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360-2000 RDA RESOLUTION NO. 360-2000 A RESOLUTION OF THE CHAIRMAN AND MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY AUTHORIZING THE CHAIRMAN, AND SECRETARY TO EXECUTE THE FOURTH EXTENSION AND CLARIFICATION AGREEMENT TO THE COBB DEVELOPMENT AGREEMENT, AS AMENDED. WHEREAS, in February of 1988, the Miami Beach Redevelopment Agency (RDA) issued a Request for Proposals for new residential development at the Old Police Station Site in South Pointe; and WHEREAS, responses were submitted in June of 1988 and, subsequent thereto, the RDA authorized the Administration to negotiate a Development Agreement with Cobb Partners Development, Inc.; and WHEREAS, following negotiations which lasted nearly nine months, the Cobb Development Agreement was approved on March 31, 1989, for residential development of the two blocks of land between Alton Road and Meridian Avenue, from First Street to Second Street, and subsequently including an additional block, bounded by Meridian Avenue, First Street, and Washington Avenue; and WHEREAS, since 1989, amendments to the subject Development Agreement have included an Extension and Clarification Agreement on February 6, 1991; a Second Extension and Clarification Agreement on June 3, 1993; an Amendment to the Second Extension and Clarification Agreement on December 17, 1993; a Third Extension and Clarification Agreement on February IS, 1995, and an Addendum No. I to the Third Extension and Clarification Agreement on February 24, 1996 (collectively, the Development Agreement, as amended); and WHEREAS, the Development Agreement, as amended, shall expire on March 31, 2003; and WHEREAS, pursuant to the RDA' s request, on March 17, 1999, a status report on the Cobb Project was presented to the RDA and, on April 14, 1999, the Administration and City Attorney's Office presented a joint recommended course of action which deemed the developer to be in default under the Development Agreement, as amended, for failure to timely complete construction, and further recommended that, prior to instituting a default under the Agreement and undertaking protracted litigation, the parties should seek to negotiate a further amendment to the Agreement; and WHEREAS, on May 12, 1999, a status report on the Cobb Project was presented to the RDA, stating that negotiations were ongoing and that,.the Administration would report back in July; ~. '" :~, and ' , WHEREAS, on July 7, 1999, a status report was presented to the RDA and it was recommended that a final report be presented in September, 1999; and WHEREAS, on October 6, 1999, as a result of stalled negotiations with the developer, and as a result of the lack of notice requirements from the developer relative to sale of units, which triggers the City's repurchase option on Parcel 2 (Block 53), the Administration presented a resolution seeking authorization to exercise the City's repurchase option to insure a preservation of its rights and remedies; and WHEREAS, the RDA deferred the item pending clarification of the City's and developer's remedies and requested a report back at the next meeting; and WHEREAS, on October 20, 1999, the RDA instructed the City Attomey to institute default proceedings against the developer, including the filing of a declaratory action; the City Attorney subsequently advised of the advantages and disadvantages of instituting default proceedings and it was determined that negotiations with the developer should proceed; and WHEREAS, the Administration and City Attomey's Office have been negotiating with the current developer, the Courts at South Beach Ltd. flk/a Cobb Partners South Beach, Ltd., as the successor in interest to Cobb Partners Development, Inc.; and WHEREAS, accordingly, the parties have negotiated the attached Fourth Extension and Clarification Agreement to the Cobb Development Agreement, as amended, and the Administration and City Attorney's Office would jointly recommend that the Chairman and members of the RDA approve and authorize the Chairman and Secretary to execute same. NOW, THEREFORE, BE IT DULY RESOLVED BY THE CHAIRMAN AND MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY that the Chairman and Members of the Miami Beach Redevelopment Agency herein approve and authorize the Chairman and Secretary to execute the attached Fourth Extension and Clarification Agreement to the Cobb Development Agreement, as amended. PASSED AND ADOPTED this 26th day of July ,2000. CHAIRMAN I'fM ATTEST: ~-f04f~ Af'PkOVED AS to fORM & LANGUAGE & FOR EXECUTION f,,^1'I'O\$AlL\KfI,I\COIlDDEVL.VCT /!~~!:cv ee.,re~" Coo/Me' '2 - )"'/'"f1V om. Miami Beach Redevelopment Agency 1700 Convention Center Drive Miami Beach, Florida 33139 Telephone: (305) 673- 7295 Fax: (305) 673- 7772 REDEVELOPMENT AGENCY MEMORANDUM NO. , 00-$") July 26, 2000 FROM: Chairman and Members ofthe Miami Beach Redevelopment Agency Lawrence A. ~~:a. ,j) ~ Executive Dir~ A RESOLUTION OF THE CHAIRMAN AND MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY AUTHORIZING THE CHAIRMAN AND SECRETARY TO EXECUTE THE FOURTH EXTENSION AND CLARIFICATION AGREEMENT TO THE COBB DEVELOPMENT AGREEMENT, AS AMENDED. TO: SUBJECT: ADMINISTRATION RECOMMENDATION: Adopt the Resolution. BACKGROUND On March 17, 1999 a status report on the Cobb Project was presented to the Redevelopment Agency Board (RDA). On April 14, 1999, the Administration and the City Attorney presented a joint recommended course of action and the Board requested a report back in thirty days. On May 12, 1999, a status report on the Cobb project was presented stating that negotiations were ongoing and that the Administration would report back in July. On July 7, 1999, a status report was presented to the Board and it was recommended that a final report be presented in September 1999. The negotiations with the Developer contemplated an addendum to the Development Agreement addressing the outstanding issues. On October 6, 1999, as a result of stalled negotiations with the Developer and as a result of the lack of notice requirements from the Developer relative to sale of units which triggers the City re-purchase option on Parce12 (Block 53), the Administration presented a Resolution seeking authorization to exercise the City's repurchase option to ensure a preservation of the City's rights and remedies. The RDA board deferred the item pending clarification of the City's and Developer's remedies and requested a report back at the next meeting. S()UTti I)()I/Ilffl: l2edevel()pment I).strlct AGENDA ITEM 3C ,-~-CO ~ CI:NTI:I2 l2edevel()pment nstrict T:\AGBNDA \2000\JUL26OO\RDA \CQBB.CM July 26. 2000 Commission Memorandum Cobb Project Page 2 On October 20, 1999, the RDA Board instructed the City Attorney to institute default proceedings against the developer including a declaratory action. The City Attorney subsequently conducted a review of the property history and documentation and advised the RDA Board ofthe advantages and disadvantages of instituting default proceedings. It was determined that negotiations with the Developer should proceed and if negotiations fail, then the declaratory action would be filed and pursued. (A draft complaint has already been prepared). The Administration has met continuously with the developer on several occasions. The Developer and the Administration have negotiated a Fourth Extension and Clarification Agreement that addresses the parties' respective responsibilities with regard to construction completion deadlines, the agency's obligation regarding the library and streetscape, the balance of the interest outstanding on the additional purchase price, and other outstanding issues. Additionally, the Fourth Extension and Clarification Agreement contemplated the proposed project redesign and the re-opening of Meridian Avenue. The outstanding issues addressed in the Fourth Extension Clarification Agreement are listed below: ISSUES: EXISTING OBLIGATION: RE-NEGOTIATED POSITION: Project Design: Project design is market driven. DRB approval No, 11989 granted for Residential units shall not exceed 317 Phase IV re-design on March 14, 2000. units and commercial shall not exceed 8% As a result, Project shall not to exceed 412 of total FAR, residential units and commercial shall not exceed 8% of total FAR. Parcel I: Phase I 66 units Parcel I: Phase I 66 units Phase II 52 units Phase II 52 units Phase m 46 units Phase m 46 units Phase V 23 units Phase V 23 units Commercial 4 units Commercial 4 units Parcel II: Phase IV 91 units Parcel II: Phase IV 222 units Commercial 1 units Commercial 1 units Meridian Avenue: Pursuant to the Development Agreement, Upon C.O. for Phase IV improvements, the City quit claimed Meridian Avenue the Developer will improve and quit claim from I" to 2"" Street to Developer, Meridian A venue to the City. The cost of the improvements are estimated at $350,000, Developer will pay any amount exceeding $350,000, Developer agrees to appeal to DRB for return of parking spaces to west side of Meridian Avenue. OIS interest on The Agency demanded full payment for Developer has agreed to pay $30,06055 balance on Purchase outstanding accrued unpaid interest on the to settle outstanding accrued and unpaid Price: purchase price for Parcel 2, calculated to interest due on purchase price for Parcel 2 be $30,060.55. (Block 53). T:\AGENDA\2000\JUL26OO\RDA\COBB.CM July 26. 2000 Commission Memorandum Cobb Project Page 3 Library Space: The Developmenl Agreement requires the Upon the effective date, the Agency shall Agency, or a party on behalf of the have the option, but not the obligation, to Agency, to pay $275,000 for a 5,000 sf purchase the library for $275,000, condominium unit to be used as a library exercisable no later than March 2003 facility. The Development Agreement (expiration date of Development provides that the $275,000 fee be paid Agreement), Alternatively, the Agency upon completion of the library facility and may propose a mutually agreed upon "not later than the issuance of a certificate public use for the facility, including a of occupancy on the 100th condominium police sub-station or administrative police unit." To date, approximately 70 (66 or fire facilities. In the event the Agency residential and 4 commercial) units have does not exercise its option for the library been completed, In September 1999, the or public use facility, the Developer shall Developer demanded payment for the have the option to convey the facility to a purchase of the library, not-for-profit corporation/organization, subject to the City's reasonable review, In the event the Developer uses the facility at any time as commercial space, the Developer shall pay the Agency $520,000, (representing developer's contribution less any applicable parking impact fees). Streetscape: The Agency's obligation to complete The Developer agrees to complete the streets cape improvements is subsequent to streetscape improvements in accordance the completion of each phase of with the existing and approved streetscape construction, The outstanding unpaid plan and will be responsible in the event balance of the $750,000 Agency obligation costs to complete exceed the $750,000 is $458,627, contribution. The Agency is still obligated to reimburse Developer the outstanding balance of $458,627 upon completion of improvements. It is anticipated that these improvements will exceed $750,000. Construction The City's position is that the construction All phases (I-V) of construction must be Completion completion deadlines have expired. completed by the expiration of the Deadlines: Development Agreement, or 03/31/2003. Phase I, totaling 92 units has been completed. A portion of Phase II, consisting of 26 units has been completed and Developer agrees to commence construction of the Piazza, located within Phase II and complete no later than six (6) months, Developer also agrees not to commence construction on any other phase until completion of Phase II and Piazza. Additional Letter of credit ensuring timely completion Letters of credit remain at existing Remedies: of construction for Parcell is $255,000 amounts