HomeMy WebLinkAbout480-Seminole Towne Center SEMINOLE TOWNE CENTER
REDEVELOPMENT AGREEMENT
This Agreement (the "'Agreement") made this/j'/~day of
January, 1993 by and between the City of Sanford, Florida a
Florida municipal corporation (the "City"), the Seminole Towne
Center Community Redevelopment Agency, an agency of the City of
Sanford, Florida (the "CRA"), and S/C Specialists, Inc., an
Indiana corporation (the "Developer").
RECITALS
A. The CRA, established pursuant to Section 163.410
the Florida Statutes, has the authority to promote the health,
safety and welfare of the City and its inhabitants, to prevent
the spread of blight and to encourage private development in
order to enhance the local tax base and create employment, and
to enter into contractual.agreements with third parties for the
purpose of achieving the aforesaid purposes.
B. Developer is the holder of an exclusive contract to
purchase approximately 130 acres 'of land (the ""Property")
located within the City and also situated within the Seminole
Towne Center Community Redevelopment Area as designated by the
City and that certain Community Redevelopment Area Plan for
Seminole Towne Center adopted by the City in February of 1991
(the "Redevelopment Plan").
C. Developer desires to constructin phases an.enclosed
regional shopping center consisting, at full build-out, of an
approximately 1,250,000 square foot multi-tenant retail mall
and related improvements on the Property, as more specifically
described in the attached Exhibit "A" and generally located in
the southeast quadrant of the intersection of Interstate 4 and
State Road 46 in the City. The redevelopment area of which the
Property is a part is legally described on Exhibit "B" attached
hereto and hereafter referred to ~ the "Redevelopment Project
Area". The Property, together with the shopping center and
related improvements to be constructed thereon are hereafter
referred to as the "Project". The Project will be developed
substantially in accordance with the site plan attached hereto
as Exhibit "C", as amended from time to time (the "Site
Plan"). A more complete description of the Project is attached
as Exhibit "D".
D. Concurrently with the development of the Project, the
CRA will construct or cause to be constructed certain public
improvements described in Exhibit "E" attached hereto (the
"Public Improvements").
E, The CRA is authorized under the provisions of the
Community Redevelopment Act of 1969, Florida Statutes 163.330
et seq. as amended (the "Act"), to finance redevelopment in
accordance with the conditions and requirements set forth in
the Act.
F. To stimulate and induce the acquisition and
redevelopment of the Redevelopment Project Area, and pursuant
to the Act, the City Commission of the City of Sanford ("City
Commission")~ adopted the following resolutions: (1)
Resolution Number 1592 dated December 10, 1990 accepting
delegation of redevelopment powers from Seminole County and
determining blight within the Seminole Towne Center Area, and
(2) Resolution Number 1595 dated February 25, 1991 approving a
Community Redevelopment Plan for the Seminole Towne Center
Community Redevelopment Area. The foregoing resolutions are
sometimes hereinafter referred to as "Resolutions".
G. Pursuant to the Resolutions and the Act, the CRA is
authorized to issue revenue bonds payable solely from monies
deposited in the redevelopment trust fund (the "Redevelopment
Trust Fund") created by the CRA pursuant to Section 163.387,
Florida Statutes. The proceeds of the bonds ("TIF Funds") will
be used to finance the Public Improvements in the m~nner
described in the attached Exhibit "F" (the "TIF Funded Public
Improvement Costs").
H. The purpose of this Agreement is to coordinate
Project construction'~by the Developer with the construction of
the Public Improvements by the CRA, to allocate Construction
and financing responsibilities between. the CRA and the
Developer and to establish Conditions precedent to the
performance of the CRA'S obligations hereunder.
FOR AND IN CONSIDERATION of the mutual covenants
described above and the agreements' contained below, and for
other good and valuable consideration, the receipt and
sufficiency of whichis hereby acknowledged, the parties hereto
agree as follows:
I. INCORPORATION 6F RECITALS
The recitations set forth in the foregoing recitals are
material to this Agreement and are hereby incorporated into and
made a part of this Agreement as though they were fully set
forth in this Section I, and this Agreement shall be construed
in accordance therewith.
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II. COVENANTS, REPRESENTATIONS AND WARRANTIES
2.01 Developer's Covenants, Representations and Warranties.
Developer represents, warrants and covenants to the CRA as
follows:
(i) Developer shall be governed by, adhere to and
obey any and all applicable federal, state and local laws,
statutes~ ordinances, rules, regulations and executive
orders applicable to the Project as may be in effect from
time to time.
(ii) Developer shall proceed diligently to carry
out the purchase of the Property in accordance with
documents governing the same and the construction of the
Project in accordance with the terms and conditions of this
Agreement.
