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Agenda 06-13-17Alk CRA Board Meeting Tuesday, June 13 2017 @ 6:30pm City Commission Chambers 100 E. Boynton Beach Blvd. Boynton Beach, FL 33435 AGENDA I. Call to Order II. Invocation III. Roll Call IV. Agenda Approval A. Additions, Deletions, Corrections to the Agenda B. Adoption of Agenda V. Legal VI. Informational Items and Disclosures by Board Members and CRA Staff: A. Disclosure of Conflicts, Contacts, and Relationships for Items Presented to the CRA Board on Agenda Items B. Informational Announcements VII. Announcements & Awards A. Movies in the Park B. Music on the Rocks VIII. Consent Agenda A. Approval of Period Ended May 31, 2017 Financial Report B. Monthly Purchase Orders C. Approval of CRA Board Meeting Minutes — May 9, 2017 D. Approval of The Davis Family Co. d/b/a Troy's BBQ for Commercial Fagade Improvement Grant Program E. Approval of The Davis Family Co. d/b/a Troy's BBQ for Commercial Interior Build -Out Improvement Grant Program F. Approval of The Davis Family Co. d/b/a/ Troy's BBQ for Commercial Rent Reimbursement Grant Program IX. Pulled Consent Agenda Items Alk X. Information Only A. Public Comment Log B. Marketing and Business Development Campaign C. Social Media Outreach Program D. CRA Board Agendas Converting to NOVUS Agenda XI. Public Comments: (Note: Comments are limited to 3 minutes in duration) XII. Public Hearing A. None XIII. Old Business A. Discussion and Consideration of the Budget for FY2017-2018 B. Consideration of Extension or Termination for Special Event Grant Funding to Etcetera Entertainment, Inc. for the Boynton Beach Brunch Fest C. Consideration of Purchase and Development Agreement for the CRA Owned Property Located at 222 N. Federal Highway, a/k/a the Ocean One Project (Tabled 3/15/17) D. Consideration of Tax Increment Revenue Funding Agreement for the Ocean One Project E. Consideration of the Letter of Intent from St. John Missionary Baptist Church for the Purchase of the CRA Owned Property located at 700 N. Seacrest Boulevard, also known as the Ocean Breeze East Site (Tabled 5/9/17) F. Consideration of Additional Letters of Intent for the Purchase of the CRA Owned Property located at 700 N. Seacrest Boulevard, also known as the Ocean Breeze East Site G. Status of the 2.97 Acre Project Site known as MLK, Jr. South H. Discussion and Consideration of the CRA Executive Director Position XIV. New Business A. Consideration of the Contract for the 2017 Pirate Fest Event Management Firm, Standing Ovations, LLC B. Consideration of the Purchase and Sales Agreement with Steven Reichel for the Property located at 521 NE 2nd Street (Tabled 5/9/17) C. Consideration of Letter of Intent with Habitat for Humanity of South Palm Beach for a CRA owned property located at 117 W. MLK, Jr. Boulevard D. Discussion of Sara Sims Park Master Plan Design and Conceptual Housing Component Alk E. Consideration of Acquisition of the Boynton Woman's Club located at 1010 S. Federal Highway XV. CRA Advisory Board A. CRA Advisory Board Agenda — June 1, 2017 B. Minutes from CRAAB Meeting — May 4, 2017 C. Pending Assignments 1. None D. Reports on Pending Assignments 1. None E. New Assignments from CRA Board Meeting April 12, 2017- 1. Review and Revise Current CRA Special Event Grants 2. Review and Revise Vendor Policy for other CRA's/Non- Profits XVI. Future Agenda Items A. CareerSource March Career Expo Recap July 11, 2017 B. Consideration of Purchase and Development Agreement for the CRA Owned Property located at 711 N. Federal Highway to South Florida Marine XVII. Adjournment NOTICE IF A PERSON DECIDES TO APPEAL ANY DECISION MADE BY THE CRA BOARD WITH RESPECT TO ANY MATTER CONSIDERED AT THIS MEETING, HE/SHE WILL NEED A RECORD OF THE PROCEEDINGS AND, FOR SUCH PURPOSE, HE/SHE MAY NEED TO ENSURE THAT A VERBATIM RECORD OF THE PROCEEDING IS MADE, WHICH RECORD INCLUDES THE TESTIMONY AND EVIDENCE UPON WHICH THE APPEAL IS TO BE BASED. (F.S. 286.0105) THE CRA SHALL FURNISH APPROPRIATE AUXILIARY AIDS AND SERVICES WHERE NECESSARY TO AFFORD AN INDIVIDUAL WITH A DISABILITY AN EQUAL OPPORTUNITY TO PARTICIPATE IN AND ENJOY THE BENEFITS OF A SERVICE, PROGRAM, OR ACTIVITY CONDUCTED BY THE CRA. PLEASE CONTACT THE CRA, (561) 737-3256, AT LEAST 48 HOURS PRIOR TO THE PROGRAM OR ACTIVITY IN ORDER FOR THE CRATO REASONABLY ACCOMMODATE YOUR REQUEST. ADDITIONAL AGENDA ITEMS MAY BE ADDED SUBSEQUENT TO THE PUBLICATION OF THE AGENDA ON THE CRA'S WEB SITE. INFORMATION REGARDING ITEMS ADDED TO THE AGENDAAFTER IT IS PUBLISHED ON THE CRA'S WEB SITE CAN BE OBTAINED FROM THE CRA OFFICE. 1 Consent Agenda I I Old Business I I New Busineiss Legal Information Only SUMIMRT.- • The final Movies in the Park event of the season, which was scheduled for June 2, 2017, was cancelled due to rainy weather, • The 2017/2018 Movies in the Park season will begin on October 6, 201T aim. 1,11111i It i� 11111111ir CRA PL ornmun"edevelapment Plan Lai --]I 044LOVA I JAI AN �I �*=" CRA BOARD MOT'ION/OPTIONS: Unless otherwise offered by the CRA Board, z motion is not required at this time C' Mercedes CoopiH, Special Events Coordinator 1 Consent Agenda Old 136s-iness I I New Business Legal Information Only j SUMMARY: • On Friday, June 16, 2017, the Boynton Beach CRA presents the final Music on the Rocks event of the season featuring, School of Rock of the Palm Beaches. • These talented students will be performing cover songs of Michael Jackson and The Beatles. • This FREE event takes place at the Ocean Avenue Amphitheatre, with live music from 7:00 P.M. to 10:00 P.M. • Food Truck Invasion will start selling food and refreshments at 6-00 PM. • Cocktails and beer will be available for purchase: from the mobile bar service. • Free parking is available onsite. • The 2017/2018 Music on the Rocks season will begin on November 17, 2017� • Marketing images (Exhibit A) CRA PLAN/PROJECT/PROGRAM: 2016 Boynton Beach Community Redevelopmen) Plan %f."#'RA BOARD MOTION/OPTIORS: Unless otherwise offered by the CRA Board, a motion is not required at this time �pe,cial Events Coordinator 11* A NOV 18m Dec 16th ROCKS NI JOB 20th 7 - 10Pm Feb 1171ft NWK Apr Val May 191b JOB 16tb 6 -On Kick Back Allot A tong URV Al Woo FIRCE CONCERT SEII 1 OICAN AVENUE ATOPHOMEATRE I' -III 1p (10I NII�Ijl R, 01,-, r11,11 0 111V ME [1114, t,11 1111 catchboynton.com it Agenda Olde I gal Information Only d - SUMMARY: Monthly budget report to the CRA Board representing the revenues and ' for the preceding month CRA PLA Plan and FY 2016-2017 CRA Budget # *: i Vicki mill} Finance Director r l C 7 I 10 L— O O O N 11 M[I O Ln O O 1:3' 0) O O Ln 11 O I, un O OO co II N r1 Ln OO N co O O Ln II O Ga W H . . . . . . 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Attached is ©e purchase orf report for May 2017for mount f;0000 o above w * ¢ Pi:2 «. y; 27%R O d RAI+° :a< ■ : 2# ■, « ? « »: f� , ©« #© ',-O'Ian and FY 2016-2017 ^-* Budget ����:�\\aU�dy�\~§■\« %� � � # /.f # � � « �4 %«# f«�#§d§: ±■,�:� « 3 « �y © *::< & »! a�t� :#a 5 ZX Vicki Hill, Finance Director Boynton Beach CRA Purchase Order Report Month: May 2017 Vendor Amount Funding Source Description Florida Int'l Consulting Engineering $10,800 02-58400-444 Commercial Rent Subsidy City of Boynton Beach -David Scott $23,795 01-51440-100 ILA for 25% of Director of Economic Dev Lewis Longman & Walker $52,500 02-58200-401 Purchase of 340 NE 10th Avenue REG Architects, Inc. $10,500 02-58200-406 Boynton Beach High School Historic Grant Submission Assistance T:\AGENDAS, CONSENT AGENDAS, MONTHLY REPORTS\Completed Agenda Item Request Forms by Meeting\CRA Board\FY 2016 - 2017 Board Meetings\June 2017\VIIIB FINAL BACKUP - Monthly Orders MINUTES OF THE COMMUNITY REDEVELOPMENT AGENCY BOARD MEETING HELD ON TUESDAY, MAY 9, 2017, AT 6:30 P.M., IN COMMISSION CHAMBERS CITY HALL, 100 E. BOYNTON BEACH BOULEVARD BOYNTON BEACH, FLORIDA PRESENT: Steven B. Grant, Chair Mike Simon, Interim Executive Director Justin Katz, Vice Chair Tara Duhy Board Counsel Joe Casello Mack McCray Christina Romelus I. Call to Order Chair Grant called the meeting to order at 6:30 p.m. II. Invocation The invocation was given by Pastor Davis, St. John Missionary Baptist Church, followed by Mayor Grant leading the Pledge of Allegiance to the Flag. III. Roll Call Roll call revealed a quorum was present. IV. Agenda Approval A. Additions, Deletions, Corrections to the Agenda Chair Grant requested to add a Letter of Intent Policy to V. Legal, and add an announcement for the new Financial Specialist, Jobara Jenkins. Mr. Katz requested moving Future Agenda Items 16. B, a discussion of the performance period for the Interim Executive Director, before potentially entering into a full-time contract to New Business item 14 H. B. Adoption of Agenda Motion Ms. Romelus moved to approve the agenda as amended. Mr. McCray seconded the motion that unanimously passed. Meeting Minutes Community Redevelopment Agency Board Boynton Beach, Florida May 9, 2017 V. Legal Attorney Duhy explained she had requested this item be put on the agenda due to the interest in developing the CRA District and the number of Letters of Intent (LOI) the CRA Board has received. Mr. Simon and she discussed bringing forward a procedure to establish a clear time frame and parameters to be followed by staff and the Board to process the letters as they are received and ultimately approved or denied. A LOI can come in at any time as it is driven by an interested purchaser of a property. When such a letter is received, staff proposed to put it on the agenda for Board consideration and give staff direction as to whether the Board is interested in pursuing the matter. The Board could also direct staff at that time to publish notice in the paper of the Board's potential intent to dispose of the property. This would begin the 30 -day notification period. After the notification period, staff would then place the LOI and any additional interest received on the agenda for the Board to consider. Staff will develop a list of documents and information they would obtain from the submitter that would answer questions about financing, timing, development schedules and other items the Board needs to consider. If desired, Attorney Duhy would work with staff to develop a policy. There was consensus for Attorney Duhy to proceed. VI. Informational Items and Disclosures by Board Members and CRA Staff: a. Disclosure of Conflicts, Contacts, and Relationships for Items Presented to the CRA Board on Agenda Items Vice Chair Katz had no disclosures, but announced he became the duly elected President of the Palm Beach County Classroom Teachers Association (CTA). He announced the matter not only because it will have an impact in Boynton Beach affecting teachers and students in the school, but he also wanted to thank individuals in the City, coworkers and friends, Commissioners and Board members who assisted him with his effort. It was a close race, and if not for the friendships he made on this job, he may have not met with success. He looked forward to assisting Boynton Beach schools and the District at large. Mr. McCray disclosed in reference to Item 13.B. Consideration of the Letter of Intent from St. John Missionary Baptist Church, (SJMBC) he is a member of the Church. He has nothing to gain or lose if he votes on the initiative and he has no conflict of interest. He also attended South Palm Beach County Delta Sigma Beta Alumni Scholastic Awards held at SJMBC. He noted some alumni were present and he praised them for a job well done. Chair Grant met with the owner of Del Sol Bakery this past month, David Scott and received a call from Pastor Davis. He attended Sunfest and people were asking when the City will have a similar sized event such as a paid concert and he had responded not this year, but maybe next. 2 Meeting Minutes Community Redevelopment Agency Board Boynton Beach, Florida May 9, 2017 Ms. Romelus had no disclosures to make. Mr. Casello had no conflicts, but commented he, Ms. Romelus and Chair Grant attended the press conference about the Police Department rolling out their body cameras and it was enlightening. The community has been asking for the cameras and he was glad the Board and City Commission supported the issue. He went to Tallahassee watching legislators at work on the Chamber floors and announced the pending CRA Bills were defeated. He also announced, while in Tallahassee, he filed to run for House Seat, District 90 held by Lori Berman who will term out. Chair Grant wished him well. Mr. Simon had previously emailed the Board introducing new Financial Specialist Jobara Jenkins who will take Vicki Hills' place as she moves into Finance Director Susan Harris's position upon Susan's retirement. Ms. Jenkins has expertise with internal and external auditing, journal entries and staff welcomed her. Ms. Romelus thanked Ms. Harris for her service and impeccable work over the years. b. Informational Announcements VII. Announcements & Awards Elm ►TA C:19C�Iiii i0 LTi 9 Mercedes Copans, Special Events Coordinator, announced the CRA aired the film Hidden Figures on May 5t". Despite rainy and windy weather, about 100 people attended and they were entered into a drawing to win gift certificates to CRA merchants featured in the films preview which included Del Sol Bakery, Tsunami Subs, Sweetwater Bar and Grill, Troy's Barbecue and Yoga Fit. The final Movies in the Park event will be on June 2nd at 8 p.m. featuring School of Rock, a PG -13 rated film. Food and beverages will be available for purchase from Troy's Barbecue Food Truck. b. Music on the Rocks Ms. Copans advised the last Music on the Rocks event was held on April 21St, featuring Country pop band, Runaway Mile. Approximately 250 people attended the event. The next Music on the Rocks event will be on Friday, May 19th. Music will be provided by the Jeff Harding Band which is a contemporary pop and rock band. Food and drinks will be available for purchase from Food Truck Invasion venders and a mobile bar service from 7 p.m. to 10 p.m. C. Habitat Home Dedications - Model Block Project - Speaker Jeffrey Fengler Jeffrey Fengler, representing Habitat for Humanity, thanked Mr. Simon, CRA staff, and the City Commissioners. He advised they are always impressed with the partnership 3 Meeting Minutes Community Redevelopment Agency Board Boynton Beach, Florida May 9, 2017 the CRA and Habitat for Humanity have, and they both have the vision to make Boynton Beach a better place to live for low-income families. Mr. Fengler explained they just completed two homes at 137 and 141 MLK Jr. Boulevard on the Model Block project. The first family moved in this weekend and the next family will move in next weekend. Habitat works with three CRAs and Boynton Beach is the only City that really embraces what they do, works with them to get properties and move families into new homes. The one family that moved in this weekend had a little girl about eight years old. Habitat sent a representative there to check on something and she said "Look at my room!" It was the first bedroom she ever had. He explained he submitted a Letter of Intent for an additional lot on the Model Block and hoped to build a new home in that area. Mr. McCray thanked him and explained much of what was occurring in Boynton Beach was due to Habitat for Humanity. He praised them for stepping up to the plate and making people feel welcome. Mr. McCray attended the dedication of the two homes and requested they keep up the good work. Mr. Fengler advised they were starting two new homes on Thursday. VIII. Consent Agenda A. Approval of Period Ended April 30, 2017 Financial Report B. Monthly Purchase Orders C. Approval of CRA Board Meeting Minutes —April 11, 2017 D. Approval of an Increase in Eligible Grant Program Funding for Del Sol Bakery, LLC E. Approval of FICE Design, Inc. for Commercial Rent Reimbursement Grant Program F. Approval of Boynton Beach Real Estate Pros for Commercial Rent Reimbursement Grant Program Motion Vice Chair Katz moved to approve. Mr. McCray seconded the motion that unanimously passed. IX. Pulled Consent Agenda Items: None X. Information Only A. Public Comment Log B. Marketing and Business Development Campaign C. Recap of the 1St Social Media Outreach Program Meeting D. Status of 480 E. Ocean Ave and 211 E. Ocean Ave XI. Public Comments: (Note: Comments are limited to 3 minutes in duration) 12 Meeting Minutes Community Redevelopment Agency Board Boynton Beach, Florida May 9, 2017 Susan Oyer, 140 SE 27th Way, congratulated Vice Chair Katz on his election as the President of the CTA as she worked hard to help him win. He thanked Chair Grant who attended one of her classes in his position as Mayor, and he answered many questions about government. She hoped he would return. She enjoyed the Movies in the Park. XII. Public Hearing: None XIII. Old Business A. Consideration of Purchase and Development Agreement for the CRA Owned Property Located at 222 N. Federal Highway, a/k/a the Ocean One Project (Tabled 3/15/17) Motion Mr. McCray moved to remove from the table. The motion died for lack of a second. B. Consideration of the Letter of Intent from St. John's Missionary Baptist Church for the Purchase of the CRA Owned Property Location at 700 N. Seacrest Boulevard, also known as the Ocean Breeze East Side Mr. Simon explained this is a continuation of the process for review of the Letter of Intent from St. John Missionary Baptist Church, (SJMBC). Staff had published a Notice to Dispose which ends on May 15th. The Board can discuss it or choose to wait until after the 30 days. Chair Grant asked if the Board had any additional questions for Roundstone who was present. Vice Chair Katz suggested, per the CRA attorney and given the disposal window ends next week, they table the item to see if they receive any other offers. Mr. McCray agreed not to take action until June, but would listen to comments. Chair Grant asked, regarding the three financing options which were the 9% tax credits, the 4% SAIL program and the non-competitive tax credits, if they were willing to seek the tax credits first and then if unsuccessful, seek the non-competitive financing package. Guarn Sims, SJMBC, explained as they previously discussed, they like the suggestion they pursue the 221 D-4 structure and the 9% tax credits concurrently, and if successful with the tax credits, they withdraw from the 221 D-4 program. If unsuccessful, they would still be pursuing the 221 D-4 option. Mr. Casello wanted, for future discussion, other ways to finance the project. He thought SJMBC could agree to pay off all or a portion of the CRA's interest payment over time. St John Missionary Baptist Church or Roundstone could contribute some of the developers fees to reduce the CRA's contribution and debt. The CRA could partner 5 Meeting Minutes Community Redevelopment Agency Board Boynton Beach, Florida May 9, 2017 with Roundstone to develop the property and pay SJMBC to manage the facility and thought the Board should start thinking about the MLK, Jr. Boulevard South project before constructing Ocean Breeze East. He thought if the Board would offer land appraised at $1.5 million and $1 million in cash, they could potentially issue an RFP to see if any other developer would be interested in that kind of a business deal. David Katz, 67 Midwood Lane, commented the notice was published in the paper on April 14th. Thirty days is a Sunday, and he asked if that meant anyone who might submit has until Monday the 15th to respond and learned they did. Mr. Katz commented on the Letter of Intent and agreed with giving the land away, but felt the scope has changed significantly from what was out there before. He commented the Board was told the land was $1.5 million, noting the land tripled in value over a year, and at the last meeting, the Board was told the property was valued at $800,000. He agreed with Mr. Casello that because the scope has significantly changed, that the Board should accept letters of intent and issue an RFP because giving the land away changes everything. Ms. Sims explained SJMBC and Roundstone submitted for the record, that as of today, the team had productive and informative conversations with Board members and the Interim Director. In almost every meeting, every suggestion which was presented to aid in reinforcing this project, including financial -related information, was researched and applied to revise performance. This included decreasing TIF from 20 years to possibly five years, applying any surplus from the project directly to the debt, confirming payments towards the loan would not commence until after receiving their certificate of occupancy and pursuing the 9% tax credits alongside with applying for the 221 D-4. One constant question they posed to the Board members is where the long -overdue HOB project ranked as a priority for the entire Board. The community has heard throughout the years the project is a priority, but when the CRA has and will consider committing millions of dollars towards other CRA projects, such as One Boynton LLC and the Town Square and the community experiences continued failure and/or delay with the Ocean Breeze East project, they wonder if this project is truly a priority for the CRA. The team has shown that City stakeholders within and around the HOB community, including BIG, INCA, Forest Park, HOB, the CDC, the Boynton Clergy and the CRA Advisory board are all on board with this project being a top priority. The entire City deserves and will financially benefit from its completion for years to come. The community deserves and expects more from the Board and the project deserves special and abnormal consideration from the Board showing extraordinary commitment to complete the project. The CRA is a needed investment partner for the project, which means the City and HOB community is depending on the CRA to step up and bring the project to fruition. The Board has said affordable housing is important for the City and the HOB community. The same as other market rate projects the CRA is considering investing millions of dollars. Mr. Sims implored the Board to show the City and the community they can come together as one to get the project done. The project is a win- win for all and it is a matter of the priorities to the Board regarding affordable and market 9 Meeting Minutes Community Redevelopment Agency Board Boynton Beach, Florida May 9, 2017 rate development. He urged the Board to get the project moving and deliver what the City and community needs, which is a first-class affordable senior community. Mr. Sims explained they respect the Board's decision to delay the item until the June meeting, but requested the Board commit to ensure the item will appear on the agenda and consist of a final vote affirming the Letter of Interest from SJMBC and Roundstone Development LLC. Mr. McCray favored the SJMBC project. He commented the project that was supposed to have been placed on MLK did not come to fruition. The only project to consider in District II is the SJMBC project. He was glad the development team would be willing to return to the June meeting to comply with the law. Motion Mr. McCray moved to approve to table the item until the June 13" meeting. Vice Chair Katz seconded the motion. Chair Grant asked if the item still had to receive City Commission approval and learned it did. Ms. Romelus favored the project and commented she wants to accept the LOI with negotiation when the item is heard in June. There are certain parts of the letter that have wiggle room to ensure both parties come out ahead. She requested, if possible, the project be available to all ages and not just seniors as there are college age students and young families. She did not know why the project would be a senior project and wanted to explore other options. Vice Chair Katz agreed putting a 55 and older component in the project is not the direction he would want. He supports the project fundamentally, but would not make a definitive commitment at the next meeting. There are unanswered questions and the Board does not know if there would be any other proposals received. It could appear the project was predetermined if the Board would consent to saying the Board will definitely make a decision before seeing other proposals, if any. He looked forward to seeing the item return in June. It is important the Board make the best decision for the CRA. Attorney Duhy clarified the Board is not legally permitted to vote on something prematurely and they cannot commit to specifics at this meeting, but can acknowledge support of the project. Mr. McCray recalled there have been several individuals who said they would develop a project that were unsuccessful. He favored the project. Mr. Casello disagreed with some of the comments made that development of a project was not a priority for the Board. For the last four years, the Board had three or four proposals that did not come to fruition and the land was offered numerous times for development. Mr. Casello liked the concept and favored the concept, but was having 7 Meeting Minutes Community Redevelopment Agency Board Boynton Beach, Florida May 9, 2017 trouble with the financial bottom line for the City. He hoped they could work out the details and discuss them in June. The motion to table unanimously passed. C. Status of the 2.97 Acre Project Site known as MILK, Jr. South Mr. Simon explained the backup material contained emails received from Robby Block of Nurock to ascertain where they are in the application for the 9% tax credits through the Florida Housing Finance Corporation, showing they are in second position in the lottery. Nurock was not going to challenge the ranking and was beginning to potentially look for other means to finance the project until June 30th per the contract end date. Nurock has not officially terminated the contract. Mr. Simon spoke with Mr. Block and the President of Nurock to gain an understanding of their plans for the contracts they have with property owners and their terms, and they will work on issues to leave an opening for the CRA to move forward. There will be more detail in the upcoming days and they are aware of their termination deadline. Mr. Simon added they are optimistic they can find funding. Mr. McCray asked if there was the possibility they may come with new plans or ask for another attempt at the next funding cycle. The project, as is Ocean Breeze East, is a priority in the CRA plan and HOB Neighborhood. He thought the CRA should give them every opportunity to secure funding and is worth exploring. He supported Nurock securing funding in the next 30 days. EI 1YM i! ", :TrM 'i=- A. Community Caring Center 1St and 2nd Quarterly Report Mr. Simon explained the first and second report was in order, was submitted and is in compliance with the agreement. Mr. Casello explained the work the Community Caring Center does is outstanding community work and he was proud to be a part of that and helping them financially as much as possible. Motion Mr. McCray moved to approve. Mr. Casello seconded the motion that unanimously passed. Sherry Johnson, Executive Director, Community Caring Center, announced plans for a job fair in September and advised they were assembling their marketing materials. The Center also has a few grants pending and they will find out in June if they are successful. If so, they will begin a culinary job training program and create partnerships with tech schools so students can move from the Community Caring Center to the tech 0 Meeting Minutes Community Redevelopment Agency Board Boynton Beach, Florida May 9, 2017 schools and then the Executive program at the State College. She will provide the dates in the future. B. Consideration of Request for Event Sponsorship by the GBDC Entrepreneurship Institute Mr. Simon explained this item was for the Board to consider sponsoring the GBDC Entrepreneurship Institute and their event held at Benevenuto called S. Florida Regional Business and Finance Conference on May 25th. The categories of sponsorship were Gold, Silver and Bronze with commensurate donations of $1,500, $1,000 and $700 respectively. Mr. Casello disclosed he is on the Board of Directors and he was informed by legal counsel there is no conflict of interest. Mr. McCray inquired what the CRA would gain for sponsorship. Annette Gray, founder and Executive Director, was holding off on the primary promotion and advised CBS radio offered them Public Service Announcements (PSAs) and a 1,000 piece mailer ready to be issued. The CRA would be promoted as a sponsor in those media outlets. Additionally, the CRA would have a presence at the event as several board members will participate in the panel discussion regarding the City, leadership perspectives, economic development programs and support of the youth program. She explained this event is a fundraiser for their summer youth Future Leaders and Entrepreneurs Program. She has 20 to 40 young people in the program that write a business plan and start a business. These funds would be used for the Business Plan Competition Prizes and funds to start the business. The big picture is job creation and development for young people. Mr. McCray noted Ms. Gray was a former CRA employee. He favored a $700 sponsorship. Chair Grant expressed concern the business is not in the CRA. Attorney Duhy explained as long as the event and the money is consistent with the CRA plan and in the best interest of the CRA, the Board can fund it. It is a policy decision for the Board with Mr. Simon providing direction. The keystone how to spend is in the redevelopment plan. Chair Grant asked if there is a budget item for sponsorships. Susan Harris, Finance Director, explained there was in the Project Fund, Community Meeting and Workshops budget line item. The event is at Benvenuto in the CRA District. Chair Grant asked if the CRA has any policies for other non -profits that request sponsorships either from the CRA or when holding an event in the CRA. Mr. Simon explained the CRA has a special events grant to permit for, and non-profit entities to apply for, marketing and various aspects of the event if the event brings additional attention to local area CRA businesses. Mr. Simon explained the special events grant and vendor policy is being reviewed by the CRA Advisory Board. He hoped to bring more defined parameters to these types of situations. Chair Grant requested 9 Meeting Minutes Community Redevelopment Agency Board Boynton Beach, Florida May 9, 2017 confirmation this would not fall under a special events grant item and commented it is a special event, but is available under marketing because of budget. Mr. McCray commented the request is for youth and future business and youth leaders. He thought this was how the Board should invest their funds. Mr. Casello also noted the great work the Institute does. Motion Mr. Casello moved to make a Silver donation to the cause as opposed to the Bronze level donation. Mr. McCray asked about the donation amount, learned it was for $1,000, and seconded the motion. Chair Grant asked how much of the money would go to CRA youth. Ms. Gray explained most of the participants come from the HOB as she had partnered with the Sims Center. She pointed out these are overhead and marketing costs. Benvenuto is in the CRA District. Ms. Romelus wanted to see a cost breakdown of the grant funds and how proceeds are used. Mr. Simon explained these perimeters can be set by the Board and they can require budget or attendance documentation. Ms. Romelus asked if this was for Boynton Beach High School students. Ms. Gray commented there are three students returning who presented in the fall. The students will come back and continue to grow their business. The program this summer will recruit new businesses from the area and the program is open to regional youth. The conference is in the CRA District. Mr. Casello asked when the CRA funds an event' if they ask for a breakdown and learned they do. Mr. McCray did not want to get hung up on too much paperwork. After brief discussion there was agreement for Ms. Gray to return to the Board and make a brief presentation. Ms. Gray also announced Vice Chair Katz was opening the conference and sitting on the Leadership Panel as was Mr. Casello. Chair Grant requested when the Academy is finished, the students return to make a presentation. The motion unanimously passed. Ms. Romelus asked if they could create a category for events like this and learned staff could. It would also be addressed during the budget. Chair Grant asked if the Board wanted to budget community support funds for each Board member or the Board collectively draw from a pool of funds. Mr. Simon recommended having a line item with the policy and not individual allotments for the Board members. C. Consideration of Special Events Grant for the Heart of Boynton Community Association, Inc. Mr. Simon explained this application is a special event request not to exceed $5,000 for the HOB Community Association, Inc. for their Prayer in the Park scheduled for July 29th 10 Meeting Minutes Community Redevelopment Agency Board Boynton Beach, Florida May 9, 2017 Mr. Jenkins, President of the Association, was present. Mr. McCray asked how much was needed for the event and learned they need $26,700. Mr. Jenkins explained 80% of the amount was covered and the requested $5,000 will be paid to the City for items needed to hold the event such as police services, barricades, security, port -o -lets and more. It will be held at the Carolyn Sims Center from 12 noon to 5 p.m. Mr. Casello noted some documents were not provided and asked if legally, they needed to be provided to the Board. Attorney Duhy responded if there is an adopted policy, she would defer to Mr. Simon, but from a statutory perspective, there was no requirement that needs to be met. Mr. Simon explained there is information provided on the cover. The eligible items under the grant were listed such as entertainment, advertising, event equipment, tents, tables, chairs, staging and security. Mr. Casello asked if the Board would be in violation if they did not have the IRS Determination Letter, Form 90 and Schedule A or 990EZ. Attorney Duhy explained the grant is a reimbursable grant which means they have to properly document all of the expenses and all of the forms would be required at that time and the Board could approve the request contingent on them submitting the necessary information. Mr. Jenkins explained the 990EZ is a form for tax purposes only and they use a W-9 form. This means when they claim the 501(c) (3) they do not claim a tax. The documents and insurance had been turned in. Mr. Casello wanted to ensure the CRA receives the proper documentation. Mr. McCray was glad the group got off the ground in the HOB as a productive group. Mr. McCray moved to offer the $5,000 and the requestor return with all the legal documentation regarding how the funds would be spent so they will be in compliance with the IRS from the CRA paperwork. Mr. Jenkins advised all the rules and regulations have been followed. There are 28 churches participating and he invited the entire City. Chair Grant requested confirmation the Association was a non-profit and had an IRS Determination letter and learned they did. He also inquired if they would request donations at the event such as a 50-50 raffle or silent auction so next year the event would be bigger and better and learned they would. Mr. Jenkins explained they have other events in the future, but the City needs more Prayer in the Park and they were requesting all 28 churches in and out of District II of all denominations come together in unity and spirit. Mr. Simon clarified the motion should be to approve a maximum of $5,000 as a reimbursable grant with the proper documentation about the event's expenses. Ms. Romelus had an issue with the request and expressed she did not feel this event was what the grant was intended. She asserted this is religious and government should not play a role in religious events. She also thought the request creates a slippery slope 11 Meeting Minutes Community Redevelopment Agency Board Boynton Beach, Florida May 9, 2017 and opens the door for other religions, possibly even for satanic worship, to make requests. She questioned if the Board would be penalized for supporting the item. It was hard for her, as a government entity, to provide funds for a religious event; however, she wholeheartedly supported the event. Mr. Jenkins explained the event is more than just a religious event. It is for all people. He clarified they decided on a religion theme because they are bringing people together and they will be giving backpacks and other items away. They are bringing people together to stand up for unity in the environment. Mr. McCray commented changing the name to Unity Fest may be better. Mr. Casello asked if they have invited other organizations besides the church and learned they had. Information has been sent to churches and communities and Mr. Jenkins explained they have lists of entities that will be included, including all the clubs. Vice Chair Katz appreciated the comments made by Ms. Romelus. He thought about conflicts with government funds and religious issues and thought there was a degree of scrutiny that had to be adhered to with events with religious ties. He thought the Board should discuss the issue from time to time when other requests are made. Chair Grant understood Vice Chair Katz's comments, but pointed out the Board has an invocation at every CRA Board meeting and the Board does pray for government. Chair Grant favored the request and thought it was needed in the community. He walks along MLK and is being asked when they will have another event. He asked if there will be a rain date and learned there would. Mr. Jenkins commented he would be sending an invitation to each Board member and he hoped they would attend. They pray for everyone in the community and they are trying to rebuild and rejuvenate the City. Vice Chair Katz seconded the motion that unanimously passed. D. Consideration of ILA with the City of Boynton Beach for Partial Funding for the Economic Development Director Mr. Simon explained this item was a partnership agreement for partial funding for Mr. David Scott, the new Economic Development and Strategy Director. The Interlocal Agreement (ILA) specifies a percentage of time spent on CRA related issues of 25%, which is equal to the maximum amount of his salary the CRA would agree to pay at this time. In this fiscal year, the amount totals to a maximum of $23,795. Mr. Scott is already active in his role. Mr. Casello asked if the Board has done this in the past and learned the CRA had with the Neighborhood Police Unit and the Community Standards outreach. The CRA had not partially funded a Director's position. Mr. Simon explained the position is new to Boynton Beach. There was a prior Economic Development Planner, Scott Kline, but the CRA did not fund a percentage of his work. The request was made to help with funding for the Director's crossover in his job description for work on CRA projects in the CRA District. Mr. Casello felt if the City hires 12 Meeting Minutes Community Redevelopment Agency Board Boynton Beach, Florida May 9, 2017 a director or a department head, he takes care of the entire City. Mr. Simon understood and explained it is a Board decision. Staff found a way to link the work Mr. Scott would be doing that is intertwined in the CRA. Chair Grant met with Mr. Scott and explained there are specific CRA items that are not on the City and the CRA would pay for Mr. Scott to create a strategy for the CRA and for grants. Mr. Scott can assist with all the new policies the CRA wants to implement. If they do not pay for the services, the CRA will not receive them. The CRA is creating several new policies. They are also helping the City. Mr. Casello asked if the CRA was paying for special services such as public safety and learned they were. Mr. McCray agreed with Chair Grant. He pointed out they have benchmarks and if Mr. Scott does not live up to them, the next year the City will not receive any payments for him. Ms. Romelus thought the position was needed. She commented tax dollars are being paid to have people in this position to protect small businesses and owners. She was fine with paying the funds as it is needed and thought Mr. Scott's experience will assist the CRA. Vice Chair Katz supported the item and respected Mr. Casello's thoughts. He pointed out Mr. Scott could address CRA items Tallahassee legislators who are opposed to CRAs do not like. As long as it is legal and Mr. Simon recommends it, he would support it. Tallahassee was looking for excuses to disband, limit or restrict CRAs. Motion Mr. McCray moved to approve. Mr. Casello seconded the motion that unanimously passed. Mr. Simon advised he appreciated the discussion. E. Consideration of the Purchase and Sales Agreement with Larry Finkelstein for the Property located at 340 NE 10th Avenue (MLK Jr. Blvd Motion Mr. McCray moved to remove the item from the table. Mr. Casello seconded the motion that unanimously passed. Mr. Simon explained this item was tabled at the last meeting because they were informed of a current lease the property owner has with the Haitian Pentecostal Church at the end of MLK Jr. Boulevard on the east side that is currently extended through December 31St. The Church uses the lot for overflow parking and pays $60 a month to maintain the lot and provide insurance. The CRA has allowed parking on CRA propertX for the Bride of Christ Church while they were under construction now on NE 11t Avenue. Mr. Simon had no objection to allowing parking on the lot. Staff will contact the church and let them know what the CRA's expectations are now as a public agency. The property location has value to the CRA. Legal reviewed the lease if the Board was 13 Meeting Minutes Community Redevelopment Agency Board Boynton Beach, Florida May 9, 2017 in favor or purchasing the lot now or waiting until the lease expired in December and hoping the property would still be available. Mr. McCray asked what benefit the land had to the CRA. Mr. Simon pointed out the meeting backup detailed a plan for this block to be zoned and have a land use for General Commercial activity in the future as the CRA redevelops the corridor. Currently, the CRA and City own the three lots to the south which combine to address other issues in the Cottage District. It could provide new industry on the corner and it provides access between E. MILK Jr. Boulevard and NE 9t" Avenue. When travelling east from Federal Highway on E. MILK Jr. Boulevard, there is no left hand turn to access NE 9t" for three blocks. The land could provide an opportunity to build a road to connect since this is the corner of a General Commercial node per the plan. The price of the property is in-line with the appraisal and is in close proximity to land they own, being adjacent to the building occupied by the Neighborhood Police Program. It would provide opportunities for redevelopment and growth of the corridor. The property appraised for $46,000 and the seller would only accept $50,000 plus closing costs. Mr. McCray asked who would receive the rent and learned the CRA would. He favored the purchase. Rev. Bernard Wright, 713 NW 2nd Street, CEO of the Robert E. Wells Foundation, explained Mr. Finkelstein owns a lot of the property and he has profited to about $6.7 million in the past. He was concerned if Mr. Finkelstein was purchasing the property for future redevelopment and did not want anyone having a monopoly on the land. Chair Grant explained Mr. Finkelstein was only receiving $4,000 over the appraised value of the land. Motion Mr. McCray moved to approve. Mr. Casello seconded the motion that unanimously passed. F. Consideration of the Purchase and Sales Agreement with Steven Reichel for the Property located at 521 NE 2nd Street Mr. Simon explained this item is a contract to purchase property that was previously identified in the staff presentation for the Cottage District. This propert�r is on the east side facing the Cottage District site on NE 1 st Street which extends to 2n Street, fronting two streets. The properties are duplex properties with landlords that would otherwise not improve the duplex to the degree that would make the Cottage District a single-family home site appealing to developers or individuals interested in purchasing homes. The CRA attempts to accumulate properties that are adjacent to other CRA properties to redevelop them. The acquisition is at the will of the Board. After meetings with developers interested in building single-family homes in the Cottage District, Mr. Simon felt, that this area of 1St Street hindered their willingness to invest in the project at this 14 Meeting Minutes Community Redevelopment Agency Board Boynton Beach, Florida May 9, 2017 time. Mr. Simon did not know if the owners would improve the properties in the future and had thought about developing grant programs to offer landlords to improve their properties and convert duplexes to single-family residences to stabilize areas with home ownership. The property appraised at $166,000 and the owner accepted the price. Any property the CRA acquires is based on what the property is worth at the time of the appraisal. Sometimes what the CRA intends to do with the property after the acquisition is not in line with its current value and it appears the CRA is paying a higher value for the property. He noted it is the nature of CRA business and it does occur from time to time. Mr. McCray asked if the property would be demolished after the purchase. Mr. Simon explained the terms are the property would be sold to the CRA vacant. Depending on the condition of the property, the CRA can determine whether to convert the property to a single-family residence, but from what he saw, it was likely the property would be demolished and a new home constructed as part of the Cottage District or infill housing with the CDC, Habitat for Humanity or some other entity. Mr. McCray favored demolition of the property as opposed to boarding it up which often results in transients or others entering the home and using it for unscrupulous activities. Chair Grant opposed demolition and wanted to first see if the Faith Based CDC could work with contractors and flip it and turned into affordable housing. Mr. Simon agreed to bring back a cost analysis of rehabilitation verses demolition. Ms. Romelus did not want to purchase the property and felt it is outside the scope of what the CRA is trying to do. It is one home and she questioned whether the CRA needed to spend $166,000 on one home. There are many other places they could spend the funds and purchase two or three lots for $50,000 as was done with the Finkelstein property. Chair Grant was aware the property to the north sold for $155,000. He commented instead of workforce housing, the Affordable Housing Ordinance would be ready in December. He felt this was something the community wanted. He proposed learning what can be done with the property. Ms. Romelus asked if the community was asking for the home to be sold and Chair Grant explained two families will have to find new homes in the community. If the CRA demolished the home or would acquire it vacant, families will have to leave or the CRA can rehab it and make it part of the Cottage District. Ms. Romelus noted the families would still be displaced. Chair Grant favored seeing the options and the CRA monitor the community. Mr. Simon explained staff had already initiated inquiries regarding those properties and the CRA could contemplate creating a new program for multi -family improvement grants for those that do not want to purchase. Motion Mr. Casello moved to table the item to the next meeting. Mr. McCray seconded the motion that unanimously passed. 15 Meeting Minutes Community Redevelopment Agency Board Boynton Beach, Florida May 9, 2017 G. Consideration of Dates for Budget Meeting — FY 2017 - 2018 Mr. Simon explained the Board needed to set dates for the budget hearings to review expenses for 2017/2018 fiscal year. In the past, they held budget meetings during regular meetings and as separate meetings. He noted the separate meetings had a lower public attendance than a regular meeting. Staff anticipated presenting budget information in June, July, and August, and breaking down the budget from the project fund in June. Information from the Property Appraiser comes out in May establishing estimated TIF amounts for the following year. At the end of June, the figures are again adjusted and reviewed the by the Property Appraiser and the figures are tweaked until the end of the budget process when it is approved. Staff would review the project fund and projects and discuss them along with the general fund and administrative and Marina items. In August, the Board, with the information that was discussed by the public will make final adjustments at the regular meeting. Mr. Simon explained there are several large projects such as Ocean Breeze East, Sara Sims, and the Town Square. Chair Grant did not want any special meetings and wanted it as a new business item and that the CRA Advisory Board review the budget. Mr. McCray favored seeing the information before the CRA Advisory Board did. It was noted the public can make comments at the Advisory Board meetings as well. There is consensus to proceed as discussed. H. Interim Director Position (tabled until June 2017 — 6 mos. From Dec. 13th meeting) Vice Chair Katz commented he thought Mr. Simon did a great job, especially in the absence of an assistant director and wanted to know the opinions of the other Board members. Mr. McCray agreed he has done a fantastic job, but favored putting his accomplishments and goals on paper. He commented he could wait until the meeting next month before voting on the matter. Mr. Casello thought Mr. Simon caused a complete turnaround of the CRA and it was refreshing. He commented Mr. Simon is progressive and a problem solver. He sat in on a meeting when Mr. Simon was present and he thought having an "Interim Director" weakened the CRA's position. Motion Mr. Casello moved to drop the word "Interim" director and make him the CRA Director. Mr. McCray pointed out the Board gave him a six-month trial period. Attorney Duhy commented the six-month period will be up in June. The Board can direct her to put together a contract for an Executive Director to be considered in June and she would get with the members individually. Chair Grant agreed and requested she prepare legal documents for the June meeting to make the position official for him. Attorney Duhy will send the members the current salary structure and will use the prior contract as a base. 16 Meeting Minutes Community Redevelopment Agency Board Boynton Beach, Florida May 9, 2017 Ms. Romelus commented Mr. Simon has done a great job. She had felt the prior director made decisions for the Board. XV. CRA Advisory Board A. CRA Advisory Board Agenda — May 4, 2017 B. Minutes from CRAAB Meeting — April 6, 2017 C. Pending Assignments 1. None D. Reports on Pending Assignments 1. None E. New Assignments from CRA Board Meeting April 12, 2017- 1. Review and Revise Current CRA Special Event Grants 2. Review and Revise Vendor Policy for other CRA's/Non-Profits CRA Board cannot meet and two members have missed three meeting. City policy is to remind them after one more, the board can terminate. Theresa Utterback, Business Development Specialist, explained this issue was sent to the City Clerk who will notify the members after three absences, a fourth results in removal from the Board. Interviews would then be conducted to fill the vacancy. XVI. Future Agenda Items A. Direction Regarding the Disposal of CRA Owned Properties Located at E. MLK, Jr. Blvd. and NE 9th Avenue to St. Paul AME Church of Boynton Beach (appraisals received 01/03/17) B. Interim Director Position (tabled until June 2017 — 6 mos. From Dec. 13th meeting) C. CareerSource March Career Expo Recap July 11, 2017 XVII. Adjournment Motion There being no further business to discuss, Mr. McCray moved to adjourn. Ms. Romelus seconded the motion that unanimously passed. The meeting was adjourned at 8:14 p.m. Catherine Cherry Minutes Specialist 17 AZ I Cut SUBJECT: Approval of The Davis Family Co. d/b/a Troy's BBQ for Commercial Fagad-., Improvement Grant Program SUMMARY- The Commercial Fagade Improvement Grant provides financial assistance to commercial property owners or tenants in order to help incentivize the exterior improvement of existing commercial properties within the Boynton Beach Community Redevelopment Agency District. The CRA has received a: completed grant application from the Davis Family Coi. d/b/a Troy's BBQ which has been a local favorite and in business for the past 21 years. The company recently expanded their businesses adding a new location as a tenant at 1920 S. Federal Highway, Boynton Beach, FL 33435. Troy's BBQ is applying for reimbursement for exterior improvements including signage and landscaping which are all eligible items under the grant terms. See attached quotes totaling $1,187. The Commercial Faqade Improvement Grant Program provides a 50% reimbursement of the applicant's expenditures for the eligible improvements up to a maximum grant total of $25,000. If approved the applicant is eligible for approximately $594 in reimbursable grant program funding. The grant is reimbursable once the proper reimbursement documentation is submitted to CZA-4DY. **'-'#'RA PLAN/PROJ ECT/PROG RAM: 2016 Boynton Beach Community Redevelopment Plan CRA BOARD IVIOTION/OPTIONS: Approve the Commercial Fa�ade Improvement Grant not to exceed $600 to The Davis Family Co, for the property located at 1920 S, Federal Highway, Boynton Be FL 33435. Michael Simon, Interim Executive Director Thd only forms of cash payments that are acceptable as evidence of payment are cashiees checks ri bank = copy of cashises check to the payee .: provided as proof of payment. If payment is being made by a bank transfer, a copy of the statement ftom both payer and payee shovAng the transaction and/or a copy of the smalVWA verification frR both parties. 