HomeMy WebLinkAbout2011-001 Cortez Townhomes, LLC1
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7 11-001
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9 A ROAD IMPACT FEE CREDIT AGREEMENT BETWEEN ST.
10 LUCIE COUNTY, FLORIDA AND CORTEZ TOWNHOMES, LLC., IN
11 CONSIDERATION FOR IMPROVEMENTS TO, AND RIGHT-OF-
12 WAY DEDICATIONS AT, THE INTERSECTION OF SOUTH 25T"
13 STREET AND CORTEZ BOULEVARD.
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16 This Agreement is made and entered into as of this 5th day of July, 2011, by and
17 between St. Lucie County, Florida, a political subdivision of the State of Florida, hereinafter
18 referred to as "County" and Cortez Townhomes, LLC., hereinafter referred to as "Cortez°,
19 whose address is 7522 Isla Verde Way, Delray Beach, Florida, 33446.
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22 WITNESSETH:
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24 WHEREAS on October 3, 2006, Cortez received approval from the St. Lucie County Board
25 of County Commissioners, through Resolution No. 06-236, for a Major Site Plan project to
26 be known as Cortez Road Multi-Family (now known as Cortez Townhomes (Cortez
27 Townhomes)), with said project consisting of 93 multiple-family residential units (in 12
28 buildings) on property located along the south side of Cortez Boulevard, approximately 750
29 feet east of the intersection of South 25th Street and Cortez Boulevard, and as more
30 particularly described in the attached Exhibit A of this Agreement; and,
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32 WHEREAS, on April 2, 2007, the City of Ft. Pierce, through Ordinance K-480, annexed the
33 property described in the attached Exhibit A of this Agreement, and through that action
34 agreed to become the permitting and enforcement authority of the specific conditions of
35 approval found in SLC resolution 06-236; and,
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37 WHEREAS, Conditions Number 2 and 3 of Resolution No. 06-236 required certain off-site
38 roadway improvements in support of the Cortez Townhome development, including
39 signalization, and the addition of dedicated left turn lanes, at the intersection of South 25th
40 Street and Cortez Boulevard; and,
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42 WHEREAS, the County has adopted a "Roads Impact Fee Ordinance" which imposes
43 impact fees relating to public transportation facilities; and,
JOSEPH E. SMITH, CLERK OF THE CIRCUIT COURT
SAINT LUCIE COUNTY
FlLE ~ 3615760 08/05/2011 at 08:41 AM
OR BOOK 3313 PAGE 1283 - 1288 Doc Type: AGR
RECORDING: $52.50
Impact Fee Credit Agreement - 11-001 Page 1
Cortez Development, LLC/ Cortez Tows July 5, 2011
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WHEREAS, Cortez, is desirous of obtaining a credit against the required County Road
Impact Fees due from the Cortez Townhomes development site; and,
WHEREAS, both South 25th Street and Cortez Boulevard are part of the County's Roads
Impact Fee Eligibility network; and,
WHEREAS, the roadway capacity enhancements to the intersection of Cortez Boulevard
and South 25th Street, as required through Resolution No. 06-236, do provide for additional
roadway capacity enhancements; and,
WHEREAS, the cost to provide the above referenced intersection improvements has been
determined, to the satisfaction of the County, to be five hundred sixty two thousand, six
hundred dollars ($562,600); and,
WHEREAS, the net benefit to the community at large (the amount in excess of -the
proportionate impact from the Cortez Townhome community) for the improvements to the
intersection of Cortez Boulevard and South 25th Street, has been determined, to the
satisfaction of the County, to be four hundred seventy eight thousand ($478,000) dollars;
and,
NOW, THEREFORE, in consideration of the mutual covenants entered into be to be
made and performed, and in consideration of the benefits to accrue to agreed as follows:
Section 1 Incorporation by Reference.
The above recitals are true and correct and made a part of this Agreement by reference.
Section 2. Estimated Roads Impact Fees Due.
Based on the County Roads Impact Fee Schedules, in effect as of the date of this
agreement, the estimated Roads Impact Fee due from the Cortez Townhome community, is
three hundred one thousand, eight hundred and seventy eight dollars (93 units * $3,246/unit
_ $ 301,878). This calculation for estimated Road Impact Fees due is for illustration
purposes only and the actual impact fee due to the County shall be determined based on
the Roads Impact Fee rate schedules in effect at the time the required local building permit
or permits are issued.
Section 3. Amount of Road Impact Fee Credit.
