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HomeMy WebLinkAboutL & S Developments Impact Fee Credit Agreement -1998 03 19 '"i 7 / ~ IMPACT FEE CREDIT AGREEMENT ~~ THIS IMPACT FEE CREDIT AGREEMENT (hereinafter called "Agreement") is made and entered into by and between the CITY OF WINTER SPRINGS, a political subdivision of the State of Florida whose address for purposes of this Agreement is 1126 East State Road 434, Winter Springs, Florida 32708 (hereinafter called "City") and L & S Developments, Inc., ~ Florida Corporation (hereinafter called "L & S") whose address for purposes of this Agreements 279 Chiswell Place, Heathrow, Florida 32746. ~ r e+± n RECITALS° -+n r A. The City has determined, through the Highland Planned Unit Development Master Plan and the Comprehensive Pland adopted April 1992, that Shepard Road is a collector road. B. L & S has constructed and dedicated that portion of Shepard Road associated with the subdivision known as The Oaks to the perpetual use of the public. C. This Agreement is being entered into pursuant to Section 9-386 of the Code of Ordinances, City of Winter Springs, Florida, as is, and as may be amended. ~1~, NOW, THEREFORE, for and in consideration of the sum Ten and No/100 Dollars l~ ' ($10.00), and other good and valuable consideration, the receipt and sufficiency of which is .~' hereby acknowledge by the parties, the City and L & S hereby agree as follows: 1. Recitals. The above referenced recitals are true and correct and are hereby ~' incorporated into this Agreement for all purposes. 2. Citv's Findings. The City finds that this Agreement will apportion the burden of expenditure for new facilities in a just and equitable manner, consistent with the principles set forth in Florida Statutes and case law. ~ 3. Acknowledgment and Grant of Credits. As a result of L & S being the party constructing that portion of Shepard Road, the City hereby approves, establishes and grants in ~~ favor of L & S the right and entitlement to transportation impact fee credits against transportation 4 ~-/ impact fees assessed pursuant to the Code of Ordinances. The credits result from the dedication, ~ planning, development and construction of that portion of Shepard Road as required by the City ~ in the Comprehensive Plan and the Highlands Planned Unit Development Master Plan. Futher, the City hereby acknowledges, agrees, establishes and affirms the status of that portion of Shepard Road as a collector road, as is the rest of Shepard Road not constructed by L & S. :. ~.O tV ~D -v c..~ co N ~. 0 m • 4. Calculation of Credits. As a result of the dedication, planning, development and construction of that portion of Shepard Road, the City hereby establishes an impact fee credit in favor of L & S in the aggregate amount of $72,413.85. The amount of the credit has been calculated based upon the costs of dedicating, planning, developing and constructing that portion of Shepard Road and upon the land value of the right-of--way, all in accordance with Section 9-386 of the Code. The credits can be used as an off-set against road impact fees assessed for land development activity occurring within The Oaks subdivision, which contains twenty seven (27) lots. The City shall not be required to make reimbursement for any excess credits not m utilized as an off-set against road impact fees. 3 D r 5. Credit Amount. The City hereby establishes a transportation impact fee credit accot~ (hereinafter called "Credit Account") in the amount of $72,413.85 for the benefit of L & S. ~ r 6. Expenditure of Credits. (a) If L & S or any of its successors in title to The Oaks subdivision have paid transportation impact fees prior to the effective date of this Agreement in connection with the development of said subdivision, or any portion thereof, the City shall reimburse L & S for said previously paid fees within sixty (60) days of the effective date of this Agreement, and such amounts shall be deducted from the Credit Account. (b) If L & S or any of its successors in title to The Oaks subdivision, or any portion thereof, are subject to a transportation impact fee payment after the effective date of this Agreement in connection with the development of the subdivision, or any portion thereof, the transportation impact fee which would otherwise be payable shall upon the City's receipt of the appropriate assignment instrument(s) referenced in Paragraph 7 below, be deducted from the credits then available under the Credit Account and such fee shall then be deemed paid in full. (c) Notwithstanding anything contained in this Agreement to the contrary, if the City is paid a transportation impact fee after the effective date of this Agreement in connection with development activity within any portion of The Oaks subdivision, and there remain credits available under the Credit Account, the City shall refund to L & S that fee within thirty (30) days of its receipt of said fees, however, the amount the City pays to L & S shall not exceed the amount of the credits that remain in the Credit Account. Excess credits remaining, if any, after development of said property are non-payable and non-transferable. 