2. A "final release of Ilona signed by each licensed contractor. See attached Sample of Final Release of • 3. Proof that the work has been approved by the City of Boynton Beach Building Departmeft 4. CRA has received copies of final Inspection approvals 11br all work that requires a permit. 6. Entire h• ♦ a of ti for • 1'= Ramscompleted. 6. Applicant provides "after" photos. r 7 any�wexemrw provided by • • • • RTF17*TMI1-1F C. aspem or -jig Granj Program's RuleaRequirements and Application. papsore 1 North FedeW Highway,Boynton ri on6 Fox 561-737-325a' r I;l 1 �7177 1 Ly., r. Phone#Day: Evening, V7.7 1.7-1.7laq 7.1 -171777777 A Name of Tenant: If Dftrent from Property Owner r,, lor- =7 FIVIM1117-7-4. Uri Aumber of Annual Emplcpyess: PSYr011: 77 M A Property E ! •r BEFOREanofficer duly authorized by - toadmInIsleroaths ■take acknowledgements, personally rr: :r' 01 who Is personally known to me or produced as INWITNESS OF THE FOREGOING,- ♦ and official seale Stffle and County efbroaald on ♦ r 1 Mv-M-7757-3 Ir Page 7 of 8 71 33435 561-737- 561-737-3259 Business Name (DNA I applicable):The DaViS Family Campanies LLC DBA Trov's BarBeQue Curygnt BUSinesgAddreag. 1017 N Federal Hwy Boynton Beach FL 33435 11?721111_9_�Ij Phone- .5 6 1 -') 7 7® 34 WebWW. E)dsft Business: Yesz— No — Nuffnber or years in @Wstencs: 2 0 Now Business to BoYnW Beach: YO__ Nol— Tinve at Cuffwd Locallon: 2 0 Do you how an wacuied Isess agreemot Yesjx No If so, monthly bow rot $2000.00 Now BusinswAddreas (must be **M CRA 01strid)_1920 Federaljj��y___ Square footage of existing locsVon Square footage of new Type of Business: Restaurant Number or EmpkWess:_ 15 Hours of Operation, Mon-Thurs llam-90n, m0pm PRINCIPAUOWNER INFORM&TION: Fri -Sat lla-1 IT _-F'Yjpn _-M, 7r,ir,T -,L�n 1. PrIndpaVOwner Name-LiMAAjiL_ Dabs urfth: October 19, 1963 Current EniGill: MrAUX)Mr. I= - COM Phone t. 11 516,11-77 7 -49 3 4 9-5711 11 1111 UvIdkwd Nal Anita Enti Lses l.andlordsMallingAddrm; 2360 N Federal Eiwy Boynton Beach FL 33435 s ► ' ■ ,,A.561-670-5754 Are you q*Mng 1br grent assiblarm wder any other program olkoxf by to CRA Mw One Businesses "' y improvement. Are you recall gi assistance fmm any i g.- agencies. Yel No. X_ If yes, list any addittmi givant sources and amounts., 9 . t4j*jEll i 2.10;4jj�—tl■ • I �.. _ M. •� a #� - _ • i e - r i j,7 1 7 Illc _ - -.: u�, p. - p .: ro it � ca .:. '� � .d t � _ ',^ •i , a ;_ � r ... f a pill s iI f; ET�7 • i. I.. - r .f . r I '� i 1I1111 A1 role R , j,, 1 17 1 1111 r. 1. P" W - Mg &51'05 N PA Witness (Date)— Tenant/Busirms Owner (Date) STATE OF FLORIDA COUNTYOF. BEFORE ME, an officer dLdy authorized by law to adrninoter oaths and take acknowledgeme personally appeared 9, who personally known to me or produced 0 / -1,-n 4�z 216 as Identification, acknowledged he/she executed the. lbraping Agreemnl: Jbr the use and purposes mentioned I]n and that Vve Instrument Is hkftr act and desti. IN WITNESS OF THE FOREGOING I have set my hand and of seal In the Stow and County aftresald on this 1,7 day of 2RL7. NOTARY PUBLIC My Commission Expires: I PqP 8 af 8 710 Nm& Palma zoway, Boyntm Bank FL 33435 -Phtm 561-737-32M Fax 561-737-3259 =1 TV I VWWQI&9bbMMft&= * # ♦�R # lr! 1f! �. 7 Tenan I s O(Date) STATE OF FLORIDA COUNTY OF,FA//Ilf / BEFORE ME, an officer duly authortzed by law of adminVj f . i' F r�acknowledgements, personally appeared, I v-1 who Is #: t • s c ■ o! it-#', :: identification,#4 acknowledgedelbregoing Agreemard ifie use and purposes mentioned In F', #Instrument deed. WN]TINIESS, OF THE FOREGOING,have set my handandoffIclal seal In the Stata and County aftesaid on this day of /�L 20Z M NWARY PUBLIC4 STATE OF F=IDA COMO00046M A Y: a = 710 North FedaeatPage $ o� 6 Hi&MY, Boynton Heath, FL��3435: F 561-737-3256 Fax 561-737-3251 �® ® .v nli:mw'Ai'i'I}iiimr�s.ilr.?.�Itil}i''i: 39Y BOYNTON' I BEACH 1,C RA 11,111,11111, 1� "I ;;j ;1111111111111� 11�11 I , 1��i 7 1 111711 1 CITY OF BOYNTON BEACH PLANNING & DEVELOPMENT DEPT. ACKNOWLEDGEMENT FORM CRA Commercial Grant Applicant: has met with the City's Planning & Development Dept. to review the improvements that will be done on the property located at: List of Improvements: Reviewed by: Date: Requirements: -- --Z2, 710 North Federal Aww.catchbcy)nton.corn This Leaw ("Lease") is ma& and entered into as of the day of March. 2017, by and between Anita Pro-; 3343� mid The Davis Umnily «uT, address , f f -Highway, p �. Beach, !■ i f Florida33435. For fin consideratk)niFthe mutualewftnants her6n contained, Lee" f " b Lessee, Lessap'liLeWirf7Aigi are 1f follows:as f f lt' f f ♦" � � � r 4 IM -Eng on =71,7777 - Ft Iwo * ..f7j.1-Fierty i TeIrE IMILccuumence ►('Cown-wncentent Date"). 2. ! w a. FoTthr fixst year of the Terrn, Lesftw-shall pay toLessor ThoumW Six Huudzed aztd NO/100 • ($69,600.00) or the Prea-ises, due iu%d payable on CmvuYwnoemwt Date and on thle first day of each calenl month subsequent to the Commencement Date f; n a M �f .4� ,„f � �,• �# fir, Rnd provisionm of this Lease shall constitute additional rent ("Additknial Rent”) under tIds Leaw. u See d Ye" $72,000.00 $6,000.00 $75,600.00 $6,3W.00 Fourth Year n , 600.00Fifth Year $82,8W.00 $6,900.00 Ward Dawn Par I of is 33407 52. 11, fi[1.. All 1. provi&ionof 1,:the extent reasonablynecessary to fulfill the Intent of the Parties. !r 51 MNLEREAM Ms Lease may be emeuted in wmal anuiteqxrts, All of which Aull C011911 7same Leasebetween 54. R .HKLessee shall nuintain #use,fcw its sok benefit, ! kwated at 01 Prentises. This shall indude approprWe cleaning, maintenance and repair, paving andstriphi& And sirl insta- at ion 9A requiredby fti� ,! ! '� �, i 2 • Art! !� # "' ^' .,, I'!� ♦' ! ! person, ! I!entity,or nation. ! WE OF )BUILDING. If Lessor sells the Building to a developer/third party that requires the !inonths'notice to terminate. without59. MIMRANJEOUIPMENT, Lessee w1mowle*s that the Prerrises includes variousrestaurmAll quipment auml ftxtirms, a schedule of which shall be attached hereto as Schedute A. Such equipment be pledged, encumbered, removed oir transfetred without Lessor's consent. Sqwh equipwient and fixtures a k�awd as -is, ! or 17 of 1 4420 r F ! / ry IN WITNESS WHEREOF, the Parties hereto haw exmfted tfus Lem effective as of the day and date set forth above. Signed and delivered in presence of- LESSOR. AAnta Eraerprises Property, Inc. � i (As toLessor) to Lefibm'� By� 4�' 13MM 15a'As, ManageV, (Company Seal) wewDwnm Page is of is 4420 &wm Cvrk Wmt Pahn Bemb, Fkmie 33407 5/4/2017 Invoice OGWrapz.com New Invoice $736.70 due on Apr 13, 2017 Invoice #000106 April 0 Customer ;;, ANTHONY We appreciate your business. Top Road Sign 10 ft x 6 ft Light box sign x 2 Bottom Road Sign 6ft x 30" Light box sign x 2 $350.00 $210.00 Building Signage 3ft x 2ft / 61/2 x 2ft / 3ft x 2ft Light box sign $135.00 Sub -Total $695.00 sales tax $41.70 Total Due $736.70 OGWrapz.com 868 S East Coast Ave, Lantana, FL 33462 561-702-9008 https://squareup. com/invoices/ChQxNDc lNjE4MjQzMDUzMTczODUzNxCAwLuMkKDTAg—==/ B i 11 J 0: T .he Davis 1"'arnil y I 1-,,„.. LLC Iroy s riarrie%,,,�,u LLC 1920 S 11"ecteral. Ilwy Boynton Beach, 1"L 33435 1-1 Custorner 'D: Invoice Date Order No. Sales Rep. FOB Ship Via Terms Tax ID 4/22/17 Quantity Item Description Discount Taxable Unit Price Total 1 General Landscape $450.00 Cleanup Subtotal: $450.00 Tax: Shipping: Miscellaneous: Balance Due: $0.00 X 1 Consent Agenda Old Business New Business Legal Information Only I I CRAAB FAT 7: AAM g SUBJECT: Approval of The Davis Family Co. d/b/a Troy's BBQ for Commercial Interior Build -Out Improvement Grant Program SUMMARY- The Commercial interior Suild-Out Assistance Grant provides eligible (new or existing) businesses with assistance for the initial costs associated with the construction, repair, and/or rehabilitation of building interior improvements- The grant is in accordance with the CRA Community Redevelopment Plan. Improvements must be permanent and stay with the building. The CRA has received a completed grant application from the Davis Family Co, d/b/a Troy's BBQ which has been a local favorite and in business for the past 21 years, The company recently expanded their businesses adding a new location as a tenant at 1920 S. Federal Highway, Boynton Beach, FL 33435, They fall under the terms of a Tier I business, as outlined in the grant application, and are seeking reimbursement for their interior renovation! totaling approximately $16,000. The Commercial Interior Build -Out Grant Program provides a 50% reimbursement of the applicant's expenditures for the eligible interior improvements up to a maximum grant total of $45,0M If approved, the applicant is entitled to approximately $8,000 in reimbursable funds. The grant is reimbursable once the proper reimbursement documentation is submitted to CRA staff. CRA PLAA/PROJECT/PROGRAM: 2016 Boynton Beach Community Redevelopmei�t_ Plan Rchael Simon, Interim Executive Director 77 111 • M. �� • • r • t • . , their property. si. t lait''��` ����`������������ dc"%' et's roc;4 wnGurt's, n�,��6v"q'; r,r,, ;x,''�a�`��,fbrrm akW,,n , et;j, #` an the rex"*" t'xu�r t?;�+.�NN likerit", In the event that an Applicant has an outstanding City of Boynton Beach Ilan against the property, the grant will not be awerded until the Applicant Ilan.provides proof of the complete saduftwOon of the ��l Interior - , +r Program: a Religious Misted Retail Stores Churches ail. Shope/Body Piercing/Body ArtShops Adulta Financial Services (banking & check cashing stores) e Take -Out Foods * Liquor Stoma Vapor 1Cigarette, Eleckronic*. is li_ Ciprette Stoma 0 Km Tea Bars 4 Pawn Shops Alcohol and/or Drug R / R 1 ft nI Medical +_ 9 Fitness Centers L% Florists Any use detern Ined by t_ or the Boerdl that would redevelopment z -77- =-IPfTi ' dividedThis grant Is Into • Ism of • .ility. Businesses are sorted Into tiers in the type of Dan determines the amount• business may be eligible. POP30FIS 71ONarth Fedod H%ftvay, Boynton Besoh, FL UM Phone BM-M-73MBO �si�l�s�x`Qc�it��zttail 1�1�2��s�$il'�ot,�F)X1sEss�l�€�7T'{. of : 71 lJol ?7% time of CRA . u! ■ -i �! • !=71777111=7777,4. J 71 q 197-1 177 1 • ii -77, • grantTier Two Businesses are eligible for reimbursement of 60% of the applicant's project budget as submitted at the fime of CRA Board approval up to a maximum amount of $26,000 In d • e Restaurants with total seating capacity under 50 a Gourmet Food 9 Bakery !andBreakfast Iry Clothing Boutique - clothing, shoes & accessorles Home l;rr !: !n - home furnishings,galleries, * Specialty Businesses - stationary, gft, sporting goods Medical Offices Law Offices Offices* Real Estate Insurance Offices * Accounting Offices Marketing Office K1,71V it If the applicant Is a teriant, it must have a proposed or ;,!multi-year remainingminimum of two years on the lease. The commercial landlord -tenant relationship and at minimum provide the follovAng InIbrmation: TIM& Fadmi Highwy, Bapiftln Benah, 1- N _ - m. , : f ., f� Expense Reimbursement package.This program Is designed as a matching (50%) grant. All wbrk must be completed and paid for by the applicant prior to the CRA funds being released. The CRA YAII provide reimbursement to Ow applicant upon submMal of a complete reimbursement request Reimbursement Documentation Once the work Is completed the Reimbursement Request shall be summartaad In a report and accompanied by the following documentation: 1. Project accounting: Invoices, receipts or other acceptable evidence of payment from suppliers and licensed contractors) that have been marked "pall In full." Proposals for "work to be completed" or "bids" are not considered proper documentation. of the k as well ffi 1he DaQk Q1 The cancelled check- The only forms of cash payments that are acceptable as evidence of payment are cashier's checks and bank transfers. A copy of the cashises check to the payee must be provided as proof of payment. If payment Is being made by a bank transfer, a copy of the statement from both payer and payee showing the transaction and/or a copy of the emailAwd verification from both parties. 2. A "Final release of lien" signed by each licensed contractor(s). See attached Sample of a Final Release of Lien form, 3. Copy of City of Boynton Beach and Palm Beach County business licenses. Psp 7 cf 1S 710 North FsdwW Highway, Boynton Sea*, FL Mw3a Phew 5817974= Fax 591787,8256 APPLICANT INFORMATION 17 -IIA lz� 1*41 1111111111111 P � IIII'll 1�'Ill �'Ill Kl� AII � I U I I I Cuffent Businim Address: 1. PrIncipaVOwner NaMe: Date & Birth: Current Addrem, ty NNIfaw Pop 0 d is 710 Nw& Pedwal HWmmy, Bwt*Ym BOOM. FL 33M Phwo 561-7374= FOX W-73?�M om2clwl 0 ..zit_ F: .-. _ •'. - •t r• •:, �. iti 'i _ a_'. • . _�y ,. , Ex'.. - I further certify that ofthe fact that canbe penalized byfineandVor ImprisonmeM for making false statements or presenting false intiormation. I further acknowledge that I have mad d understand the terms and conditions forth and •::ri.b_d In fBoyntonr,'. Community Radvialopment Agency Commercial Interior Build -Out Assistance Program Rules • Requirements. ill "4L fts Page 10 ., 13 f _ 3_ • I 11 # • f 1: _ 1'�K A : 1.1 - 7-T15 i Ic • F' I Y. C w F: i_ 1 f f� f 1_ f ;' _ • 1 • IFFFTTITI-F-Ta- 1 • • t• •< ! A 1 ! w r i �! efz 'I• I : • f f =5 - _ f i_ f • i f }_ _ f. 3 t, ♦ f•1 7 1 w l •', f• 1, _ 14 l M fi _ - I , =75 11 • _ f R l Ar. to #• • _ this f f c: 1 that Information In my credit report, Including a rewrd of bankruptcy, may disqualify me from obtWning grantk !' 1 f ! 1 • • 1im Pflnelpal/Owner's Signature Date Printed Name Tide Principal/OSignature Printed Name TRIO Principal/Ownees SignatureDate Printed Name Title w +Signature Printed Name Title a r f9,r JAU , . M1, BEFO-zl7n T an ofter duly authorhad by i o administer oaft and take acknovAedgenmuft, personally appeared who p'-ereonally knownio me or . ♦ s Ire.., as and purposes mentioned in it and that the Instrument Is his/her act and deed. IN WITNESS OF THE FOREGOING, I have so my hand and official seal In the State NOTARY PUBLIC ::;i •I ; I WM r. 1 = # - 1017m] ii wr Landlord's Signature Date J) Printed Name Title 14 K 71 1A L STATE OF -Flo se'DA COUNTY OF BEFORE ME, an ofter duly authorLmed by law to adminiftr oaths and take Pck1n7 I )emon4y appeared edgemevt; gov) and purpom mentioned in It and that the Instrument Is his/her act and deed. IN WITNESS OF THE FOREGOING, I have sel: my hen and oMdal seal In thewe and County allbreseld on this— _j_ day .20 DoW Not" Chen Pm N OT -ARY;PUBU c , —5TATE OF FLORIVA CO"4r Cb3048= E*M I W84020 pap is a 13 710NaflhF@d9m1HVmy,8oV,1 668M.FLIUMPI a6@1-7374=P*xW-n74= T' • •. 1 117 At, Business (DWA It :pay r.+ The DavisiCompanies DBA Troy's BarBeQue Current d. 1017, X Federal• rBeach FL 33435 PhOM:561-7_77-4234,Fax BMIng Business: Y@sX_ No _ Number of years In t BusinessDo you haw an exwLdad Isisse agreement Yekx No If so. monthly boserent $2000.00 Now t ��.t ��,:� ,. ...�, 01 Square footage of naw locadnn, Type of Business: Restaurant Number of Employees: 15 Hours of Operadom, Mon-Thurs _' llam-9pfti PRINCIPALJOWNER INFORMATION; 11 I= #M'�19MW'W• Id! 1::' -:IW1S' A! .1 b 1.,=,4+ ! Davis Date • Birth: •b- Curmnt dd • ; • T77T-1 9 4., • — �w. i�l�b . k e. *f •'kilt � l 2. • r Cunwft d, B_ rnton Beach F1 33435 Email Phone �.- Lardord Phone* 561-670-5754 Yes X No If Yes, what skliflonal MMM• 111 - - # R 4 - - I'. :;#1 - t,Facaf if yes, IDd any 4 1 o; grant . R .. mid i Rt • ACS ni 0 cs, r+ it r z -; u 1.117,71777r,77511- Call I • 1 1 I t a R. I. 1 F 4 R i 1 �lll. ° �i �.: rill •l ^�.fli ----- — ---- "rincipal/Owner's Signature Date Printed Name Title Principal/Owner"s Signature Date Printed Name Title PrIndpallOwner's Sign re Date STATE OF COUNTY OF BEFORE ME, an officer duly authorized by low to admln]Wer oaft and take acknovAedgemerft, personally appeared Islars personally known to me or produced ,="Z Q,#d-a 6'A,7 as NOTAOV"1.10 My Cohimlselon Expi 81 GUy.jftU3maNmiAm W OOMMISSION f FF 03M EXPIRES: Ju� 23,2017 IN.40? kmdWTrn IWIdWAiry Ovylim BOYNTON BEAC HICRA acme © the City's Permit Deptto review the improvements that will be done on Me property located at:— EMMEMEM= Permit Dept. 0 710 North Federal Highway, Boynton Beach, FL 33435 —Phone 561-737-3256 fax 561-737-3258 Awil �cathbq �ntoy�_com This Leaw ("Lease") is ma& and entered into as of the day of March. 2017, by and between Anita Pro-; 3343� mid The Davis Umnily «uT, address , f f -Highway, p �. Beach, !■ i f Florida33435. For fin consideratk)niFthe mutualewftnants her6n contained, Lee" f " b Lessee, Lessap'liLeWirf7Aigi are 1f follows:as f f lt' f f ♦" � � � r 4 IM -Eng on =71,7777 - Ft Iwo * ..f7j.1-Fierty i TeIrE IMILccuumence ►('Cown-wncentent Date"). 2. ! w a. FoTthr fixst year of the Terrn, Lesftw-shall pay toLessor ThoumW Six Huudzed aztd NO/100 • ($69,600.00) or the Prea-ises, due iu%d payable on CmvuYwnoemwt Date and on thle first day of each calenl month subsequent to the Commencement Date f; n a M �f .4� ,„f � �,• �# fir, Rnd provisionm of this Lease shall constitute additional rent ("Additknial Rent”) under tIds Leaw. u See d Ye" $72,000.00 $6,000.00 $75,600.00 $6,3W.00 Fourth Year n , 600.00Fifth Year $82,8W.00 $6,900.00 Ward Dawn Par I of is 33407 52. 11, fi[1.. All 1. provi&ionof 1,:the extent reasonablynecessary to fulfill the Intent of the Parties. !r 51 MNLEREAM Ms Lease may be emeuted in wmal anuiteqxrts, All of which Aull C011911 7same Leasebetween 54. R .HKLessee shall nuintain #use,fcw its sok benefit, ! kwated at 01 Prentises. This shall indude approprWe cleaning, maintenance and repair, paving andstriphi& And sirl insta- at ion 9A requiredby fti� ,! ! '� �, i 2 • Art! !� # "' ^' .,, I'!� ♦' ! ! person, ! I!entity,or nation. ! WE OF )BUILDING. If Lessor sells the Building to a developer/third party that requires the !inonths'notice to terminate. without59. MIMRANJEOUIPMENT, Lessee w1mowle*s that the Prerrises includes variousrestaurmAll quipment auml ftxtirms, a schedule of which shall be attached hereto as Schedute A. Such equipment be pledged, encumbered, removed oir transfetred without Lessor's consent. Sqwh equipwient and fixtures a k�awd as -is, ! or 17 of 1 4420 r F ! / ry IN WITNESS WHEREOF, the Parties hereto haw exmfted tfus Lem effective as of the day and date set forth above. Signed and delivered in presence of- LESSOR. AAnta Eraerprises Property, Inc. � i (As toLessor) to Lefibm'� By� 4�' 13MM 15a'As, ManageV, (Company Seal) wewDwnm Page is of is 4420 &wm Cvrk Wmt Pahn Bemb, Fkmie 33407 DBATroys BarBe Que 1920 S Federal Hwy Boynton Beach FL 33435 &IM -777-4934 TM. FOT��� I= � Electrical Countertop $700.00 *-�Permanent Booths $5760.00 interior Wall build out $1200-00 Walk-in Freezer replacement $45W.00 Walk-in Cooler Repair $700-00 Fire Suppression inspection $700.00 Plumbing $1000-00 Anthony Barber TROY'S BBQ Federal Hwy. PO., Number Terms Project Date Involoe No. ........... 04/20/17 3139 50% Deposit .. .............. ........... . . . . . . . . ............................... . . . . ......................................... ..................... ................. . . . . . . ......... . . . . - ............ - Description Ouarldty ............. -- ------ . .............. 11-1-11,11-111,11,11, ............. 4 -MP BOOTH BENCHES - 3 -SLAT BACK - DARK AGED 8 FINISH 1:1M 1=-�- WTINVARI]FT-KIT, ED CAREY DESIGA LNC 2600 MGH RIDGE RD BOYNTON BEACH, FL 33426 561-585-9700 IderdLant ID 4616MB20W�00MSSIJ rms Type: Cn%Ht Sale Ibussaction #: 45MI427 Name. Anthony Barber Exp Date: Card Type: Amex it=t 404 ZjplPwtW Code: 33436 Zntry. manual CNP 4nvoice 41 3139 PO A 1021 ,ku& Code: 281013 Result: APPROVED Amp: AP AVS Response: Y rV Result: m f3atch Nwn: 0023 7.hm Id 004VB935182373 ��mbtotal- $2AN.00 hale Tax AmL- $OAO Ur. WT7TITTITI ",Io Sipature Required R. r Copy Retain this copy for statement verification Thank you for your business. '-�iips:llvt.globslpay.com/admin/CardRecelpt.mspx?culturemen-US Page 2 of 2 Frank Davis llec 9ric L.7 .C; DATE: MAY 3, 2017 INVOICE # 24 TO The Davis Family Companies LLC Troy's BarBeQue 1920 S Federal Hwy Boynton Beach, FL 33435 561-777-4934 Light Demo & Insall $800.00 Quotation prepared by: This is a quotation on the goods named, subject to the conditions noted below: To accept this quotation, sign here and return: TOTAL DISCOUNT Thank you for your business! SUBTOTAL $800,00 SALES TAX TOTAL $800,00 Dete� May 4.2O17 Invoice #[1OO] 5/4/2017 Ed The F ire Guy 13771 82nd St0.Loxahatchee. FL3347O 561) 791-1319 ro The Davis Family Companies LLC Troy'sBad5eQue 1g2O8Federal Hwy Boynton Beach, FL33433 [561-777-4934] I youlCompany alogm This /,a quotation on the onnu, named, subject mthe cnnumnn, noted below: Toaccept this quotation, sign here and return: Tim Wood Plumbing 954-667-5034 Date: May 4, 2017 Invoice # [100] Expiration Date: 5/5/2017 TO: The Davis Family Companies LLC Troy's BarBeQue 1920 S Federal Hwy Boynton Beach, FL 33435 [561-777-4934] Click here to enter text. Quotation prepared by: To accept this quotation, sign here and return: THANK YOU FOR YOUR BUSINESS! Kwamin Myers o te Date: May 3, 2017 Invoice # 87 4 Seasons Quality AC To The Davis Family Companies LLC Troy's BarBeQue 1920 S Federal Hwy Boynton Beach, FL 33435 561-777-4934 Due on receipt 1 Walk in Cooler Replacement $4500 1 Walk in Cooler Repair $700 Quotation prepared by: Kwamin Myers This is a quotation on the goods named, subject to the conditions noted below: To accept this quotation, sign here and return: Total Discount Thank you for your business! Subtotal $5200.00 Sales Tax Total $5200.00 X I Consent Agenda Old Business Now Business Legal Information Only I I CRAAB 6:-,UBJECT: Approval of The Davis Family Co. d/b/a Troy's BBQ for Commercial Rent Reimbursement Grant Program SUMMARY: The Commercial Rent Reimbursement Grant provides eligible new or existing businesses with rent payment assistance for a maximum period of twelve months within the first eighteen months of a multi-year lease. a a a a a a IT., U11 I 1=1 I CRA PLAN/PROJECT/PROGRAM: 2016 Boynton Beach Community Redevelopmen) Pla-tj CRA BOARD MOiTION/OPTION�S- Approve the Commercial Rent Reimbursement Grant not to exceed $15,000 to The Davis Family Co. d/b/a Troy's BBQ, Boynton Beach, FIL 33435. Michael Simon, Interim Executive Director IV. 0mrit-Tsms-o"O Conditions This grant Is divided Into bw tars. Each Uer consists of different types of businesses that a - eligible and the amount of funding available to the business. Tier One Only) I fJ 1517717111-1, 77 157o *77 =a— ol ! • ;A' 0 • I i Loll• ;r • . I 1 • ! i •! ! 1 # I Tier Two Business - . • =77 0 101751-77 • Restaurants I• r_ i seating capacity under10 • Gourmet Food Market • Bakery • :• and • Home !_w• !: • home furnishinp, art galleries,r • Specialty Businiesses; - stationary, g1ft, sporting goods Medical Offices Law Offk= Real Estate • r: Insurance .. r t".' Accounting ! - e Marketing 011ce Applicant must be a tenant and have a proposed or executed multi-year lease (hw yea :i commerciallease .s defineI landlord -tenant al;.! Iand i minimum provide • • �• • : • % description of the space being rented Including square footage and a dravAng of the space. Description • that are the tenanfe responslblltly� Alk Pap 3 of 710N.Pedadftrmy Bwpton Hui* FL 33435 Pbone $61-737-3256 Bw 561-737-3258 1. In request } reimbursement 2. Proof of rent payment (i.e., copies of the front & back of cancelled rent chadm fbr that quarter's reimbursement or proof of direct deposit). ihe business operation. ref may also conduct unann•, • oft vlob periodically order 1•ensure compliance I termsof _ grantagrearneft 131scontinundon al' Payment The receipt of post payments Is no guarantee of future payments. The CRA retains the right 1! d1scontinue rant reimbursementpayment: at any :irr• d 1. • to 4: sole and absolute discretion. The Boynton Beach CRA Is a public agency and Is governed by the 'Florida Public Records Law' under Flodde. State Statutes, Chapter I 19. Any documents provided by the Applicant(s) may be subject to production by the CRA upon receipt of a public records request, subject to any wtomptions provided eFlorida Law. 1 •111V • • t 1 • J OIN1I 11t] L _ r • • • 1 _ • • r . 1 •� �' R '1 / If 1 / - " R • : r �- e CI all it •i -e_• f<, and Application. r�ti,.�� Par 6 of 11 710 N. Fiedard Highway Boynton BMA4 FL 33435 Phone 361-737-3256 1-7 - Dr�ktf ts}�rrr�C�k1{,(hxsr�����4�{rf?;e�S��,2rk.iFvf�{�w. BUSINESS I-NFOTHATIOW z �Iv -11 .*- *jrrent BusInfr,!t Vdr-�w am-11IA 1. Prindpal/Owner Dato of is I: Current Addraw: Email:----- Phone 0: PW7 of 11 710 N. Federal M&My Boynton Beach. FL 33435 Phone 561-737-3256 Fbx 561-737-3238 3. PrindpollOwner Name:_..Date of Birth: Currey Address: of 11 4 NjAway :h +1 +h IS U=71971,to e I oniII i I _ - Tt ►r f, _ r► ► I. ,,. _ w 1F. -I1 s'r 3_ 1 :.ol A lit. •11 11 11%:77.=-11- w • • -► r _ w • II- r. r! • is [: ► - r _, ► Y - ! r: a`_ ►r : a r - • �p : 5 • '.. I .i ri. _ 1 'Fr ! ) ! I'^ t: 1 ► :'- ! } t ► r _ j', !. ��i _ _ 11 761 lW 11 !,_ :: 1_ ° ' Ili; - t' • '. .; . � ! • � '. t • ;- _ +. r: k . • '� • s p the program criteft or Is no longer benefiting the furtheirmce of the CRA mission. I hereby waive my rights under the privacy and confldentiality priovision not, and give my consent to the Boynton Beach kh Community Redeveloixnent Agency, 1. • 4: ! !'1 i t+l,! to examine conklentlal InfammMon given hemin. I Mher grant permission, and authodze any bank, employer or other plic A private agency /1 disclose • ,1•' deemed necessary to complete _S,' I _ application. A. ti• give permission I• the ` I! 1_ agents 1• take ♦ t'.J! _ ofmyselfandbusiness to b:used 1*'; promote the program. ►. N e kl that I this application i► : w the is . '" ' 4 1_ f In support• the application - _,.. found to be Incomplete, It will not be processed. PAP 9 97 11 1 N. Mad H*hmy Boynton :71Ta i III • ! • • [ Program's 1 F andApplication. Signature DaC Printed Name Title Printed Name Title 01 V M-7 ignature Date Printed Name Tide T710 17r F 71 M R • 1 Z r7i7i ENEW1717 BEF0.7.12 ME, an offloor duly authorized . low • admInIster outhe and take �cknowledgernents, personally appeared who Is/are personally known to me or produced a= Identification, and acknowledged he/she executed the lbregoing Agreement for the use and purposes mentioned In It and that the Instrument Is his/her act and dead. hl'UITFIEU9 OF TAE FOREGOING, I have set my hand and official seal In the State and Pop C of 11 1 N. Fedwd H4ftsmy Boynton Bowk FL 33433 4"121 R, owl a L Phone: 561-777-4934 Fax webelts: ­­ .... ........ Exhtbng Businew: YeslL— No Number of yeam In e)bkwm, 2 0 Now Businim to Boynton Beach: Ybk_ No X Time at Cuffwd London: 2 0 Do you have on wwoubd how agreemot Yekx_ No lfso,mwMIyba@srw* $2000-00 Now BusinessAddress (must bewithin M DIMU) 1920 S Federal H!a 1! 01 gi 1 !CJ R),16ill lL3&— �,lCl;J;lll;Wi, I A I j 1 i: I Squwe foofte of e)klrQ locabon & p Square fbotege of new loco*m. Type Of BUShM: Restaurant Number of Empkqen:, �I 5 — Hourso(Cowsdon:, Mon-Thurs- llam-9 - pni PRINC[EALLQMgR INFOMWION: Fri -Sat llam-10pm (If more ftn 4 adodpolihmmm addidonal stgo M&M be uled.) 1 . PrindPaYOWW NOMU nda, Davis Date of Birth: October 19 19 6 3 CurrontAddress:n4g7 A q rprigral .m r. Envell-lir"Arbarame. cam _Phone t. 561-:47 7-4934 Are you appIyIng forI r_ underother program offered by the CRA (I'lar One BuWnnm only): Yes x No 9 yes, what additional pmgnqms we you n% • Ill_ i • f • - - •ureement,Facade improvement. Are you receiving grant assistance ftom any other gmammental agencies: Yes— Nq_ _X If y9% list any addMonal grant sources and amounts: CEFUIRCAMN AND WArVW OF PRIVACY,' 1, the undersigned ap~, car* that ag h1brmiffion presented h 00 appNeation, and all of the Information flumishad In support of to application, Is gWen for the purpose of obtaining a grant under the Boynton Beach Comm* RedrAAWnent Agency Corwarde! Interior BuNd- Wor k: i MW a aware of the r that I can be penaRzed by and/or ! o for me" fake daternervis or presenting false Min . I furOw aduvy&%dge Mat I have read and understarx! to terms and oondWs ad forth and dox4bed In to Boynton Beach CmmunWi Redevoicipment >! b4 !' It - F.. Interior `'+A O k_ Program and R*qLdrwnentL 1 _17 !" •j a 71 17A �.r Are you appIyIng forI r_ underother program offered by the CRA (I'lar One BuWnnm only): Yes x No 9 yes, what additional pmgnqms we you n% • Ill_ i • f • - - •ureement,Facade improvement. Are you receiving grant assistance ftom any other gmammental agencies: Yes— Nq_ _X If y9% list any addMonal grant sources and amounts: CEFUIRCAMN AND WArVW OF PRIVACY,' 1, the undersigned ap~, car* that ag h1brmiffion presented h 00 appNeation, and all of the Information flumishad In support of to application, Is gWen for the purpose of obtaining a grant under the Boynton Beach Comm* RedrAAWnent Agency Corwarde! Interior BuNd- Wor k: i MW a aware of the r that I can be penaRzed by and/or ! o for me" fake daternervis or presenting false Min . I furOw aduvy&%dge Mat I have read and understarx! to terms and oondWs ad forth and dox4bed In to Boynton Beach CmmunWi Redevoicipment >! b4 !' It - F.. Interior `'+A O k_ Program and R*qLdrwnentL 1 _17 • ! t lW r x 4' r r a r- a! ! e! Prindpal/Owner'sSignature Date Printed Name Title 011 —tt :-+ 1 PrIndpallOwner's STATE OF AlAOA COUNTY OF. �. - - BEFORE ME. an officer duly aut-horkited by law to admlnkftr oaths and take .r ;ajj�jjiil IN WITNESS OF THE FOREGOING, . and offldal seal In the Stem and r r r Now AV -VL A L GUY. JR LONGCKWS ! I FF is Phme 561-737-3256 FaK 561-737-3258 m,,x gi!a":V1= • a. 4 17777-771F-11-- 7 w., (I -;;ilk ? I r,T 7 l+ " ,• �,r STATE OF COUNTY# BEFORE ME, an ofticer duly authorized by low to adminieW oaths and ta acknowledgements, personally a• * : s KqZ2& bi mamup who Is/are personally known to me or produced Ito Mgwm Ideniffication, and acknowledged he/she executed the lbregofn- g Agreement lbr the use an purposmmentionedIn it and the =t+and it:.. IN WITNESS OF THE FOREGOING,i and offiblal seal In the State and County allbresald on this agfh day of ro 2013_. NOTARY PUBLIC — My Ai `li 010 *�wd_ E*= IrAM20 .7 I' �� r- This Leaw ("Lease") is ma& and entered into as of the day of March. 2017, by and between Anita Pro-; 3343� mid The Davis Umnily «uT, address , f f -Highway, p �. Beach, !■ i f Florida33435. For fin consideratk)niFthe mutualewftnants her6n contained, Lee" f " b Lessee, Lessap'liLeWirf7Aigi are 1f follows:as f f lt' f f ♦" � � � r 4 IM -Eng on =71,7777 - Ft Iwo * ..f7j.1-Fierty i TeIrE IMILccuumence ►('Cown-wncentent Date"). 2. ! w a. FoTthr fixst year of the Terrn, Lesftw-shall pay toLessor ThoumW Six Huudzed aztd NO/100 • ($69,600.00) or the Prea-ises, due iu%d payable on CmvuYwnoemwt Date and on thle first day of each calenl month subsequent to the Commencement Date f; n a M �f .4� ,„f � �,• �# fir, Rnd provisionm of this Lease shall constitute additional rent ("Additknial Rent”) under tIds Leaw. u See d Ye" $72,000.00 $6,000.00 $75,600.00 $6,3W.00 Fourth Year n , 600.00Fifth Year $82,8W.00 $6,900.00 Ward Dawn Par I of is 33407 52. 11, fi[1.. All 1. provi&ionof 1,:the extent reasonablynecessary to fulfill the Intent of the Parties. !r 51 MNLEREAM Ms Lease may be emeuted in wmal anuiteqxrts, All of which Aull C011911 7same Leasebetween 54. R .HKLessee shall nuintain #use,fcw its sok benefit, ! kwated at 01 Prentises. This shall indude approprWe cleaning, maintenance and repair, paving andstriphi& And sirl insta- at ion 9A requiredby fti� ,! ! '� �, i 2 • Art! !� # "' ^' .,, I'!� ♦' ! ! person, ! I!entity,or nation. ! WE OF )BUILDING. If Lessor sells the Building to a developer/third party that requires the !inonths'notice to terminate. without59. MIMRANJEOUIPMENT, Lessee w1mowle*s that the Prerrises includes variousrestaurmAll quipment auml ftxtirms, a schedule of which shall be attached hereto as Schedute A. Such equipment be pledged, encumbered, removed oir transfetred without Lessor's consent. Sqwh equipwient and fixtures a k�awd as -is, ! or 17 of 1 4420 r F ! / ry IN WITNESS WHEREOF, the Parties hereto haw exmfted tfus Lem effective as of the day and date set forth above. Signed and delivered in presence of- LESSOR. AAnta Eraerprises Property, Inc. � i (As toLessor) to Lefibm'� By� 4�' 13MM 15a'As, ManageV, (Company Seal) wewDwnm Page is of is 4420 &wm Cvrk Wmt Pahn Bemb, Fkmie 33407 O a) +� co +r -O � L E O a) O Co O a) C L E O O L t i O U co O O co E C N c E N —co OU m O U C ate' O a) O L (t O Co+'O •� O co a) E 0 CoCo co O 2 E "a E cE O .OO E O C aO J D U co (2) coC co C > co UU U E� co >°° �� z o� fi,;, co J C Q M L Q E,. (n O C O x a a) a) r N H U co E° m Q m o aa) J a) a) a) U) Co �_ L •� O Y C U E c a) C O Y co a) OL �p m a) a) O C0 z, co Q Y a #, coco C Q a) •C co -a O C CoUC a) � } m C D>�co = co C a) c w U) USO w L o a) a) a) U) o -a co o — a) .� L "E a) U) U W o M" a) 0' W E U) a) E E U> o Q) J co � E a) c a 'o a) � � E 0 co co -a � a cn O co E aa)) o > O c}n O C U)^ }+ L L a rimO L O O a) (B O C L a) a) U) a a) U) 0 7 Y Q E a fn Y U) O O N L a) C Z(l) C a) } a O a) p U)co C co Q O co � a) (n m (D (n E co (n U C'I+ 0� ��+ a ��— cn� J O L N Co C a) O O L O O (o O co U co 2 a) Co a) ) co C -� CoC C _ O N U co \ C 0 cuC E U d d w r ( O O O O O N N N N N O N (O co N N LO LO LO LO LO U > O U) co NO U) a) L O > O }� Co C Co a .� L O ai E �jC a) O O +J L Co Q -a fA (B Q a--� o Y -a % -a -0 (0 _ O N C a) O c Tc N a U a c c Q O (B c c� O w J Co.e M N c E c c cu � O O N Q N 3 Y_ O" z 7 r O C N N a)C- C a a Y 0 a 0 0- N a E O O (0 a' fA J cu N c a m� W 0 > O 2= J O O 0 L VJ '^ v E /a� V � cu U a� c E c w a 0 0 N C N O � M M Lf Lf •nt Agenda I I Old Business I I New Business I I Legal I X I Information Oinly _I A Neighborhood News - Uorking with Neighborhood Rews to reach out to the western Boynton communities. this marketing strategy will continue to promote downtown Boynton Beach, The May ad featured Mother's Day with 13,196 Restaurant Guide brochures inserted in the Neighborhood News reaching out to 30 communities in western Boynton Beach. (Exhibit B) Delray Beach Newspaper - The May issue of the Delray Newspaper, a full-page color ad featured Mother's Day with a Dining Guide reaching over 15,000 direct online readers, a circulation of 12,000 papers distributed to 250 locations in Palm Beach County and a copy mailed directly to over 2,000 homes, (Exhibit C) Sara Sims Park Master Plan Community Input Meeting Flyer* Staff designed a flyer for t first of the pubilic meetings hosted by the CRA on May 31 i 2017 at the Carolyn Sims Center 6:00 pm. 1000 flyers, were printed and handed out around town to let the public know of the meeting. (Exhibit E) I Award Submissions — Staff has prepared and submitted the award submissions for the following: Florida Redevelopment Agency Capital Project / Beautification- Boynton Harbor Marina Open Space Project Management Programs / Partnerships- Social ITiedia Outreach Program Outstanding New Building Project- 500 Ocean Promotion- BBPiratefestcom website and Downtown District Banner Projel Planning Studies — 2016 CRA Redevelopment Consolidation Plan 2016 Annual Report I Festivals & Events and Florida Festival & Events Special events marketing- Pirate Fest & Mermaid Splashi, Holiday, Holiday Boat Parade, Blarney Bash, Boynton Beach, Celebrates MLK, Movies in the Park, and Music on the Rac-ts Boynton Harbor Marina Marketing Campaign — A 1/2 -page ad in the Waterway Guide featuring Boynton Beach An Ocean of Possibilities with the many amenities the Marina has to offer. A 1/4 -page ad in the Coastal Angler Magazine featuring An Ocean of Possibilities displaying the Sea Mist�. Coastal Angler Magazine is a resource for anglers, boaters and conservationists and is the second largest free outdoor publication in the nation. (Exhibit F) CRA BOARD MOTION/OPTIONS- Unless otherwise offe:red by the CRA Board, a rnio,tion is not required at this time ULA mon MI, Exhibit A BOY TON' =BEACH' VISIT CATCH BOYNTON.COM FOR A FULL LISTING OF OUR DINIMG GUIDE & EVENTS SCHEDULE Exhibit B ti t 11 `h"i`d, $y BJYNT�h I =BEACHCRA FOR A FULL LISTING OF DUN DINING GUIDE & EVEN -I S SCHEDULE G ti t 11 `h"i`d, $y BJYNT�h I =BEACHCRA FOR A FULL LISTING OF DUN DINING GUIDE & EVEN -I S SCHEDULE BOY TO'O'T CATCH BOY[ TON,COM Exhibit C SAILEY'S BLEND2 640 East Ocean Ave. (561) 806-6064 Apaf Bowls • coffsa - 5n oolhies Mem, -Sim Tam - 3 pm BANANA BOAT 739 E- Oman Ave - 581}112.9408 'Bialy wafeffronfspotspee_hzes r7R taunt style seafood & are rnnste Mon. -Sm. Ilam -tam BOND & SMOLDERS CAFE & BAKERY 16,225 Federal Hwy. 4561)$77.2462 Y re Foot spot tit town her everyday artisan Need, fresh Sandwiches &sweet trMom - Fri,. 9 am - 0, pm Sat &Sun. lir am-4lim BOSS TACOS 5065 Federal Hvvr { 581) 573-7843 Yana & Burn to Company Grassteoh; We sal read product with a e8if�ent approach Fuson. Sal. 11 am -7 pm Sun. 11 am.4 pro BOYNTON DINER 508 E. Woolladlit Rd. 561)364-181 'rod afftiosphare with c kesive darner food, Mom, -Sen. B am- 3 pm GILBY'S CULINARY SOLUTIONS CATERING 2201 S. Fadaral Hwy. (5611732-TSBT Toad ns aur passion• aaluig ft, creating it and serving n to yowl Mon. FIE. 11 alis 8pen Sat. & Sun. 8 out - a pm I3t'S GRILL 301 E. Borton Reach Blvd'. (561(732.5172 fanrdy nerghborhrod restainatd since 1977 Man Sun. 7 arse 3 pm Friday al3rei fish fry untB 9 parr DDH CHE BISTRO 324 N. Federal Hwy.. t56i)572-9939.. Argentinian Restaurant Manl, Wed. Thum Ful.. Sat 5 pin -1Spnn Son. 4 me- 9e30 pen DYI FROZEN YOGURT 524 E. Woolhra t Rd 561)733-922 af8 servo frozen yogurt Juices. Smoothms & Rahe Man Sun- gam - ll Per EAST OCEAN CAFE 412 E. Dermal Ave. t61)734 3040 atasiacWhey where the !acids go, rdassk Aansrrcan-sdYN food HEALTHBAR 307 E.Woolbright Rd. (Sol 316-2416 Sal. Juice Bar, Sinoothm Bar 9 Arai Bawds Men . Sun- aam.0. pm HURRICANEALLEY 529 E Osman Ave. {561)l364-4A0S Ovirkyt busth`ng focal haunt for cfassrr seafoad fare Sun - Thum. 11 am - S l pm. Fri. .& Sat- 31: am -12 am 9AMERICAN CUISINE 470 H Federal HBvy- V56i) 370-89 48 rash Seafood & Jamaican dishes dam heGolunaef style Mism -/hum 11:30 am -3:30 pm & 4:30 pm • 9:30 pm Fri. & Set IL30 am -5:30 fan & lMpm-10 pm Sum4pm Spm )OSIVS RISTORANTE & PIZZERIA i6d2 & Federal Hvey. (S61)364.960i Gouraot f&dian pasta, nreat & seatawd dtshou, Sun.. llwrs. 11 aaY 10 pen Fal. & Sat 11 am -11 pan RICE FINE THAI & ASIAN FUSION 1610 S. Federal Hwy. 15811374--7476 7lvaf& Asian fusion canskae, modem sen, wimM a' hill an Tues. Wed. Them Sun. 11:313 am 2^30 pea &Spm S-30put M -&Sat 11:30am-x:30 pm & 5par -10.00 pm SC ULLY'S RESTAURANT 2005 S. Federal Hwy. (561)733-4792 A neenrd of axtl-school Anuarkaan hwardas Mon. Sun. 6:30 am-9Par SECRET GARDEN CAFE 410 E Boynton Beach Blvd. (561)752 9598 Mrsicha v"ekly with vfegarrr f Thursdays Wed—Fri. 11am-3.00pin Sat. 6 pm - 9 Per Branch Sat & Sun. 10 am -2 pet SUSHWO 640 E. Oc®an Ave, P561) 7310606 ndustrlal design slenraid's Sol Me scone for CdBafPve sushi at this rood eafady Mon.. FrL 11:30 am 2:30. SUSHI SIMON 1614 S. Federal Hwy. [5611731.1819 Cory Japafrese baho With an alt raw maraud Hot radiators crealiveSushi toys Man. -Sat. 11 am • 10 pm Sun. 12 per • 10 pen SWEETWATER BAR & GRILL SAXON 1507 S, Federal Huy- TGi1 589.9277 a d, msfir Fwuntsparlighe *w Aleorecau snraltplates & inventive craft cocktark Men. Tues. Wlad, Sun. Spin 12am Thum Fri, & Sat. 5 pm • 2. am THE BOARDWALK ITALIAN' ICE & CREAMERY 289 N.. Faderal H", r11600 9553' e fluids kv claim, !bifid ice & getato offered is a family -one 4 bmb- henrs°+d' part - Sun. -Thum 1 pm 9 pm Fr & Sat 1 par -10 per TWO GEORGES WATERFRONT GRILLE 728 Casa Lama Rd. (5611736.2717 Watch Goals glide by at this uneibw ar armto eatery y feaftn r sarlfood & dWa 111tWo CAFE F Mon. -Sum .7 am -2 am PRIME CATCH E. Rd' Me&.4:30 pan -10 pm, .. Sat 1.30 not, 10 pm Sun'Thurs 11 am - 10 per Fd & Sat, 11 ani - 1.1 pm Ocean Ave.T00 640 E Ocean va. FISH DEPOT BAR & DRILL 37-88�IY1. 15611 TST-9822 Sam 4:30 pro. 3--30 Pan - 1 112-3 934 kwd spot with ?(131 $aymarau"s h --k alif secret in 511 H E 4th St. tntvacoasdal views, a broad dtali c cci re withreoipes from X561) 506.5441 Wes list& cuk�rseeating' the heartof tdrrty mesh soalovif,outdoor rkrang, Sun Thum 11:30 am - 9 am Mon.. sm 11:30 am -2:300m live nursic FA. &Sat 11:90 am -19 par 4.30 pm -10 pm, Mon. Toes. Wed. Sun. Sunday Closed I2 Pal sun + ;:,_.. r' Timm Eel. Sat 12 par tamBOYNTON - CATCHBOYNTON Exhibit Exhibit PLEASE NOTE; If you are unable to attend this meeting, the Sara Sims Master Plan will be discussed at the following meetings: ~mm Advisory Board Meeting, June 1, 6:30 pm at City Hall ~ CRA Board Meeting, June 13,6:30 pm at City Hall Exhibit F 1[1- I Consent Agenda I I Old Business New Business I I Legal IX I Information Only I I CRAAB ffi SUMMARY- Since the meeting at Intercostal Park on April 27 , the CRA has had many local businesses express interest in the Social Media Outreach Program. To date, CRA Social Media Business Consultant, Matt Meinzer, is working with 10 businesses located within the CRA District to help establish, a greater online presence through various social media platforms. The Needs Assessments have been completed with each business analyzing the areas of strengths and areas of improvement for their various platforms, The businesses enrolled in the program are: • Amanda games Gallery • Bark Avenue Hotel and Spa • Del Sol Bakery • Healting Heart Vet • Jamerican Cuisine • Posh Realty • Schmidt Stained Glass • South Florida Mastercraft • The Boardwalk Italian Ice and Creamery • Yogafit The process of further developing social media platforms, as well as the implementation of new platforms is currently under way. Several businesses have implemented Twitter and Instagrarn and also expressed interest in Pinterest and Snapchat. For the businesses that lack experience with certain social media platforms, one-on-one meetings are scheduled as an opportunity to educate them on the tools that would prove beneficial for their marketing efforts. Content is regularly created and shared on the associated platforms for the businesses (examples of posts are provided as Attachment 1). Blogs, pictures and status updates are created in conjunction with the Consultant and are proving to reach the intended audiences. Content is also shared simultaneously with the CRA's social media platforms Which has created Rdditio-iRl drive in views. Moving forward, the Consultant will continue to focus on developing the business owner's sense of social media marketing by touching on the benefits of cross promotions and searcV, engine optimization FISCAL INIPACT- Board Approved $35,000 FY 2016-2017, General Fund, Economit Development Grant Line Item 01-51420-200 CRA PLAN/PROJECTIPROGRAM: 2016 Boynton Beach Community Redevelopment Plan Michael Simon, Interim Executive Director ATTACHMENT Boynton Beach CIRA lsha,r ol Raker y's photo, 4.14d" A Piu,b'-Vied by:Man Ms'r,zer Jum 6 al "� 1!5t"',am 0, Del Sal Bakery P b c b v M, �e G �." n d 1I , i 32"Ban"""', Fres h I y ba, k ed h a m and cheese cro i an is o 0 t to d a y 169 people. reached Boynton Beach CRA o I'MI, P) Dy'Y-EA-1 jo,.jne a,,,, ',7523om 4, ZE-1 L - i Cwgratullations Posh Properties! #Realty #Hitthe8iz #'Hibbon, urtfing 13 sh ares Wr,,tea Boyryton, Beach CRA So happy -to wel come POSH Properti.,es tothe GRA Diistrict anmstern BoyntonB -each] Healing HeartIm. htt,ps-,.Y"/hea,ling,,he-.artvet.,c,om/�"`,20-lI 7/06/he,,.a,,,,,Iing-power,,s`/`"` htt'ps,L//hea,linghea,rtvat'l.,00m,/ , 446 people, reache,,,d lik Like, IM Comment, Shiia.re, OdrigueZ 23 offiefs: !Do, Deanne Gentfle,,, Tina,,R.' � AVIN lw77, Jason Vaquino, Arnm6nq qv 7nankyou,fir shariu,,r,l'bve. Like, Reply - NlessaIli J,,a - ituir'lle, 2 at V23pn",� lina Rodriguez V fv %P qv qv Like, Raply ag'i�2 al um Top Commerits, IV 'YbgaFit Studios (Bo"ton Beach IFL) a,dclw-,Jl lik r- 4 e ,F ech,, FL), &oYnton ht lb ay Thank you to everyone who joined us tonig r Namaste & Chwdonn ,! If pu missed It, stay tuned for next one On V SUMMARY: Per the request of CRA Board Members, ORA Staff will be implementing the NovusAGENDA program starting July 1, 2017, NovusAGENDA is also used by the City of Boynton Beach to create and publish the City's agendas and minutes. After several conversations with the City Clerk's office and representatives of NovusAGENDA, CRA Staff determined moving! forward with this program will streamline the production process f lor staff and also provide consistency in reviewing agendas for the CRA Boards and the community. One of the most useful features is the live video streaming of the CRA Board meetings. This will also allow us to index specific video clips to the:ir corresponding agenda item which allow the community easier access to review agenda items and motions by the Board. The annual fee for the NovusAGENDA program is $4,950. However, if it is determined tha, NovusAGENDA video program can be incorporated with our current video recording software, it will be an additional fee of $2,500 bringing the total program cost to $7,450 per year, FISCAL IM PACT- $7,450 FY1 7-18, General Fund, Professional Services, Line Item 0 51420-200 1 -1. -IT gnm" mpolli Ilk1k, . Is 'i — — :: , 1. 1 1 j iiiii L Michael Simon, Interim Executive Director 'AWMIU-1--sm 4,GEND4. ITEM: XIII.A., FISCAL IMPACT: To be determined. CRA PLAN/PROJ ECT/PROG RAM - 2016 Boynton Beach Community Redevelopment Plan CRAAB RECOMMENDATION: N/A CRA BOARD OPTIONS: To be determined by CRA Board. Michael Simon, Interim Executive Director ATTACHMENT CRA BOARD MEETING OF: May 9, 2017 1 Consent Agenda I I Old Business I X I New Business Legal Information Only CRAAB AGENDA ITEM: XIV.G. SUBJECT: Consideration of Dates for Budget Meeting — FY2017-2018 SUMMARY: As discussed at the April 11, 2017 CRA Board meeting, staff will present a preliminary budget and funding allocation worksheet for the Project Fund account only at the June 13, 2017 regular Board meeting. At the June meeting, items will be presented for the Board's review and discussion on project priorities based on Tax Increment Revenue estimates from the PBC Property Appraiser. Staff will present the preliminary Project Fund budget allocation worksheet to the CRA Board a second time at their July 11, 2017 meeting along with the preliminary budget items within the General Fund. For the third budget meeting, the CRA Board may elect to discuss the budget at their regular meeting to be held on August 8, 2017, or choose to hold a separate meeting. Staff is recommending that the proposed final FY17-18 Budget be reviewed as part of the regularly scheduled Board meeting on Tuesday, August 8, 2017. Regular Board meetings are generally well attended by the community and we tend to see a decrease in public attendance when the budget meeting is held separately. The Board will be given the necessary time to review the draft budget and direct staff on project priorities and staff will plan sufficient time for discussion at the August 8t" Board meeting. The final budget will be presented to the CRA Board for adoption by resolution at the September 12, 2017 CRA Board Meeting and thereafter brought before the City Commission for ratification on the date of the City's 2nd Budget Hearing and Final Adoption of the City's FY17/18 Budget. FISCAL IMPACT: N/A CRA PLAN/PROJECT/PROGRAM: 2016 Boynton Beach Community Redevelopment Plan CRAAB RECOMMENDATION: N/A CRA BOARD MOTION/OPTIONS: Provide consensus on the schedule of budget discussions in June and July with a proposed FY 2017-2018 budget to be presented at the regularly scheduled CRA Board meeting on August 8, 2017. Michael Simon, Interim Executive Director ATTACHMENT II Co T- Q Q N r N LL I W F- U U ~U) LU U LU m Z OW M Z Z >- W OW m w H Z W LU U Z a H ti O N N M 2 O Q U) z 0 a J D W LU a T- N co O ti p C4 N tp N N ti LO N O C4 W N LL a IT,;] cn LU J 0 W cn cn W cn cn Q 06 � ' co T LOQ Q O LO O TMM a ti .pa W' a) co LOO W } ti aD I- N V- w W _A U N w coo 0 a) 0 D LL � coo N M M C1 N o N r 7 L > LL 61-> w } 4 Yl w� N 00 ti T- a)Qo 0~o O T- M ITI;M-1113 N I� O co T LOQ CO O LO O TMM a ti ti5 c U ti ti aD N a� U _A U O z LL LO O N N ti M co co m tiI�r � c LL Gi M C1 N N 7 L > H } 4 M N M N Q N x Q y m H D o r 0 y Q � > M C U w ~ o 0 N 00 p O M H o O O N L N M W) O O O 70 NI�r O O O r O cO O M� co M 11M M ti � N N ON �, Q 41 U M� ti M 11 W co "' Q mE L r r U O L 0 X X O `— (6 70 70 N r C7 O O F- N U L M T- N M 00 r ' r �O U a) � LD Lf)}.a CO W M 0 0 4- 0 o m 0 NN CL E U Z3 -0 -6 0 aa) E U) > co m O N �• C Q t U E Q oLn N o E °� �n N U Q 0 (U m \ iCL L S L O U (6 -0 N Q Q m Q , � w xx to LmL� L.L_ L_ Q -0 -0 L Q C � � � o E U cn '° z a� ,` m o Q Q �. 0 O 0 O -0 N U E L (Q L Z3 LU M O M N NV w v o a ro o m " " m O O O O O N O N O N m- r M V N O O �00 N Om m O A O O O '''' W O O O W O W N ,_o OD N O N N N- p M V N W O 2 � N M O W MO NO IG N- p MSO NOw 00 0 0 N 00 0 N0�N E, , , , ,0 WO0 MOM NN N 00 0 rVV N Lq 0N 0E1E-N ,,,,, o 0OO o N O Nm Nw. M m w V 00NVO0 I� O 1 I O N ONm N 70 V M 0 m0m rcOn M O M N Om o OOO NO N N M m CD NO O O N I� V O O ' m O m N O m I O O M fr m M m 0 cc m -no - N M O N O M OM N m O X N M m V M N 0 0 O cc 0 N N" Vo fap M- 7 N M- m r mo N OOO O W o MO MO N � Oo W '', O NV o MO V mO w m m O N m O m O _00N N N V N_ cc M- 7 N M- m w NON m m00 m m I O O N O m O N O O N V O N N V O I m N M 0 0 W M m I� O O I 7 r W 000 O F O � O W W N m I O m O m O w V N O OD W O m M N N V N O ON 0V m M N M N N m p N o O O N o o� O m M 0 V M W o o � W V I� O O- (o w cc m O mo w I m O w M M O V � V� O r I N O V M m N N w vo a morn in c� my o N M N N N p ON V O m m M V M M O m fr V O M O 7 N V O M m 11 O m O m I m O N m N V M I O N O n No 1�1O N O M O r V O I O m N m- N w r r 0 N o0 (o0 D m o m N M N N N N N M OM N m O V M O m 0 0 0 0 m m O N O w m M O N V N O O m N M N N O O m N N V N O N O M a mom m O m M O 10 M I� O O O m I� M O O O N N W I� M N m m I� O_ n m O M m V N m m m o o n on o v o o o o o o o m o o v o o" n o o o m m o N o o o o o m N o � o o o a o w m 0 0 N O O w O N O N V m O m N N N m N M I N M m 0 r N N w V O L A N O I� N V M cc M N N � if1 fp m 0 I M ONON 00000 O N O O w N V O m O O O O O O O O m f N m 0 0 9-9-9-9-o O fr c co O TI O m 0 W _ N O N O O O N O m O V O V m m 0 O M O NO V Q V N N L LLN F E O N a o i. a - 0 }> e O m Q W C N ry � o N W LL O K M d o o m m m u7 N N w m O V O N Q'S N y o t0 t0 y Q LL jaam }w ami a Y' m A a m c o r o > > o Z O> d d u W N in O O E m m O d m C y LL m d o a o rE Em o s Y v s K o - m m O o A OF:5LL D0O�U PP c)d in co a` NU ¢'__.;a r r N M N O r W v W V V M m M V � N N I� O m N if V N I� M N V � N V W m V m W N N N V V O M N mM N 0 M N V O W N M N V N O 000 0000 o o 0 O 0 00000 00000 0 0 o v o 00 00 0 0 O O 0 0 0 0 0 N m 0 W O 0 v O 0 00 N O v m O N (00 (00 N N O N V O O O ' O O 00- 0 0 O V I� O m O O O ' 0000 m O O N O O 0 0 O O ' 0 O O O O 0 0 O O O W o N r O ' m N mo ON O mo O m M M V N M V M O O N O N O m N (O m V �� N N m O o O E m 0 N LL m v> o O E > o > o o U u U w O y O O Y U m _ C E .� X d' Q`r N ' '`' O > O N .N U w w m m N w w .� Q O N N m E N a s W s O w o o w m C O au, m N N U > -6 'O m m O U m E N 0 u U .° - 0 O a° d m O OL O O .O Lu u) m m v O Z 0 0 E Y S m m. d a a o M u N u y s> w o m o w N N t ami m m 3 i/1 3 N p O u) w >`o`o > Q m N N N o (6 -u a .-Oo_ U ° `o N m° U Q j (� W o L xs ° y _ E o O O m s E u (Tm m o �.- E.N o o m m .N in L w 3 m Y m o z w o o o s E 2 ani E.N E y �nO�Ocn��mouia`Ucn�wa`zUninUmU�= U Consent Agenda I X I Old Business New Business Legal I I Information Only I SUBjECT: Consideration of Extension or Termination for Special Event Grant Funding to Etcetera Entertainment, Inc. for the Boynton Beach Brunchfest SUMMARY: At their meeting held on April I! � 2017, the CRA Board approved a Special - Events Grant for up to $5,000 to Etcetera Entertainment, Inc. for their Boynton Beach Brunchfest event to be held on April 30, 2017 (see Attachment 1). Due to adverse weather conditions on the day of the event, the event did not take place and has been postponed indefinitely, The event organizer has contacted the CRA to inform us thal they are currently having difficulties selecting a new date for the event (see Attachment 11). C.RA staff is seeking direction as to the Board's desire to have these approved grant funds remain on hold until the end of the 2016-2017 fiscal year on September 30, 2017, or does th-* .