(iii) All the information provided to the CRA and
the City by Developer and contained in the Redevelopment
Plan regarding and limited to the Project, the Property and
the Developer is true, correct and complete to the best of
Developer's knowledge. ~
(iv) Developer has the right, power and legal
authority to enter into this Agreement and perform all of
Developer's obligations hereunder.
2.02 CRA Covenants, Representations and Warranties.
Subject to the conditions precedent set forth in Section
2.03 hereafter and to the terms of Section 5.01 hereof, the CRA
represents, warrants and covenants to the Developer that it has
the right, power and authority in accordance with all necessary
legislative and governmental requirements to execute, deliver
and perform the terms and obligations of this Agreement.
2.03 Conditions Precedent to CRA's Performance.
The performance by the CRA': of its obligations and
commitments under this Agreement, including its obligation to
construct the Public Improvements, shall be conditioned upon
the prior occurrence or satisfaction of the following matters:
(i) Closing of the purchase of the Property by
Developer or its authorized successor or assigns.
(ii) Commencement of Project construction by the
Developer.
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(iii) Validation and sale by the CRA of tax
increment financing revenue bonds ("TIF Bonds")
substantially in accordance with the terms contemplated in
Article V, hereafter.
(iv) Amendment to Seminole County Resolution
Number 90-R-213 adopted July 10, 1990 and amendment to the
Resolutions, as necessary, to provide authority to the City
and the CRA to carry out the provisions of this Agreement
which currently conflict with or are inconsistent with the
provisions of such resolutions as adopted.
2.04 City Covenants, Representations and Warranties.
City covenants, represents and warrants to the CRA and the
Developer as follows:
(i) The City has the right, authority and power
to execute, deliver and perform the terms and obligations'
of this Agreement, including, without limitation, the
right, power and authority to approve the issuance of TIF
Bonds by the CRA.
(ii) City will assist and cooperate with the
Developer and the CRA in attempting to 'secure and obtain,
in an expeditious and timely manner, all necessary
governmental approvals, consents, permits, licenses,
authorizations and easements reasonably necessary or
required for the ~evelopment and. construction of the Public
Improvements. and the Project. The foregoing does not
represent approval of or an agreement to 'grant any
approvals, consents, permits, licenses, authorizations or
easements for the construction of either the Public
Improvements 'or the Project, but merely represents an
agreement by the City, to the extent possible, to expedite
any applications made to the City by the Developer.
(iii) Upon satisfactory completion of construction
of the Public Improvements by the CRA, the City will accept
by conveyance ordedication, as appropriate, all roads or
other infrastructure constructed as part of the Public
Improvements and thereafter maintain the same to the same
standard as similar infrastructure improvements located
within the City.
III. CONSTRUCTION OF THE PROJECT AND PUBLIC IMPROVEMENTS
3.01 Developer's Construction of the Pro~ect.
Promptly after the date hereof, Developer shall plan and
construct the Project substantially in accordance with the
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Redevelopment Plan, the Ordinances, this Agreement and the Site
Plan attached hereto as Exhibit "C", as amended from time to
time.
3.02 Time for Completion of the Project.
Developer shall use its best efforts to proceed in good
faith to commence construction of the Project as soon as
reasonably possible and shall diligently pursue construction
until comple~ion.
3.03 CRA's Construction of the Public Improvements.
Subject to the satisfaction of the conditions precedent set
forth in Section 2.03 of this Agreement and subject in all
respects to Article V hereafter, the CRA shall commence
construction of the Public Improvements and diligently pursue
the same until completion. It is acknowledged by the parties
that the Public Improvements are required for the opening of
the regional shopping center which is part of the Project and
the CRA and the City agree to use their best efforts to
complete the Public Improvements in a timely manner so as to
not delay the opening of the regional shopping center to the
public. ~
3~04 Plans and Specifications for Public Improvements.
Within 180 days after closing of Developer's purchase of
the Property, Developer shall cause to be delivered to the CRA,
City, Seminole County or the Florida Department of
Transportation (the "FDOT"), as appropriate, for 'review and
approval, the complete construction documents containing
working drawings and specifications ("Plans and
SpecifiCations") for the Public Improvements. The City will
use its best efforts to review and approve the Plans and
Specifications as related to City jurisdictional items within
45 days from the receipt thereof and shall work diligently with
Seminole County and the FDOT to obtain concurrent approval of
the Plans and Specifications as to those portions of the Public
Improvements within the jurisdiction of such agencies. The CRA
shall cause the Public Improvements to be constructed in
accordance with the Plans and Specifications as approved by the
appropriate public agency.