7. Evidence of Right to Use Credits/Assignments of Credits. ~~ ..D o ~* N ~ D r' ~~; O ~~ _ ..J :.J ,o ~ :.:7 0 ~icf 2 _ _ • • (a) The Credit Account shall be established by the City in the name of L & S. The credits may be assigned by written assignment instrument executed by L & S. Any assignee from L & S may further assign the credits for use in conjunction with the remaining The Oaks subdivision property by executing an appropriate assignment instrument. (b) An assigmm~ent or transfer of transportation impact fee credits shall be effectuated by a written assignment instrument reasonably satisfactory to the City. In the case of any such m assignment, the assignor may require the assignee to pay consideration for the assignment of th= credits. Upon presenting the assignment instrument to the City, the assignee shall receive a ~ receipt for the amount of credit assigned; provided, however, in no sevent shall the receipt be fob an amount greater than the amount of credits that remain unused and in the Credit Account witlf~ the City. ~ Binding Effect. This Agreement shall be binding upon and shall inure to the benefit of the City, L & S and their respective successors and assigns. 9. Miscellaneous. (a) Governing Law. This agreement shall be governed by and construed in accordance with Section 9-386 of the Code of Ordinances and the applicable laws of the State of Florida. (b) Severability. Any provision of this Agreement which is legally unenforceable shall be ineffective to the extent of such unenforceability without invalidating or impairing the remaining provisions hereof. (c) Effective Date. This Agreement shall become effective upon the last date of execution of this Agreement by the parties. (d) AttorneX Fees. In the event of any dispute hereunder or of any action to interpret or enforce this Agreement, any provision hereof or any matter arising herefrom, the prevailing party shall be entitled to recover from the non-prevailing party its reasonable costs, fees and expenses, including, but not limited to, witness fees, expert fees, consultant fees, attorney, paralegal and legal assistance fees, costs and expenses and other professional fees, costs and expenses whether suit be brought or not, and whether in settlement, in any declaratory action, at trial or appeal. IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the as c,n N ~ c~ v ~- Q c~ ~a ~ ~ .'.J ,-sir: day and year first written below. 4 • • „L W V /' STATE OF FLORIDA COUNTY OF Seminole A FLORIDA CORPORATION ~..,~ ~, :~J own L & S Developments, Inc. 3 N ~~ °r ~ '"~'~ "- c'~ 0 c~ o -~-, .:~ .~I~ ! y Print Name: / iji~ G ~ ~ Title: ~~~ ~ / ~~ti ~ , The foregoing instrument was acknowledged before me this I9th day of March 1998, by Louie DiMillo , aS president of L & S, a Florida corporation, on behalf of the corporation. Said person (check one) (x) is personally known to me, ( )produced Print Name: Irene M. Dessez ~^ Notary Public, State of Florida Commission No.: My Commission Expires: OFFICIAL NOT S ~AL IRENE M bESSEZ 4 NOTARY PUBLIC STATE OF FLORIDA COMMISSION NO. CC456727 MY COMMISSION EXP. M Z 1~i Signed, sealed and delivered in the presence of. ~ ~~~, Print Name: Irene M. Dessez Print me: ,' • • PEOPLES FIRST COMMUNITY BANK Signed, sealed and delivered ,..a ~ in the Presence of: ~ ~ °~-n ~~ ~ N v © r- rt+~. n ~ ~ :~ Print Name: Irene M. Dessez Print Name: Ronald A. Leach ~ lfl `,"n`c~ls Tltle: Assistant Vice President ~ G~~~° Print Na e STATE OF FLORIDA COUNTY OF Seminole The foregoing instrument was acknowledged before me this day 19th of r>ar~h , 1998, by Ronald A. Leach aS ASSTS n Vi pTPSI dent Peoples First Community Bank. Said person (check one) (g) is personally known to me, ( )produced Print Name: Irene M. Dessez~~_ Notary Public, State of Florida Commission No.: My Commission Expires: OFFICIAL NOTARY g .AL NO'T'ARY P BL[C S ATE OF FLORIDA COMMISSION NO. CC456727 MY COMMISSION EXP. MAY 2] 1999 5 ~~ • ,~C><TY,~ Print Name:~oNAt.~ 1~ . ~--~~~.-ANL G:~-~-+~ P ' tName: ~~.h~c.e... PG~~0. -ho STATE OF FLORIDA COUNTY OF SEMINOLE i CITY OF WINTER SPRINGS, political subdi ision o he e Flori By: Name: PAUL P. PARTYK Title: MAYOR rn 3 z 0 '*+ n 0 The foregoing instrument was acknowledged before me this ~32 day of ~IR~C~~ r 1998, by PAUL P. PARTYKA as MAYOR of the City of Winter Springs, Florida, a political subdivision of the State of Florida. Said person (check one) (~ personally known to me, ( )produced Print me: Notary Public, State of Florida Commission No.: My Commission Expires: THIS INSTRUMENT PREPARED BY: Donald R. LeBlanc Land Development Coordinator City of Winter Springs 1126 East SR 434 Winter Springs FL 32708 vPt-RY ~~ ~ MARQO M HOPKIN3 ~ My Cort~inialon CCd0374S '*'* Expires Aup. 28, 196 '' ~ BondstJ by ANB ~~ a,~ eoo-e52-sees ....~ LD °a~n N x D r .ts "7~ (, r7 ._._ _ r (~ ~ 1 ~ .~' •' `J' 6