+i. .Fd want to terminate the approved grant and require Etcetera Entertainment, Inc. to submij application once a new event date is determined? FAI&TO-1-411IFT, - 'A'*PRA PLAN/PROJECT/PROGRAM: 2016 Boynton Beach Community Redevelopment �flan 2, Deny the request for an extension and terminate the Special Event Grant previously awarded to Etcetera Entertainmient, Inc. and require that a new application is submitted when or if a new event date is established. Mercedes Cop n, Special Events Coordinator ATTACHMENT Meeting Minutes Community Redevelopment Agency Board Boynton Beach, Florida April 11 0 2017 I111 !11 N i 1113WN47 =010W 11111iiiP W Ian Garman, 16281 E. Glasgow Drive, Loxahatchee, planned to have a celebration of the local breweries and food Boynton Beach has to offer. The brunch -themed event will be hosted at Intracoastal Park and the Clubhouse. They are choosing foods and 'breweries from Boynton Beach. There will be some breweries from outside the C�ity, because of their following, to sell the event out, but event goers. may not be aware of Boynton Beach Breweries. If they could have included only Boynton Beach breweries, they would have done so. He announced he hoped to hold the event every year. Parking is limited at Intracoastal Park and would be used for VIP parking. General admission ticket holders will be bussed to the site, which was also used for the July 4 th event, Mr. McCray asked when the event was planned and noted the deadline was April 30 1h . Mr. Garman was working on this event nine months ago. Mr. McCray thought the request seemed rushed. He asked how Mr. Garman would distinguish paid guests from visitors. Mr, Garman explained they would use pocket fencing to border the park to prohibit individuals from entering. Staff members would also be on hand and a security plan was developed, with the Police department. Mr. Garman explained they were unaware they would qualify for CRA funding. Mr. McCray asked if he worked with the City to ensure there are no other events scheduled for the park and learned there were some conflicts so he pushed the event back to April 30". There are no conflicting events at the park. The security budget was contained under staffing and Police on the spread sheet, Off-duty officers would be used. Mr. Garman advertised the event on Facebook and received over 6,438 likes. He intended to purchase printed signs with the CRA funds and advised the event is movIng forward rain or shine with or without CRA funding, ONA Meeting Minutes Community Redevelopment Agency Board Boynton Beach, Florida April 11, 2017 Ms. Romelus suggested adding a future agenda item to revise grant requiests to preveni; last minute applications in the future. Ms., Romelus moved to approve the additional two assignments. Vice Chair Katz second the motion that unanimously passed, i A. CRA Advisory Board Agenda — March 2, 2017 0 C RA Boa rd App roved Desig n Scope of Se rvices, Wo rk 0 rder with Kim ley - Horn & Associates, Inc. for the Boynton Beach Boulevard Streetscape Improvement Project., Construction Design Plans IN : 'r -- O"- --� OF,Research and Recomme-idations Regarding Tax Increment Revenbe i I Funding Agreements and the Current Policy Regarding TIRFA Agreements R.! ATTACHMENT II C'oppin, Mercedes From: Ian Garman <igarman@aol.com> Sent: Tuesday, May 23, 2017 7:44 PM To: Coppin, Mercedes Subject: Pte: Event Status I . ffNA MIR7, = nwj ,, lkn WgjI. q 5, q . L-JwtyjEo llr�l!'A... The new date should be finalized by the end of May. [107=2 Imit - r r E r 370TAMUT-TWOT, Best Regards, Ian -—Original Message----- Fr*,m_fn'LiW!ftwV1ercec1e-- ,§bbfl.us> To: Ian Garman <igarman@aol.com> Sent: Mon, May 15, 2017 4.24 pm Subject- REEvent Status Good afternoon, Ian. I spoke, with our Finance Director and we need written notification about the current status of your event to present to our Board of Directors at the next CRA Board Meeting, which will be on June 13"'. Basically, the reimbursable funds that the Board approved toward your event are not approved indefinitely and we need to get direction about the funding that is currently hold. Please outline the following: Why event was canceled and date that it was canceled The issues that you are having with selecting a new date Any other information that yorad like to share with the Board about the status of your event. Please let me know if you have any questions. Thank you, Mercedes i" ti o C, - k qu M_l@�bfLjs t Littp-,L/ww�w calct�gyiLon.coqi L _ t _ U C M-14-911MICUP, in 1 d �'D d I I:.%SI i'd L� a, d I') 11-P"v olo-j Jil.'f_iit solhj�-( lo u'--' It' n �J i J -'J I t.S I I I f r'� y ycw $--, n,C,il adIi h(" '--ul ljal--1-" [o puhl;( di"A' k C�1'11 el PKP-wp% -- Sent: Monday, May 15, 2017 10419 AM To. . Coppin, Mercedes Subject: Re: Event Status Thank you for your message! Yes, we are still working on a new date. iradiijo a nexi giJA WiJ dil i joi 01 Waietlij i J j olig I oc i ve:111dors *'2s '11'e -P-1 JhaJ The moment a new date has been established, I will contact you immediately! I greatly appreciate your patience and support! Best, Ian -----Original Message ----- From: Coppin, Mercedes <goppinM d)bb'f1.us> To: Ian Garman <.qarmanC@ao1.com> Sent: Mon, May 15, 2017 10:10 am Subject: Event Status I hope that this email finds you well! I wanted to check in with you about the status of your event. Do you still intend to reschedule it? K , 1 f"', ,, ( 1 " p 1) y I v I o 1-, 13 h C o n. I I u t n I t y ilii "v U V f 'I [ o e o t ,jinMftbbfl,,us"-,h rattp:/,/www ttp:/,/www.catc,hbp 'iton,corp El C ME= P11 --ase �(Jvi�ed 11"Ipi I-hiid� ho,� j,LJbh,' F,-,,,U)jCJSjC cl . I ,, ,, 1 Tr`) - (I S ho me via etnad wiay be -,uh' "I C- I t L I I e IJ d f- I � Io da c c) a ov o 3 I i I I H s �, e -, a r e 1.) L) I P C 0 11-, fc, #r � o 1 1i i 11 a ci ,Vo u � e - m a, a ukli i e "I I ay s ct I pul.-d i c "I Isc hosul Consent Agenda I X I Old Business New Business Legal Information Only CRAAB �-_*UBJECT: Consideration of Purchase and Development Agreement with Ocean One: Boynton, — LLCI, for the C RA Owned Prope rty Located at 2 22 N , Fed era I H ig hway, ai/k/a the Ocean One P roject SUMMARY'i At the January 10, 2017 CRA Board meeting, the Ocean One Boynton, LLC, development team presented their proposed project site plan to the CRA Board. After review, the Board approved the proposed site plan as being consistent with the goals and objectives of the CRA Plan. Regarding the proposed Purchase Price: $10 leposit: $1,000 (non-refundable and used by Purchaser for closing costs) Closing Date: Sixty (60) days from Site Plan approval by the City Commission or inst later than one year from the Effective Date Commencement of Constructioni Shall take place within two (2) years from the date of Closing (Construction Commencement Period). If the Purchaser fails to commence construction within the timeframe provided, Purchaser shall be obligated to commence construction of a public plaza as described in Exhibit "C" on the CRA's property no later than twelve (12) months after expiration of the Construction Commencement Period. Special Warranty Dee& A Special Warranty Deed will be recorded concerning the Purchaser's obligations described in the Commencement of Construction Period. First Right of Refusal: The CRA has a "right of first refusal" to purchase the Property for the value of $10.00 if the Purchaser receives an offer to purchase the CRA's parcel as a separate and isolated transaction and not part of an offer to purchase the Property with any other property owned by the Purchaser, This right terminates upon the issuance of a certification of occupancy, completion or equivalent, or a termination event. FISCALIM�PACT: If the CRA Board approves the sale of the property for less than the fair market value of $460,000 as established in the appraisal dated January 5, 2016, then the sale of the property will require ?.pproval of the City Commission prior to execution of the agreement. CRA P LAN/PROJ ECTIPROG RAM: 2016 Boynton Beach Community Redevelopment Plan - Downtown District (pages 81-92) C�RAAB RECOMMENDATION: The first right of refusal is given to the CRA for $10 if the CRA's parcel is being sold by the purchaser. AZTTI�-- 0 �101 1) Approve the Purchase and Development Agreement with Ocean One Boynton, LLC, for the CRA owned property located at 222 N. Federal' Highway, Please note. For purposes of the motion, if the - CRA Board approves the sale of the property for less than the fair market value, then the sale of the property will require approval of the City Commission prior to execution of the agreement 2) Do not to approve the Purchase and Development Agreement with Ocean One Boynton, LLC, for the CRA owned property located at 222 N. Federal Highway. 3) The CRA Board may consider introducing additional terms and conditions to the Purchase and Development Agreement prior to offering a motion to approve. M�� s ATTACHMENT PURCHASE AND DEVELOPMENT AGREEMENT This Purchase and Development Agreement (hereinafter "Agreement") is made and entered into as of the Effective Date (hereinafter defined), by and between BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY, a public agency created pursuant to Chapter 163, Part III, of the Florida Statutes (hereinafter, "SELLER") and OCEAN ONE BOYNTON, LLC (hereinafter, "PURCHASER"). In consideration of the mutual covenants and agreements herein set forth, the Parties hereto agree as follows: 1. PURCHASE AND SALE/PROPERTY. SELLER agrees to sell and convey to PURCHASER, and PURCHASER agrees to purchase and acquire from SELLER, on the terms and conditions hereinafter set forth, the Property which consists of a parcel located in Palm Beach County, Florida as more particularly described as follows (hereinafter, the "Property"): See Attached Exhibit "A." 2. PURCHASE PRICE AND PAYMENT. The Purchase Price to be paid for the Property shall be Ten Dollars ($10.00), receipt of which is hereby acknowledged. The parties agree that SELLER is conveying the Property to PURCHASER for the construction of a mixed- use development with at least 200 residential units as described on Exhibit `B." (the "Development Project"). SELLER has complied with Section 163.380, Florida Statutes, in proceeding with the sale of the Property to PURCHASER. 3. DEPOSIT. $1,000.00, to be paid to Closing Agent as hereinafter defined within five (5) days of the Effective Date, which shall be nonrefundable unless otherwise provided herein, and shall be credited against Buyer's costs at closing. 4. EFFECTIVE DATE. The Effective Date of this Agreement shall be the date when the last one of the SELLER and PURCHASER has signed the Agreement. 5. CLOSING. The purchase and sale transaction contemplated herein shall close within sixty (60) days from the Effective Date of this Agreement, unless extended by other provisions of this Agreement or by written agreement, signed by both parties. Notwithstanding the foregoing, the Closing shall occur no later than one year from the Effective Date. 6. TITLE TO BE CONVEYED. At Closing, SELLER shall convey to PURCHASER, by Special Warranty Deed in a form substantially in accordance with Exhibit "B" attached hereto, and complying with the requirements of the Title Commitment (hereinafter defined), valid, good, marketable and insurable title in fee simple to the Property, free and clear of any and all liens, encumbrances, conditions, easements, assessments, restrictions and other conditions except only the following (collectively, the "Permitted Exceptions"): (a) general real estate taxes and special assessments for the year of Closing and subsequent years not yet due and payable; (b) covenants, conditions, easements, dedications, rights-of-way and matters of record included on the Title Commitment or shown on the Survey (hereinafter defined), to which 00824425-1 P:\WpDocs\Ocean One Boynton\Purchase & Development Agreeinentl 1 PURCHASE AND DEVELOPMENT AGREEMENT Page 2 of 21 PURCHASER fails to object, or which PURCHASER agrees to accept, pursuant to Section 7.1 and Section 7.2 hereof. 7. INVESTIGATION OF THE PROPERTY. Within thirty (30) days of the Effective Date ("Feasibility Period"), PURCHASER and PURCHASER'S agents, employees, designees, contractors, surveyors, engineers, architects, attorneys and other consultants (collectively, "Agents"), shall have the right, at PURCHASER'S expense, to make inquiries of and meet with members of Governmental Authorities regarding the Property and to enter upon the Property, at any time and from time to time with reasonable notice to SELLER and so long as said investigations do not result in a business interruption, to perform any and all physical tests, inspections, and investigations of the Property, including but not limited to Phase I and Phase II investigations, which PURCHASER may deem necessary. During this Feasibility Period, PURCHASER may elect, in PURCHASER'S sole and absolute discretion, to terminate this contract. If PURCHASER elects to terminate this Agreement in accordance with this Section, PURCHASER shall: (i) leave the Property in substantially the condition existing on the Effective Date; (ii) to the extent practicable, shall repair and restore any damage caused to the Property by PURCHASER'S testing and investigation; and (iii) release to SELLER (without representation or warranty), at no cost, all reports and other work generated as a result of the PURCHASER'S testing and investigation (other than proprietary information prepared solely by Purchaser). PURCHASER hereby agrees to indemnify and hold SELLER harmless from and against all claims, losses, expenses, demands and liabilities, including, but not limited to, attorney's fees, for nonpayment for services rendered to PURCHASER (including, without limitation, any construction liens resulting therefrom) or for damage to persons or property arising out of PURCHASER'S investigation of the Property. PURCHASER'S obligations under this Section shall survive the termination, expiration or Closing of this Agreement. 7.1 Seller's Documents. SELLER shall deliver to PURCHASER the following documents and instruments within five (5) days of the Effective Date of this Agreement: copies of any reports or studies (including environmental, engineering, surveys, soil borings and other physical reports) in SELLER'S possession or control with respect to the physical condition of the Property, if any. 7.2 Title Review. Within thirty (30) days of the Effective Date ("Title Investigation Period") ' eriod"), PURCHASER shall obtain, at the PURCHASER'S expense, from a Title Company chosen by PURCHASER (hereinafter "Title Company"), a Title Commitment covering the Property and proposing to insure PURCHASER in an amount to be determined subject only to the Permitted Exceptions, together with complete and legible copies of all instruments identified as conditions or exceptions in Schedule B of the Title Commitment. PURCHASER shall examine the Title Commitment and deliver written notice to SELLER no later than the end of the Title Investigation Period, notifying SELLER of any objections PURCHASER has to the condition of title (hereinafter "PURCHASER'S Title Objections"). If PURCHASER fails to deliver PURCHASER'S Title Objections to SELLER within the aforesaid review period, title shall be deemed accepted subject to the conditions set forth in the Title Commitment. If PURCHASER timely delivers the PURCHASER'S Title Objections, SELLER shall have thirty (30) days to attempt to cure and remove the PURCHASER'S Title Objections (hereinafter "Cure Period"). It is understood by the parties that SELLER shall have no 00824425-1 PURCHASE AND DEVELOPMENT AGREEMENT Page 3 of 21 obligation to incur costs or initiate legal proceedings to address PURCHASER'S Title Objections. In the event that SELLER is unable to cure and remove, or cause to be cured and removed, the PURCHASER'S Title Objections within the Cure Period to the satisfaction of PURCHASER, then PURCHASER, in PURCHASER'S sole and absolute discretion, shall have the option of (i) extending the Cure Period and the Closing for one additional thirty (30) day period, or (ii) accepting the Title to the Property as of the time of Closing or (iii) canceling and terminating this Agreement, in which case, the Deposit, if any, shall be returned to PURCHASER and the Parties shall have no further obligations or liability hereunder, except for those expressly provided herein to survive termination of this Agreement. Prior to the Closing, PURCHASER shall have the right to cause the Title Company to issue an updated Title Commitment ("Title Update") covering the Property. If any Title Update contains any conditions which did not appear in the Title Commitment, and such items render title unmarketable, PURHCASER shall have the right to object to such new or different conditions in writing prior to Closing. All rights and objections of the Parties with respect to objections arising from the Title Update shall be the same as objections to items appearing in the Title Commitment, subject to the provisions of this Section. 7.3 Survey Review. PURCHASER, at PURCHASER'S expense, may obtain a current boundary survey (the "Survey") of the Property, indicating the number of acres comprising the Property to the nearest 1/100th of an acre. If the Survey discloses that there are encroachments on the Property or that improvements located on the Property encroach on setback lines, easements, lands of others or violate any restrictions, covenants of this Agreement, or applicable governmental regulations, the same shall constitute a title defect and shall be governed by the provisions of Section 7.2 concerning title objections. 8. CONDITIONS TO CLOSING. PURCHASER shall not be obligated to close on the purchase of the Property unless each of the following conditions (collectively, the "Conditions to Closing") are either fulfilled or waived by PURCHASER in writing: 8.1 Representations and Warranties. All of the representations and warranties of SELLER contained in this Agreement shall be true and correct as of Closing. 8.2 Condition of Property. The Property is being sold in as -is condition. 8.3 Pending Proceedings. At Closing, there shall be no litigation or administrative agency or other governmental proceeding of any kind whatsoever, pending or threatened, which has not been disclosed, prior to closing, and accepted by PURCHASER. 8.4 Compliance with Laws and Regulations. The Property shall be in compliance with all applicable federal, state and local laws, ordinances, rules, regulations, codes, requirements, licenses, permits and authorizations as of the date of Closing. 9. CLOSING DOCUMENTS. The SELLER shall prepare, or cause to be prepared, the Closing Documents set forth in this Section, except for documents prepared by the Title 00824425-1 PURCHASE AND DEVELOPMENT AGREEMENT Page 4 of 21 Company. At Closing, SELLER shall execute and deliver, or cause to be executed and delivered to PURCHASER the following documents and instruments: 9.1 Deed. A Special Warranty Deed (the "Deed") conveying to PURCHASER valid, good, marketable and insurable fee simple title to the Property free and clear of all liens, encumbrances and other conditions of title other than the Permitted Exceptions, consistent with Section 6 of this Agreement. 9.2 Seller's Affidavits. SELLER shall furnish to PURCHASER an owner's affidavit attesting that, to the best of its knowledge, no individual or entity has any claim against the Property under the applicable construction lien law; and that there are no parties in possession of the Property other than SELLER. SELLER shall also furnish to PURCHASER a non -foreign affidavit with respect to the Property. In the event SELLER is unable to deliver its affidavits referenced above or any other document reasonably required by the Title Company, the same shall be deemed an uncured Title Objection. 9.3 Closing Statement. A closing statement setting forth the Purchase Price, all credits, adjustments and prorations between PURCHASER and SELLER, all costs and expenses to be paid at Closing, and the net proceeds due SELLER. 9.4 Corrective Documents. Documentation required to clear title to the Property of all liens, encumbrances and exceptions, if any, other than Permitted Exceptions. 9.5 Additional Documents. Such other documents as PURCHASER or the Title Company may reasonably request that SELLER execute and deliver, and any other documents required by this Agreement or reasonably necessary in order to close this transaction and effectuate the terms of this Agreement. 10. PROBATIONS, CLOSING COSTS AND CLOSING PROCEDURES. 10.1 Prorations. Taxes and assessments, if any, for the Property shall be prorated through the day before Closing. Cash at Closing shall be increased or decreased as may be required by prorations to be made through the day prior to Closing. Taxes shall be prorated based upon the current year's tax with due allowance made for maximum allowable discount. If Closing occurs at a date when the current year's millage is not fixed and current year's assessment is available, taxes will be prorated based upon such assessment and prior year's millage. If current year's assessment is not available, then taxes will be prorated on prior year's tax. A tax proration based on an estimate shall, at request of either party, be readjusted upon receipt of tax bill. 10.2 Closing Costs. PURCHASER shall pay for documentary stamps on the deed, recording the deed and all general closing expenses (settlement fee, courier fees, overnight packages, etc.). Each party shall be responsible for their own attorneys' fees. The PURCHASER shall be responsible for the payment of the survey and the title insurance searches and policies. 00824425-1 PURCHASE AND DEVELOPMENT AGREEMENT Page 5 of 21 10.3 Closing Procedure. PURCHASER shall fund the Purchase Price subject to the credits, offsets and prorations set forth herein. SELLER and PURCHASER (as applicable) shall execute and deliver to the Closing Agent designated by PURCHASER, the Closing Documents. The Closing Agent shall, at Closing, deliver the Closing Documents and a "marked - up" Title Commitment to PURCHASER, and promptly thereafter, record the Deed and other recordable Closing Documents in the appropriate public records. 10.4 Existing_MortgaMortgages and Other Liens. At Closing, SELLER shall obtain, or cause to be obtained, satisfaction or release of record of all mortgages, liens and judgments applicable to and encumbering the Property. 11. REPRESENTATIONS. COVENANTS AND WARRANTIES. 11.1 Seller's Representations and Warranties. SELLER hereby represents, covenants and warrants to PURCHASER, as of the Effective Date and as of the Closing Date, as follows: 11.2 Authority. The execution and delivery of this Agreement by SELLER and the consummation by SELLER of the transaction contemplated by this Agreement are within SELLER'S capacity and all requisite action has been taken to make this Agreement valid and binding on SELLER in accordance with its terms. The person executing this Agreement on behalf of SELLER has been duly authorized to act on behalf of and to bind SELLER, and this Agreement represents a valid and binding obligation of SELLER. 11.3 Title. SELLER is and will be on the Closing Date, the owner of valid, good, marketable and insurable fee simple title to the Property, free and clear of all liens, encumbrances and restrictions of any kind, except the Permitted Exceptions (and encumbrances of record which will be discharged at Closing). 12. DEFAULT. 12.1 Purchaser's Default. In the event that this transaction fails to close solely due to PURCHASER's refusal to close, and such failure to close is not a result of SELLER's default or a title/survey defect, subject to the provisions of Paragraph 12.3 below, SELLER may terminate this Agreement and be entitled to retain the Deposit, following which neither PURCHASER nor SELLER shall have any further obligations or liabilities under this Agreement, except for those expressly provided to survive the termination of this Agreement; provided, however, that PURCHASER shall also be responsible for the removal of any liens asserted against the Property by persons claiming by, through or under PURCHASER. The failure of PURCHASER to comply with the provisions set forth in this Agreement shall constitute a Default and Breach of this Agreement. 12.2 Seller's Default. In the event that SELLER shall fail to fully and timely perform any of its obligations or covenants hereunder or if any of SELLER'S representations are untrue or inaccurate, then, notwithstanding anything to the contrary contained in this Agreement, PURCHASER may, at its option: (1) declare SELLER in default under this Agreement by notice 00824425-1 PURCHASE AND DEVELOPMENT AGREEMENT Page 6 of 21 delivered to SELLER, in which event PURCHASER may (i) seek an action for specific performance; or (ii) terminate this Agreement, wherein the full deposit shall be returned to PURCHASER and neither Parry shall have any further rights hereunder. 12.3 Notice of Default. Prior to declaring a default and exercising the remedies described herein, the non -defaulting Parry shall issue a notice of default to the defaulting Parry describing the event or condition of default in sufficient detail to enable a reasonable person to determine the action necessary to cure the default. The defaulting Parry shall have fifteen (15) days from delivery of the notice during which to cure the default, provided, however, that as to a failure to close, the cure period shall only be three (3) Business Days from the delivery of notice. Both parties agree that if an extension is requested, such extension shall not be unreasonably withheld. If the default has not been cured within the aforesaid period, the non -defaulting Party may exercise the remedies described in this Section 12. 12.4 Survival. The provisions of this Section 12 shall survive the termination of this Agreement. 13. NOTICES. All notices required in this Agreement must be in writing and shall be considered delivered when received by certified mail, return receipt requested, or personal delivery to the following addresses: If to Seller: Boynton Beach Community Redevelopment Agency Interim Executive Director, Michael Simon 710 N. Federal Highway Boynton Beach, Florida 33435 With a copy to: Tara Duhy, Esq. Lewis, Longman & Walker, P.A. 515 North Flagler Drive Suite 1500 West Palm Beach, Florida 33401 If to Buyer: William Morris Ocean One Boynton, LLC 777 E. Atlantic Avenue, 4100 Delray Beach, FL 33483 Mr. Davis Camalier 1629 K Street N.W. Suite 1200 Washington, DC 20006 Mr. Michael Ross 9804 S. Military Trail Suite El 1 Boynton Beach, FL 33436 00824425-1 PURCHASE AND DEVELOPMENT AGREEMENT Page 7 of 21 With a copy to: Gary S. Dunay, Esq. Dunay, Miskel and Backman, LLP 14 SE 4I' Street, 436 Boca Raton, FL 33432 14. BINDING OBLIGATION/ASSIGNMENT. The terms and conditions of this Agreement are hereby made binding on, and shall inure to the benefit of, the successors and permitted assigns of the Parties hereto. This Agreement may not be assigned, sold, other otherwise transferred to any other entity without prior, written permission by the CRA, which may be granted or withheld at the sole and absolute discretion of the CRA. 15. RISK OF LOSS. In the event the condition of the Property, or any part thereof, is materially altered by an act of God or other natural force beyond the control of SELLER, PURCHASER may elect, as its sole option, to terminate this Agreement and the parties shall have no further obligations under this agreement, or PURHCASER may accept the Property without any reduction in the value of the Property. 16. BROKER FEES. The Parties hereby confirm that neither of them has dealt with any broker in connection with the transaction contemplated by this Agreement. Each Party shall indemnify, defend and hold harmless the other Party from and against any and all claims, losses, damages, costs or expenses (including, without limitation, attorney's fees) of any kind or character arising out of or resulting from any agreement, arrangement or understanding alleged to have been made by either Party or on its behalf with any broker or finder in connection with this Agreement. However, SELLER'S indemnification obligations shall not exceed the statutory limits provided within Section 768.28, Florida Statutes, and CRA does not otherwise waive its sovereign immunity rights. The provisions of this Section shall survive Closing or termination of this Agreement. 17. ENVIRONMENTAL CONDITIONS. To the best of SELLER'S knowledge, the Property and the use and operation thereof are in compliance with all applicable county and governmental laws, ordinances, regulations, licenses, permits and authorizations, including, without limitation, applicable zoning and environmental laws and regulations. In addition, SELLER has not received any notices of any violation of environmental condition or other notices of violation of municipal ordinances. 18. DEVELOPMENT AND SALE OF THE PROPERTY. SELLER and PURCHASER acknowledge that the Property is being sold to PURCHASER for the sole purpose of developing a mixed-use project at the northeast corner of Boynton Beach Boulevard and Federal Highway. 18.1 Seller Desi _gn Approval. The PURCHASER and SELLER acknowledge, that the SELLER has reviewed the Site Plan and finds the Site Plan acceptable and consistent with the CRA Redevelopment Plan. Provided the Site Plan meets all applicable development and buildings codes upheld by the City of Boynton Beach, and provides a minimum of 200 residential units, SELLER'S design approval shall have been met. 00824425-1 PURCHASE AND DEVELOPMENT AGREEMENT Page 8 of 21 18.3 Development Timeline. The City has approved PURCHASER's Site Plan. PURCHASER agrees to diligently and continuously pursue approval of all other necessary approvals until the first building permit has been issued for the Development Project. PURCHASER agrees to commence construction of the Development Project within two (2) years from the date of closing hereunder (hereinafter "Construction Commencement Period") Once the first building permit is issued for the Development Project, PURCHASER agrees to diligently and continuously pursue completion of construction of the Development Project, subject to force majeure and other matters beyond the reasonable control of PURCHASER. If PURCHASER fails to commence construction within the timeframe set forth herein, PURCHASER shall be obligated to commence construction of a public plaza (the "Plaza") on the Property containing benches, walkways and landscaping in accordance with Exhibit "C" attached hereto and made a part hereof by reference no later than twelve (12) months after the expiration of the Construction Commencement Period. 18.4 Survival. The provisions of this Section 18 shall survive the termination of this Agreement. 19. MISCELLANEOUS. 19.1 General. This Agreement and any amendment hereto, may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which shall, together, constitute one and the same instrument. The section and paragraph headings herein contained are for the purposes of identification only and shall not be considered in construing this Agreement. Reference to a Section shall be deemed to be a reference to the entire Section, unless otherwise specified. No modification or amendment of this Agreement shall be of any force or effect unless in writing executed by Parties. This Agreement sets forth the entire agreement between the Parties relating to the Property and all subject matter herein and supersedes all prior and contemporaneous negotiations, understandings and agreements, written or oral, between the Parties. This Agreement shall be interpreted in accordance with the laws of the State of Florida. The Parties hereby agree that jurisdiction of any litigation brought arising out of this Agreement shall be in the Fifteenth Judicial Circuit in and for Palm Beach County, Florida, or, should any cause of action be limited to federal jurisdiction only, in the United States District Court for the Southern District Court of Florida. 19.2 Computation of Time. Any reference herein to time periods which are not measured in Business Days and which are less than six (6) days, shall exclude Saturdays, Sundays and legal holidays in the computation thereof. Any time period provided for in this Agreement which ends on a Saturday, Sunday or legal holiday shall extend to 5:00 p.m. on the next full Business Day. Time is of the essence in the performance of all obligations under this Agreement. Time periods commencing with the Effective Date shall not include the Effective Date in the calculation thereof. For purposes of this Agreement, Business Days shall mean Monday through Friday but shall exclude state and federal holidays. 19.3 Waiver. Neither the failure of a party to insist upon a strict performance of any of the terms, provisions, covenants, agreements and conditions hereof, nor the acceptance of any item by a party with knowledge of a breach of this Agreement by the other party in the 00824425-1 PURCHASE AND DEVELOPMENT AGREEMENT Page 9 of 21 performance of their respective obligations hereunder, shall be deemed a waiver of any rights or remedies that a parry may have or a waiver of any subsequent breach or default in any of such terms, provisions, covenants, agreements or conditions. This paragraph shall survive termination of this Agreement and the Closing. 19.4 Construction of Agreement. The Parties to this Agreement, through counsel, have participated freely in the negotiation and preparation hereof. Neither this Agreement nor any amendment hereto shall be more strictly construed against any of the Parties. As used in this Agreement or any amendment hereto, the masculine shall include the feminine, the singular shall include the plural, and the plural shall include the singular, as the context may require. Provisions of this Agreement that expressly provide that they survive the Closing shall not merge into the Deed. 19.5 Severability. If any part of this Agreement shall be declared unlawful or invalid, the remainder of the Agreement will continue to be binding upon the parties so long as the rights and obligations of the Parties contained in this Agreement are not materially prejudiced and the intentions of the Parties can continue to be achieved. To that end, this Agreement is declared severable.. The provisions of this Section shall apply to any amendment of this Agreement. 19.6 Handwritten Provisions. Handwritten provisions inserted in this Agreement and initialed by CRA and SELLER shall control all printed provisions in conflict therewith. 19.7 Waiver of Jury Trial. As an inducement to PURCHASER agreeing to enter into this Agreement, PURCHASER and SELLER hereby waive trial by jury in any action or proceeding brought by either party against the other parry pertaining to any matter whatsoever arising out of or in any way connected with this Agreement. 19.8 Attorneys Fees and Costs. Should it be necessary to bring an action to enforce any of the provisions of this Agreement, reasonable attorneys' fees and costs, including those at the appellate level, shall be awarded to the prevailing parry. 19.9 Binding Authority. Each parry hereby represents and warrants to the other that each person executing this Agreement on behalf of the CRA and SELLER has full right and lawful authority to execute this Agreement and to bind and obligate the party for whom or on whose behalf he or she is signing with respect to all provisions contained in this Agreement. 19.10 Recording. This Agreement may be recorded in the Public Records of Palm Beach County, Florida. 19.12 SELLER Attorneys' Fees and Costs. SELLER acknowledges and agrees that SELLER shall be responsible for its own attorneys' fees and all costs, if any, incurred by SELLER in connection with the transaction contemplated by this Agreement. 00824425-1 PURCHASE AND DEVELOPMENT AGREEMENT Page 10 of 21 19.13 Public Records. SELLER is public agency subject to Chapter 119, Florida Statutes. The PURCHASER shall comply with Florida's Public Records Law. Specifically, the PURCHASER shall: a. Keep and maintain public records that ordinarily and necessarily would be required by the SELLER in order to perform the service; b. Provide the public with access to such public records on the same terms and conditions that the SELLER would provide the records and at a cost that does not exceed that provided in chapter 119, Fla. Stat., or as otherwise provided by law; c. Ensure that public records that are exempt or that are confidential and exempt from public record requirements are not disclosed except as authorized by law; and d. Meet all requirements for retaining public records and transfer to the SELLER, at no cost, all public records in possession of the PURCHASER upon termination of the contract and destroy any duplicate public records that are exempt or confidential and exempt. All records stored electronically must be provided to the SELLER in a format that is compatible with the information technology systems of the SELLER. IF PURCHASER HAS QUESTIONS REGARDING THE APPLICATION OF CHAPTER 119, FLORIDA STATUTES, TO THE PURCHASER'S DUTY TO PROVIDE PUBLIC RECORDS RELATING TO THIS CONTRACT, CONTACT THE CUSTODIAN OF PUBLIC RECORDS AT (561) 737-3256; 710 North Federal Highway, Boynton Beach, FL 33435; or t e c C . 19.14 Right of First Refusal. A. Prior to a "Termination Event" (as defined below) Purchaser hereby grants to Seller a right of first refusal to purchase the Property pursuant to the terms and conditions set forth in this Section 19.14 ("Right of First Refusal") as follows: (i) If Purchaser receives an offer to purchase the Property as part of a separate and isolated transaction and not as part of an offer to purchase the Property in conjunction with any other Property owned by Purchaser or an affiliate of Purchaser, pursuant to a written contract or letter of intent, Purchaser shall give Seller notice of the offer by delivering a copy of the contract or letter of intent to Seller ("Notice"). (ii) Within ten (10) days of receipt of the Notice, Seller shall either waive or exercise its right of first refusal. If Seller elects to exercise its right of first refusal, Seller shall, within ten (10) days after receipt of the Notice, deliver to Purchaser an agreement to purchase the Property for ten (10) dollars and an amount equal to the 00824425-1 PURCHASE AND DEVELOPMENT AGREEMENT Page 11 of 21 cost of any improvements made to the Property by developer and upon receipt by the Purchaser of the foregoing from the Seller, Purchaser and Seller shall enter into a Purchase and Sale Agreement. (ii) If Seller fails to exercise or waive its right of first refusal in accordance with the terms and conditions stated herein, within ten (10) days after receipt of the Notice, then Seller's right of first refusal shall be deemed to have been waived. B. This Right of First Refusal shall terminate upon the issuance of a certificate of occupancy, certificate of completion or other equivalent certification issued by the applicable governmental authority for improvements made to the Property (a "Termination Event"). Upon a Termination Event, this Right of First Refusal shall terminate and have no further force or effect. C. This Right of First Refusal shall only apply to an offer to purchase the Property as a separate and isolated transaction and shall not apply to any offer received by Purchaser to purchase the Property in conjunction with any other Property owned by Purchaser or an affiliate of Purchaser. D. Additionally, this Right of First Refusal shall not apply to: (i) a sale or transfer by any bank, life insurance company, federal or state savings and loan association or real estate investment trust which acquires title to the Property as a result of owning a mortgage upon the Property or a portion of the Property and whether title is acquired by deed from the mortgagor or its successors in title or through foreclosure proceedings; (ii) a sale by any such institution which so acquires title; (iii) a sale or transfer of interests in the Property or to Purchaser to a partnership, joint venture or other business arrangement over which Purchaser shall retain management control or shall be a partner, member or joint venturer or other substantial interest holder; or (iv) any transfer of title to the Property or portion thereof at a duly advertised public sale with open bidding which is provided by law, such as but not limited to execute sale, foreclosure sale, judicial sale or tax sale. E. The provisions of this Section 19.14 shall survive closing and delivery of the deed of conveyance of the Property and notice of Seller's rights hereunder shall be recorded in the public records of Palm Beach County, Florida pursuant to a Memorandum of Right of First Refusal. The Memorandum and the rights under this paragraph shall terminate automatically and without further action upon a Termination Event. 00824425-1 PURCHASE AND DEVELOPMENT AGREEMENT Page 12 of 21 IN WITNESS WHEREOF, the Parties have executed this Agreement as of the Effective date. 1.111114 N' OCEAN ONE BOYNTON, LLC By: Print Name Title: Date: Witnesses: Approved as to form and legal sufficiency: CRA Attorney 00824425-1 SELLER BOYNTON BEACH COMMUNITY REDEVELOMENT AGENCY By: Print Name: Steven B. Grant Title: Chair Date: Witnesses: PURCHASE AND DEVELOPMENT AGREEMENT Page 13 of 21 EXHIBIT "A" LEGAL DESCRIPTION LOTS 1 AND 2, EXCEPT THE EAST 25.00 FEET THEREOF AND EXCEPT THE WEST 25.00 FEET THEREOF, AS SHOWN UPON THE PLAT ENTITLED "AGREEMENT PLAT", SHOWING PROPERTY IN THE NORTHWEST QUARTER (N.W. 1/4) OF THE NORTHWEST QUARTER (N.W. 1/4) OF SECTION 27, TOWNSHIP 45 SOUTH, RANGE 43 EAST, IN THE TOWN OF BOYNTON BEACH, FLORIDA, WHICH PLAT IS RECORDED IN THE OFFICE OF THE CLERK OF THE CIRCUIT COURT IN AND FOR PALM BEACH COUNTY, FLORIDA, IN PLAT BOOK 10, PAGE 2; LESS RIGHT OF WAY CONVEYED TO THE STATE OF FLORIDA, AS MORE PARTICULARLY DESCRIBED IN OFFICIAL RECORD BOOK 564, PAGE 180, PUBLIC RECORDS OF PALM BEACH COUNTY, FLORIDA; SAID LANDS SITUATE LYING AND BEING IN PALM BEACH COUNTY, FLORIDA. SUBJECT TO RESTRICTIONS, RESERVATIONS, EASEMENTS AND COVENANTS OF RECORD, IF ANY, TO THE EXTENT THAT SAME ARE VALID AND ENFORCEABLE. DESCRIPTION: (TAKEN FROM SPECIAL WARRANTY DEED DATED OCTOBER 3, 1960 IN OFFICIAL RECORD BOOK 564, PAGE 180) LOTS 1 AND 2, AGREEMENT PLAT, ACCORDING TO THE PLAT THEREOF AS RECORDED IN PLAT BOOK 10 AT PAGE 2 OF THE PUBLIC RECORDS OF PALM BEACH COUNTY, FLORIDA; BEING ALSO DESCRIBED AS LOTS 1 AND 2, FUNK BROS. ADDITION PER PLAT BOOK 2, PAGE 13; WHICH LIES WITHIN 50.00 FEET EASTERLY OF THE WEST LINE OF SECTION 27, TOWNSHIP 45 SOUTH, RANGE 43 EAST; _►e THAT PART OF THE AFOREMENTIONED LOT 1 OF AGREEMENT PLAT, WHICH IS INCLUDED IN THE EXTERNAL AREA FORMED BY A 12 FOOT RADIUS ARE TANGENT TO THE NORTH LINE OF SAID LOT (BEING 15.00 FEET SOUTH OF AND PARALLEL TO THE NORTH LINE OF SAID SECTION 27), AND TANGENT TO A LINE 50.00 FEET EAST OF AND PARALLEL TO THE WEST LINE OF SAID SECTION 27. SUBJECT TO THE EXISTING RIGHT-OF-WAY FOR STATE ROAD 5; SAID PARTS CONTAINING 0.062 OF AN ACRE, MORE OR LESS. _►e LESS AND EXCEPT ADDITIONAL ROAD RIGHT OF WAY FOR N.E. 2ND AVENUE, MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE NORTHWEST CORNER OF LOT 1, AGREEMENT PLAT, ACCORDING TO THE PLAT THEREOF, AS RECORDED IN PLAT BOOK 10, PAGE 2 OF THE PUBLIC RECORDS OF PALM BEACH COUNTY, FLORIDA: THENCE RUN SOUTH 89 DEGREES 45'09" EAST ALONG THE NORTH LINE OF SAID LOT 1, A DISTANCE OF 37.28 FEET TO A POINT ON THE SOUTH RIGHT OF WAY LINE OF N.E. 2ND AVENUE AS NOW LAID OUT AND THE POINT OF BEGINNING; THENCE CONTINUE SOUTH 89 DEGREES 45'09" EAST ALONG SAID SOUTH RIGHT OF WAY LINE AND ALONG THE NORTH LINE OF LOT 1, A DISTANCE OF 254.12 FEET TO A POINT ON THE WEST RIGHT OF WAY LINE OF N.E. 6TH COURT AS NOW LAID OUT; THENCE RUN SOUTH 01 DEGREES 23'56" EAST, ALONG SAID WEST 00824425-1 PURCHASE AND DEVELOPMENT AGREEMENT Page 14 of 21 RIGHT OF WAY LINE, A DISTANCE OF 54.89 FEET TO A POINT OF CURVATURE, CONCAVE TO THE NORTHWEST SAID CURVE HAVING A RADIAL BEARING OF SOUTH 88 DEGREES 36' 04" WEST; THENCE RUN ALONG THE ARC OF SAID CURVE TO THE LEFT A DISTANCE OF 40.02 FEET TO THE POINT OF TANGENT, SAID CURVE HAVING A RADIUS OF 25.00 FEET, A CENTRAL ANGLE OF 91 DEGREES 42'50", A CHORD BEARING OF NORTH 47 DEGREES 15'21" WEST AND A CHORD DISTANCE OF 35.88 FEET; THENCE RUN SOUTH 86 DEGREES 53'14" WEST, A DISTANCE OF 41.94 FEET TO A POINT; THENCE RUN NORTH 76 DEGREES 26'58" WEST, A DISTANCE OF 50.34 FEET; THENCE RUN NORTH 89 DEGREES 45'09" WEST, A DISTANCE OF 129.70 FEET TO A POINT OF CURVATURE CONCAVE TO THE SOUTHWEST; THENCE RUN ALONG THE ARC OF SAID CURVE TO THE LEFT A DISTANCE OF 31.87 FEET TO A POINT ON THE EAST RIGHT OF WAY LINE OF STATE ROAD NO. 5 (FEDERAL HIGHWAY) AS NOW LAID OUT; SAID CURVE HAVING A RADIUS OF 20.00 FEET, A CENTRAL ANGLE OF 91 DEGREES 17'55", A CHORD BEARING OF SOUTH 44 DEGREES 35,53" WEST AND A CHORD DISTANCE OF 28.60 FEET; THENCE RUN NORTH 01 DEGREES 03,04" WEST ALONG SAID EAST RIGHT OF WAY LINE A DISTANCE OF 29.69 FEET TO A POINT OF CURVATURE TO THE NORTHEAST; THENCE RUN ALONG THE ARC OF SAID CURVE TO THE RIGHT A DISTANCE OF 19.12 FEET TO THE POINT OF BEGINNING, SAID CURVE HAVING A RADIUS OF 12.00 FEET, A CENTRAL ANGLE OF 91 DEGREES 17'55", A CHORD BEARING OF NORTH 44 DEGREES 35,54" EAST AND A CHORD DISTANCE OF 17.16 FEET. 00824425-1 PURCHASE AND DEVELOPMENT AGREEMENT Page 15 of 21 EXHIBIT "B" SPECIAL WARRANTY DEED 00824425-1 PURCHASE AND DEVELOPMENT AGREEMENT Page 16 of 21 RECORD & RETURN TO; Gary S. Dunay, Esq. Dunay, Miskel and Backman, LLP 14 SE 41' Street, 436 Boca Raton, FL 33432 Property Control No. SPECIAL WARRANTY DEED This Indenture, made this day of , Between Boynton Beach Community Development Agency, a public agency created pursuant to Chapter 163, Part III of the Florida Statutes, having a mailing address of 710 N. Federal Highway, Boynton Beach, FL 33432, Grantor and , a , having a mailing address of 1629 K Street, NW Suite 1200, Washington, DC 20006, Grantee. WITNESSETH, that the Grantor for and in consideration of the sum of TEN DOLLARS ($10.00) and other good and valuable consideration to Grantor in hand paid by Grantee, the receipt whereof is hereby acknowledged, has granted, bargained and sold to the said Grantee and Grantee's heirs, successors and assigns forever, the following described land, situate, lying and being in the County of Palm Beach, State of Florida (the "Property"), to wit: SEE EXHIBIT "A" ATTACHED HERETO The Property conveyed herein is subject to the following restriction: The Property set forth on Exhibit "A" shall be included with the adjacent property already owned by Grantee as referenced on Exhibit "B" and together are hereinafter collectively referred to as the "Project". Grantee has received approval from the City of Boynton Beach for the site plan, and shall diligently and continuously undertake commercially reasonable efforts to all necessary approvals for the Project from the City of Boynton Beach, Florida. Grantee shall commence construction for the development of the Project within twenty-four (24) months from the date of the closing associated with this Special Warranty Deed (the "Construction Commencement Period"). In the event Grantee fails to commence construction for the development of the Project as provided in the Purchase and Development Agreement, Grantee shall be obligated to commence construction of a public plaza (the "Plaza") on the Property containing benches, walkways, landscaping, irrigation and lighting in accordance with the provisions of Exhibit "C." Notwithstanding the foregoing, if at any time thereafter, Grantee commences development of the Project in accordance with the site plan approved by the City of Boynton 00824425-1 PURCHASE AND DEVELOPMENT AGREEMENT Page 17 of 21 Beach, Grantee may abandon construction of, or demolish the construction of the Plaza in order to construct the Project. Once the Project has been substantially completed, this restriction shall terminate and be of no further force or effect. TOGETHER with all tenements, hereditaments and appurtenances thereto belonging or in anywise appertaining. TO HAVE AND TO HOLD the same in fee simple forever. AND the Grantor hereby covenants with said Grantee that Grantor is lawfully seized of said land in fee simple; that Grantor has good right and lawful authority to sell and convey said land; that Grantor hereby fully warrants the title to said land and will defend the same against the lawful claims of all persons claiming by, through or under Grantor. IN WITNESS WHEREOF, the Grantor has hereunto set his hand and seal the day and year first above written. Signed, sealed and delivered in the presence of - Witness 41 Signature Witness 41 Printed Name Witness 42 Signature Witness 42 Printed Name STATE OF FLORIDA COUNTY OF PALM BEACH Boynton Beach Community Development Agency By: Name: Title: The foregoing instrument was acknowledged before me this by , of Boynton Beach Community Development Agency, personally known to me or who produced a driver's license as identification. Notary Public 00824425-1 day of as who is PURCHASE AND DEVELOPMENT AGREEMENT Page 18 of 21 1*:1:11-311111i1_11 LEGAL DESCRIPTION OF PROPERTY LOTS 1 AND 2, EXCEPT THE EAST 25.00 FEET THEREOF AND EXCEPT THE WEST 25.00 FEET THEREOF, AS SHOWN UPON THE PLAT ENTITLED "AGREEMENT PLAT", SHOWING PROPERTY IN THE NORTHWEST QUARTER (N.W. 1/4) OF THE NORTHWEST QUARTER (N.W. 1/4) OF SECTION 27, TOWNSHIP 45 SOUTH, RANGE 43 EAST, IN THE TOWN OF BOYNTON BEACH, FLORIDA, WHICH PLAT IS RECORDED IN THE OFFICE OF THE CLERK OF THE CIRCUIT COURT IN AND FOR PALM BEACH COUNTY, FLORIDA, IN PLAT BOOK 10, PAGE 2; LESS RIGHT OF WAY CONVEYED TO THE STATE OF FLORIDA, AS MORE PARTICULARLY DESCRIBED IN OFFICIAL RECORD BOOK 564, PAGE 180, PUBLIC RECORDS OF PALM BEACH COUNTY, FLORIDA; SAID LANDS SITUATE LYING AND BEING IN PALM BEACH COUNTY, FLORI DA. SUBJECT TO RESTRICTIONS, RESERVATIONS, EASEMENTS AND COVENANTS OF RECORD, IF ANY, TO THE EXTENT THAT SAME ARE VALID AND ENFORCEABLE. DESCRIPTION: (TAKEN FROM SPECIAL WARRANTY DEED DATED OCTOBER 3, 1960 IN OFFICIAL RECORD BOOK 564, PAGE 180) LOTS 1 AND 2, AGREEMENT PLAT, ACCORDING TO THE PLAT THEREOF AS RECORDED IN PLAT BOOK 10 AT PAGE 2 OF THE PUBLIC RECORDS OF PALM BEACH COUNTY, FLORIDA; BEING ALSO DESCRIBED AS LOTS 1 AND 2, FUNK BROS. ADDITION PER PLAT BOOK 2, PAGE 13; WHICH LIES WITHIN 50.00 FEET EASTERLY OF THE WEST LINE OF SECTION 27, TOWNSHIP 45 SOUTH, RANGE 43 EAST; THAT PART OF THE AFOREMENTIONED LOT 1 OF AGREEMENT PLAT, WHICH IS INCLUDED IN THE EXTERNAL AREA FORMED BY A 12 FOOT RADIUS ARE TANGENT TO THE NORTH LINE OF SAID LOT (BEING 15.00 FEET SOUTH OF AND PARALLEL TO THE NORTH LINE OF SAID SECTION 27), AND TANGENT TO A LINE 50.00 FEET EAST OF AND PARALLEL TO THE WEST LINE OF SAID SECTION 27. SUBJECT TO THE EXISTING RIGHT-OF-WAY FOR STATE ROAD 5; SAID PARTS CONTAINING 0.062 OF AN ACRE, MORE OR LESS. LESS AND EXCEPT ADDITIONAL ROAD RIGHT OF WAY FOR N.E. 2ND AVENUE, MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE NORTHWEST CORNER OF LOT 1, AGREEMENT PLAT, ACCORDING TO THE PLAT THEREOF, AS RECORDED IN PLAT BOOK 10, PAGE 2 OF THE PUBLIC 00824425-1 PURCHASE AND DEVELOPMENT AGREEMENT Page 19 of 21 RECORDS OF PALM BEACH COUNTY, FLORIDA: THENCE RUN SOUTH 89 DEGREES 45,09" EAST ALONG THE NORTH LINE OF SAID LOT 1, A DISTANCE OF 37.28 FEET TO A POINT ON THE SOUTH RIGHT OF WAY LINE OF N.E. 2ND AVENUE AS NOW LAID OUT AND THE POINT OF BEGINNING; THENCE CONTINUE SOUTH 89 DEGREES 45'09" EAST ALONG SAID SOUTH RIGHT OF WAY LINE AND ALONG THE NORTH LINE OF LOT 1, A DISTANCE OF 254.12 FEET TO A POINT ON THE WEST RIGHT OF WAY LINE OF N.E. 6TH COURT AS NOW LAID OUT; THENCE RUN SOUTH 01 DEGREES 23'56" EAST, ALONG SAID WEST RIGHT OF WAY LINE, A DISTANCE OF 54.89 FEET TO A POINT OF CURVATURE, CONCAVE TO THE NORTHWEST SAID CURVE HAVING A RADIAL BEARING OF SOUTH 88 DEGREES 36' 04" WEST; THENCE RUN ALONG THE ARC OF SAID CURVE TO THE LEFT A DISTANCE OF 40.02 FEET TO THE POINT OF TANGENT, SAID CURVE HAVING A RADIUS OF 25.00 FEET, A CENTRAL ANGLE OF 91 DEGREES 42' 50", A CHORD BEARING OF NORTH 47 DEGREES 15' 21" WEST AND A CHORD DISTANCE OF 35.88 FEET; THENCE RUN SOUTH 86 DEGREES 53' 14" WEST, A DISTANCE OF 41.94 FEET TO A POINT; THENCE RUN NORTH 76 DEGREES 26,58" WEST, A DISTANCE OF 50.34 FEET; THENCE RUN NORTH 89 DEGREES 45'09" WEST, A DISTANCE OF 129.70 FEET TO A POINT OF CURVATURE CONCAVE TO THE SOUTHWEST; THENCE RUN ALONG THE ARC OF SAID CURVE TO THE LEFT A DISTANCE OF 31.87 FEET TO A POINT ON THE EAST RIGHT OF WAY LINE OF STATE ROAD NO. 5 (FEDERAL HIGHWAY) AS NOW LAID OUT; SAID CURVE HAVING A RADIUS OF 20.00 FEET, A CENTRAL ANGLE OF 91 DEGREES 17' 55", A CHORD BEARING OF SOUTH 44 DEGREES 35'53" WEST AND A CHORD DISTANCE OF 28.60 FEET; THENCE RUN NORTH 01 DEGREES 03'04" WEST ALONG SAID EAST RIGHT OF WAY LINE A DISTANCE OF 29.69 FEET TO A POINT OF CURVATURE TO THE NORTHEAST; THENCE RUN ALONG THE ARC OF SAID CURVE TO THE RIGHT A DISTANCE OF 19.12 FEET TO THE POINT OF BEGINNING, SAID CURVE HAVING A RADIUS OF 12.00 FEET, A CENTRAL ANGLE OF 91 DEGREES 17'55", A CHORD BEARING OF NORTH 44 DEGREES 35,54" EAST AND A CHORD DISTANCE OF 17.16 FEET. 00824425-1 PURCHASE AND DEVELOPMENT AGREEMENT Page 20 of 21 EXHIBIT "B" GRANTEE'S EXISTING PROPERTY Lot 41, DEWEY'S SUBDIVISION, according to the Plat thereof, as recorded in Plat Book 1, at Page 37, of the Public Records of Palm Beach County, Florida, less and except the East 25 feet and less and except that part lying within 50 feet of the West line of Section 27, Township 45 South, Range 43 East, Palm Beach County, Florida, and further less and except that part lying within 45 feet of the center line of State Road 804 and also further less and except that part included in the external area of a 10 foot radius arc which is tangent to a line parallel to and 25 feet West of the East line of Lot 41 and to a line parallel to and 45 feet North of the center line of State Road 804; said lands situate, lying and being in Palm Beach County, Florida. Lots 3 through 6, inclusive, FUNK BROTHERS ADDITION, according to the Plat thereof, as recorded in Plat Book 2, at Page 13, of the Public Records of Palm Beach County, Florida, less and except the East 25 feet and the West 50 feet thereof, for Road Rights of Way; said lands situate, lying and being in Palm Beach County, Florida, in accordance with Agreement Plat (Plat Book 10, Page 2). 