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1349 115 West Development LLC66 t;Y;+ -1877- CITY MANAGER'S OFFICE P � TRANSMITTAL MEMORANDUM r--1 To: City Clerk RE: Request for Services The item(s) noted below is /are attached and forwarded to your office for the following action(s): ❑ Ordinance ❑ Resolution ❑ Mayor's signature ❑ Recording ❑ Rendering x❑ Safe keeping (Vault) Once completed, please: 0 Return original Return copy Special Instructions: Loan Subsidy Agreement — 115 W 1 Street Please advise if you have any questions regarding the above. Thank you! Prepared 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 Robert Tunis, Director Community Redevelopment Agency City of Sanford 300 North Park Avenue Sanford, Florida 32771 Tax Parcel Identification Number: 25 -19-30 -5AG- 0304 -002A IIIII I an "IN INNNININMNININNINIIINNININN MARYANNE MORSE, CLERK OF CIRCUIT COLT SEMINOLE COUNTY BK 07493 pgs 0353 - 3611 (9pgs) CLERK'S # 2010141 121 ={ RECORDED 1P /08/8010 12150t39 pN` NM DOC TAX .03.00 INTAN6 TAX 115.93` RECORDING FEES RECORDED BY T Smith C CITY OF SANFORD LOAN SUBSIDY AGREEMENT AND GRANT OF LIENHOLD INTEREST —115 WEST DEVELOPMENT LLC THIS LOAN SUBSIDY AGREEMENT AND GRANT OF LIENHOLD INTEREST is entered into this � day of 15," 2010 by 115 WEST DEVELOPMENT LLC, whose address is 115 West First Street, 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- 5AG - 0304 -002A. (bee the txnlbit "H " attached hereto and Incorporated herein by this reference thereto). The Property is generally addressed as follows: 121, 125 and 129 West First btreet Located in the Glty Limits of the uty of banto or all of Lots 3, 4 and 5 and part of Lot 2, Block 3, Tier 4, E.R. Trafford's Map of the Town of Sanford as recorded at Plat Book 1, Pages 56 through 64, inclusive, of the Public Records of Seminole County, Florida. Page 1 4, e'�,o 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, FIFTY -SEVEN THOUSAND NINE HUNDRED AND SIXTY -SEVEN AND NO /100THS DOLLARS U.S. ($57,967.00), as part of a total project that approximates ONE HUNDRED AND FORTY -TWO THOUSAND FOUR HUNDRED EIGHTY -NINE AND NO /100THS DOLLARS U.S. ($142,489.00), with no loan supplemented in this action. The parties have entered a prior Subsidy Agreement and Grant of Lienhold Interest as recorded at Official Records Book 7292, Page 296 of the Public Records of Seminole County, Florida which is hereby ratified and affirmed. 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, 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 interest rate on the OWNER's financing which is necessary for funding the building renovations occurring on the Property. (4). The OWNER has obtained financing for the Property, or the cash advances relating to the Property, or other cash to finance the construction on the Property, in order to assist in the funding and implementation of the renovation and improvement 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 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 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, Page 3 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 upon demand of the CITY. (9). Notwithstanding the other provisions of this Agreement to the contrary, the OWNER agrees that the sum of SIX THOUSAND FOUR HUNDRED AND EIGHTY AND NO /100THS DOLLARS U.S. ($6,480.00) of the FIFTY -SEVEN THOUSAND NINE HUNDRED AND SIXTY -SEVEN AND NO /100THS DOLLARS U.S. ($57,967.00) grant amount set forth herein shall be held in escrow by the CITY's legal counsel, in order to ensure that the claims relating to Circuit Court of Seminole County, Florida, Case No. 2010 -CA- 1334 -14 -K and the claims relating to Belair Wall Systems, Inc. and its legal counsel have been fully paid. The OWNER and the CITY hereby authorize the Escrow Agent to hold the SIX THOUSAND FOUR HUNDRED AND EIGHTY AND NO /100THS DOLLARS U.S. ($6,480.00) with the understanding that: (1) the Escrow Agent is not a party to this Agreement and does not assume any liability for