1857 CRA - Subsidy Agrmnt 300 E 2nd St/2ND Street StationPrepared
Jennifer D. Cockcroft, Esquire
Stenstrom, McIntosh, Colbert &Whigham, P.A.
1001 Heathrow Park Lane
Suite 4001
Lake Mary, Florida 32746
(407) 322-2171
Return to:
Bob Turk, Director
Community Redevelopment Agency
City of Sanford
300 North Park Avenue
Sanford, Florida 32771
G�2-k
Tax Parcel Identification Number 25-19-30-5AG-0301-0090
GRANT Y?
CLERK OFnALOCIRCUITSEMINOLE COURTCOUNTY & COMPTROLLER
BK 8964 P:9S 791-303 (13P9s)
CLERK'S a 2017078017
RECORDED 08/02/2017 12:29:21 PM
RECORDING FEES 5112.01)
RECORDED BY tsmith
CITY OF SANFORD REDEVELOPMENT SUBSIDY
AGREEMENT AND GRANT OF LIENHOLD INTEREST
RELATING TO 300 EAST SECOND STREET/2ND STREET
STATION LLC
THIS REDEVELOPMENT SUBSIDY AGREEMENT AND GRANT OF
jij W- 9P11
LZ
LIENHOLD INTEREST is entered into this day of a Lt..&& iW-4 by 2ND
STREET STATION, LLC., whose corporate address is 701 Sunbury Drive, Winter
Springs, FL 32708, (hereinafter referred to as the "OWNER"), and the CITY OF
SANFORD, a municipal corporation of the State of Florida, 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-0301-0090, (Please see Exhibit "A" attached hereto and incorporated herein by
this reference thereto). The Property is generally addressed as follows: 300 EAST
SECOND STREET located in the City Limits of the City of Sanford and more particularly
described as follows:
Page 1
I
TOWN OF SANFORD LOTS 9 AND 10, BLOCK 3 TIER I AND THE
EAST TWO FEET OF STREET ADJOINING ON WEST, TOWN OF
SANFORD, ACCORDING TO THE PLAT THEREOF AS
RECORDED IN PLAT BOOK 1, PAGE 58, PUBLIC RECORDS OF
SEMINOLE COUNTY, FLORIDA.
The CITY hereby subsidizes the costs of the renovation efforts relative to the
redevelopment of the Property in the sum of up to, but no greater than, FORTY-NINE
THOUSAND EIGHT HUNDRED THIRTY AND NO1100THS DOLLARS U.S.
($49,830.00), as part of a total project that approximates ONE HUNDRED AND
TWENTY TWO THOUSAND FOUR HUNDRED EIGHTY SEVEN AND NO/100THS
DOLLARS U.S. ($122,487.00) 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
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.
Page 2
(3). The CITY's grant to the OWNER, as set forth herein, will provide a
subsidy to the OWNER to effectively reduce the costs necessary for funding the building
renovations/rehabilitation occurring on the Property.
(4). The OWNER is self financing the costs of the project for the Property in
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.
(5). The OWNER covenants and agrees that the financial assistance 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
CITYs financial supplementation of the renovation/rehabilitation 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 OWNERs indebtedness to the
CITY, for a period of ten (10) years and, during such period of time, the CITY shall hold
Page 3
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
and City codes, laws, rules, regulations and ordinances and the OWNER shall ensure
that the CIIYs 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.
Page 4
(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
ISMM",-
(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.
(j). CITY reserves the right to place inspectors at the work site in order to
ensure proper expenditure of the grant funds provided under this Agreement The CITY
does not assume liability for the quality of work performed under this Agreement.
Further, the CITY .will not act in a supervisory capacity during the course of the
rehabilitation project.
Page 5
(k). CITY may audit or review any and all records or documents pertaining to
this Agreement at any time.
(1). OWNER shall ensure that this Agreement is performed and executed in a
non-discriminatory manner, consistent with State and Federal civil rights legislation. All
services and access shall be available without regard to race, creed, color, handicap,
familial status, disability, religion or national origin.
(m). OWNER shall maintain written records and accounts documenting all
expenditures relating to this Agreement. The OWNER shall maintain these documents
for a minimum or three (3) years from the date of final completion of the rehabilitation
project, or until final resolution of any matters involving costs, audit concerns, or related
matters. OWNER acknowledges that this Agreement and any related documents may
be subject to disclosure to members of the public pursuant to the Florida Open Records
Act, contained in Chapter 119 of the Florida Statutes. If OWNER fails to comply with
the provisions of Chapter 119, CITY may terminate this Agreement and OWNER shall
not be entitled to further disbursement or other benefit of this Agreement.
