1959 CRA Loan Subsidy Lien Hold Interest 401 E. 1st Street Suite 4096(`iMr41%11T MALOY., SEIIINOLE' ('"JOUNTY
I HP E.:,_.;JI -OLJT & f-
FZMPTROLLER
K OF C."- JIT '
113 K c'l V, 1,
19 7 2-- 193 1 s s
CLERA'S a 2018086341
RECOFd'sED 07/2-5/21 - 1 ;3 11 A
F-:'."C:ORDIHG FEEES $8L=0
REC":ORDED BY halevi-we
Prepared by:
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
17 300 North Park Avenue
Sanford, Florida 32771
(407) 562-2820
W—AT-Cl :4 A :4 kyl I Q 0 1 W -A 0 1 Ile 0 NJ 10 11:4 -1 ga 2 Oil WTINA I
I MA k MON 11111:402M mwi;R-A mi,
THIS LOAN SUBSIDY AGREEMENT AND GRANT OF LIENHOLD INTEREST
is entered into this _ day ofo)`March , 2018 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
said project involving construction work onthe Property. This
subsidization being made under the following terms and conditions:
U\ The actual amount awarded by the CITY to the OWNER shall beless 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 ornature.
/2\. The purpose of this Agreement is to innp|aman1 a program of the C|TY, as
set forth in Ordinance Number 2009-4162, as codified in the City of Sanford City Code
at Section 2-368, which has been legislatively developed to encourage the renovation
and productive use of the Property which is |wo8bed in the Sanford Lake Monroe
Waterfront and DoVVOtomvD Sanford Con0n0VOib/ Redevelopment Area within the City
Limits of the City of Sanford and to assist business owners such as the OVVyJEF| to
redevelop properties located within the City of Sanford for the benefit of the public.
(3). The C|TY'a grant to the C}VVNER. as set forth henein, will provide a
subsidy to the OWNER to effectively reduce the interest neb* on the {JVVNEF|'s financing
which is necessary for funding the building construction' renovations/rehabilitation
occurring oOthe Property.
(4). The OWNER has obtained financing for the Property in order to assist in
the funding and implementation ofthe 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 |ienho|d
interests except as to the indebtedness of the OWNER to the Primary Lender
/VK.
B\ The OWNER covenants and agrees that the financing from the CITY or
otherwise, ShoU be used, or has been used, solely mdgUng to the renovation and
improvement of the Property and exclusively used for the purposes get forth in the
OWyJER'a grant application filed with the CITY relative to the Property which is deemed
to be iDun[ponytod into this Agreement hythis 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 |ianho|d 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 ho include, but not be limited
to, the payment mfthe documentary stamp 1ox)'
(7). The OWNER and the CITY agree that the amounts set forth above asthe
C[TY's financial supplementation ofthe 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`e
indebtedness to the CITY, for a period of ten (10) years and, during such period of time,
the CITY shall hold 8 declining balance lien upon the Property. The declining balance
calculation is 1/10m of the grant amount reduced annually on the anniversary of the
issued Certificate ofOccupancy for the project deschbedinExhibitA/P 'eot\'
(8). The OWNER accepts the funds eft forth herein from the CITY for the
purposes herein stated. The OWNER hereby grants unto the C|TY, in accordance with
the terms ofthis Agreement alien onthe Property. Should the OWNER sell ortransfer
title to the Property without completing the construction, renovations, improvements and
subsequent maintenance of the Property to the satisfaction of the CITY, the OWNER
shall repay said sums tothe CITY upon demand ofthe CITY.
03\. The OWNER additionally covenants and agrees kJthe following terms and
(m) To ensure that the work for the project set forth in the specifications
provided to the CITY and made m part hereof in G 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). Tocommence the specified work within and complete the work as set
forth in the application filed with the CITY.
/c\ To gnmmns that all work accomplished is bonded and guaranteed fora
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 bvthis reference thereto.
(f). Upon any sale or transfer of the Property, the OWNER shall immediately
notify the CITY of such sale m[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
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
AttestlWitness:
First Witneynature
I j - r" 0-, t --A
Printed name of witness(I
State Of Florida
County Of Seminole
Owner/ — Airpanchos Properties,
LLC
Anthony S(r-ica, Managing Member
Acknowledgment
The foregoing was sworn to and subscribed before me this 2-0 day
of A.D. 2041, by (-',O,,yho a(e personally known)
to me or who produced as identification
and who did execute the foregoing document under oath or affirmation.