00824425-1 PURCHASE AND DEVELOPMENT AGREEMENT Page 21 of 21 EXHIBIT "C" THE PLAZA DEVELOPMENT PLAN 00824425-1 ATTACHMENT II Outline of Terms of Purchase and Development Agreement with Ocean One Boynton, LLC June 7, 2017 Draft Property Location: Northeast Corner of Boynton Beach Boulevard and Federal Highway 1) The purchase price of the property is $10.00. The Property is being sold as -is. 2) There is a $1,000 deposit. a. The deposit is non-refundable except: i. If the CRA fails to timely perform its obligations, and as a result, Developer elects to terminate the Agreement, the CRA will return the Deposit. ii. If there is a title defect that the CRA cannot cure or remove within the allowable time, Developer may elect to terminate the Agreement, in which case the CRA will return the deposit. b. The deposit will be applied towards Purchaser's costs at closing 3) The closing will take place within 60 days of the Effective Date of the Purchase and Sale Agreement. a. Can be extended if both parties agree. b. Must take place within one year of execution of the Agreement. 4) Developer will have a 30 -day inspection period, which starts the day the Agreement is executed. 5) Developer will pay closing costs. a. These include documentary stamps, recording the deed, general closing expenses, title insurance surveys, and other. b. Each party will pay their own attorney's fees. 6) The sale is for sole purpose of developing a mixed-use project. a. The CRA has reviewed site plan, which includes a minimum of 200 residential units. 7) Construction will commence within 2 years of the Closing Date. a. After first building permit, Developer will "diligently and continuously" pursue completion of construction. 8) If construction is not commenced within the 2 -year time period, Developer will commence construction of a public plaza no later than 12 months after the expiration of the 2 -year period. a. Plaza will have benches, walkways, and landscaping 9) The Agreement may be recorded. 10) If the condition of the property is materially altered by act of God or natural forces, Developer may withdraw. 00794959-1 11) The Agreement cannot be assigned without prior consent of CRA. 12) The Agreement contains a Right of First Refusal. a. If Developer receives an offer to purchase the Property as a stand-alone property (that is, the offer is not part of a larger offer to purchase multiple pieces of property from the Developer or a related entity), Developer will notify the CRA. b. Within 10 days of receipt of notice of the offer, the CRA will either: L Waive the right of first refusal (either explicitly or through a failure to take affirmative action); or ii. Deliver to Developer an agreement to purchase the property from Purchaser for ten (10) dollars and an amount equal to the cost of any improvements made to the property. c. Right of First Refusal terminates when the property is issued a certificate of occupancy/certificate of completion. d. The right of first refusal does not apply to: Sale or transfer of the property to a bank or similar institution as a result of owning a mortgage on the property, or to the sale by such bank or institution after acquiring the property. ii. A sale or transfer to a partnership, joint venture, or similar group over which the Developer will retain management control or be a "substantial interest holder" (such as a partner or joint venturer). iii. A transfer of property at a duly advertised public sale with open bidding which is provided by law, such as a foreclosure sale, execute sale, judicial sale, tax sale, or similar. e. Rights of first refusal will be recorded. -end- 00794959-1 mug v M-2;. AGENDiA ITEM- MILD. Mimes, 0 of* I M.M_ EMZOMMMa a� 4- 1-6-0 ON At the completion of Phase 1, the developer is requesting payment of seventy-five percent (75%) of the tax increment revenue generated from the project for seven (7) years and fifty percent (50%) of the tax increment revenue in the eighth and final year of the Phase I TIRFA, The developer estimated TIR payments by the CRA for Phase 1 of $4,056,601 (see page 1 of Attachment 11). g I I I I I! � I I I I g�� I a I !I 1� ; 11 1 11�1�pig ril g.1 . fol ROT'M Construction of a minimum of a 100 as hotel unless some lesser number of hotel rooms is approved by the CRA. Construction of a minimum of 118 residential units with related amenities, Construction of a minimum of 6,000 square feet of commercial space, Parking Improvements consisting of fifty (50) public parking spaces in addition to the fifty public parking spaces required as part of Phase 1, The Parking Improvements may consist of structured parking or surface parking, valet parking, mechanical parking, shared parking or any other means as allowed under local city ordinance, 14 TO, -.11 r4 01M ITA1:Qq [all -A1[01! • Commencement of Phase 11 should be required to start within 24 months of the completion of Phase I (addressed by Purchaser in revised agreement). • Ensure that there will be 50 additional parking spaces over and above the 04y's required parking in each Phase. • Capping the amountof r • Ensure a good definition of the term "good faith effort". 1) Approve the Tax Increment Revenue Funding Agreement Purchase and Development Agreement with Ocean One Boynton, LLC, for the CRA owned property located at 222 N. Federal ! Boynton,2) Do not to approve the Tax Increment Revenue Funding Agreement with Ocean One # [ owned # ! # r # r ` I at 222 N. Federal Highway. 3) The CRA Board may consider introducing additional terms and conditions to the Tax Increment Revenue Funding Agreement prior to offering a motion to approve, Michael Simon, Interim Executive director ATTACHMENT TAX INCREMENT REVENUE FUNDING AGREEMENT This Tax Increment Revenue Funding Agreement (hereinafter "Agreement") entered into as of the day of , 2017, by and between: BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY, a public agency created pursuant to Chapter 163, Part III of the Florida Statutes, (hereinafter referred to as "CRA"), with a business address of 710 North Federal Highway, Boynton Beach, Florida 33435, and OCEAN ONE BOYNTON, LLC, a Florida limited liability company, with a business address of c/o Washington Real Estate Partners, LLC, 9804 South Military Trail, Suite E-11, Boynton Beach, FL 33436 (hereinafter referred to as the "Developer"). RECITALS WHEREAS, Developer intends to construct the Project, consisting of two phases of development, the first of phase of which will include a minimum of 231 multi -family units with related amenities and approximately 8,575 square feet of commercial space, and the second phase of which will include a minimum of 118 multifamily units with related amenities, 6,000 square feet of commercial space, a 100 room hotel and a 350 -space parking garage (hereinafter referred to as the "Project"), which is conceptually set forth on Exhibit "A," hereto and Comment [TD 1K]: NEED Master Plan Exhibit WHEREAS, the CRA has determined that the Project furthers the Boynton Beach Community Redevelopment Plan; and WHEREAS, Developer has the knowledge, ability, skill, and resources to effectuate the construction and development of the Project; and WHEREAS, the CRA has determined that a public-private partnership in which the CRA provides Tax Increment Revenue Funding for the Project will further the goals and objectives of the Community Redevelopment Plan; NOW THEREFORE, in consideration of the mutual covenants and promises set forth herein, the sufficiency of which both Parties hereby acknowledge, the Parties Agree as follows: Section 1. Incorporation. The recitals above and all other information above are hereby incorporated herein as if fully set forth. Section 2. Definitions. As used in this Agreement, the following terms shall have the following meanings, which shall apply to words in both the singular and plural forms of such words: 2.1. "Base Year" mean the base year for determining Tax Increment Revenue from the Project. 2.2 "Certificate of Occupancy" means the certificate issued by the City pursuant to the City of Boynton Beach Building and Zoning Code indicating that a building or structure complies with all applicable City of Boynton Beach Building and Zoning Code requirements and that the same may be used for the purposes stated therein. 2.3. "City" means the City of Boynton Beach, Florida. 2.4. "Commencement of Construction" or "Commence Construction" means obtaining an official permit in hand for any of the construction activities contained herein and beginning to actually demolish, excavate or prepare the site for development of the applicable phase of the Project in accordance with the City Code and continuing until completion of construction of the Project or Phase of the Project as applicable in accordance with the Florida Building Code. 2.5 "Community Outreach Partner" means the for-profit or non-profit group or organization selected by Developer with whom Developer shall coordinate on the issues and obligations in this Agreement pertaining to employment of City residents and jobs for Locally Owned Small Businesses. 2.6 "Contractor" means a general contractor, a subcontractor or any other business entering into a contract with the Developer related to the construction of the Project or part thereof. 2.7 "Good Faith Effort" is considered to have been made when the respective parties have used -{tel seasonable means to comply with the associated directives and/or provisions �Ihis : CRA Staff does not agree set forth in this Agreement. 2.8 "Grey Shell" means an unfinished interior, lacking heating, ventilating, air conditioning, lighting, plumbing, ceilings, elevators, interior walls, etc. and ready for tenant improvements. 2.9 "Locally Owned Small Businesses" means any business that is wholly owned by individuals who reside in the City. If a business is owned by a corporation, then the corporation must be wholly owned by individuals who reside in the City. If the business is owned by a partnership or limited liability company, then at least 20% of its partners or members must reside in the City. 2.10 "Nationally Recognized High Performance Green Building Rating System" means any one of the following: the Florida Green Building Coalition (FGBC) Standards, the Green Building Initiative's (GBI) Green Globe rating system, the United States Green Building Council (USGBC) Leadership in Energy and Environmental Design (LEED) Standards, or the National Association of Homebuilders (NAHB) National Green Building Standards (NGBS). 2.11 "Pledged Project Increment Revenue" means an amount calculated by multiplying Tax Increment Revenue from the applicable phase of the Project by agreed upon percentage factor as provided for in this Agreement. 2.12 "Property" means the property subject to this Agreement upon which the Project shall be developed as more particularly described in lKxhibit "B," hereto. comment [TD3]: NEED sketch and Legal for entire Property 2.13 "Phase I Property" means the portion of the Property upon which the Phase I Improvements shall be constructed as more particularly described in lKxhibit "C," hereto. �Phase : NEED sketch and Legal erty 2.14 "Phase II Property" means the portion of the Property upon which the Phase II Improvements shall be constructed as more particularly described in lKxhibit "D," hereto. Comment [TDs]: NEED sketch and Legal for Phase II of Property 2.15 "Substantial Completion" means the point in construction of the applicable Phase of the Project, where the construction of all improvements for such phase is sufficiently complete so the owner may use or occupy such Phase of the Project for its intended purpose. Section 3. Developer's Obligations and Covenants. 3.1 Construction of the Project. Developer agrees to Commence Construction of Phase I Improvements within two (2) years of the Effective Date of this Agreement. Developer agrees to Commence Construction of Phase II within twenty four (24) months of Substantial Completion of Phase I of the Project. 3.1.1 Phase I of the Project shall include, at a minimum, the following, which shall cumulatively be referred to as "Phase I Improvements," and which are conceptually set forth on lKxhibit "E," lleret0: Comment [TD6]: NEED site Plan Exhibit a. Developer shall construct a minimum of 231 multi -family residential units with related amenities. b. Developer shall construct a minimum of 8,575 square feet of commercial/retail space. C. Developer shall construct Parking Improvements, conceptually depicted on lKxhibit "F," hereto, consisting, at a minimum,of Fifty (50) public parking Comment [TD7]: NEED parking graphic spaces that shall be restricted for public use and that shall not be available to the Phase I residential units. The Parking Improvements may consist of structured parking, surface parking, valet parking, mechanical parking, shared parking or any other means as allowed under local city ordinance. d. Construction of the multi -family residential units for the Phase I shall be in compliance with a Nationally Recognized High Performance Green Building Rating System. e. Prior to and during the construction of Phase I of the Project, the Developer shall : • Hire a job placement consultant during the construction period of this Agreement-, • Host a job fair-, • Give priority to Contractors that are Locally Owned Small Businesses to participate in the construction of Phase I of the Project-, • Include in all contracts with Contractors requirements that the Contractors use Good Faith Efforts to hire and train City residents to participate in the construction of Phase I of the Project-, • Provide a list of job positions and descriptions to the Community Outreach Partner and agree to give priority to qualified job applicants referred by the Community Outreach Partner to participate in the construction of Phase I of the Project-, • Use Good Faith Efforts to offer permanent job positions resulting from Phase I of the Project to qualified City residents-, and • Pay or cause to be paid new hires in all permanent positions residing within the City a minimum of the Living Wage. 3.1.2 Phase II of the Project shall include, at a minimum, the following, which shall cumulatively be referred to as "Phase II Improvements," and which are conceptually set forth on �xhlhlt "G," lleret0:comment [TDs]: NEED Conceptual Plan l Exhibit a. A minimum of a 100 room hotel unless some lesser number of hotel rooms is approved by the CRA; b. Developer shall construct a minimum of 118 multifamily units with related amenities-, C. Developer shall construct a minimum 6,000 square feet of commercial space-, d. Developer shall construct a 350 -space parking garage, which shall include the construction, at a minimum, of fifty (50) public parking spaces, that shall be 00784103-6 4 restricted for public use and that shall not be available to the Phase I or Phase II residential units. The Parking Improvements may consist of structured parking, surface parking, valet parking, mechanical parking, shared parking or any other means as allowed under local city ordinance. Section 4. Annual Performance Report. Developer shall annually provide the CRA with an Annual Performance Report for each phase of the Project as applicable indicating the status of Developer's compliance with each requirement for the applicable phase as set forth in Sections 3 and 5 of this Agreement and evidencing that Developer has paid all property taxes for he applicable phbe submitted to the Comment [TD9]: CRA Staff does not agree CRA no later than the last day of April for the preceding year in a form substantially in with this revision accordance with the form attached hereto as Exhibit "H." Section 5. Certification Requirements. 5.1 As a condition precedent to its receipt of any Pledged Project Increment Revenue Or thea hcable phase Of the Project as a hcableursuant tO this Agreement: Comment [TD10]: CRA Staff does not agree with this revision 5.1.1 Developer must have taken all steps necessary to divide the Property into two separate parcels such that the Phase I Property and the Phase II Property have been assigned individual Parcel Control Numbers by the Palm Beach County Property Appraiser and these Parcel Control Numbers have been placed on the Palm Beach County tax rolls and assigned taxable value prior to the Base Year for each Phase; and 5.1.2 Developer must have timely provided its Annual Performance Report, for one or both phases if a licable certifying evidence of compliance with the requirements of this Agreement for the applicable phase as set forth below and evidencing that Developer has paid all property taxes for the preceding year, and ment [TD11]: CRA Staff does not agree [with this revision 151.3 Too nrr,, i no,. F ,ftHeo nor ,..., t,,.n i,00; ,.o44i_44@ Jay *t,o HR Comment [TD12]: CRA Staff Does not agree with this revision 5.1.3 The CRA has received Tax Increment Revenues from the completed Phase I Improvements for the Phase I Term and if applicable, for the completed Phase II Improvements for the Phase II Term subsequent to the Base Year for each Phase's term; and $1.454 Developer shall Abe entitled to any Pledged Project Increment Revenue payments for a phase or both if applicable, if the Developer hasto i+ieetmet its obligations under this Agreement ^r :s for the applicable phase or both as the case may be. In the event the Developer is in default under the terms of this Agreement for a phase of the Project or both as the case may be and has failed to sufficiently cure the default for the applicable phase as provided for herein after appropriate notice of such default has been given, there is no obligation by the CRA to disburse the Direct Incentive Funding for the phase within which the default is applicable during any cure period or in the event the Developer is in default of this Agreement so long ash such default is not cured. Once a default is cured for such phase, Developer shall continue to receive their Direct Incentive Funding for ei��such phase of the Project up to the Pledged Project Increment Revenue and any time periods for performance hereunder shall be extended for the same period of time needed to cure the default_ In the event that the Developer has defaulted under the Agreement for only one of the phases of the Project, the other phase if applicable, shall continue to receive its Direct Incentive Funding for such phase in accordance with the terms of the Agreement. Comment [TU13]: CRA staff does not agree with these revisions 5.2 Phase I Certification. 5.2.1 Developer shall certify in its Annual Performance Report that it has met its obligation under Section 3.1.1a. and 3.1.1.b. of this Agreement by providing a Certificate of Occupancy for all residential components of the Phase I Improvements and Certificate of Completion for all nonresidential components of the Phase I Improvements from the City of Boynton Beach indicating the 100 percent completion of all Phase I Improvements and demonstrating that the taxable value of all Phase I improvements have been placed on the Palm Beach County tax rolls for the Phase I Property. 5.2.2 Developer shall certify in its Annual Performance Report that it has met its obligation under Section 3.l.l.c of this Agreement by demonstrating that it has constructed Parking Improvements consisting of a minimum of fifty (50) public parking spaces and by documenting signage and other means by which these spaces are clearly reserved for use by the public and excluded from use by Phase I residential units. 5.2.3 Developer shall confirm in its Annual Performance Report that it has met its obligation under Section 3.1.1.d of this Agreement by providing Certification verifying compliance with a Nationally Recognized High Performance Green Building Rating System. 5.2.4 Developer shall certify in its Annual Performance Report that it has met its obligation under Section 3.1.1.e of this Agreement by: a) Demonstrating that it hired and utilized the services of a job placement consultant and by reporting the job placement consultant's activities during construction of Phase I of the Project; b) Demonstrating that it held a job fair; and c) Requiring all Contractors covered by the terms of this Agreement to provide annual copies of its records, reports or any other information necessary to monitor compliance with the provisions of Section 3.1.1 e of this Agreement and require all Contractors to submit annual payrolls to the Developer that include the following information pertaining to all Locally Owned Small Business hired to work on or for Phase I of the Project: name, address and the number of hours worked for the period, until a Certificate of Occupancy is issued for at least 90% of the residential units of Phase I of the Project. 5.3 Phase II Certification. 5.3.1 Developer shall certify in its Annual Performance Report that it has met its obligation under Section 3.1.2.a, 3.1.2.b, and 3.1.3.c of this Agreement by providing Certificates of Occupancy for the hotel and residential components of the Phase II Improvements and Certificates of Completion for the nonresidential components of Phase II Improvements from the City of Boynton Beach indicating the 100 percent completion of all Phase II Improvements and demonstrating that the taxable value of all Phase II improvements have been placed on the Palm Beach County tax rolls for the Phase II Property. 5.3.2. Developer shall certify in its Annual Performance Report that it has met its obligation under Section 3.1.2d of this Agreement demonstrating that it has -constructed Parking Improvements consisting of a minimum of fifty (50) public parking spaces and by by documenting signage and other means by which these spaces are clearly reserved for use by the public and excluded from use by Phase I residential units. Section 6. Pledged Proiect Increment Revenue. 6.1 Formula and Term. 6.1.1 The amount of the Pledged Project Increment Revenue to be paid Developer pursuant to this Agreement is based on the following formula (see lKxhibit "I" lbr an example): comment [TD1a]: rrEED example a. Developer shall receive Pledged Project Increment Revenue for Phase I Improvements for a term of eight (8) consecutive years, beginning the year Developer easonablV emOTlStrateS It has met all COnd1t10T1S precedent t0 Comment [TD15]: CRA Staff does not agree receiving Pledged Project Increment Revenue as provided in Sections 3, 4, l Wttn tn's re°'s'on and 5 of this Agreement for Phase I and upon final certification of tax assessments within the CRA District by the Palm Beach County Property Appraiser for the preceding year (hereinafter the "Phase I Term"). The amount of Pledged Project Increment Revenue due to Developer during the Phase I Term shall be determined pursuant to the following formula: For Years 1 — 7 of the Phase I Term, Developer shall receive Seventy-five percent (75%) of the Pledged Project Increment Revenues actually received by the CRA; and For Year 8 of the Phase I Term, Developer shall receive Fifty percent (50%) of the Pledged Project Increment Revenues actually received by the CRA. b. Developer shall receive Pledged Project Increment Revenue for Phase II Improvements for a term of eight (8) consecutive years, beginning the year Developer easonablV emOTlStrateS It has met all COnd1t10T1S precedent t0 Comment [TD16]: CRA Staff does not agree receiving Pledged Project Increment Revenue as provided in Sections 3, 4, l Wttn tn's re°'s'on and 5 of this Agreement for Phase II and upon final certification of tax assessments within the CRA District by the Palm Beach County Property Appraiser for the preceding year (hereinafter the "Phase II Term"). The amount of Pledged Project Increment Revenue due to Developer during the Phase II Term shall be determined pursuant to the following formula: For Years I — 7 of the Phase II Term, Developer shall receive Seventy-five percent (75%) of the Pledged Project Increment Revenues actually received by the CRA; and For Year 8 of the Phase II Term, Developer shall receive Fifty percent (50%) of the Pledged Project Increment Revenues actually received by the CRA. c. The Base Year for determining Tax Increment Revenue from the Project shall be as follows: For the Phase I Term, the year prior to commencement of construction of Phase I on the Phase I Property. For Phase II, the year prior to commencement of construction of Phase II Improvements on the Phase II Property. 6.2 No Prior Pledge of Pledged Project Increment Revenues. The CRA warrants and represents that the Pledged Project Increment Revenues are not the subject of any prior pledge by the CRA and agrees that such revenues shall not be assigned, pledged, hypothecated or secured by the CRA for the period covered by term of this Agreement. 6.3 Form of Payment. Payment of shall be in the form of a CRA check made payable to the Developer. No payment made under this Agreement shall be conclusive evidence 00784103-6 8 of the performance of this Agreement by Developer, either wholly or in part, and no payment shall be construed to relieve Developer of obligations under this Agreement or to be an acceptance of faulty or incomplete rendition of Developer's obligations under this Agreement. Section 7. Notice and Contact. Any notice or other document required or allowed to be given pursuant to this Agreement shall be in writing and shall be delivered personally, or by recognized overnight courier or sent by certified mail, postage prepaid, return receipt requested. The use of electronic communication is not considered as providing proper Notice pursuant to this Agreement. If to CRA, such notice shall be addressed to: Michael Simon, Interim Executive Director Boynton Beach Community Redevelopment Agency 710 North Federal Highway, Boynton Beach, Florida 33435 With a copy to: Tara W. Duhy, Esq. Lewis, Longman & Walker, P.A. 515 North Flagler Drive Suite 1500 West Palm Beach, Florida 33401 _If to Developer, such notice shall be addressed to: Mr. Michael Ross Ocean One Boynton, LLC c/o Gulfstream Property Management 9804 South Military Trial Suite E-11 Boynton Beach, FL 33436 Mr. William Morris Southcoast Advisors, LLC 777 E. Atlantic Avenue Suite 100 Delray Beach, FL 33483 F. Davis Camalier Washington Real Estate Partners 1629 K Street N.W. Suite 1200 Washington, DC 20006 With a copy to: Bonnie Miskel, Esq. Gary S. Dunay, Esq. Dunay, Miskel and Backman, LLP 14 SE 4th Street Suite 36 Boca Raton, FL 33432 Section 8. Oefault. The failure of Developer to comply with the provisions set forth in this Agreement for a phase of the Project shall only constitute a default and breach of this Agreement- for such phase and shall not apply to the other phase provided such other phase is in compliance with the terms and conditions of this Agreement related to such other phase. If Developer fails to cure the default for the applicable phase within thirty (30) days of notice from the CRA, the CRA may terminate this Agreement as to the phase in default and all obligations for payment of Pledged Project Increment Revenue for such phase to Developer shall cease_ �Ihese 7]: CRA Staffdoes not agree ns Section 9. Termination. Unless earlier terminated pursuant to the terms herein, this Agreement shall automatically terminate upon the last disbursement of Pledged Project Increment Revenue to Developer for the Project, or within two (2) years of the Effective Date if the Developer has failed to commence construction for Phase 1. Either Party may elect to terminate this Agreement related to a phase or both as the case may be by providing 45 days written notice to the other Party upon one or more of the following occurrences: a. The default of either Party, if such default is not cured within the time prescribed by this Agreemem, however, as to the Developer, a default of the terms and obligations associated within one phase shall not result in a termination of the Comment [TD18]: CRA Staff does not agree with these revisions b. The Parties enter into a mutually agreed upon, written Addendum, the effect of which is to terminate this Agreement. Section 10. Miscellaneous Provisions. 10.1 Waiver. The CRA shall not be responsible for any property damages or personal injury sustained by Developer from any cause whatsoever related to the development of the Project, whether such damage or injury occurs before, during, or after the construction of the Project or the term of this Agreement. Developer hereby forever waives, discharges, and releases the CRA, its agents, and its employees, to the fullest extent the law allows, from any liability for any damage or injury sustained by Developer. This waiver, discharge, and release specifically include negligence by the CRA, its agents, or its employees, to the fullest extent the law allows. 10.2 Indemnification. Developer shall indemnify, save, and hold harmless the CRA, its agents, and its employees from any liability, claim, demand, suit, loss, cost, expense or damage which may be asserted, claimed, or recovered against or from the CRA, its agents, or its 00784103-6 10 employees, by reason of any property damages or personal injury, including death, sustained by any person whomsoever, which damage is incidental to, occurs as a result of, arises out of, or is otherwise related to the negligent or wrongful conduct or the faulty equipment (including equipment installation and removal) of Developer. Nothing in this Agreement shall be deemed to affect the rights, privileges, and sovereign immunities of the CRA as set forth in Section 768.28, Florida Statutes. This paragraph shall not be construed to require Developer to indemnify the CRA for its own negligence, or intentional acts of the CRA, its agents or employees. Each party assumes the risk of personal injury and property damage attributable to the acts or omissions of that party and its officers, employees and agents. 10.3 Assignment. This Agreement may only be assigned by the Developer to record �wners of the applicable phase bf the Property with the prior written consent of the CRA, which Twilh mment [TD19]: CRA staff does not agree consent shall not be unreasonably withheld, provided, however, that any assignee hereto shall this revision J specifically assume all of the obligations of the Developer under this Agreement. 10.4 Successors and Assigns. The CRA and Developer each binds itself and its partners, successors, executors, administrators and assigns to the other party and to the partners, successors, executors, administrators and assigns of such other party, in respect to all covenants of this Agreement. Nothing herein shall be construed as creating any personal liability on the part of any officer or agent of the CRA, nor shall it be construed as giving any rights or benefits hereunder to anyone other than the CRA and the Developer. 10.5 No Discrimination. Developer shall not discriminate against any person on the basis of race, color, religion, ancestry, national origin, age, sex, marital status, sexual orientation or disability for any reason in its hiring or contracting practices associated with this Agreement. 10.6 No Partnership, Etc. Developer agrees nothing contained in this Agreement shall be deemed or construed as creating a partnership, joint venture, or employee relationship. It is specifically understood that Developer is an independent contractor and that no employer/employee or principal/agent is or shall be created nor shall exist by reason of this Agreement or the performance under this Agreement. 10.7 Public Records: The CRA is a public agency subject to Chapter 119, Florida Statutes. Developer shall comply with Florida's Public Records Law. Specifically, the Developer shall: a. Keep and maintain public records required by the CRA to perform the public services provided for in this Agreement-, b. Upon request from the CRA's custodian of public records, provide the CRA with a copy of the requested records or allow the records to be inspected or copied within a reasonable time at a cost that does not exceed the cost provided in this chapter or as otherwise provided by law. c. Ensure that public records that are exempt or confidential and exempt from public records disclosure requirements are not disclosed except as authorized by law for the duration of the contract term and following completion of the contract if Developer does not transfer the records to the CRA. 00784103-6 11 d. Upon completion of the contract, transfer, at no cost, to the CRA all public records in possession of Developer or keep and maintain public records required by the CRA to perform the service. If Developer transfers all public records to the public agency upon completion of the contract, Developer shall destroy any duplicate public records that are exempt or confidential and exempt from public records disclosure requirements. If Developer keeps and maintains public records upon completion of the contract, Developer shall meet all applicable requirements for retaining public records. All records stored electronically must be provided to the CRA, upon request from the CRA's custodian of public records, in a format that is compatible with the information technology systems of the CRA. IF DEVELOPER HAS QUESTIONS REGARDING THE APPLICATION OF CHAPTER 119, FLORIDA STATUTES, TO DEVELOPER'S DUTY TO PROVIDE PUBLIC RECORDS RELATING TO THIS CONTRACT, CONTACT THE CUSTODIAN OF PUBLIC RECORDS AT (561)737-3256; 710 North Federal Highway, Boynton Beach, Florida 33435; or BoyntonBeachCRA(c�hhfl.us. 10.8 Entire Agreement. This Agreement represents the entire and sole agreement and understanding between the Parties concerning the subject matter expressed herein. No terms herein may be altered, except in writing and then only if signed by all the parties hereto. All prior and contemporaneous agreements, understandings, communications, conditions or representations, of any kind or nature, oral or written, concerning the subject matter expressed herein, are merged into this Agreement and the terms of this Agreement supersede all such other agreements. No extraneous information may be used to alter the terms of this Agreement. 10.9 Counterparts and Transmission. To facilitate execution, this Agreement may be executed in as many counterparts as may be convenient or required, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. The executed signature page(s) from each original may be joined together and attached to one such original and it shall constitute one and the same instrument. In addition, said counterparts may be transmitted electronically (i.e., via facsimile or .pdf format document sent via electronic mail), which transmitted document shall be deemed an original document for all purposes hereunder. 10.10 Agreement Deemed to be Drafted Jointly. This Agreement shall be deemed to be drafted jointly and shall not be construed more or less favorably towards any of the parties by virtue of the fact that one party or its attorney drafted all or any part thereof. Any ambiguity found to exist shall be resolved by construing the terms of this Agreement fairly and reasonably in accordance with the purpose of this Agreement. 10.11 Governing Law, Jurisdiction, and Venue. The terms and provisions of this Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Florida and the United States of America, without regard to conflict of law principles. Venue and jurisdiction shall be Palm Beach County, Florida, for all purposes, to which the Parties expressly agree and submit. 00784103-6 12 10.12 Independent Advice. The Parties declare that the terms of this Agreement have been read and are fully understood. The Parties understand that this is a binding legal document, and each Party is advised to seek independent legal advice in connection with the matters referenced herein. 10.13 Severability. If any part of this Agreement is found invalid or unenforceable by any court, such invalidity or unenforceability shall not affect the other parts of the Agreement if the rights and obligations of the Parties contained herein are not materially prejudiced and if the intentions of the Parties can continue to be achieved. To that end, this Agreement is declared severable. 10.14 Voluntary Waiver of Provisions. The CRA may, in its sole and absolute discretion, waive any requirement of Developer contained in this Agreement. 10.15 Compliance with Laws. In its performance under this Agreement, Developer shall comply with all applicable federal and state laws and regulations and all applicable Palm Beach County, City of Boynton Beach, and CRA ordinances and regulations. 10.16 Effective Date. This Agreement will become effective upon the date and time the last party executes this Agreement. 10.17 Survival. The provisions of this Agreement regarding public records, indemnity, and waiver shall survive the expiration or termination of this Agreement and remain in full force and effect. IN WITNESS OF THE FOREGOING, the parties have set their hands and seals the day and year first above written. WITNESSES OCEAN ONE BOYNTON, LLC a Florida limited liability company Print Name: Title: Print Name: STATE OF FLORIDA ) SS: COUNTY OF ) By: Print Name: BEFORE ME, an officer duly authorized by law to administer oaths and take acknowledgments, personally appeared as 00784103-6 13 of OCEAN ONE BOYNTON, LLC, and acknowledged under oath that he/she has executed the foregoing Agreement as the proper official of OCEAN ONE BOYNTON, LLC, for the use and purposes mentioned herein and that the instrument is the act and deed of OCEAN ONE BOYNTON BEACH, LLC. He/she is personally known to me or has produced as identification. IN WITNESS OF THE FOREGOING, I have set my hand and official seal at in the State and County aforesaid on this day of , 2017. My Commission Expires: Notary Public, State of Florida at Large [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] [CRA SIGNATURE ON FOLLOWING PAGE] 00784103-6 14 WITNESSES BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY C Print Name: Print Name: STATE OF FLORIDA ) SS: COUNTY OF PALM BEACH 1 Steven Grant, CRA Board Chair BEFORE ME, an officer duly authorized by law to administer oaths and take acknowledgments, personally appeared Steven Grant as Board Chair of BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY, and acknowledged under oath that he/she has executed the foregoing Agreement as the proper official of BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY, for the use and purposes mentioned herein and that the instrument is the act and deed of BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY. He/she is personally known to me or has produced as identification. IN WITNESS OF THE FOREGOING, I have set my hand and official seal at in the State and County aforesaid on this day of , 2017. My Commission Expires: Notary Public, State of Florida at Large 00784103-6 15 EXHIBIT "H" ANNUAL PERFORMANCE REPORT FORM (shall be required annually) Time Period Prior to and during the construction of Phase I (if applicable): 1. Hired job placement consultant on 2. Hosted a job fair on 3. Noticed through the Community Outreach Partner, availability of employment opportunities related to construction of Phase I of the project on 4. Provided evidence of requirement in subcontractor's contracts to hire and train local residents 5. Provided list of job positions and descriptions to Community Outreach Partner 6. Receipt of written confirmation from the contractor and subcontractors of the requirement to use minimum living wage on Prior to and during the construction of Phase II (If applicable): 1. Obtained approval for a 100 -room hotel on 2. Provided written confirmation of approval of the 50 additional public parking spaces (identifying the public parking spaces) on Post construction Certification requirements Phase I certification (if applicable) 1. Provided Certificate of Occupancy from the City of Boynton Beach or other governmental agency demonstrating Certificates of Occupancy for the Phase I's 231 multi -family units on 2. Provided a Certificate of Completion for the Project's 8,575 square feet of commercial is 00784103-6 16 Date completed as a Grey Shell on Provided certificate of completion of the 50 Phase I public parking spaces on 4. Provided written confirmation of compliance with a Nationally Recognized High Performance Green Building Rating System on Phase II certification (if applicable): 1. Provided Certificate of Occupancy from the City of Boynton Beach or other governmental agency demonstrating Certificates of Occupancy for the Phase II hotel on 2. Provided Certificate of Occupancy from the City of Boynton Beach or other governmental agency demonstrating Certificates of Occupancy for the Phase II's 118 multifamily units with related amenities; 3. Provided a Certificate of Completion for the Project's 6,000 square feet of commercial space completed as a Grey Shell on 4. Provided Certification of Completion of a 350 -space parking garage, which shall include 50 Phase II public parking spaces 00784103-6 17 Outline of Terms of Tax Increment Revenue Funding ("TIRF") Agreement with Ocean One Boynton, LLC The Draft Agreement provided to the Board reflects the Developers preferred wordings CRA Staff recommendations and comments on Developers Draft are included in red below and as highlighted comments in the Draft. June 8, 2017 Draft 1) The proposed Project will consist of two Phases described as follows: a. Phase I - 231 multi -family units with related amenities and approximately 8575 square feet of commercial space and 50 public parking spaces. b. Phase 11 - 118 multifamily units with related amenities, 6,000 square feet of commercial space, a 100 room hotel and a 350 -space parking garage, which shall include 50 public parking spaces in addition to the 50 provided in Phase 1. 2) Developer is asking the CRA to pay it a portion of Tax Increment Revenue from the Project for a term of 8 years for each Phase. a. The total Property will be subdivided into two separate parcels with individual Parcel Control Numbers. Tax Increment Revenue for each Phase will be based on the taxable value of the separate properties (referred to in the Agreement as the Phase I Property and the Phase 11 Property). No Tax Increment Revenue will be paid until the Property has been subdivided and each parcel has its own PCN. b. The Pledged Project Increment Revenue to be paid to Developer is an amount calculated by multiplying Tax Increment Revenue from the Project by the following percentage factors: For Phase I: Years 1 — 7; Seventy-five percent (75%) of the Project Increment Revenues. Year 8; Fifty percent (50%) of the Project Increment Revenues. Staff recommends that the 8 Year germ begin when t;lie Developer "demonstrates it; has meet; all conditions precedent" to receiving funding under the Agreement. Developer has amended this language to say the term should being when it; "reasonably demonstrates88 that; it; has met; all conditions precedent. Staff does not; agree with the insertion of the vague term "reasonable." (see Section 6o1.1) For Phase II: Years 1 — 7; Seventy-five percent (75%) of the Project Increment Revenues. Year 8; Fifty percent (50%) of the Project Increment Revenues. Staff recommends that; the 8 Year term begin when t;lie Developer "demonstrates it; has meet; all conditions precedent%8 to receiving funding under 00816653-2 the Agreement. Developer has amended this language to say the term should being when it "reasonably demonstrates88 that it has met all conditions precedent. Staff does not agree with the insertion of the vague term "reasonable." (see Section .1.1) c. The Base Year for determining Tax Increment Revenue from the Project for Phase I shall be the year prior to commencement of construction of the Phase I Improvements. d. The Base Year for determining Tax Increment Revenue from the Project for Phase 11 shall be the year prior to commencement of construction of the Phase 11 Improvements. 3) As consideration for the Pledged Project Increment Revenue, the Developer will do the following: a. Phase I of the Project shall meet the following minimum requirements: i. Developer shall construct a minimum of 231 multi -family residential units with related amenities. ii. Developer shall construct a minimum of 8,575 square feet of commercial/retail space. iii. Developer shall construct Parking Improvements consisting of Fifty (50) public parking spaces. The Parking Improvements may consist of structured parking, surface parking, valet parking, mechanical parking, shared parking or any other means as allowed under local city ordinance. Developer has agreed to construct the parking spaces but not to maintain and operate the spaces. (See Section 3.1.1.c of the Agreement) iv. Construction of the multi -family residential units for the Project shall be in compliance with a Nationally Recognized High Performance Green Building Rating System. v. Prior to and during the construction of Phase I of the Project, the Developer shall : • Hire a job placement consultant during the construction period of this Agreement;. • Host a job fair • Give priority to Contractors that are Locally Owned Small Businesses to participate in the construction of the Project. • Include in all contracts with Contractors requirements that the Contractors use Good Faith Efforts to hire and train City residents to participate in the construction of the Project. • Provide a list of job positions and descriptions to the Community Outreach Partner and agree to give priority to qualified job applicants referred by the Community Outreach Partner to participate in the construction of the Project. • Use Good Faith Efforts to offer permanent job positions resulting from the Project to qualified City residents. • Pay or cause to be paid new hires in all permanent positions residing within the City a minimum of the Living Wage. b. Phase II of the Project shall meet the following minimum requirements: 00816653-2 i. A minimum of a 100 room hotel unless some lesser number of hotel rooms is approved by the CRA. ii. A minimum of 118 multifamily units with related amenities, iii. A minimum of 6,000 square feet of commercial space, and iv. A 350 space parking structure that will include a minimum of fifty (50) public parking spaces in addition to the fifty public parking spaces required as part of Phase I. The Parking Improvements may consist of structured parking, surface parking, valet parking, mechanical parking, shared parking or any other means as allowed under local city ordinance. Developer has agreed to construct; the parking spaces but; not; to maintain and operate the spaces. (See Section 3.1.2.d) 4) Developer is required to commence construction of Phase I within 2 years of the effective date of Agreement. 5) Developer is required to commence construction of Phase II within 24 months of substantial completion of Phase I. 6) The Developer will demonstrate compliance with these requirements by submitting an Annual Performance Audits. Developer would like the Annual Performance Report to be separated by Phase such that failure to meet; the conditions precedent; for funding for one Phase do not; preclude Developer for meeting the conditions precedent; for the other Phase of the Project and receiving funds. .Staff recommends that; each Annual Performance Report require the Developer report on the status of the Project as a whole, including the status of each Phase of the Project. TlIus, if Developer fails to meet; the conditions precedent; for funding for either Phase, funding will not; be available. (.See .Section 5 of the Agreement) .Staff recommends that; the CRA have the right; to approve of the Annual Performance Report as compliant; with the terms of the Agreement; as a condition precedent; to funding. Developer has stricken this requirement from the draft Agreement. (.See .Section 5.1.3 of the Agreement) 7) As a condition to receiving any Pledged Project Increment Revenue for any Phase: a. Developer must have taken all steps necessary to divide the Property into two separate parcels such that the Phase I Property and the Phase II Property have been assigned individual Parcel Control Numbers by the Palm Beach County Property Appraiser and these Parcel Control Numbers have been placed on the Palm Beach County tax rolls and assigned taxable value prior to the Base Year for each Phase. b. The Developer must submit, and the CRA has accepted, a Performance Audit, including documentation evidencing payment of ad valorem taxes for the preceding year, that demonstrates that it has met the requirements of the Agreement. That Performance Audit must include the following: 00816653-2 i. For Phase I 1. Developer shall provide a Certificate of Occupancy from the City of Boynton Beach or other applicable governmental agency for 100% of the Project's 231 multi -family units 2. Developer shall provide a Certificate of Completion or Certificate of Use or other applicable documentation that may be issued from the City of Boynton Beach or other applicable governmental agency designating that Developer has completed construction of all of the Project's 8,575 square feet of commercial/retail space as a Grey Shell. 3. Developer shall demonstrate that it has provided an Fifty (50) public parking spaces by documenting signage and other means by which these spaces are clearly reserved for use by the public. 4. Developer shall provide Certification verifying compliance with a Nationally Recognized High Performance Green Building Rating System. 5. Developer shall certify that it has met its Community Benefits by: a. Demonstrating that it hired and utilized the services of a job placement consultant by reporting the job placement consultants activities during construction of Phase I of the Project; b. Demonstrating that it held a job fair; and c. Requiring all Contractors covered by the terms of the Agreement to provide annual copies of its records, reports or any other information necessary to monitor compliance with the provisions of the Agreement and require all Contractors to submit annual payrolls to the Developer that include the following information pertaining to all Locally Owned Small Business hired to work on or for the Project: name, address and the number of hours worked for the period, until a Certificate of Occupancy is issued for at least 90% of the residential units of the Project. ii. For Phase II: 1. Developer shall provide a Certificate of Occupancy from the City of Boynton Beach or other applicable governmental agency for all of the hotel rooms and residential units for Phase 11. 2. Developer shall demonstrate that it has provided an additional Fifty (50) public parking spaces by documenting signage and other means by which these spaces are clearly reserved for use by the public. c. The applicable Phase of the Project is complete and the taxable value of the completed improvements of the Project have been placed on the Tax Roll; d. The CRA has received Tax Increment Revenues from the substantially completed improvements of the applicable Phase of Project; and e. Developer is not in default of the terms of this Agreement. 8) Other Provisions: 00816653-2 a. Default — The Agreement provides that if Developer defaults as to one Phase of the Project, it's rights relative to the other Phase will not be impacted by the Default. Staff recommends that the Default; provisions remain as previously written, which preclude Developer from receiving funding if they are in default of any provision of the Agreement. (See Section 8 of the Agreement) b. Termination —the Agreement will automatically terminate upon the last disbursement of Pledged Project Increment Revenue to Developer, or within 2 years if Developer has failed to commence construction on the Project. The Agreement may also be terminated by either Party if the other is in default. Developer added language to say that termination for default of the terms and obligations associated with one Phase of the Project shall not result in termination of the Agreement as to the other Phase. Staff does not agree with this revision and recommends that the CRA retain the right to terminate the entire Agreement if the Developer is in default Linder any provision of the Agreement. (See Section 9 of the Agreement) c. Assignment —This Agreement may only be assigned by the Developer to record owners of the Property with the prior written consent of the CRA, which consent shall not be unreasonably withheld. Developer recommends that the Agreement be assignable to record owners of the applicable Phase of Development. CRA staff does not agree that the Agreement should be partially assignable. 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Grant Vice Chair Mack McCray Board Member Joseph Casello Board Member Christina Romelus Board Member Justin Katz Boynton Beach Community Redevelopment Agency (`CRA") 710 N. Federal Highway Boynton Beach, FL 33435 Re: Ocean One Incentive Request Dear CRA Chair and Board Members: Ocean One Boynton, LLC is the owner of +/- 3.58 acres of land located on US 1 and Boynton Beacn Boulevard in Boynton Beach, Florida. The site includes +/-3.00 acres owned by Ocean One Boynton, LLC. +/-0.48 acres currently owned by the Boynton Beach CRA and +/- 0.10 square feet of abandonment area. The proposed Project, Ocean One "the Project", is a mixed-use development including residential and retail to be constructed in two phases, both being urban, mixed-use developments. Phase 1 consists of 231 residential apartment homes and 8,575 square feet of retail. The development team has worked closely with the City and CRA staff over the last several months and the Project has been revised to include recommendations made by Staff. The revised Project is consistent with the Goals and Objectives of the CRA Plan as well as the CRA Downtown Vision and Master Plan and the Federal Highway Corridor Plan; including adding public parking provisions and green building construction. The Project represents strategies advocated by Chris Brown and Kim Briesemeister in their recent book, Reinventing Your City.