1781 CRA Redevelopment Subsidy - Ritz TheaterPrepared by:
Lonnie N. Groot, 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
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11ARYANNE MORS)EY SENIMOLE COUNTY
CLERK OF CIRCUIT COURT CONFTROLLER,
iBK 8616 Pg,-;
CLERK I S 8 201600509"
RECORDED 01/14/21.116 01--26-1t FT1
i�. �nORDING FEES $78.00
RECORDED BY hdwore
Tax Parcel Identification Numbers: 25-19-30-5AG-0402-0090 and 25-19-30-5AG-0402-01 00
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CITY OF SANFORD REDEVELOPMENT SUBSIDY AGREEMENT AND GRANT OF
LIENHOLD INTEREST RELATING TO 201/203 SOUTH MAGNOLIA AVENUE/RITZ
COMMUNITY THEATER PROJECTS, INC.
THIS REDEVELOPMENT SUBSIDY AGREEMENT AND GRANT OF
LIENHOLD INTEREST is entered into this 15th day of September, 2015 by RITZ
COMMUNITY THEATER PROJECTS, INC, whose corporate address is 201-203 South
Magnolia Avenue, 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 Numbers 25-19-30-5AG-0402-0090 and 25-19-
30-5AG-0402-0100. (See the Exhibit "A" attached hereto and incorporated
herein by this reference thereto). The Property is generally addressed as
follows: 201/203 South Magnolia Avenue located in the City Limits of the
City of Sanford or (as taken from the Property Appraiser's data and not a
survey):
TOWN OF SANFORD, Lot 9, 10 and the north 3 feet of Lot 11 (less
the north 20 feet of the east 38 feet), BLOCK 4 TIER 2, TOWN OF
SANFORD, ACCORDING TO THE PLAT THEREOF AS
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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-EIGHT
THOUSAND FORTY-EIGHT AND NO/100THS DOLLARS U.S. ($48,048.00 relative to
a project that totals ONE HUNDRED AND EIGHTEEN THOUSAND ONE HUNDRED
AND SIX AND NO/100THS DOLLARS U.S. ($118,106.00) of work on the project and
the Property. This funding is subject to City Commission approval of the budget of the
Community Redevelopment Agency for Fiscal Year 2015/2016 and is 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.
(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
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renovations/rehabilitation occurring on the Property and is granted in conjunction with
other grant sources.
(4). The OWNER is self financing the costs of the project for the Property
through grant funding in and implementation of the renovation and improvement, thus
rehabilitation, of the structure and improvements 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
CITY's 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 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
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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 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.
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(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. The OWNER recognizes and affirms all obligations to the CITY under the
terms and conditions of the first agreement.
(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.
(10). Unlike most grants under the program to which this Agreement relates, the
funding herein shall not be on a reimbursement basis. The disbursement of funding
shall occur as follows:
(a). To total sum of this grant shall be deposited, in trust, with the Escrow
Agent, the law firm of Stenstrom, McIntosh, Colbert &Whigham, P.A.
(b). Upon the OWNER having expended all other grant funds for the project
relating to the Property and an anticipated balance of project costs equivalent to the
Page 5
amount of the grant awarded herein, the OWNER shall provide the Escrow Agent with
as statement so providing.
(c). At such time payments will be made directly to the OWNER's contractor
performing the remaining work on the project upon the Executive Director of the
Community Redevelopment Agency, the OWNER and the contractor all executing a
payment request in a form acceptable to the Escrow Agent.
(d). The Escrow Agent shall continue to disburse funds until the balance is
zero with regard to the deposited funds or the OWNER and the OWNER's contractor
advise the Escrow Agent, in writing, that all work has been completed at which time the
Escrow Agent will so advise the Executive Director of the Community Redevelopment
Agency for appropriate administrative actions to take place with regard to the grant such
as, but not limited to, any truing up of the dollar amounts distributed.
(e). All of the undersigned agree that the Escrow Agent shall incur no liability
as to the actions taken herein and may deposit the funds in any account that is
consistent with controlling law.
(f). Should a dispute occur as to the funds on deposit with the Escrow Agent,
the Escrow Agent may take any and all appropriate legal actions to resolve the matter in
accordance with the sound discretion of the Escrow Agent.
In Witness Whereof, the said OWNER has signed and sealed these presents
the day and year first above written.
SIGNATURE PAGES FOLLOW:
Page 6
Attest.
First Witribsg Sianature
Printed Name Of Witness
(�Obcond Witness SigrQu�re
'-
Printed Name Of Witness
State Of Florida
County Of Seminole
RITZ COMMUNITY THEATER
PROJECTS, INC.
Sarah Reece
President
Acknowledgment
The foregoing was sworn to and subscribed before me this 15th day of
September, A.D. 2015, by Sarah Reece and Faith Shaheen, for the OWNER, RITZ
COMMUNITY THEATER PROJECTS, INC., who are personally known to me or who
produced S 'Z
as identification and who did
execute the foregoing documenunder oath or affirmation.
Witness my hand and official seal in the County and State aforesaid this 15th
day of September, A.D. 2015.
Starr qj3rljr)r qc-pl- C",
TERESA M SICILIANO Notary Public, Statefbf Florida
MY COMMISSION # EE842593
EXPIRES October 11 2016 My Commission Expires: ii
407 388.0139 FtoMdaN Serrice.com
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JOINDER BY MORTGAGEE
MES NOW, the mortgagee and by executing and sealing these presents the
ES NOW,
day and ye r below written do hereby join into this agreement and subordinate its
interests as mo agee to the City of Sanford.
Attest: MORTGAGEE
First Witness Signature \
Printed Name Of Witness
Second Witness Signature \ 1-"
Printed Name Of Witness
State Of Florida
County Of Seminole
The foregoing was sworn to and subscri
of , A.D. 2015, by
before me this day
who is personally known
to me or who produced as identification
and who did execute the foregoing document under oath or affirmati
Witness my hand and official seal in the County and State afo said this
day of A.D. 2015.
Stamp and/or seal:
Notary Public, State of Florida
My Commission Expires:
ADDITIONAL SIGNATURE BLOCKS FOLLOW:
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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.
Attest:
Cynt1iia Porter
City Clerk
Approved As To Form
And Legality:
'Lonnie N. Groot
Assistant City Attorney
CITY OF SANFORD
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:
Approved:
Cynthig Lindsay, Treasurer
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CITY OF SANFORD COMMUNITY
REDEVELOPMENT AGENCY
Charles Davis, Chairperson
William L. Colbert, Esquire
Stenstrom, McIntosh, Colbert & Whigham,
P.A
Date Executed: ? -1 1