and Developer agrees to pay an and $115,000 for Parcel 2. additional $50,000 per year, for two (2) years, if construction on any Phase has not commenced and is not proceeding. July 26, 2000 Commission Memorandum Cobb Project Page 4 Repurchase Optiou: The Agency has right to repurchase Parcel Developer has obligation to notice Agency 2 (Block 53) in the event Developer has upon the closings on the sale of 50% and failed to commence construction within 75% of the units in Parcel I. City 120 days after closings on sale of75% of preserves its option to re-purchase Parcel 2 total units on Parcell (141 units) at a (Block 53). Once option expires due to purchase price of$I,554,200. conunencement of construction on Parcel Development Agreement has no notice 2 (Block 53), Developer agrees 10 transfer provisions. option to re-purchase to Phase V at a pro- rated purchase price 0[$295,961, exercisable if construction has not commenced thereon by 03/31/2003. Development Current Developer (COBB) will continue Deletes existing provision. Developer Entities: to be responsible and remain involved in advises that COBB will no longer be the management, decision making process involved in the project and that this and ownership throughout the entirety of provision is non-negotiable. the project. Proiect Re-design and Re-qpening Meridian Avenue: The proposed re-design will increase the number of units in the project from 317 units to no more than 410 units remaining within the permitted FAR of the project as set forth in the Development Agreement. This change is purported to expedite financing and construction of this phase. The redesign also contemplates the reopening of Meridian Avenue be considered in response to community concerns. The developer will fund the cost to complete and improve Meridian Avenue once it is re-opened estimated at $350,000. Outstandin~ Interest on Balance of Purchase Price: On September 3, 1999, the Developer remitted payment for the outstanding purchase price for Parcel 2. Unresolved, is a discrepancy in the accrued interest calculation. Together with this remittance, the Developer has demanded that the City fulfill its obligation to purchase the Library. On September 22, 1999, the City replied to the Developer advising of the discrepancy in the interest accrual calculation and advising that the City is not yet obligated to purchase the library unit. As it relates to the unpaid and accrued interest, the discrepancy on the outstanding balance is attributed to the commencement date of the interest accrual. The City calculated interest beginning 90 days after the closing, however a later amendment to the Development Agreement provided that "Cobb shall be entitled to apply a cumulative credit equal to its advances for the Agency's contractual obligations '" no interest shall be due and payable with respect to the amount advanced by Cobb which is in excess of the installments." The Developer has agreed to repay the $30,060.55 in accrued and unpaid interest as calculated by the City. Library Space: The Development Agreement specifically states that (a) party or parties will purchase and contribute to the City, the library space and (b) such purchase shall occur not later than the issuance of a certificate of occupancy on the lOOth condominium unit. As reflected in the chart above, the City's option to acquire the library facility has been extended to expire coterminous with the Development Agreement. Additionally, other public uses may be proffered by the City or alternatively after the City chooses not to acquire the facility, the Developer may donate the facility to a not-for-profit or use as commercial space contingent upon a payment to the City in the amount of $520,000 (less any applicable parking impact fees). July 26. 2000 Commission Memorandum Cobb Project Page 5 Construction Completion Deadlines and Additional Remedies: While the City is of the opinion that the construction completion deadlines have expired, if the City were to pursue a default, the current Development Agreement provides limited remedies i.e. $255,000 and $115,000 letter of credits. The amendment provides that all phases of construction must be completed by the expiration of the Development Agreement, or 03/31/2003. In addition to the letters of credit, the Developer agrees to pay an additional $50,000 per year, for two (2) years, if construction on any Phase has not commenced and is not proceeding. Furthermore, the Developer has agreed to complete Phase Il and the piazza prior to commencing Phase IV. Streetscape: While the Developer agrees to complete the streetscape in accordance with the existing streetscape plan, which is anticipated to cost in excess of the $750,000, the City will closely monitor and ensure the quality of construction of the improvements. Repurchase Option: The Modification to the Cobb Development Agreement, dated October 9, 1989, requires the Developer to commence construction on ParcelZ (Block 53) of the Project within ninety (90) days after the sale of seventy five (75%) percent of the units on Parcell. To date, the Developer has not commenced development of Parcel 2. Pursuant to Section 17 of the Modification to Development Agreement, if the Agency and Developer have closed on Parcel 2, but Developer has failed to commence construction on Parcel 2 within one hundred and twenty (120) days after the sale of seventy five (75%) percent of the total units on Parcell, provided Developer has not commenced development on the date on which the Agency gives notice of its option to repurchase, then the Agency shall have the option to re-purchase Parcel 2 at a purchase price of $1,554,200, and to terminate the Development Agreement as to Parcel 2. The Developer has agreed to provide notice to the City regarding the sale of units on Parcell and to transfer the re-purchase option to Parcel V upon construction commencement on Parcel IV. RECOMMENDATION While the re-negotiated amendment outlined above provides some additional remedies, the original Development Agreement as amended, provides the City/RDA with little enforcement ability and recourse alternatives. Therefore, the re-negotiated amendment is deemed to be in the best interest of the City in light of City's lack of recourse to the Developer. It is recommended that the Chairman and Members of the Board adopt the proposed Resolution authorizing the execution of the Fourth Extension and Clarification Agreement to the Cobb Development Agreement, as amended. LAL/CMC/rar T:\AGENDA \2000\JUL2600\RDA\COBB.CM RESOLUTION NO. 2000-24038 A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE THE FOURTH EXTENSION AND CLARIFICATION AGREEMENT TO THE COBB DEVELOPMENT AGREEMENT, AS AMENDED. WHEREAS, in February of 1988, the Miami Beach Redevelopment Agency (RDA) issued a Request for Proposals for new residential development at the Old Police Station Site in South Pointe; and WHEREAS, responses were submitted in June of 1988 and, subsequent thereto, the RDA authorized the Administration to negotiate a Development Agreement with Cobb Partners Development, Inc.; and WHEREAS, following negotIatIOns which lasted nearly nine months, the Cobb Development Agreement was approved on March 31, 1989, for residential development of the two blocks ofland between Alton Road and Meridian Avenue, from First Street to Second Street, and subsequently including an additional block, bounded by Meridian Avenue, First Street, and Washington Avenue; and WHEREAS, since 1989, amendments to the subject Development Agreement have included an Extension and Clarification Agreement on February 6, 1991; a Second Extension and Clarification Agreement on June 3,1993; an Amendment to the Second Extension and Clarification Agreement on December 17, 1993; a Third Extension and Clarification Agreement on February 15, 1995; and an Addendum No.1 to the Third Extension and Clarification Agreement on February 24, 1996 (collectively, the Development Agreement, as amended); and WHEREAS, the Development Agreement, as amended, shall expire on March 31, 2003; and WHEREAS, pursuant to the RDA's request,on March 17, 1999, a status report on the Cobb Project was presented to the RDA and, on April 14, 1999, the Administration and City Attorney's Office presented ajoint recommended course of action which deemed the developer to be in default under the Development Agreement, as amended, for failure to timely complete construction, and further recommended that, prior to instituting a default under the Agreement and undertaking protracted litigation, the parties should seek to negotiate a further amendment to the Agreement; and WHEREAS, on May 12, 1999, a status report on the Cobb Project was presented to the RDA, stating that negotiations were ongoing and that the Administration would report back in July; and WHEREAS, on July 7, 1999, a status report was presented to the RDA and it was recommended that a final report be presented in September, 1999; and WHEREAS, on October 6, 1999, as a result of stalled negotiations with the developer, and as a result of the lack of notice requirements from the developer relative to sale of units, which t~iggers the City's repurchase option on Parcel 2 (Block 53), the Administration presented a resolution seeking authorization to exercise the City's repurchase option to insure a preservation of its rights and remedies; and WHEREAS, the RDA deferred the item pending clarification of the City's and developer's remedies and requested a report back at the next meeting; and WHEREAS, on October 20, 1999, the RDA instrUcted the City Attorney to institute default proceedings against the developer, including the filing of a declaratory action; the City Attomey subsequently advised of the advantages and disadvantages of instituting default proceedings and it was determined that negotiations with the developer should proceed; and WHEREAS, the Administration and City Attomey's Office have been negotiating with the current developer, the Courts at South Beach Ltd. flk/a Cobb Partners South Beach, Ltd., as the successor in interest to Cobb Partners Development, Inc.; and WHEREAS, accordingly, the parties have negotiated the attached Fourth Extension and Clarification Agreement to the Cobb Development Agreement, as amended, and the Administration and City Attorney's Office would jointly recommend that the Mayor and City Commission approve and authorize the Mayor and City Clerk to execute same. NOW, THEREFORE, BE IT DULY RESOLVED BY THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, that the Mayor and City Commission herein approve and authorize the Mayor and City Clerk to execute the attached Fourth Extension and Clarification Agreement to the Cobb Development Agreement, as amended. PASSED and ADOPTED this 26th day of July ,2000. ~ MAYOR A TIEST: -.fdMl J~Ltd~ CITY CLERK APPROVED A,S TO fOit~A & LAJ"~GUj-\iJE & fOR EXECUTiON RJA\kw F:\A TIO\AGUR\RESOS\COBBDEVL.CMB 1f ittAtL eny ;\.~Di~! J-' J.- y-tfr D,~.:,;'~ ~ITY OF MIAMI BEACH :ITY HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH, FLORIDA 33139 ,ttp:\\ci.miami-beach. fl. us COMMISSION MEMORANDUM NO. " '2-~ -90 TO: Mayor Neisen O. Kasdin and DATE: July 26, 2000 Members of the City Commirt: ' Lawrence A. Levy G.