1476 CRA Loan Subsidy Agreement - ROKA Prop - 108 Park Avei
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Prepared bv:
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: 25-19-30-5AG-0304-001A
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CLERK'S # 2012-009053
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CITY OF SANFORD LOAN SUBSIDY AGREEMENT AND GRANT OF
LIENHOLD INTEREST RELATING TO 108 PARK AVENUE
THIS LOAN SUBSIDY AGREEMENT AND GRANT OF LIENHOLD INTEREST
is entered into this -;! day of Al vyemr-'' e(" , 2011 by ROKA PROPERTIES, INC.,
\ whose address is 856
Silver
Woods Drive, Lake Mary,
Florida 32746, (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-0304-001A (See the
Exhibit "A" attached hereto and incorporated herein by this reference
thereto). The Property is generally addressed as follows: 108 Park Avenue
located in the City Limits of the City of Sanford or the Beginning at the
Southeast corner of Lot 1, Block 3, Tier 4, according to E.R. Trafford"s
Map of the Town of Sanford, as recorded in Plat Book 1, Page 56 through
64, Public Records of Seminole County, Florida, run thence West 49.6
feet to the Southwest corner of said Lot 1, thence North on the line
Page 1
between Lots 1 and 2, Block 3, Tier 4, Sanford, 63.75 feet; thence
Southeasterly 49.6 feet to the East line of sa - id - Lot 1: thence South 63.65,
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, SIXTY-THREE
THOUSAND FIVE HUNDRED FIFTY AND NO/100THS DOLLARS U.S. ($63,550.00),
as part of a total project and loan that approximates THREE HUNDRED SEVENTY-
FIVE THOUSAND TWO HUNDRED AND NO/100THS DOLLARS U.S. ($375,200.00) of
which ONE HUNDRED FIFTY-SIX THOUSAND TWO HUNDRED AND NO/100THS
DOLLARS U.S. ($156,200.00) is the rehabilitation work on the project and 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
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, 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.
(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
Page 2
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 the
United Legacy Bank.
(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/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,
Page 3
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
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
physical injury occurring as a result of working on the project and in any way relating to
the Property.
Page 4
(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
(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.
Atte-,zt-
Adfln4a
First Wrtne-ss Signature
I I -i SCS 029L -C GL
Printed Name Of Witness
VIIA //711�
Second Witness Signature
Megabeersn
Printed Nme Of Witness
Page 5
JAM R. R. HA*KJs, JR.
Director
�dvjl
Karen M. HAWKINS
Director
Acknowledgment
State Of Florida
County Of Seminole
The foregoing was sworn to and subscribed before me thisday
I rX
of A.D. 2011, by JAMES R. HAWKINS, JR. and KAREN M. HAWKINS,
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
day of A.D. 2011.
MYCOMMISSIONtoonm Notary Public, Sta of Florida
EMRB. October 20 2012 lo 11-0 )12—
,FFj,,�4' Bonded Thru BU60 Notary Senrioes My Commission Expires:
Additional Signature Blocks Follow
Page 6
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In Witness Whereof, the UNITED LEGACY BANK joins into and consents to
and has signed and sealed these presents the day and year first above written. Agreed
to by the United LegacyAank.
Attest:
Signature of Officer
Jeff Triplett
Senior Viceii rite Officer
Second Witness Signature
Printed Name of Witness
State Of Florida
County Of Seminole
UNITED LEGACY BANK
Z: Z
Zsrgnature of Authorized Officer
Michael Scures
Executive Vice President
Acknowledgment
The foregoing was sworn to and subscribed before me this n
day
of A.D. 2011, by Michael Scure-s the representative of the United
Legacy Bank, who i personally known o me or who produced
as identification and who did execute
the foregoing document under oath or affirmation.
