HomeMy WebLinkAboutJoshi and Associates of Florida Exclusive Negotiating Agreement March - 1999 03 15
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EXCLUSIVE NEGOTIATING AGREEMENT
This agreement dated March 15, 1999 is hereby entered into by and
between City of Winter Springs herein referred to as "CITY" AND Joshi and
Associates of Florida herein after referred to as "Developer" pursuant to the
terms and condition as set forth herein, hereby agree as follows:
RECITALS
WHEREAS, the CITY desires to effectuate the plan of a phased
development of the real properties located within the Project Area and
more specifically identified as approximately 898.7 acres, The exact
description of said properties is attached hereto and marked as, Exhibit "A".
The proposed Development of the Neo Traditional Town Center for a High
Density Mixed Use Development, Green-way interchange and State Road
434 areas will include commercial, retail, offices, parks, single and multi
family residential, recreational, entertainment,. dining, hospitality,
conference and convention facility components, or as otherwise be agreed
upon by CITY and DEVELOPER, and
WHEREAS, the CITY and DEVELOPER desire to enter into this
agreement in order to set forth the rights and duties of the parties during
the Exclusive Negotiating period.
NOW, THEREFORE, the parties agree as follows:
1. The CITY and DEVELOPER agree for a period of ninety days (90)
from the date of the agreement that the parties execute, the parties may
mutually agree to three (3) additional thirty (30) day extensions with the
understanding that the parties to this agreement shall negotiate in good
faith to prepare and execute a Development and Disposition Agreement
(DDA) or alternatively an c;>wner Participation Agreement (OPA) relating to
the development of a first quality, state of the art and technology advanced
Mixed Use Project on the above described real properties in conformation
with the design guidelines and district codes of the CITY.
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March 15, 1999
Page 2
2. DEVELOPER wmproYlQ~, the CITY with at least the
following, prior to execution of a DDA,:
a. Land Acquisiti<mPackage thatincludes purchase of at least
fifty (50) % or more of tMr:!.land required for initial phase
of Developmeot.
b. ' Letters of Intent from sllcdalty retailers, hotels,
restaurants, commercial offices and other users indicating
their participation in the initial phase of DevelopmeIit.
c. Architectural dravdngs ~HF~ design layout depicting the
Proposed Master. Plan of ch,t subject site and its' initial
phase.
d. Preliminary engineering, :~Qi1struction and development
'schedule. '
e. Preliminary approval flfmi)ull applicable government
agenciessupportillg the lY'oposed Master Plan and its'
initial phase.
f. The property valuation" ~lppraisal and other considerations
shall be, negotiated duriofS. f:lhe negotiating period.
g. Pro-forma of income and ~xpenses, predevelopment funding
budget and, cOllstru.ction cost analysis.
h. Financial Commitment for.' ~he purchase of properties; land
loans, construction and p~~nnanent loans.
3. The CITY shall negotiate ~xclusively with the
DEVELOPER and no other party druf':ng the term of this Agreement.
4; Neither this agreement nf.'T nn)' interest herein may be
assigned or transferred volun~arily or [JY' operation of law without the
written approval of the CITY.
March 15, 1999
Page 3
5, The CITY shall not be liable for any real estate commission or
any brokers fees which may arise from performance of this agreement by
the parties, or any other predevelopment costs generated by this
agreement.
6. DEVELOPER is required to make full disclosure to the CITY of
its principals, officers, stockholders, partners, joint ventures, employees
and other associates and all other pertinent information concerning the
DEVELOPER and it s associates,
7. A detailed description of DEVELOPER'S predevelopment
expenses and interim loans will be provided upon request.
8. In order to expedite an early completion of this project, the
CITY will offer non-monetary assistance by fast tracking permits and
provide assistance for infrastructure, design and land assemblage. The
CITY upon request by the DEVELOPER will evaluate the benefits of
placing the properties and the proposed project in the Redevelopment
Agency (RDA) or Economic Development Agency (EDA) sphere of
influence if applicable government laws permit. Such placement of the
project will enable the use of tax increment financing or other means of
assistance based on the needs of the project in order to help make the
project economically feasible,
9. If the negotiations culminate in a development agreement
signed by the DEVELOPER and the CITY, such an agreement will become
effective only after and if the agreement has been considered and
approved by the CITY after the public hearing and approval of the City
Council.
MARCH 16, 1999
PAGE 4
IN WITNESS WHEREOF, the parties have
executed this agreement as of the date first written above.
CITY OF WINTER SPRINGS JOSJI & ASSOCIATES
BY: ~-t/tv:~ BY:~~~
~onald W. McLemore Rohit Joshi
City Manager Chairman
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ORLANDO METROPOLITAN AREA
DEVELOPMENT PROJECTS
WINTER SPRINGS, FLORIDA U.S.A.
PHASE I: Neo Traditional Town Center
Primary Property - High Intensity Mixed Use Development
. Schrimsher Properties ,125 acres
. Kingsbury Property 17.4 acres
. Blumberg Property 26 acres
. McDonald's Property 1 acre
Secondary Property - Mixed Use - Adjacent to Town Center
. Plant Property 167 acres
. Parker Property 27.3 acres
. Springs Land/Jessup Shores 26 acres
PHASE IT: Greenway Interchange Office/Commercial Park
. Casscells Property 250 acres
. Winter Park Land Co. 91 acres
PHASE ill: State Road 434 Multifamily Development
. Schrimsher Properties 168 acres