~~ City Ma~...r A RE~~ION OF THE MAYOR AND MEMBERS OF THE CITY COMMISSION AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE THE FOURTH EXTENSION AND CLARIFICATION AGREEMENT TO THE COBB DEVELOPMENT AGREEMENT, AS AMENDED. FROM: SUBJECT: ADMINISTRATION RECOMMENDATION: Adopt the Resolution. BACKGROUND On March 17, 1999 a status report on the Cobb Project was presented to the Redevelopment Agency Board (RDA). On April 14, 1999, the Administration and the City Attomey presented a joint recommended course of action and the Board requested a report back in thirty days. On May 12, 1999, a status report on the Cobb project was presented stating that negotiations were ongoing and that the Administration would report back in July. On July 7, 1999, a status report was presented to the Board and it was recommended that a final report be presented in September 1999. The negotiations with the Developer contemplated an addendum to the Development Agreement addressing the outstanding issues. On October 6, 1999, as a result of stalled negotiations with the Developer and as a result of the lack of notice requirements from the Developer relative to sale of units which triggers the City re-purchase option on Parcel 2 (Block 53), the Administration presented a Resolution seeking authorization to exercise the City's repurchase option to ensure a preservation of the City's rights and remedies. The RDA board deferred the item pending clarification of the City's and Developer's remedies and requested a report back at the next meeting. On October 20, 1999, the RDA Board instructed the City Altorney to institute default proceedings against Ihe developer including a declaratory action. The City Altorney subsequently conducted a review ofthe property history and documentation and advised the RDA Board of the advantages and disadvantages of instituting default proceedings. It was determined that negotiations with the Developer should proceed and if negotiations fail, then the declaratory action would be filed and pursued. (A draft complaint has already been prepared). AGENDA ITEM I2...l G DATE 1- 2~-o() T:\AGENOA\2000\JUL2600I.REGULARICOBB.CM July 26, 2000 Commission Memorandum Cobb Project Page 2 The Administration has met continuously with the developer on several occasions. The Developer and the Administration have negotiated a Fourth Extension and Clarification Agreement that addresses the parties' respective responsibilities with regard to construction completion deadlines, the agency's obligalion regarding the library and streetscape, the balance of the interest outstanding on the additional purchase price, and other outstanding issues. Additionally, the Fourth Extension and Clarification Agreement contemplated the proposed project redesign and the re-opening of Meridian Avenue. The outstanding issues addressed in the Fourth Extension Clarification Agreement are listed below: ISSUES: EXISTING OBLIGATION: RE-NEGOTIATED POSITION: Project Design: Project design is market driven, DRB approval No. 11989 granted for Residential units shall not exceed 317 Phase IV re-design on March 14, 2000. units and commercial shall not exceed 8% As a result, Project shall not to exceed 412 of total FAR, residential units and commercial shall not exceed 8% of total FAR. Parcel I: Phase I 66 nnits Parcel I: Phase I 66 units Phase II 52 units Phase II 52 units Phase III 46 units Phase III 46 units Phase V 23 units Phase V 23 units Commercial 4 units Commercial 4 units Parcel II: Phase IV 91 units Parcel II: Phase IV 222 units Commercial 1 units Commercial 1 units Meridian Avenue: Pursuant to the Development Agreement, Upon C.O, for Phase IV improvements, the City quit claimed Meridian Avenue the Developer will improve and quit claim from I" to 2"' Street to Developer. Meridian A venue to the City. The cost of the improvements are estimated at $350,000, Developer will pay any amount exceeding $350,000, Developer agrees to appeal to DRB for return of parking spaces to west side of Meridian Avenue, O/S interest on The Agency demanded full payment for Developer has agreed to pay $30,060,55 to balance on Purchase outstanding accrued unpaid interest on the settle outstanding accrued and unpaid Price: purchase price for Parcel 2, calculated to interest due on purchase price for Parcel 2 be $30,060.55. (Block 53). juiy 26, 2000 Commission Memorandum Cobb Project Page 3 Library Space: The Development Agreement requires the Upon the effective date, the Agency shall Agency, or a party on behalf of thc have the option, but not the obligation. to Agency, to pay $275,000 for a 5.000 sf purchase the library for $275,000, condominium unit to be used as a library exercisable no later than March 2003 facility, The Development Agreement (expiration date of Development provides that the $275,000 fee be paid Agreement), Altematively. the Agency upon completion of the library facility and may propose a mutually agreed upon "not later than the issuance of a certificate public use for the facility. including a of occupancy on the 100th condominium police sub-station or administrative police unit" To date, approximately 70 (66 or fire facilities, In the event the Agency residential and 4 commercial) units have does not exercise its option for the library been completed, In September 1999, the or public use facility. the Developer shall Developer demanded payment for the have the option to convey the facility to a purchase of the library, not-for-profit corporation/organization. subject to the City's reasonable review, In the event the Developer uses the facility at any time as commercial space, the Developer shall pay the Agency $520,000, (representing developer's contribution less any applicable parking impact fees). Streetscape: The Agency's obligation to complete The Developer agrees to complete the streetscape improvements is subsequent to streetscape improvements in accordance the completion of each phase of with the existing and approved streetscape construction, The outstanding unpaid plan and will be responsible in the event balance of the $750,000 Agency obligation costs to complete exceed the $750,000 is $458,627, contribution. The Agency is still obligated to reimburse Developer the outstanding balance of$458,627 upon completion of improvements, It is anticipated that these improvements will exceed $750,000, Construction The City' s position is that the construction All phases (I- V) of construction must be Completion completion deadlines have expired, completed by the expiration of the Deadlines: Development Agreement, or 03/31/2003, Phase !, totaling 92 units has been completed. A portion of Phase II, consisting of 26 units has been completed and Developer agrees to commence construction of the Piazza, located within Phase II and complete no later than six (6) months, Developer also agrees not to commence construction on any other phase until completion of Phase II and Piazza, Additional Letter of credit ensuring timely completion Letters of credit remain at existing Remedies: of construction for Parcell is $255,000 amounts and Developer agrees to pay an and $115,000 for Parcel 2, additional $50.000 per year, for two (2) years, if construction on any Phase has not commenced and is not proceeding. July 26, 2000 Commission Memorandum Cobb Project Page 4 , Repurchase Option: The Agency has right to repurchase Parcel Developer has obligation to notice Agency 2 (Block 53) in the event Developer has upon the closings on the sale of 50% and failed to commence construction within 75% of the units in Parcell. City 120 days after closings on sale of75% of preserves its option to re-purchase Parcel 2 total units on Parcell (141 units) at a (Block 53). Once option expires due to purchase price of$I,554,200. commencement of construction on Parcel Development Agreement has no notice 2 (Block 53), Developer agrees to transfer provisions. option to re-purchase to Phase V at a pro- rated purchase price of$295,961, exercisable if construction has not commenced thereon by 03/3112003, Development Current Developer (COBB) will continue Deletes existing provision, Developer Entities: to be responsible and remain involved in advises that COBB will no longer be the management, decision making process involved in the project and that this and ownership throughout the entirety of provision is non-negotiable, the project. Proiect Re-desi~ and Re-opening Meridian Avenue: The proposed re-design will increase the number of units in the project from 317 units to no more than 410 units remaining within the permitted FAR of the project as set forth in the Development Agreement. This change is purported to expedite financing and construction of this phase. The redesign also contemplates the reopening of Meridian Avenue be considered in response to community concerns. The developer will fund the cost to complete and improve Meridian Avenue once it is re-opened estimated at $350,000. Outstanding Interest on Balance of Purchase Price: On September 3, 1999, the Developerremitted payment for the outstanding purchase price for Parcel 2. Unresolved, is a discrepancy in the accrued interest calculation. Together with this remittance, the Developer has demanded that the City fulfill its obligation to purchase the Library. On September 22, 1999, the City replied to the Developer advising of the discrepancy in the interest accrual calculation and advising that the City is not yet obligated to purchase the library unit. As it relates to the unpaid and accrued interest, the discrepancy on the outstanding balance is attributed to the commencement date ofthe interest accrual. The City calculated interest beginning 90 days after the closing, however a later amendment to the Development Agreement provided Ihat "Cobb shall be entitled to apply a cumulative credit equal to its advances for the Agency's contractual obligations ... no interest shall be due and payable with respect to the amount advanced by Cobb which is in excess of the installments." The Developer has agreed to repay the $30,060.55 in accrued and unpaid interest as calculated by the City. Libra(y Space: The Development Agreement specifically states that (a) party or parties will purchase and contribute to the City, the library space and (b) such purchase shall occur not later than the issuance of a certificate of occupancy on the 100th condominium unit. As reflected in the chart above, the City's option to acquire the library facility has been extended to expire coterminous with the Development July 26, 2000 Commission Memorandum Cobb Project Page 5 Agreement. Additionally, other public uses may be proffered by the City or altematively after the City chooses not to acquire the facility, the Developer may donate the facility to a not-for-profit or use as commercial space contingent upon a payment to the City in the amount of$520,000 (less any applicable parking impact fees). Construction Completion Deadlines and Additional Remedies: While the City is of the opinion that the construction completion deadlines have expired, if the City were to pursue a default, the current Development Agreement provides limited remedies i.e. $255,000 and $115,000 letter of credits. The amendment provides that all phases of construction must be completed by the expiration of the Development Agreement, or 03/31/2003. In addition to the letters of credit, the Developer agrees 10 pay an additional $50,000 per year, for two (2) years, if construction on any Phase has not commenced and is not proceeding. Furthermore, the Developer has agreed to complete Phase II and the piazza prior to commencing Phase IV. Streetscape: While the Developer agrees to complete the streetscape in accordance with the existing streetscape plan, which is anticipated to cost in excess of the $750,000, the City will closely monitor and ensure the quality of construction of the improvements. Rcwurchase Option: The Modification to the Cobb Development Agreement, dated October 9, 1989, requires the Developer to commence construction on Parcel 2 (Block 53) of the Project within ninety (90) days after the sale of seventy five (75%) percent of the units on Parcell. To date, the Developer has not commenced development of Parcel 2. Pursuant to Section 17 of the Modification to Development Agreement, if the Agency and Developer have closed on Parcel 2, but Developer has failed to commence construction on Parcel 2 within one hundred and twenty (120) days after the sale of seventy five (75%) percent of the total units on Parcell, provided Developer has not commenced development on the date on which the Agency gives notice of its option to repurchase, then the Agency shall have the option to re-purchase Parcel 2 at a purchase price of $1,554,200, and to terminate the Development Agreement as to Parcel 2. The Developer has agreed to provide notice to the City regarding the sale of units on Parcell and to transfer the re-purchase option to Parcel V upon construction commencement on Parcel IV. July 26, 2000 