- Eight Steps To Turn Your CityAround, echoing the goals of the Boynton Beach CRA: to create a viable, pedestrian - friendly downtown. The book suggests several strategies and points out the most important investment a City can make is to bring housing to its downtown. Housing will bring walkers, bikers, and feet -on -the -street to create an active downtown. Residential apartment homes in particular will bring activity to the downtown area. The project's residents who live in the downtown year-round will work and shop there as well. Delray Beach, Boynton Beach's sister city has reinvented its downtown area successfully by implementing a strategic plan that focused on downtown housing. Ocean One also supports the mixed-use project 500 Ocean, situated diagonally across the street. Both projects will create a sense of community that encourage the live, work, play model. Ocean One Boynton, LLC respectfully requests that the CRA Board consider a partnership with Ocean One utilizing the CRA's Direct Incentive Funding Program (DIF) grant as well as assistance with public realm improvements. We offer the following information and justification for the request. Sincerely, Bonnie Miskel, Ocean One Boynton, LLC 1 0 ol '0 2 1 - I I I I on I No I I'll"I'll, - I. Owner: Ocean One Boynton, LLC. The principal of the team has been invested in Boynton Beach for 30 years and the development team has extensive professional urban development experience within Palm Beach County. 2. Parcel Size: +l- 3.58 acres; (3.00+ 0.48 + 0.10 acres); 3. Land Acquisition Status: Ocean One Boynton, LLC is the owner of the 3.01 -acre parcel. The Property owned by Ocean One Boynton, LLC was acquired in 1997. The entity has evolved but the current principal has held co - ownership since 1997 and has fully owned the site since 2005. Ocean One Boynton, LLC intends to acquire the 0.48 CRA parcel. 4. Phases: Two phases with 231 apartments in Phase 1 and a preliminary plan to build approximately 118 apartments and 100 plus Hotel units in Phase 2. 5. Project Program Phase 1: 231 studio, one, and two-bedroom residential apartment homes and approximately 8.575 square feet of commercial space fronting on Boynton Beach Boulevard, NE 6th Court; and Federal Highway, 360 parking spaces in a 7 -level garage; and 38 on -street parking spaces with 14 spaces on Federal Highway, 12 spaces on NE 6th Court, 5 spaces on Ocean Avenue, and 7 spaces within a private drive. The residential component of the Project in Phase 1 totals 220.395 square feet of rentable space; 6. Project Program Phase 2: Approximately 118 studio, one, and two-bedroom residential apartment homes and approximately 6.000 square feet of commercial space fronting on NE 6th Court, Ocean and Federal Highway, a 100 plus room boutique hotel fronting on Federal Highway. 7. Building Permit Approval Phase 1: Construction documents nave been completed through the design development phase. Further design will begin upon approval of the CRA incentive contribution. 8. Estimated Total Projects Costs: Phase 1, $65,753.800; Phase 2; $56,894,000. 9. Estimated Equity: Phase 1, $26,302,000, which represents 40% of the Phase 1 costs and $22,757,600 of the Phase 2 costs. 10. CRA Investment: $882.000 for Phase 1. The grant will reimburse 10010 of the cost associated with city improvements. Phase 2 reimbursement will be defined at the time of site plan submission. The Developer will not ask for reimbursement for providing 50 public parking spaces in Phase 1 which are estimated to cost $1,000,000. 11. CRA Direct Incentive Funding Program: Not to exceed $4.060,000 for Phase 1 and approximately 53.480.000 for Phase 2. limRequest for Funding justification 10 • Encourage mixed-use developments Ocean One is a mixed-use project of residential and commercial. Phase 9 will contain 8, 575 square feet of retail and Phase 2, 6, 000 square feet; these will be critical uses for the downtown. The Phase 1 USIlBoynton Beach Boulevard corner is proposed to be a caf§ serving lunch and dinner. The Restaurateur will serve not only the residents of Ocean One but also others living and visiting downtown. An established downtown restaurant has the ability to create a major attraction, particularly at night, on the outdoor plaza. A second cafe is proposed for the Boynton Beach Boulevard/NE 6th Court corner. Phase 2 will likewise have two additional cafes, one of which will serve breakfast in order to cater to the hotel guests. • Install all utility facilities underground that are located inside the downtown center Ocean One contemplates installing underground utilities throughout the site including electrical, telephone, and other overhead utilities, street lighting and protecting the ATT fiber optic line; • Solicit a project that will serve as a catalyst for downtown development Ocean One will serve as a catalyst particularly for retail sales. Attached in the Appendix is an economic development analysis of the fiscal impact of the Project In summary, people living downtown, particularly rental apartments generate the demand for retail and provide both daytime and nighttime pedestrian activity. Once this project is completed and exhibits its success, others will follow. Ocean One will be one of the first in providing retail that is needed in a downtown. Ocean One supports 500 Ocean as it is important for one project to support another when building a vibrant downtown. The City of Boynton Beach has a unique economic development opportunity to become the new, next "hot spot" downtown in Palm Beach County. In the City's past history it never became a desirable market, being over shadowed by Delray Beach and West Palm Beach and to a lesser extent by Lake Worth. It could change and in fact with the addition of 500 Ocean, it is changing now. But there needs to be a significant critical mass of people living downtown. This is an opportunity that the City and CRA should take advantage of to become an exciting, livable hub. The perception by the general public, the business community, investors, developers and real estate lenders is highly influenced by the character and style of a city's downtown commercial retail. Boynton's commercial retail in its downtown is devoid of such character but with the oncoming 500 Ocean and the new Ocean One, the City has a chance to change the perceptions of itself. The Plan identifies the major task of the CRA to encourage new investment through new construction, renovati and intensified use of existing facilities to strengthen the economic base. i . . W 1 -10 W 0041111,11614 anu wan Me dZU12571 ut 6, at a 314M67M CAJ I retail, Phase 2 will deliver another 6, 000 square feet Pedestrian oriented developments that are in character to the surrounding area rather than isolated structures arz. encouraged. Most importantly, development should attract people to the downtown. Ocean One will generate pedestrian activity with the projected population of 500 residents (349 units x 1.4 residents). and new retailers. In addition, development of this site will provide the critical connection needed to get new consumers to walk from the marina to the uses located west of Federal Highway With 500 now residents living in W", 41111--W I I" .10 . • F -Id a.j%F"# I W �#'. 9, The Plan supports the development of a Major Project and defines a residential project of 100 units or more as 9 Major Redevelopment Project. Ocean One is a mixed-use project with 231 residential units in its Phase 1 and approximately 118 units in Phase 2. In addition, Phase 2 will incorporate a hotel with 100 plus rooms. The hotel will have a significant impact on retail sales in all of downtown. Act as an advocate for development projects that further the goals of the downtown including identifying appropriate financing. Ocean One is requesting that the CRA become a true public partner in a public/private partnership by funding part of the project. Ocean One will act as a catalyst once under construction to encourage additional sites to be developed in the immediate downtown, which when completed will become a significant cluster of housing and new street retail. The Downtown Master Plan was created to implement the goals and needs identified by the community. The implementation plan is prioritized based on realistic feasibility. The following are goals and strategies outlined in the plan: Create a family -friendly mixed-use downtown core of concentrated activity. Ocean One is a mixed-use project of residential and commercial, It is expected that both singles and families will live in Ocean One and these residents will ultimately become the new families of Boynton Beach. Create a Transit Orientated Design District around the Transit Station. Encourage mixed-use and additional open spaces. As outlined in the Master Plan, this project will provide a mix of uses which supports intergraded pedestrian activity within the Transit Orient Development designation and will incorporate several pedestrian plazas. The residents will be able to walk to the proposed commuter transit station West of Federal Highway. • Encompass Public Art in Public and Private Development. Ocean One will incorporate Public Art into the development aligning with the Master Plans goal of creating a sense of community. Some of the ideas at this point are wall art as seen in Delray Beach.. projection art as seen in Berlin Germany, and sculpture/fountain art commonly found in pedestrian plazas. Ocean One also intends to incorporate public art on the various facades of the project, including the garage and the outdoor cafes. • Article XII: Art in Public Places Program states the following: All development, redevelopment, reconstruction or remodeling projects commenced after the adoption of this article which have a construction value of $250,000 or greater, shall participate in the Art in Public Places Program by paying a public art fee. The public art fee for Ocean One shall be equal to one percent (9 %) of construction value of the project. The Building Division/Finance Department shall administer the billing and collection of the thirty percent (30%) or (03) of the one percent (1%) of the public art fee at the time of Building Permit issuance and the seventy percent (70%) or (.07) of the one percent (1 %) prior to and as a condition of issuance of the certificate of occupancy that includes the public art. One hundred percent (900%) of the public art fees collected are to be allocated to the Public Art Fund. b Green Building techniques and environmentally sustainable practices will be incorporated in downtown development. Ocean One will advance the Boynton Beach CRA green building criteria. The Project will meet a nationally recognized green building standard. In addition to the green building efforts, conduit and other accessories will be run to at least five percent (59,6) of the available parking spaces in the planned garage for each phase so as to make each phase electric vehicle ready. Introduce convenient parking within Downtown Boynton Beach near activity centers. In Phase 9, Ocean One will dedicate 50 parking spaces to the public. In Phase 2 there will be an additional 50 public parking spaces. The public parking spaces will consist of both on street and garage parking. The Federal Highway Corridor Plan outlines strategies to support community development that is consistent with the CRA Plan and the Downtown Master Plan. The following findings indicate how the Project is consistent with the goals and objectives outlined in the CRA Plan. The R supports public parking west of FederalHighway • encourage visitors to explore all the "downtown" has to Ocean One is located east of Federal Highway between Boynton Beach Boulevard and Ocean Avenue and will institute a shared parking program with 50 public parking spaces in Phase 1 and 50 public parking spaces in Phase 2; Ocean One will include two plazas in Phase 1 to encourage pedestrian activity as well as pedestrian arcades adjacent to Federal Highway, East Boynton Beach Boulevard and NE 6th Court. The comer cafe plaza on East Boynton Beach Boulevard and NE 6th Court will view diagonally into the City's magnificent waterway park. The surface parking is located behind the building fronting NE 6th Court. Phase 2 likewise will nave two plazas, one on Me comer oT-AEWff-U5urr and • - 1. Construction Impact Based on an analysis conductea by Kevin S. Crowder, CEcD and Director of Economic Development for Redevelopment Management Associates (RMA), the construction of the project is estimated to create 815 total jobs with an estimated economic impact of 5125.3 million in Palm Beach County. 2. Post Construction Impact Following completion, the three main areas of economic impact are: a. Annual Rental Activity (leasing of apartments and commercial space), which is estimated to create 109 total jobs and generate approximately $17 million in total economic output; b. Annual Commercial Activity (spending occurring in the commercial space) is estimated to create 68 jobs, and approximately S6.2 million in annual economic activity; and, c. New Households, with an annual economic impact that is estimated to be $16.9 million in Palm Beach County, supporting approximately 129 new jobs. The total estimated annual impact beginning with stabilization of the project is $40.4 million and support of 308 new jobs. Ocean One Boynton, LLC is committed to hold a Job fair on-site one Saturday within 3 months of the approval of the project by the City of Boynton Beach. During the construction period Ocean One Boynton, LLC will look to employ local General Contractors and Sub Contractors. RMA currently oversees job fairs for the City of Pompano Beach and would offer employment agency screening services to the City of Boynton Beach. These services would include a job fair orientation as well as an official job fair. The orientation would be held a week prior to the job fair and cover topics such as professional preparation, assistance with completion of job application, and interviewing skills with the participants. One of the recent successes was a Job Fair for the construction of the new pier parking garage in Pompano Beach. A local respected General Contractor held a job fair and had a self-imposed 10% goal for local participation. The final numbers revealed that the project ended with 13.85%, almost 4% above goal for workforce. This totals to almost 11,000 man-hours for residents of Pompano Beach. The General Contractor paid $3,545,042 to Pompano Beach subcontractors; which is 17% of total project costs. To accomplish even greater local participation on the construction project. the General Contractor broke down larger bid packages into smaller scopes and include atypical vendors like food trucks/ catering, printing, dumpsters/trash removal, cleaning services and other skilled and unskilled positions to enable greater participation from smaller subcontractors and trades people. The complete Economic Impact report has been included in the appendix. Summary of EconOITI'IClr,npa.ct Phase 1 Ocean One, consisting of 231 apartments ana 8,575 square fleet or retail, plans to construct 398 parking spaces for Phase 1 including 360 spaces in a 7 -level parking garage. Within Phase 1 there will be 38 on -street parking spaces with 12 on NE 6th Court, 14 on Federal Highway, 5 on Ocean Avenue. and 7 on a private drive. There will be an additional 7 parking spaces on Phase 2 that will be leased. A shared parking study was completed utilizing the "Observed Parking Demand" methodology, by Adam Kerr of Kimley Horn Associates, attached herein in the Appendix. The Project will have at peak demand need for 337 parking spaces, according to Kimley Horn. It is expected that the on -street parking will be in highest demand, followed by the alley surface lot and then the garage. Since the project will supply 398 parking spaces and peak demand (evenings, weekends) is calculated at 337 spaces. The Project will have a surplus 16 spaces in the garage. 38 on -street and 7 leased on Phase 2 for a total of 61 spaces. Of the 61 unutilized spaces, the developer will provide 50 spaces for the public; managed by the developer. These 50 public spaces will be located on -street, the private drive and on the lower level of the garage. Signage in the garage will indicate the availability of the spaces for public use. Once construction of the commercial space is complete and occupied. valet parking may be considered. Valet parking is a highly efficient method of utilizing parking while providing a service to customers that utilize the commercial uses as well as the residential. Ocean One's property manager would oversee a third party operating the valet parking. which will shuttle to the garage. Phase 2 Phase 2, consisting of 118 residential apartment homes and 6,000 square feet of retail, will construct approximately 338 (code. 334) parking spaces in a seven level garage and 5 new parking spaces on Ocean Avenue. The 12 surface spaces in the alley built during Phase 1 will replaced in Phase 2, incorporating them into the Phase 2 garage. Utilizing the shared parking methodology utilized in Phase 1, the project will demand 259 parking spaces, leaving a surplus of 67 spaces, 50 of which will be offered as public parking. However, the hotel component will provide 10 zip cars in the garage, which, as analyzed in several European models, takes the place of 4 normal parking spaces for each zip car provided. Parking Summary In a recent parking study conducted by the City of Boynton Beach, Ocean One is located in a parking zone (Zone 1). in which there is a dramatic shortage of parking spaces, approximately 1,200. Ocean One will provide up to 100 public spaces in Phase 1 and Phase 2. Market Beet Analysis This section of the Incentive Request is split into two categories and will provide the financial justification for the funding request. The first is a grant for reimbursement of costs associated with city improvements including storm water and waterline relocation on NE 6th Court and other related infrastructure. As a result of the CRAB request to move the building 10 feet to incorporate additional parking on Federal Highway, the CRA and City agree to donate 10 feet on NE 6th Court as a way to make up for the loss of the 10 feet on Federal Highway. However, as a result of moving the proposed building to NE 6th Court a new waterline and storm sewer has to be relocated. The sanitary sewer on NE 6th Court does not have to be relocated. The cost estimate for the preceding described work is estimated at $882,000. This request represents 100% of the cost. However, it does not include the cost of parking in the structured garage. The Developer will provide public parking in its structured garage on the first level for public parking, which will be properly indicated by signage. It is the project's intention to maintain and manage the public parking located in the garage, the private alley and the public streets with an estimated cost of 525,000 per year (50 spaces x $500). Maintenance includes cleaning, security, signage, refurbishing and utilities. Request for Public Reimbursement will be determined when Phase 2 undergoes final design. Grant Reque-zist for DIF Funding Ocean One will be developed by a team of urban -oriented professionals that possess a vast amount of development experience in the South Florida market. For the past thirty years Ocean One Boynton, LLC has established a presence in the Boynton Beach market. The Boynton Trails Shopping Centre is one example of a successful retail project the ownership has delivered in Boynton Beach. The Development and Construction Management of Ocean One will be spear headed by Bill Morris who has recently completed several premier projects in southern Palm Beach County including; Worthing Place, (Delray Beach), Highland Beach Club (Highland Beach) and Palmetto Place (Boca Raton) which are all world-class residential/retail mixed —use projects similar in size and location to Ocean One. The architectural and engineering firms to be utilized to design Ocean One include, Cohen Freedman Encinosa Architects (designed the Promenade now Costa Cosa Project), Rhett Roy Landscape Architects, and Kimley — Horn (Engineering/Traffic). All the professionals have worked together for many years and collectively have successfully completed over 10,000 residential units in South Florida. The Ocean One Development team is committed to bringing a major residential —retail project into the heart of downtown Boynton Beach. This project will be a significant catalyst to further enhance the vibrancy of downtown Boynton Beach including the Ocean Avenue corridor from the Intracoastal Waterway to Seacrest Boulevard. It should be stressed that Ocean One is the first phase for what we hope will be a multi -phased development on Boynton Beach Boulevard and Ocean Avenue which may include a much needed hotel for downtown and additional residential. Downtown Boynton Beach lacks a flagship hotel that attracts both business and leisure travelers. Ocean One has proposed a 100 plus select- service hotel. Technology has impacted every sector of service and consumers have grown accustom to on demand service that meets their needs. Boynton Beach has an opportunity to meet the demand and capitalize on the growth of select -service hotels while generating business for the immediate downtown and surrounding areas. More detail on the Ocean One Team can be found in the Resume section. Partial List of Institutional Partners and Lenders include: • GMAC • Prudential Real Estate Advisors • BlackRock Real Estate • GE Capital • Bankers Trust Company • Deutsche Bank • ING / Clarion Partners • Clarion Partners • KeyBank PNC Bank • Regions Bank Bank of America • CNL Fifth Third Bank. 15 16 ' \2 IM MICHAEL CPA J. ROSS, Certified Public Accountant Education B.S. Accounting I Florida Atlantic University B.S. Finance I University of Florida Certifications Certified Public Accountant; State of Virginia -- 2004 Licensed Securities Dealer: Series 7 & 63: State of Florida m 1993 Areas ri • Finance & Accounting • Corporate Management • Property Management i Michael Ross serves as the Chief Operations Officer for Washington Deal Estate Partners and Gultstream Property Management. Mike is responsible for the overall financial management and financial reporting for the companies and oversees all aspects of the various companies' debt and equity financing, assists in all strategic planning, sales and acquisitions and corporate restructuring. Mike has extensive operational and financial experience in dealing with commercial real estate, specifically, implemented all fiscal and operational policies and procedures for all companies', their management and their strategic partners, responsible for all reporting and investor relations and established all fiscal, accounting and control procedures and for all business entities. Michael Ross was born October 31. 1969, in Bremerhaven Germany. He is married and has one son and one daughter and resides in Boynton Beach; Florida. 19 ROBERT DORFMAN Consultant I TD International (TDI) Education B.A. Accounting I University of Florida Certifications Certified Public Accountant Areas eri • Finance & Accounting • Financial Feasibility and Modeling i As a seasoned veteran of the real estate industry, Bob has been involved with many aspects of development, financing and management. He is now a Real Estate Consultant specializing in feasibility, acquisitionlre-positioning; due diligence, business plan formation/compliance and deal structuring for large and small companies. Previously Bob was with the Related Group in charge of their Las Vegas and Atlanta developments. He then became Senior Vice President and directed acquisition of distressed properties and defaulted loans. Acquisitions include several property types; multi -family. condo, retail, office, hotel and land across the US totaling $600 MM. Prior to that Dorfman was recruited to run the asset and property management division of Harbour Realty, a national firm which specialized in distressed real estate assets. This company grew to acquire a number of real estate assets and after repositioning, sold those properties for significant profits. During that time Bob was promoted to President, responsible for acquisitions, dispositions, financings and restructurings. Harbour also provided the seed capital for ARCap, a large "B" buyer of CMBS. Dorfman performed various roles for ARCap serving as their Director of Due Diligence for the Southeast U.S. After graduating from the University of Florida with high honors in 1978, he began his career in South Florida as a staff accountant with Coopers & Lybrand. Bob joined Related Group as the Controller. Within one year Bob was promoted to Vice President — Special Assets: this position was responsible for monitoring the various investments and special projects such as single family home building, office and retail properties and joint ventures outside of the south Florida area. He resides in Miami with his wife. Lisa, and their three children. 21 resumes ADAM B. , RE. Transportation Engineer Education B.S. Civil Engineering IClemson University Certifications Professional Engineer in Florida #64773 and Alabama #35546 Areas of Expertise • Transportation and Transit Studies • Traffic Studies • Parking Studies • Site Planning Bio Mr. Kerr is a transportation engineer with more than 10 years of experience as an engineer and project manager. He has worked on a wide variety of transportation planning projects, including traffic impact analyses; comprehensive plan amendments, major DRls, and traffic signal design. He is experienced in DRI analysis and project management throughout Florida and has specialized knowledge of highway capacity software, Synchro: Florida Standard Urban Transportation Model System (FSUTMS) traffic modeling; and Signal 2000 software. Mr. Kerr has analyzed traffic signaiization and intersection design in numerous roadway accident forensic analyses conducted for insurance companies; attorneys and engineering firms. KXI Civil Engineer .Oertifications rofessional Engineer in Florida #67505 and California #81664 -EED AP BD+C #10536265 Areas of Expertise Site Civil Engineering and Land Development Stormwater Management and Utility Master Planning Public Infrastructure Improvements and Undergroundinf-e Blo Mr. Horning has over 13 years of extensive professional experience in the design of water/wastewater, drainage and storm water management systems, site design and development, preparation of contract documents and specifications for bid, construction administration and permitting services experience through numerous South Florida agencies. Mr. tkfffiTwads A1-4tqd&'f Al��- nsi-izf�, commercial, and institutional, many of which included extensive storm water conveyance and attenuation systems including gravity drainage wells, underground storage facilities and lakes. He has been involved in numerous public sector projects including wastewater conveyance analysis and lift station rehabilitation to water and force main relocations. The diversity in project locations has provided exposure to the unique multi -jurisdictional requirements throughout South Florida. His project management skills and ability to prioritize client needs and concerns while complying with jurisdictional requirements have been enhanced through years of experience and variety of projects completed. M STUART COHEN A.I.A. Architect Education BArch. I Pratt institute Certifications State Hoard of Architecture - State of Florida Registration No. AR0002895 Areas ri Commercial Installations • Hospitality • High Rise & Mid Rise Apartment Buildings • Retail • Healthcare • Institutional Projects io Stuart Cohen A.I.A. was born April 11, 1934, in Brooklyn, New York. He is married, has two sons and one daughter, eight grandchildren and resides in Weston, Florida. Mr. Cohen received his "Bachelor of Architecture" degree from Pratt Institute, Brooklyn, New York, on June 1st, 1956. Mr. Cohen won first prize in a national A.I.A. competition in 1955, and he has had student work published in "Architectural Forum," 'Progressive Architecture,'' and "American Cities'. Upon graduation, he received a commission as Second Lieutenant in the United State Army, and served in the Corps of Engineers at Fort Belvoir, Virginia. He continued his military career by serving in the Army Reserve, retiring with the rank of Captain. Mr. Cohen (R.A. #2895) received state registration on September 13th, 1960. He became a full member in "The American Institute of Architects' (A.I.A.) on February 3rd, 1964; after serving the required period as associate member. He moved to Miami, Florida during 1957 and further his architectural background by being associated with prominent local firms between 1957 and 1961. From 1961 to 1978, Mr. Cohen was president of "Marchesani, Cohen and Associates — Architects P.A. The firm was located in at 100 Westward Drive, Miami Springs, Florida. Stuart Cohen —A.I.A. was located at One Grove isle Drive. Miami, Florida from 1978 to 1987. In January of 1987 the firm name was changed to "Cohen Freedman and Associates Architects P.A." in January of 9989 the firm name was again changed to "Cogen Freedman Encinosa and Associates Architects P.A." The office is presently located at their own building at 8085 N.W. 155 Street Miami, Florida. m i Resumes JENNIFER Principal, Trifecta Construction Solutions Education Ph.D. Civil Engineering I University of Florida M.E. Civil Engineering I University of Florida B.S. Materials Science and Engineering I University of Florida Certifications LEED Accredited Professional of the United States Green Building Council Florida Green Building Coalition Certifying Agent Florida Green Building Coalition Designated Professional National Association of Home Builders Green Project of the Year (2012) Areas is Green Building Sustainable Development Life Cycle Cost Analysis Bice For more than 19 years, Dr. Jennifer Languell has championed the integration of green wilaing principles and sustainable design within the construction industry. Today. as Founder and President of Trifecta Construction Solutions, she remains an outspoken advocate and valued consultant to a wide range of industries that are incorporating sustainable business practices into their daily operations. In 2011 she became the first person to receive the National Association of Home Builders' Green Advocate of the Year award twice since its inception in 1997. Her work has included the creation of award-winning high rise, multi -family, and single-family residential project; commercial projects, and some of the largest and most sustainable land developments in the world. She has also become a trusted consultant to governments and municipalities that are rapidly moving toward more sustainable and fiscally prudent operating and management practices. Dr. Languell and Trifecta have received numerous awards from government and industry organizations such as the Urban Land Institute, National Association of Home Builders, Center for Sustainable Florida, and the Florida Green Building Coalition. An award-winning author; Dr. Languell was also selected as a technical advisor and star for the Discovery Channel's environmental series Discovery Project Earth. Dr. Languell serves in leadership roles with many non-profit organizations, is a past President/Vice President of the Florida Green Building Coalition, a LEED Accredited Professional for the USGBC, a Class 1 Certified Energy Rater, a NAHB Verifier and Certified Green Professional, and a Certifying Agent with the Florida Green Building Coalition. She has certified over five million square feet of buildings and 30.000 acres of land developments using programs such as LEED, FGBC and Green Globes. —a7sT#T9rr--rW.T�— M BEACH BOULEVARD KAU I 29 *'* Appendk Economic Impact Construction of the project is estimated to create 815 total jobs with an estimated economic impact of S 125 million in Palm Beach County. 01M011 I Los ll" 11� tike 1 Construction 437 378 815 Leasing 45 64 109 Retail 6 63 69 Households 88 42 130 Stabilization 139 169 308 01M011 I Los ll" 11� 31 tike 1 hase:2 Tial Construction 1 1 4 i ** 1 • 1$ 17,315,462 Households S 11,473,734 S 5.419.620 $ 16.893.354 Stabilization 1•1015 1 1 ' 31 Summary of Tax Increment Impact I Phase I [R333 3 3 3 3 3 3 3.3 3 c a C a ry (��° }�("� }� g n ' c. 7:R A'� m 9:u j G G O � O ONa �in E '24 2n 2 2 3 . 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W wA .4- pppp pp�� pampap �pY� ���� 6b+ � [n N Y1 S C] ® V O In y[yf ups pOH O wwwwwwwwNNN� s�o��v�r���W w mm�,aWJMC.-wa 61®NW �A ®��owwgw0!9�X4 b NwwwHNNNNNNNwNNNNNNwNw N� ««« W W W W N N N N N M Y A Nwwwwwwww�.wN�wwwNNNNNNNN m«« m Y J G l w �$pe �wtia N�$piaS�NA6 o�°a�� n N IO K J J A N w Y W 0 5 i NNNwNwNNNw r MmM qq qpe yy�� uv g gg L@i O wwwwwwNwNwNNNwNwNNNNwwwwT NNwwww�NwNNNNNNNwNN NNNNwy N �.NwNwwNNNwNw w� w February 26, 2016 Revised September 6. 2016 Revised October 26, 2016 Mr. Bill Morris Chief Executive Southcoast Partners, LLC 777 East Atlantic Avenue, Ste. 100 Delray Beach, Florida 33483 Ocean One Parking Supply Determination BoyntonBeach,• .. 142032000 Hear Bill: Kimley-Horn has undertaken the following review and analysis to evaluate anticipated parking requirements for the Ocean One project. The proposed project is located east of Federal Highway and south of Boynton Beach Boulevard in the City of Boynton Beach, Florida. The proposed plan includes 231 residential apartments and 8,575 square feet of neighborhood retail space. The apartments are proposed to include 152 studio/one-bedroom units and 79 two/three-bedroom units. Below is a summary of the code -required parking for the site, a summary of site-specific conditions that are anticipated to contribute to lower general parking demand for the site, and data from several different sources demonstrating that actual parking requirements for multi -family sites are lower than the rates defined in the Boynton Beach Code of Ordinances. The development is proposed to contain 231 apartments and associated amenities. A small amount of neighborhood -serving retai will also be included in the project. Chapter 4, Article V, Section 2.B of the City of Boynton Beach Land Development Standards defines the parking requirements for multifamily developments In the City of Boynton Beach. Based upon these requirements, the site parking requirements were calculated as summarized in Tc,wp, 1. 'ame -': noynton 6eacn Kequ+reo raming Land Use Intensity Boynton Beach Parking Rate Required Parking 1 3R/Studio 152 Units 1.33 Spaces / 1 BR Unit 203 2 BR/3 BR 79 Units 1.66 Spaces / 2 BR Unit 132 Guest Spaces 131 units 0.15 spaces / Unit 35 Retail 8,575 SF 1 Space / 250 SF 35 Total Code -Required Parking 405 m ----------------- Kimley)))Horn Application of the City's code parking requirements identified a code -required parking supply of 405 parking spaces. This site has access to the regional transit network; it is located adjacent to Palm Tran routes 1 and 73, which provide regular bus service along the Federal Highway and Boynton Beach Boulevard corridors, with connections to Tri -Rail providing regional rail access. The proximity and availability of transit reduces the single -occupant vehicular needs and especially reduces the need for multiple vehicles for the same apartment unit. Furthermore, incentives such as the provision of reduced -price (subsidized) transit passes available to renters in the building can provide further incentive for residents to utilize Tri -Rail and other transit options. Documentation attached to this letter provides further data and case studies on how subsidized transit passes and additional Transportation Demand Management (TDM) strategies, including enhanced transit options, can significantly reduce site parking requirements. With transit passes and/or other TDM measures, empirical data reported in these documents shows reductions in parking demand of 15% and more. Data Evaluation of Multi -Family Parking Ratios Kimley-Hom has undertaken a review and evaluation of multiple sources of data to evaluate the anticipated parking requirements for multi -family uses in comparison to the requirements defined in the Boynton Beach Code. Three separate evaluations have been undertaken using data obtained from the following sources: Parking Generation, 4fh Edition, published by the Institute of Transportation Engineers (ITE). This resource contains data and information based upon national studies based upon the nationally -recognized professional organization that represents the Transportation Engineering profession Dallas Multi -family Parking Study, conducted by Kimley-Horn and Associates, Inc. This study included data collection and a determine of an empirical parking supply ratio based upon studies of 13 multi -family sites in the Dallas, Texas metropolitan area in 2011 Boynton Beach/Delray Beach Area parking data collected by Kimley-Hom at multi -family communities in the Boynton Beach/Delray Beach area, close to the proposed site. Evaluation 1: Parking Supply Rates Based upon Parking Generation, eh Edition (T t A calculation of anticipated parking demand was undertaken using data published by The Institute of Transportation Engineers (ITE) in Parking Generation, 4th Edition. For each land use defined in this publication, empirical parking demand data that has been collected on sites throughout the country is compiled to develop rates and/or equations that represent the typical parking demand expected for that type of land use. The parking demand data published for ITE Land Use 221 (Low/Mid-Rise Apartment) for an urban setting are attached to this letter for reference. Although ITE provides data for High -Rise Apartments, the data is limited in sample sizes and was collected in large cities. The Kit Kimley)))Horn Page 3 urban mid -rise data was collected in smaller cities, and more data were provided. As shown in the data. the 95th percentile confidence interval for anticipated parking demand for Low/Mid-Rise Apartments was within a range of 1.07 spaces per unit to 1.33 spaces per unit with an average of 1.20 spaces per unit. The data published by ITE represents parking demand, not supply. Using the upper end of the rate published by ITE (1.33 space per unit), and applying a 15 percent credit for TDM strategies, the base parking demand for the residential portion of the site was calculated to be 268 spaces (at a rate of 1.13 spaces per unit). To determine the parking demand, a buffer of 5% was applied to ensure that additional spaces will be available on site. This rate includes the total parking supply requirement for the site, resident parking and guest parking, s"_: 2 provides a summary of this calculation, including the additional code -required parking for the retail use. A parking supply of 312 spaces is recommended. Table : Parking SupplyCalculation - ITE Rates Spacesintensity ITE Rate Required Parking Apartments 231 Units 1.13 Retail 8,575 SP 1 Space / 250 SF 5% Buffer Total Evaluation Parking i Rates Derived from it Multifamily r i y Another evaluation of parking supply requirements for the proposed Reserve at High Ridge was conducted using data collected by Kimley-Horn and Associates, Inc. in 2011 as part of a multifamily parking study in Dallas, Texas. For that study, parking data was collected at 13 multifamily sites with occupancies at 95% or higher. Counts were conducted during overnight hours to capture the highest parking demand on site. From the collected data, the following equation was determined to best represent the multifamily parking demand at the sites: Where: X = Multifamily units on site: and = Parking demand on site. = 1.1945 (X) m 24.431 The study also determined an average rate of 1.13 spaces per unit. Relevant summaries from this study are attached to this letter. Applying the above equation to the proposed Ocean One site, the projected parking demand would be 252 residential spaces. Applying the average rate of 1.13 spaces per unit, the calculated demand is 262 residential spaces. Therefore, Table 3 summarizes the calculation based upon using the average rate, which is higher than the equation. If a 5% buffer is added to this calculation. the recommended supply would be 312 parking spaces. 37 r i 6 R *; ♦ i:: T-1 MT -71 ZF71 Required Apartments 231 Units Retail 8,575 SP Total •' Evaluation 3. Parking SupplyRates Derived ftm Local Data A third calculation of parking requirements was conducted by collecting data at three local multi -family communities. Following is a summary of the local study that was undertaken. Date Collection Weekday parking counts were collected between 5:00 AM and 6:00 AM on Thursday, August 7, 2014 at one suburban site in the City of Boynton Beach, and from 5:00 AM and 6:00 AM on Wednesday, February 24, 2016 at one downtown site in the City of Delray Beach. The following sites were chosen for the data collection: (BoyntonLa Costa Apartments Worthing Place (Delray Beach) La Costa Apartments was chosen because it is a mix of 1- and 2 -bedroom apartments, similar to the proposed project. Worthing Place is a 217 -unit rental building located in downtown Delray Beach, Florida. The property also includes approximately 13,000 square feet of retail space, although the existing tenants did not operate during the hours of observation; therefore, the observed parking demand is related to the residential use only. Worthing Place includes 367 spaces of structured parking resulting. 52 spaces are required for the retail portion, and the remaining 315 spaces are utilized for the residential portion, resulting in a parking rate of 1.45 spaces per unit. Table 4 summarizes the unit count and unit occupancy for the sites. Table it Count and OccuDancv RM Worthing Place Bedroom Bedroom Bedroom Units 1: occupied Units RM -5 A parking demand rate was then calculated based on the observed demand at the count sites. Table 5 summarizes the demand calculations for the sites. As presented in Table 5, aft of the parking demand rates fall below the Code -required parking rate. Although the Worthing Place observations are expected to best predict the parking demand for this site (based on location in a downtown environment, availability to transit, and unit mix), the average of the two rates were applied to the Ocean One site to determine the maximum projected demand. For the purposes of determining a supply requirement.. a buffer of 90% was applied to ensure that additional spaces will be available on site, resulting in a recommended parking supply of 337 spaces. Table 6 compares the proposed parking supply with the recommended parking based on the local rate. ApartmentsITE Rate Required Parking k Retail 8,575 SF I Space / 1 SF 3S 10% Buffer 32 Total Recommended Parking 337 Parking Garage Operations The parking garage is proposed to be 7 levels with 360 parking spaces. The majority of the spaces will be reserved for the residential tenants, with a portion reserved to support the retail portion of the development and for public use. A total of 50 spaces will be reserved for public use. The remaining 390 spaces will be reserved for residential tenants. Consistent with the design of Worthing Place, access to the residential parking spaces will be restricted by means of a gate, thereby prohibited public access. Each unit will be assigned one space. and the remaining 79 spaces will be available to be leased by tenants. The public non - assigned spaces will be monitored to ensure that residents do not park in those spaces; permits will be required to be posted in vehicles remaining in the public area overnight, subject to towing otherwise. This system has been implemented at Worthing Place. 39 . Worthing . !213 Parking Demand Rate ApartmentsITE Rate Required Parking k Retail 8,575 SF I Space / 1 SF 3S 10% Buffer 32 Total Recommended Parking 337 Parking Garage Operations The parking garage is proposed to be 7 levels with 360 parking spaces. The majority of the spaces will be reserved for the residential tenants, with a portion reserved to support the retail portion of the development and for public use. A total of 50 spaces will be reserved for public use. The remaining 390 spaces will be reserved for residential tenants. Consistent with the design of Worthing Place, access to the residential parking spaces will be restricted by means of a gate, thereby prohibited public access. Each unit will be assigned one space. and the remaining 79 spaces will be available to be leased by tenants. The public non - assigned spaces will be monitored to ensure that residents do not park in those spaces; permits will be required to be posted in vehicles remaining in the public area overnight, subject to towing otherwise. This system has been implemented at Worthing Place. 39 I Conclusion Therefore, as demonstrated in this summary, a reduced parking requirement is appropriate for application at this site. Three alternate sources of multi -family parking rates were used to calculate actual supply requirements for this site: rates published by ITE in Parking Generation, 4"' Edition; rates defined in a 2012 study conducted in Dallas. Texas; and rates calculated from data collected at local sites near the proposed project. Based on these calculations, it has been demonstrated that the proposed supply of 360 spaces are expected to accommodate the parking demand of this site. Should you have any questions, please contact me via e-mail at adarn.kerr,0.k1rn1ey­hom.corn or via phone at (561) 840-0874. Sincerely, KIMILEY-HORN AND ASSOCIATES, INC. Adam B. Kerr, P.E. 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Al < .'X,." mr 4 1 X4 Mr, .tf,: M., a,a. fact vIAMAT to As Qv 4 2SM"f r c t'1,i.Y v to" h, 2un S ," M:,t&, 0 1W wq-„t.�f' 1110110 ",'1 111111'11 xoPMa Yba ,” '16A 5" O 2.1" 0 ide L A v AMC C 6 a,, � ,Y.+ K_ 1'A � F a, ,aG: r .� *30:o �Y {-' �.,t as n„ ` e2 F r ! Val tZ .,,t »6,.,?.. _ Zk A d.,rx at .,M, so= I o"a. �. = t G"' "P4., SJ,<S� a,. Yt.a .,'6f '&' "�.„oL 1;9 °"1 au. x"wt o 7t ,t "'k" If 1 4 ., f 6 4n%f14n t K :5 ",944 :0 ,_ _ ''15 ryi. #E u t ,,, a I ;`, ✓ tr loss1.1 a 6 S D S4973 ., , Q 78 12 A Q SIC 10.1 ,,. oM,00 SIMUM, b,F< 09 Baa a e . 0 11 70 , 3 .> L w .. a VA. 3 " 71", a'rfi. fin .aim ,. „ il,r SOW 3„7 011 M W *q s w V A A. Y"', L.t.., e `3' tin, , xa044 nn min, ft4 fg,t en v,A on en bi 5S S„ 0 j .'.e'v o+'3...i *to 6 mit 0 "w "It 144 .¢.' SIMIC ,.l 111""'i, 11""'C"o } j216 6 Mm .0006 a,. f btu S„ 64 1 HIM ,s S 10 1 t>t 4�5 .ili. ,an.. ,,,uS ate ., 7.4 ,�. ,.. or, t s 31–M!,- 'eggo � S rw..., sMa. s 7.. dt , 1 - SUN.ar= F .,m. ..A .. ,..., t M53 y., "fk v� ;4++r "'" $h" t �tr ; tt tSo-i wAt. �Y .all♦ r a, S r, .� .� �.x %� M'b ....=Q� t�. =H{ ==u .. _. irvd fi, . , 11 T 14-65 _" ai n ... 0 a ht €t = :,?b,=a't �i?s,'; ev .. fi.e 'oo . . .. V .. 't'ma mA9 F t J . to Slimcr t1 11 .. ... 4 �,k s Ut x (•�.; 4) �' m t, m, v= i' ., �- -�=u "OU", to... F t Am„ K9 n X, . , 1 - i ( { {/ 3 t 7 t ( t € ! i f � ht (S { YS{{ t ; { > £UF r t {��5..,� I, O, ,,,i s,(4 `i�t�, r3�t�taf. ?�.. �rk�t+i,�t �,S �._ it ( =;il6{Xa.k t, :;4,la�Ylt _.. <t:,�„lE��t nt�l t�a P t a .. r r, �,.. r. t Q a'r . tum . , C. t'u 2x r ..,'- ijlr dtit S. a"Ill Alto A 1 of WQ; 60 do D; ' t lt,. 157 ,ter 41 & r U '.if" _ ak ,t TOM "i,. .. t, t ,it, to � a. A K? V! Q To it Ff 001, I m. t r .= e ,, a ,. eY 1 t s A a S. :_ e ` `e` . EM 45 sources Taud Parusat parEF % or rag Dcf,wod F 0 0 O.Do 0.0053 Land Equity 0 0 0100 0.0VA Inwator 200IJ20 113,09 114.67 IOQAD% Ad-dsws 0 a SAO 0.00% Told Equity $26,80 sillym 3114.07 40AM J=ior L- 1B G 0.00 UWA geniorl.aac 39,4 80 x 71N 172.30 lonim Tttml DrLt 539 .260 S1 7M 72-M 60AIMA lum TOW FWUM Far OF % (ITIMA Land 5,1132,75D sm 0.52 IL97% Read Eatato Dwd 364.500 1,YM 1.65 ILSM 756t, s sISW 2.U7 2.35 179% pi-ibs 569.072 2,464 2.58 DAM Ros� / U." 2,584,727 13,139 11.73 3M% Muziaval 3,417.609 14,795 15.51 5-V% A&E 1,626,668 7M2 7.38 2A4 pMjWM-qpneM 2,360ASS lull, I0-71 3.59K 43cc 1,611.954 6,970 731 2-45% Enaw Efficewy 500,000 2,165 227 0.76% Spodd UtWdel Sol'"] 3,8t6 4,00 1 FF &E 661.500 IA64 3.00 1.91% am=d codusd 45,749,712 naps 207.57 65M CRA Publia Ce ,MSMWO MOB" 4.72M� (4.1 3AMM9 TotalCuit 5M733.702 1004fia simas IDUA0% coact racy (in War* STAnpq 30.106 $am Las% CAM&Motim Limit Volumed adww4 stab Fitts I sub pas z DSC Ratio (110,43W4 1.49 1.31 1.36 IAI DSC Ratio (Amort; 4.7"9 1.12 IM 127 1.11 L�.uoV 70.59% 62-0% 60.3S -A 50,10% Ekdk Yield 7.089E 6.811A 7.154E 7A4% 0 *EVPKN AV& Sqa Ft BMIat EM.PWBF Tafel Sradim, 11 574 $1,350 =5 Total I D 141 am 56,571 $1.91 ToW 2 W 79 Ixg 52" I1A9 TOW 3 Badmaw 0 a so son. T.WF.W.tW DI WK $1,741 8l92 TMd Sq. FL 2YO.1020 i5niy,SM7,N4M1 22ams I'm IN" FIjWIy UTPli (R -d -O (R -W r1mv 'RACE Pf Sr 1. Rml afaie " bmd as a mbffap mu of2-23% od M Z Cwh_Cwh a da.w% LYr, Yo at a fvt rate e4,75K congk-. SUA BUH&.9 OP -Mg ProjedThasHM Ap�17 P-Openi" IF&AP 46 Subilludan. Al -29 id" S& BM Rmt AV* Meat Bass Pent A% 2W R-tP-Unk E.741 1.741 1,912 1,912 hoot Pts sq. Ft 1.82 1.921 2.00 2M EMM EMEMEMMEMESSIMMOMM RendaudgVesum Wifflivow TWYDPLH Par 9r % QfzQ Ad-dsws 70,296 3M 032 137% Mon.S-t Fee 244,325 Ijus 1.11 4.75% Adminiobna- 60909 264 0:28 LIBU M.kuaaaaa 99,330 430 0.45 1.93% La-d-po Injos 729 0.76 3-n% payroll 3SIXI 1,521 I.59 6M% Ildrdics 115,506 sm 0.52 225% Read Eatato Dwd 990,360 4= 4A9 19 otha InDom 150.150 650 0.68 L9M 34.650 ISO 0,16 0.67% TOW Residential Eqwnm 53684KIM 510.37 44A3% T 13 - SUM fiA4KM Sr 1. Rml afaie " bmd as a mbffap mu of2-23% od M Z Cwh_Cwh a da.w% LYr, Yo at a fvt rate e4,75K congk-. SUA BUH&.9 OP -Mg ProjedThasHM Ap�17 P-Openi" IF&AP 46 Subilludan. Al -29 id" S& =�+"Badilcwd Stab ji6i 1 2 R�Uzv pawgiW Rcs�&�I Lawa, kaeow 4,925.8430 S�M.Bsa 5^341 5,676293 modd&EmpMy,wA75%*fPM L3C194) (3%742) (41,133) (42J72) Vwawy Low (SAM OMPR) (241;DO) (264.9") (274,217) =925) cvnwsbi� (D.W% ofma) 0 efedh Un (0,50% ofPM P4,129) (27,422) (21,331) ReddtbtW EGI 4,524,IN 4.M.700 5,141,611D Wl= R.t.H PIGI 183,M 201AM 207,S33 2.13,759 R�Mics(57.50pwrcua]SF) 64,313 69.258 7DA9 7Z764 R&,dVao;v=Y.(q a 0 Ro" RGI 247,A13 27917" Inra 286A23 otha InDom 193,032 211_055 219,374 227X2 0 D IoWZff&-dv*GrMLzomw, 9,143�M Sfi"�W 5�042,495 fiA4KM AwnW In- Grawd 9.78% 3.47% 3.47% V.61ble Exp- 9K416 1,07"n 1,105,479 1,135" FbEed Expenses 1,25"19 1�3wu WRg6 1,449."7 Retail Bq -s 64,313 64,313 6 5,QM 67.56B R -es S400 37,314 TMd Expown 2449.M XSWAM 2,617,542 W10W Awrip Egmewe Grpw& - 8.36% 2,81% 2,82% K0pen!qMIMuw(r4M fx-,j d .. Co,{ 2j"L286 425% MOB" 4.72M� 3224" 4.90% 3AMM9 ibtal i4w U.K. rar so % -os" Gross 9.1. pfica (543% -P am) 94,270,983 4080" 411.72 Costofsfa-Q-M 393755 4 21 (14.921 JAM Net 521" prereffills squxnzzs Mim 1106.90 9fiAD% Smilorl.o=Tem (39,078,540) (169,171) (170-67) -41AS% j.;ar EsamManTodback 0 0 0A Um 1111111F, Vida on C -t (unucaded) 425% lIkId ou Cut (T-kd) 4.72% caah . C�h (untronaw I.M Eavemod camw 2YO.1020 i5niy,SM7,N4M1 2kM-W 3uJS7,h9f, .0 S4 0. iiE FIjWIy UTPli z,.,, rissons ..w2mm Id nstjrrmi]LI&F- A 7-MM"- RM ANALY�,h Trmd RM Mist, Baseltent-MI0 C65% 7.30% 245M Sla72,139 13,31MS2 Bagaped-smas 6.65% 7.50% 2&91% 34,729.001 is-l"'ni Pro Fornut (M.00 Pon 7A6% 7.71% 21.711% 3kis"fig 17~3 BweRvid-M-05 7.27% 7.92% .10.51% 41442.736 10,4M743 BaacRost+SOAD 7.47% &12% 32.33% 45,M,6DI 21.41IA73 cap RW Roc Tww KoC rq" EM TeW FraMi gp=wPmft C.pRAW-IDDbp. 7.05% 7.70% 41.49% 65,93"39 33.49Z989 C,V Raw - 50 bps 7.06% ?.71% 34.16% 50,673,122 2.4,641,951 5,M% cap Mte 7AS% 7.71% ZL76% 39,185,569 17AW" Cop PAW + 50 bps 7.06% 7.71% 2312% 27.779,816 IIA6!6147 Cap Rao+ 10D bpi 7.06% 7.71% 17.85% 18,974.696 6.236.720 Sr 1. Rml afaie " bmd as a mbffap mu of2-23% od M Z Cwh_Cwh a da.w% LYr, Yo at a fvt rate e4,75K congk-. SUA BUH&.9 OP -Mg ProjedThasHM Ap�17 P-Openi" IF&AP 46 Subilludan. Al -29 id" S& 11 a Sponsor L:inandat Overview ami ms Total Prr can ftr SB :Y clTotal- Doforcd Fres 0 0 0,00 0 MS; Land Lgmty O 6 0.00 AW% lnvcA_ 22,757,600 19201 120.dl SW.W% --sr-Mr 0 0 0.00 0-W% Total Equitq 522,757,600 519201 $126A1 40.00% luniarlwn .. 0 O.Oo 0.00% Scmi.r Laen 3413 289592 180.6® 100.00% Total Debt 430 DA2 slo&62 6L60% Cert Total _ Foru!& Fcr 5F 't a(Toud Lra 3,595,500 30,386 29.99 6.3M, Lail 364,500 3,019 3.04 0.64% Tide, S:,roe,•irk&Closing 460.752 3,935 3.94 0.8113 F.h-Wn5 498,3?1 4,1^3 4.35 0.88% R -c -cal Leaaw.p 4'249,7^.a 36,439 35.63 ?SM. Municipal 3210.312 77.715 27.23 Tom Reten Fspenes AKE 1,443,425 :232 12.03 1.549; project MsmBsmmt 2,104.504 17.835 17.54 3.70% OCC 7,315,990 11,1.1 10.96 2.31% Money .501.000 4,237 4.17 0.99% Speael Utilities & Roadwack 0 0 0.00 0.009. FF&E 661,SW 516116 5.51 1.16% Geamal Connect 30,417,017 325,569 320.14 67.52'% Credit - 7,513 0 ki)n �1' .0.0584 Total Acted Con IN SM 149 5474.11 100 Contingency(1n boded) $1,632,644 $13036 513.61 2.87% t omtrudam Loan : Lntto mw 6Ra6M d bbbi" 1 8tida Pltm 1 DSC Ratio (1.0; 4.75"4) 1.76 1.56 1.63 1.69 DSC Ratio (Anent. 4.75%) 1.32 1.29 1.34 IA0 loan -In -Valla 71.65% 64.W4i 61.46% 59.03% Debt Veld 8.37% 9.38% 9.76% 10.16% Tva ::: 6 of Lnim ----------------------- Avg. Sq. Ft- Rene Reat aunt Ptr 5F Total Studios 5 599 $1300 12.50 Total 130&oc lea 72 986 $1,772 $100 Total 2 Rodmoma 41 1,296 $2,334 $1.80 TWe13 B.dmoms 3 0 50 SO.W Total Reddeadd Ila 1.017 $1,956 $1.92 Total Sq. FL 757 fiOO 120,04 691000 1119,OW T22 GgeitylRR 13.31% (R-AWaW) B. -P IT0120 Project ThwUne Doo -Ill Constructias Son Boynton Beach, FL O1Peran" Pro.Foran L•lureaded Trended Stab plus 1 Ctlnre Due Rent. A%Ront BmeRw Asa. Rtnt Real Per Unit ;,956 L,956 2,149 2,14 Rot Par Sq. FL 1.92 1.92 2,1 I 2.11 RaddentialLipente+`: .. LaIcendol RerUnit per °ioiEGT - A.7„- iair.F 35,140 _96 0.29 7.12=, MmagcmmtFee 402,296 3.,09 3.35 4.75% Admhniotnuivc 30,455 2_58 0.25 0.36% Maintenance 50,740 430 DA2 0.60% Landscape 84.153 71? 