IV. COOPERATION OF THE PARTIES
4.01 Commitment to Cooperate.
The parties agree to cooperate in scheduling and
coordinating construction of the Public Improvements and the
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(iii) The City/CRA shall be under no obligation
under this Agreement except to the extent that it may,
under the laws of the State of Florida, issue TIF Bonds as
described in this Article V for the purpose of constructing
the Public Improvements payable solely from fifty percent
(50%) of the revenues deposited on an annual basis in the
Redevelopment Trust Fund. No ad valorem taxes or other
revenues of the City shall be pledged for the payment of
such TIF Bonds and such bonds must be either (a) rated at
least "investment grade" by a nationally recognized rating
agency, ~or (b) privately placed with Developer, an
affiliate of Developer or an accredited investor, as
defined by applicable federal securities laws, who executes
an accredited investor letter acceptable to the City; and'
(iv) To utilize in accordance with the Act and
this subparagraph (iv), all monies deposited in the
Redevelopment Trust Fund fora period of fifteen (15) years
commencing in that year in which the full valuation of
Phase 1 of the Project becomes part of the property
valuation for the purposes of levying real estate taxes.
The City's obligation to contribute to the Redevelopment
Trust Fund shall be in an amount equal to the increment as
defined in Chapter 163.387(1), Florida Statutes, provided,
however, the CRA shall, as set forth in subsection (iii)
above, only be obligated on an annual basis to use 50% of
the monies deposited in the Redevelopment Trust, Fund for
the purpose of paying debt service on the TIF Bonds and for
the purpose of paying any other payments authorized by the
resolutions authorizing the'TIF Bonds. In addition, the
applicable bond documents shallprovide that the-City shall
be obligated to make transfers of monies to the
Redevelopmerit Trust Fund only to the extent it has received
taxes from property owners within the Community
Redevelopment Area in an amount equal to the increment.
Any excess monies in the Redevelopment .Trust Fund shall be
returned to the City or otherwise used by the CRA in
accordance with Section 163.387(7), Florida Statutes.
5.02 CRAto Use TIF Proceeds for Public Improvement Costs.
CRA agrees to use TIF Bond proceeds to pay for TIF Funded
Public Improvement Costs including, but not .limited to,
engineering, design, legal and other costs relating either to
the design and construction of the Public Improvements or the
issuance of the TIF Bonds. To the extent the Developer has
previously incurred TIF Funded Public Improvement Costs, which
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costs were specifically approved by the City/CRA prior' to
expenditure, the CRA shall reimburse to Developer such costs,
verified to the satisfaction of the CRA, at the time of TIF
Bond issuance.
VI. PEi%FORMANCE
6.01 Time of the Essence.
Time is ~f the essence of this Agreement.
6.02 Delay.
For the' purposes of any of the provisions of this
Agreement, neither the CRA, City nor Developer, as the case may
be, nor any respective successor in interest, shall be
considered in breach of, or default of its obligations under
this Agreement in the event of any delay resulting from:
(i) Force Majeure. Any delay resulting from or
caused by damage or destruction by Acts. of God, fire,
earthquakes, floods, explosion, war (declared or
undeclared, including "police actions"), invasion,
insurrection, riot, mob violence, or other casualty,
strikes, lockouts, actions of labor unions, shortage of
labor or material or equipment or facilities, condemnation,
requisition laws, orders or restrictions of government or
civil or military authority, adverse weather condition such
as~ by way of i~lustration and not limitation, rain storms
or below freezing temperatures of abnormal degree or
quantity for an abnormal duration, hurricanes~ ~ornadoes or
cyclones and other like event, or any other condition
· beyond the reasonable control of the Party affected, which
in fact interferes with the ability of such party ("Force
Majeure") to discharge its respective obligations
hereunder, including a Party's inability to obtain required
financing~ or
(ii) Judicial, Quasi-Judicial, Administrative, or
Legislative Proceeding. Any delay resulting from: (a)
the conduct of any judicial, qu.asi-judicial, administrative
or legislative body or proceeding, or (b) caused by
litigation or proceedings challenging the authority or
right of theCRA and/or the City or of the Owner/Developer
under the Development Order to act under the Redevelopment
Plan, any of the Resolutions, to act in compliance with the
Seminole Properties Development Order, dated September 12,
1990, by and between the City of Sanford and Sanford
Interstate Properties Joint Venture ("Development Order"),
or perform under this Agreement including the validation of
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10.02 Opportunities for Sanford Residents.
Developer shall use reasonable efforts to present opportu-
nities for training and employment to lower income residents of
the City of Sanford. Reasonable efforts will also be used to
award contracts of work in connection with the Project to
qualified business concerns making competitive bona fide bids
which are located in, or owned in substantial part, by persons
residing in the City of Sanford.
10.03 Statements in Solicitations for Employment.
Developer will, in at~ solicitations or advertisements for
employees placed by or on behalf of Developer state that all
qualified applications will receive consideration for
employment without regard to race, religion, color, sex, age,
mental or physical disability, national origin or ancestry,
sexual orientation, marital status, parental status, military
discharge status or source of income.