Commission Memorandum Cobb Project Page 6 ~COMMENDATION While the re-negotiated amendment outlined above provides some additional remedies, the original Development Agreement as amended, provides the City/RDA with little enforcement ability and recourse alternatives, Therefore, the re-negotiated amendment is deemed to be in the best interest of the City in light of City's lack of recourse to the Developer. It is recommended that the Mayor and Members City Commission adopt the proposed Resolution authorizing the execution of the Fourth Extension and Clarification Agreement to the Cobb Development Agreement, as amended. LAL/CMC/rar T:\AGENDA\2000\IUL26OO\REGULAR\COBB.CM FOURTH EXTENSION AND CLARIFICATION AGREEMENT This Agreement is made and entered into as of the c2(P It-day of futt ,2000, by and among the MIAMI BEACH REDEVELOPMENT AGENCY, a public Age cy, organized and existing pursuant to the Community Redevelopment Act of 1969, Chapter 163, Part III, Florida Statutes (1985, as amended), whose principal place of business is located at 1700 Convention Center Drive, Miami Beach, FL 33139 (the "Agency"), the CITY OF MIAMI BEACH, a Florida municipal corporation, whose principal place of business is located at 1700 Convention Center Drive, Miami Beach, FL 33139 (the "City"), and the COURTS AT Sourn BEACH LIMITED, a Florida limited partnership f/k/a Cobb Partners South Beach, Ltd" whose principal place of business is located at 11098 Biscayne Boulevard, Suite 402, Miami, Florida 33161 (the "Developer"), WIT N E SSE T H: WHEREAS, the Agency and Developer are parties to a Contract of Purchase and Sale and Cobb Development Agreement, both dated March 31, 1989; a Contract for Purchase and Sale Modification Agreement and a Modification to Cobb Development Agreement, both dated October 9, 1989; an Extension and Clarification Agreement, dated February 6, 1991; a Second Extension and Clarification Agreement, dated June 2, 1993; an Amendment to Second Extension and Clarification Agreement, dated December 17, 1993; a Mutual Extension Letter, dated August 26, 1994; a Third Extension and Clarification Agreement, dated February 23, 1995; and an Addendum No, I to the Third Extension and Clarification Agreement, dated February 13, 1997 (collectively the "Contracts" unless otherwise specified, the defined terms of which are incorporated herein by reference), all relating to a redevelopment project being undertaken by Developer originally referred to as the New Development on the Old Police Station Site, Miami Beach, Florida (the "Project"); and WHEREAS, each ofthe undersigned parties has respectfully determined it to be beneficial and expressed interest to supplement and clarifY the Contracts. NOW THEREFORE, for TEN DOLLARS and 00/100 ($10,00) paid by each party to the other, the covenants, conditions and forbearances set forth herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Agency, City and the Developer hereby agree to the following: 1. Proiect Development. The Developer has developed and/or intends to develop the Project in five phases as follows: 1.1 Phase I of the Project has been constructed on the real property described in Exhibit" 1 ", attached and incorporated herein (the "Phase 1 Property"), The improvements that have been constructed on the Phase I Property are in accordance with DRB File No, 4095 and Building Permit No, B-9300221 (the 'Phase I Improvements'), 1.2 Phase 11 of the Project is to be constructed on the real property described in Exhibit "2", attached and incorporated herein (the "Phase 11 Property"). The proposed improvements to be constructed on the Phase 11 Property shall be in accordance with DRB File No, 5831 and Building Permits Nos, B 9800843(Building 100) and B 9902349( Building 400) (collectively known as the 'Phase 11 Improvements'). 1.3 Phase III of the Project is to be constructed on the real property described in Exhibit "3", attached and incorporated herein (the "Phase 1II Property")!. The proposed improvements to be constructed on the Phase 1II Property shall be in accordance with DRB File No. 11989 (the 'Phase 1II Improvements'), 1.4 Phase IV of the Project is to be constructed on the real property described in Exhibit "4", attached and incorporated herein (the "Phase IV Property"), The proposed improvements to be constructed on the Phase IV Property shall be in accordance with DRB File No, 11989 (the 'Phase IV Improvements), 1.5 Phase V of the Project is to be constructed on the real property described in Exhibit" 5", attached and incorporated herein (the "Phase V Property"). The proposed improvements to be constructed on the Phase V Property shall be in accordance with DRB File No. 5831 (the 'Phase V Improvements), 1,6 For purposes of clarification, the parties note that the above-noted phasing designations are for developmental purposes and said designations do not alter or change the parcel designations as set forth in the Contracts. Thus, Phases 1, 11, 1II and V, noted above, correspond with Parcel I, as set forth in the Contracts, while Phase IV, noted above, constitutes Parcel 11 in the Contracts, The rights, duties, obligations and responsibilities of the parties with respect to Parcels I and II in the Contracts shall not change or be altered by this Agreement, unless specifically set forth herein. For the purposes ofthis Agreement, the Phase I Improvements, the Phase II Improvements, the Phase III Improvements, the Phase IV Improvements, and the Phase V Improvements may be referred to individually or, when referred to collectively, as the "Project Improvements", 1,7 The parties also recognize that the Developer has sought and received Design Review Board approval for certain modifications to the previously approved DRB approved plans under DRB File No, 11989, but that approval is not yet "final", without any further appeals or reviews available, At the time of the approval of this 4th Extension or at such time as said DRB approval is "final", with no further rehearings or appeals (administrative or judicial) possible, whichever is later, then the terms of this 4th Extension shall be effective and the approved plans shall be deemed to have been modified, without further action ofthe parties, to incorporate reference to the 4th Extension as the applicable DRB approval and any dates set forth in the Contracts or herein that relate to plan approval shall relate to the date that these modifications are final and unappealable or the date hereof, whichever is applicable, Furthermore, the definition of Project Improvements within the Contracts shall also be deemed to be modified, without further aclion of the parties, to incorporate these modifications, which shall then be determined to be in compliance with the terms of the Contracts and this 4th Extension, In the event these modifications are not determined to be "final", as noted above, then the designations and plans set forth in the Contracts and previously approved shall continue to govern, 1 The legal descriptions for Phase III and IV. attached hereto, may be modified as pan of construction and/or dedication and construction of Meridian Avenue, It is not the parties' intent to bind either party to the strict legal description contained herein, 'Id. 2 2. Number of Residential Units/Amount of Commercial Space. The parties acknowledge that the Project Improvements, as contemplated herein or as subsequently modified by the 2000 Plan Modifications, shall contain no more than 412 residential units, and that the commercial area for the Project shall not exceed eight percent (8%) of the total permitted F,AR. (Floor Area Ratio) for the Project, such commercial square feet, to be divided into such number of individual commercial condominium units as may be determined from time to time by the Developer in its sole discretion, In no event, however, shall the Developer be permitted to exceed the permitted F,AR. (Floor Area Ratio) as set forth in the Contracts, However, nothing contained herein should be construed to limit the ability of the Developer to seek other plan modifications in accordance with the terms of the Contracts, 3, Construction Completion Deadline. Notwithstanding anything to the contrary in the Contracts, the parties hereto agree that the following provisions shall apply as to the construction completion deadlines as they relate to the Project and any Project Improvements, 3.1 In relation to the Phase I Improvements, the parties acknowledge that the Phase I improvements have been completed. 3,2 In relation to the Phase II Improvements, the parties acknowledge that a portion of the Phase 11 improvements, consisting of 26 units, has been completed, The remaining uncompleted portions of Phase II shall be completed no later than March 31,2003, in any event, prior to commencement of construction Phase IV or any portion of Phase IV, as provided in Paragraph 3.4 below. 3,3 In relation to the Phase III, IV and V Improvements, the parties acknowledge that the improvements shall be completed no later than March 31, 2003, 3.4 In addition to the construction completion deadlines set forth above, the Developer hereby agrees to commence construction on the Piazza located within the Phase II and 1lI portion of the Project within sixty (60) days of the date of approval of this 4th Extension by the Agency, City and Developer and to complete construction of said Piazza within one hundred eighty (180) days of the commencement of said construction, barring acts of God or similar force majeur. Developer agrees that it shall not commence construction on Phase IV or any portion of Phase IV, until construction completion of Phase 11, which is presently on-going, Developer further agrees that is shall commence construction on Phase 1lI no later than March 31, 2002, 3.5 In addition to any other provision, limitation or remedy set forth in the Contracts, and not in substitution thereof, Developer hereby agrees that in the event there is a failure of the Developer to have commenced construction, as defined in the Contracts, and to be proceeding continuously with said construction, in good faith, within the time-frames set forth above, the following additional remedies and/or damages may be available to the Agency and may be sought by the Agency in the manner and mode and with the notice set forth in the Conlracts for any such default in completion, For purposes of this Agreement, "continuous good faith construction" shall mean that said construction on the Project or portion thereof shall not be idle, as determined by the City's Building Official and consistent with the provisions of the South Florida Building Code, for a period longer than 90 consecutive days. 3 3.5, I , In the event the Developer does not so commence and proceed with the construction of any of the Phases noted above and in the manner noted above, the Agency shall be entitled to damages from Developer in the amount of$100,000.00, only for a maximum ofa two (2) year period and only payable at $50,000 per year, However, if the Developer has commenced and is, in good faith continuous construction on said Phase within that first year, or if the Developer has completed such construction at the end of one year from March 31, 2003, then Developer shall only be liable for $50,000,00 in total damages, 3,6 The parties acknowledge and agree that the construction deadlines set forth herein are also governed by the provisions of Paragraph 12 of the "Cobb Development Agreement", dated March 31, 1989. 