1543 CRA Rehab Loan Subsidy - Riverwalk PizzeriaTRANSMITTAL MEMORANDUM
K49K4nRANDLIM
To: City Clerk
RE: Request for Services
The item(s) noted below is /are attached and forwarded to your office for the following action(s):
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Once completed, please:
❑ Return original
❑ Return copy
Special Instructions:
Please retain for the official City files.
Please advise if you have any questions regarding the above.
Thank you!
Nicholas Mcray, Economic Dev. Director , From Date
❑ Mayor's signature
❑ Recording
❑ Rendering
Safe keeping (Vault)
El
Development Order
Final Plat (original mylars)
Letter of Credit
Maintenance Bond
Ordinance
Performance Bond
Resolution
Riverwalk Pizzeria/ CRA Rehab Loan Subsidy Agreement
\ \SVCH- Omnicast \USERS\mcrayn \Templates \City Clerk Transmittal Memo.doc
MANYIaNNE M01481h, MERK (IF CIRCUIT CUURT
Prepared 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
Nicholas McCray, Director
Community Redevelopment Agency
City of Sanford
300 North Park Avenue
Sanford, Florida 32771
Tax Parcel Identification Number: 25- 19 -30- 515 - 0000 -001 D
SEMINOLE COUNTY
8K 07890 Pqs 0989 - 9981 (10pgs)
CLERK'S # 2012131945
WWRUEA 11/01/2012 0WWO PM
MTG INE TAX 399.041
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CITY OF SANFORD LOAN SUBSIDY AGREEMENT AND GRANT OF LIENHOLD
INTEREST RELATING TO 350 EAST SEMINOLE BOULEVARD /RIVERWALK
PIZZERIA
THIS LOAN SUBSIDY AGREEMENT AND GRANT OF LIENHOLD INTEREST
is entered into this day of dUOUcwI.aQ/ , 2012 by VANIK INVESTMENTS,
LLC, whose corporate address is 350 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 25-19-30-515-0000-001D (See the
Exhibit "A" attached hereto and incorporated herein by this reference
thereto). The Property is generally addressed as follows: 350 East
Seminole Boulevard located in the City Limits of the City of Sanford or:
In this case a long term lessee. Appropriate joinders are included in this document. The City of Sanford
is the fee owner of the Property.
Page 1
A PORTION OF LOT 1, SANFORD RIVERFRONT PROJECT,
ACCORDING TO THE PLAT THEREOF AS RECORDED IN PLAT
BOOK 14, PAGE 88, PUBILC RECORDS OF SEMINOLE COUNTY,
FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS
FOLLOWS:
BEGIN AT THE SOUTHEAST CORNER OF LOT 1, SANF=ORD
RIVERFRONT PROJECT, ACCORDING TO THE PLAT THEREOF
AS RECORDED IN PLAT BOOK 14, PAGE 88, PUBILC RECORDS
OF SEMINOLE COUNTY, FLORIDA, AND RUN NORTH 0 0 00'00"
EAST ALONG THE EAST LINE OF SAID LOT 1, 113.98 FEET;
THENCE LEAVING SAID EAST LINE RUN SOUTH 90 0 00'00"
WEST 125.37 FEET; THENCE RUN SOUTH 0 °00'00" EAST 66.55
FEET TO A POINT ON THE SOUTH LINE OF SAID LOT 1;
THENCE RUN SOUTH 69 0 16'45" EAST 134.04 FEET TO THE
POINT OF BEGINNING.
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
THIRTEEN THOUSAND NINE HUNDRED THIRTY -SEVEN AND NO /100THS
DOLLARS U.S. ($113,937.00), as part of a total project and loan that approximates
TWO HUNDRED EIGHTY THOUSAND SIXTY -NINE AND NO /100THS DOLLARS U.S.
($280,069.00) of work on the project and 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
legal and recording fees that are associated with this matter and incurred by the CITY of
whatsoever type or nature as determined by the CITY.
(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
Page 2
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 /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 renovation and improvement, thus rehabilitation,
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 except as to the indebtedness of the OWNER to Wilson
Center, Inc.
(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
2 It is recognized that the City of Sanford is the fee owner of the Property and is the lardlord /lessor under
a long term lease with Wilson Center, Inc. being the tenant/lessee.
