeared before me, gn officer duly autho ized to take, acknowledgments, and , the and - respectively, of CITY TAMARAC, FLORID ,V6 me knowrf to be the persons who signed the foregoing instrument as such officers, and they severally acknow- ledged that the execution thereof was their free act and deed as such officers for the uses and purposes therein expressed and that the said instrument is the act and deed of said corporation. WITNESS my hand and official seal 'n he County and State last aforesaid this day of 1982. Notary Public (SEAL) My Commission Expires: n0ftY ftsue STATE OF FLORIDA AT �+RG: AY iQ'V�h11S5lON 'OF APA 211984 5 EXHIBIT A DESC:iIPTION: Parcel 3B (also known as (S-1) Parcel) portion of Tract 12, FORT. LAUDERDALE TRUCE FARMS SZBDI v IS-IOY OF Section 12, Township 49 South, Range 41 East, as recorded in Plat Book 4, Page 31, of the Public Records of Broward County; Florida, together with a portion of Parcel "B", SABAL PA1. 1 VI iLAG:. OF '-'AMA3?C as recorded is Plat Book 79, Page 42, of the Public Records of Bro:�ard County, Florida, all being more particularly described as follows: Commencing at the Southwest corner of.said Section 12; thence N 011 13' 45" W, along the West line of said Section 12, a distance of 1839.87 feet to the Point of Beginning of this description, said al point so being the intersection of the West line of said Section 12, and the `sorts Right —off -way--line of Saba! Pal-- Boulevard East, as shown on the plat of said SABAL P9I,11 VILLAGE OF TAMARAC; thence continue N C'l3.' 45" W, along the last described course, a distance of 155.50 feet; thence S 890 09' 25" E, a distance of 435.52 feet; thence S 00 .13' 45" E, a distance of 155.50 feet; thence y 89 09' 25" Y, a distance of 435.52 feet to the Point of 3eginming. TOGET R YiTE the followingdescribed parcel: Co=encing at the intersection of the West line of said Section 12 and the North Right -of -Way line of Saba! Palm Boulevard East, as shown on the plat of said SABAL Pilr'- VILAGE OF T ' `C • ;.hence S 89° 09' 25" E, along the North Right -of -Way line of said Saba! Pa— Boule- vard, East, a distance of 181.66 feet to the Point of Beg_nnNg of th=s description; thence continue S 890 09' 25" E, a distance of 253.86 fee:.. thence S Oc 13' 45" E, a distance of 68'.59 feet to a poinC Ou tie a_C O_ a cir Cu1A ar Cux,7e t0 the r=gh t ; whose- _%dius poi-t te.a s t_ om the last desc. i:,ed Point; tten0e Westerly and tior the_ 1 ^ , along the arc of said cur7e , ha•%=ng a radius of 230. 00 feet, an arc distance. 04 8I.4i feet to the Point of Tangency; thence y 630 08' =9" .v a distan of 23. SO feet to ,,he ?ot=,. of Curvature of a circular *' cular cur•ie to the 1e=- ' _hence Northerlc and Westerly, along the arc of said csr�e, ng a radius of 355.40 feet, an arc distance of 161.34 feet to the Point of Beginni-mg. Together with all improvements thereon (specifically including the building presently located thereon) and appurtenances thereto.