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Home My WebLink About1959 CRA Loan Subsidy Lien Hold Interest - 401 E 1st St - Suite 4096 (copy)Prepared bv: Jennifer Cockcroft, Esquire Stenstrom, McIntosh, Colbert & Whigham, P.A. 1001 Heathrow Park Lane Suite 4001 Lake Mary, Florida 32746 (407) 322-2171 Return to: Sonia Fonseca, Executive Director Community Redevelopment Agency City of Sanford f� 300 North Park Avenue jl Sanford, Florida 32771 (407) 562-2820 i e�iil <ppi ►gift11i ft i i i'• GM, -414T i'If;L.CTi r :.,EI`C[iat)!._I_ i:iji�ff! i CIRCUIT t_OUR.T t OMF ROLIER CLERIC Ka 2018086'741 REc0R `E D 0_" 2; IRIC:00111G FEES >86 n 5� kE C OR:'DED B CITY OF SANFORD COMMERCIAL LOAN SUBSIDY/REHABILITATION AGREEMENT AND GRANT OF LIENHOLD INTEREST RELATING TO THIS LOAN SUBSIDY AGREEMENT AND GRANT OF LIENHOLD INTEREST 4 is entered into this _ day of —March March2018 by _ Airpanchos Properties, LLC (Anthony Sirica)_, whose address is 401 E 1st Street, Suite 4096_, Sanford, Florida 32772, (hereinafter collectively referred to as the "OWNER"), and the CITY OF SANFORD, a Florida municipal corporation, whose address is 300 North Park Avenue, Sanford, Florida 32772, (hereinafter referred to as the "CITY"). This Agreement is for the benefit of the OWNER relative to the following described real property (hereinafter the "Property") and the CITY shall have the rights hereinafter set forth as to the Property: Tax Parcel Identification Number 25-19-30- 5AG-0301-011 A The CITY hereby subsidizes the financing of the new construction efforts relative to the redevelopment of the Property in the sum of up to, but no greater than, FORTY THREE THOUSAND, SEVEN HUNDRED AND FIFTY SIX AND NO/100THS DOLLARS U.S. ($43,756.00), as part of a total project and loan that approximates Page 1 $395,0000 said project involving construction work on the Property. This subsidization being made under the following terms and conditions: (1). The actual amount awarded by the CITY to the OWNER shall be less the charges incurred by the CITY for any draw inspections required by the CITY and all recording fees that are associated with this matter and incurred by the CITY of whatsoever type or nature. (2). The purpose of this Agreement is to implement a program of the CITY, as set forth in Ordinance Number 2009-4162, as codified in the City of Sanford City Code at Section 2-369, which has been legislatively developed to encourage the renovation and productive use of the Property which is located in the Sanford Lake Monroe Waterfront and Downtown Sanford Community Redevelopment Area within the City Limits of the City of Sanford and to assist business owners such as the OWNER to redevelop properties located within the City of Sanford for the benefit of the public. (3). The CITY's grant to the OWNER, as set forth herein, will provide a subsidy to the OWNER to effectively reduce the interest rate on the OWNER's financing which is necessary for funding the building construction, renovations/rehabilitation occurring on the Property. (4). The OWNER has obtained financing for the Property in order to assist in the funding and implementation of the construction, renovation, and improvements on the Property. The OWNER covenants and agrees that the status of title of the Property is such that the CITY will have first and priority position as to any and all lienhold interests except as to the indebtedness of the OWNER to the Primary Lender R C F.[QN,3 1?