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HomeMy WebLinkAbout1999 03 16 Regular Item A SPECIAL MEETING ITEM A March 16. 1999 Meeting Consent Informational Public Hearin Re ular MGR ~EPT. Authorization x REQUEST: City Manager requesting the City Commission to consider approval of an Exclusive Negotiating Agreement between the City and Joshi and Associates of Florida to perform a feasibility study for the potential development of the proposed Town Center and other properties. PURPOSE: This agenda is needed to determine if the Commission desires to enter into an agreement with Joshi and Associates of Florida to perform a feasibility study for the potential development of the proposed Town Center and other properties. CONSIDERA TION: Joshi and Associates of Florida proposes to perform a feasibility study to determine the feasibility of the firm developing the Winter Springs Town Center and other undeveloped properties in the City and proposes an exclusive agreement providing for the feasibility study. FUNDING: None Required. RECOMMENDATION: It is recommended that the City Commission consider approval of an Exclusive Negotiating Agreement with Joshi and Associates of Florida to perform a feasibility study relative to the potential development of the Town Center and other undeveloped properties. ATTACHMENTS: Proposed Agreement COMMISSION ACTION: Page 1 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 Owner 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. . ' March 15, 1999 Page 2 2. DEVELOPER wmprovl.Q~ the CITY with at least the following, prior to execution of a DDA: a. Land Acquisitioll Package ~hat includes purchase of at least fifty (50) % or more of tor-:~!.land required for initial phase of Developmeot. b. Letters of Intent from specialty retailers, hotels, restaurants, commercial offices and other users indicating their participation" in the initial phase of Development. c. Architectural dravdngs ~wr.:~ design layout depicting the Proposed Master Plan of (h(~ subject site and its' initial phase. d. Preliminary engjneering;~Qnstruction and development schedule. . e. Preliminary approval from "all applicable government agencies supporting the P~"oposed Master Plan and its' initial phase. f. The property valuation," ~~PIJraisal and other considerations shall be negotiated during Hie negotiating period. g. ProMforma of income and ~xpcnses, predevelopment funding budget and construction r03t analysis. h. Financial Commitment fUr" lihe purchase of properties, land loans, construction and permanent loans. 3. The CITY shall n~gotiaic f;';xclusively with the DEVELOPER and no other p<lrty dQ.~r':.ng the term of this Agreement. 4. Neither this agreement nf.':: f.Iny 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. ~1arch 15, 1999 Page 4 IN \VITNESS WHEREOF, tilt parties have executed this agreement as of the date first YHiUeuu !CO :c;Qve. Ronald W. McLemore City Manager JOSHI & ASSOCIATES BY: fvl~~zJ Rohit Joshi Chairman CITY OF WINTER SPRINGS BY: .. . , \ 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 . Kingsbury Property . Blumberg Property . McDonald's Property 125 acres 1 7.4 acres 26 acres 1 acre Secondary Property - Mixed Use - Adjacent to Town Center . Plant Property . Parker Property . Springs Land/Jessup Shores 167 acres 27.3 acres 26 acres PHASE IT: Greenway Interchange Office/Commercial Park . Casscells Property . Winter Park Land Co. 250 acres 91 acres PHASE ill: State Road 434 Multifamily Development . Schrimsher Properties 168 acres SPECIAL MEETING ITEM A March 16. 1999 Meeting Consent Informational Public Hearin Re ular MGR V-;;EPT. Authorization x REQUEST: City Manager requesting the City Commission to consider approval of an Exclusive Negotiating Agreement between the City and Joshi and Associates of Florida to perform a feasibility study for the potential development of the proposed Town Center and other properties. PURPOSE: This agenda is needed to determine if the Commission desires to enter into an agreement with Joshi and Associates of Florida to perform a feasibility study for the potential development of the proposed Town Center and other properties. CONSIDERA TION: Joshi and Associates of Florida proposes to perform a feasibility study to determine the feasibility of the firm developing the Winter Springs Town Center and other undeveloped properties in the City and proposes an exclusive agreement providing for the feasibility study. FUNDING: None Required. RECOMMENDATION: It is recommended that the City Commission consider approval of an Exclusive Negotiating Agreement with Joshi and Associates of Florida to perform a feasibility study relative to the potential development of the Town Center and other undeveloped properties. ATTACHMENTS: Proposed Agreement COMMISSION ACTION: Page 1 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 Owner 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. . ' March 15, 1999 Page 2 2. DEVELOPER wmprovl.d:~ the CITY with at least the following, prior to execution of a DDA: a. Land Acquisition Package that includes purchase of at least fifty (50) % or more of t()t~t land required for initial phase of Development. b. Letters of Intent from spcdaJty retailers, hotels. restaurants. commercial Qfficcsand other users indicating their participation' in the initial phase of Development. c. Architectural drawings ~n~~ design layout depicting the Proposed Master Plan of (:U~I~ subject site and its' initial phase. d. Preliminary engineeringi:::rmstruction and development schedule. . e. Preliminary approval ffOii:r. all applicable government agencies,supportiil.g the p~'oposed Master Plan and its' initial phase. f. The property valuation,:, ~appraisal and other considerations shall be negotiated during, r:R1e negotiating period. g. ProMforma of income and ~xpenses, predevelopment funding budget and construction ((13~ analysis. h. Financial Commitment fur aile purchase of properties, land loans, construction and p,~nnanent loans. 3. The CITY shall negotiate exclusively with the DEVELOPER and no other party duIf":,ng the term of this Agreement. 4. Neither this agreement nr::' 1Hl)' interest herein may be assigned or transferred volun~arily m' f)Y 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. 1\1 a reh 15, 1999 Page 4 IN \VITNESS WHEREOF, th~ parties have executed this agreement as of the date first wriUeu~ ;' ~:Jove. Ronald W. McLemore City Manager JOSHI & ASSOCIATES BY: ~~CJiv/ Rohit Joshi Chairman CITY OF WINTER SPRINGS BY: . \! 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 . Kingsbury Property . Blumberg Property . McDonald's Property 125 acres ] 7.4 acres 26 acres 1 acre Secondary Property - Mixed Use - Adjacent to Town Center . Plant Property . Parker Property . Springs Land/Jessup Shores 167 acres 27.3 acres 26 acres PHASE IT: Greenway Interchange Office/Commercial Park . Casscells Property . Winter Park Land Co. 250 acres 91 acres PHASE ill: State Road 434 Multifamily Development . Schrimsher Properties 168 acres ~ ~., 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. I _ v..::> 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 . 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