Witness my hand and offi I eal in the County and State aforesaid this -Z 0
day of lYA0-V-C'Q--1 , A.D. 201-1- A
My Commission Expires
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
Attest. CITY OF SAN
a31�S'
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
jmto'- lxat-"
Sofiia Fonseca, Executive Director
F-ITOTO=a- 0;
Cynthia Lindsay, Treasurer
Page 7
CITY OF SANFORD COMMUNITY
REDEVELOPMENT AGENCY
Charles Davishairperson
y
Date: �3/ ee
/
i
CrA
t
Parcel Information
Parcel 25 -1930 -SAG -0301-011 A
Owner AIRPANCHOS PROPERTIES LLC
i
Property Address 113PALMET'1'0111&f17AVESANFORD,FL32771
Mailing 401 E 1STSTSTE 4096 SANFORD, FL 32772
Subdivision Name SANFORD TOWN OF
TaxDistdct S3-SANFORD-WATERFRONTREDVDST
DOR Use Code 89-MUNICIPAL(EXC:PUS SCH&HOSP)
-Exemptions 80-CITY(2009)
,Propedy Records Car
Parcel: 25-19.30-5AG-0301-011 A
Owner: AIRPANCHOS PROPERTIES LLC
Property Address: 113 PALMETTO 111 & 117 AVE SANFORD, FL 32771
Value Summary
Tax Amount without SOH: $0.00
2DI6 Tax Bili Amount $0.00-
Tax
0.00-Tax Esgmator
Save Our Homes Savings: $0.00
• Does NOT INCLUDE Non Ad Valorem Assessments
Legal Description
2017 Working
Values
2016 Certified
Values
Valuation Method
Cost/Market
CosltMarket
Number of Buildings
2 _
y
2
Depredated Bldg Value
$91427
.591,427
Depredated EXFT Value
W
__
Land Value (Market)
$66,630
S66,630
_ ^
•Land Value Ag
OFLOT12NTONECORLOT13WTOA
1 sUtMarketValus" ^^-
MUST
$158.057
Portability Adj
_
Save Our Homes Adj
$0
$0
Amendment Adj
$d -
-
$0_-
Assessed Value
$158,057
$158,057
Tax Amount without SOH: $0.00
2DI6 Tax Bili Amount $0.00-
Tax
0.00-Tax Esgmator
Save Our Homes Savings: $0.00
• Does NOT INCLUDE Non Ad Valorem Assessments
Legal Description
PT OF LOTS 1112 & 13 DESC AS
BEG28.94FTNOFSWCORLOT11 RUN
E71AI FTNS.95FTETOELOTU
OFLOT12NTONECORLOT13WTOA
PT N OF BEG S TO BEG BLK 3 TR 1 & E
2 FT OF STADJ ON W TOWN OFSANFORD
PB 1 PG 68
Taxes
y
_
Taxing Authority-
AssessmentValue�W
Exempt Values Taxable Value
County General Fund
$158,057
$168.067 $0
Schools
_ _— --~ -
$158,057
--"
-� $168,067 $0
$158,057 $0
City Sanford $158,057
SJWM(SaintJohns Water Management)
$156,057
_ _- _ $158,057 $0
__
County Bonds -
_^�—__ �!
5158.057
$156,057 $0
Sales
Description
Date Book
Page Amount Qualified Vadimp
QUITCLAIMDEED
3/1/2017 08677
9689
$60,000 No Improved
SPECIAL WARRANTY DEED
2/1/2017 - 06858
0636
$60,000 No Improved
QUITCLAIMDEED
12M12008 D709910_2
$100 No unproved
CERTIFICATE OF TITLE�-^
6M/2008
07017
9�$
$1+ONo. Improved
WARRANTY DEED
5/1/2004
05
Q5136
5115,0ImnlIlmai
E}CHtBff
Find Comparable Sales
-`
- -
Land
Method Frontage
Depth Units Units Pdce L
SQUARE FEET
66631
$10.00 586,830
Building Information
Area
Description
Year Built
Stories
Total SF
Ext Wap
Adj Value (
Rapt Value I
Appendages
_
#�
99961 r
_01730 -
ActuallEffective
COUNTY
SANFORD
$0.
�'
j
$81,877
02720
EXTERIOR REMODELING ~r --��
UMN
1901
1
3,501
(CONCRETE BLOCK -MASON
' $48,086jj
i
$120216
_
Description Area
CANOPY ,124A0
1 WOOD 6FAMICOL
1 2 1 MASONRY PILASTER . 1 1882 11 -� 2,263 BRICK COMMON - MASONRY _~- 543,341 $108,352
Description
Area
CANOPY
' 124.00
CANOPY
528.00
-Permit#-
Description --_ — --Agency
Amount
CO Data
PermitDate
01291
ADDITION -COMMERCIAL
SANFORD
- _ 51,600
_
2/2212006
99961 r
_01730 -
REQUESTED RECHECK -COMMERCIAL
REPLACING TRUSSES, DECKING, &ROOFING �-
COUNTY
SANFORD
$0.
�'
3/112006
8/412009 -
$81,877
02720
EXTERIOR REMODELING ~r --��
SANFORD
$20,130
10/1012016
Extra Features
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
3/20/2027
$
4,375.60
Year 10
3/20/2028
$
0.00