Under the criteria set forth in Section 1-17-33.1 of the Code of Ordinances of St Lucie
County for the improvements to the intersection of Cortez Boulevard and South 25th Street,
"Cortez" is entitled to a Roads Impact Fee credit in the amount of four hundred eighty two
Impact Fee Credit Agreement - 11-001
Cortez Development, LLC/ Cortez Townhomes
Page 2
July 5, 2011
1 thousand, six hundred and forty eight dollars ($482,648.00). This Roads Impact Fee
2 credit figure represents the maximum award that may be applied to the property described
3 in the attached Exhibit A, and "Cortez" does hereby acknowledge, that the maximum credit
4 value may not be fully consumed through the development activities taking place on the
5 property described in the attached Exhibit A.
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7 Section 4. Limitation of Credit/ Applicability
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9 The credit established by this Agreement is limited solely to the property legally described in
10 the attached Exhibit "A", and is not transferable to any other property owned by "Cortez" in
11 the County.
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13 The credit established by this Agreement may only be applied against Roads Impact Fees
14 and shall not be transferable as a credit against other impact fees imposed for purposes
15 other than roads.
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17 "Cortez" acknowledges that, based on the provisions of Section 1-17-33.1 (b) (3) of the
18 Code of Ordinances of St. Lucie County, the Roads Impact Fee Credit not shall exceed the
19 total amount due for the County Roads Impact Fees, as may be required from the property
20 described in the attached Exhibit "A".
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22 Section 5. Status of Previously Paid Impact Fees
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24 The County and "Cortez" jointly acknowledge that "Cortez" has already paid to the County
25 certain Roads Impact Fees associated with the first 72 units at the Cortez townhome
26 community. Cortez acknowledges that unless Section 1-17-33.1(c)(9) of the St. Lucie
27 County Code of Ordinances is amended by the St. Lucie County Commission, the
28 restrictions on "Cortez's" ability to reclaim previously paid impact fees shall remain in force
29 and effect. If, subsequent to the effective date of this agreement, Section 1-17-33.1(c)(9) of
30 the St. Lucie County Code of Ordinances is amended by the County to permit the refunding
31 of prior paid Roads Impact Fees, "Cortez" shall be eligible for any impact fee credits
32 applicable to it, provided that the gross impact fee credit does exceed the amount identified
33 in Section 3.
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35 Section 6. Assignability of Credit.
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37 "Cortez" may assign all or part of the credit described in Section 3 above to its successors in
38 title and interest to the property described in the attached Exhibit "A". Such assignment
39 shall be by recordable written instrument. Before the assignment is effective, a copy of the
40 assignment shall be provided by "Cortez" to the County and the City of Ft. Pierce, at the
41 address set forth below and the original assignment shall be recorded in the public records
42 of the County:
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Impact Fee Credit Agreement- 11-001
Cortez Development, LLC/ Cortez Townhomes
Page 3
July 5, 2011
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St. Lucie County Administrator
2300 Virginia Avenue
Ft. Pierce, Florida 34982
St. Lucie County Attomey
2300 Virginia Avenue
Ft. Pierce, Florida 34982
Ft. Pierce City Manager
City of Ft. Pierce
100 North US #1
Ft. Pierce, Florida 34953
Ft. Pierce City Attorney
City of Ft. Pierce
100 North US #1
Ft. Pierce, Florida 34953
Section 7. Recordability of Agreement.
This agreement shall be recorded by the County in the public records of St. Lucie County
and shall be binding upon Cortez and any successors in interest and title to the property
described in described in the attached Exhibit "A".
Section 8. Termination of Agreement.
This agreement shall be effective until all of the Road Impact Fee Credits authorized under
Section 3 have been consumed through the issuance of a building permit, or similar
development approval.
IN WITNESS WHEREOF, the parties hereto have executed this agreement as of the day and
year first above written.
Signed, sealed and delivered in
Attest: ~/
Clerk
of
my„~lorida
Approved as to
By:
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impact ree Credit Agreement - 11-001
Cortez Development, LLC/ Cortez Townhomes
and F
Page 4
July 5, 2011
Witness: ; Cortez
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By:
Gregg R. Wexler
Manager
STATE OF ' ~ ~; \~
COUNTY OF ~
The foregoing i/n~strument was acknowledged before me this ~ day of
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w•' IXPIRES: June 26, 2013
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Impact Fee Credit Agreement - 11-001
Cortez Development, LLC/ Cortez Townhomes
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July 5, 2011
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Exhibit A
Legal Description
Cortez Townhomes, LLC.,
213540N10ACOFFOL:W1/2 OF SW 1/4 OF NE 1/4 OF SW 1/4
AND SE 1/4 OF NW 1/4 OF SW 1/4-LESS AS IN OR 838-934- AND NE
1/4 OF NW 1/4 OF SW 1/4-LESS W 30 FT-(18.72 AC) (OR 2583-3000)
Impact Fee Credit Agreement - 11-001
Cortez Development, LLC/ Cortez Townhomes
Page 6
Juty 5, 2011