677-GoldenRule Housing DEVELOPER'S AGREEMENT
( For: Pa!nnent of Cost of Demolition of Condemned Structure )
1706 Bell Avenue, Sanford, Florida
W'HEREAS, The City of Sanford (hereinafter called the "CITY")
and GoldenRule Housing and Community Development Corporation
(hereinafter called ~GOLDENRULE") 2968 South Orlando Drive,
Sanford, Florida 32773 wish to enter into an Agreement regarding
disposition of CITY charges for demolition of a condemned structure
previously located at 1706 Bell AVenue; and
W~EREAS, the CITY previously demolished a condemned structure
on a parcel of land owned by Ms. Alberta Armour, the legal
description of this parcel being "The North 100 feet of the South
264 feet of the East 165 feet of the West 1/2 of the Northwest 1/4
of the Southwest 1/4 of the Northwest 1/4 of Section 36, Township
19 South, Range 30 East, Seminole County, Florida#; and
WHEP~E/~S, on or about February 16, 1995, Ms. Alberta Armour
conveyed this parcel to GOLDENRULE; and
W~EREAS, in response to a request from GOLDENRULE, the City
Commission, on January 8, 1996, approved the concept of splitting
the total amount then due, Twenty-One Hundred Eighty-Two Dollars
and Thirty-Nine Cents ($2,182.39) plus then accumulated interest of
Two Hundred Sixty-Eight Dollars and Thirty-Two Cents ($268.32)
between the east and west portions of the total parcel, each
believed to be a buildable lot, and to forgive one-half of the
amount due on the west half, $545.60 principal plus accumulated
interest thereon, with the balance due on that parcel at time of
closing of sale of the west half to a Ms. Mitchell under a contract
then in effect. The City Commission similarly agreed that at time
of closing of a future sale of the eastern portion of the total
parcel, to consider forgiving one-half of the balance then due on
that parcel, provided that the CITY received payment of the
principal and interest then due on the half of the balance then due
not forgiven; and
W~EREAS, at the time of closing of the sale to Ms. Mitchell,
the 1/4 of the total demolition cost plus applicable interest was
not paid to the CITY, and has not been subsequently paid to the
CITY; and
W~4EREAS, the parties wish to enter into a binding Agreement
for time payment of the monies presently due from the sale to Ms.
Mitchell and for the future disposition of that portion of the
demolition cost assigned to the eastern portion of the parcel
acquired from Ms. Armour.
The CITY and GOLDENRULE agree that the foregoing recitals are
substantially correct and form a basis for the Agreements included
in this document. Excerpts from the Minutes of the City Commission
Work Session and Regular Meeting of January 8, 1196 and the
original invoice regarding building demolition dated August 3, 1994
are attached hereto and made a part of this Agreement.
It is agreed that GOLDENRULE will pay to the CITY 1/4 of the
Developer's Agreement
For: Payment of Cost of Demolition
1706 Bell Avenue - Page 2
demolition charge of $2,182.39 plus accrued interest to the date of
this Agreement applicable to that portion of the principal amount
and that the CITY will forgive a like amount of principal and
interest applicable for demolition, assigned to the western one-
half of the total parcel. Payment of this amount due from
GOLDENRULE shall be accomplished by monthly installments of One
Hundred Dollars ($100.00) per month due on the first day of each
month following finalization of this Agreement. An Amortization
Schedule for these payments is attached herewith and is a part of
this Agreement.
With respect to the eastern portion of the subject parcel, the
CITY agrees to forgive principal and itnerest on one-half of the
total demolition cost assigned to the eastern portion of the
property, Five Hundred Forty-Five Dollars Fifty-Nine Cents
($545.59) plus accrued interest, provided that upon closing of sale
of the eastern portion of the subject parcel by GOLDENRULE that
GOLDENRULE will pay the CITY a similar amount of principal plus
interest accrued as of the date of closing and payment to the CITY.
The rate of interest for computation shall be eight percent (8%).
This Agreement shall be binding upon GOLDENRULE, its
successors, and assigns until completion of payments to the CITY
herein before addressed.
EXECUTED this ~7 day of O~ , A.D.,
1997.
Developer's Agreement
For: Payment of Cost of Demolition
1706 Bell Avenue - Page 3
CITY
P.g. BOX 1788
SANFORD, FL 32772-1788 ~_ ~/Z3
(407) 330-5500
TO: ALOERTA aRMOUR INVOICE NO: 314)
2600 GEORGIA AVE ~1206 DATE: 8/03/94
SANFO~D~ FL 32773
CUSTOMER NO: 236 CUSTONER TYPE: AB/ 236
f~UANTITY DESCRIPTION UNIT PRICE EXTENDED PRICE
1.00 ASSESS~LNT-aLDG DEMOLITN 2,182.39 2,182.3g
1706 ~ELL AVE. ~
TCTAL DUE CITY: $2,182.3g
,' PLEASE DETACH AND SEND THIS COPY .[TH REMITTANCE
9ATS: 8/03/9~ DUE DATE: 9/02/94
~,EH[T AND t'OKE S:.{LCK PAYABLE
CITY OF SANFORD
P.C. ~]X 178a
SA~:F~:~ ~L 32772-17~
. tNVCIC~ NCD: 31~3
C'jSTCF.',.,P hi: ~:Du CtJSTLZM~R T'(P~: A~/ 235