3 Notwithstanding the fact that the grant application may have been made and acted upon under another
name or entity.
4 See prior footnotes.
Page 3
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 /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 set forth in Exhibit "B" to this Agreement attached hereto and incorporated
herein by this reference thereto.
(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
immediately 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
5 See prior footnotes.
Page 4
,2—
and City codes, laws, regulations and ordinances and the OWNER shall ensure that the
CITY's local business tax is paid each year in the amount established by the CITY.
(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.
(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 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.
Page 5
(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.
Attest:
.
Frrst Witness Signature
Printed Name Of Witness
Signature
1 C. ri.� _ `1-1
Printed Name Of Witness
OWN EiRlVaf : k west ents, LLC
AL DO COLIMODIO
Sole Corporate Officer
Acknowledgment
State Of Florida )
County Of Seminole )
The foregoing was sworn to and subscribed before me this / day
of Ll't A.D. 2011, by Alfredo Colimodio, the OWNER, who is ersona y''�
kn n 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
day of /1�� ✓' , A.D. 2011.
Stamp and /or seal:
otary Public, St a of Florida
My Commission Expires: F -- Z — / y
RON SEMANS
MY COMMISSION N EE 006594
a� EXPIRES: Au gust 27, 2014
.'F„o� Bonded Thru Notary Public Underwriters
Page 6
JOINDER AND CONSENT BY WILSON CENTER, INC.
In Witness Whereof, the WILSON CENTER, INC. joins into and consents to and
has signed and sealed these presents the day and year first above written and agrees
to the terms and conditions hereof.
Attest:
1 a
Signofure of Authorized Officer
Yvette Horian
el.
Witness Signature
(A y )"- /LN V -/(-
Printed Name of Witness
WILSON CENTER INC
Signature of Authori Officer
Robert L. Horian
President, Etc. /Director
Acknowledgment
State Of Florida
County Of Seminole
The foregoing was sworn to and subscribed before me this day
of UV , A.D. 2011, by Robert L. Horian wh s personally know 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 Vg i(
day of V V , A.D. 2011.
RONSEMANS \1 - ---dD tic, State of Florida
' MY COMMISSION # EE 006594 f _ '7
EXPIRES: August 27,2014 My Commission Expires:
%�p fy Bonded Thru Notary Public Underwriters
6 The long term lessee of the property owner, the City of Sanford.
Page 7
AGREEMENT AND JOINDER AND CONSENT BY THE CITY OF SANFORD
In Witness Whereof, the CITY OF SANFORD joins into and consents to and
has signed and sealed these presents the day and year first above written and agrees
to the terms and conditions hereof.
Attest:
JaUDI-A - k0e�"
anet Dougherty
City Clerk
Approved As To Form
And Legality:
Iliam L. Colb
y Attorney
The City of Sanford is the fee owner of the property.
CITY OF SANFO
Jeff Trip
Page 8
t�ecvkI ,Jkafu�r+c;ri, C1� Parcel: 25- 19 -30- 515 - 0000 -001D
E fn i B k-r "A,
Owner: SANFORD CITY OF C/O WILSON CENTER INC HORIAN ROBERT
��� ■� ��� Property Address: 350 E SEMINOLE BLVD SANFORD, FL 32771
'MFMM.IC)LE. CUVNT'Y. FI.t�Fi1I7A,
< Back Save Layout I Reset Layout New Search
- - -- - - - -- - - - -- -
Parcel. ;'S, 19 515 0000 - 001D Va.lue Summary
ll - --- - -- - -'
- -
_ a
Property Address: 350 E SEMINOLE BLVD
owner: SANFORD CITY OF C/O WILSON (ENTER INC
HORIAN ROBERT
Mailing: 541 N PALMETTO AVE #105
SANFORD, FI. 3'771
i
Subdivision Name: SANFORD RIVE FRONT PROJECT
i
Tax District: S3 -SAN FORD- WATERFRONT REDVDST
Exemptions:
DOR Use Code: 89- MIJNICIPAL(EXCPIJB SCH &HOSP)
S
L a k e M o n o e
Lake Monroe
Se 'K
�- 21 L : Tax Amount witholit SOH: $5,664
$� VQ 2011 Tax Bill Amount $5,664
a Tax Estimator
Save Our Homes Savings: i•0
Map Aerial Both Footprint F+ 0 Extents I FCenter Does NOT INCLUDE Non Ad Valorem
Dual Map View - E xternal Assessments
- - _ _ ._. -. -- -- -
Legal Description
- -- -- ..... - -- - - - ------ -- .. _. -_ . _ .._ - --------- - - _ — - - - - .. - _._.._ _ .__ - -- -- - - ---
PT OF LOT 1 DESC AS BEG SE COR RIIN N 113.98 FT W 125.37 FT S 66.55 FT S 69 DEG 16 MIN 45 SEC E 134.04 FT TO BEG SANFORD
RIVERFRONT PROJECT FIB 14 PG 88
_ -. _ 1.