10.04 Provisions to be Included in All Construction Con--
tracts.
Developer will include the provisions of Sections 10~.01,
10.02 and 10.03 in all of its construction contracts related to
those portions of the Project owned and to be constructed by
Developer, and will require the inclusion of these provisions
in every subcontract entered into by any of its contractors, so
that such provision bill be binding upon each such contractor
or sub-contractor.
XI. MUTUAL ASSISTANCE
The Parties agree to take such actions, including the
execution and delivery of such documents, instruments,
petitions and certifications, as may be reasonably necessary or
appropriate. to carry out the terms, provisions and intent of
this Agreement.
XII. MISCELLANEOUS PROVISIONS
12.01 Remedies Cumulative.
The remedies of a party hereunder are cumulative and the
exercise of any one or more of the remedies provided for herein
shall not be construed as a waiver of any of the other remedies
of such party unless specifically so provided herein.
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12.02 Disclaimer.
Nothing contained in this Agreement, nor any act of the
City or the CRA shall be deemed or construed by any of the
parties, or by third persons, to create any relationship of
third party beneficiary, or of principal or agent, or of
limited or general partnership, or of joint venture, or of any
association or relationship involving the City or the CRA.
12.03 N(~zices.
All notices, certificates, approvals, consents or other
communications desired or required to be given hereunder shell
be in writing and shall be sufficiently given on the second day
following the day on which the same shall have been mailed by
registered or certified mail, postage and fees prepaid, return
receipt requested addressed as follows:
IF TO CITY: City Manager
Sanford, Florida
Post Office Box 1788
Sanford, Florida 32772-1788
WITH COPIES TO: William L. Colbert, Esquire '~
Stenstrom, McIntosh, Julian,
Colbert, Whigham & Simmons
Post Office Box 4848
Sanford, Florida 32772
IF TO CRA: Seminole ~owne Center CQmmunity
Redevelopment Agency
c/o City Of Sanford
P. O. Box 1788
Sanford, Florida 32772-1788
Attention: Mr. William A. Simmons
IF TO DEVELOPER: S/C Specialists, Inc.
Attn: Thomas J. Schneider
P. O. Box 7033
Indianapolis, Indiana 46207-7033
WITH COPIES TO: James G. Willard, Esquire
Shutts & Bowen
20 North Orange Avenue, Suite 1000
Orlando, Florida 32801
The parties, by notice given hereunder, may designate any
further or different addresses to which subsequent notices,
certificates, approvals, consents or other communications shall
be sent.
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12.04 Paraqraph Headinqs; Gender and Number:
The paragraph headings and references are for the
convenience of the parties and are not intended to limit, vary,
define or expand the terms and provisions contained in this
Agreement and shall not be used to interpret or construe the
terms and provisions of this Agreement.
The masculine shall include the feminine and the neuter;
the feminin~ shall include the masculine and the neuter; and
the neuter shall include the masculine and the feminine. The
plural shall include the singular, and the singular shall
include the plural, wherever the context so admits.
12.05 Counterparts.
This Agreement may be executed in Several counterparts,
each of which shall be an original. and all of which shall
constitute but one and the same agreement.
12.06 Successors and Assiqnees.
The terms and conditions of this Agreement are to apply to
and bind the successors and assignees of the City and th~ CRA
and the successors and assigns of Developer as owner of the
Property. Assignment of this Agreement by Developer shall
require the prior written consent of the City and the CRA, such
consent not to be unreasonably withheld or delayed.
Notwithstanding the foregoing, consentby the City and the CRA
shall not be required to any assignment of this ~greement by
Developer to Seminole Towne Center-Limited or to any entity in
which Melvin Simon & Associates, Inc. ("Simon") or an affiliate
of Simon is a partner or shareholder in such entity and has a
managerial role in the development and operation of the
Project. For purposes of the preceding sentence, an affiliate
of Simon shall be deemed to include any wholly owned subsidiary
of Simon, Melvin Simon, Herbert Simon, David Simon or the
family trusts of either Melvin, Herbert or David Simon.
12.07 Severability.
If any provision of this Agreement (other than Section
5.01{iv)) or any paragraph, sentence, clause, phrase or word,
or the application thereof, in any circumstance, is held
invalid, the remainder of the Agreement shall be construed as
if such invalid part were never included herein and the
Agreement shall be and remain valid and enforceable to the
fullest extent permitted by law. In the event Section 5.01{iv)
is held invalid, this entire Agreement shall be considered null
and void and the City and the CRA shall have no further
obligations to perform hereunder.
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12.08 Non-Recourse.