4, Librarv, Pursuant to the Contracts, the Agency acknowledges that it was the original intent of the parties to allow for the purchase of a commercial condominium space(s) within the Project by a party or parties that would purchase outright and contribute to the City of Miami Beach, not later than the issuance of a Certificate of Occupancy on the 100th condominium unit, one or more commercial condominium units constituting the Library facility within the Project, of approximately 5,000 square feet, for the sum of $275,000,00, The parties also acknowledge that the intent to so utilize this commercial space for a Library may no longer be feasible or desirable due to other library facilities that have been constructed in the general area of the Project and the inability or unwillingness of Miami-Dade County to allow and/or support the maintenance of another Library at the location of the Project. However, the parties also recognize that there may be other public needs of the City that can be met through the acquisition of the Library space that has already been completed by the Developer. As a result, the parties hereby agree that the Agency shall have the option to obtain ownership of what was previously identified as the Library facility in the Contracts for any other mutually agreed to public purpose, such as, but not limited to, a police sub-station or administrative fire or police office facilities, or such other public usage that is mutually agreed to by the parties, 4, I With regard to such facility, the parties agree that, upon effective date of this Fourth Extension by the parties, the Agency shall have the option, but not the obligation, to purchase the formerly designated Library for the sum of$275,000; such option to be exercised, in writing, by the Agency no later than the issuance of the CO for the 100th Condominium unit or March 31, 2003, whichever is the later. The Developer shall have the obl~ation to notifY the Agency, in writing, wilhin thirty (30) days of the issuance of the CO for the 100 Condominium unit. Upon the later of said written notice or March 31,2003, the Agency shall have one hundred eighty (180) days therefrom to exercise its option to purchase the former Library facility, for the sum of $275,000, Once said option is exercised by the Agency, the Agency shall pay said $275,000 in 10 yearly installments starting with the first installment at the time of notice of exercise of the option, and with each additional installment of $27,500 to be paid on the anniversary date of the exercise of the option, unless otherwise agreed to by the parties, in writing. The former Library facility is being offered to the Agency in an "as is", "where is" basis, as such facility exists on the date hereof 4,2 The Agency further agrees that in the event it does not exercise its option to purchase the Library facility, the Developer may, at its sole option, convey said facility to a not-for- profit corporation or not-for-profit organization that will utilize said facility for the benefit of the 4 goals of said organization, The Developer shall notify the Agency of its intention for the use or conveyance of the facilities within 180 days of the date that the Agency fails to exercise its option, noted above, Upon choosing this option, the Developer will, within thirty (30) days notify the Agency, in writing, of its choice of the not-for-profit corporation or not-for-profit organization and the Agency shall have thirty (30) days to approve or reject that choice, in writing and with reasons stated for any rejection, The Agency shall not unreasonably reject the Developer's choice of said corporation or organization. In the event the Agency does not notify the Developer of approval or rejection within the time frame noted above, the Developer's choice of corporation or organization shall be deemed to be automatically approved, If rejected, the Developer may choose to submit another organization or corporation and submit it to the Agency in the same manner and time frames as noted above. If rejected again, the choice of corporation or organization shall be determined in the manner of dispute resolution set forth in the Contracts, If the Developer chooses this option, the Developer shall have no obligation of donation or payment to the Agency, and said corporation or organization shall be permitted to utilize and occupy said facility under the same terms, conditions and requirements that would have been in effect had the City occupied said facility for Library purposes. In the event that the Developer chooses to utilize the Library space as commercial space, at any time, provided said commercial space remains within the overall Project F.A.R., as set forth in the Contracts, Developer shall pay to the Agency the sum of $520,000, to be paid in 10 yearly installments of $52,000, which shall, in part, constitute a credit for the Developer towards any parking impact fees that may be applicable for the use of the facility for this commercial purpose and in lieu of providing any additional parking for the Project. In the event the Developer chooses to utilize the Library space as commercial space within the overall Project, the Developer shall make its initial payment of $52,000 to the Agency at the time it notifies the Agency of the exercise of such option and every year, thereafter, on the anniversary date of the exercise of said option. 5. ParcellI I Block 53 (Phase IV)' Pursuant to the Contracts, as of the date of execution of this Fourth Extension by the parties, the total amount remaining due to the Agency from the Developer for the purchase price for Parcel IYBlock 53 is the sum of $30,000 which represents the parties full and complete agreement regarding alleged back interest due on said purchase price, 5.1 Pursuant to the Contracts, the Agency and the Developer acknowledge and reaffirm the Agency's continuing right to repurchase ParcellIlBlock 53 in the event that Developer has failed to commence construction on ParcellIlBlock 53 within 120 days after the closings on the sale of75% of the total units on Parcell, at a purchase price of$I,554,200, Because the Developer can more easily track the continuing closings on the sale of units in the Project than the Agency, the parties herein acknowledge and agree that, in order to preserve the Agency's right to re-purchase ParcellYBlock 53, the Developer shall notify the Agency immediately or no later than ten (10) days, in writing, when the following events occur: a. The closing on the sale of 50% of the units on Parcel I; b. The closing on the sale of75% ofthe units on Parcell, Upon written notice from the Developer of the closing on the sale of75% of the units on Parcell, Ihe Developer shall have one hundred twenty (120) days after such date, as set forth in the written notice, to commence development on Parcel IYBlock 53, In the event that the Developer fails to commence development on Parcel IYBlock 53 within 120 days after the closing on the sale of75% 5 ofthe total units on Parcel I, as set forth in the date of written notice to the Agency, the Agency shall have the option to repurchase ParcellIlBlock 53 in accordance with the Contracts, 5,2 In the event, during the term of the Development Agreement, the option to repurchase Parcel lllBlock 53 noted above, expires or is lost to the Agency due to the commencement of construction on said Parcel, Developer hereby agrees and does hereby grant to the Agency the option to repurchase Phase V of the Project in the event of the termination of the repurchase option on ParcellIlBlock 53, The price of the repurchase option for Phase V shall be $295,96], which is the equivalent price, per square foot, as the purchase price noted above for Parcel IllBlock 53, This substituted option to repurchase may be exercised by the Agency if the Developer does not commence construction and be in continuous, good faith construction on said Phase by March 31, 2003, If said option is so exercised by the Agency, then the conveyance of said Phase to the Agency shall be free and clear of any obligations by the Agency regarding development, operation and maintenance pursuant to any of the Association or Condominium documents for the Project. 6. StreetscaDe. 6,1 Pursuant to the Development Agreement, the Agency was obligated to construct certain streetscape improvements in the general area of the project, as well as in close proximity to the Property, Subsequently, in the Contracts, the Developer agreed to design and construct a certain portion of these improvements that were estimated by the parties to cost $750,000,00. The parties agree and acknowledge that the Developer has constructed a portion of the streetscape improvements and the Agency was obligated to reimburse the cost thereof, not to exceed $750,000,00, to the Developer, The parties further agree that the Developer has already paid $291,373,00 for said streetscape improvements that has been applied as a credit against the purchase ofParcellIlBlock 53, Therefore, the present limit of Developer' s continued obligation to design and construct said streetscape improvements and the balance that will be due and owing to the Developer by Agency is the sum of$458,627.00. However, Developer agrees that in the event the aggregate cost of said improvements exceed $750,000.00, Developer shall be solely responsible for said additional costs as long as the streetscape improvements approved by the Agency are consistent, compatible and substantially the same as the streetscape improvements done to date by the Developer between Alton and Jefferson on 1" Street, and/or Developer's presently approved plans for said streetscape between Meridian and Jefferson on 1" Street, 6.2 The parties hereto acknowledge and agree that the conceptual streetscape improvements for the Project are those streetscape plans and streetscape design criteria mutually acceptable to the parties and which are consistent with paragraph 6.1, but specific and detailed streetscape plans and streetscape design criteria have not yet been submitted to Ihe Agency for review and approval, In the construction and completion of the Project, the Agency agrees as follows: 6,2,1 Upon submission of the proposed specific and detailed streetscape improvements by the Developer, the Agency shall respond to all Developer submissions within 30 days of the Developer's submission therefor, In such 30 day period, the Agency shall either agree to the streetscape improvement plans proposed by the Developer and/or set forth the reasons for non- acceptance and the changes requested by the Agency. In the event that said plans are not approved by the Agency, the Developer shall make such modifications to the plans as it deems appropriate to 6 respond to the reasons expressed by the Agency and shall submit revised plans to the Agency within 30 days of the date the Agency rejects the original submittal. Thereafter, the Agency shall have an additional 30 days in which to review said revised plans. Ifthe Agency fails to approved the revised plans, it shall indicate the reasons therefore and the Developer shall either once again revise the plans and resubmit within 30 days of the date of rejection or may appeal said rejection to the Design Review Board, In the event the Developer chooses to appeal the rejection to the Design Review Board, both the Agency and the Developer agree to be bound by the decision of the Board. Failure of the Agency to review and act upon the submission of the plans and/or revised plans within the time-frames set forth herein shall result in automatic approval of the plans then submitted. 