Tax Details
- --- -- -- - -- ----------- - - ..._ - - - - - - - ---------
-- - - - - - - - - - _ -- -
Taxing Authority
2012 Working
2011 Certified
Taxable Value
Values
Values
Valuation
Cost /Market
Cost /Market
Method
$0
$281,269
Number of
1
1
Buildings
SIWM(Saint Johns Water Management)
$281 -,269
Depreciated
$208,069
$210,919
Bldg Value
Sol
$281,2691
Depreciated
$5,304
$5,464
EXFT Value
Land Value
$67,896
$67,8c)O
(Market)
Land Value Ag
lust /Market
S281,269
1284
Value **
Portability Adj
Save Our Horses
$o
$0
Adj
Amendment 1
$0
$ii
Adj
Assessed Valuel
$281,2691
$284,279
Se 'K
�- 21 L : Tax Amount witholit SOH: $5,664
$� VQ 2011 Tax Bill Amount $5,664
a Tax Estimator
Save Our Homes Savings: i•0
Map Aerial Both Footprint F+ 0 Extents I FCenter Does NOT INCLUDE Non Ad Valorem
Dual Map View - E xternal Assessments
- - _ _ ._. -. -- -- -
Legal Description
- -- -- ..... - -- - - - ------ -- .. _. -_ . _ .._ - --------- - - _ — - - - - .. - _._.._ _ .__ - -- -- - - ---
PT OF LOT 1 DESC AS BEG SE COR RIIN N 113.98 FT W 125.37 FT S 66.55 FT S 69 DEG 16 MIN 45 SEC E 134.04 FT TO BEG SANFORD
RIVERFRONT PROJECT FIB 14 PG 88
_ -. _ 1.
Tax Details
- --- -- -- - -- ----------- - - ..._ - - - - - - - ---------
-- - - - - - - - - - _ -- -
Taxing Authority
Assessment Value
Exempt Values
Taxable Value
County General Fund
$281,269
$0
$281,269
Schools
$281,269
$0
$281,269
City Sanford
$281,269
$0
$281,269
SIWM(Saint Johns Water Management)
$281 -,269
$0
$2
County Bonds
$28],269
Sol
$281,2691
Sales
Deed Date Book Page Amount Vac /Imp Qualified
F ind Comparable Sales within this Subdivision
Land
Method Frontage Depth its Unit Price Land Value
SQUARE
Building Information
FEET
11,316.0001
6.00
$67,896
Building Information
Exhibit "B"
Sanford Downtown Waterfront CRA
Rehabilitation Loan Subsidy Program
Amortization of Lien for Recording Purposes
For Loan Subsidy given to RiverWalk Pizzeria, LLC
350 E. Seminole Blvd.
Loan date
Loan Amount
$
113,937.00
Lien Dates
Lien
Amount
From
11/1/2012 -
10/31/2013
$
113,937.00
From
11/1/2013 -
10/31/2014
$
102,543.30
From
11/1/2014 -
10/31/2015
$
91,149.60
From
11/1/2015 -
10/31/2016
$
79,755.90
From
11/1/2016 -
10/31/2017
$
68,362.20
From
11/1/2017 -
10/31/2018
$
56,968.50
From
11/1/2018 -
10/31/2019
$
45,574.80
From
11/1/2019 -
10/31/2020
$
34,181.10
From
11/1/2020 -
11/1/2021
$
22,787.40
From
11/1/2021 -
11/1/2022
$
11,393.70