1543* Subsidy Agmt E Seminole Bv/Riverwalk PizzeriaPrepared 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
MANY{ W)R'+, CLERK W CIRGUIT COURT
SEMMIE C"TY
�`k BK 07990 Pqs 0989 - 9981 (10pgs)
1 � CLERK'S # 2012131945
RECORDED 11/01/2012 0W4t20 PN
MTS DOC TAX 399.00
REWRDIN8 FEES 96.50
REWHOED BY T Smith
Tax Parcel Identification Number: 25- 19 -30- 515 - 0000 -001 D
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 Akyemae -1 ' , 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, SANFORD
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 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 landlord /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
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:
r
F itness S'gnature
Printed Name Of Witness
ess Sign
41/"..j
Printed Name Of Witness
OWN WWtjikjAvpMypents, LLC
ALPR-EDO COLIMODIO
Sole Corporate Officer
Acknowledgment
State Of Florida )
County Of Seminole )
The foregoing was sworn to and subscribed before me this day
of d✓ A.D. 2011, by Alfredo Colimodio, the OWNER, who is ersonally
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
day of
A- 4 ✓ , A.D. 2011.
Stamp and /or seal:
otary Public, Sta2re of Florida
My Commission Expires: P; — Z — 4 — /
�r� fiyi RON SEMANS
9 MY COMMISSION # EE 006594
EXPIRES: Au 27, 2014
p� h Bonded Thru Notary Public undenwflers
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:
P
Sign ure of Authorized Officer
Yvette Horian
WILSON CENTER INC
Signature of Au Officer
Robert L. Horian
President, Etc. /Director
Acknowledgment
State Of Florida
County Of Seminole
��T foregoing
V
of ) V , A. D
produced
was sworn to and subscribed before me this day
2011, by Robert L. Horian wh <s personally know me or who
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 09 r
day of Vo v , A.D. 2011.
RoNSEMANS lic, State of Florida
MY COMMISSION # EE 006594 ( — f
EXPIRES; August 27, 2014
PF°
Bonded Thru Notay Public Underwritem My Commission Expires:
6 The long term lessee of the property owner, the City of Sanford.
Page 7
Printed Name of Witness
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.
(JAO - A:�&
anet Dougherty
City Clerk
Approved As To Form
And Legality:
1liam L. Colbert /
:y Attorney
CITY OF SANFO
Jeff Trip
7 The City of Sanford is the fee owner of the property.
Page 8
r7nvbcf .hitx� �. CFiA Parcel: 25- 19 -30- 515 - 0000 -001D r ` • `t Q �T
Lam- A
$ "�+' ■ ■ Owner: SANFORD CITY OF C/O WILSON CENTER INC HORIAN ROBERT
'�aF.MMtiKyI.E Cl7tJA(TY. F1,C7��/4
Property Address: 350 E SEMINOLE BLVD SANFORD, FL 32771
< Back I Save Layout Reset Layout j FNe, Search
- ------------------- - -- -- - -- - - -- r -- - - - - -- -- -- --- - --
Parcel: 'S 19 -30 515 - 0000 -OOID 1 Value Summary
- - _ -- --- ---------------
Property Address: 350 E SEMINOLE BLVD
Owner: SANFORD CITY OF C/O WILSON CENTER INC
HORIAN ROBERT
I
Mailing: 541 N PALMETTO AVE #105
SANFORD, FL 32771
Subdivision Name: SANFORD RIVERFRONT PROJECT
Tax District: S3- SANFORD - WATERFRONT REDVDST fr
Exemptions:
i
DOR Use Code: 89- MUNICIPAL(EXC:PUB SCH &HOSP) k
Legal Description
Tax Amount without SOH: $5,664
2011 Tax Bill Amount $5,664
Tax Estimator
Save Our Homes Savings: $0
Does NOT INCLUDE Non Ad Valorem
Assessments
PT OF LOT 1 DESC AS BEG SE COR RUN 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 PB 14 PG 88
Taxing Authority
2012 Working
2011 Certified
Taxable Value
Values
Values
Valuation
Cost /Market
Cost /Market
Method
$0
$281,269
Number of
$281,269
$0
Buildings
1
1
Depreciated
$208
$210,919
Bldg Value
$0
$281,269
Depreciated
$5,304
$5,464
EXFT Value
Land Value
$67,896
$67,896
(Market)
Land Value Ag
Just /Market
$281,269
$284
Value **
Portability Adj
Save Our Homes
$0
$0
Adj
Amendment 1
$0
$0
Adj
Assessed Valuel
$281,269
$284,279
Tax Amount without SOH: $5,664
2011 Tax Bill Amount $5,664
Tax Estimator
Save Our Homes Savings: $0
Does NOT INCLUDE Non Ad Valorem
Assessments
PT OF LOT 1 DESC AS BEG SE COR RUN 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 PB 14 PG 88
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
SJWM(Saint Johns Water Management)
$281,269
$0
$281,269
County Bondsi
$281,269
$0
$281,269
_.
Sales
Deed Date Book Page Amount Vac /Imp Qualified
Find Comparable Sales within this Subdivision
Method
I Frontage
Depth
Units
I Unit Price
I Land Value
SQUARE FEETI
11,316.0001
6.001
$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
11/11/2013 -
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