0.70 0.99% Payroll '75.626 1,46fi 1.46 2.07% Utilities 59,x',9 500 0A9 0.70% Rel Estate Taxes' 810,464 6-968 6.7_= 9.57% Insolence '6.'00 650 O6: O.91% Arsuvac 7-,700 150 5.15 = Tatd mCal Tipanatf $1."42,280 $14.765 $14.52 20.57.6 Tom Reten Fspenes $3.86&,500 - $56.67 - Project ThwUne Doo -Ill Constructias Son Boynton Beach, FL O1Peran" Pro.Foran Bffinembd St fthand Stab plus 1 stab rw 2 Revenues Potcutial Residential Gross Income 2,769,600 3.041,'06 3.147,547 3ne7,7I. Model & Employee (0.75%ofPGn (20,772) im's 161 X23,6077 (24,433) VaancyLoas(5A0%ofGPR) (138,480) (152.055; ;15'.77 112..,886) Comrssiann(0.00%&GPR) 0 V C. 0 gn it Loss (O.SO%ofPGCj (13,848) (15.206)iL5.739) ,16„89) mtisl F,GI Z'safipe wum 2, - 825 3,954,114 ImiL PGL 6,701,M0 7.359.00' , °19,77^ ^,847;.4'1 R, zr (5,100 per marl Sn 0 34 35 36 'i Vxaa.l,i5.J03„ afnwil SF) (I,�15,3W) (1 iC?956) '1136972` !!171,081) Retail EGl 54K700 6awslas 0 6,6}fy135 OtberI c 110.764 :21,64 ::5,90: 130,300 Utiliw Intone 0 0 0 cLamffl]¢.acne -65400 7: SI1 ? t.5 76,926 Total EllectiveCains Income 8,469,384 9,299 3,892 9,097AM -.v.-sem Ixen eti sack .. Ram 9.iFY 3.105 Vwlablo Exp! 778,416 846,7'5 67.0,177 895,673 Fiaed Expenses 94F,164 LO31751) 1,061,372 :,t193A82 Retail es 3,562,500 4,061,925 4,463,973 {,?6",560 R a 77.'00 "_9,061 19.537 20026 Total Ezpmser x.61%7 80 5,959,511 6,115,859 d,2^.6,343 Average Ekenera n'2,bw1h -- 1 ? trre 242% 7.62% Net 0 eridln Income 2 604 31349 168 3 033 3 -1 121 vaoxe ma _. TWal($) Pe-URR :Per SF e,.•i of Grwo Grow Sala Pdca(6.W% eap:aw) $2,679.47 700;671 43".46 1M.00% Cast of Sale .114. (2,916,40) L25224 15.73! -3.6091 Net Solo Proeaeft $79,702,695 9672,447 5421.71 96A0% Senior LewFea (31,293,792) (7_65,:0:) (165.58': -37.954. 3notor LeanTec&q MV*aele 0 D O.W O.00% Pay Defected Fem _ 0 0 0.00 Dim Equity from Side 548,406,906 $410,245 52-6.13 Sam% Stt4rlc Preitgt bttnalor SpMor Land£g61h;:' Yuki anCoat(Lmen1cdl Yield -Cleat (Ttamded) Cash on Cash (Uancadod)r 3.175: a.. -- CealhoaCasb(ftand.0 5.211% ... _. _ luvwmad 'tat 757 fiOO 22 757 600 0 T22 GgeitylRR 13.31% 1331% #NCIH! u' Mala! 3Dx 3.Ox ® #will &aKReal ROC TrindROL: EgndcIRR Total Profits 9wProida- 13 s0 Rent - 50.1 fi.65% 7.30% 24,97". 3 `.2 _.139 13,385,552 Banc R:nt-10.05 6.85% 7.540-: 26.9196 .w,?29,40; 15,394,2$1 Pro Forma (52.11 pan 7.06% 7.71% 28.73% 3&485,869 17.4170,913 Enc lufLt+$0.05 'x27% 7,9234 30.5!1% 4:.64:,-746 :9.405,:43 BmeRcat+50.10 7.47% 8.12% 3233% 45,099.607 :1.447,473 -,Cap Rnte ROC Trmd>t X Lquaa IRR Total PiVffi Spoatrs ProMa Cap Rot. -1W bps 7.05% 7.70% 41.49% 65,935,339 3?[92,989 Cap Rae -5Dbl. 7.06, 7.71% 34.86% 50,673,1381 _76=I,S5: am%cap raw 7.06% 7.71% 28.78% 30,185,869 17AOD,013 Cap Raw +50 bps 7.05. 7.71% 23,12% 27,749,818 17,365,147 Cap Rae +too bps 7.06% 7.71% 17.90% 19,974,696 612581720 -VOTES. _. c.._, natal.: -xea and L•a, ti =a z dei%;age rxlr 9i' 13 ^..:, was C°".; ctrusan MM dour Gt a enters: rare of 4.75V. Build* Opmin$ j Mar -`20 i` Scp•20 i Cld-20 Proopocing Lcacio8 Sort L : Ficial CO 47 Stabilization JW -22 Doe -30 Raidael Set. Appendix 1an..- Rae2�e'u1Cn:.79aat6::Rc:WR) 3,047,230 3,41,10® M47,$47 ?�57.':I 1.386.CL9 3,523,..46 S,fK:.wS ?,9e. ^2: 3,932,562 4,151,441 4,329.295 4,512,247 4,709318 a awl;, maw 0.00°0 OFL'PHl 0 0 0 5 0 e L 50 0 F.I.Miat O:rm7I4 {PC:11 3,47,29 3941,116 3eI17.V7 3,257,7:13, ,014 3,633741 J,ENa182 3,630,322 &9 4,151,141 .7.328,295 57„x1w341 SF 16 A'.v:! .ap!yrs {y'31;.alPci! (23,654 cs1 .23.'4`7) :,4442"sl '21,*ICI P6.,4271 „?',4141 652° (29,6693 (31,1391 (32451 433,943) (1351240) 1'6:-157 ":.aw;!CEWS as6FR1 (153,053) 13`7„""} Il%:,36'0, ;169.«611 (176,177) !!33,;.:41(191,Ufl:j {199,129} (201,5923 (216.;1!? ;.32:.(6127 (5235,3013 C,xslcv L -M, 4('5`,18 (a sG6:titu.ra,: 0 .. . 0 0 0 0 G w so a". - •1?C�" '15'34' 15 l±? °S4. 17 E1B -193;.2+ 1 191 19913 7 Aa�[atlal Ettlme G+an lane (EG1I 3359,119 3,851339 2.95035 3:45y14 3,t%w"51 3,703119 3,175.1.x2 31 3,733,671 302,Ml 4.051,4"4 144WkM 541716,04.7 R,:A ?Ci 9,97.^4,642 7359,007 7,!19.77: %,EGi.17I WAIM 1,282,62' UN 1,1:e &707,039 9,050,551 9,312,170 9,��L,339 9,51930 80,166,67 'Jexa,rrisa';90:7xxrmail SF3 ±°_'452.3 34 35 1. 36 37 36 39 40 41 41 4l ,VA:S.uD'L oYr�x': 91" S 41, 3S fl l t i .13 l 4dW a.,: F-1`. a 3:6 ,021 : 5'.:, 'I 199 " :T a: 152" 994 Rx14151G1 4,563399 dxi%3®5 tiA4L49 6,586325 6,0.7 7,010,265 7-1n C3 '•IE4,01' 71923JIM 816 ,595 4, MAn 9srL sf®OE'+. a.'Y.12T 12101, 1214/4 1®5.9^3 '.JL%Q3 135,521 140,94: 045.379 ISLt:� 15153,3 .6f 04 1"3,:32 5091.490 534,161 .•ami SW • •".. d1F '.13e' 74 1 :. 20 8�3 3212.1 Et,131 93,111 - •f. s MUM TC !CGI ".,39,165 9,2993w 9,493,91 9.89"pIG :,433".6}2 6®.%7573! !3.9h4N3 11-193.493 14.516.:44 1 'M 11,497,709 512°9.9,371 513,18,016 4.3`141 ]8 rR .d 3:: f_fJ: 31l•V 3: "e :f.' ftp' --.ry. Y+rs. . .,.. 5555 a... ,5532 .:.s i$a• ..e 9_e.- a. s._r_ .,-. 5'-13-1' 3rd' ACVY.7:9L`;; 2-5,39° 11,951 48,7.17 39,7,: 40,761 -I,'.6: 42.3.4 43,693 .14,5,42 45.114 i'r?0 48,452 49,663 Aa7 &.t9u[1.Yg7 r.ti{ +mY ofECil1 147495 411,735 455'•1.. 4'0,.3" 485.761 3,:1,967 sts.7:+2 536,441 SS+.iI': 5755&15 593193 538530 52 945 .\ L::A--,.,1 40,262 32"96 37 E: 34,45E 35,316 35,1:1 3'•Lud 3&031 35,455 391959 40,958 41,91. Y3,D31 h,i:7ee.•.. 55,1:15 s4.57< 5sov S.xs 56,43 53.114 t: +m: 63,367 54,,'3 56,575 51.2.5 0",446 •.1,614 Lv -we 1: t,2+:• ;c a1i >PA84 5511L 97,591 1:0731 '0:1113: 105395 _ I!_.t1S 113:!".4 5:5,X! 126,905 P -My 2AL183 B4.124 193 950 19.7 4 x03 672 x9'54 2t? 513 21912H ;LAU IL'21 u 19' 2L --UM 114 TOW V4:'n1ME 851,^..98 &0,'-n B'OM 69:y675 938,%7 MAW 9?&,961 IAK14 1,�35,771 1MV19 11389334 51.::0,813 81,3x4.'193 '. IRllitic 78,10 63,537 65425 66,753 M42.' 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Ex 0 0 0 0 6 4 0 6 0 0 0 56 10 43Y::� y�,Ah rp 3. i.�.•::.ae vu as 49 ATTACHMENT III 00 N w O � N O N w O � N O LID N w O � N LID 't N w O � N M N w O � N M N N w O � N N _ � N w O � N O N ca 0 0) N a �O a` w r m O N w 0 > w w a a c Aww s A ro a � V CO V 7 co O Cj LO ER 69169 � V co O co Cj LO ER 69169 ,It N co O CjCli V) ER EFJ ER V co O Cj LO ER 69169 V N CO co O Cj LO ER 69169 � V co O co Cj LO ER 69169 � V O I- 00 M LO � 61) vj ,It CN CSO V co O Cj ER Efl V (6 a O N V N 00 O LL p ZZ O Uv a)2 No a� N O N In (6 V L) V N O . p O V N O Ob LL N O O Z p O t Z N N LM U N N = d 00 co 00 O LO O 69 00 O N N 00 co O 69 N O M LD O O 69 O O O O O 69 O O co LD N 00 LD 69 M O N O O LD 69 N co O N O 00 t LD 69 O_ O N M LD 69 a EFJ EFJ 69 ON N 00 O 0 N r 00 00 N O O co O N O O EFJ O 69 N w Q ` O N l0 N --_ LO O N � 7 fl N O U X >o OI-. I-. O � C (p C N O LO N w O y C:U 00 N > ..t LL O F co U>.2 N In -0.o m xa -It r LD U a� C0 >, 69 69 69 69 69 69 LO co co 0 O VI? N -= M co O ER ER 69 69 ER 69 CO N00 0 00 O 00 p N co 0 CO 0 p O O Ci r.. h N O O � O 00 (MO � (MO V O O 6r, 6r, 69 --_ 69 EFJ 69 o 0 CO � N O - N V O O 0 Itm O OJ �.. 0 OJ -.t O ER EFJ 69 '. 69 EFJ 69 I� V o CA co 00 � CQ � � (c CQ co � ` O O0 � _ ,It O O N N � _. - In OJ N r-- 0 O 6r, 6r, 69 `t 69 6r, 69 co co 0 0 m 00 CO 00 --__ r.. M d' 00 I� co V O t 0 O e O N In I� O 03 O —_ EFJ EFJ 69 - 69 EFJ 69 o coLO O co -. 0 co_ 00 M0 C? 0 0 V V CO O ON O O ii t 0 O LO N 00_ O a In r- 00 O + O w Ki Ki 69 =- .0 69 Ki 69 Y o _ 0 N r- O C, 1 d r O C, V 00 O U In In O M U V O O N O C O EFJ EFJ 69 ON N 00 O r V M O M co O N O O EFJ EFJ 69 N w O (mp N 0 0Y U LO O N � 7 7 U X O U X >o _ C (p C N O N w O y C:U O U aUi > ..t LL O c N � O U>.2 U -0.o m xa U a N U a� C0 >, 691 ER LO w o w I 000 0 f-- N O co 0d N g 0) CL U Cw > ~ Y N w 0 3a D O c c7 c w w "a C E W Q 0) a w a x 0 > F O f0 U D � Q F 0) N O N 00 N O N N O N LO N O N a N O N M N O N H �_ V 0 co M Ll OM CocoO O O a M O LQ V O N LD V M O LD LD r M O V LC) � CO I- O p 0 co r Cl) N OM - W 0 a) O M N M CO- O Cl) O N LD Cl) O LD LD U -J 6p, U -J 6p, U -J ER _ O LC) r- CO LDr W W O V O co r - O L(1 OM 7D M 0 P- O N O M P- V CO O N LD O O LD LD 6p, ER 6p, 6p, 6p, 60 N O LC) LSC) 0 O W I� N CD a OM LLD CO 0 (D O N 000 M N O Cl) O N LO O C6 O LD V U -J 6p, U -J U -J U -J ER M M � WCl) CO LC) cc 0 coP- LC1 <0D Il. O Cl) O O p CO V LD r � V O M N L^C1 co I- O V V a) LC) CO V ^2 O In O co I- OM c O O Cl) N LLO I- (fl O O � � U f» f» f» y f» f» 60 MM R a)I- CO I� Lfl O - p CO O co r CO W N O � coL OC) O M M O O M CIZ O CO Cl)M U O N LO LO V V V x O U -J U -J U -J C 6p, U -J ER 0) r _E OIn r0 M W CO M N LOi LQ 0 O r r- 00 O O LO O O N "Zr (d N M CO M M O LO V y O O L 6p, 6p, 6p, a 6p, 6p, 60 w O m .Q o LO m N m 0_2 m 0) U II ' w O 7 a1 U a>i i00 m u U a > _ � c 0 = c �' O O d 01 -0 01 ai ' (6 01 —_ 0 N 0) M C N N 0) !n 00 (6 C U E -_ O 0 O lj U E .001 O o Q X E U o C .J � U U .o O .J U U� .5 O m C a 04 HU L x H—U C1 NC) x H m H EXHIBIT A OCEAN ONE - PHASE 1 ESTIMATED PLEDGED PROJECT INCREMENT REVENUE CALCULATION WORKSHEET Term: 8 Years, projected from years 2020-2027 Year 1 Estimate Value of the Project prior to Redevelopment - Base Year Represents 1/2 of PCN 08-43-45-27-01-000-0410 (114 N. Federal Highway) since parcel will be split $ 1,330,674 PCN: 08-43-45-27-02-000-0010 (222 N. Federal Hwy) $ 527,442 Total Base Year $ 1,858,116 Value of the Project after Redevelopment $ 55,010,726 Project Increment $ 53,152,610 Tax Increment Revenue = (95% of Project Increment X (City Millage + County Millage) (1) City Millage Rate 0.0079 City TIF Contribution = 95% of Project Increment X City Millage $ 398,910 (2) County Millage Rate 0.0047815 County Contribution = 95% of Project Increment X County Millage $ 241,442 Year 1 - Tax Increment Revenue created by Project $ 640,352 Award Factor (75% Years 1-7; 50% Year 8) 75.0% Year 1 - Total Estimated Pledged Project Increment Revenue to Developer $ 480,264 Total Remaining with CRA $ 1607088 Summary All Years 1-8 Years of Pledge Revenue 8 Years 1-7 @ 75%; Award Factor Year 8 @ 50% Years 1 - 8 Estimated Payment to Developer of Total Pledged Project Increment Revenue Over Term $ 4,087,476 Years 1 - 8 Remaining with CRA $ 1,626,725 Total Estimated Tax Increment Revenue Received Over 8 Years $ 5,714,201 Notes: The developer incentive award calculations are based on Palm Beach County taxable values and City and County millage rates that are adjusted annually and finalized by September 30 of each year. T:\FINANCE\DIFA\Ocean One\BOARD MTG 06-13-17 - Ocean One- TIF Calculation Example - 2 Phases 06-06-17 EXHIBIT A OCEAN ONE - PHASE 2 ESTIMATED PLEDGED PROJECT INCREMENT REVENUE CALCULATION WORKSHEET Term: 8 Years, projected from years 2022-2029 Year 1 Estimate Value of the Project prior to Redevelopment - Base Year Represents 1/2 of PCN 08-43-45-27-01-000-0410 (114 N. Federal Highway) since parcel will be split $ 1,330,674 Value of the Project after Redevelopment $ 44,650,231 Project Increment $ 43,319,557 TIF Revenue = (95% of Project Increment X (City Millage + County Millage) (1) City Millage Rate 0.0079 City TIF Contribution = 95% of Project Increment X City Millage $ 325,113 (2) County Millage Rate 0.0047815 County Contribution = 95% of Project Increment X County Millage $ 196,776 Year 1 - Tax Increment Revenue created by Project $ 521,889 Award Factor (75% Years 1-7; 50% Year 8) 75.0% Year 1 - Total Estimated Pledged Project Increment Revenue to Developer $ 391,417 Total Remaining with CRA $ 130,472 Summary All Years 1-8 Years of Pledge Revenue 8 Years 1-7 @ 75%; Award Factor Year 8 @ 50% ears 1 - S Estimated Pavment to Developer of Total Pledge Increment Revenue Over Term $ 3,329,953 Years 1 - 8 Remaining with CRA $ 1,325,165 Total Estimated Tax Increment Revenue Received Over 8 Years $ 4,655,119 Notes: The developer incentive award calculations are based on Palm Beach County taxable values and City and County millage rates that are adjusted annually and finalized by September 30 of each year. T:\FINANCE\DIFA\Ocean One\BOARD MTG 06-13-17 - Ocean One- TIF Calculation Example - 2 Phases 06-06-17 SUMMARY OF ESTIMATED TAX INCREMENT REVENUE PAYMENTS TO OCEAN ONE DEVELOPER: OCEAN ONE BOYNTON, LLC Assumptions: 1) Two Phases of eight years each 2) Incentive Award: 75% in Years 1-7 & 50% in Year 8 Estimated Payments to Developer Year Phase 1 Phase 2 Total 2020 $ 480,264 $ 480,264 2021 $ 495,176 $ 495,176 2022 $ 510,535 $ 391,417 $ 901,951 2023 $ 526,354 $ 403,520 $ 929,874 2024 $ 542,649 $ 415,986 $ 958,635 2025 $ 559,432 $ 428,827 $ 988,258 2026 $ 576,718 $ 442,052 $ 1,018,771 2027 $ 396,349 $ 455,674 $ 852,023 2028 $ 469,705 $ 469,705 2029 $ 322,771 $ 322,771 Total $ 4,087,476 $ 3,329,953 $ 7,417,430 T:\FINANCE\DIFA\Ocean One\BOARD MTG 06-13-17 - Ocean One- TIF Calculation Example - 2 Phases 06-06-17 CRA BOARD MIEETING OF: June 13, 2017 (Tabled 5/912�01 7) I Consent Agenda IX I Old Business Now Business I I Legal I I Information Only CRAAB StBJECT: Consideration of the Letter of Intent from St. John Missionary Baptist Church for the purchase of the CRA owned property located at 700 N. Seacrest Boulevard, also known as the Ocean Breeze East Site SUMMARY: At the April 11, 2017 CRA Board meeting, St. John's Missionary Baptist Church and Roundstone Development, LLC, presented the terms of their Letter of Intent for the Purchase of the CRA owned Ocean Breeze project site located at 700 IN. Seacrest Boulevard (see Attachment 1). After review and discussion of the item, the Board approved the release of the statutorily required thirty (30) day Public Notice to Dispose of the property and requested more detailed financials and project detail be submitted by the development team 'see Attachment 11). Financing Option 3: Use of a 4% SAIL loan, tax-exempt bonds from the Palm Beach County Housing Finan,oe Authority, a request for $1 million in CRA funding and purchase of the site for $10 plus various fee creditsand waivers. Regardless of which financing option used, the partnership will provide affordable housins' under the following guidelines, 10% of the units wi 11 be rented to those at 33% of median are;, household income and 90% of the units will be rented to those at 60% of median argq household income. The proposal states that preference will be given to the hiring of local, minority contractors and multiple job fairs will be held to solicit employees. ZWRA PLANIPROjECT/PROGRAM: 2016 CRA Redevelopment Plan — Heart of W -voynton District (pages 105-117) Rch a--- e --I -S"imo'n, Interim Executive Director ATTACHMENT .... . ... �,, To. Michael Simon, Executive Director, Boynton Beach Community Redevelopment Agency, and Boynton Beach Community Redevelopment Board Members ?E"L Ll F OUT WT 17`0 r T& I LY I I TV M -UT I I W: If boundary as Seacrest Blvd., the east boundary as 1" St., and the north boundary as NE 71 Ave., and the south boundary as behind the apartments on NE 61 Ave. 11111TINIO rill 1 oll I IT Mt; W T I E #7 7t T I T;ZT. W 11 9 -=*4 - 7 ro T iT4 0• MM# -I r- 7 W I N F. 01 [ Ms ri7 #-14 " 4 AI 74 8 isill-W47*31R, MIZVMI" 111 LV ?e—ly �3 "U, Mecis -1 ---U—WW1U-.1 L I?" center, multipurpose rooms and a catering kitchen, combined with.2 5000 sq. ft. Grocery store. 6 r i A WILL: J. A required by the FHFC to put up a $1 Million community cornmitment before the application for the 9% tax credits is submitted in the fall. However, the commitment will not have to be funded by the CRA until construction of the city based on past applications. This partnership will provide affordable housing using the following FHFC guidelines - 10% of the units at 33% of area median income and 90% of units at 60% of area median income. The partnership will give preferences to minority local subcontractors and host multiple job fairs for minority district 2 residents at the RM Lee Educational Complex located on the St. John campus. The partnership will have an art feature approved by the city's arts commission that will be valued at 1 % of the building cost. Our preference will be to use artists from District 2. �k-o-u-na-sUn-e--f,eveiopmen% LLU is a ionai eve or W117 a pi-flen SO gin Palm Beach County and throughout the Sunbelt of the United States. Their most recent success is in Delray Beach partnering with the Delmy Beach Housing Authority on a project located at 12t' Ave and 10& St. 4 WIWI,) "MR.W., MW cenelyl-,. Rev. Jovan Davis, P&►St. John's Missionary Baptist Church ReacblllitW, ne,& emabk Willie Gib4iAi Chairman of Deacons - St. John Missionary Baptist Church In HAm we have redemptfon through His bbod, Howard Brown Chairman of TrusteesJohn Missionary Baptist Church Me ftwolmneve of I%ft, according to Me Michael Hartman Develiv' r - `ii ti Develozyment. LLC Achm of Hft gmn - E0. 1:7 1, 'a I v" nm Much 29, 2017 To: Michael Simon, Executive Director, Boynton Beach Community Redevelopment Agency, and Boynton Beach Community Redevelopment Board Members From: The St. John Missionary Baptist Church Re: Letter of Interest in the CRA owned site known as Ocean Breeze East. C I boundary as Seacrest Blvd., the east boundary as 11 St., and the north boundary as NE 71 Ave., and the south boundary as behind the apartments on NE 61 Ave. St. John Missionary Baptist Church, in a partnership with Roundstone Development, is interested in acquiring the land ti develop it with 108 Affordable Apartments comprised of 1 & 2 bedroom apartments, combined with a Famfly LiI Center featuring a :Nmmasium �basketball and business center, multipurpose rooms and a catering kitchen, combined with a 5000 sq. fL Grocery store. This would be financed using a SAIL Loan from the Florida Housing Finance Corporation (FWC) and Tax — Exempil Bonds from the Palm Beach County HFA, a community investment of $1 Million, utility credits and impact fees waivers and the land provided to the partnership at a cost of $ 10.00. This partnership will provide allordable housing using the following FHFC guidelines - 10% of the units at 33% of area moI incorff e uld 90% of units 1-# 60% of &-ra incow.c. The partnership will give preferences to minority local subcontractors and host multiple job fairs for minority district 2 residents at the RM Lee Educational Complex located on the St. John campus. The partnership will have an art feature approved by the city's arts commission that will be valued of the building cost. Our preference will be to use artists from District 2. R.oundstone Development LLC is a national developer with a proven record of developing quality, affordable housing in Flalm Beach County and throughout the Sunbelt of the United States. Their most recent success is in Delray Beach fIartrrering with the Delray Beach Housing Authority on a project located at 121 Ave and 101h St. 0300�� mml= C Rev. Jov,11' Davis, Pastor — St. John's Missionary Baptist Church I Willie Gr)ib��, n Chairman of Deacons — St. John Missionary Baptist Church, Howard Brown Chairman of Trustees — St. John Missionary Baptist Church . . .... 7t(e R, edtr e, a b1!,, Michael Hartman Developer — Roundstone Development, LLC. In Him we have mdempdan through His bWd, the k1ghenew ofains, nowifflng to the dcheadHis grace -Eph. 1:7 March 29, 2017 To: Mchaci Simon, Executive Director, Boynton Beach Community Redevelopment Agency, and Boynton Beach Community Redevelopment Board Members MM 10M I I I I I I I I I I I I I I I! I I I I I I I I I I I I I I I I I I I I I III I I I I I I ��1111111 III St. John Missionary Baptist Church is submitting this letter of interest for the Ocean Breeze East site located with the west boundary as Seacrest Blvd., the east boundary as 1" St., and the north boundary as NE r Ave., and the south boundary as behind the apartments on NE 61h Ave. St. John Missionary Baptist Church, in a partnership with Roundstone Development, is interested in acquiring the land to develop it with 108 Affordable Apartments comprised of 1 & 2 bedroom apartments, combined with a Family Life Center featuring a tropical swimming Pool, state of the art fitness center, gymnasium (basketball and volleyball), business center, multipurpose rooms and a catering kitchen, combined with a 5000 sq. ft. Grocery store. This would be financed using a SAEL, Loan from the Florida Housing Finance Corporation (FBFC) and Tax — Exempt Bonds from the Palm Beach County HFA, a community investment of $1 Mon, utty credits and impact fees waivers and the land provided to the partnership at a cost of $10-00. f IreELM es - I �00/6 of the u�nitsat 3 �3% of �mea olio, median income and 90%o units at 61%oarea median income. The partnership will give preferences to minority local subcontractors and host multiple job fairs for minority district 2 residents at the RM Lee Educational Complex located on the St. John campus. The partnership will have an art feature approved by the city's arts commission that will be valued at 1% of the building cost. Our preference will be to use artists from District 2. St. John Missionary Baptist church has been a pillar of the city for 109 years with over 1,000 members. is a national develq�er with a proven record of developing quality, affordable housing in Palm Beach County and throughout the Sunbelt of the United States. Their most recent success is in Delray Seach partnering with the Delray Beach Housing Authority on a project located at 121 Ave and 1 O'k St. e our letter of interest and allow us to come back in 120 days so that staff can develop a purchase and development agreement. E'1,, Va Davis", Pastor — St. John's Missionary Baptist Church Willie N,. n C ' of Deacons — St. John Missionary Baptist Church, Howard Brown Chairnian of Trustees — St. John Missionary Baptist Church Michael Hartman Developer — Roundstone Development, LLC in Hkn we have mdampthn through ccomiHis bbod, ths tomwmw of sins, ang to dw rkhas of His graw - Eph. 1:7 ATTACHMENT II From: Simon, Michael To: Nicklien, Bonnie Subject: FW: LOIS for Ocean Breeze East site - Document Request Form Date: Friday, May 05, 2017 10:43:44 AM Attachments: Roundstone StJohn LOI document reouest 050117.pdf imaae415203.12na imaae378516.pna image161430.pna imaae754341.pna imaae975936.12na imaae420611.pna Nr'rchaeV Surnon h-Aerurn Fxec ru Jve D'rector C.R.A. Boynton Beach Cornrn unrty RedeveVoprnent Agency 71..6 N. FederaV Hwy. � Boynton Beach, Horuda 33435 561-666-6661.. � 561..-737-3258 Sur:roroM@bbfV.rus B-oU:tP://ww .catc:-oboyrotoro.cor:i America's Gateway to the Gulfstream Nease be advsed that Horuda has a broad pubhc rewards Vag° and aH correspondence to me Grua ernaH may be subject to &sc Vosrure.Under Horuda records Vary°, erna l addresses are pubhc rewards. -f herefore, your e- rnaH cornrn urf catU on and your e- rnaH address may be subject to pubhc d'usc Vosrure. From: Simon, Michael Sent: Monday, May 1, 2017 8:36 AM To:'mm1370@aol.com' <mm1370@aol.com>;'Guarn' <gsims06@aol.com> Cc: 'ma rkka rageorge @comcast. net' <ma rkka rageorge @comcast. net>; 'pastor@stjohnmbc.com' <pastor@stjohnmbc.com>;'fcpace@aol.com' <fcpace@aol.com>;'wood rowhay@msn.com' <woodrowhay@msn.com>; Utterback, Theresa<UtterbackT@bbfl.us>;'roundstone@rstdev.com' <roundstone@rstdev.com>;'krossmell@llw-law.com' <krossmell@llw-law.com>; Bonnie Nicklien (NicklienB@bbfl.us) <NicklienB@bbfl.us> Subject: LOIS for Ocean Breeze East site - Document Request Form Good morning Guarn and Michael: Attached please find the CRA's requested document form. The form should be completed by each Development Team Member which in this case is Roundstone Development, LLC and St. John's Missionary Baptist Church. The list of documents and information being requested is standard and typical for the CRA's Request for Proposal and Letter of Intent processes. These documents may be submitted at your convenience and will be reviewed by staff when received. As the CRA Board review process continues, this information will become part of the LOI packet. If you have any questions or need any additional information, please do not hesitate to contact me directly. i Ir OCEAN BREEZE EAST PROJECT Hard copies of all materials listed below must be provided to the CRA for review and approval by the CRA Board. Development Team Members shall mean: St. John Missionary Baptist Church and Roundstone Development, LLC - individually, not collectively. 1. List of personnel that will work on the Project from each Development Team Member, along with, their professional qualifications and resumes. 2. A written general statement from each Development Team Member of its qualifications, including examples of experience with similar projects, as well as background information on the principals. 3. Copies of Roundstone Development LLC's annual report or SEC filings, as appropriate. 4. Copy of each Development Team Member's commercial lease agreement, if any, or proof of property ownership at the location the Development Team Member is current licensed to do business. 5. Three years of corporate tax returns for each Development Team Member. 6. A program description of how the Development Team Members (collectively) will attempt to utilize local residents, qualified contractors and sub -contractors in the development, construction, operation and management of the proposed project. 7. Authorization to Perform Credit Check for each Development Team Member. The Authorization must be executed by the appropriate officer of each Development Team Member's corporation. Authorization is attached. 00807422-1 8. Proof that each Development Team Member is properly licensed by all necessary levels of government and professional associations or agencies, such as copies of: • City of Boynton Beach Business Tax Receipt • Palm Beach County Business License • Any other licenses, including Federal licenses, the Development Team Member is required to have in order to do business in the State of Florida • Registrations of any type that the Development Team Member is required to have in order to do business in the State of Florida • Any other licenses, registrations, or similar authorizations required by any governmental or licensing entity to perform the type of work proposed for the project. 9. Most current development and operating pro forma. The development pro forma shall include and clearly identify the cost of land acquisition from the Boynton Beach CRA along with any proposed funding assistance being requested of the Boynton Beach CRA. 10. If the project is proposed or may be proposed to use Low -Income Tax Credits or other project based subsidies for affordable housing, the appropriate Development Team Member must demonstrate extensive experience with obtaining such project -based subsidies for affordable housing by listing projects and the amount and type of subsidy utilized. 11. A preliminary commitment letter from a credible State or Federal lending institution to fund the proposed affordable housing development project. 12. Proof of each Development Team Members' financial capability to fund any costs associated with the development of the proposed affordable housing project prior to the construction or the permanent loan funding such as pre - construction costs, design costs, financial due diligence (including any required loan/finance application fees or any fees associated with securing financial assistance for the project). 00807422-1 i t i DEVELOPMENT TEAM MEMBER ORGANIZATION INFORMATION: Corporation/Business/Organization Name (D/B/A if applicable): Current Business/Organization Address: Fed I D# Phone: Website: Number of years in existence: Time at Current Location: Type of Business/Organization: Number of Employees: Fax: Hours of Operation: Are you receiving grant assistance from any other governmental agencies: Yes No If yes, list any additional grant sources and amounts: 00807422-1 PRINCIPAL/OWNER INFORMATION: (If more than 4 principals/owners additional sheets may be used.) 1. Principal/Owner Name: Current Home Address: Email: Phone #: 2. Principal/Owner Name: Current Home Address: Email: 3. Principal/Owner Name: Current Home Address: Email: 4. Principal/Owner Name: Current Home Address: Phone #: Phone #: Email: Phone #: 00807422-1 Authorization to Perform Credit Check I, as of hereby consents to and authorizes the Boynton Beach Community Redevelopment Agency's ("CRA") investigation into the credit worthiness of (name of business/organization). Such consent and authorization is given with respect to any and all persons who may conduct an investigation of the applicant's credit worthiness on behalf of the CRA, including independent contractors and credit agencies retained by the CRA for such purpose. Any information provided to the CRA is a public record subject to the provisions of Ch. 119 F.S. Such consent and authorization to the CRA for the period commencing as of the date of this authorization and terminating on the date CRA funding has been fulfilled. This applicant hereby waives any and all claims, past present or future, which the applicant may have against the CRA by reason of any credit investigation made pursuant to applicant's consent and authorization herein given to the CRA. An authorization to Perform Credit Check needs to be completed by each Principal/Owner and by the Business/Organization. For Business/Organization: Business/Organization Name (D/B/A if applicable): Current Business/Organization Address: Federal Tax ID# State of Incorporation: Phone #I: Fax#: Signature: Date: Title: 00807422-1 ADDITIONAL LANGUAGE • This is to notify you that the Boynton Beach CRA will perform a lien search on the properties which the Development Team Member owns within the City of Boynton Beach on which it conducts business to ensure that the property does not have any outstanding code liens, violations or monies owed for utilities the CRA. In the event that an Applicant has an outstanding City of Boynton Beach lien against the property, the Boynton Beach CRA will require proof of the complete satisfaction of the lien. • Applicants are encouraged to take advantage of the City of Boynton Beach's PACE Program to help defer the cost of installing energy efficient items above. Information regarding the PACE Program is available on line at http://www.boynton-beach.org/go- green/pace program.php or by contacting the City at 561-742-6067 00807422-1 From: Michael Hartman [mailto:mm1370@aol.com] Sent: Thursday, April 27, 2017 1:33 PM To: Simon, Michael <SimonM@bbfl.us>; gsims06@aol.com; Katz, Justin <KatzJr@bbfl.us> Cc: markkarageorge@comcast.net; pastor@stjohnmbc.com; fcpace@aol.com; woodrowhay@msn.com; Utterback, Theresa <UtterbackT@bbfl.us>; roundstone@rstdev.com Subject: CRA Payments Michael, I just wanted to follow up on a few things we discussed on Monday. Yes, the loan period for the CRA funded loan can be shortened to save on the overall cost. Unfortunately, HUD will not lower the interest rate for a shorter loan term. The overall savings are computed as follows: 1. $6,023,000 loan, 4.17% interest rate, 5 year term = $111,958 payment per month x 60 = $6,717,480 total payments. 2. $6,023,000 loan, 4.17% interest rate, 6 year term = $95,267 payment per month x 72 = $6,859,224 total payments. 3. $6,023,000 loan, 4.17% interest rate, 7 year term = $83,361 payment per month x 84 = $7,002,324 total payments. 2. The interest payments on both HUD loans projected to be due during the construction phase are included in the total development cost. Therefore, the CRA would not start paying on the loan until the month that the property receives its Certificate of Occupancy. So, if we start construction in March 2018 and we receive CO in February 2019 the CRA payments would commence in March 2019. Sincerely, Michael A. Hartman ROUNDSTONE DEVELOPMENT LLC Florida Office 1370 Taurus Court Merritt Island, FL 32953 321-453-9587 321-223-8650 Cell -----Original Message ----- From: Simon, Michael <SimonMabbfl.us> To: Guam <gsims062aol.com>; Katz, Justin <KatzJr_,bbfl.us> Cc: markkarageorge <markkarageorge a2comcast.net>; mm1370 <mm13702aol.com>; pastor <pastor ,stiohnmbc.com>; fcpace <fcpace g aol.com>; woodrowhay <woodrowhay cr msn.com>; Utterback, Theresa <UtterbackTnbbfl.us> Sent: Tue, Apr 25, 2017 4:02 pm Subject: RE: Follow Up Response Hello Guarn: You are correct, the CRA Board can make any decision and take any action they would like to regarding the item. It will be entirely up them. If you need staff to schedule a project pre -application meeting to discuss the layout of the proposed project with City Planning & Development staff, please send me some available dates and times covering the next two weeks and I'd be happy to set that up. Michael Simon Interum Fxecuhve Durector C.R.A. Boynton Beach Communuty RedevOopment Agency 71.0 N. Federal ldwy. � Boynton Beach, Floruda 33435 56�-600-909 ;;, 56�-737-3253 l j SimonM@bbfl.us http://www.catchboynton.com El America's Gateway to the Gulfstream Please be adv sed that Floruda has a broad publuc records law and all correspondence to me va emaul may be subject to dusclosure.UnderFloruda records law, emaul addresses are publuc records. _V herefore, your e- maul communlcatlon and your e- maul address may be subject to publuc dusclosure. From: Guarn [mailto:gsims06@aol.com] Sent: Tuesday, April 25, 2017 1:30 PM To: Simon, Michael <SimonMna bbfl.us>; Katz, Justin <KatzJrna bbfl.us> Cc: markkarageorgena comcast.net; mm1370na aol.com; pastorna stiohnmbc.com; fcoacena aol.com; woodrowhayna msn.com; Utterback, Theresa <UtterbackTna bbfl.us> Subject: Re: Follow Up Response Thank you for the response. However, in a recent email you stated (paraphrasing) that the board can approve the LOI at the May 9th meeting but cannot take any further action past that point until after the 30 day public notice has expired. If that's correct, we would ask that this item be placed on the May 9th CRA board agenda for consideration for approval. Although we also understand waiting may appear to be cleaner and less complicated, we believe the interested public at large (Especially the HOB community) would not object to the CRA board approving the LOI at the May 9th meeting then waiting until after the 30 public notice has expired to officially begin the development agreement process which includes submitting and analyzing information from all entities involved in the project. Thanks -----Original Message ----- From: Simon, Michael <SimonMabbfl.us> To: Guam <gsims062aol.com>; Katz, Justin <KatzJr_,bbfl.us> Cc: markkarageorge <markkarageorge a2comcast.net>; mm1370 <mm13702aol.com>; pastor <pastor ,stiohnmbc.com>; fcpace <fcpace g aol.com>; woodrowhay <woodrowhay cr msn.com>; Utterback, Theresa <UtterbackTnbbfl.us> Sent: Tue, Apr 25, 2017 12:13 pm Subject: RE: Follow Up Response Thank you all. CRA staff will put together a list of the requested financials and send those out to you. It is anticipated that the Board may want to wait until the official close of the required 30 day Public Notice period which ends on May 15, 2017, before approving the LOI and select a funding option. As staff, I cannot take any action to that effect but given our recent experiences reviewing LOIS submitted for CRA owned property, waiting until the close of the notice period to take action would likely keep the process cleaner and less complicated. Thank you all again for your time yesterday to meet together to discuss this very important and significant redevelopment project opportunity. If you have any questions or need any additional information, please do not hesitate to contact me directly. Michael Simon interim Fxecutive Drector C.R.A. Boynton Beach Communhty RedevOopment Agency 71.0 N. l=ederal Hwy. � Boynton Beach, l=lorlda 33435 56�-000-909 � 56�-737-3253 SimonM@bbfl.us Q http://www.catchboynton.com 091 El America's Gateway to the Gulfstream Please be adv sed that l=lorlda has a broad public records law and all correspondence to me va email may be subject to dlsclosure.U3nder l=loruda records law, email addresses are public records. 1 herefore, your e- main communucatuon and your e- main address may be subject to pubhc d&s osure. From: Guarn [mailto:gsims06@aol.com] Sent: Tuesday, April 25, 2017 11:37 AM To: Katz, Justin <KatZJrna bbfl.us> Cc: Simon, Michael <SimonM@bbfl.us>; ma rkka rageorge@comcast.net; mm1370@aol.com; pastorna stiohnmbc.com; fcpacena aol.com; woodrowhay@msn.com Subject: Follow Up Response Good Morning We will patiently wait to receive specific information from Mike Simon regarding financial information. However, we would like to receive this information prior to the end of this week so that we can have adequate time to analyze and prepare a response. More importantly, we would like to submit our response prior to the May 9th CRA board meeting where the community is anticipating the CRA Board will recommend and approve our Letter of Interest. Thanks Deacon Guam Sims Sent on Behalf of the St. John/Roundstone Development Team -----Original Message ----- From: Katz, Justin <KatzJr_,bbfl.us> To: Guam <gsims06C_aol.com> Cc: Simon, Michael <SimonMnbbfl.us>; markkarageorge <markkarag,eorgea2comcast.net>; mm1370 <mm13702aol.com>; pastor <pastor_,stiohnmbc.com> Sent: Tue, Apr 25, 2017 11:04 am Subject: RE: (Request) Ocean Breeze Development Discussion - Follow Up Thank you to those who were in attendance of the meeting yesterday at the CRA. In an effort to do necessary due diligence regarding the potential development and partnership between the cra, developer, and St. Johns on this matter, I am asking CRA Director Mike Simon to put together a request for pertinent financial documents that would be important to fully assess the offer on the table, from St. Johns. Absent concrete knowledge of the churches finances, I will have a much more difficult time supporting the allocation of taxpayer dollars towards the project. He will specify which information and documents specifically are needed in a follow up email. Thank Is in advance, Vice -Chair Katz Sent via the Samsung Galaxy S®6 active, an AT&T 4G LTE smartphone Justnr Katz Vce Mayor', Dstruct U Oty Commussuon Gty of Boynton Beach 1.00 F.. Boynton Beach U3 vd. � Boynton Beach, U=�oruda 33435 56 l-742-60 l O J KatzJr@bbfl.us http://www.boynton-beach.org/ America's Gateway to the Gulfstream Nease be adv sed that U=�oruda has a broad public records haw and aH correspondence to me va emaH may be subject to fflsc�osure.UJnder U=�oruda records haw, emaH addresses are pubk records. V herefore, your e- maH comm unucatuon and your e- maH address may be subject to public d&s osure. -------- Original message -------- From: Guam <gsims06C_aol.com> Date: 4/21/17 1:27 PM (GMT -05:00) To: "Katz, Justin" <KatzJr , bbfl.us> Cc: "Simon, Michael" <SimonMnbbfl.us>, markkarageorgeQcomcast.net, mm1370Qaol.com, pastor ,stiohnmbc.com Subject: Re: (Request) Ocean Breeze Development Discussion - Follow Up We understand your preference with regard to large groups. We plan to have no more than 3 from our team to be present. Thanks -----Original Message ----- From: Katz, Justin <KatzJr_,bbfl.us> To: Guam <gsims06C_aol.com> Cc: Simon, Michael <SimonMnbbfl.us>; markkarageorge <markkarageorgeQcomcast.net>; mm1370 <mm1370Qaol.com>; pastor <pastor_,stiohnmbc.com> Sent: Fri, Apr 21, 2017 1:13 pm Subject: RE: (Request) Ocean Breeze Development Discussion - Follow Up Great. As per my request, I am asking that one representative from the developer and one representative from the church be in attendance. I would prefer a tight and organized small meeting, as opposed to a large group. Vice Chair Katz Sent via the Samsung Galaxy S®6 active, an AT&T 4G LTE smartphone Jushn Katz Vce Mayor/ Dstrict U Oty Corrmr ssuon Gty of Boynton Beach 1.00 F.. Boynton Beach BW Boynton Beach, U=�oruda 33435 56 l -742-60 l p j KatzJr@bbfI.us http://www.boynton-beach.org/ America's Gateway to the Gulfstream please be adv sed that l=lorlda has a broad public records law and all correspondence to me va email may be subject to fflsclosure.UJnder l=lorlda records law, email addresses are puN� c records. V herefore, your e- mall comm unlcatlon and your e- mall address may be subject to public disclosure. -------- Original message -------- From: Guam <gsims06C_aol.com> Date: 4/21/17 12:54 PM (GMT -05:00) To: "Katz, Justin" <KatzJr , bbfl.us> Cc: "Simon, Michael" <SimonMnbbfl.us>, markkarageorgeQcomcast.net, mm1370Qaol.com, pastor ,stiohnmbc.com Subject: Re: (Request) Ocean Breeze Development Discussion - Follow Up Good Afternoon The 5pm meeting time will be fine. Thanks -----Original Message ----- From: Katz, Justin <KatzJr_,bbfl.us> To: Guam <gsims06C_aol.com> Cc: Simon, Michael <SimonMnbbfl.us> Sent: Fri, Apr 21, 2017 11:53 am Subject: RE: (Request) Ocean Breeze Development Discussion - Follow Up Monday works well for me. Director Simon will be free at 5pm if that time works for your end. He has a meeting at 4pm, so that early won't work for us. Let me know if 5pm on Monday at the CRA building is agreeable. Vice Chair Katz Sent via the Samsung Galaxy S®6 active, an AT&T 4G LTE smartphone Jushn Katz Vce Mayor/ Dstrict l Gty Corrmr ssuon Gty of Boynton Beach 1.00 F.. Boynton Beach U3 vd. � Boynton Beach/ l=lorlda 33435 k. 56 l -742-60 l p l J KatzJr@bbf1.us http://www.boynton-beach.org/ America's Gateway to the Gulfstream please be adv sed that 1=loruda has a broad public records haw and aH correspondence to me va emaul may be subject to fflsclosure.Uynder 1=loruda records haw, emaul addresses are public records. _V herefore, your e- maul comm unucatuon and your e- maul address may be subject to public d&s osure. -------- Original message -------- From: Guam <gsims06C_aol.com> Date: 4/20/17 12:33 PM (GMT -05:00) To: "Katz, Justin" <KatzJr_,bbfl.us> Cc: pastor_,stiohnmbc.com, markkarageorge@comcast.net, mm1370aol.com, fcpace _aol.com, wood rowhay cr msn.com Subject: Re: (Request) Ocean Breeze Development Discussion - Follow Up Good Afternoon Commissioner Katz Would it be possible to meet with you Monday, April 24th at 3:30 P.M. at the CRA office? We could also meet at 4:00 P.M. as well if that's more convenient for you. Thanks Deacon Sims Mark, I understand your dilemma, but let's talk more later. Would hate to lose your total involvement especially if you have not been confirmed yet as city Staff - LoL I would rather for you to participate in these behind the scenes office meetings as oppose to speaking in public at the board meetings going forward. You are not City Staff yet Mark.. LOL.. -----Original Message ----- From: Katz, Justin <KatzJr_,bbfl.us> To: Guam <gsims06C_aol.com> Cc: pastor <pastor_,stiohnmbc.com>; markkarageorge <markkarageorge0comcast.net>; mm1370 <mm1370Qaol.com>; fcpace <fcpace _aol.com>; woodrowhay, <woodrowhay@_msn.com> Sent: Mon, Apr 17, 2017 11:22 am Subject: RE: (Request) Ocean Breeze Development Discussion - Follow Up I apologize, some typos slipped in (using my phone) to the last reply. It should have said "I will email you all dates I can be available to meet, after my hours day CRA director meeting. I'll be in touch Sent via the Samsung Galaxy S®6 active, an AT&T 4G LTE smartphone Jushn Katz Vce Mayor, Dstrict U Gty Corrmr ssuon Gty of Boynton Beach 1.00 F.. Boynton Beach BW 56�-742-60 QJ Boynton Beach, U=�oruda 33435 l j KatzJr@bbf1.us http://www.boynton-beach.org/ America's Gateway to the Gulfstream Nease be adv sed that U=loruda has a broad public records Iaw and a�� correspondence to me va email may be subject to fflsclosure.UJnder U=loruda records Iaw, email addresses are puN� c records. _V herefore, your e- maul comm unucatuon and your e- maul address may be subject to public d&s osure. -------- Original message -------- From: Guam <gsims06C_aol.com> Date: 4/17/17 10:40 AM (GMT -05:00) To: "Katz, Justin" <KatzJr_,bbfl.us> Cc: pastor_,stiohnmbc.com, markkarag,eorge2comcast.net, mm13702aol.com, fcpacegaol.com, wood rowhay cr msn.com Subject: (Request) Ocean Breeze Development Discussion - Follow Up Good Afternoon Commissioner Katz This is Deacon Guam Sims from St. John Missionary Baptist Church. Once again, we sincerely appreciated having the opportunity to present our development concept project to the CRA board and especially appreciated the opportunity to engage in follow up dialogue with you during the break. The purpose of this communication is to request some time with you to engage in further dialogue regarding our project. Hopefully by now you have had the opportunity to analyze our Proforma and other relevant project information. We would appreciate the opportunity to meet with you to address any additional questions and/or concerns. If possible, please provide me with perhaps two or three convenient dates and times for you next week. I am positive our team will be able to accommodate at least one of your listed dates and times. We look forward to meeting with you and appreciate your continued support as we work together to make history in Boynton Beach and the Heart of Boynton Community. Respectfully, Deacon Guam Sims 561-827-3051 From: Simon, Michael To: Nicklien, Bonnie Subject: FW: Respone for Board Member Casella Date: Friday, May 05, 2017 10:51:32 AM Attachments: imaae415203.pna imaae378516.12na imaae161430.pna imaae754341.12na imaae975936.pna imaae420611.12na Nr'rchaeV 3urnon h-Aerurn Exec ru Jve D) rector C.R.A. Boynton Beach Cornrn unrty RedevOoprnent Agency 71.0 N. V-ederaV VIwy. Boynton Beach, HorHa 33435 561-600-9091. 561-737-3278 [3uu:rrauoNr1@1�1bV.rus 8-0�:tP://ww .catc-oboyrotoro.cor:i America's Gateway to the Gulfstream Nease be advsed that RorHa has a erased pubhc rewards Vag° and aVV correspondence to me Grua ernaoa may be subject to &sc Vosrure.LJnder HorHa rewards Vary°, erna l addresses are pubhc rewards. -therefore, your e- rnaau c ornrn urfuc at. on and your e- masa address may be subject to pubhc d'usc Vosrure. From: Guarn [mailto:gsims06@aol.com] Sent: Wednesday, April 12, 2017 9:35 AM To: Simon, Michael <SimonM@bbfl.us>; Utterback, Theresa <UtterbackT@bbfl.us>; Nicklien, Bonnie <NicklienB@bbfl.us> Cc: pastor@stjohnmbc.com; mm1370@aol.com; markkarageorge@comcast.net; fcpace@aol.com Subject: Respone for Board Member Casella Good Morning Mr. Simon As promised and with regard to CRA Board Member Casello's question relevant to the amount of money the Delray Beach Housing Authority paid for the land formerly known as Cancer Estates and now Village Square, please see the summary response below. This information was confirmed by Dorothy Ellington - Executive Director for Delray Beach Housing Authority The land was originally owned by a private entity. However, at the urging of the City of Delray Beach and CRA, HUD was asked to step in and purchase the property from the private entity which HUD executed the purchase. HUD then gave the land to the Delray Beach Housing Authority (at no cost) for purpose of developing affordable housing which is now known as Village Square. The Delray project is a 3 -Phase project. Phase I (Mixed Family - 183 Units & Operational) was financed through the 9% Tax Credit. Phase 11 (Elderly - 88 Units - Opens June 2017) was financed through the 4% tax credit which the CRA contributed 2.7million dollars towards Phase 11 due to the gap created through the 4% financing. Please note that Dorothy Ellington offered for anyone to contact her if additional information is needed. She also welcomed anyone to visit/tour the development. Thanks Deacon Sims ATTACHMENT III CRA BOARD MEETING OF: April 11, 2017 Consent Agenda I I Old Business I X I New Business I I Legal I( Information Only I I CRAAB AGENDA ITEM: XIV.A. SUBJECT: Consideration of the Letter of Intent from St. John's Missionary Baptist Church for the purchase of the CRA owned property located at 700 N. Seacrest Boulevard, also known as the Ocean Breeze East Site SUMMARY: On March 30, 2017, the CRA received a Letter of Intent (LOI) from St. John's Missionary Baptist Church, in a partnership with Roundstone Development, LLC, for the purchase and development of the CRA owned property located at 700 N. Seacrest Boulevard, a/k/a the Ocean Breeze Project site (see Attachment 1). St. John's Missionary Baptist Church is located at 900 N. Seacrest Boulevard within the CRA Redevelopment Plan's Heart of Boynton District and has been part of the community for 109 years. St. John's LOI describes their interest in developing a 108 unit affordable rental apartment community comprised of 1 & 2 bedrooms combined with a Family Life Center with a tropical swimming pool, fitness center, basketball and volleyball gymnasium, business center, multipurpose rooms, catering kitchen and a 5,000 square foot grocery store on the site. In addition to their project description, St. John's has submitted three different financial options for the purchase of the property and the physical development of the previously described project components proposed on the site (see Attachment 11). Financing Option 1: Use of a HUD 221(d)(4) loan, tax-exempt bonds from the Palm Beach County Housing Finance Authority, a request for $1 million in CRA funding and purchase of the site for $10 plus various fee credits and waivers. Financing Option 2: Use of a 9% Low Income million in CRA funding and fee credits and waivers. Housing Tax Credit award, a request for $1 purchase of the site for $800,000 plus various Financing Option 3: Use of a 4% SAIL loan, tax-exempt bonds from the Palm Beach County Housing Finance Authority, a request for $1 million in CRA funding and purchase of the site for $10 plus various fee credits and waivers. Regardless of which financing option used, the partnership will provide affordable housing under the following guidelines: 10% of the units will be rented to those at 33% of median area household income and 90% of the units will be rented to those at 60% of median area household income (see Attachment III). The proposal states that preference will be given to the hiring of local minority contractors and multiple job fairs will be held to solicit employees. FISCAL IMPACT: To be determined CRA PLAN/PROJECT/PROGRAM: 2016 CRA Redevelopment Plan — Heart of Boynton District (pages 105-117) CRAAB RECOMMENDATION: Recommends acceptance of the Letter of Intent from St. John's Missionary Baptist Church and recommends Board approval for Option 1 Financing CRA BOARDMOTION/OPTIONS: To be determined ,rte I t�v �t''��-' � � v � �,�,•""�-^ Michael Simon, Interim Executive Director CRA Advisory Board Recommendation BOARD ITEM XIV.A. Consideration of the Letter of Intent from St. John's Missionary Baptist Church for the Purchase of the CRA Owned Property Located at 700 N. Seacrest Boulevard, also known as the Ocean Breeze East Site The CRA Advisory Board reviewed the plans presented for the redevelopment of the Ocean Breeze East Site. Options #2 and #3 are contingent upon receiving a SAIL loan or 9% tax credits — both of which are lotteries and both of which have been unsuccessful in the past. Option #1 is not contingent upon receipt of credits. The CRA Advisory Board shares the desire with the community to develop this site as a senior living community with a grocery store and other retail along with a community center that could be enjoyed by local residents. St. John Missionary Baptist Church has stepped up as an integral partner in this development which provides the community commitment that should satisfy the CRA Board. They will be the partner that insures that a Community Benefit Agreement will be satisfied and provide jobs and a livable wage to many residents of the CRA District. This signature development could be the catalyst for additional redevelopment in the area. Further, this development does not just revitalize the District 2 community, but because of its proximity to Town Center, may be a catalyst for redevelopment of the entire CRA District. Therefore, the CRA Advisory Board unanimously supports this project and also unanimously supports Option #1. The CRA would contribute the land for the project, $1 million of project funds, and annual project funds of up to $450,000 for 20 years (such annual cost would be reduced by the Tax Increment Revenue provided by the project of at least $100,000). q- NA F 9 I MIT- lrypr!! , IF,m 01 6.1- a t To.: Michael Simon, Executive Dfiwtoq� Boynton Beach Community Redevelopment Agency, and Boynton Beach Community Redevelopment Board Members r. vzt- �-' M M It frt7m Ifflo - -W79 boundary as Seacrest Blvd., the east boundary as I ft St, and the north boundary as NE 7* Ave., and the south boundary as behind the apartments on NE 6* Ave. 11111W"J� TV ' - I'1777t t, -W*2R center, multipurpose rooms and a catering Icitchen, combined with a SM sq. fL Grocery atom This would be a true non-competitive development which could move forward promptly with no "lotterf- uncertainties. wCiI.