1364 Gerald Konig Loan Subsidy AgrmtIIIIIIIInIIMINNNINNNNIININ11Nllt�llq I IIII
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- 0202 -0050
NARYANNE NORSE, CLERK OF CIRCUIT COMT
SENINOLE COUNTY
BK 07505 Pgs 1606 — 1613; (eNs)
CLERK'S # 201 1 000457
RECORDED 01/03/2011 03 M A3 PM
NT6 DOC TAX 210.00
RECORDING FEES 69.50
RECORDED BY J Eckenroth(all)
CITY OF SANFORD LOAN SUBSIDY AGREEMENT AND GRANT OF
��� LIENHOLD INTEREST
THIS LOAN SUBSIDY AGREEMENT AND GRANT OF LIENHOLD INTEREST
is entered into this day of �� , 2010 by GERALD C. KONING, as
Trustee of the Gerald C. Koning Trust Dated February 16, 2000, joined by SHARON A.
KONING and others, whose address is 1052 Kersfield Circle, Heathrow, 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- 0202 -0050.
(See the Exhibit "A" attached hereto and incorporated herein by this reference
thereto).
The Property is generally addressed as follows: 210 and 212 East First Street
located in the City Limits of the City of Sanford.
Page 1
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
THOUSAND AND NO /100THS DOLLARS U.S. ($60,000.00), as part of a total project
that approximates ONE HUNDRED FIFTY THOUSAND AND NO /100THS DOLLARS
U.S. ($150,000.00), with the loan supplemented in this action totaling amounts drawn
under personal lines of credit. This loan subsidization being made under the following
terms and conditions:
(1). 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.
(2). The CITY's grant to the OWNER, as set forth herein, will provide a loan
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.
(3). The OWNER has obtained financing for the Property, or the cash
advances relating to the Property, from the below- referenced institutions to assist in the
funding 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.
Page 2
(4). The OWNER covenants and agrees that the financing from the CITY or
otherwise, shall be used, or have 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.
(5). 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).
(6). 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,
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.
(7). 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
Page 3
Property to the satisfaction of the CITY, the OWNER shall repay said sums to the CITY
upon demand of the CITY.
(8). The OWNER 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.
(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.
Page 4
(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.
First Witness Si
nd . Witness S
rinted Name Of Witness
OWNER/ HTLC PROPERTIES LLC:
GERALD C. � KONING
SHARON A. KONING
ACKNOWLEDGMENT
STATE OF FLORIDA )
COUNTY OF SEMINOLE )
The foregoing was sworn to and subscribed before me this day
of `J`�� , A.D. 2010, by GERALD C. KONING and SHARON A. KONING, for
the OWNER, who are personally known to me or who produced
Page 5
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 J , A. D. 2010.
MOM E. LARSOM
MMWP" .WA Ma
woMM~wM�woa�.
c«Mwr�Mw • oo nm
AGR
Agreed to by the CITY:
ATTEST.•
JANET DOUGHER Y
CITY CLERK
APPROVED AS TO FORM
AND LEGALITY:
William L. Colbert v
City Attorney --
6 dd fu Y
Notary ublic, Stat f FI ida
My Commission Expires:
EEMENT BY THE CITY
CITY OF SANFORD
LINDA KU N, MAYOR
Page 6
Seminole County Property Appraiser Get Information by Parcel Number Page I of I
Personal Property Please Select Account
PARCIEL DETAIL,
_J
DAVW.70f"j,CFA,A5A Z
PR=TV
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HE KI F
1101 i. R ".ST E iSTST
,
a 14 2
1 21 - 12.6 2.
. 0 4A 3.0..
�=03P012
VALUE
SUMMARY
VALUES
2010
Working
2009
Certified
GENERAL
Parcel Id: 25-19-30-5AG-0202-0050
Value Method
CosttMarket
Cost/Market
Owner: KONING GERALD C TRUSTEE
Number of Buildings
1
1
Own/Addr: FBO
Depreciated Bldg Value
$197,092
$229.609
Mailing Address: 1052 KERSFIELD CIR
Depreciated EXFT Value
$1,479
$1,479
City,State,ZipCode: HEATHROW FL 32746
Land Value (Market)
$33,558
$33,558
Property Address: 21 1ST ST SANFORD 32771
Land Value Ag
$0
$0
Facility Name:
Just/Market Value
$232,129
$264,646
Tax District: S3-SANFORD-WATERFRONT REDVDST
Portablity Adj
$o
$0
Exemptions:
Save Our Homes Adj
$0
Dor: 11 STORES GENERAL-ONE S
Assessed Value (SOH)l
$232,1291
$264,646
Tax
Estimator
2010 TAXABLE VALUE WORKING ESTIMATE
Taxing Authority
Assessment Value
Exempt Values
Taxable Value
County General Fund
$232,129
$0
$232,129
Schools
$232,129
$0
$232,129
City Sanford
$232,129
$0
$232,129
SJWM(Saint Johns Water Management)_
$232,129
$0
$232,129
County Bonds
1
$232,1291
so!