Witness my hand and official sea[ in the County and State aforesaid this q
day of A.D. 2 1 ALEC
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Page 7
ic, State of Florida
Commission Expires:
Agreed to by the CITY:
Attest:
Janet Dougherty flJ
City Clerk
Approved As To Form
Page 8
City Of Sanford
Patty Ma any, Vice -Mayor,
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Seminole County Property Appraiser Get Information by Parcel Number
Personal Property Please Select Account
BUILDING INFORMATION
Bid Num Bid Class Year Bit Fixtures Gross SF Stories Ext Wall Bid Value Est. Cost New
1 MASONRY PILAS 1901 12 5,600 2 BRICK COMMON - MASONRY $126,677 $316,692
Subsection / Scift OPEN PORCH FINISHED/ 70
http://www.scpafl.org/web/re—web.seminole—county_jitle?parcel=2519305AGO304001 A&cpad=park&cp... 4/21/2011
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PROPERTY
APPRAMER
SEMINOLE COUNTY F1_
1101 E. MRST ST
S ANFORD FL 32771-14U'8
407-665-7505
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VALUE SUMMARY
VALUES 2011
Working Cert
GENERAL
Value Method Cost/Market Cost/IV
Parcel Id: 25-19-30-5AG-0304-001 A
Number of Buildings I
Owner: ROKA PROP INC
Depreciated Bldg Value $126,677 $12
OwnlAddr:
Depreciated EXFT Value $0
Mailing Address: 856 SILVERWOOD DR
Land Value (Market) $15,800 $1
City,State,ZipCode: LAKE MARY FL 32746
Land Value Ag $0
Property Address: 108 PARK AVE S SANFORD 32771
Just/Market Value $142,477 $14
Facility Name:
Portablity Adj $0
Tax District: S3-SANFORD-WATERFRONT REDVDST
Save Our Homes Adj $0
Exemptions:
Dor: 11 -STORES GENERAL -ONE S
Amendment I Adj 1 $01
1 Assessed Value (SOH) 1 $142,4771 $14
1 Tax Estimator
2011 TAXABLE VALUE WORKING ESTIMATE
Taxing Authority Assessment Value Exempt Values Taxable V�
County General Fund $142,477 $0 $14:
(Amendment 1 adjustment is not applicable to school assessment) Schools $142,477 $0 $14:
City Sanford $142,477 $0 $14:
SJWM(Saint Johns Water Management) 1 $142,4771 $01 $14:
County Bonds 1 $142,4771 $01 $14:
The taxable values and taxes are calculated using the current years working values and the prior years approved millage rates.
SALES
Deed Date Book Page Amount Vac/Imp Qualified
SPECIAL WARRANTY DEED 04/2011 07557 0135 $219,000 Improved No
CERTIFICATE OF TITLE 03/2010 07357 0280 $100 Improved No
2010 VALUE SUMMARY
CORRECTIVE DEED 07/2004 05372 0018 $100 Improved No
2010 Tax Bill Amount: $2
WARRANTY DEED 05/2004 05329 1428 $100 Improved No
2010 Certified Taxable Value and Taxes
WARRANTY DEED 04/1999 03644 1689 $110,000 Improved No
DOES NOT INCLUDE NON -AD VALOREM ASSESSMEI
WARRANTY DEED 09/1984 01578 1606 $110,000 Improved Yes
WARRANTY DEED 01/1971 00892 0189 $20,000 Improved Yes
Find Sales within this DOR Code
LEGAL DESCRIPTION
LAND
Land Assess Method Frontage Depth Land Units Unit Price Land Value
PLATS: Pick...
SQUARE FEET 0 0 3,160 5.00 $15,800
LEG S 63.7 FT OF LOT 1 BLK 3 TR 4 TOWN OF SANFOI
PB 1 PG 58
BUILDING INFORMATION
Bid Num Bid Class Year Bit Fixtures Gross SF Stories Ext Wall Bid Value Est. Cost New
1 MASONRY PILAS 1901 12 5,600 2 BRICK COMMON - MASONRY $126,677 $316,692
Subsection / Scift OPEN PORCH FINISHED/ 70
http://www.scpafl.org/web/re—web.seminole—county_jitle?parcel=2519305AGO304001 A&cpad=park&cp... 4/21/2011
Exhibit "B"
Sanford Downtown Waterfront CRA
Rehabilitation Loan Subsidy Program
Amortization of Lien for Recording Purposes
For Loan Subsidy given to ROKA
104-110 S. Park Ave
Loan date
Loan
Amount
$
63,545.00
Lien Dates
Lien
Amount
From
12/1/2011 to 11/30/2012
$
63,545.00
From
12/01/2012 to 11/30/2013
$
57,190.50
From
12/01/2013 to 11/30/2014
$
50,836.00
From
12/01/2014 to 11/30/2015
$
44,481.50
From
12/01/2015 to 11/30/2016
$
38,127.00
From
12/01/2016 to 11/30/2017
$
31,772.50
From
12/01/2017 to 11/30/2018
$
25,418.00
From
12/01/2018 to 11/30/2019
$
19,063.50
From
12/01/2019 to 11/30/2020
$
12,709.00
From
12/01/2020 to 11/30/2021
$
6,354.50