performance or non- performance of the parties; (2) the monies will be held in an interest bearing account, to be maintained in Lake Mary or Sanford, Florida and may be co- mingled with funds Page 4 unrelated to the transaction contemplated by this Agreement; (3) after the Escrow Agent has announced the intent to disburse or not disburse the SIX THOUSAND FOUR HUNDRED AND EIGHTY AND NO /100THS DOLLARS U.S. ($6,480.00), or any part thereof, in the event there is any dispute or question between the parties as to the entitlement or disbursement of the SIX THOUSAND FOUR HUNDRED AND EIGHTY AND NO /100THS DOLLARS U.S. ($6,480.00), the Escrow Agent is authorized to interplead the SIX THOUSAND FOUR HUNDRED AND EIGHTY AND NO /100THS DOLLARS U.S. ($6,480.00) into a court of competent jurisdiction and to recover from said fund its costs (including reasonable attorney's fees for the filing of the action) in so proceeding; and (4) the Escrow Agent will not be liable for any disbursement of the Deposit based upon its good faith interpretation of this Agreement. Interest on account shall inure to the benefit of the OWNER. (10). 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. Page 5 ��A (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 sale or transfer 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. Attest: Owner /115 Elizab h Z. Tib tra /p ibstra Mana r ' Page 6 Seco Witness Signature 'V ,L9 hC Printed Name Of Witness Acknowledgment State Of Florida ) County Of Seminole ) The foregoing was sworn to and subscribed before me this I q day of ll2© 6 , A.D. 2010, by Stephen G. Tibstra and Elizabeth Z. Tibstra, for the Owner, who are personally known to me or who produced zi C 2�ti 9 t- 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 -R day of w o v e-ni , A.D. 2010. j NOTARY pL'3LIC-STATF OF FLORIDA Denise V. Smel Z10 Commission #DD9879 Not a Pup li , State of Florida ;' Expires: MAY 03, 2014 BONDED TIIRU ATLANTIC BONDING CO., INC My Commission Expires: AGREEMENT BY THE CITY Agreed to by the CITY: Attest: �� Janet Dougherty City Clerk City Of Sanford Linda uhn, Mayor As To Form And L. Colbert, Any Page 7 Seminole County Property Appraiser Get Information by Parcel Number Page 1 of 1 0205 �� 0203 0204 r a.0 5.0 q- � +rt f . OAWID JONNYDN, CFA. - 's 7 8 n I? � 8 ,n PROPERTY 0305 -0000 WISTST EISTST' APPRAISER 7 2 i, 1.0,' 2.A- SEMINOLEOWINTYFL 5 0304 030 - 1 101 E. FIRST 3T i t - 9ANFORD, FL 32771 -1468 P O 601 9A w 6.0 ff 407 , 665 -7506 12.0 H l „ „ 10.0 W 2ND ST E 2ND ST VALUE SUMMARY 201 _1 2010 VALUES Workin Certified Value Method CosUMarket Cost/Market GENERAL Parcel Id: 25- 19- 30 -5AG- 0304 -002A Number of Buildings 2 2 Owner: 115 WEST DEV LLC Depreciated Bldg Value $546,655 $553,842 Mailing Address: 5224 W SR 46 # 305 Depreciated EXFT Value $7,921 $8,135 City,State,ZlpCode: SANFORD FL 32771 Land Value (Market) $104,454 $104,454 Property Address: 121 1ST ST (ALSO 125 & 129) W SANFORD 32771 Land Value Ag $0 $0 Facility Name: 115 W 1ST ST BLDG Jus t/Mark et Value $659,030 $666,431 Tax District: S3- SANFORD - WATERFRONT REDVDST Portablity Adj $0 $0 Exemptions: Save Our Homes Adj $0 $0 Dor: 1601 - RETAIL CENTER - UNANCH Amendment 1 Adj $0 $0 Assessed Value (SOH) $659,030 $666,431 Tax E stimato r 2011 TAXABLE VALUE WORKING ESTIMATE Taxing Authority Assessment Value Exempt Values Taxable Value County General Fund $659,030 $0 $659,030 (Amendment 1 adjustment is not applicable to school assessment) Schools $659,030 $0 $659,030 City Sanford $659,030 $0 $659,030 SJWM(Saint Johns Water Management) $659,030 $0 $659,030 County Bonds 1 $659,030 $0 $659,030 The taxable values and taxes are calculated using the current years working values and the prior years approved millage rates. SALES 2010 VALUE SUMMARY Deed Date Book Page Amount Vac/Imp Qualified 201 T ax Bill _Amount. $13,387 - WARRANTY DEED 06/2005 _05786 15 36 $420,000 Improved Yes . 