1385 Loan Subsidy Sara JacobsonPrepared by
Lonnie N. Groot, Esquire
Stenstrom, McIntosh, Colbert, Whigham
& Partlow, P.A.
1001 Heathrow Park Lane
Suite 4001
Lake Mary, Florida 32746
(407) 322 -2171
Return to
I�
�
Nicholas Mcray, Interim Director
Community Redevelopment Agency
City of Sanford
300 North Park Avenue
Sanford, Florida 32771
Tax Parcel Identification Number: 25 -19 -30 -5AG- 0202 -0040
ISO ONNNNNNINIonNNNNNNMNONNI"
H6
MARYANNE MORSE, CLERK OF CIRCUIT COURT
SEMINOLE COUNTY
BK 07554 Pgs 1563 — 15701 (11M)
CLERK% S 0 .c01 1037740
RECORDED 04/11/2011 12181% PM
MT6 DOC TAX 376.25
INTAN6 TAX 214.85
REMIN6 FEB 69.50
RECORDED BY T Saith
CITY OF SANFORD LOAN SUBSIDY AGREEMENT AND GRANT OF
LIENHOLD INTEREST RELATING TO 224 EAST FIRST STREET
THIS LOAN SUBSIDY AGREEMEN T AND GRANT OF LIENHOLD INTEREST
is entered into this J��day of W(14 CA , 2011 by SARA LOIS JACOBSON,
whose address is 1203 East Seminole Boulevard, Sanford, Florida 32771, (hereinafter
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- 0202 -0040
(See the Exhibit "A" attached hereto and incorporated herein by this reference
thereto).
The Property is generally addressed as follows: 224 East First Street located in
the City Limits of the City of Sanford or the West 108.2 feet of the East 243.2 feet of the
South 104.2 feet Block 2, Tier 2, E.R. Trafford's Map of the Town of Sanford as
recorded at Plat Book 1, Page 58, of the Public Records of Seminole County, Florida
(the Meisch Building).
Page 1
The CITY hereby subsidizes the financing of the renovation efforts relative to the
redevelopment of the Property in the sum of up to, but no greater than, ONE HUNDRED
SEVEN THOUSAND FOUR HUNDRED TWENTY -THREE AND NO /100THS DOLLARS
U.S. ($107,423.00), as part of a total project that approximates THREE HUNDRED
THOUSAND AND NO /100THS DOLLARS U.S. ($300,000.00), with no loan being
supplemented in this action. 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, 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 renovations occurring on the Property.
(4). The OWNER has obtained financing for the Property, or the cash
advances relating to the Property, or other cash to finance the construction on the
Page 2
Property, in order to assist in the funding and implementation of the renovation and
improvement of the structures located 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.
(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 renovation 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 set forth
in Exhibit "B" to this Agreement attached hereto and incorporated herein by this
reference thereto.
Page 3
(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 renovations and improvements 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
I
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.
Page 4
(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.
(g). Upon expiration or satisfaction of the lien, the OWNER shall be entitled to
have a satisfaction of the lien filed for record by the CITY at the expense of the
OWNER.
(h). Any failure to notify the CITY of sale or transfer 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.
Atte
Fi Witness Signature
N l M P, ('�
Owner /Sara
OIS JACOBSON
Second Witness Signatu
Printed Name Of Witne s
Page 5
Acknowledgment
State Of Florida )
County Of Seminole )
The foregoing was sworn to and subscribed before me this I� day
of r�C�2�� , A.D. 2011, by SARA LOIS JACOBSON, for the OWNER, who is
personally known 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 1A
day of ` , A.D. 2011.
Notary Public, State of Florida
Attest:
Agreed to by the CITY:
Janet Dougherty
City Clerk
Approved As To Form
My Commission Expires:
'I"F - r? r ; MM 0NS
Air t2f� Pn !i "fate of Florid
e iv`ll rnmr; ti.xr;:� , .'L , '�V 25, 2012
AGREEMENT BY THE CITY Bonded thru AS,Ton Ayen� . �80pj 51 -4854
);
/ It—, I I
City Of Sanford
Jeff Tri
Page 6
Seminole County Property Appraiser Get Information by Parcel Number
Personal Property Please Select Account
Page I of 1
http: / /www.scpafl.org /web /re_web.seininole county_ title ?PARCEL= 2519305AGO2020O4... 2/11/2011
DAFID JOHN90H. CFA. ASA
PROPEFttTY
020 -1) oxo,�
AP��!15IER
a.o a � a 4.02.0
e,
SEMiNDLBCOUNTYFL.
d
9.0'F.