$232,129
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
2009 VALUE SUMMARY
WARRANTY DEED 05/2000 03871 0751 $100 Improved No
2009 Tax,Bill.A.mount:
$5,163
WARRANTY DEED 03/1981 01329 0308 $122,500 Improved No
2009 Certified Taxable Value and Taxes
WARRANTY DEED 01/1975 01053 1890 $60,000 Improved Yes
DOES NOT INCLUDE NON-AD VALOREM ASSESSMENTS
Find Sales within this DOR Code
LEGAL DESCRIPTION
LAND
PLATS: Pick jl
Land Assess Method Frontage Depth Land Units Unit Price Land Value
LEG BEG 243.2 FT W OF SE CDR BLK 2 TR 2 RUN
W 53.63
SQUARE FEET 0 0 5,593 6.00 $33,558
FT N 104.2 FT E 53.72 FT S 104.2 FT TO BEG BLK 2 TR 2
TOWN OF SANFORD PB I 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 4 5,490 1 BRICK COMMON - MASONRY $197,092 $317,890
Subsection i Sqft CANOPY / 486
Subsection / Sqft OPEN PORCH UNFINISHED / 36
Subsection I Sqft OPEN PORCH UNFINISHED / 48
Permits
EXTRA FEATURE
Description Year Bit Units EXFT Value Est. Cost New
ALUM SCREEN PORCH W/CONC FL 1979 435 $1.479 $3,698 EXHIBIT
NOTE: Assessed values shown are NOT certified values and therefore are subject to change
before being finalized for ad valore m
I *If you recently purchased a homesteaded property your next year's property tax will be based on Just/Market value. IF
hftp://iNim.scpafl.org/web/re 6/9/2010
Sanford Downtown Waterfront CRA
Rehabilitation Loan Subsidy Program
Amortization of Lien for Recording Purposes
For Loan Subsidy given to Gerald C. Koning
For TAX Parcel ID # 25- 19- 30 -5AG- 0202 -0050
Exhibit'B'
Loan date 01/01/2011
Loan Amount
$
60,000.00
Lien Dates
Lien Amount
From 1/01/2011 to 12/31/2011
$
60,000.00
From 1/01/2012 to 12/31/2012
$
53,923.40
From 1/01/2013 to 12/31/2013
$
47, 846.80
From 1/01/2014 to 12/31 /2014
$
41,770.20
From 1/01/2015 to 12/31/2015
$
35,693.60
From 1/01/2016 to 12/31/2016
$
29,617.00
From 1/01/2017 to 12/31/2017
$
23,540.40
From 1/01/2018 to 12/31/2018
$
17,463.80
From 1/01/2019 to 12/31/2019
$
11, 387.20
From 1/01/2020 to 12/31/2020
$
5,310.60
INSTRUCTIONS TO ESCROW
Belair v 115 West Development, LLC
Case No: 2010 -CA- 1334 -14 -k
Instructions to comply with Judgment of November 23, 2010, which Order is
unappealed and Final.
115 West Development, LLC instructs Stenstrom, McIntosh, Colbert, Whigham and
Partlow, P.A. to distribute escrowed monies to the Clerk of the Court of Seminole
County, 301 N. Park Avenue, Sanford, Florida. The amount paid shall be the awarded
amount of $5,820 with an additional $18.60 for accrued interest.
Totaling $5,838.60.
115 West Development, LLC instructs that the remaining funds in said escrow account
be distributed to 115 West Development, LLC, 5224 West State Road 46, # 305,
Sanford, Florida.
Witness
itness
State of Florida
County of Seminole
Sworn to and subscribed
Stephen G. Tibstra of 115
to n Tibstra, Managing Member
Acknowledgment
before me this �� day of ec em P�
a v'.
/
20 10, ,by-j
West Development, LLC., who is personally kliQvef.to ei-
n.
"WANK HORSE CLERK OF CIRCUIT COURT
am OF SEMIM XE COUNTY
BK 07506 Pg 1545; (1pg)
FILE NUM `try 1 1 trytry 1 1 23
RECORM 01/04/2011 02141.23 PM
RECORDING FEES 10.00
RECORDED BY T Ssith
\ /1 Y
Notary Public, in ancL for `the
County and State Aforementioned
LOWSE GROOT
M C
M y PUBLIC
STATE
Comm# EE015662
Expires 8/9/2014
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