201 Ce rtifie d Ta xableV_al_u_e an Ta xes WARRANTY DEED 06/2003 04862 1960 $200,000 Improved Yes DOES NOT INCLUDE NON -AD VALOREM ASSESSMENTS Find Sa within this DOR Code LEGAL DESCRIPTION LAND PLATS; Pick... Land Assess Method Frontage Depth Land Units Unit Price Land Value ALL OF LOTS 3 4 & 5 & PT LOT 2 DESC AS BEG SE CDR SQUARE FEET 0 0 17,409 6.00 $104,454 OF LOT 3 RUN E 1.5 FT NWLY TO A PT N OF BEG S TO BEG BLK 3 TR 4 TOWN OF SANFORD 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 1920 12 8,118 1 CONCRETE BLOCK - STUCCO - MASONRY $336,529 $445,734 Subsection I Sgft OPEN PORCH FINISHED / 28 Subsection I Sgft OPEN PORCH FINISHED / 28 Subsection / Sgft OPEN PORCH FINISHED / 26 Subsection / Sgft OPEN PORCH FINISHED / 26 2 MASONRY PILAS 2008 0 5,193 1 CONCRETE BLOCK- STUCCO - MASONRY $210,126 $218,313 Subsection I Sgft OPEN PORCH FINISHED / 26 Subsection / Sgft OPEN PORCH FINISHED/ 45 Subsection / Sgft OPEN PORCH FINISHED / 29 P_ ermits EXTRA FEATURE Description Year Bit Units EXFT Value Est. Cost New COMMERCIAL CONCRETE DR 4 IN 2008 4,020 $7,921 $8,563 NOTE: Assessed values shown are NOT certified values and therefore are subject to change before being finalized for ad valorem tax purposes. "' If y ou recently p urchased a homesteaded pro y our next ears pro tax will be based on Just/Market value. 3414 1 1 ^ / http: / /www. scpafl.org /web /re_web. seminole_county_ title ?PARCEL= 2519305AGO30400... 11/22/2010 Sanford Downtown Waterfront CRA Rehabilitation Loan Subsidy Program Amortization of Lien for Recording Purposes For Loan Subsidy given to 115 West Development, LLC For TAX Parcel ID # Loan date 01/01/2011 Loan Amount $ 57,967.00 Lien Dates Lien Amount From 1/01/2011 to 12/31/2011 $ 57,967.00 From 1/01/2012 to 12/31/2012 $ 52,170.30 From 1/01/2013 to 12/31/2013 $ 46, 373.60 From 1/01/2014 to 12/31/2014 $ 40, 576.90 From 1/01/2015 to 12/31/2015 $ 34,780.20 From 1/01/2016 to 12/31/2016 $ 28,983.50 From 1/01/2017 to 12/31/2017 $ 23,186.80 From 1/01/2018 to 12/31/2018 $ 17,390.10 From 1/01/2019 to 12/31/2019 $ 11, 593.40 From 1/01/2020 to 12/31/2020 $ 5,796.70 Prepared by and return to Lonnie N. Groot, Esquire Stenstrom, McIntosh, Colbert, Whigham & Partlow, P.A. 1001 Heathrow Park Lane Suite 4001 Lake Mary, Florida 32746 (407) 322 -2171 NOTICE OF RECORDING Belair v 115 West Development, LLC Case No: 2010 -CA- 1334 -14 -K Rml�u�li�auuuu�ulllu�ul��uulul ,ul l� �--/ .JVe WRYMNE MORSE, CLERK OF CIRCUIT COURT SEMINOLE COUNTY BK 07509 Rgs 1756 — 1758; (49s) CLERK'S # 2011()()3 RECDRDED 01/10/2011 120021 PM REMIN6 FEES 27.00 RECORDED BY T Smith The Instructions to Escrow, as recorded at Official Records Book 7506, Page 1545, of the Public Records of Seminole County is modified as set forth in the attached documents. /I VVI lin " l e Printed Name: /—� 1 i ".r ht C)0 Witness Printed Name: c �, L.�� �✓� Acknowledgment State of Florida ) County of Seminole f Sworn to and subscribed before me this 10th day of January, 2011, by Lonnie N. Groot, who is personally known to me. Notary Public, in and for the County and State Aforementioned My Commission Expires: 3 _ l MY '•.. ,I TRACY L HWAAN MY COMMISSION # DD 949925 -f " EXPIRES January 13, 2014 Bonded Thru Notary Public Underwriters Notary Public, in and for the County and State Aforementioned My Commission Expires: 3 _ l Lonnie Groot From: wdevelopment115 @aol.com Sent: Wednesday, January 05, 2011 10:06 AM To: Lonnie Groot Subject: Check for Judgement Please bring the check to me. And I will process the check for the judgement. Thank you and Make it a great day! Stephen Tibstra 407.488.9656 Lonnie Groot From: wdevelopment115 @aol.com Sent: Thursday, January 06, 2011 2:53 PM To: Lonnie Groot Subject: Resolution from the Court House Please prepare the following check: Certified funds in the amount of $5987.04 This will cover the judgement the prep and recording of the judgement and will cancel the sale. The amount above is for tomorrow. Please execute this as time is of the essence. Please call with any questions! Thank you in advance! Stephen Tibstra 115 West Development LLC 407.488.9656