The liability of Developer hereunder shall be limited to
its interest in the assets of the entity owning the Property
and neither the Developer nor its partners, shareholders,
officers, employees or agents shall have any personal liability
under this Agreement. The approval, execution and performance
of this Agreement by any of the employees, officers, agents or
elected officials of the City or the CRA shall be considered
actions take~ solely in such person's representative capacity
on behalf of the City or CRA and no such employee, officer,
agent or elected official shall have any personal liability
whatsoever for any actions taken in reliance upon or pursuant
to this Agreement.
12.09 Termination.
This Agreement shall terminate and be of no further force
or effect upon completion of construction of the Public
Improvements to be constructed by the CRA hereunder and
acceptance of said Public Improvements for public maintenance
by the appropriate governmental agency having jurisdiction over
the same.
This space left blank intentionally.
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IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be executed on or as of the day and year first
above written.
CITY CITY OF SANFORD, FLORIDA
BY:B . Smith, Mayor
ATTEST:
CRA SEMINOr,F- TOWNE CENTER COMITY
REDEVELOPMENT AGENCY
ATTEST: '~
Jet~R? Donahoe, Secretary
DEVELOPER S/C SPECIA~ ~.S, INC.
....... -. BY:presid -,
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STATE OF FLORIDA
SS:
COUNTY OF
Toh$~ foregoing instrument was acknowledged before me
this/~ day of~Y~7 , 1995, by Bettye D. Smith,
Mayor of the CITY OF S~FORD, a
FLORIDA, Florida municipal
corporation, who is personally known to me [or who produced a
current driver' s license issued by a state of the United
States] and Who did not take an oath.
°"'~;;:'. OFRClAL SEAL
My Commission E~;~]; el 0
Sept. 6, 1993
H,,' Cornre, No. CC 1SS0S4 Print Name of Notary Public
STATE OF FLORIDA )
COUNTY OF )
Presid'~'~'~ of SEMINOLE T~'N~ CENTER COZv~TJ'~ZTY RSDEVRLOP~ENT
AGENCY, ~. ~ge~c~ o~ ~he CZ~ O~ B~O~, ~O~ZD~, a
m~e~Z cor~o~o~, ~ho ~s De=so~e~Zy k~o~ ~o me [o~
~oduced ~ cG=~e~ ~ve~'s Z~ae~se ~ss~ed by a s~a~e o~ ~he
~ed S~es] ~Gd ~ho d~d ~o~ ~ake ~ oath,
16 -
STATE OF;K~/~/~/U~ >
) ss:
cou~T~ o~ ~'~ >
The foregoin instrument was acknowledged me
President of S~ SPECI~ISTS, INC. , an IndiaAa
corporation, who is personally kno~ to me [or who produced a
current driver ' s license issued by a state of the United
States] and ~ho did not take an oath.
Printed Nam~N~ ~M~ Public
Ho~ Public S~te of I~i~na
Morgan ~un~
My Commission ~pir~s June 30, ~6
2938w ::':
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LEGAL DESCRIPTION OF PROPERTY
A portion of ~ection 29 and 32, Township 19 South, Range 30 East~ Seminole Count),,
Florida described as follows:
Commence at the South 1/4 corner of said Section 29 and run S g9'47'35" W .long the
South line of said Section 29 for a distance of 25.00 feet to the Point of Beginning; thence run S
00'19'43' E along the Wes
25.00 feet West of the East line of the Northwest 1/4 of Section 32 for a distance of 575.17 feet;
thence run S 89'47'35' W for a distance of 1331.48 feet to the Easterly Right-of-Way line of
Interstate 4; thence run N 23'52'59' E along said Right-of-Way line for a distance of 2959,65 feet;
thence run S 86'52'56' E along said Right-of-Way line for a distance of 99.02 feet; thence run S
00'15~36" E along said Right-of-Way line for a distance of 83.29 feet; thence run S 86'52'56' E
along said Right-of-Way line for a distance of 21.44 feet; thence run S 00'15'36' E along the
Westerly Right-of Way line of Oregon Avenue (said line being 25.00 feet West of and parallel with
the East line of the Southwest I/4 of said Section 29) for a distance of 2036.44 feet to the Point
of Beginning,
AND
Commence at the South 1/4 corner of said Section 29 and run N 89'47'58' E along the
South line of said Section 29 for a distance of 25.00 feet to Point of Beginning; then run N 00'I 5'36'
W along the East Right-of-Way line Of Oregon Avenue (said llne being 25.00 feet East of and
parallel with the West line of the Southeast 1/4 of said. Section 19) for a distance of 2040.51 feet;
thence run N 89'44'24" E along a non-radial line and the Easterly Right-of~Way line of Interstate
4 and Oregon Avenue for a distance of 28.60 feet to a point on a curve concave Easterly, having
a radius of 1382.39 feet, a central angle of 21'46'05" and a chord bearing of N 10'51'07' E; thence
run Northerly along the arc of said curve and said Right-of-Way line for a distance of 525.20 feet
to a point on said curve; thence run S 73'57'32' E along a non-radial line and the Easterly line of
lands described in Official Record Book 1807, Page 117 of the Public Records of Seminole Count)',
Florida for a distance of 112.69 feet; thence running the following courses along said Easterly line;
N 87'42'28' E for a distance of 403.86 feet; N 39' 12'28' E for a distance of 226.39 feet; N 01'32'33'
W for a distance of 14~.58 feet; N 49'53'19' W for a.distance of 129.71 feet; thence leaving said