—Ti. 71 ISM the following FHFC guidelines - 10% of the units at 33% of am median income and 9(r/a of units at 60019 of area median income. The partnership will give prefemces to minority local subcontractors and host multiple job fairs for minority district 2 residents. at the RM Lm Educational Complex located on the St. John campus. The partnership will have an art featum St. John Missionary Baptist church has been a pillar of the city for 109 yam with over 1,000 members. Roundstone Developmen4 LLC is a national developer with a proven rmord of developing quality, affordable housing in Palm Beach County and throughout the Sunbelt of the United Std=. Their most recent success is in Delray Beach partnering with the Delray Beach Housing Authority on a project located at 121h Ave and 10& St. We will be able to present a conceptual plan within 120 days to the CRA Board. We request that you approve our letter 0 interest and allow us to, come back in 120 days so that staff can develop a purchase and development agreement idlk- K JOVIttv"IL) Davis, PastorJohn's Missionary Baptist Church Chahman dDeacons— St John MissimaryBaptist Church, In Hkn m how redwom k*& Willie Gibv HowardBrown Chairman of Trustees — St John Missionary Baptist Church ft ftVWr,"5 of to Michael HA dftdhwn or EO. MissionaTy 7'7 B fist Church March 29,2017 To: ®cSimon, Executive Director, Boynton Beach Community Redevelopment Agency, and Boynton Beach Community Redevelopment Board Members ® The St. John Missionary Baptist Church Re: Loner of Interest in the CRA owned site known as Occan Breeze t® r QW TTT, T, -07. "MkTiT-I"tTrip--rrl;707"�m��Awrtrivi'm�= �-g boundary as Seacrest Blvd., the east boundary as I$' St., and the north boundary as NE Th Ave., and the son& boundary as A ehind the apartments on NE 61h Ave. 4) AV7777,f 44 Off T q q, , q, q, M111 -2: TOTTT WXY —TV P" the St. John campus. The partnership will have an ad feature approved by the city's arts commission that will be valued at 1% of the building cost. Our praference will be to use artists fiom District 2. St. John Missionary Baptist church has been a pillar of the city for 109 yew with over 1,000 members. Roundstone Development, LLC is a national developer with a proven record of developing qualitN affordable housing in Palm Beach County andthroughout the Sunbelt of the United States. Their most recent success is in Delmy Beach partmering with the Delray Beach Housing Authority on a project located at 12t, Ave and I 01h SL We will be able to present a conceptual plan within 120 days to the CRA Board. We requut that you approve our letter of interest and allow us to come back in 120 days so that staff can develop a purchase and development agreement. cerely Rov.Jovan Davis, Pktor — St. John's Missionary Baost Church Willie Giii - Chairman of Deacons — St. John Missionary Baptist Church to tft we 68 r@&n4*W duawh Hk blwd, Howard Brown Cbsirman of Trustees — St. John Missionary Baptist Church um ft*mm adas, a0wrang to me dMas off* WM - W. 1:7 To: Michael Simon, Executive Director, Boynton Beach Community Redevelopment Agency, and Boynton Beach .n .011111111nity Redevelopment Board Members This would be financed using a SAEL Loan from the Florida Housing Finance Corporation (FHFC) and Tax — Exempt [Ponds from the Palm Beach County IVA, a community investment of $1 Million, utility credits and impact fees waivers L,id die land provided to the partnership at a cost of $10.00. Ilis partnership will provide affordable housing using the following F]HFC guidelines -10 of the units at 33% of area median income and 900A of units at 60% of area median income. The partnership will give pre*rences to minority local subcontractors and host multiple job ffirs for minority district 2 maidents at the RM Lee Educational Complex located on the St. John campus. cost. Our prefemnee will be to use ardsts from DisWct 2. St. John Missionary Baptist church has been a pillar of the city for 109 years with over 1,000 members. #A Miff Development, LLC is a nadonal developer with a prom record of developing quality, affordable housingli: Palm Beach County and throughout the Sunbelt of the United States. Their most recent success is in Delray Bar* pattriering with the Dehay Beach Housing Authority on a project located at 120 Ave and 100 St =777VM7 i 7,17, 4, R Jova d , Pastor — St John's Missionary Baptist Church Williih,,(— St. John Missionary Baptist Church, Howard Brown Chairman of Trustees — St John Missionary Baptist Church Michael Hartman Developer — Roundstoric Developmair, LLC Wftlmh , M ffidwWOM Mmugh Hk fta4 an ftwownw of ® wwrft b me dahm OfHk gnm - E". 1:7 I i I 1 11. 0 - 11 1 * I Wiliz - - It LTOWLINTIM10 Us= Financing • We (the partnership that will own the property and buildings) secure a permanent loan from HUD under the 22 1 (d)(4) program. • We secure a construction loan from the Palm Beach County Housing Finance Authority (HFA) using Tax —Exempt bonds. • We secure non-competitive 4% Housing Tax Credits from the Florida Housing Finance Corporation that we sell to an equity investor. • The CRA would provide the property up front a $1 Million community investment and an annual TIF investment of $450,000 per year for twenty years. • The CRA would sell the land to the Church for $10. • The City would give us the utility credits that the property already qualifies for as well as waive all impact fees. • The City would still be paid all building permit fees. • The City and County would still be paid ftill property taxes (about $110,000 per year). • This would be a true non-competitive development which could move forward promptly with no "lottery" uncertainties. We (the partnership that will own the property and buildings) secure a permanent loan from a conventional lender. • We secure competitive 9% Housing Tax Credits from the Florida Housing Finance Corporation that we sell to an equity investor. • The CRA would provide the property up front a $1 Million community investment. • The CRA would sell the land to the Church for $800,000. • The City would give us the utility credits that the property already qualifies for. • The City would still be paid all building permit fees and impact fees. • The City and County would still be paid full property taxes (about $ 100,000 per year). • This would be a competitive development which could move forward only if we win the "lottery". It would also be subject to a bid challenge by the losers in the competition. That will cost us time and money. Option 3 Financing, • We (the partnership that will own the property and buildings) secure a permanent loan from HUD under the 221(d)(4) program. • We secure a construction loan from the Palm Beach County Housing Finance Authority (HFA) using Tax —Exempt bonds. • We secure non-competitive 4% Housing Tax Credits from the Florida Housing Finance Corporation that we sell to an equity investor. • We secure a competitive SAIL Loan from FHFC. • The CRA would provide the property up front a $1 Million community investment. • The CRA would sell the land to the Church for $10. • The City would give us the utility credits that the property already qualifies for as well as waive all impact fees. • The City would still be paid all building permit fees. • The City and County would still be paid full property taxes (about $110,000 per year). • This would be a competitive development which could move forward only if we win the "lottery". It would also be subject to a bid challenge by the losers in the competition. That will cost us time and money. . ? k 2 ? \ 46 Lm 4 � sm ^/ . ` ¥: \ \ ,. 0 v: ¥: e \ } , . . . . A< \¥ § . CO � \ o 4 ® \ � : \ . ¥ * 0 .. }\ . \ : .. . : . m • *l ©\ ?\ w • L.. *i � \ C � � 0 m � 0 y. \ 0 < . :U Ck.\ CO < : A � � 00 ^ • e e e � • # - : \ \ k © / k . w3 2 4 m m \ k. 41 § .. d \ / « too- txo« . § \ w.- .: w w » 4 «:« j. K » 2 < » © ? # # U :co a o y © 2 m/ƒ V -ill, -01 o 0 : \ \ k K # \ « ? ■ . CL y « ~4-0 ? \tn © j d 'o � \:w.. CU w � 2 #- » - y \ o 0 k 2 9 VClH0-l-A'H0V38 NOIAOS HOV313 NOINA013 2 w z asl 3N a T n ............. '-17 J SEACREST BLVD S, .-p qgn I W ONWA CL NO UW) =3 C) (D 2 w z asl 3N a T n ............. '-17 J SEACREST BLVD S, .-p qgn I W ONWA lT 6w Z, 9 J�A St. John Church / Roundstone Development Summary for Redevelopment of 700 N. Seacrest Blvd. (Ocean Breeze East) Option 1 Financing • We (the partnership that will own the property and buildings) secure a permanent loan from HUD under the 221(d)(4) program. • We secure a construction loan from the Palm Beach County Housing Finance Authority (HFA) using Tax —Exempt bonds. • We secure non-competitive 4% Housing Tax Credits from the Florida Housing Finance Corporation that we sell to an equity investor. • The CRA would provide the property up front a $1 Million community investment and an annual TIF investment of $450,000 per year for twenty years. • The CRA would sell the land to the Church for $10. • The City would give us the utility credits that the property already qualifies for as well as waive all impact fees. • The City would still be paid all building permit fees. • The City and County would still be paid full property taxes (about $110,000 per year). • This would be a true non-competitive development which could move forward promptly with no "lottery" uncertainties. Option 2 Financing • We (the partnership that will own the property and buildings) secure a permanent loan from a conventional lender. • We secure a construction loan from a conventional lender. • We secure competitive 9% Housing Tax Credits from the Florida Housing Finance Corporation that we sell to an equity investor. • The CRA would provide the property up front a $1 Million community investment. • The CRA would sell, the land to the Church for $800,000. • The City would give us the utility credits that the property already qualifies for. • The City would still be paid all building permit fees and impact fees. • The City and County would still be paid full property taxes (about $100,000 per year). • This would be a competitive development which could move forward only if we win the "lottery". It would also be subject to a bid challenge by the losers in the competition. That will cost us time and money. Option 3 Financing • We (the partnership that will own the property and buildings) secure a permanent loan from HUD under the 221(d)(4) program. • We secure a construction loan from the Palm Beach County Housing Finance Authority (HFA) using Tax —Exempt bonds. • We secure non-competitive 4% Housing Tax Credits from the Florida Housing Finance Corporation that we sell to an equity investor. • We secure a competitive SAIL Loan from FHFC. • The CRA would provide the property up front a $1 Million community investment. • The CRA would sell the land to the Church for $10. • The City would give us the utility credits that the property already qualifies for as well as waive all impact fees. • The City would still be paid all building permit fees. • The City and County would still be paid full property taxes (about $110,000 per year). • This would be a competitive development which could move forward only if we win the "lottery". It would also be subject to a bid challenge by the losers in the competition. That will cost us time and money. requirements,1) The CRA Board may motion to approve a selected Letter of Intent proposal and direct CRA staff and legal counsel to negotiate the terms of a Purchase and Development agreement to be, brought back before the CRA Board at a later date for consideration, 2) The CRA Board may motion not to approve any of the Letters of Intent and issue a Request for Proposal outlining certain CRA provided incentives and submission 3) The CRA Board may motion not to approve any of the Letters of Intent and continue to hold the property for disposal at a later date. Michael el Simon, Interim Executive Director ATTACHMENT Simon, Michael From: Robby Block <rblock@nurock.com> Sent: Monday, May 15, 2017 11:42 AM To: Simon, Michael Cc: Robert Hoskins; Bonnie Miskel Esq. (bmiskel@dmbblaw.com); Lara Heit Subject: Ocean Breeze East Letter of Interest Attachments: Ocean Breeze E CRA TEB LOI 5.15.17.pdf Importance: High Good Morning Michael, Attached is our letter of interest for the Ocean Breeze parcel. We are very excited about being able to provide a proposal for financing and construction of a 100+/- unit affordable housing community in the City of Boynton Beach, which does not require any type of competitive financing and/or lottery! We would be willing to sit down with you and your staff to discuss the financing of the project. Please let me know if you have any questions? Thank you for the opportunity to submit our offer. Regards, Robby D. Block NuRock Acquisitions Florida, LLC 8794 Boynton Beach Blvd., Suite 219 Boynton Beach, FL 33472 561.990.2614 Office 561.756.0329 Cell 1 OCEAN BREEZE HOUSING PARTNERS, LP 8794 Boynton Beach Blvd,, Suite 219 Boynton Beach, Florida 33472 (PIS (561) 990-2614 (Fax) (678) 218-1520 May 15, 2017 Mr. Michael Simon, Interim Executive Director Boynton Beach Community Redevelopment Agency 710 N. Federal Highway Boynton Beach, Florida 33435 RE: Letter of latent and Interest Ocean Breeze East Parcel - 4.39 Vacant Acres 700 N. Seacrest Boulevard, Boynton Beach Dear Mr. Simon, The Applicant, Ocean Breeze Housing Partners, LP is extremely excited about utilizing funding sources other than Florida Housing competitive sources to develop a first class affordable rental community without. This offer does not include any type of financing that would require a lottery number and we are confident that as demonstrated through the mentioned timeline below, as well as the attached cons truction/permanent loan commitments, as well as the attached equity commitment that closing and the start of construction will be achieved within 180 days. The proposed community will contain 100 multifamily rental units comprised of 1, 2 and 3 bedroom floor plans. Community amenities will include a clubhouse "Family Life Center" with leasing offices, a community sitting area for events and parties, a business center with computers and printers, fitness center and an area set aside for our BreakOut program. Other community features will include a pool with Iarge deck, tot lot and a dog walking area. The unit features will include faux wood flooring throughout living area and ceramic tile in bathrooms, energy star rated appliances, washer and dryer connections and Rill appliance package. If the parcel allows, the Applicant will build a small grocery store (min. 2,500SF), if zoning allows for such development, The community will be developed by NuRock Development Partners, Inc., constructed by NuRock Construction Services, LLC and managed by NuRock Management Group, LLC. The Applicant will stay in the project for a minimum of 15 years, owner and manager and will provide person guarantees to secure financing. The combination of properties developed, owned, managed by NuRock entities is over 14,000 units. We have a local presence with properties throughout South and West Florida and a development office in Boynton Beach. 1 The Applicant is committed to working with the local businesses, workforce agencies, schools, Churches and the City of Boynton Beach through the Community Benefits Agreement, which we have already worked out most of the details with the CRA staff. We will hire local qualified employees during construction and property management of the community. We want to build a project that brings the community together and offers affordable housing for the growing population that is getting priced out of the market rate rental market. The Applicant is proposing a financing structure as follows: • A minimum of a 75 year Land Lease will be utilized, allowing the City to ultimately control the property for many years to come. The Applicant can however prepare a future value for the land and buy out the lease if the City so chooses to do so. • The Applicant will secure construction loan enhancement or private placement of the Tax Exempt Bonds and permanent loan. Exhibit 1 (to be provided) a Firm Commitment will be provided. • A Bond inducement from the Palm Beach County Housing Finance Authority allowing for the issuance of Tax Exempt Bonds in the amount of $14MM. Exhibit 2 (to be provided) confirmation of application submission to PBC HFA for Bond request. • Non-competitive 4% Housing Tax Credits from FHFC that will be sold to an Equity Investor. Exhibit 3 (to be provided) a commitment letter from an equity provider will be supplied, • A CRA second mortgage of $6MM utilizing Bonds, which will not be due until permanent loan conversion. • A CRA community investment of $IMM and an annual TIR investment of $450k per year over a 20 year period. • Lastly, the developer will defer a portion of the Developer Fees. Timeline and Purchase Contract: • The Applicant will work with the CRA staff and City attorney to execute a Purchase Agreement upon City approval. Since we recently had a PSA, this process will be easily achievable. We anticipate being able to start construction within 180 days from the execution of the PSA. 2 • First sixty (1 - 60) days: The Applicant will offer an initial deposit of $25k due upon execution of the PSA and a Second Deposit of $100k at the end of sixty (60) days. The sixty (60) days will be used to apply for the TEB from the PBC HFA, an application to FHFC for the non-competitive 4% HC and to begin the due diligence, design and site plan approval process. • Days sixty one through one hundred and twenty (61 - 1.20) - Receive final site plan approval and submit construction plans for building permit review. We will also be inducing the Bonds through a TEFRA hearing with PBC HFA and securing investors for the 4% HC. • Days one hundred tsyenty one to close (121 —180): The applicant will receive building permits from the city, close on financing and start construction by the end of November or early December. • We anticipate a 12 month construction period with a ground breaking in December 2017, first units available in September 2018 and completion in December 2018 with a Grand Opening Ceremony! We are very excited about this financing structure which will provide much needed affordable housing to the City of Boynton Beach and creating a partnership with the City and local neighborhood. If you have any further questions please don't hesitate to give me a call to discuss. Sincerely, AN BREEZE HOUSING PARTNERS, LP W By: Robby D. Block Authorized Agent Cc: Robert Hoskins Bonnie Miskel 3 Permanent Sources & Uses Summary Residences at Ocean Breeze TEB/SAIL - Garden Boynton Beach, Palm Beach County, FL Uses Total Cost Per Unit % Acquisition/Land $0 $0 0.00% Construction $15,137,500 $151,375 64.63% Permits & Fees $802,500 $8,025 3.43% Interest/Interim Costs $683,972 $6,840 2.92% Financing Costs $791,325 $7,913 3.38% Development Soft Costs $2,140,538 $21,405 9.14% Subtotal $19,555,835 $195,558 83.49% Developer Fees $3,520,050 $35,201 15.03% Project Reserves $346,992 $3,470 1.48% Total $23,422,877 $234,229 100.00% Sources Total Funds Per Unit % Tax Credit Equity - Acquisition/Rehab $8,267,811 $82,678 35.30% Tax -Exempt Bonds 1st Mortgage Loan $7,500,000 $75,000 32.02% (5) CRA second mortgage information $6,000,000 $60,000 25.62% (6) CRA Contribution $1,000,000 $10,000 4.27% NHTF Loan 22%AMI Units $0 $0 0.00% City of Boynton Beach Soft Debt $0 $0 0.00% Deferred Developer Fees $655,066 $6,551 2.80% Total $23,422,877 $234,229 100.00% Tax Credit Information Acquisition Eligible Basis $0 Development Eligible Basis $22,435,593 Difficult to Develop Basis 130% Applicable Fraction 100% Adjusted Acquisition Basis $0 Adjusted Development Basis $29,166,272 Annual Tax Credit Amount (Acquisition) $0 Annual Tax Credit Amount (Development) $918,738 $917,819 Annual Tax Credit Amount (Total) $918,738 Credit Percentage (acquisition) 4.00% Credit Percentage (development) 3.15% Syndication Rate $0.9000 Percentage of Partnership Syndicated 99.99% Tax Credit Pay Schedule Total Funds % Pay -in Closing of Tax Credit Funding $1,653,562 20% 25% Completion $0 0% 50% Completion $1,653,562 20% 75% Completion $0 0% Issuance of Certificates of Occupancy $4,878,009 59% Cost Certification/Perm Loan Closing $0 0% Forms 8609s $82,678 1% Total $8,267,811 100% 9,178,188.15 Construction Sources and Uses Summary Uses Total Cost Acquisition/Land $0 Construction $15,137,500 Permits & Fees $802,500 Interest/Interim Costs $683,972 Financing Costs $791,325 Development Soft Costs (1) $2,140,538 Project Reserves (1) $346,992 Replacement Reserve Fund $0 Deferred Developer Fees $2,160,555 Developer Fees $500,000 Total $22,563,382 Sources Total Funds Tax Credit Equity - Const. Period $3,307,124 Construction TEB Series A Bonds $7,500,000 Total TEB During Construction (5) CRA second mortgage information $3,237,728 $13,310,594 Deferred FHFC Compliance Fee Funding $200,389 Deferred Project Reserve Funding $346,992 Deferred Developer Fees $2,160,555 Bridge TEB Loan During Construction $5,810,594 Total $22,563,382 Development Cost Budget Residences at Ocean Breeze TEB/SAIL - Garden Boynton Beach, Palm Beach County, FL Total Units 100 Applicable Tax Credit Fraction 100% Total Square Feet 96,950 Item Total Basis Eligible Basis Adj. Elig. Basis Per Unit Cost/SF Land/Building Land $ $ $ $ 0.00 Buyer Brokerage Commission $ $ $ $ 0.00 Existing Buildings $ $ $ $ 0.00 TOTAL LAND/BUILDINGS $ $ $ $ 0.00 Construction Costs (Building & Site) On -Site Improvements $ 800,000 $ 800,000 $ 800,000 $ 8,000 8.25 Swimming Pool $ - $ - $ - $ - 0.00 New Buildings $ 11,700,000 $ 11,700,000 $ 11,700,000 $ 117,000 120.68 Furniture & Fixtures $ - $ - $ - $ - 0.00 Community Building $ - $ - $ - $ - 0.00 General Requirements $ 750,000 $ 750,000 $ 750,000 $ 7,500 7.74 Contractor Profit $ 750,000 $ 750,000 $ 750,000 $ 7,500 7.74 Contractor Overhead $ 250,000 $ 250,000 $ 250,000 $ 2,500 2.58 TOTAL CONSTRUCTION COSTS $ 14,250,000 $ 14,250,000 $ 14,250,000 $ 142,500 146.98 Other Construction/Capital Costs Demolition - Owner Direct $ - $ - 0.00 Completed Land Development $ - $ - $ - $ - 0.00 Furniture & Fixtures $ 175,000 $ 175,000 $ 175,000 $ 1,750 1.81 Contingency $ 712,500 $ 712,500 $ 712,500 $ 7,125 7.35 TOTAL OTHER CONST. COSTS $ 887,500 $ 887,500 $ 887,500 $ 8,875 $ 9.15 Permits and Fees Building Permit Fees $ 427,500 $ 427,500 $ 427,500 $ 4,275 4.41 Impact Fees $ - $ - $ - $ - 0.00 Utility Connection Fees $ 375,000 $ 375,000 $ 375,000 $ 3,750 3.87 TOTAL PERMITS AND FEES $ 802,500 $ 802,500 $ 802,500 $ 8,025 8.28 Other Fees Architect Fees -- Design $ 175,000 $ 175,000 $ 175,000 $ 1,750 1.81 Architect Fees -- Supervision $ 25,000 $ 25,000 $ 25,000 $ 250 0.26 Architect Fees -- Landscaping $ 40,000 $ 40,000 $ 40,000 $ 400 0.41 Engineering (Civil) $ 125,000 $ 125,000 $ 125,000 $ 1,250 1.29 Surveying $ 30,000 $ 30,000 $ 30,000 $ 300 0.31 Environmental Reports $ 35,000 $ 35,000 $ 35,000 $ 350 0.36 Soil Testing $ 50,000 $ 50,000 $ 50,000 $ 500 0.52 Inspection and PCA Fees $ 28,900 $ 28,900 $ 28,900 $ 289 0.30 Green Building Certification $ - $ - $ - $ - 0.00 TOTAL OTHER FEES $ 508,900 $ 508,900 $ 508,900 $ 5,089 5.25 Interim Costs Construction Insurance $ 250,000 $ 250,000 $ 250,000 $ 2,500 2.58 Property Taxes $ 100,000 $ 100,000 $ 100,000 $ 1,000 1.03 Construction/Bridge Loan Interest $ 333,972 $ 250,479 $ 250,479 $ 3,340 3.44 Bridge Loan Interest $ - $ - $ - $ - 0.00 Public Loan Interest (Construction) $ $ $ $ 0.00 Other $ $ $ $ 0.00 TOTAL INTERIM COSTS $ 683,972 $ 600,479 $ 600,479 $ 6,840 7.05 Financing Costs Local HFA Bond Origination Fee $ 202,500 $ 202,500 $ 202,500 $ 2,025 2.09 Local HFA Commitment Fee $ 114,000 $ 114,000 $ 114,000 $ 1,140 1.18 Local HFA Bond Trustee Fee $ 12,500 $ 12,500 $ 12,500 $ 125 0.13 Local HFA Bond Closing Costs $ 106,926 $ 106,926 $ 106,926 $ 1,069 1.10 Local HFA Bond Servicing Fee $ 10,000 $ - $ - $ 100 0.10 SAIL Commitment Fee $ 50,000 $ 27,000 $ 27,000 $ 500 0.52 ELI Commitment Fee $ 4,576 $ - $ - $ 46 0.05 SAIL & ELI Legal Fees $ 20,000 $ 20,000 $ 20,000 $ 200 0.21 Legal Fees - Bond Counsel $ 40,000 $ 40,000 $ 40,000 $ 400 0.41 Legal Fees - Borrower's Counsel $ - $ - $ - $ - 0.00 Legal Fees - Issuer's Counsel $ 25,000 $ 25,000 $ 25,000 $ 250 0.26 Legal Fees - Lender's Counsel $ 40,000 $ 40,000 $ 40,000 $ 400 0.41 Legal Fees - Underwriter's Counsel $ 25,000 $ 25,000 $ 25,000 $ 250 0.26 BCHFA Underwriting Fee $ 13,749 $ 13,749 $ 13,749 $ 137 0.14 Title and Recording $ 127,074 $ 127,074 $ 127,074 $ 1,271 1.31 Other Closing Costs $ - $ - $ - $ - 0.00 Other Closing Costs - Bonds $ - $ - $ - $ - 0.00 TOTAL FINANCING COSTS $ 791,325 $ 753,749 $ 753,749 $ 7,913 8.16 Soft Development Costs Appraisal $ 5,500 $ 5,500 $ 5,500 $ 55 0.06 Market Study $ 5,500 $ 5,500 $ 5,500 $ 55 0.06 Accounting $ 30,000 $ 30,000 $ 30,000 $ 300 0.31 MMRB Application Fee/TEFRA/HCs $ 3,000 $ 30 0.03 Tax Credit Underwriting Fees $ 16,886 $ 16,886 $ 16,886 $ 169 0.17 Tax Credit Administrative Fees $ 65,834 $ 658 0.68 Tax Credit Compliance Fees($2832/unit) $ 200,389 $ 2,004 2.07 Real Estate Attorney $ 75,000 $ 75,000 $ 75,000 $ 750 0.77 Construction Loan Attorney Fees $ 150,000 $ 150,000 $ 150,000 $ 1,500 1.55 Bridge Loan Attorney Fees $ - $ - $ - $ - 0.00 Permanent Loan Attorney Fees $ $ 0.00 Public Loan Attorney Fees $ $ - $ - $ 0.00 Partnership Attorney Fees $ $ 0.00 Leaseup Marketing $ 250,000 $ 2,500 2.58 Overall Project Contingency $ 829,529 $ 829,529 $ 829,529 $ 8,295 8.56 TOTAL SOFT COSTS $ 1,631,638 $ 1,112,415 $ 1,112,415 $ 16,316 16.83 Developer Fees Developer Overhead $ 859,495 $ 859,495 $ 859,495 $ 8,595 8.87 Developer Profit $ 2,660,555 $ 2,660,555 $ 2,660,555 $ 26,606 27.44 Brokerage Commission $ - $ - $ - $ - 0.00 TOTAL DEVELOPER FEES $ 3,520,050 $ 3,520,050 $ 3,520,050 $ 35,201 36.31 Project Reserves Rent -Up Reserves $ - $ - 0.00 Operating/Debt Service Reserve (6 Mo.) $ 346,992 $ 3,470 3.58 Replacement Reserve Fund $ - $ - 0.00 Debt Reserve $ - $ - 0.00 TOTAL PROJECT RESERVES $ 346,992 $ - $ - $ 3,470 3.58 LL O F a a. LL O O. O O O O O O O N � _ fA fA fA fA fA 16 cli 16 fA fA fA fA fA C O O � � Im- _ fA fA fA fA fA H3 W ma- 0 n 'C O b h VI .0 O O � mm � VI C N 0 N > M fA fA fA fA H F C d � 9 A j J y J LL R y C m 0 LU U N L d V d A d m m E A A V a N O o> LL o O O E ° o= "c m S o a o ~m c ° IL d O a9i �� ° $ E�Qa O�H O (70 LL O F a. LL O O. O O O O O O O C O N R m 0 'C O VI .0 UO) Z U N U)U) no m C r � 0 o o L m E LLu)0 E - - T T U 2 2 F Simon, Michael From: Cito Beguiristain <cbeguiristain@meyersgroup.net> Sent: Monday, May 15, 2017 2:58 PM To: Simon, Michael Cc: Alan Losada Subject: Ocean Breeze East Proposal Attachments: Letter of Interest - Ocean Breeze East.pdf Michael, Please see the attached letter of interest. Please confirm receipt. Respectfully, May 15, 2017 Michael Simon Boynton Beach CRA 710 N Federal Hwy, Boynton Beach, FL 33435 RE: Letter of Interest Ocean Breeze Dear Mr. Simon, Building Communities www.meyersgroup.net We are respectfully submitting our proposal for Ocean Breeze East to develop and operate a 100 unit senior citizen affordable apartment community. The unit mix will be 50% 1 bedroom and 50% 2 bedroom units. The buildings will all have elevators and will be 3-4 stories tall. It will have a nice amenity package attractive to seniors including a community space. It is our understanding that the CRA Board only wants proposal that do not depend on any competitive funds. The following finance plan will allow us to start development process right away without depending on any potential competitive funds. Financigg 1. We will use construction from the Palm Beach County Housing Finance Authority 2. We will secure a permanent loan from Freddie Mack or Fannie Mae. This loan will also serve as cash collateral for the construction bonds. 3. We will obtain 4% non-competitive tax credits from Florida Housing. 4. We will pay all building permit fees. 5. We would pay $1000 for the land. 6. The CRA would provide $1,000,000 upon the closing of the construction loan. 7. The CRA will provide an annual payment of $350,000 per year for 20 years. The Meyers Group and its founder, Stuart I Meyers, with good communication, cooperation, and collaboration, have worked with the public sector and have created projects that serve the needs of the community, its stakeholders, and residents. We have worked to transform streetscapes, assemble land, apply new urbanism, and help maintain public support in redevelopments that have changed the landscape and appearance of the neighborhood by improving the lives of the citizenry. Mr. Meyers has developed over 55 tax -credit communities consisting of more than 14,000 units all over Florida. We have assembled a creative and talented group of experienced local professionals as part of our development team at the Meyers. We have demonstrated beyond reasonable doubt our professional ability to achieve the social objectives of attainable housing while meeting the financial objectives of our investors, financial institutions, and partners. Corporate Headquarters: 2600 S. Douglas Rd. Ste 1000 1 Coral Gables, FL 33134 1 305-569-0999 EI Paso Office: 5772 N. Mesa Street I EI Paso, TX 79912 1 915-215-5331 We look forward to working together on this exciting development with both the CRA and the community. We are prepared to provide more information upon request. In the interim, if you have any questions, do not hesitate to call. Respectfully, Alan Losada, COO ATTACHMENT II Nicklien, Bonnie From: Simon, Michael Sent: Wednesday, May 24, 2017 3:07 PM To: Cito Beguiristain Cc: Alan Losada; Nicklien, Bonnie; Utterback, Theresa Subject: RE: Ocean Breeze East Proposal Good afternoon Cito: In response to your email below, we acknowledge your request to withdraw your LOI for. the Ocean Breeze East site and thank you very much for your interest in Boynton Beach. Sent from my Verizon Wireless 4G LTE smartphone Michael Sin -,ion Interin'i Executive Director C R. ,. Boynton Beach Con'imiunit Rede °elr:pn—,lent Agency 710 N. Federal Hwy. I Boynton Beach, Florida 33435 561-600-9091 1 JB 561-737-3258 r Sin-,ionM@bbfl.us I@bbfl.us l.ittp. at liboynton. r: n -,i IN America's Gateway to the Gulfstream Please be advised that Florida has a goad public records law and all correspondence to mie via en -rail n-,Iay be subject to disclosure. Under, Florida records law, en -,,ail addresses are public records. Therefore, your, e -n -,,ail on-imiuni ation and your, e-niail address n-,iay be subject to public disclosure. -------- Original message -------- From: Cito Beguiristain <cbeguiristain@meyersgroup.net> Date: 05/24/2017 2:13 PM (GMT -05:00) To: "Simon, Michael" <SimonM@bbfl.us> Cc: Alan Losada <Alan. Los ada@meyers group.net>, "Nicklien, Bonnie" <NicklienB@bbfl.us>, "Utterback, Theresa" <UtterbackT@bbfl.us> Subject: Re: Ocean Breeze East Proposal 1 Michael, We are resending our offer. We appreciate your consideration. Thank you, Cito > On May 22, 2017, at 5:28 PM, Simon, Michael <SilnonM@bbfl.us> wrote: > Good afternoon Mr. Beguiristain: > As part of staff's due diligence in preparing the agenda for the Ocean Breeze East LOI report, please see the attached requested document list we have sent to each of the development teams who have submitted LOIS. Staff would like to have these documents as part of the agenda but are not a requirement of an LOI submission but if your LOI was selected, these documents would become part of the full package of information required prior to the Board's approval of a development team to begin negotiations of a Purchase & Development agreement. > Additionally attached is an email sent by the City utilities department on the projected costs and credits applicable to the site that might be of assistance. > Something that might be helpful to the CRA board is submission of a draft proforma and cost breakdown spreadsheet of the proposed construction and financing of your proposed project. This information would need to be provided to staff by Wednesday afternoon in order to be included in the June 1 st CRA Advisory Board agenda packets being delivered on Friday. > If you have any questions or need any additional information, please do not hesitate to contact me. > Michael > Simon > Interum Executive Director > C.R.A. > Boynton Beach Community Redevelopment Agency > 710 N. Federal Hwy. >I > Boynton Beach , > Florida > 33435 > [cid:image614411.png@43ED60C6.D13F5899] > 561-600-9091<tel:561-600-9091> >� > [cid:image722013.png@4072828D.05FF67AE] > 561-737-3258<fax:561-737-3258> > [cid:iimage062296.pngg4A246525.DOCDCDB2] 4 > SimonM@bbfl.us<mailto:SimonMgbbfl.us> >� > [cid:image212630.png@499A136C.48E17DBC] > htlp://www.catcliboynton.coin<hllp://www.catchboynton.corn/> > [Boynton Beach CRA Twitter page]<hLps://twitter.com/boyntonbeachCRA> > [Boynton Beach CRA Facebook page]<https://www. facebook.corn/pages/Boynton-Beach-CRA/123938034365> > [htip://wwl.boynton-beach.org/signature/cra.j]<http://www.catchboynton.corn/> > America's Gateway to the Gulfstream > Please be advised that Florida has a broad public records law and all correspondence to me via email may be subject to disclosure.Under Florida records law, email addresses are public records. Therefore, your e-mail conununication and your e-mail address may be subject to public disclosure. > From: Cito Beguiristain [mailto:cbeguiristaingmeyersr�oub nett > Sent: Monday, May 15, 2017 2:58 PM > To: Simon, Michael <SiinonM@bbfl.us> > Cc: Alan Losada <Alan.Losada@ineyersgroup.net> > Subject: Ocean Breeze East Proposal > Michael, > Please see the attached letter of interest. Please confinn receipt. > Respectfully, > Cito Beguiristain > Sr. VP Planning and Development > Meyers Group > 2600 South Douglas Road, Suite 1000 > Coral Gables, Florida 33134 > Office: 305-569-0999<tel:305-569-0999> > Cell: 954-899-7032<tel:954-899-7032> > cbeguiristain@ineyersgroup.net<mailto:cbeguiristain@meyersgroup.net> > <image614411.png> > <image722013.png> > <image062296.png> > <image212630.png> > <image039429.png> > <image201611.png> > <OBE - LOI document request theMeyersGroup.pdf> > <RE: FW: Cap Fees Calculation Worksheet - Ocean Breeze East.eml> ATTACHMENT III Simon, Michael From: Paul Bilton <PBilton@centennialmgt.com> Sent: Thursday, May 25, 2017 6:31 PM To: Simon, Michael; LaVerriere, Lori Cc: Lewis Swezy; Sharon Merchant Subject: Ocean Breeze East - Centennial Management's LOIS Attachments: Option 1 - Immediate Closing.pdf, Option 2 - Tax Credits.pdf, Option 3 - SAIL Loan.pdf, Option 4 - CRA Funding.pdf Michael: Attached are our four Letters of Intent for Ocean Breeze East. Please let me know should you need anything else. Regards, Paul Bilton Centennial Management Corp 7735 NW 146 Street, Suite 306 Miami Lakes, FI 33016 786-399-4210 May 24, 2017 Centennial Management Corp. 7735 NW 146 Street, Suite 306 Miand Lakes, F133016 (305) 821-0330 Fax (305) 821-0402 LETTER OF INTENT TO PURCHASE REAL PROPERTY OPTION ##1— Immediate Closing Michael Simon, Executive Director Boynton Beach Community Redevelopment Agency 710 North federal Hwy Boynton Beach, F133435 Property: Ocean Breeze East 700 North Seacrest Blvd, Boynton Beach, FI Parcels 08-43-45-21-10-001-0010 and 08-43-45-21-00-000-0021 Dear Michael: We are pleased to present this Letter of Intent to purchase the above referenced property all cash with no funding contingencies and immediate elosing. We are willing to make an immediate investment in the redevelopment of Boynton Beach to the benefit of the City of Boynton Beach and its residents. In other words, we are willing to "put our money where our mouth is." Closing right away is most advantageous to the City: 1. Start collecting property taxes right away 2. Tion over the property maintenance and carrying cost to us right away 3. Take away uncertainty about Ocean Breeze East With over 30 years of affordable housing development and property management experience in South Florida, Centennial Management Corp (CMC) has the expertise to maximize affordable housing development and fiinding opportunities to best serve the community, Option #1 is summarized as follows: - Purchase Price: $800,000 - City Contribution: $551,000 (approximately) - Utility Connection Waivers: $247,303 - Building Permit Waivers: None - Impact Fee Waivers: None - Annual TIR Investment: None - Closing Conditions: Good and Marketable title Centennial Management's Obligations: • CMC shall each of the next ten (10) years apply to Florida Housing Finance Corp (FHFC) for 9% Housing Credits and/or SAIL funds as may be available each year • One 9% Tax Credits or SAIL fiends are awarded, CMC will develop and manage 100 affordable housing rental apartments comprised of 1, 2 and 3 bedroom floor plans restricted to Area Median Income (AMI) set forth in SAIL and HC RFAs, • The development will provide a club house and community room along with pool, exercise facilities and other amenities. • No City funds would be disbursed until construction is undeilvay. • Tax exempt bonds and 4% non-competitive tax credits are awarded along with SAIL funds. • If neither SAIL nor 9% HC is awarded to CMC during the next 10 years, then CMC may after the 10 years pursue market rate options as well, and there shall be no further obligations between the CRA and CMC. • CMC will pursue other gap firading options such as a $1 Million HOME loan RFA soon to be issued by Palm Beach County Department of Economic Sustainability • CMC will pursue the County's Impact Fee Affordable Housing Assistance Program which currently has close to $ 100,000 available for road impact fee assistance in the zone where Ocean Breeze East is located. • CMC will work with the City in pursuit of hiring Boynton Beach businesses and residents for construction and permanent employment. CMC will work with the City to help persuade FHFC to introduce a Workforce SAIL RFA for Palm Beach County The CR-A',s Obligations: The CRA shall commit the required Local Government Contribution as may be required for CMC's applications to qualify for maximum points under Local Government Area of Opportunity. ® The CRA shall commit the same amount to CMC for SAIL applications as well. • The CRA/City will waive utility connection fees CRA's Option to Fund • If, at any time during the 10 years of applying to FHFC: no 9% HC or SAIL fiends have been secured, the CRA may at its sole discretion, choose to provide a loan of about $1.3 million (to cover the land cost already paid by CMC plus additional $500,000) and $350,000 in TIF funds annually for 20 years. City funding is to be adjusted upward to reflect higher cost Of construction at that time. • CMC would then start development and construction expediently. We are ready to present our/proposals to the Board with short notice. We took forward to hearing from you. Sincerely, Lewis So President 305-720-1 May 24, 2017 Centennial Management Corp. 7735 NW 146 Street, Suite 306 Miand Lakes, F133016 (305) 821-0330 Fax (305) 821-0402 LETTER OF INTENT TO PURCHASE REAL PROPERTY OPTION #2 — 9% Housing Credits (HQ Michael Simon, Executive Director Boynton Beach Community Redevelopment Agency 710 North federal Hwy Boynton Beach, F133435 Property: Ocean Breeze East 700 North Seacrest Blvd, Bojwfon Beach, Fl Parcels 08-43-45-21-10--001-0010 and 08-43-45-21-00-000-0021 Dear Michael: We are pleased to present this Letter of Intent to purchase the above referenced property for $1,400,000 subject to 9% HC Funding. With over 30 years of affordable housing development and property management experience in South Florida, Centennial Management Corp (CMC) has the expertise to maximize affordable housing development and funding opportunities to best serve the community. Option 42 is summarized as follows: - Purchase Price: $1,400,000 - City Contribution: $551,000 (approximately) - Utility Connection Waivers: $279,469 - Building Permit Waivers: None - Impact Fee Waivers: None - Annual TIR Investment: None - Closing Conditions: Good and Marketable title and award of 9% HC Centennial Management's Obligations: • CMC shall apply to Florida Housing Finance Corp (FHFC) for 9% Housing Credits and/or SAIL funds as may be available each year • Once 9% Tax Credits are awarded, CMC will develop and manage 123 affordable housing rental apartments comprised of 1, 2 and 3 bedroom floor plans restricted to Area Median Income (AMI) set forth in HC RFAs. The development will provide a club house and community room along with pool and exercise facilities and other amenities. • CMC will pursue other gap funding options such as a $1 Million HOME loan RFA soon to be issued by Palm Beach County Department of Economic Sustainability • CMC will pursue the County's Impact Fee Affordable Housing Assistance Program which currently has close to $100,000 available for road impact fee assistance in the zone where Ocean Breeze East is located. • CMC will work with the City in pursuit of hiring Baynton Beach businesses and residents for constrUCtion and permanent employment. • CMG will work with the City to help persuade FHFC to introduce a Workforce SAIL RFA for Palin Beach County The ERA's Obligations: a The CRA shall commit the required Local Goverimient Contribution as may be required. for CMC's applications to qualify for maximum points under Local Government Area of Opportunity. o The CRA/City will waive utility connection fees We are ready to present our proposals to the Beard with short notice. We look forward to hewing from. you. Sincerely, 305-720-3350 May 24, 2017 Centennial Management Corp. 7735 MY 146 Street, Suite 306 Miami Lakes, F133016 (305) 821-0330 Fax (305) 821-0402 LETTER OF INTENT TO P UR CHASE REAL PROPERTY OPTION #3 -- SAIL Lorin Michael Simon, Executive Director Boynton Beach Community Redevelopment Agency 710 North federal Hwy Boynton Beach, F133435 Property: Ocean Breeze East 700 North Seacrest Blvd, Boynton Beach, FI Parcels 08 -X13 -X15-21-10-001-0010 and 08-43-45-21-00-000-0021 Dear Michael: We are pleased to present this Letter of Intent to purchase the above referenced property for $800,000 subject to FHFC SAIL loan funding. With over 30 years of affordable housing development and property management experience in South Florida, Centennial Management Corp (CMC) has the expertise to maximize affordable housing development and funding opportunities to best serve the community, Option #3 is summarized as follows: - Purchase Price: $800,000 - City Contribution: $551,000 (approximately) - Utility Connection Waivers: $247,303 - Building Permit Waivers: None - Impact Fee Waivers: None - Annual T1R Investment: None - Closing Conditions: Good and Marketable title and award of SAIL loan Centennial Management's Obli atg ions: • CMC shall apply to Florida Housing Finance Corp (FHFC) for 9% Housing Credits and/or SAIL funds as may be available i Once SAIL funds are awarded, CMC will develop and manage 108 affordable housing rental apartments comprised of 1, 2 and 3 bedroom floor plans restricted to Area Median Income (AMI) set forth in HC RFAs. The development will provide a club house and community room along with pool and exercise facilities and other amenities. 0 4% Tax Credits and Tax Exempt Bond funding will be available along with SAIL funds • CMC will pursue other gap funding options such as a $1 Million HONM loan IFA soon to be issued by Palm Beach County Departi-nent of Economic Sustainability • CMC will pursue the County's finpact Fee Affordable Housing Assistance Prograin which currently has close to $100,000 available for road impact fee assistance in the zone where Ocean Breeze East is located. • CMC will work with the City in pursuit of hiring Boynton Beach businesses and residents for construction and permanent employment. • CMC will work with the City to help persuade FHFC, to introduce a Workforce SAIL RFA for Palm Beach County The CRA's Obligations: • The CRA shall commit about $551,000 to CMC's SAIL loan applications. • The CRA/City will waive utility connection fees We are ready to present our proposals to the Board with short notice. We look forward to hearing from you. Sincerely, 305-720-3350 May 25, 2017 Centennial Management Corp. 7735 NYV 146 Street, Suite 306 Aliami Lakes, F133016 (305) 821-0330 Fax (305) 821-0102 LETTER OF INTENT TO PURCHASE REAL PROPERTY OPTION #4 — CRA Finrding Michael Simon, Executive Director Boynton Beach Community Redevelopment Agency 710 North federal Hwy Boynton Beach, F133435 Property: Ocean Breeze East 700 North Seacrest Blvd, Boynton Beach, Fl Parcels 08-43-45-21-10-001-0010 and 08-43-45-21-00-000-0021 Dear Michael: We are pleased to present this Letter of Intent to purchase the above referenced property without competitive funds from FHFC (no lottery) and requiring only a limited CRA contribution as follows: - Land Purchase Price: - CRA Contribution: - Annual TIR Investment: - Utility Connection Waivers: - Building Permit Waivers: - Impact Fee Waivers: - Closing Conditions: $1,000 $500,000 $350,000 per year for 20 years None None None Good and Marketable title With over 30 years of affordable housing development and property management experience in South Florida including having built and currently managing well over 2,000 affordable housing rental units, Centennial Management Coif (CMC) has the expertise to maximize affordable housing development and funding opportunities to best serve the community. Centennial Management's Obligations: • CMC will secure non-competitive tax exempt bond funding from the Palm Beach County Housing Finance Authority and non-competitive 4% tax credits from FHFC. • CMC will promptly develop and manage 100 affordable housing rental apartments comprised of 1, 2 and 3 bedroom floor plans restricted to 60% of Area Median Income (AMI). • The development will provide a club house and community room along with pool, exercise facilities and other amenities. • CMC willwork with the City and CRA in pursuit of hiring Boynton Beach businesses and residents for construction and permanent employment. • CMC will pursue the County's Impact Fee Affordable Housing Assistance Program which currently has close to $ 100,000 available for road impact fee assistance in the zone where Ocean Breeze East is located. The CRFs Obligations: • Sell the land to CMC for $1,000.00. • Provide $500,000 in Rinds at or before construction completion • Provide $350,000 in annual TIF ftinds for 20 years We are ready to present our prolJosals to the Board with short notice. We look forward to hearing frons you. Sincerely, Lewis Swozy President -�35 305 '72 ATTACHMENT IV I yl 91y CL 0 u E C: 0 0 Ln 0 0 E kitC c m e 00 cu E 0 0 4-J 4-J Q) 4-J c (3) u 0 z I CD I Ln Ul 0 0 0 ca 9 0 :1 0 1 z A I GI] J(10 [►'] V cu Ln cu a) Cti ft . •� 4-1 M ---1 -1 u 4 `., a u 4-j f Q cu CU v 4 a Ii� r L -T L) C w 0 E cl 0 c CD CO o c 0 cr, E 2 >, Cc t: w 0 OL 0 a) a) mE >' cr z c cum m C N 0C. I a) 11 0 CL o 0 06 E 5 0 0 E E X17 m M 75 CL 0 N IL .0 a) 0 3: jj 75 _j C5 '0 co D c E .0 t CLE 0 Ii� r L -T L) C w 0 cl 0 r c CD E 0-U7E o c 0 cr, E 2 E c W0) w 0 = a) a) mE >' cr z c cum m C N 0C. I a) 11 0 0 o 0 Z 5 0 0 E CO > a . a) aj 0) > m E 0 (a X17 m M 75 CD 0 m SS (D 0 3: jj 75 to ac, R a, c .0 t CLE 0 C1 to C) 0 .0 2 0) C. 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U i22, fJ LI U 4' ■► • i w dw 00 jr 1 rl P� ""7 c= db 4-J Q) —7 sr AN 040 au a jp 4-J Q) —7 ko' B z W w z 4-J w 0 r. 0 4-J .,..q P-4 -IZ5 rl it E 0 0 >1 4-J 4-J lc� 4-J cu cu CL ow w 4-J ft `•�_,: u 4-J CU yy 0 0 cu Qj u 4-J tn 4--J 0 E U ft -t 0 (3 ) 4-4 (v 4-4 x = 4..A tt I,— rt U 0 u ro U M C: o u rR, — U 0 0 4-1 >1 4-1 4-J C� .1�4, •W 4-J 4-A isl w u th C L 0 u E ;J X Ln E cu CU rd ;�- Q) (IJ 4 - ra rd 1 AL ►—i cu CU r 01 nb cn CO 4-j 4-Jc LA 4-J to cr w o o rw' cu CU "� Q f' ,— U " ► we E 0 M cu V)Ln - u . fly Ln 4-J 0 CCLQ -I-- C M to 4-j '� 0 EV) C m 0 u t:XA m r 0 M ci tU0 0 4-J M Mo Cc CLE t3! cL.. . E u CLQ 0 (1) U 4 c 0 0 to C7 t'r3 � - U 0 U V) 4-1 EN 0 Nu U - Q -0 •0 0 [v c m 4-- b .2 -Jm 0 m - L 6 0 W .Z � (} C: c N4 0 0 C) c FOUR OPTIONS: 1. Immediate Closing 2. Housing Credit Contingency 3. SAIL Loan Contingency 4. CRA Funding Assistance Ocean Breeze East #1 Immediate Closing Land CRA CRA TIF Utility Fee Impact Fee Units Purchase CRA Funds Tartqe Funds Credit Waiver 100 800.000 551,E O 0 0 247,303 No ontingency Land Initial Utility Fee lmpact Fee Units Purchase C 123 1,400,000 551,000 0 0 279,469 No #3 SAIL Loan Contingency Land Initial CRA CRA TIF Utility Fee Impact Fee Units Purchase CR.A Funds Mortgage Funds Credit Waiver 108 800,000 551,000 0 0 279,469 No #4 CRA Funding Land Initia CRA CRA TIF Utility Fee Impact Fee Units Purchase CRA Funds Mortga2e Funds Credit Waiver 100 1,000 500,000 0 350,000 No No per year 20 years May 24, 2017 Centennial Alattagement Corp. 7-35 NPV 146 Street, Suite 306 A.-fiami Lakes, 1,-133016' (305) 821-0330 F'(,I,.v 005,1821-0401 L E TTER OF 1AYEA-T TO P UR CH 4 SE RE- 4 L PR OPER 7' Y OPRO,V #1 - Inunediate Closing Michael Sinion, Executive Director Boynton Beach Community Redevelopment Agency 710 North federal Hwy Boynton Beach, Fl 33435 Property,: Ocean Breeze East /00 NorlhSeacrest Blvci, Pkimon Beach. F-7 Porcels 08-43-45-21-10-001-0010 ancl 08-43-45-"21-00-000-002 1 Dear Nlichael: We are pleased to present this Letter of Intent to purchase the above referenced property all cash with no funding contingencies and immediate closing. We arewilling, to make an immediate investinent in the redevelopment of Boynton Beach to the benefit of the City of Boynton Beach and its residents. In other words, Ave are willing to -.Put Our Money where our mouth is," Closing right away is most advantageous to the City: 1. Start collecting property taxes right away 2. Turn over the property maintenance and carrying cost to its right away 3'Take away uncertainty about Ocean Breeze East With over 30 years of affordable housing development and propeity management experience in South Florida, Centennial Management Corp. (CMC) has the expertise to maximize affordable housing developi-nent and funding opportunities to best serve the community. Option #1 is summarized as follows: - Purchase Price: $800,000 City Contribution - Utility Connection Waivers Building Permit Waivers: Impact Fee Waivers: Annual TIR Investment: Closing Conditions: 551.000 (approximately) $247.303 None None None Good and Marketable title Centennial Management's Qblk,,ations: * C:,\IC shall each of the next ten (10) years apply to Florida f4ousing Finance Corp (FHFC) for 9% 1 lousinc, Credits and/or SAIL funds as may be available each Year * Once 9% Tax Credits or SAIL funds are awarded, CNIC will develop and manage 100 aff6rdable housing rental apartments comprised of 1,2 and 3 bedroom floor plans restricted to Area Median Income (AM].) set forth in SAIL and I -IC RFAs. The development will provide a club house and communiti, room along with pool, exercise facilities and other amenities, No City funds would be disbursed until construction is undeii.vay. -fax exempt bonds and 4% non-competitive tax credits are awarded along with SAIL funds. • If neither SAIL nor 9% HC is awarded to CMC dUring the next 10 Years, then CMC mav after the 10 years pursue market rate options as well, and there shall be no ftirtli er obligations between the CRA and CMC. • CMC will pursue other gap funding options such as a $1 Million HOME loan REA soon to be issued by Palm Beach County Department of Economic Sustainability • CNIC will pursue the County's Impact Fee Affordable Housing Assistance Program which currently has close to $100,000 available for road impact fee assistance in the zone where Ocean Breeze East is located. • CMC will, work with the City in pursuit of hiring Boynton Beach businesses and residents for construction and permanent employment. • CNIC will work with the City to help persuade FHFC to introduce a Workforce SAIL, RFA for Palm Beach Count° The C.R.A's ObI41-ations: mm_* The CR_A shall commit [lie required Local Government Contribution as may be required for CMC's applications to qualify for maximum points tinder Local Government Area of Opportunity. * The CRA shall commit the same amount to CMC for SAIL applications as well. The CRA/City will waive utility connection 'fees CRak's Option to Fund If. at any time during the 10 years of applying to Ff IFC no 9% FIC or SAIL funds have been secured, the CRA may at its sole discretion, choose to provide a loan of about S13 million (to cover the land cost already paid by CNIC: plus- additional $500,000) and $350,000 in TIF hinds annually for 20 years. City funding is to be adjusted upward to reflect higher cost of construction at that time. a CIVIC would then start development and construction expediently. We are ready to present otTpyoposals to the Board with short notice. We look forward to hearing from yot Sincerely, Lewis Swe President /, 305-720-_4` Mav 24,2017 Centennial Hanageatent Corp. 7735 NPN" 146 S'Ireet, Suile 306 itliami Lake., T7 33016 (30-�) 821-0330 F�a (305) 821-0-402 LETTE-R 01;'INTENTTO P U'RCILLS'E RL -1 L PROPERTY OP7-10,,N,'#2 — 9% 11ousing Credits (HQ Michael Simon. Executive Director Boynton Beach Communit,.,Redevelopment Agency 7 10 North federal Hwy Boynton Beach.. Fl 33435 Propeqy: Ocean Bree�e Easl '00 North Sewcresl Blwl, Boy,nton Beach, P7 Parcels 08-4-3-45-21-10-001-0010 and 08-43-4.5-2 1 -00-000-0021 Dear Michael: Weare pleased to present this Letter of Intent to purchase the above referenced propert,N, for S.1,400,000 subject to 9% HC Funding. With over 30 years of affordable housincy de-velopment and property management experience in South Florida, Centennial Management Corp (CMC) has the expertise to maximize affordable housing development and funding opportunities to best serve the com-munity. C� C I Option #2 is summarized as follows: - Purchase Price: $1,400,000 - City Contribution: $551,000 (approximately) - Utflity Connection Waivers: S279,469 Building Permit Waivers: None Impact Fee Waivers: None Annual TIR Investment: -None Closing Conditions: Good and Marketable title and award of 9% 14C Centennial Manap-ement's Obligations: • CMC shall apply to Florida Housing Finance Carp (FI-I.FC) for 9% Housing Credits and/or SAIL fonds as may be available each year • Once 9% Tax Credits are awarded, CMC will develop and manage 123 affordable housing rental apartments comprised of 1, 2 anti -'-') bedroom floor plans restricted to Area Median Income (ANII) set forth in HC ls. The development will provide a club house and community room along with pool and exercise facilities and other amenities. • CMC will pursue other gap funding options such as a $1 Million HOME loan RFA soon to be issued by Palm Beach County Department of Economic Sustainability • CMC will pursue the County "s Impact Fee, Affordable Housing Assistance Program which currently has close to $100,000 available t.