6.2.2 The Agency agrees that the Developer shall construct such streetscape improvements with third party contractors and, provided that the Developer does not receive any commission or payments therefor, the Developer may utilize such contractors as determined by the Developer with the Agency's reasonable consent, as set forth herein, Developer will, within thirty (30) days after determining its third party contractors, notify the Agency, in writing, of its choice!s and the Agency shall have fifteen (15) days to approve or reject the choice/s, in writing and with reasons stated for any rejection, The Agency shall not unreasonably reject the developer's choice/s, In the event the Agency does not notify the Developer of approval or rejection within the time frame noted above, the Developer's choice/s shall be deemed to be automatically approved, If rejected, the Developer shall choose another contractor/s and submit it to the Agency in the same manner and time frames as noted above. If rejected again, the choice of contractor/s shall be determined in the manner of dispute resolution set forth in the Contracts, 6.2.3 The Agency agrees that upon submission of an invoice for payment of the streetscape improvements, the Agency shall review the improvements constructed by the subcontractor and within thirty (30) days of the submission of the invoice for payment therefor shall either issue payment for the invoice submitted to the Agency and/or provide the reason why payment therefor should be reduced and/or not paid, If no action is taken by the Agency within said period, the submitted invoice shall be deemed approved and shall be then due and payable. If the Developer does not agree with the determination of the Agency, it shall have the ability to seek review of that decision in accordance with the dispute resolution procedures set forth in the Contract. In no event shall the Agency be liable or responsible for payments in excess of those set forth as the Agency's responsibility as sel forth in Paragraph 6,1 hereof 7, Meridian Avenue, 7.1 The parties hereto agree that upon obtaining the final Certificate of Occupancy for the Phase IV Improvements, the Developer shall, for $10,00 and other good and valuable consideration, quit-claim to the City the real property currently known as Meridian Avenue, more particularly described on Exhibit "A" attached and incorporated herein (the "Meridian Avenue"), Developer may reserve, in said deed or otherwise, a non-exclusive utility and/or storm water drainage facility easement, Developer shall notify the City, in writing, within thirty (30) days ofthe date of obtaining said final Certificate of Occupancy. However, Developer will only quit-claim Meridian Avenue to the City upon completion of streetscape improvements to Meridian Avenue that are consistent, compatible and substantially the same as the streetscape improvements done to date by the Developer between Alton and Jefferson on I" Street, and/or Developer's presently approved plans 7 for said streetscape between Meridian and Jefferson on 1" Street. However, any such transfer shall be conditioned upon Developer's determination that such transfer will have no adverse impact on Developer's rights to develop, redevelop, repair or rebuild the Project, or any portion thereof, based upon any loss of the Meridian Street property and as a result of the City's zoning laws and ordinances including, without limitation, Floor Area Ratio ("F,AR,"), lot coverage, lot size, lot frontage, open space, or any other zoning calculation or requirement ("Zoning Requirements") or any provisions of the Contracts, for the total Project, or any portion thereof, so as to render all or any portion ofthe project "non-conforming" or violative of either the zoning ordinances of the City, or any other orders or regulations of the City's Boards or agencies, or the governing regulations of any other governmental agency with jurisdiction thereover, or any provision or limitation on the Zoning Requirements set forth in the Contracts. At present, Developer believes that any such transfer will not have an adverse impact on the Developer's Zoning Requirements, under and pursuant to the provisions of Section 142-707 ofthe Code of Ordinances ofthe City, In the event, however, that the Developer determines that any such transfer is so violative of any such Zoning Requirements or Contract provisions, the transfer shall not be made unless and until the Agency, at its own cost and expense, obtains either a variance, legal ruling, Board or agency determination or amendment to the Contracts or other action that will legally render the Project, or any portion thereof, "conforming" or not so violative, In the event that the Agency cannot or chooses not to do so within six (6) months of the certificate of occupancy noted above, then it shall notify the Developer thereof and within 60 days of such notice, the Developer shall grant the Agency a perpetual easement inuring to the benefit ofthe public for the use of said property upon the Agency's agreement to provide and be responsible for all future maintenance, construction and upkeep and liability for the use of said property for such public purposes. 7,2 The parties recognize that Developer has received approval for modification to its approved plans under DRB File No, 11989, and that matter is presently still pending, As part of that approval, the DRB required that Developer to eliminate certain parking spaces on the west side of Meridian Avenue that had been originally proposed by Developer, and Developer's approved plans presently reflect that modification. The parties agree that it may be in the best interest of Ihe parties for the proposed parking spaces to be returned to the design. As a result, Developer agrees that within sixty (60) days of the later of the date of the approval of this Fourth Extension or the final approval of the DRB Order entered in File No, 11989, noted above, Developer will apply to the DRB for a modification to that approved order to reinstitute said parking, as may be consistent with Developer's drainage and utility installations, The Agency shall be responsible for any required filing fees for that application by Developer, but Developer shall be responsible for any cost and expense of revisions to the plans and any costs of providing labels or publications for the DRB review, Agency agrees to support Developer's application before the DRB, Developer shall be under no obligation to accept or implement any such modified plan if, as a condition of said approval, the DRB changes or modifies or otherwise conditions any ofthe previously approved buildings or elements of the project, save and except for the parking spaces set forth herein, 8, Develooment Entities. The restriction on Development Entities contained in Paragraph 8 of the February 6, 1991, "Extension and Clarification Agreement", are hereby deleted. Nothing contained herein should be construed to otherwise modify the provisions governing Assignment and contained within the Contracts. 8 9. Reaffirm Existing Contracts, Each of the parties hereto hereby reaffirms its obligations and commitments under the Contracts, as amended herein, Except as specifically clarified or modified herein or previously, the Contracts shall survive and continue in full force and effect. However, in the event of any conflict between the terms ofthe Contracts and this Fourth Extension, the terms of the Fourth Extension shall govern. 10, Mutual Waiver of Existing Defaults, Each party hereto waives any prior or existing to defaults, claims or causes of action, or any nature by the other party, under the terms of the Contracts, and agrees that the other party has fully performed as of the date hereof 11. Statement of Understanding. This Fourth Extension and Clarification Agreement evidences the commitment of the parties to continue their mutual cooperation to achieve the successful completion ofthe Project. 12, Entire Agreement. This Fourth Extension and Clarification Agreement, together with all ofthe Contracts referenced herein (including their exhibits), represents the entire and integrated agreement between the parties with respect to the Project and the terms of this Agreement shall be binding on the parties successors or assigns, In the event this Agreement imposes rights, duties, responsibilities or entitlements on the Agency that are more properly or legally the rights, duties, responsibilities or entitlements of the City, or visa versa, or more properly or legally exercised by bolh the City and Agency, then the designation of the Agency or City as the operative party shall be construed to be the appropriate party or parties for said rights, duties, responsibilities or entitlements. IN WITNESS WHEREOF, the undersigned have caused this instrument to be executed as of the date first set forth above. THIS SP ACE INTENTIONALLY KEPT BLANK 9 Robert Parcher, Secretary MIAMI BEACH REDEVELOPMENT AGENCY By, Nci~""'m ~ASlO '!tORM'('LANGUAGE & FOR EXECUTION ATTEST: By: ~uAt Pat~ STATE OF FLORIDA ) ) SS: ) ~ f - 2-:1-t7V ~ DIllIe BEFORE ME, the undersigned authority duly authorized in the Sta ~ aforesaid to take acknowledgments, personally appeared NEISEN KASDIN, well known to me or ~ 1"( ",eht"d idelltiR6atisa ia tq<: fg_ \If -:-the Chairman of the Miami Beach Redevelopment Agency, and who took an oath, acknowledging that he executed the above and foregoing document as his free act and deed, for and on behalf of said Agency as its duly authorized representative, for the purposes set forth therein, and that the seal affixed thereto is the true and correct seal of said Agency. COUNTY OF MIAMI-DADE IN WITNESS WHEREOF, Ipa;v.e hereun2lset my hand and affixed my official seal, in the State and County aforesaid, on this~ay of Il!' L.,J/--, 2000, A~~ Name Ldl/M 73 eJAuc.hH-MP Notary Public, State of Florida at Large OI'FlCIAL afARYSEA ULLIAN BEAUCHAMP NOTARYPUBUCSTATE OF FLORIDA COMMISSION NO, CC7.383n MY COMMISSIO EXP, APR, 29,2c()2 ~ Robert Parcher, Clerk CITY OF MIAMI BEACH By: 4A Neisen ~Lin, Mayor ATTEUw By:j Cr~~ STATE OF FLORIDA COUNTY OF MIAMI-DADE ) ) SS: ) BEFORE ME, the undersigned authority duly authorized in the State and County aforesaid APPROVED AS TO FORM & LANGUAGE & FOR EXECUTION 10 1~i!J!!!, J\;: ~ to take acknowledgments, personally appeared NEISEN KASDIN, well known to me or ""","0 pr~I~Rte8 iEieRtisQatiGl!l. if! tall fe..h vf 1)11 . the Mayor of toe City of Miami Beach, and who took an oath, acknowledging that he executed the above and foregoing document as his free act and deed, for and on behalf of said Agency as its duly authorized representative, for the purposes set forth therein, and that the seal affixed thereto is the true and correct seal of said Agency, IN WITNESS WHEREOF, I haY} hereunttiet my band and affixed my official seal, in the State and County aforesaid, on this~TlIay of ~r, 2000, ~IJ~~ Name /-; f (I' IN..I ~e.tlc)citt1'rn.p Notary Public, State of Florida at Large Cf.frClALNCll'ARYSEAL NarARyp~BEAUCHAMP COMMISSI0iJ~TEOF flORIDA MYCOMMISSION'EXC;; CC738..'l:7 , "ArK 29,2002 THE COURTS AT SOUTH BEACH LIMITED f/Wa Cobb Partners South Beach, Ltd" a Florida limited partnership ATTEST: BY:~~O.~ By: PACIFIC INTERNATIONAL SOUTH BEACH, INC., a Florida Bi~~ ALAN DAVID, Vice Presiden STATE OF FLORIDA ) ) S S: COUNTY OF MIAMI-DADE ) BEFORE ME, the undersigned authority duly authorized in the State and County aforesaid to take acknowledgments, personally appeared ALAN DAVID, well known to me or who presented identification in the form of , the Vice President of PACIFIC INTERNATIONAL SOUTH BEACH, INC., a Florida corporation, a General Partner, and who took an oath, acknowledging that he executed the above and foregoing document as his free act and deed, for and on behalf of said corporation as its duly authorized representative, for the purposes set forth therein, and that the seal affixed thereto is the true and correct seal of said Agency, IN WITNESS WHEREOF, 1 have hereunt State and County aforesaid, on this U day of Notary Public, St te 0 Florida at Large N 11 RUTHANN MOORE NllIay Nllk: - State aI FIcII\dQ __ c:......6A... ~ Jun 2ll.lIIIlM CIOn........ CC912M9 EXHmIT DESCRIPTION SECTION 1 Legal Description of Phase I Property 2,1,1 2 Legal Description of Phase II Property 2,1.2 3 Legal Description of Phase III Property 2.1.3 4 Legal Description of Phase IV Property 2.1.4 5 Legal Description of Phase V Property 2,1.5 12 " lJ m: 1826m 1985 EXHIBIT 1 PHASE ONE A portion Block 80, 011 of the 15 fool wide olley within said Block 80, a portion of the right-of-woy of PALM AVENUE (JEFFERSON AVENUE), ond 0 portion of Block 78, 011 per the plot of OCEAN BEACH FLA, ADDITION NO, 3, os recorded in Plot Book 2, ot Poge 81 of the Public Records of Miami-Dade County, Florida, being more particularly described os follows: Commence at the Northwest c'orner of Lot 8 of said Block 80; thence N 77'11'17" E along the Northerly line of said Block 80 (or 136.05 feet to the POINT OF BEGINNING of the hereinafter described parcel of land; thence continue N 77'11 '17" E along said Northerly line of said Block 80 and its Easterly extension thereof, and along the Westerly extension of the Northerly line of said Block 78 and along the Northerly line of said Block 78 for 234.15 feet to 0 point 0.11 feet Easterly of the Northwest corner of said Block 78: thence S 12' 47'12" E along a line perpendicular ta the next described course for 365,09 feet to a point on the Northerly right-of-way line of FIRST STREET os shawn on said Plat Book 2, Page 81; thence S 77'12'48" W along said Northerly right-of-way line of FIRST STREET per said plot, beinCJ along the Westerly extension of the Southerly line of said Black 78 and along the Southerly line of the Easterly extension of said Block 80 and along the Southerly line of said Block 80, for 228.47 feet to the Southwest corner of said Block 80 being a paint on the Easterly right-of-way line of ALTON ROAD as shown on said Plat Book 2, Page 81; thence N 43'00'30" W along the Easterly right-of-way line of ALTON ROAD per said plot, along the Southwesterly line of said Block 80 (or 28146 feet: thence N 12'48'43" W along the Westerly line of said Block 80 for 8.75 feet: thence N 77'12'48" E for 136,00 feel: Ihence N 12'17'12" W for 113,03 feet 10 the POINT OF BEGINNING, Parcel contains 102,511 square feet or 2..35.3 acres more or less. SURVEYOR'S NOTES: - This is a "Boundary Survey" only and does not depict any topography. - Bearings hereon are referred to on assumed value of S 77'12'48" W for the Northerly right-of-way fine of said FIRST STREET said bearing is evidenced by SET 1/2" PIPE & CAP, LB3653 ond SET NAIL & DISK, LB3653, - Dimensions shown hereon are based an Fortin, Leavy, Skiles, sketch #2950-086. - ~imensions indicated hereon are field measured using 0 lolal station electronic distance measuremenl (EOM), unless otherwise noted. - Elevations NOT shown hereon. - Improvements and/or encroachments, aboveground ond/or underground, are not shown unless otherwise indicated. This is anly 0 Boundary Survey. SURVEYOR'S CERTIFICATION: 1 hereby certify that this "Boundary Survey" was mode under my responsible charge on March 2, 1998, and meets the Minimum Technical Standards os set forth by the Florida Board of Professional Surveyors and Mappers in Chapter 61G17-6, Florida Administrative Code, pursuanl to Section 472.027, Florida Statutes. "Not valid without the signature and the original raised seal of 0 Florida Licensed Surveyor on,d".JVl,Q'pper.". " " .,...-, F6R:T' IN" L~A",;,'Sk!LES, INC" LB36S3 ",. -/:"c; ... .~. (~" ;r/::) . ';~:,~~~&~~------------- ..:,1....Qoni'el C,:.r=-c'rtin, For The Firm ""'S';,\;~Yqr ,/:f,(j Mopper, LS2853 S'tbte' of FI'orido. Dra wn By Cad. No. Aoe 980096 r DESCRIPTION OF PHASE ONE FORTIN, LEA VY, SKILES, INC, CONSULTING ENGINEERS, SURVEYORS AND MAPPERS lDO Northeast l(jath. Stroot / North Millml Boach. Florida. 33152 i'1l. 65:J-4493 I Fux 651-7152 J Date 3/2/98 Scale 1"=50' Job, No, 980065 DlYg. No, 1098A-006-1 Sheet 2 01 2 !{iiI, Dwg, 2950-086 1, AMEND PHASES Plotted: 7/20/98 6:14p ~, elf:4< NOTE: orr, \ 8267rr 198A rOR DECLARATION OF ,(1,9l'IP9MIN REC, U 't SEE OFFICIAL RECORD B~f'G.l 'I lc) ) - ....._- -~ -- SECOND STREET ~tPOINT - - - - N77'11'17'"E _1!.2r:Il:!2"f.,Sl. c:c.O~NIR_ Of. .l:.OT w N77'11'17"E 13605' ::0, I ~~lr-., ~~I~ -IS':' Z _ j 3; L_______Q...J.2-l.fl~B~~.H9B~_OJClXS5__ xi-, I." BLOCK 80 - 2/81 S!.""I'" SET 1/2" PIPE & CAP "~I;; 7 LB3653 (2/4/98) "'I:'i' - '" zl" r- -------------------------- S77'12'48"W 136,00'. =--- NI2'48' 43"W 8,75' FOUND NAIL & DIS~K LS2094 (2/4/98) - , '" SET 1 /2" PIPE & CAP ",', 8 BLOCK 80 '" LB3653 (2/4/98) "': , N77'11'17"E 234,15' !?OINT OF BEGINNING PHASE ONE '" "ORNER INNACCESSIBLE (2/4/98) o ~ET NAIL & DISK 5' OFFstT NORTH r;2: 1 -, ~-i------------------------------- N I ...<., r- I ~Oi' j-... I jl ,# :=t: 29,<:-04'0 ~ : ~p"" z' --~------------------------------_. , SET 1/2" PIPE & CAP ,LB3653 (2/4/98) , , 3 , , , , OF COMMENCEMENT OF PHASE ONE 513,44' 8 6 2,353 ACRES MORE OR LESS PHASE4 ONE BLOCK 80 I ~'Go,- -- - - - - - - - - - - - - - -- - - - - }.lE?I_ - - - - - - - - __ - - - -_ - - - n_____ "b. '0, ~ SET NAIL & DISK LB3653 (2/4/98) \~ ~ .'<..A v~~ 0 U'. #j) \~ \ "~} \\~O ~~ 5 ---15:\~DE-AlLEy-VACATED-PER-REs~-93~20737----- - ~ - - - - - - - - - - - - - - - - - -:- - - - - - T - - - - - ~ - - - - - - ~ - - - - - ~ ~ "<,-,,, I I I I 'p !.",l';~~ ~ I I I I 6'. q..Q ,p I I I I {1...'1 I I I I " ,,0 I I I I I I I I I I I I : 12: 11 : 10 : 9 I I I I I I I t I I I I I I I I S6T 1/2" :PIPE &: CAP : LEi3653 (2/4/98~ : , s77'12'4SI'W '228.4 7' \ 13 \ ~o.aO 35, II' 35' J z W :J ::0 '" Z ~ "'~ Z "'-< W "" U Co 3 r-... ;;r <( '" '" a. S V1....... m '" 0 ,J, Z:2 m I '" tj 0 : CJ)}>J ~ c::2 o ~ W; ';l LL'" > 3:LL ;;:IW 9 .., 3: ~ ,I a " 35' , , . , o. 0: "', 1 , '0 o o '" SET NAIL & DISK LB3653 (2/4/98) \ ~ N77'12'48"E 257,22' FIRST STREET Dra wn By Cad. No. (BOUNDARY SURVEY OF PHASE ONEr FORTIN, LEA VY, SKILES, INC, CONSULT/NG ENG/NEERS, SURVEYORS AND MAPPERS HlO Norlheast 161Jtl1. Street / North Miami Be~ch, Florida. 33162 Ph. 653-4493/ FIlIC 65)-7152 Dale 3/2/98 Scale ,"=50' Job. No. 980065 Dwg. No., 09BA-Q06-1 Sheet , of 2 ADC 980096 Ref. wg. 295D-086 1. AMEND PHASES PJoUed: 7/20/98 6: 14p ... ~r.:;l EXHIBIT 2 "r'lc:O!O:WjCJ7') W:. L..~) Ull,-,~ I.....) PHASE '1'1'0 LEGAL DESCJUP1'ION: A PORTION OF BLOCK 78, A PORTION OF PALel AVENUE (JEFFERSON AVENUE), A PORTION OF THE 20 FOOT WIDE ALLEY WITHIN SAID BLOCK 78, A POllTION OF THE 15 FOOT ALLEY WITH SAID BLOCK 78, ALL PEll THE PLAT OF "OCEAN BEACH FLA. ADDITION NO.3", AS RECORDED IN PLI\T BOOK 2, AT PAGE 81 OF THE PUBLIC RECOllDS OF }IIA~II-DI\DE COUNTY, FLOI1IDlI, BEING J.lOnE PlIHTICULARLY DESCRIBED AS FOLLOI1S: COI'l1~ENCE AT THE NOHTIJi'IES'I' COHNEl< OF I,OT 8, OF BLOCK"O 0, PEIl TilE SI\ID PLAT OF "OCEAN BEACII FLI\. ADDITION NO. J", THENCE 1'77'11' 17"E, ALONG THE 110IlTIIEIlLY LINE OF SAID BLOCl: 00 AND ITS EI\STEIlLY EXTENSION 'I'IIEllEOF, AND ALONG THE \1ESTERLY EXTENSION OF TIlE NORTHEIlLY LINE OF SI,ID BLOCK 70, AND ALONG THE NORTHERLY LINE OF SAID BLOCK 78, FOR 370.20 FEET 1'0 A POINT BEING 0.11 FEET EAST OF THE NORTHI'IEST COllNEH OF SAID BLOCK 78, BEING THE POINT OF BEGINNING OF TilE IIEREINAl"l'EH DESC'JUBED PARCEL OF LAND; TIIENCE CONTINUE N77"11'17"E, ALONG SAID NOI1TIIEHLY LINE OF BLOCK 78, FOR 162.92 FEET; THENCE S12"47'12"E. Fall 365.16 FEET TO A POINT PERPENDICULAR TO THE NEx'r DESCRIBED COURSE BEING TO A POIN'r ON THE NOllTHERLY RIGHT- OF-WAY LINE OF 'FIRST STREET, AS SH0I1N ON S1\ID PLAT BOOK 2, PAGE 81; THENCE S 7 7 '12' 48 ,,\., , ALONG THE NOl<THERLY LINE OF S1\ID FI'RST STIlEET, AS SHO\1N ON SAID PLAT BOOK 2, PAGE 81, ALONG THE SOUTH- EIlLY LINE OF SAID BLOCK 78 lIND ITS WES1'ERLY EXTENSION THEI1EOF FOIl 1G2.92 FEET TO A POINT 0.04 FEET WEST OF THE SOUTH\1EST COR- NEll OF SAID BLOCI( 78; THENCE N12"0J7'12"\1 FOR 365.09 FEET TO THE POINT OF BEGINNING, CONTAINS 59,40G SQUAIlE FEET OR 1.3GG ACRES OF LAND, ~ORE all LESS, fP.O.B. f p.b.c. N.W.COR, b PHASE TWO I LOT 8. BLK,80. : nd N : '", Nn'I/'17"E I 370. 0' I oJ /62.92' r:- - - - 35' ( '\FD. PK N IL W!RLS ISK o t- 1/ 35' 1 \ S,W,COR, -- I (SLK.SO ,J I SETIIR \ I , 228. 7' \ / ! v=-~ -- \. FD, PK NAIL : W/RLS DISK I 1 0 I '" I '-: - -\ ~ 1-::- 0) \) ./1 P:" {2,' ..., ''V11--'''~97 j .::,~. 1\.1.... / rb ~ I q. t;:.'~. Ll<J _ ..........., ~ " , BOUNDARY SURVEY OF PHASE TWO ,.: 10 t- o N , ," 0) Si-:- - 'KJl _ I t- I I ,.., I 10 I 2 I . I , I -9 0 ,.., = 0, . 'l,. -l -----0/,----;'0'0---: ~ r---- J/. '{)0 I Cl:: I 9 I Cl:: I wi , '-_______________J ; 1 ~___ ~ I ~ ~ ~ I 3 ~ CD 8 I:;I~ 3 10 BLK,I G:i I 78 ----------------' ..J 1____ PB.. 21 <i 1 P.81 1.366 AC.' : w I 7 I ~ I I I -----------------1"21---- I I CD I I '" 1 I CD I I 10 t- ___________________'nJ l,____ ," 15' WIDE VACATED ALLEY PER R S. 93-20737 oJ ----r----'I---l---l---l----i-- I I I I I SEE I SHEEf 6 OF 113 I 1 FOR I 8LOG.. 1100 LOCATION i : I I I I 19 1 18 I 17 I 16 : 15 : 14 'I I -9... ",0 I I -v' I 1 I I I I , PI~E I I 'I I I I L_ 162.92' 577'12' 48"W FD. PK NAIL I'I/RLS DISK I ..J o (/) W Cl:: >- 0) 20 ~ > 6 o w ~ <( u <( > , N 3: "- Cl:: w o 3: z o lO I S:., S-"F. 2" 4 5 :t~ ;;;:::d g~ 8~ "-'" 00) zo ooc -0 I-u '"w "'", ..'" uJ _1--1 I-uo:: Ol.u- ZOS::! "- ","'"- ",00 w"-w ..J W U (/) ... , , ""(, ,,~'1 EXHIBIT 3 .. Zff: I 8267fr20 I 0 PHASE THREE A portion of Block 78, 0 portion of the 15 foot olley wilhin said block 78, and a portion of PINE AVENUE (MERIDIAN AVENUE), 011 per Ihe pial 01 OCEAN BEACH FLA, ADDITION NO, 3, os recorded in Plot Book 2, at Page 81 of the Public Records of Miami-Dade County, Florida, being more particularly described os follows: Commence 0\ the Northwest corner of Lot 8 of Block 80, per the said plat of OCEAN BEACH FLA. ADDITION NO. J; thence N 77'11'17" E olong the Northerly line of said Block 80 and its Easterly extension thereof, and along the Westerly extension of the Northerly line of said Block 78 and along the Northerly line of said Block 78, for 533.12 feet to the POINT OF BEGINNING of the hereinafter described parcel of land; thence continue N 77'11'17" E along said Northerly line of Block 78 and its Easterly extension thereof (or 137.41 feet to 0 point 0.30 feet East of the Northeast Corner of said Block 78; thence S 12'47'12" E for 365.22 feet to 0 point perpendicular to the next described course being to 0 point on the Northerly right-of-way line of FIRST STREET os shown on said Pial Book 2, Page 81; Ihence S 77' 12'48" W along the easterly extension of the southerly line of said Block 78, along the southerly line of said Block 78 and olong soid Northerly right-of-way line of said FIRST STREET os shown on said Plat Book 2, Page 81 for 137.41 feet; thence N 12'47'12" W for 365.16 feel 10 Ihe POINT OF BEGINNING, Containing 50,182 Square Feet or 1.152 Acres more or less SURVEYOR'S NOTES: - This is 0 "Boundary Survey" only and does not depict any topography. Bearings hereon orc referred 10 an assumed value of 5 77'12'48" W for the Northerly right-of-way line of said FIRST STREET said bearing is evidenced by SET 1/2" PIPE & CAP. LB3653 and SET NAIL & DISK, LB3653, Dimensions shown hereon ore based on Fortin. Leavy. Skiles, sketch 1/2950-086. Dimensions indicoted hereon are field measured using a tatal station electronic distance measuremen t (EDM), unless otherwise noted. Elevations NOT shown hereon. - Improvements and/or encroachments. aboveground and/or underground, are not shown unless otherwise indicated. This is only 0 Boundary Survey. SURVEYOR'S CERTIFICATION: I hereby certify that this "Boundory Survey" was mode under my responsible charge on March 2, 1998, ond meets the Minimum Technical Standards os set forth by the Florida Boord of Professional Surveyors and Mappers in Chapter 61G17-6, Florida Adminislrative Code. pursuanl to Section 472.027, Florida Statutes. "Not valid wilhout the signature ond the original raised seal of 0 Florida Licensed Surveyor and Mapper" FORT!~I\\~VY.'~~ILES, INC., LB3653 ":I~~i~0~_________ '-O-aniel C: i}'yrtjn;' For The Firm S'u;.Y'~yor-' a'f1.p:'iv1opper, LS2853 Sta'tetar, FJ,o'rida. Dra wn Dy AOC Cad. No. 980096 j'<O" uwg. 2950-086 1. AMEND PHASES PloUed: 7/20/98 6:14p l2.E..SCRIP nON OF PHA SE THREEI F'o F? TIN, LEA Vy, SKILES, lNG. CONSUL,TING ENGINEERS, SURVEYORS AND MAPPEIIS JDO NOl'1I1cosl 160lh. Sll'"ct / Norlh Miomi Dcach. FlOl'idl'- JJJG2 I'll. /353-4193 I fox G5/-7J52 Dale 3/2/98 Scale 1 "=50' Job. No, 980065 Dwg. NO.l098A-006-,3 Sheet 2 or 2 -...................- .......-.......__'...-........_K.______ , ~ " it[',18267n2009 '<\1 l{j J " GRAPHIC SCALE '~-g~~' ( IN FEET) 1 inch :::: 50 rL , ~ 2 ::J '" W I- Z '" U ~ w ::> z i"'S! "'l< " , ::E "'-, :t< No. Vl__m o 9 " "'l " o '( .n 6i I Z~ tj 0 ~ en,,,,/ ~ a::g 7 ~ IJJ t:: ----------------------------- ~ u.Ul > "IJ., ;?iUJ ~ Ji " 8 8LOCl< 78 2/81 6 } STREET 1246,79' 300,33' ~ " ,'" ,N N77'11'17"E 137,41' SET NAIL & DISK LB3653 (2/4/98) 5 IS' WIDE ALLEY VACATED PER RES, 93-20737 POINT OF COMf-AENCEMENT SEe 0 N 0 liw CORNER OF LOT 8 BLOCK 80, PLAT [jOOK 2 f:>G 81 N7Tl1 '17"[ -f ~- - "'..,,,., "" __ N: N 77'11'17" E 533,12' --------------r-- N77'11'17"E 162.92': I,: "" 35 II' : i" I I w ,}5' :;::; I w 10 I f"-.. ~ e::: 1...'" I 0 I ~ ~<,f.# - - - --- - - - - -- - -- - - --- - - ---- ___.J N ,- - --- - - - - - - ------J?