line run N I 5'57'29' E for a distance of 372.62 feet; thence run N 49'53'19" W for a distance of
180.00 feet to the said Easterly Right-of-Way line of Interstate 4 and Oregon Avenue; thence run
N 40'06'41' E along said Right-of-Way line for a distance of 133.40 feet to the point of a curvature
of a curve concave Southeasterly, having a radius of 189.85 feet and a central angle of 49 38 40
thence run Northeasterly along the arc of said curve and said Right-of-Way line for a distance of
164.50 feet; thence run N 89'45'21' E along said right-of-way line for a distance of 9.59 feet;
thence run S 00' 14'39' E along the West line of lands described in Official Record Book 1613,
Page 106 of the Public Records of Seminole County, Florida for a distance of 159.80 feet; thence
run N 89'45'21' E along the South llne of said lands for a distance of 150.00 feet; thence run N
00'14'39' W along the East line of said lands and a non-radial line for a distance of 169.80 feet
to a point on a curve concave Northwesterly, having a radius of 112.00 feet, a central angle of
51'43'46'and a chord bearing of N 39'30'00" E; thence run Northeasterly along the arc of said
curve and said Easterly Right-of-Way line for a distance of 101.12 feet to a point on said curve;
thence run N 89'30'17' E along the Southerly Right-of-Way line of State Road 46 for a distance
of 'M.97 feet to the point of curvature of a curve concave Northerly, having a radius of 2010.08
EXHIBIT "A"
Page 1 of 2
feet and a central angle of 00'34'12'; thence run Easterly along the arc of said curve and said
Southerly P, ight=of-W~ay line for a distance of 20.00 feet to a point on said curve; thence run S
00'16'35" E along the E~st line of the Southwest 1/4 of ..%e Northeast 1/4 of said Soction 29 for
a distance of 255.40 feet; thence run N 89'45'21° E for a distance of 30.00 feet; thence run S
00°16'35' E parallel with and 30.00 feet E~sterly of said E~st line of the Southwest 1/4 of the
Northeast 1/4 for a distance of 32g.03 feet; thence run S 89*34°42` W along the South line of the
North 2218.00 feet of said Section 29 for a distance of 30.00 feet; thence run S 00~16°35" E along
said East llne of the Southwest 1/4 of the Northeast !/4 for a distance of 419.69 feet to the ~outhea.st
corner of said Southwest 1/4 of the Northeast 1/4 of said Section 29; thence run S 00'17'42" E
along the East line of the West 1/2 of the Southeast 1/4 of said Section 29 for a distance of 2640.32
feet to the Southe~t comer thereof; thence run S 89'4T58" W along the South line of said Section
29 rot a distance of 1295.73 feet to the Point of Beginning.
Containing 130.000 acres more or less and being subject to any rights-of-way, restrictions
and easements of record.
EXHIBIT "A"
Page 2 of 2
LEGAL DESCRIPTION OF REDEVELOPMENT PROJECT AREA
Portions of Sections 29 and 32, Township 19 South, Range 30 East, Seminole County,
Florida, described as follows:
Commence at the North 1/4 corner of said Section 32 and run S 89'47'35" W along the
North line of said Section 32 for a distance of 25.00 feet to the Point of Beginning; thence run S
00'19'43' E parallel with and 25.00 feet West of the East line of the Northwest 1/4 of said Section
32 for a distance of 756.31 feet to the point of curvature of a curve concave Easterly, having a
radius of 386.67 feet and a central angle of 29'00'00'; thence run Southerly along the arc of said
curve for a distance of 195.71 feet; thence run S 29'i9'43" E for a distance of I 15.39 feet to the
point of curvature of a curve concave Westerly having a radius of 690.00 feet and a central angel
of 49'21'20'; thence run Southerly along the arc of said curve for a distance of 594.38 feet to a
point on said curve, said point also being the Northeast corner of Lot 3, PINE LAKE GROVES,
as recorded in Plat Book 9, Page 27 of the Public Records of Seminole County, Florida; thence
run S 22'07'05' W along the East line of said Lot 3 for a distance of 194.73 feet to the point.~of
curvature of a curve concave Southeasterly having a radius of 303056 feet and a central angle of
23'02'00"; thence run Southwesterly along the arc of said curve and said ~ast line for a distance
of 414.21 feet; thence run S 00'54'55" E for a distance of 441.20 feet to a point 25.00 feet Westerly
of the Southeast corner of the Nor~thwest 1/4 of said Section 32~ thence run S 89°50'40- W along
the South line of said Northwest I/4 for a distance of 2260.12 feet to the Easterly Right-of-Way
line of Interstate 4; thence run N 23'52'59' E along said Right-of-Way llne for a distance of 5224,00
feet; thence run S 86'52'56' E along said Right-of-Way-line for a distance of 99.02 feet, thence
run S 00'15'36' E along said Right-of-wa~ line for a distance of 83.29 feet; thence run s 86'52'56'
E along said Right-of-Way line for a distance of 21.44 feet; thence run S 00'15'36" E along the
Westerly Right-of Way line of Oregon Avenue (said llne Avenue being 25.00 feet West of and
parallel with the West line of the Southwest 1/4 of said Section 29) for a distance of 2036.44 feet
to the Point of Beginning. LESS a 100.00 foot Railroad Right~of-Way in Section 32, Township 19
South, Range 30 East.