�APk/ K . Page 2 (5). The OWNER covenants and agrees that the financing from the CITY or otherwise, shall be used, or has been used, solely relating to the renovation and improvement of the Property and exclusively used for the purposes set forth in the OWNER's grant application filed with the CITY relative to the Property which is deemed to be incorporated into this Agreement by this reference thereto. (6). The OWNER and the CITY agree that, in order to secure the use of the public funds as set forth herein, the CITY shall have a lienhold interest relative to the Property upon the recording of this Agreement in the Official Records (Land Records) of Seminole County, Florida at the expense of the OWNER (to include, but not be limited to, the payment of the documentary stamp tax). (7). The OWNER and the CITY agree that the amounts set forth above as the CITY's financial supplementation of the construction, renovation/rehabilitation financing shall be reduced annually, consistent with the terms of this Agreement, such that credits shall occur and be implemented by equal amounts of reduction of the OWNER's indebtedness to the CITY, for a period of ten (10) years and, during such period of time, the CITY shall hold a declining balance lien upon the Property. The declining balance calculation is 1/10th of the grant amount reduced annually on the anniversary of the issued Certificate of Occupancy for the project described in Exhibit A (Project). (8). The OWNER accepts the funds set forth herein from the CITY for the purposes herein stated. The OWNER hereby grants unto the CITY, in accordance with the terms of this Agreement a lien on the Property. Should the OWNER sell or transfer title to the Property without completing the construction, renovations, improvements and Page 3 subsequent maintenance of the Property to the satisfaction of the CITY, the OWNER shall repay said sums to the CITY upon demand of the CITY. (9). The OWNER additionally covenants and agrees to the following terms and conditions: (a). To ensure that the work for the project set forth in the specifications provided to the CITY and made a part hereof in a workmanlike manner and all work shall be accomplished in strict conformance with all applicable Federal, State, County and City codes, laws, regulations and ordinances. (b). To commence the specified work within and complete the work as set forth in the application filed with the CITY. (c). To ensure that all work accomplished is bonded and guaranteed for a period of at least one (1) year against defects in workmanship and materials. (d). To hold the CITY harmless in the event of property damage, personal or physical injury occurring as a result of working on the project and in any way relating to the Property. (e). To adhere to, and comply with, all terms and conditions of the grant program of the CITY under which funds have been paid to the OWNER which terms and conditions are incorporated herein by this reference thereto. (f). Upon any sale or transfer of the Property, the OWNER shall immediately notify the CITY of such sale or transfer and to satisfy any outstanding obligation as provided herein to the CITY. Page 4 (g). Upon expiration or satisfaction of the lien, the OWNER shall be entitled to request a satisfaction of the lien from the CITY. Recording of the satisfaction of lien shall be the responsibility of the OWNER. (h). Any failure to notify the CITY of the sale or transfer of the Property or to maintain the Property in compliance with CITY codes and ordinances or to satisfy the conditions of this Agreement shall result in the total original principal amount becoming immediately due and payable. (i). Payments or correspondence required by this lien for the CITY, shall be directed to the CITY's Community Redevelopment Agency or its successor. In Witness Whereof, the said OWNER has signed and sealed these presents the day and year first above written. SIGNATURE BLOCKS FOLLOW: Page 5 Attest/Witness: First Witn 's Signature J - ('_�n0t,('A Printed name of witness State Of Florida J County Of Seminole Owner/ _Airpanchos Properties, LLC �• rL Anthony S 'ca, Managing Member Acknowledgment The foregoing was sworn to and subscribed before me this' V day of McalCJ(rl , A.D. 2941, by _FDw'-� \_S,4_Yi l C'A�yv ho a e personally known U to me or who produced as identification and who did execute the foregoing document under oath or affirmation. Witness my hand and official seal in the County and State aforesaid this 2 y oI day of Mo-v� , A.D. ?Oa -T My Commission Expires