E 1 8T8T
.-. - %A.1
f•
1101 R FWPST ST
DANi0Hb. FL327 ?i•Y48a
407•e85
("L�� ri 1b
e a
y ,},
', ` -
4 13: 4.0A 0 2,k t_g�g31.A
iz'_'0$ 11.
—,
VALUE
SUMMARY
VALUES
201
2010
Workin
Certified
Value Method
Cost/Market
Cost/Market
GENERAL
Parcel Id: 25.19.30 -5AG- 0202.0040
Number of Buildings
i 1
Depreciated Bldg Value
$324,123
$324,123
Owner: JACOBSON SARA L
Mailing Address: 1203 E SEMINOLE BLVD
Depreciated EXFT Value
$0
$0
C1ty,State,ZipCode: SANFORD FL 32771
Land Value (Market)
$67,644
$67,644
Property Address: 2181ST (THRU 228) ST E SANFORD 32771
Land Value Ag
$0
$0
Facility Name:
Jost/idt.Value
$341,767
$301,767
Tax District: S3- SANFORD- WATERFRONT REDVDST
Portablity Adj
$0
$0
Exemptions;
Save Our Homes Adj
80
$0
Dor: i i- STORES GENERAL -ONE S
Amendment 1 Ad)
$0
$0
Ass e ssed Value (SOH)
$391,7671
$391,767
Tax
Estimator
2011 TAXABLE VALUE WORKING ESTIMATE
Taxing Authority
Assessment Value
Exempt Values
Taxable Value
County General Fund
$391,767
$0
$341,767
(Amendment f adjustment is not applicable to school assessment) Schools
$391,767
$0
$391,767
City Sanford
$3911,767
s0
$391,767
SJWM(Ssint Johns Water Management)
$391,767
$0
$391,767
Cou;tyBondsl
$391,767
$0
$391,767
The taxable values and taxes are calculated tieing the current years working values and the prior years approved miliage rates.
SALES
2010 VALUE SUMMARY
Deed Date Book Page Amount Vaclimp Qualified
2010 Tax Bill Amount: $7,869
WARRANTY DEED 0411998 03606 03$7 $100 Improved No
2010 Certified Taxable Value and.Taxes
Find Sales within this DOR Code
DOES NOT INCLUDE NON -AD VALOREM ASSESSMENTS
LEGAL DESCRIPtION
LAND
Land Assess Method Frontage Depth Land Units Unit Price Land Value
PLATS: Pick...
SQUARE FEET 0 0 11,274 6.00 $67,644
LEG W 108.2 FT OF E 243.2 FT OF S 104.2 FT OF BILK 2 TR
2 TOWN OF SANFORD P8 1 PG 58
BUILDING INFORMATION
Bid Num Old Class Year Olt Fixtures Gross SF Stories Ext Wall Bid Value Est, Cost New
Building 1 MASONRY PILAS 1922 i8 18,192 2 BRICK COMMON - MASONRY $324,123 $810,308
Sketch
Subsection I Sqn UTILITY FINISHED 1 1728
Subsection I Stitt CANOPY 11080
Permits
NOTE; Assessed values shown are NOT certified values and therefore are subject to change before being AnaNzed for ad valorem tax pwposes.
If you recently purchased a homesteaded o party our next ar's property tax will be based on Just/Market value.
http: / /www.scpafl.org /web /re_web.seininole county_ title ?PARCEL= 2519305AGO2020O4... 2/11/2011
Exhibit "B"
Sanford Downtown Waterfront CRA
Rehabilitation Loan Subsidy Program
Amortization of Lien for Recording Purposes
For Loan Subsidy given to Sara Lois Jacobson.
224 E. 1 st St.
Loan date
Loan Amount $ 107,423.00
Lien Dates
Lien Amount
From 3/01/2011 to 2/29/2012
$
107,423.00
From 3/01/2012 to 2/28/2013
$
96,680.70
From 3/01/2013 to 2/28/2014
$
85,938.40
From 3/01/2014 to 2/28/2015
$
75,196.10
From 3/01/2015 to 2/29/2016
$
64,453.80
From 3/01/2016 to 2/28/2017
$
53,711.50
From 3/01/2017 to 2/28/2018
$
42,969.20
From 3/01/2018 to 2/28/2019
$
32,226.90
From 3/01/2019 to 2/29/2020
$
21,484.60
From 3/01 /2020 to 2/28/2021
$
10,742.30
10742.3