AND
Commence at the South 1/4 corner said of SectiOn 29 and run N 89'47'58' E along the
South line of said Section 29 for a distance of 25.00 feet to the Point of Beginning; thence run N
00'15'36' W along the East Right-of-Way line of Oregon Avenue (said line being 25.00 feet East
of a parallel with the West line of the Southeast i/4 of said Section 29) for I distance of 2040,51
feet; thence run N 89o44'24" E along a non-radial line and the Easterly Right-of-Way line of
Interstate 4 and Oregon Avenue for a distance of 28.60 feet to a point on a curve concave Easterly,
having a radius of 1382.39 feet, a central angle of 21 046'05' and a chord bearing of N 10'51'07'
E; thence run Northerly along the arc of said curve and said Right-~f-Way line for a distance of
525.20 feet to a point on said curve; thence run S 73'42'32° E along a non-radial line and the
Easterb,/line of lands described in Official Record Book 1807, Page 117 of the Public Records of
Seminole County, Florida for a distance of 212.69 feet; thence run the following courses along said
Easterly line: N 87'42'28' E for a distance of 403.86 feet; N 38'12'28' E for a distance of 226.39
feet; N 01'32'33' W for a distance of 147.58 feet; N 49'53'19' W for a distance of 129.71 feet~
thence leaving said line run N 15'57'29" E for a distance of 372.62 feet~ thence run N 49'53'19'
for a distance of 180.00 to the said Easterly Right-of-Way line of Interstate 4 and Oregon Avenue;
thence run N 40'06'41' E along said Right-of-~'ay line for a distance of 133.40 feet to the point
EXHIBIT "B"
Page 1 of 4
· of curvalure of · curve concave Southeasterly. having a radius of 189.85 feet and a central angle
of 49'3g'40'; thence run Northeasterly along the arc of said curve tad said Right-of-Way line for
t distance of 164.50 ~eet; thence run N 89'45'21" E ·long said Right-of-Way line for · distance
of 9.59 feet; thence run S 00'!4'39' X ·long the West line of lands described in Official Record
Book 1613. Page 106 of the Public Records of Seminole County, Florida for · distance of 159.80
feet; thence run N g9'45'21' E ·long the South line of said lands for u distance of 150.00 feet;
thence run N 00'14'39" W along the East line of said lands and a non-radial line for · distance of
169.80 feet to s point on · curve co·ave Northwesterly, having · radius of 112.00 feet. n central
angle of 51'43'46' and a chord of N 39'30'00' IE; thence run Northeasterly along the arc of said
curve and said Easterly Right~of-Way llne for · distance of 101.12 feet to · point on said curve;
thence run N g9'30'17' E along the Southerly Right-of-Way line of State Road 46 for a distance
of 74.97 feet to the point of curvature of a ourve concave Northerly, having · radius of 201O.0g
feet tad a central angle of 00'34'i2'; thence run Easterly along the nro of said curve and·aid
Southerly Right~of-Way line for a distance of 20.00 feet to a I~oint on said curve; thence run S
00 '16'3F E along the East line of the Southwest I/4 of the Northeast 1/4 of said Section 29 for
a distance of 255.40 feet; thence run N g9'45'21' 1E for · distance of 30.00 feet; thence run S
00'16'35' E parallel with and 30.00 feet Easterly of said East ilne of the Southwest I/4 of the
Northeast 1/4 for a distance of 32~.03 feet~ thence run S g9'34'42° W ·long the South line of the
North 221g.00 feet of said Section 29 for a distance of' 30.00 feet~ thence run S 00'16'3f E along
said East line of the Southwest 1/4 of the Northeast I/4 for a distance of 419.69 feet to the Southeast
corner of said Southwest 1/4 of~the Northeast 1/4 of said Section :29; thence run S 00'17'42' E
along the East line of the West 1/2 of the Southeast 1/4 of said Section 29 for a distance of 2640.32
feet to the Southeast corner thereof; thence run S gg'47'~g' W along the South line of said Section
29 for a distance of 1295.73 feet to the Point of Beginning.