(10). This Agreement does not constitute a waiver of any local ordinances,
codes or regulations.
(11). This Agreement is executed in Seminole County, Florida and performance
and interpretation of this Agreement shall be construed in accordance with the laws of
the State of Florida. Any action or litigation related to this Agreement shall be heard in
the appropriate courts of Seminole County, Florida, and each party waives the right to
trial by jury.
Page 6
(12). If any part, term or provision of this Agreement is found to be invalid by a
Court to be illegal or in conflict With any other term, part or provision then the remaining
provisions, parts and terms shall remain valid and in effect and eligible for enforcement.
In Witness Whereof, the said OWNER has signed and sealed these presents
the day and year first above written.
WITNESS ONE:
'L 0"q clwlb�'-AL
-18IGNATURE
PRINTED: S(&Y-e-eno, Co YJ -
OWNER
2ND STF
Sidney
ATION, LLC
Margaref,VV. Bashore
Authorized Member
WITNESS TWO:
Page 7
Acknowledgment - Sidney M. Bashore, Jr.
STATE OF FLORIDA
COUNTY OF SEMINOLE
The foregoing was sworn to and subscribed before me this cjd, day
of• A.D. 201by Sidney M. Bashore, Jr., as Authorized Member on
behalf of -OWNER, 2ND STREET STATION, LLC. and who is personally known to me
or� produced:,) FN t- e .. /I 1a 3 // P as identification and
who did-exere-Ofe the foregoing document under oath or affirmation.
Witness my hand and official seal in the County and State aforesaid this -d-1A
day of ,4z L-- _,A.D. 2 a - 0 1 - ]
Stamp and/or seal:
----------
DEBBIE BLANTON
MY CONWSION # FF 178648 AN arty Public, State of Florida
EXPIRES: February 25, 2019
Boded Tbfu Wary Pubft UridemAten
Printed Name. tse-btoie--
My Commission Expires:
Acknowledgment - Margaret Bashore
STATE OF FLORIDA
COUNTY OF SEMINOLE
T�e foregoing was sworn to and subscribed before me this day
of 20q
A.D. �@F,v
by Margaret W. Bashore as Authorized Member on behalf
of (3WNER, 2ND STREET STATION LLC. and who is personally known to me or who
L
L
produced: -ak // &/ 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 thisi-I
day of , jZj,- , A.D. �-O I ')
Stamp and/or seal:
DEBBIE BLANTON
My COMMISSION # rF 178648
k
Notary Public, State of Florida
EXPIRES: Febtuary 25, 2019
Boded Thm Notary Pubs Ur&mteis
Printed Name:�c---b b, C -
My Commission Expires:
6=-1
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 hereof.
A
ATTEST-
SANFORD
o V,
Cyntlita Porter
City Clerk
'e
Approved as to form
and legality:
�WJ4by
Jennifer Cockcroft, Asst CA
illiam L. Colbert
City Attorney
Page 9
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: CITY OF SANFORD COMMUNITY
REDEYELOPMENT AGENCY
Bob Turk Charles Davis Chpirperson
2q,
C Executive !rector Date:
Dat: 7 7
aqt
Cyn0a Lifid -say
City Treasugrh
Date: -
Page 10
EXHIBIT A
SCPA Parcel View: 25-19-30-5AG-0301-0090
�Jotis�vn).4'Sh "00ertY Ree d Cin!
<*SMIET
Parcel: 25 -19 -00 -SAG -0303-0040
O__2ND STATION LLC
Ccu"M� P10Qnit7 Address: 300 E 2ND ST SANFORD, FL32771
Pasedx 15.19-00.506-0301-0090
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Tu Anmet mdaa SON:
{ P,os e t Addnm: 306E 2R0 ST
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Page 1 of 2
htip://wtivwscpatl.org/ParceiDetaillnfo.asp.v?PID=2519305AGO30I0090 2/21/2010
Page 11
EXHIBIT B
Page 13
Balance
Forgiven
co
2/2/2017
$
49,830.00
$
-
Year 1
2/2/2018
$
44,847.00
$
4,983.00
Year 2
2/2/2019
$
39,864.00
$
4,983.00
Year 3
2/2/20201$
34,881.00
$
4,983.00
Year 4
2/2/20211$
29,898.00
$
4,983.00
Year 5
2/2/2022
$
24,915.00
$
4,983.00
Year 6
2/2/2023
$
19,932.00
$
4,983.00
Year 7
2/2/2024
$
14,949.00
$
4,983.00
Year 8
2/2/2025
$
9,966.00
$
4,983.00
Year 9
2/2/2026
$
4,983.00
$
4,983.00
Year 10
2/2/2027
$
-
$
4,983.00
Page 13