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Home My WebLink About2013-002 Reserve Homes Ltd. and Verano Development, LLC - 1A FIRST AMENDMENT C - c,c 9 TO ROAD IMPACT FEE CREDIT AGREEMENT (RIF 2013-02) TO PROVIDE FOR CHANGES IN STATE LAW AND TO PROVIDE FOR ASSIGNMENT AND TRANSFER OF ROAD IMPACT FEE CREDITS THIS FIRST AMENDMENT (the "Amendment") is made and entered into as of the 18 day of May, 2021, by and between St. Lucie County, Florida, a political subdivision of the State of Florida (the "County"), and Reserve Homes, LTD., L.P. and Verano Development LLC, a Florida limited liability company (the "Development Entity") whose address is 105 NE First Street, Delray Beach, Florida 33444. WITNESSETH: WHEREAS, the County and the Development Entity entered into certain Impact Fee Credit Agreements dated as of April 20, 2004 (RIF 04-002) and on September 17, 2013 (RIF 2013-02). Unless otherwise defined herein, all initial capitalized terms used in this Amendment shall have the same meanings as given to them in the Agreements; and WHEREAS, RIF 2013-02 ( the "Agreement") superseded and replaced RIF 04-022; and WHEREAS, the Agreement established Credits for roads impact fees; and WHEREAS, Chapter No. 2019-165, Laws of Florida, which became effective on June 28, 2019, provides in relevant part as follows with respect to impact fee credits (the "2019 Impact Fee Credit Law") and applies to the Credits: If a local government increases its impact fee rates, the holder of any impact fee credits, whether such credits are granted under s. 163.3180, s. 380.06, or otherwise, which were in existence before the increase, is entitled to the full benefit of the intensity or density prepaid by the credit balance as of the date it was first established. This subsection shall operate prospectively and not retrospectively; and WHEREAS, Chapter No. 2020-58, Laws of Florida, which became effective on July 1, 2020 provides in relevant part as follows with respect to impact fee credits ( the "2020 Impact Fee Credit Law") and applies to the Credits: Impact fee credits are assignable and transferable at any time after establishment from one development to any other that is within the same impact fee zone or impact fee district or that is within an adjoining impact fee zone or impact fee district within the same local government jurisdiction and receives benefits from the improvement or contribution that generated the credits. WHEREAS, the County increased some of its roads impact fee rates effective November 1, 2019 (the "Roads Impact Fee Rate Increase") by virtue of Ordinance No. s V.TTY\AGREEMENT\Reserve Flumes and Verano Devebpment-lA to Road Impact fee Credit ARreemr C R. CLERK OF THE CIRCUIT COURT SAINTHELLE LUCIE COUNTYMILLER. FILE# 5111853 10/20/2022 02:24'.40 PM OR BOOK 4904 e.AGR MI RECORDING. $44.00 PAGE 1867-1871 Doc Type FIRST AMENDMENT C I b- 9 TO ROAD IMPACT FEE CREDIT AGREEMENT (RIF 2013-02) TO PROVIDE FOR CHANGES IN STATE LAW AND TO PROVIDE FOR ASSIGNMENT AND TRANSFER OF ROAD IMPACT FEE CREDITS THIS FIRST AMENDMENT (the "Amendment") is made and entered into as of the 18 day of May, 2021, by and between St. Lucie County, Florida, a political subdivision of the State of Florida (the "County"), and Reserve Homes, LTD., L.P. and Verano Development LLC, a Florida limited liability company (the "Development Entity") whose address is 105 NE First Street, Delray Beach, Florida 33444. WITNESSETH: WHEREAS, the County and the Development Entity entered into certain Impact Fee Credit Agreements dated as of April 20, 2004 (RIF 04-002) and on September 17, 2013 (RIF 2013-02). Unless otherwise defined herein, all initial capitalized terms used in this Amendment shall have the same meanings as given to them in the Agreements; and WHEREAS, RIF 2013-02 ( the "Agreement") superseded and replaced RIF 04-022; and WHEREAS, the Agreement established Credits for roads impact fees; and WHEREAS, Chapter No. 2019-165, Laws of Florida, which became effective on June 28, 2019, provides in relevant part as follows with respect to impact fee credits (the "2019 Impact Fee Credit Law") and applies to the Credits: If a local government increases its impact fee rates, the holder of any impact fee credits, whether such credits are granted under s. 163.3180, s. 380.06, or otherwise, which were in existence before the increase, is entitled to the full benefit of the intensity or density prepaid by the credit balance as of the date it was first established. This subsection shall operate prospectively and not retrospectively; and WHEREAS, Chapter No. 2020-58, Laws of Florida, which became effective on July 1, 2020 provides in relevant part as follows with respect to impact fee credits ( the "2020 Impact Fee Credit Law") and applies to the Credits: Impact fee credits are assignable and transferable at any time after establishment from one development to any other that is within the same impact fee zone or impact fee district or that is within an adjoining impact fee zone or impact fee district within the same local government jurisdiction and receives benefits from the improvement or contribution that generated the credits. WHEREAS, the County increased some of its roads impact fee rates effective November 1, 2019 (the "Roads Impact Fee Rate Increase") by virtue of Ordinance No. 1 s'.