Together containing 213.703 acres more or less and being subject to any rights-of-way, restriction
and easements of record,
A~D
REALIGNED OREGON AVENUE
Portions of the East 1/'2 of the Southeast I/4 and the Southeast 1/4 of the
Northeast I/4 of Section 29, Township 19 South, Ranl~e 30 East, S~minole
County, Florida, described as follows:
EXHIBIT "B"
Page 2 of 4
AND
The following existing or planned public road rights-of-way:
1. Interstate 4/State Road 46 interchange ramps.
2. State Road 46 from I-4 east to County Road 15 (Upsala
Road).
3. Rinehart Road from State Road 46 south to County Road
46A.
4. Either One, but .not both, of the following proposed
road alignments:
a. a four lane divided connector road with closed
drainage aligned with Coastline Road between the
realigned Oregon Avenue and Rinehart Road, or
b. following a realigned Wilson Road between
realigned Oregon Avenue and Rinehart Road in a
four lane configuration.
EXHIBIT "B"
Page 4 of 4
DESCRIPTION OF PROJECT
The Project includes the construction of a regional shopping mall containing approximately 1,000,000
to 1,300,000 square f~eet of retail space and the necessary Public Improvement~ as specified in
EXHIBIT E.
EXHIBIT "D"
DESCRIPTION OF PUBLIC IMPROVEMENTS
The Public Improvements to be constructed with TIF proceeds include the following improvements:
(1) 1-4/SR-46 Interchange ramp ~,nd signals. Widen and improve eastbound off-ramp at
SR-46, westbound on/off-ramp and eastbound on=ramp, or as otherwise required by or
pursuant to standards established by Florida DOT.
(2) Improvements to State Ronte 46 (SR~46) Expand SR-46 to six lanes from 1-4 e~st
ramps to County Road 15 (Upsaid Road (CR-15)) approximately 5,100 lineal feet, and :'.
construct dual left turn lanes from SR-46 to 1-4 westbound or as otherwise required by or
pursuant to standards established by Florida DOT.
(3) Rinehart Road Expansion to Four Lanes. Construction of two additional lanes to the
planned Rinehart Road between SR-46 and CR-46A so ass to be a four lane road to standards
set by Seminole County of approximately 12,600 lineal feet, including acquisition of
rights-of-way which is currently proposed to be constructed as a two lane road.
(,I) Oregon Avenue Reloca~i~n and Expansion. Realignment and construction of Oregon
Avenue as a four-lane divided road of approximately 7,200 L.F* between SR-46 and
Rinehart Road with closed drainage, sidewalks on both sides, and street lights.
(5) East/West Road. Cdhstruction of an a four lane connector between the realigned Oregon
Avenue and Rinehart Road following one of two proposed alignments; (A) a four-lane
divided connector road with closed drainage aligned with Coastline Road between the
realigned Oregon Avenue and Rinehart Road or Upsaid Road (CR-15), or (B) following a
realigned Wilson Road between realigned Oregon Avenue and Rinehart Road in a four lane
configuration.
(6) Water System Improvements. Extend the 16" water main from its present terminus at
approximately Upsala Road (CR-15) west along SR-46 to the intersection to be constructed
with the realigned Oregon Avenue and the south along realigned Oregon Avenue to Rinehart
Road approximately 12,300 L.F.
(7) Off-Site Drainage. Improvements to off-site drainage facilities necessary to accom-
modate storm water drainage from the road improvements described above.
EXHIBIT "E"
Page 1 of 2
(8) Relocatlon of Existing UtilitieS. Relocation of existing utilities necessary to accommodate
the construction of the road improvements described above.
(9) Signalization. Installation of traffic signals at the intersections or realigned Oregon
Avenue with 5R-46. the East/West Connector, and Rinehart Road pursuant to appropriate
Florida DOT County, and/or City standards.
EXHIBIT "E"
Page 2 of 2
TIF FUNDED PUBLIC IMPROVEMENT COSTS
I-4/SR-46 ramp and signals $ 165,000
Improvements to State Route 46 (SR-46) $ 880,000
Rinehart Road Expansion $ 1,600,000
Oregon Avenue Realignment and Expansion $ 2,510,000
East/West Road $ 800,000
Water System lmpro~'ements $ 450,000
Off-Site Drainage $ 100,000
Relocation of Existing Utilities
Signalization $ 450,000
Engineering, Surveying, & Testing $ 962,000
Construction Contingency (5%) S 360,000
Planning & Legal S 80,000
TOTAL PROJECT COSTS $ 8,482,000
EXHIBIT "F"