~- ---- ---- I I I W R~ 4' 11"1 I (/') ~~ 0'" 1m I <c ~ , I UJ :ui : 0. 2 IW I 0 UJ :0:::: : z {/') -- - -- - - - - - - - - - - - - - - - - - - - - - - - - J ~ ~ - -~- - -- - - - - - ------0:-;----- o , W :J:'" W I ro 0 I- I <(.1 u. 3 t-w u r.o, 0 a::: <( --, 0 >..nl I- ::E <D' Z ~ ::i --~---~-L~~-K--7-8----iii-~----- ~ ~ .:( ~: 2/81'^ <( ~ 2: ~ W'I'.I 4 "', N ~ v 0'<1"1 """.", ll") j-... <t.: N ~ N: ....... ~ ;<T w V; ~ mi- ---------------~--J:-:------- ~ ~ I : I c.. , , , , -----------------------------~ ~OUNDARY SURVEY OF PHASE THRE~ FORTIN, LEA VY, SKILES, INC, CONSULTING ENGINEERS, SURVEYORS AND MAPPERS IDD NorthclI"t luOU, Street / North Miami DClIe/,. florido. .3.31!J2 I'll 6[i:J-'I1!1.3 / Fox O[ij-7jS2 -----,------r-----'------r-----T----- o " I I , , I I , I , I , I , I I I I , 17 : 16 : 15 , I : BLqCK I I I , , I , , S77'1:2'48"W: 16~.92' :~" __....l.___,___'--__.:- 20 IS 19 35' ~~,~b~ ,: , ":",..' .' , " Y.l4"'\' ~~'"tf ~i: ;~:--":~; :~' ,.- q ~i"":~O' .'. .....,.. '"'"", fl.'.... . ......,. ;<:......~11..~<<. 0... "':'-I'o-:~:' S77'12'48"W N77'12'4S"E Drawn By Cad. No. AOC 980096 e. wg. 2950-086 I, AMEND PHASES Plotted: 7/20/98 6:1~p ---f-----i--~~--~----- I I l.~-":,# I I I ...." 0 I I ,.04', : "'i~o"" : SET: 1 /2" PiPE & dAP LB3~53 (3/110/98) : 14 I 1.3 ) 12 I 11 I , I I , , , , , SET NAIL & DI~K LB3653' (2/4/98) I I I S77'1:2'48"W: 13f.41' 770,48' 300,33' N77'12'48"E 34,70' 0", Wo> 1-1 << '-'0 0;:0> 3:"" "-2 "'0 wi=' 0:0 --' ON S:~ r-:. w '" 0", <D" '" >- CO w ~ 2 ::J '" I=" ~I z <r: - c - ex: UJ ~ 34,83' Dale 3/2/98 Scale 1 "=50' Job. No. 980065 Dwg. NO.1 098A-006-3 Sheet of 2 ! 1?, ..'V EXHIBIT 4 m: I 82671f20 /4 PHASE F,OUR All of Block 5..3, 0 portion of PINE AVENUE (f..1ERIDIAI\' AVENUE), and the 15 foot wide olley within said Block 5.3, 011 pcr the plot of OCE!\N BEACH FLA. ADDITION NO. .3, os recorded in Plol Book 2. at Page 81 of the Public Records of Miami-Dode County. Florida. being more particularly described os follows: Commence at the Northwest corner of Lot 8 of Block 80, per the said plat of OCEAN BEACH FLA. ADDITION NO.3; thence N 77'11'17" E along the Northerly line of said Block 80 and its Eosterly extension thereof, clong the Westerly extension of the Northerly line of said Block 78, along the Northerly line or said Block 78 end its Eosterly extension thereof, for 670.53 feet to the POINT OF BEGINNING of the hereincfler describec percel of land: thence continue N 77 '11'17" E along the Easterly extension of the No;lherly line 01 said Block 78 and olong the Westerly extension of the Northerly line of said Block 53 ond olong the Northerly line of said Block 53 for 32t..77 feet to the Northeast Cor.'ler of said Slack 53 being to 0 point on the Westerly righl-ol-woy line of VvASHINGTON AVEI\'UE; thence S 00'01',34" W olong said Westerly rlghl-ol-way line of WASHINGTON AVENUE along said Southeasterly line of said Block 53 for 374.70 feel lo the Southeast Corner of Bloc\.: 53 to a point on the Northerly right-of-way line of FIRST STREET os shown on said Plcl Boo\.: 2, Page 81; thence S 77'12'48" Wolong the Norlherly right-of-way line of FIRST STREET as shown on said Plot Book 2, Page 81 and olong the Southerly line of soid Block 53 ond its Westerly extension thereof and along the Eosterly extension of the Southerly line of said Slack 78 for 241.67 feel: thence N 12'47'12" VI for 365.22 feet to the POltH 0.::- 3EGINNING. Containing 103,456 Square reet or 2..375 Acres more or less. SURVEYOR'S NOTES: This is 0 "Baundcry Survey" only and does not depict ony topography. Bearings hereon are referred to en assl.!med vciue of S 77'12'~-8" vV for the Northerly right-of-way line of said FIRST STREET said bearing is evidenced by SET 1/2" PIPE & Ci\P, l83653 and SET i\'AIL & DISK. L83653, - Dimensions shown hereon ore based a,', rortin, Leav/. Skiles, sketch li2950-086. - Dimensions indicatec' hereon ore field measured using c talal station electronic distance measuremenl (ED~A). L)~rCSS othcrv/ise noted. Elevalions NOT shown hereon ef. Dwg. 2950-086 1. AMEND PHASES PloW:J: 7/20/98 6:14p C I " encraachm en t s, aboveground and/or underground, olherwise indicated. This is only 0 Boundory Survey. ON: "Boundcry Survey " '.'iOS made under my responsible , 8, and meels Ihe IJ,inimum Techniccl Slandards os sel forth Professional Surveyors one.! I-Aeppers in Chapter 61GI7-6, de, pursuan l 10 Sec tion 472,027, Florido Statwtes. ignaturc and lhe origincl raised ed Surveyor and ,\.~apper " INC., L83653 ./ -~~~----------- The Firm r, LS2853 ESCRIPTlON OF PHA SE FOUR l Date 3/2/98 Scale 1 "=60' 1, OR TIN, LEA VY, SKILES, lNC. Job. No, 980065 ;ONSULTlNC "NG/NEE/IS, SURVEYO!?S AND MAPPE/?S Dwg. NO.1098A-006-4 [JO Northcast JuOtl,. Strect / Nor/h Miami D(!j'ch, Flori<16. 33162 Pll. 6!i:J-H93 I Ftl1f 651-7152 Sheet 2 of 2 Improvemenls and/or arc not shown unless SURVEYOR'S CERTIFICA TI ( hereby certify thot lhi,... charge on Morch 2, 199 by the Florido Boord of Florida Administrative Co "Not valid \-Vitho~Lllhe s seal Of, ~ _;~,OfidO/Lic:ns FORTIN ".',EAVY, ' I(!LES, ".",',', U ~, :.... { . . , .', " A~'~.d'.z/ {!'" ~ . ~ ","",,>// B. --;:r:-'-"'"'" - ----:~---'~ ;-~O(:mief1 C.:'lortio,. ror ---:- 0 '.... ~:lSvrv~yor (on~,;~M.6ppe. ... .;iSo,te' af'Tlo(.l9'o: ... .<1'1<..:i.:.:....-<,.. Drall'n By Cad. No. Aoe 980096 (0 - - - /. 'I lr) ...........,.~.............""""'...... "l~j , m, 1 6267n20 13 ~ GRAPHIC SCALE 60 0 30 60 120 f- ~~ ,'T:W~ l~;{!:V'flUf{f{J I {m..~EJill_wmt'i11m ~~r.m[;~::tl~.?J POINT OF Cm.H,jD~CE),ltNT NW CORN[!'< OF LOT 8 BLOCK 80, PL^T BOOK 2 PC. 81 FOUND NAIL & DISKS E CON 0 _ _LLS2~9~ (2/4/98) _ _ N77'1l"7.(.--:~SET NAIL &. DISK N77'11'i7"( v--- 67053' ':Y jl8J653 (2/4/98) 0- .l\;- - - -- I "- I N7Tll'17"E , P,O ,n OF Of-GII"'NG PHASE FOUR J'~. 70 3:'.00' 1 o,n l...JO> -- - - - - - - - - - - - - ':! ,~ ~...<- ~~ J~ <>., rI~O--'''''P Zz ~"o' ~o ,-.: -------------. ~3 ~ ~~ ~ 'i2~ " " '" -;------~----- c:3 \ : ~ , , a: ' , , , , , LIJ ' , , , ' , , = ! 12 I 11 .,~ : : ~ I I '):',00' : ':"" ,:31,,83' I 1,"1\"':';'-1 t <~~E~J:::"d:~"" 577')2'48"W: ;7;~~.]~~'~ f~zt. ". ,.' ;',5,0 NAIL & DI~K . _.:0,::;:"",'0,'" . LB3653 (2/4/9B) , :::=,,~:,o ;;, ;' -- ':<:40 (J.fl .:.~:' ~r:<: 71:' '~':::.:,-i~, _ ~l7T12'/,B"[ 890>\-.0",' - '1.,", "':>::;::;:.:;:';""'F IRS T W l.J ' .3 ~ .':/ .~ ~ ~ ;-... ~ r-., ;'1- w Vi _________u___ ~ ~ ( ~I u;:::nJ a::: ~~ ____nn__nn ~ ~I 0737 -" Drown By CEld. No. ^DC 980096 ef. wg. 2950-086 1, AMEND PHASES PloUcd: 7/20/98 6: 14p ( IN INCH 1"1"1':'1' 60 ) FT, STREET 433.02' ;" N 321;.71' SET NAIL &. DISK LBJ653 (2/4/9B) 2 ,-' J r- - - - ~ - - - - - ;~;;5 -~~RES - ~;~E - ;R- ~E~S - - - - - - - - - - -- PHASE FOUR I GLOCK 53 " r--------------~!!~2--,---------'------------ .;;~',~ ~ oll" ')p",-<' ~} ,,0' 5 -- - - - - -- ~ 15'- \.iiOE ~;,LLEY -'7i\c/\TEO - --- ~ ------. __ _Q 'L~t;.~Ql}.nI9i'~ _:;) ~9!'---Q.~r _ _ _ _ _ _ ___ . , I , I I I I I , I I , , , , , , , , , , , , , , , 9 : 8 : f : G , , , , , , , , , , , , SET <NAIL &IOISK I LBJ653 (2/~/98) , , 24:1.67' : 11 10 100.00' '0 o 6 ,n 29/.99' STREET ~ TOo.OO' ~' ~k (!) I~ ~/ :J:k (J,) I :' ;;1 ; ; j,J ( BOUI~DARY SURVEY OF PHASE FOUR'i Fo F?TlN , L E:A VY, SKILES, ING. CONSULTING ENGINEERS, SURVEYORS AND MAPPERS IDO Northeost J6DLh. Street / North Miami Detlc/I. Floridn. 33162 Ph. 653-4493/ Fox 65/-7J52 DilLe 3/2/98 Scale 1"=60' Job. No, 980065 Dwg. NO.109SA-006-4 Sheet 1 01 2 ~-_.._,_..............-,._--_._._-_._._-- ,. ~' " $) .,r m I B26mZO I B EXHIBIT 5 PHASE FIVE ~ portion Block 80, per the pial 'of OCEAN BEACH FLA. ADDITION NO. J, os recorded in Plot Book 2. at Page 81 of the Public Records of Miami-Dade County, Florida, being more particularly described os follows: Begin at the Northwest corner of Lot 8 01 said Block 80; thence N 77"11'17" E along the Northerly line of said Block 80 for 136;05 feet; thence S 12'47'12" E for 113.03 feet; thence S 77'12'48" W for 136.00 feet; thence N 12"48'43" W along the Westerly line of said Block 80 for 112.97 feel 10 Ihe POINT OF 8EGINNING, Containing 15,371 Square Feet or 0.353 Acres more or less. TOGETHER WITH on assignment of all Developer's rights and/or benefits under that certain Easement and Maintenance Agreement doled December 17, 199.3, by and between the City of Miami Beach, Florida, '0 municipal corporation, it's sucessors and assigns, os grantor, the Miami Beach Redevelopment Agency, a public agency organized and existing pursuant lo Chapter 163, of Florida Statutes, its successors and assigns; and Cobb Partners South Beach, Ltd., 0 Florida Limited Partnership, it's successors and assigns, as Grantee: recorded January 5, 1994, in Official Records Book 16201, at page 3917, of the Public Records of Miami-Dade County, Florida. SURVEYOR'S NOTES: - This is 0 "Boundary Survey" only and does not depict any topography. _ Bearings hereon ore referred to on assumed value of S 77'12'48" W for the Northerly right-of-way line of said FIRST STREET said bearing is evidenced by SET 1/2" PIPE & CAP, L83653 and SET NAIL & DISK, L83653, - Dimensions shown hereon arc based on Fortin, Leavy, Skiles, sketch 1/2950-086. Dimensions indicated hereon ore field measured using a total station electronic distance measurement (EOM), unless otherwise noted. Elevations NOT shown hereon. Improvements and/or encroachments, aboveground and/or undergrou.nd, ore not shown unless otherwise indicated. This is only a Boundary Survey. SURVEYOR'S CERTIFICATION: I hereby certify that this "Boundary Survey" was mode under my responsible charge on March 2, 1998, and meets the Minimum Technical Standards as set farth by the Florida Boord of Professional Surveyors and Mappers in Chapter 61G17-6, Florida Administrative Code, pursuant to Section 472.027, Florida Statutes. "Not valid without the signature and the original raised seal of a" rl<?rida Licensed Surveyor and Mapper" ,,")"" " FOR~}~!..(lEI(~:.1K;!;Y INC" L83653 :~:;(~~ ';Y1,.. ~ . .., ~~';..,L'// .,..,(') v,.?-'~~I. ..:.:-.,..:.~.::... r--....';....,:,~.:...~------ -------------- Qpniel C. Fortin;. For The Firm S6r.;~'Y.ar..and.:~apper, LS2853 Sta't'e': (Df) FlOrida, DrlllVn By ADe 980095 295D-086 r DESCR/P nON OF PHA SE FIVE I FORTIN, LEA VY, SKILES, INC. CONSULTING ENGINEERS, SURVE)'ORS AND MAPPERS 100 Northeast J6Dth. Street I North Miami Dcocli. FioddCl. 33162 Ph. 653--HD3 / fax 651-7152 Dale 3/2/98 Scale 1 "=50' Job. No, 980055 Dwg. NO.l098A-Q06-5 Sheet 2 of 2 Cad. No. e, wg. Plotled: 7/20/98 6:14p ~-----~_..-~._-_.,. - "I '!~ ,~ m: I 8267rr20 17 GRAPHIC SCALE 50 0 25 50 100 200 ~~m; \i;~ll'f~mli ~'r')~;o;""ilI!1ml,r;\,_I~ ItW ,mr~}~q."1ib1 m?I\m<<~Rm~lt:w~ ( IN feeT) 1 inch = 50 [L. SET 1/2" PIPE & CAP~ LB365:. (2/4/98) _ _ _ . _ N77'11 '17"E 513,44' :!J POINT OF BEGINNING in __ NORTHWEST CORNER OF LOT 8 BLOCK 80 N N77'II'17"E 13605' ~;----Ni7'i1'i7''E---234-:15'' , CORNER INNACCESSIBLE (2/4/98) 'n SET NAIL & DISK 5' OFFSET NORTH ~: n, ~, ~, '~-T----------------------------- N: ,- , "-, '" N' - , Z' __l_____________________________ , SET 1 ;'2" PIPE & CAP :LB3653 (2/4/98) , \ 6 : 3 \ : \ ' ,-- ------------------------~------------------------------ SET NAIL & OISK \ LB3653 (2/4/98) \ \ BLOCK 80 \~v,----------------------J~8}------------------------ \00. \ 'b., \ "'- \ \ \---------------------------------------------- \ 15' WIOE ALLEY VACATED PER RES, 93-20737 \-~----------------- ----- ----- -----~---- \~ I , , \~ I \ . : \ : \ I \ 13 10 : 9 \ : \ : \ V''Cr~ 'b. ~" "'\ ~ ~<~ ~.\ ~ \~ \0 \~O 'oocfi \ \ \ . ~?::'~'.~':\.." ,.~~~/; ;'~":.) ~~:,: . .;..,'. _I .<~ 1" :.~: :. ':. ,P' .' (':" '~.~:) \~~,::/\ !/~ ',~~~ ,",' '<~;f!~:",:~; ,.,..... Drawn Dy Aoe 980065 e. wg, 1098A-006 1. AMEND PHASES Plolted: 7/20/98 6: I ~p Cad. No. SECOND STREET :;; 8 ~ "'~~; PHASE _ _ .....ft-9:-~..:!_ Q. .}2-l. JI~B~S_ ~.9BE. _O_R_l...~S_S__ . BLOCK 80 - 2/81 SET 1/2" PIPE & CAP 7 LB3653 (2/4/98) FIVE 2 136,00' 4 5 (BOUNDARY SURVEY OF PHASE FIVEI FORTIN, LEA VY, SKILES, lNC, CONSULTING ENGINEERS, SURVEYORS AND MAPPERS IlIO NorlhllllSl /6lHh. Slrccl I Norlh M/aml Beech. FJor/du. .'13162 Ph. 653-1493 I Pax 651-7152 Dale 3/2/98 Scale 1 "::=50' Job. No. 980065 Dwg. NO.1098A-006-5 Sheet 1 01 2