\ATTV\AGREEMENT\Reserve Homes and Verano Development-1A to Road Impact Fee Credit Agreement 19-012, which was adopted by the St. Lucie County Commission on July 2, 2019 (the "Ordinance"); and WHEREAS, the County and the Development Entity now desire to document how the 2019 Impact Fee Credit Law will be applied to the Credits in connection with the Roads Impact Fee Rate Increase and any future increases in roads impact fee rates (including, without limitation, any annual increases in such rates based on changes in the Consumer Price Index); and WHEREAS,the County and the Development Entity now desire to amend the Agreement to provide for assignment and transfer of credits pursuant to the 2020 Impact Fee Credit Law. NOW THEREFORE, in consideration of mutual promises contained herein, the parties agree as follows: Section 1. Incorporation by Reference. The above recitals are true and correct and made a part of this Amendment by reference. Section 2. Application of 2019 Impact Fee Credit Law. The 2019 Impact Fee Credit Law will be applied to the Credits as follows in connection with the Roads Impact Fee Rate Increase and any future increases in roads impact fee rates (including, without limitation, any annual increases in such rates based on changes in the Consumer Price Index): a. For purposes of this Section 2, the Credits existing as of the November 1, 2019 effective date of the Roads Impact Fee Rate Increase are hereinafter referred to as the "Existing Credits", and Credits which may be received under the Agreement in the future are hereinafter referred to as "Future Credits". The date that the Development Entity receives any amount of Credits is hereinafter referred to as a "Credits Receipt Date". b. When the Development Entity uses Credits: (i) as to any impact fee rates which are increased after the Credits Receipt Date for such Credits, the Credits will be applied against the applicable impact fee rate that was in effect and payable by the Development Entity prior to the rate increase, and (ii) as to any impact fee rates which are decreased after the Credits Receipt Date for such Credits, the Credits will be applied against the decreased impact fee rate in lieu of the rate that was in effect and payable by the Development Entity prior to the rate decrease. c. By way of example and for illustration purposes, pursuant to the Ordinance, the County has adjusted the roads impact fee rate of $5,068 per single family unit which was in effect prior to November 1, 2019, in part, as follows: (i) the rate for single family units less than 2,400 sf has been decreased to $5,015 per unit, (ii) the rate for single family units from 2,400 sf to 3,499 sf has been increased to $6,129 per unit, and (iii) the rate for single family units 3,500 sf and greater has been increased to $6,222 per unit. Based on the Impact Fee Credit Law, effective November 1, 2019, the Existing Credits shall be applied at the decreased rate of $5,015 per unit for single family units less than 2,400 sf (in lieu of the pre-November 1, 2019 rate of $5,068 per unit) and at the pre-November 2 s:\ATTY\AGREEMENT\Reserve Homes and Verano Development-1A to Road Impact Fee Credit Agreement 1, 2019 rate of $5,068 per unit for single family units 2,400 and greater (in lieu of the increased rate of $6,129 for single family units from 2,400 sf to 3,499 sf and the increased rate of$6,222 per unit for single family units 3,500 sf and greater). d. By way of further example and for illustration purposes, if the Credit Receipt Date for Future Credits is November 1, 2020: (i) such Future Credits will be applied against the applicable impact fee rates that are in effect on November 1, 2020, notwithstanding that the Existing Credits are applied as set forth in subsection (c) above, and (ii) as to such Future Credits, the Impact Fee Credit Law shall only apply to increases in impact fee rates which become effective after the Credit Receipt Date. Section 3. Amendment of Section 4 of RIF 2013-02. The parties agree that Section 4 of RIF 2013-02 shall be amended to read: Section 4. Limitation of Net Credit. The Net Credits established by this Agreement are assignable and transferable to any other property within the same impact fee zone or an adjacent impact fee zone in St. Lucie County that receives benefits the improvements or contribution that generated the credits. Any assignment or transfer of credits must be on a form approved and signed by the County and recorded and processed in accordance with Section 3 of RIF 2013-02. The credits shall not be transferable as a credit against other impact fees imposed for purposes other than roads. Section 4. Effect of Amendments. Except as amended herein the remaining terms and conditions of RIF 2013-02 shall remain in full force and effect. Section 5. Recordability of Amendment. This Amendment shall be recorded by the County in the Public Records of St. Lucie County. Section 6. Amendment. The terms and provisions of this Amendment are intended to and shall supersede any terms and provisions to the contrary contained in the Agreement. Except as specifically amended by this Amendment,the terms and provisions of the Agreement are hereby ratified and confirmed and shall remain in full force and effect. IN WITNESS WHEREOF, the parties hereto have executed this First Amendment as of the day and year first above written. BOARD OF COUNTY COMMISSIONERS ATTEST: COM ST. LUCIE C7 )0'IP D r Air = U -" . By: A/ 0 Deputy Clerk * . = Chair m o, • 'j'; A* 3 s:\ATTV\AGREEMENT\Reserve Homes and Verano De tint- . m aEe redit Agreement `0VNty,row APPROVED AS TO FORM AND COR NESS: County Attorney [Signatures continued on following page] 4 s:\ATFY\AGREEMENT\Reserve Homes and Verano Development-1A to Road Impact Fee Credit Agreement WITNESSES: RESERVE E LT L.P. DD By: CCU ` Nam . J D/}r4, GS/1111 kuj/02l 2-co SI‘Wmri0A7 WITNESSES: VERANO D P N C &Id(4 l By: ea Name: - e114,.v C C /�/�✓ 5 s:\ATTV\AGREEMEN1\Reserve Homes and Verano Development-1A to Road Impact Fee Credit Agreement