Notary Public Ptate of Florida c ) , COC L G(_0�-L�� JENNIFER M. GOLLOWAY Nolary Public - Slale of Florida Comrnission S GG 162235 ?: My Comrn. Expires Nov 21, 2021 Page 6 AGREEMENT BY THE CITY OF SANFORD In Witness Whereof, the City of Sanford has signed and sealed these presents the day and year first above written and agrees to the terms and conditions 4ereof. Attest: G rithia-P-oder- Y City Clerk Approved As To Form And Legality: City Attorney CITY OF SANFO plett, APPROVAL FOR FUNDING BY COMMUNITY REDEVELOPMENT AGENCY In Witness Whereof, the Community Redevelopment Agency of the City of Sanford has approved the funding set forth in this Agreement and certifies that the funding is consistent with the Community Redevelopment Plan and that funds may be lawfully drawn from the Community Redevelopment Trust Fund. Attest: CITY OF SANFORD COMMUNITY REDEVELOPMENT AGENCY S is Fonseca, Executive Director Approved: Cynthia- Lindsay; Treasurer Page 7 Charles Davis Chairperson Date: AL CNt P� Parcel information C �t >q - P, Property Record Card Parcel: 25-19-30-5AG-0301-011 A Owner: AIRPANCHOS PROPERTIES LLC .Property Address: 113 PALMETTO 111 & 117 AVE SANFORD, FL 32771 Value Summary Parcel 25-1 9-30-5AG-0301 -011 A Owner AIRPANCHOS PROPERTIES LLC Property Address 113 PALMETTO 111 & 117 AVE SANFORD, FL32771 Mailing 401 E 1ST STSTE 4096 SANFORD, FL 32772 Subdivision Name SANFORD TOWN OF TaxDlsbict S3-SANFORD-WATERFRONTREDVDST DOR Use Code 89-MUNICIPAL(IXC:PUB SCH&HOSP) Exemptions 60-CftY(2009) Tax Amount without SOH: $0.00 2016 Tax Bill Amount $0.0D. Tax Esfimator Save Our Homes Savings: $0.00 Does NOT INCLUDE Non Ad Valorem Assessments Legal Description 2017 Working Values 2016 Certified Values Valuation Method CostfMarket - Cost/Market Number of Buildings 2 2 Depreciated Bldg Value $91,427 $91,427 Depredated EXFTVaIue - Land Value (Market) Land Value Ag JrrsUMarkel Value_` - - $66,630 _—_- 5156,057 $66,6310 $158,057 Portability AdJ Save Our Homes Adj $0 $0 �— Amendment I Adj P&GAdJ 50 $0 Assessed Value $158,057 $158,057 Tax Amount without SOH: $0.00 2016 Tax Bill Amount $0.0D. Tax Esfimator Save Our Homes Savings: $0.00 Does NOT INCLUDE Non Ad Valorem Assessments Legal Description -- -- - — - -- - ---- --- PT OF LOTS 1112 & 13 DESC AS --- ------ BEG28.94 FT N OF SW COR LOT 11 RUN E71.41 FTN9.95FiETOELOT LI OF LOT 12 N TO NE COR LOT 13 WTO A PTNOFBEG STOBEG BLK3TR1&E 2 FT OF STADJ ON W TOWN OF SANFORD PB 1 PG 58 _ Taxes - Taxing Authority- Assessment Value EcemptVelues TaxeblaVelue County General Fund $158,057 $158,057 $0 Schools $156,057 $158,057 $D City Sanford SJWM(SalntJohna Water Management) $158,057 - $158,067 $158,057 $0 County Bonds --' --^--- - --- $156,057 $158,057 — $O - --••— - -_- Sales Description Date Book Page Amount Qualified Vaclimp QUITC-NM DEED 3/1/2017 08677 0589 $60,000 No Improved SPECIAL WARRANTY DEED -- �Y 2/112017 06858 0536-- + $60,000 No Improved QUITCLAIMDEED 12/1/2008 07 9 _ $100 No Improved CERTIFICATE OFTITLE w--` 6/1/2008 07017 0148 $100 No Improved WARRANTY DEED -- _ 5/1/2004 05 �e - $115,000 Yes EXHIBIT Find Comparable Sales --�"$1 LandMethod Frontage Depth UnitsSQUAREFEET 6663 $66,630 � BuildEng Information 0 Description Year Built Actual/Effective_� Stories Total SF Ext Wail v — Adj Value Rep] Value Appendages 1 2 WOOD BEAMICOLUMN MASONRY PILAS TER . 1901 1882 E 1 ! 1 II 3,501 - 2,263 —�^ CONCRETE BLOCK -MASONRY BRICK COMMON - MASONRY ] $48,086 j i I $43,341 �� $120216 ^ $108,352- — _ Descriptions rea COPY ' 124.00 AN �Descriptlon Area CANOPY 528.00 Agency Amount SANFORD _ $1,500 ^ COUNTY $0. SANFORD $61,877 - SANFORD $20,130 Exhibit B Loan Subsidy Amortization Schedule 113 Palmetto - CRA Loan Subsidy Grant Loan Amount $ 43,756.00 Year 1 3/20/2019 $ 39,380.40 Year 2 3/20/2020 $ 35,004.80 Year 3 3/20/2021 $ 30,629.20 Year 4 3/20/2022 $ 26,253.60 Year 5 3/20/2023 $ 21,878.00 Year 6 3/20/2024 $ 17,502.40 Year 7 3/20/2025 $ 13,126.80 Year 8 3/20/2026 $ 8,751.20 Year 1 3/20/20271 $ 4,375.60 Year 10 1 3/20/2028 $ 0.00