( -,)r road impact fee assistance in the one where Ocean Breeze East is located. • CMC will work with the City in pursuit of hiring Boynton Beach businesses and residents for construction and permanent employment. • CMC will work with the City to help persuade FI I FC to introduce a Workforce SAIL RFA for Palm Beach County The CR. C.yl_�ht�atrcrrs- • The CP -?k shallcommit the required Local Government Contribution as may be required for CMC's applications to qualify for maximum points under Local Government Area of Opportunity. • The CRA/Cit-N, will war iv e utilit-,- connection fees We are ready to present our proposals tri the Board with short notice. We look forward to hearing from You. Sincerely, Lewis SweZ,�" MAid9t 305-720--335C Mav 24. 2017 C",entennial ]VIanagenzent Corp. .Av`[f` 146 Streei, Suite 306 Mianii Lakes. R 33016 (305) 821-0330 Tax (305. 821-0402 LETTER OF LNTENTJO P1,7�CH.4,SE RL -,,IL PROPERTY OPTION #3 — SAIL Lotin Michael Simon, Executive Director Boynton Beach Community Redevelopment Agency, 710 North federal Hwy Boynton Beach, F! 33435 prol,7erly", Ocean BreeZe East 7 00 jVorlhSeacrest Blvd, Bo vnton Beach, FY Parcels 08-43-45-21-10-001-0010 and 08--,,13-45-21-00-000-00-?] Dear Michael: We are pleased to present this Letter of Intent to purchase the above referenced property for S800,000 subject to FHFC SAIL loan funding. With over '10 years of affordable housino development and property management experience in South Florida, Centennial Management Corp (CMC) has the expertise to irLaximize affordable housing development and fundingL- opportunities to best serve the community. Option 43 is summarized as follows: - Purchase Price: $800,000 - City Contribution: $55 1,000 (approximately) - Utility Connection Waivers: ` 247,303 Building Per Waivers: None Impact Fee Waivers: None - Annual TIR Investment: None - Closing Conditions: Good and Marketable title and award of SAIL loan Centennial Manqg!,-,rneLnt's Obligations. a C' IC shall apply to Florida Housing Finance Corp (FHFC) for 9%.[-Iousing Credits and/or SAIL funds as may be available a Once SAIL funds are awarded, CNIC will develop and manage 1.08 affordable housing rental apartments comprised of 1, 2 and 3 bedroom floor plans restricted to Area Median Income (AMI) set forth in FIC RFAs. The development will provide a club house and commLmity room along with pool and exercise facilities and other amenities. 0 4% Tax Credits and Tax Exempt Bond funding will be available along with SAIL funds 0 CMC will pursue other oap funding options such as a $1 Million HONME loan RFA soon �17 to be issued by Palm Beach County Department of Economic Sustainaliflivy, a CMC will pursue the County's Irnpact Fee Affordable Housing Assistance Program which currently has close to $100,000 available ror road impact fee assistance in the zone Nvhere Ocean Breeze East is located. a CMC will work with the City in pursuit of hiring Boynton Beach businessesand residents for construction and pen-rianent employment. 0 CMC will work with the City to hell) persuade FlJFC to introduce a Workforce SAIL R+'A for PaIrn Beach County The CRA's Obliaations. • The CRA shall commit about $551,000 to CMCs SAIL loan applications. • The CRA/City will waive utility connection fees We are ready to present our proposals to the Board with short notice. We look,Cor"'ard to hearing from you. sincerelve Lewis Sw0N PIresi4ent 305-720-' )350 May 25.2 17 Centennial Manacrement Corp. 6 "735 'VIV 146 Streel, Sivite 306 ithanfi Lakes., 17 33016 00j) 8-71-0330 Fctr Ot)5,) 821-0402 LE7'7"L,'R OF A"TL'_N7TT0 PtYR(_H4SE RE,4 L PROPER TY OPTIOA44 — CK4 Fundinla Michael Simon, F-,'xecutive Director- Boynton irector Bovnton Beach Community- Redevelopment Agency 710 l` Orth Hxvy Boynton Beach, H 334355 Propertv: Ocean Breeze East 700 �VorrhSeocrcst Bh,,d, Bo vnion Beach. 1-7 Pur(!els 08-43-4J-2 I - 1el-001-001 t] and 08-43-4-5-2] -00-000-002 1 Dear Michael: We are pleased to present this L,etter of Intent to purchase the above referenced property without competitive funds from FHFC (no lottvry) and requiring only a limited C RN contribution as follows: Land Purchase Price: CRA Contribution: Annual FIR Investment: Utility Conriection Waivers: Building Permit Waivers: Impact Fee Waivers: Closing Conditions: $1.000 $500,000 S-1,50,000 per year for 20 years None None None Good and Marketable title With over 30 years of affordable housing development and property management experience in South Florida including havIng built and currently managing well over 2, 1-1 1 000 affordable housing rental units, Centennial Management Corp (CMC) has the expertise to maximize affordable housing development and funding opportunities to best serve the comrnunity Centennial Manaaement's Cations: • CMC will secure non-competitive tax exempt bond funding from the Palm Beach County Housing Finance Authority and, non-competitive 4% tax credits from FHFC. • CMC will promptly develop and manage 100 affordable housing rental apartments comprised of 1, 2 and 3 bedroomfloor plans restricted to 60% ofArea Median Income (AMI), * 'The developinent will provide a ClUb house and coy rininity roorn along with pool, exercise facilities and other amenities. * CNC will work with the City acid CFLin pursuit of hiring Boynton Beach businesses and residents for construction and permanent employment. * CNIC will pursue the County's Impact Fee Affordable Housing Assistance Program which current1v has close to $100,000 available for road impact fee assistance in the zone where Ocean lireeze East is located. The CR 's Obliggations: * Sell the land to CMC for $1.000.00. * Provide $500,000 in funds at or before construction completion * Provide $350,000 in annual TtF funds for `?0 years We are ready to present our proposals to the Board with short notice. We took forward to hearing from volt. Sincerely, Lewis SweZv President -305-7`-0-3350 ' January 12, 2017 Ci- of Mianl-i Office of the Clerk, I" FICOT COOT-ItOr 3500 Pan, American D -rive Miami, FL 33133 ReCentennial Man,agement and Le -,, is Swezy, TL) ,;,vhow it may concern. SunTrust has over theUP years provided boob equity and debt money to fund multiple developmiept pTojects for Lewis Swez, Cente i Management and,, affiBate s. Y, I I - I Y]TH'Al I 1 .1 Mr, S-wezzy and his development group have demonstrated that they have the expense and capital to complete df-velopments in a tiraf,,ly manner. All T&-isaeltions involving Mr. Swezy and his group have been conducted and finalized to our compl-ete, satisfaction. We would most certainly entertain fin-ther lending opportunities with --N4T. Swery and Centennial Management, Please contact the at 305-579-7213 should you have any questions Sincerely Leslie Ann Maduro First Vice President M L&T 41ktISI January 5, 201.7 R to : Lew,,'L� S,,vezzy To wliclu- rt atay conce-mi: Le ,v Swezyhas been ba_ z -vAdth Sl�,Trtisft since, 1994. As of Jantary 5. 2017.. -?Yt-r. Swe� has I'll excess of $14,000,00PICK deposited at St nTrli_,st :11t vw, ious t)ersaaal, and busLf, ess accounts, I Pleas-- caTitact me at 3 05®579 72 ') should you ha-ve azy quesfWas Leslie A-= Madura First Vic-, President Cor-UlIeTClai Re -21 —ESTMITe B2r!III-L'nIC- 'H'4'- Powerl e Road, Ftr D LI Boca Raton, Florida 33413; January 5., 20117 Re: City of[T-Vliarni, Request for Proposals To N'Vhorn it May Concern: TD Bank, NA. is happy to provide this fetter of reference- I h-9ve personally lulovvn ar)d have provided bariLliag, including lending services, to Lei.vis Swezy. Centennial .Mariagerrient Corp and its affiliates since 1994. I hav e had the pleasure of flinancing n urn cro Lis projects develop d and constructed by Lewis Swezy, Centennial Management Corp and its affiliaies. I find -Mr. Swe, and the team he has built extremely knowledgeable, well capitalized and ver�v capable in all aspects of their busi-ness- They have handled all accounts with me over rhe years as meed and I consider Mr. Swezy an excellent client. We look forward to providing construction and permanent Financing to Centcr-n-ial Management Corp, for this project. Feel free to contact me should you have any questions. Sincerely, Mario Facella Senior Lender 561-361-1622 Sabadell United Bfa,nk '-r,uor,,, 5, 2017 D REF. Lewis Swezv, President, Cen,'E, ,Rn� qJ Ma np qe,-R en t Co ,, -,o. To who it enoyl con --ern. Please be advised that Subodell United BunM khQS CirH-airled Gil eAlensive baaking relotionship with 'Lewis SwezyC, President at Centenniul Vlonagemeot troop" and its affiliate -5 Sinn e 2013. -However,, ) hoje A -mown Mr- Swezy since 1-9,95 once have MjD�,'--d doing business vVith hun. at preciou-s 'Conking institutions. The relationship consists of various business and personol deposir uccount�, as well as, an extensive lending relotior-ship. Both the deposi-tory and lendloa relatjon-,,-7hip hove been handled in an exernplDry manner and we enjoy having h[m as a- client Of our Private Wealth MoriagemEnt Group. Mr. Swezy has the financial strength and development expertise You wou& lr"Dk for in a development partner. we is well known and highly respected in his area of experti'se. We would' behappy to considerfinoncing to Centennial Mon gement Corporctionfor ony project, I trust the foregoing i&ormation will be of assistance to you. Pleosedoriot fj-psitL7tetri con oct me at (30-5) 376-243 7should you have any questions or rewire re any additional information, Sincerely, Nelcy Vicente Senior Vice President WeOlth MG,nagement Sa badd U n 1 ted Bank, NA. NI e-mb at FO IC. Equal H ousing Ln nber n January 1,- 201'? To �vhc)m it may concern, 1 A Eo�toFi, 02110 'none, L17.439291 I b i 7, 4 34 -3r5 w,vw. bfim.,orr This letter of re-fererice is in regDrds to our expenience with Lewis Swezy and Cen-Lennial Management and its affitiates. Boston Financial has a long term retatlonship with Mr. Swe2�y In to flinancing of affordable h4ous-1P developments. Mr. Swezy and his team are ven, successful and Tjossess the experience an firiancial wherewithal to support this de-velopment activity. I took ftjn�,card to working with Nfr, Swd, In ezy 111is team again when the opportunity arises. It' there are any questions, please feel free to contact ime, Sincerely, Bob 0. CouTtney, SVP Briston Finanda( Investme,-[t Management 312 S. 4' St., Suite 700 Louisvil[e, KY 40202 502-212-3819 January 1741, 2017 City of Nharni Of-fice of City Clerk a. com Phone: 386-239-5731 500.87 2 769 Ext 5 7311 Relf6iimce: lnsuxabilit7 of Cenierinial Management and Fey son l Refer er, c a L -,, -'s S %,,,,,ezy To Whon-i It May Concern, Brovvn. & Bra -,.,m- has had the pii�rilege of doing business with Centennial Manag,eme-rit aad all of iV-, afEliated companiies for several years. We coo der thern to be one, of our mosf valued clients. In addition ', I have Personally known Le�Aris Swezy for over ten years and, offer my highest recommendations for his integri Y S, Constrlacno-i c�- -F D Jc, L-� c, ad T T c 11 - d t ' 2 ' - S - C on7,,,n:, c:lj o, -,-L o f Dad as t Ln e J'; vol" a,7.- cozisi rLn- I-,,, Bas'-�d C,:a zh'el- of C--XPC 'n' C�' ter. W R) r, and rtar R "- or Dadt. �mc, �ecw adb o, i1raizE ca-paciv, m, exces's Of, S 100.000,000.00. B:-o-v;,,m L' Brcvn, inc, has had'- -,h-- prjv-],t;z- of, dc--ing- busm--ss ,xrith ",AT ? 7 c Svvery and R -S, Construc6cm of Da�"e, —Inc. for mmanvczrs ai-,d. to 11 -It 'Onzc, Loi Our r:JDS-L -Vallutd clic7ns- "'ve offel our L-6_ hC---,j 7er- cTr=,-ead-Rtic.,,ns o1a the use of�htLt ia, v 'I T r4 a-- v i t al, "v u, uTmay cm, 1 --le �" ecled Cj"LLT wa-v- LUTZ- L�TlqL-I f!71 , Lr nott tinuL In dccill oD to ' 1 17 . I I . issue p--7 omazice end pa�-mf-=t DC)Da� 1--: a 1713a.tIC7, bt--L1vtezi R -S- Ccns-uuc 'oa, Of Dadc. !Tic:, and ft - ,uicmaxed be subjc�' to -Lb enT aim nda:--d -U-11, aT 110t bt j,jMLjtf--j To LI C 0 f th p- 'in a] bo -r d i-evT,) e st� wb� ch i�- J-11 ci u d Tht acczpmability of fhe coati -act docL= tnts' bond fob and' -5n,-mcing, TVe 'a3suxl-ie ow abil Ti., to T r-,arb ts oi to vou if fo, Ln -v re�,�m llbev dcj noL exteine sa1u onds, Pvl�-ar D 10e, ord CPC Ua� AI -F S B oil d bdanager BMII�W �11�j Presented to fly jwntf e. qurtwn Manager, Stadium Apartments It is our pleasure, on behalf ` of our citizens to honor your ivonderful -'esp commitmentto civic i onsibiliol and communal are through Jonations andsuppo'If or neigh) �or-hoodprqjeets in thCir e v generous QfAlfiami kv� a qac mMunit,,vpa, M- er whose philanthropy serv,:.�s as a source! of inspiration. 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Unfortunately, as per Mr, Block's email received on May 1, 2017, it appears NuRock's application was not awarded funding under the 9% tax credit funding (see Attachment 1). The purchase and sale contracts that NuRock held for the adjacenl, properties were not eligible for assignment to the CRA because of several timeline and financial milestones that were unable to be met as a result of the tax credit application process, Consequently, r# has formallysubmitted a Letter of # of Purchase and Development Agreement dated October 10, 2016. Under the terms of the Purchase and Development Agreement, NuRock had until June 30, 2017 to obtain approval of an allocation, JJW #-## -w (see Attachment 111), A &71q.13 01►[,I2A"mo A-Raft0=1. ��N a Siam Michael Simor, Interim Executive Director ATTACHMENT Simon, Michael From: Robby Block <rb|ock@ynurockzom> Sant: Monday, May 1'2O17Q:3QAM To: Simon' Michael Su bject: RE: MLKJr South Project Good Morning Michael, unfortunately, its not good news. As|had mentioned, there were 2other projects inPBC that received the local government preference. | knew ofone ofthe deals, but thought that vvehad agood argument ifthey beat usinthe ultimate lottery. Related came in with a deal in the City of WPB, which has never given this kind of money out before, but they structured it as a loan, which in my opinion defeats the purpose of the support from a local government. VVehave been going through Related initial application tosee ifthere were any red flags and atthis point | don't see any. Its very disappointing from our perspective as | know you feel the same way! | will prepare the termination letter for the contract and send over later today. There has not been any discussion onthe new cycle timeframes orapplication requirements. |amvery surprised that Roundstone received your recommendation for a contract when no timing has been announced. 0uRookhas been working on a financing structure that may have worked for OBE, but from my impression with the City Commissioners (CRA) comments at all of my meetings I didn't feel that they wanted to sell it anymore to an affordable housing developer. VVeare alocal company with anoff ice 3 miles away and every time I went in front of the CRA I felt like I was the enemy and had to defend the States process and previous developers that didn't win either. These two sites are very good candidates for affordable housing and will one day get funded. MILK isgoing tobe a|itde harder with the other owners, but its definitely achievable. Thank you and your staff for your support through the process and I hope that we can try again later this year! Best Regards, Robby D. Block NuRock Acquisitions Florida, LLC Boynton Beach, FIL 33472 561.990.2614 Office 561.756.0329 Cell From: Simon, Michael [maiKo:SinlonM@bbf.us] Sent: Sunday, April ]O, 2017 2:24 PM To: Robby Block Cc:a|lanschnier@gmai|.com; Utterback, Theresa; Harris, Susan Subject: RE: MLK]rSouth Project I'm following uponyour email below dated, April 19, 2O1\inwhich you said that staff scoring would betaking place in Tallahassee. | haven't heard from you since the 1Q1hso|thought | should reach out. The CRAA0and CRA Board will want anupdate this week. Can you please tell mewhat happened onApril 25'h and ishappening with 0uRookand what's happening relative tothe current Agreement with the CRA? Myfingers are crossed that it's good news. Michael Simon |ntehm Executive Director CRA Boynton Beach CommunityRedeve|opmentAgency 71ON.Federal Hwy. I Boynton Beach, Florida 33435 �— ��1-�UO-�U�1 | ��561-737-3258 =~ ' m�w SimonK4@bbf|.ua | 42, http�//vvvvvv.cotchboynton.com America's Gateway to the Gulfstream Please be advised that Florida has a broad public records law and all correspondence to n -,ie via en-lail n-,Iay be subject to disclosure. Under, Florida records law, en-,iail addresses are public records. Therefore, your, e-n-,iail con-,in-,iunication and your, e-n-,iail address n-,iay be subject to public disclosure. From: Robby Block [maiho:rb|ock@nurock.com] Sent: Wednesday, April 19 20174:33PM To: Simon, Michael <SimonM@bbfl.uo> Subject: RE: Lots for Sale HiMichael, yes, we are currently in2 dpoSiboninPBC for funding. However, next Tuesday 4/25isthe staff scoring and ranking. | will know where vve stand after that meeting. |tisat2:O0inTallahassee and | will bethere. | will call oremail you right after. Thank you. From: Simon, Michael Sent: Wednesday, April 19, 2017 4:20 PM ATTACHMENT II TERMINATION NOTICE TO AG] REEMENT OF PURCHASE ANDSALE MIS TF,�R-MINATION N(TI'ICE relates to an AGREEMENT OF PURCIIASE, AND SALE dated the 10"' day of October, 21016 (,.As subscqWnfly amended, the "Purchase Agreement"), by and between HERITAGE AT CITY VIEW IMUSING PARTNERS, Ll' ("Purchase -i") anti BOYNTON 13MCI-1 COMMUNfTY RE'I)1-'VE'1.-,0PML'NT AGEMY, a public agency created pursuant to Chapter 163, Part 111, of the Florida StatUteS PUrSUant to Section 7 Of the PL11-ChElse, Agreement, PLII'ChaSer has elected to tenninacte the Purchase Agreement. The Purchase Agrecment has been terminated as PLU-ChaSel' will not be able to obtain an allocation of LoNv Income Ilousing Tax Credits "UHTC", 'Tmane htg'% The Purchase Deposit, and any and all interest carned thereon, shall be delivered by E.scvow Agent to Purchaser. PURCHASER: HERITAGE AT crry vam HOUSING PARTNERS, LP, a Florida limited partnershk) X B Nune: Robby D. Block Title: Authori7ed Agent Date: May 3, 2017 Simon, Michael From: Robby Block <rblock@nurock.com> Sent: Friday, June 9, 2017 8:41 AM To: Simon, Michael Cc: Robert Hoskins; 'allanschnier@gmall.corn'l- 'tduhy@llw-law,com'; Kenneth Dodge Subject: RE: MLKJr South Project -termination Good Morning Michael, Since our conversations back in mid-May, nothing has changed from our standpoint. The project did not receive an allocation of Tax Credits. There were 3 projects in Palm Beach County that received a Local Goverrurent Contribution, it came down to lottery numbers for the 3 projects and we carne in second behind a deal in West Palm Beach. The termination letter should still be effective. ffil�� Em From: Simon, Michael [mai1to.SirnonM@bbfl.us] Sent: Thursday, June 8, 20PM To- Robby Block Ccm Robert Hoskins; 'allanschnier@gmall.com; 'tduhy@llw-law.com'; Kenneth Dod Subject: RE: M1LK3r South Prodect-termi nation Importance: High I As you know, we have been working together in good faith to see if the MLKJr Blvd South project still had legs and I think we have reached a point where we can honestly say, it does not. Given this fact, the existing agreement with NuRock has not officially been terminated as we held back presenting the attached letter to the CRA Board per your request below. If you are ready to officially terminate the agreement, please provide us with an updated letter so that we may present this to the CRA Board on June 131" and return your deposit as per the contract, I've copied both CRA attorneys, Tara Duhy and Ken Dodge on this email in order to keep them informed as to the status of this time sensitive item. Thank you so much for all of your diligent efforts. �s a e l `,, i i i i (, � t 1, I i r 11 c x, 0 (" L) t 1v 1) f C l A, er it r 'fie. C oP� J U t 1,1 6 1 7 7 5 MLKP&D This Purchase and Development Agreement (hereinafter "Agreement") is made and entered into as of the Effective Date (hereinafter defined), by and between BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY, a public agency created pursuant to Chapter 163, Part III, of the Florida Statutes (hereinafter "SELLER") and HERITAGE AT CITY VIEW HOUSING PARTNERS, LP, or its wholly owned affiliate assignee (hereinafter "PURCHASER", and together with the SELLER, the "Parties"). In consideration of TEN AND 00/100 DOLLARS ($10.00) and the mutual covenants and agreements herein set forth, the receipt and sufficiency of which is hereby acknowledged the Parties hereto agree as follows: 1. PURCHASE AND SALE OF PROPERTY. It is PURCHASER's intention to acquire all parcels as listed and depicted in the attached Exhibit "A" (hereinafter the "Project Area") in order to construct a new mixed use housing community development on the south side of Martin Luther King, Jr. Boulevard in the Heart of Boynton community. Seller is the owner of the highlighted parcels within the Project Area as set forth in the attached Exhibit "A" and agrees to sell and convey to PURCHASER said parcels on the terms and conditions set forth herein. The Parcels owned by CRA within the Project Area shown on Exhibit "A" shall be known as the "Property". 2. PURCHASE PRICE AND PAYMENT. PURCHASER and SELLER have agreed to an overall land acquisition budget of Two Million and 00/100 Dollars ($2,000,000.00) for the purchase of all parcels within the Project Area. PURCHASER shall provide to SELLER purchase agreements for all parcels within the Project Area not owned by SELLER (hereinafter "Third Party Parcels") and a Purchase Price for the SELLER owned parcels in Exhibit "A" shall be calculated by subtracting the sum of all fully executed and binding Third Party Parcel contracts from the Two Million Dollar ($2,000,000.00) acquisition budget. The Parties acknowledge that this could result in a nominal purchase price for the Seller owned parcels. PURCHASER understands and agrees that this calculation shall be utilized notwithstanding PURCHASER's failure to acquire all parcels within the Project Area. 3. DEPOSITS. An Initial Deposit in the amount of TWENTY-FIVE THOUSAND AND 00/100 ($25,000.00) shall be deposited with Lewis, Longman & Walker, P.A. (hereinafter "Escrow Agent") within five (5) business days following execution hereof by the Parties. The Initial Deposit shall be fully refundable to PURCHASER, if prior to the expiration of the Feasibility Period (as hereinafter defined), the PURCHASER advises SELLER in writing that it does not intend to complete the purchase of the Property. Said Deposit shall be credited to Purchaser at Closing assuming Section 2 Purchase Price and Payment is met. .1c sit. An additional deposit in the amount of TWENTY-FIVE THOUSAND AND 00/100 ($25,000.00) which together with the Initial Deposit shall be referred #4462351 v1 30364-0000 00715764-1 PURCHASE AGREEMENT/ NUROCK/MLK South Page 2 of 17 to as the "Deposit" shall be deposited with the Escrow Agent, at the end of the Inspection Period. The Deposit shall be non-refundable to PURCHASER, except upon (i) failure by SELLER to satisfy any conditions precedent to closing; (ii) failure by PURCHASER to obtain a tax credit allocation (as described in Paragraph 7 below); (iii) upon default by SELLER hereunder; or (iv) failure of PURCHASER to obtain the items described in subparagraphs 5(a) and (c) below. All interest accruing on the Deposit shall be credited to the Party entitled to retain the Deposit in the event of the cancellation or termination hereof. At closing, the Purchase Price shall be payable in cash, less the Deposit, and subject to prorations and adjustments set forth herein. Said "Deposit" shall be credited to Purchaser at Closing assuming Section 2 Purchase Price and Payment is met. 4. EFFECTIVE DATE. The date of this Agreement (the "Effective Date") shall be the date when the last one of the SELLER and PURCHASER has signed this Agreement. 5. CLOSING. The PURCHASER'S obligation to close on the purchase of the Property is contingent on the following: a) PURCHASER obtaining site plan approval from the City of Boynton Beach, Florida (the "City") to build up to 75 residential units for occupancy by low income households along with commercial retail space on on the first floor on the Property. b) Prior to the expiration of the (Vine Percent (9%) Tax Credit Allocation Period (as hereinafter defined), PURCHASER receiving an invitation to underwriting for an award of low-income housing tax credits ("LIHTC") from the Florida Housing Finance Corporation ("Florida Housing"); and C) Seller delivering marketable title to the Property subject only to those title exceptions acceptable to the PURCHASER, all as more specifically set forth herein. d) Closing is contingent upon Purchaser's successful closing on the Third Party parcels. Closing is also contingent upon Seller receiving copies of all fully executed Third Party parcel contracts within 5 business days of executing the Third Party Purchase Agreements. 6. ° . Prior to the last date of the applicable Florida Housing Request for Applications, in response to which the PURCHASER submits an application for LIHTC's that includes this Agreement, which is estimated to be not later than December 8, 2016 (the "Tax Credit Application Period"), the PURCHASER shall apply for an allocation of 9% LIHTC's from Florida Housing (the "Allocation"). 7. ALLOCATION. PURCHASER shall have until June 30, 2017 in which to obtain the Allocation. The Allocation shall be evidenced by an invitation to credit underwriting issued by Florida Housing. In the event PURCHASER does not receive the Allocation and does not wish to #4462351 v1 303640000 00715764-1 PURCHASE AGREEMENT/ NUROCK/MtK South Page 3 of 17 proceed with the acquisition of the Property, the Deposit shall be fully refundable to PURCHASER within five (5) business days after PURCHASER provides written notice to SELLER that it has failed to obtain the Allocation. 8. CLOSING DATE. The Closing shall take place on June 30, 2017 at such location to which the parties may mutually agree in writing. 8.1. Closing Extensions. PURCHASER shall have the option to purchase from SELLER one six (6) month extension of the Closing Date ("Closing Extension") for the sum of Twenty Five Thousand Dollars and 00/100 ($25,000.00), which shall be non-refundable to PURCHASER except for SELLER'S default. 9. TITLE TO BE CONVEYED. At Closing, SELLER shall convey to PURCHASER, by Warranty Deed complying with the requirements of the Title Commitment (hereinafter defined), valid, good, marketable and insurable title in fee simple to the Property, free and clear of any and all liens, encumbrances, conditions, easements, assessments, restrictions and other conditions except only the following (collectively, the "Permitted Exceptions"): (a) general real estate taxes and special assessments for the year of Closing and subsequent years not yet due and payable; (b) covenants, conditions, easements, dedications, rights-of-way and matters of record included on the Title Commitment or shown on the Survey (defined in Section 10.3), to which PURCHASER fails to object, or which PURCHASER agrees to accept. 10. INVESTIGATION OF THE PROPERTY. For a period until January 31, 2017 ("Feasibility Period"), PURCHASER and PURCHASER'S agents, employees, designees, Contractors, surveyors, engineers, architects, attorneys and other consultants (collectively, "Agents"), shall have the right, at PURCHASER'S expense, to make inquiries of, and meet with members of Governmental Authorities regarding the Property and to enter upon the Property, at any time and from time to time with reasonable notice to SELLER and so long as said investigations do not result in a business interruption, to perform any and all physical tests, inspections, and investigations of the Property, including but not limited to Phase I and Phase II environmental investigations, which PURCHASER may deem necessary. During the Feasibility Period, PURCHASER may elect, in PURCHASER'S sole and absolute discretion, to terminate this Agreement. If PURCHASER elects to terminate this Agreement in accordance with this Section, PURCHASER shall: (i) leave the Property in substantially the condition existing on the Effective Date, subject to such disturbance as was reasonably necessary or convenient in the testing and investigation of the Property; (ii) to the extent practicable, shall repair and restore any damage caused to the Property by PURCHASER'S testing and investigation; and (iii) release to SELLER, at no cost, all reports and other work generated as a result of the PURCHASER'S testing and investigation. PURCHASER hereby agrees to indemnify and hold SELLER harmless from and against all claims, losses, expenses, demands and liabilities, including, but not limited to, reasonable attorney's fees, for nonpayment for services rendered to PURCHASER (including, without limitation, any construction liens resulting therefrom) or for damage to persons or property (subject to the limitation on practicability provided above) arising out of PURCHASER'S #4462351 v1 30364-0000 00715764.1 PURCHASE AGREEMENT/ NUROCK/MLK South Page 4 of 17 investigation of the Property. PURCHASER'S obligations under this Section shall survive the termination, expiration or Closing of this Agreement. 10.1 Seller's Documents. SELLER shall deliver to PURCHASER the following documents and instruments within five (5) days of the Effective Date of this Agreement: any existing title policies, appraisals, copies of any reports or studies (including environmental, engineering, surveys, soil borings and other physical reports) in SELLER'S possession or control with respect to the physical condition of the Property, copies of all permits, authorizations and approvals issued by Governmental Authorities for the Property and any correspondence which discloses claims, allegations or adverse information regarding the Property or SELLER with respect to the Property. 10.2 Title Review. Within ninety (90) days of the Effective Date, PURCHASER 'S counsel, as closing agent for the transaction contemplated herein (the "Closing Agent") shall obtain, at the PURCHASER'S expense, from a Title Company chosen by PURCHASER (hereinafter "Title Company"), a Title Commitment covering the Property and proposing to insure PURCHASER in the amount of the Purchase Price subject only to the Permitted Exceptions, together with complete and legible copies of all instruments identified as conditions or exceptions in Schedule B of the Title Commitment. PURCHASER shall examine the Title Commitment and deliver written notice to SELLER no later than twenty (20) days after receipt of the Title Commitment notifying SELLER of any objections PURCHASER has to the condition of title (hereinafter "PURCHASER'S Title Objections"). If PURCHASER fails to deliver PURCHASER'S Title Objections to SELLER within the aforesaid review period, title shall be deemed accepted subject to the conditions set forth in the Title Commitment. If PURCHASER timely delivers the PURCHASER'S Title Objections, then SELLER shall have thirty (30) days to diligently and in good faith undertake all necessary activities to cure and remove the PURCHASER'S Title Objections (hereinafter "Cure Period"). Notwithstanding anything to the contrary in this Section, SELLER shall have an affirmative duty to satisfy all title requirements which are liquidated claims, outstanding mortgages, judgments, taxes (other than taxes which are subject to adjustment pursuant to this Agreement), or are otherwise curable by the payment of money without resort to litigation (collectively, the "Mandatory Objections"), which may, at SELLER'S election, be done at Closing by the Closing Agent's withholding of the applicable amount from the proceeds of sale. In the event that SELLER is unable to cure and remove, or cause to be cured and removed, the PURCHASER'S Title Objections which are not Mandatory Objections within the Cure Period to the satisfaction of PURCHASER, then PURCHASER, in PURCHASER'S sole and absolute discretion, shall have the option of (i) extending the Cure Period and the Closing for one additional thirty (30) day period at no cost to PURCHASER, or (ii) accepting the Title to the Property as of the time of Closing or (iii) canceling and terminating this Agreement, in which case, any Deposits shall be returned to PURCHASER and the Parties shall have no further obligations or liability hereunder, except for those expressly provided herein to survive termination of this Agreement. Prior to the Closing, PURCHASER shall have the right to cause the Title Company #4462351 v1 30364-0000 00715764-1 PURCHASE AGREEMENT/ NUROCK/MLK South Page 5 of 17 to issue an updated Title Commitment ("Title Update") covering the Property. If any Title Update contains any conditions which did not appear in the Title Commitment, and such items render title unmarketable, PURCHASER shall have the right to object to such new or different conditions in writing prior to Closing. All rights and objections of the Parties with respect to objections arising from the Title Update shall be the same as objections to items appearing in the Title Commitment, subject to the provisions of this Section. 10.3 Survey Review. PURCHASER, at PURCHASER'S expense, may obtain a current boundary survey (the "Survey") of the Property, indicating the number of acres comprising the Property to the nearest 1/100th of an acre. If the Survey discloses encroachments on the Property or that improvements located thereon encroach on setback lines, easements, lands of others or violate any restrictions, covenants of this Agreement, or applicable governmental regulations, the same shall constitute a title defect and shall be governed by the provisions of Section 10.2 concerning title objections. 11. CONDITIONS TO CLOSING. PURCHASER shall not be obligated to close on the purchase of the Property unless each of the following conditions (collectively, the "Conditions to Closing") are either fulfilled or waives! by PURCHASER in writing: 11.1 Representations and Warranties. All of the representations and warranties of SELLER contained in this Agreement shall be true and correct as of Closing. 11.2 Pending Proceedings.At Closing, there shall be no litigation or administrative agency or other governmental proceeding of any kind whatsoever involving the Property or the SELLER, pending or threatened, which has not been disclosed, prior to closing, and accepted by PURCHASER. 11.3 Compliance withs and tions.The Property shall be in compliance with all applicable federal, state and local laws, ordinances, rules, regulations, codes, requirements, licenses, permits and authorizations as of the date of Closing. 11.4 Constructii r i a The SELLER will cooperate with the PURCHASER with regard to signing and processing any applications and forms required by the City or other authorities having jurisdiction over the PROPERTY to obtain building permit approval and such other design and construction documents as may be reasonably required by PURCHASER to permit the Project to be constructed and operated. The PURCHASER will be responsible for all costs associated with the formulation of the Project's design and construction documents as well any and all applicable permit fees associated with the Project. 11.5 Community Redevibution. The Boynton Beach Community Redevelopment Agency (CRA) agreed to commit $1 million toward the acquisition and development of Heritage City View, mixed use senior development along Martin Luther King Boulevard, in the Heart of Boynton. Said contribution will be in the form of a Grant to #4462351 v1 303640000 007157641 PURCHASE AGREEMENT/ NUROCK/MLK South Page 6 of 17 meet Florida Housing Finance Corporation Local Government Contribution Preference. 12. CLOSING DOCUMENTS. The SELLER shall prepare, or cause to be prepared, the Closing Documents set forth in this Section, except for documents prepared by the Title Company. At Closing, SELLER shall execute and deliver, or cause to be executed and delivered to PURCHASER the following documents and instruments: 12.1 Deed and AuthorizingResolutions. SELLER shall furnish a Warranty Deed (the "Deed") conveying to PURCHASER valid, good, marketable and insurable fee simple title to the Property free and clear of all liens, encumbrances and other conditions of title other than the Permitted Exceptions, together with such resolutions or other applicable authorizing documents evidencing approval of the transaction by the SELLER's governing body as the Closing Agent and the title Company may require. 12.2 Seller's i its. SELLER shall furnish to PURCHASER an owner's affidavit attesting that, to the best of its knowledge, no individual or entity has any claim against the Property under the applicable construction lien law, that the SELLER will not record or enter into documents affecting the Property after the last effective date on the Title Commitment, and that there are no parties in possession of the Property other than SELLER. SELLER shall also furnish to PURCHASER a non -foreign affidavit with respect to the Property. In the event SELLER is unable to deliver its affidavits referenced above, the same shall be deemed an uncured Title Objection. 12.3 Closing Statement. A closing statement setting forth the Purchase Price, all credits, adjustments and prorations between PURCHASER and SELLER, all costs and expenses to be paid at Closing, and the net proceeds due SELLER, which SELLER shall also execute and deliver at Closing. 12.4 Corrective Documents. Documentation required to clear title to the Property of all liens, encumbrances and exceptions, if any, other than Permitted Exceptions. 12.5 Additional Documents. Such other documents as PURCHASER or the Title Company may reasonably request that SELLER execute and deliver, and any other documents required by this Agreement or reasonably necessary in order to close this transaction and effectuate the terms of this Agreement. 13.1 Prorations. Taxes for the Property shall be prorated through the day before Closing. Cash at Closing shall be increased or decreased as may be required by prorations to be made through the day prior to Closing. Taxes shall be prorated based upon the current year's tax with due allowance made for maximum allowable discount. If Closing occurs at a date when the current year's millage is not fixed and current year's assessment is available, #4462351 v1 30364-0000 PURCHASE AGREEMENT/ NUROCK/MLK South Page 7 of 17 taxes will be prorated based upon such assessment and prior year's millage. If current year's assessment is not available, then taxes will be prorated on prior year's tax. A tax proration based on an estimate shall, at request of either party, be readjusted upon receipt of tax bill which discloses an actual difference in the amount of the taxes estimated at Closing that exceeds $1,000. 13.2 Closin s. SELLER shall pay for documentary stamps on the deed, recording the deed and any cost associated with curing title. Purchaser shall pay all other closing expenses. Each party shall be responsible for their respective attorneys' fees. 13.3 Closing Procedure. PURCHASER shall fund the Purchase Price subject to the credits, offsets and prorations set forth herein. SELLER and PURCHASER (as applicable) shall execute and deliver to the Closing Agent the Closing Documents. The Closing Agent shall, at Closing: (i) disburse the sale proceeds to SELLER; (ii) deliver the Closing Documents and a "marked -up" Title Commitment to PURCHASER, and promptly thereafter, record the Deed and other recordable Closing Documents in the appropriate public records. 13.4 Existingr Liens,, At Closing, SELLER shall obtain, or cause to be obtained, satisfaction or release of record of all mortgages, liens and judgments applicable to and encumbering the Property. 14. REPRESENTATIONS, COVENANTS AND WARRANTIES. SELLER hereby represents, covenants and warrants to PURCHASER, as of the Effective Date and as of the Closing Date, as follows: 14.1 Authorit . The execution and delivery of this Agreement by SELLER and the consummation by SELLER of the transaction contemplated by this Agreement are within SELLER'S capacity and all requisite action has been taken to make this Agreement valid and binding on SELLER in accordance with its terms. The person executing this Agreement on behalf of SELLER has been duly authorized to act on behalf of and to bind SELLER, and this Agreement represents a valid and binding obligation of SELLER. 14.2 Title. SELLER is and will be on the Closing Date, the owner of valid, good, marketable and insurable fee simple title to the Property, free and clear of all liens, encumbrances and restrictions of any kind, except the Permitted Exceptions (and encumbrances of record which will be discharged at Closing). 14.3 Litipation: There are no actions, suits, proceedings or investigations pending or threatened against Seller or the Property affecting any portion of the Property, including but not limited to condemnation actions. 14.4 Parties in Possession. There are no parties other than SELLER in -cossession or with a right to possession of any portion of the Land. #4462351 v1 30364-0000 00716764-1 PURCHASE AGREEMENT/ NUROCK/MLK South Page 8 of 17 14.4 Acts i . From and after the Effective Date, SELLER will refrain from (a) performing any grading, excavation, construction, or making any other change or improvement upon or about the Property; (b) creating or incurring, or suffering to exist, any mortgage, lien, pledge, or other encumbrances in any way affecting the Property other than the Permitted Exceptions (including the mortgages, liens, pledges, and other encumbrances existing on the Effective Date) and (c) committing any waste or nuisance upon the Property. 15. DEFAULT. PURCHASER'S15.1 l . In the event that this transaction fails to close due to a wrongful refusal to close or default on the part of PURCHASER, SELLER shall be entitled to retain the Deposit, and neither PURCHASER nor SELLER shall have any further obligation or liabilities under this Agreement, except for those expressly provided to survive the termination of this Agreement; provided, however, that PURCHASER shall also be responsible for the removal of any liens asserted against the Property by persons claiming by, through or under PURCHASER. 15.2 SELLEWS Default. In the event that SELLER fails to fully and timely to perform any of its obligations and covenants hereunder or if SELLER is in breach of any representations herein, PURCHASER may, at its option (i) declare SELLER in default under this Agreement in which event PURCHASER may terminate this Agreement, receive back its Deposit and neither party shall have any further rights hereunder or (ii) seek specific performance. 15.3 Notice of Default. Prior to declaring a default and exercising the remedies described herein, the non -defaulting Party shall issue a notice of default to the defaulting Party describing the event or condition of default in sufficient detail to enable a reasonable person to determine the action necessary to cure the default. The defaulting Party shall have fifteen (15) days from delivery of the notice during which to cure the default, provided, however, that as to a failure to close, the cure period shall only be three (3) business days from the delivery of notice. Both Parties agree that if an extension is requested, such extension shall not be unreasonably withheld. If the default has not been cured within the aforesaid period, the non -defaulting Party may exercise the remedies described above. 15.4 Survival. The provisions of this Section 15 shall survive the termination of this Agreement. 16. NOTICES. All notices required in this Agreement must be in writing and shall be considered delivered when received by certified mail, return receipt requested, or personal delivery to the following addresses: If to Seller: Boynton Beach Community Redevelopment Agency Executive Director, Michael Simon #4462351 v1 303640000 00715764-1 PURCHASE AGREEMENT/ NUROCK/MLK South Page 9 of 17 710 N. Federal Highway Boynton Beach, Florida 33435 With a copy to: Kenneth Dodge, Esquire Lewis, Longman & Walker, P.A. 515 North Flagler Drive, Suite 1500 West Palm Beach, Florida 33401 If to Purchaser: Heritage at City View Housing Partners, LP Attention: Robby D. Block, Authorized Agent 8794 Boynton Beach Blvd., Suite 219 Boynton Beach, FL 33472 Telephone: (561) 990-2614 Facsimile: (678) 218-1520 Email: rblock@nurock.com If to Purchaser: The NuRock Companies Attention: Robert Hoskins 800 N. Point Parkway, Suite 125 Alpharetta, GA 30005 Telephone: (770) 552-8070 Facsimile: (770) 552-8748 Email: With a copy to: Arnall Golden Gregory Attention: Mark Gould Suite 2100 171 Seventeenth St. NW Atlanta, GA 30363-1031 Telephone: (404) 873-8782 Facsimile: (404) 873-8783 Email: 17. BINDING OBLIGATIONLASSIGNThe terms and conditions of this Agreement are hereby made binding on, and shall inure to the benefit of, the successors and permitted assigns of the Parties hereto. SELLER may not assign its interest in this Agreement without the prior written consent of PURCHASER, which shall not be unreasonably withheld. This Agreement may be freely assigned by PURCHASER to a wholly owned affiliate assignee of PURCHASER, and thereafter PURCHASER'S assignee shall be obligated to close the transaction contemplated herein as if such assignee were the original party to this Agreement. Any assignment by PURCHASER to an unrelated party shall be subject to the written approval of SELLER, which shall not be unreasonably withheld. #4462351 v1 303640000 00715764-1 PURCHASE AGREEMENT/ NUROCK/MLK South Page 10 of 17 18. RISK OF LOSS. In the event the condition of the Property, or any part thereof, is materially altered by an act of God or other natural force beyond the control of SELLER, PURCHASER may elect, as its sole option, to terminate this Agreement and receive a refund of the Deposit and the parties shall have no further obligations under this agreement, or PURCHASER may accept the Property without any reduction in the value of the Property. In the event of the institution of any proceedings by any Governmental Authority which shall relate to the proposed taking of any portion of the Property by eminent domain prior to Closing, or in the event of the taking of any portion of the Property by eminent domain prior to Closing, SELLER shall promptly notify PURCHASER and PURCHASER shall thereafter have the right and option to terminate this Agreement by giving SELLER written notice of PURCHASER's election to terminate within fifteen (15) days after receipt by PURCHASER of the notice from SELLER. SELLER hereby agrees to furnish PURCHASER with written notice of a proposed condemnation within two (2) business days after SELLER's receipt of such notification. Should PURCHASER terminate this Agreement, the Deposit shall immediately be returned to PURCHASER and thereafter the Parties shall be released from their respective obligations and liabilities hereunder. Should PURCHASER elect not to terminate, the parties hereto shall proceed to Closing and SELLER shall assign all of its right, title and interest in all awards in connection with such taking to PURCHASER. 19. BROKER FEES. The Parties hereby confirm that neither of them has dealt with any broker in connection with the transaction contemplated by this Agreement. Each Party shall indemnify, defend and hold harmless the other Party from and against any and all claims, losses, damages, costs or expenses (including, without limitation, attorney's fees) of any kind or character arising out of or resulting from any agreement, arrangement or understanding alleged to have been made by either Party or on its behalf with any broker or finder in connection with this Agreement. However, SELLER'S indemnification obligations shall not exceed the statutory limits provided within Section 768.28, Florida Statutes, and CRA does not otherwise waive its sovereign immunity rights. The provisions of this Section shall survive Closing or termination of this Agreement. 20. ENVIRONMENTAL CONDITIONS. To the best of SELLER'S knowledge, the Property and the use and operation thereof are in compliance with all applicable county and governmental laws, ordinances, regulations, licenses, permits and authorizations, including, without limitation, applicable zoning and environmental laws and regulations. 21. DEVELOPMENT AND SALE OF THE PROPERTY. SELLER and PURCHASER acknowledge that the Property is being sold to PURCHASER for the sole purpose of developing a multi -family development. 21.1 Seller s The PURCHASER agrees that the SELLER shall have the right to reasonably approve the design of the Project. PURCHASER shall submit plans to the SELLER for review prior to submission to the City for approval. SELLER shall provide #4462351 v1 303640000 007157641 PURCHASE AGREEMENT/ NUROCK/MLK South Page 11 of 1.7 comments or approval of the design to PURCHASER at its next regularly scheduled Board meeting after PURCHASER submits plans for approval. 21.2 it j r PURCHASER shall incorporate the following design improvements into the Project: a) If requested or required by the SELLER, the Project may be designed to be a gated community to enhance the value of the Property. A decorative fence may be installed around the buildings comprising the PROJECT to create an enclosed space. If requested or required by the SELLER, a mechanical gate may be installed at the entry and exit of the Project requiring proof of residency for entry. b) The Project shall have a S' sidewalk constructed around the entirety of the Project within the public right-of-way. c). The Project shall install streetlights approved in design by the SELLER and City, placed outside the perimeter of the Project in the City right-of-way at intervals according to the City code. d). The Project shall have trees in species and caliper approved by the City and SELLER installed outside the perimeter of the 42roject within the City right-of-way at intervals acceptable to the City and SELLER. 21.3 Limitation on Use of Property. SELLER acknowledges that the Property will be rezoned to Mixed -Use Low 2. 22. DEVELOPMENT TIMELINE. The following events must be documented in writing and provided to the SELLER upon completion of each action (collectively the "Project Elements"). 2017. a) Submission of application to the City for site plan approval by June 30, b) Achievement of site plan approval by the City by December 8, 2017. C) Approval of financing for the Project including the construction loan and permanent financing commitment in an amount sufficient to develop the Project no later than twenty four (24) months following the Effective Date. PURCHASER shall provide SELLER proof of financing for the Project within this timeframe. d) Submission of construction documents to the City for a building permit within seven (7) months following receipt of a binding commitment for the syndication or sale of LIHTC's. Proof of permit application fees paid will be provided to the SELLER upon submission to the City. Upon City issuance of the building permit a copy will be provided to SELLER. #4462351 v1 303640000 00715764-1 PURCHASE AGREEMENT/ NUROCK/MLK South Page 12 of 17 e) Groundbreaking ceremony and commencement of construction shall occur within two (2) months following the issuance of a building permit. SELLER will be in attendance at the ceremony and participate in its planning. f) Temporary or permanent certificate of occupancy to be provided within eighteen (18) months following building permit issuance. 22.1 Default with Regard to Project Elements. If one or more of the required Project Elements is not achieved as required in this Section and/or if the timeline outlined herein is not strictly met, and PURCHASER has not provided SELLER with a written notice explaining the reason or circumstances not under the control of PURCHASER that have prevented PURCHASER from meeting the timeline, and SELLER has not agreed in writing to the same and which approval shall not be reasonably withheld, then (a) if such events are contemplated to occur following the Closing but fail to occur as required, then the PURCHASER shall be required to reconvey the Property to the SELLER, this Agreement shall be terminated, and SELLER shall be released from any and all obligations under this Agreement and (b) if such events are contemplated to occur prior to Closing but fail to occur as required, then it shall be a default hereunder and treated as provided in Section 15, above. The parties understand and agree that in such instance SELLER shall be entitled to the Deposit in full and final satisfaction of PURCHASER's obligations hereunder. SELLER agrees to work reasonably with PURCHASER in working within the timeframes set forth above, but PURCHASER and SELLER agree that time is of the essence. 23.1 General. This Agreement, and any amendment hereto, may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which shall, together, constitute one and the same instrument. The section and paragraph headings herein contained are for the purposes of identification only and shall not be considered in construing this Agreement. Reference to a Section shall be deemed to be a reference to the entire Section, unless otherwise specified. No modification or amendment of this Agreement shall be of any force or effect unless in writing executed by Parties. This Agreement sets forth the entire agreement between the Parties relating to the Property and all subject matter herein and supersedes all prior and contemporaneous negotiations, understandings and agreements, written or oral, between the Parties. This Agreement shall be interpreted in accordance with the laws of the State of Florida. The Parties hereby agree that jurisdiction of any litigation brought arising out of this Agreement shall be in the Fifteenth Judicial Circuit in and for Palm Beach County, Florida, or, should any cause of action be limited to federal jurisdiction only, in the United States District Court for the Southern District Court of Florida. 23.2 Computation of Time. Any reference herein to time periods which are not measured in business days and which are less than six (6) days, shall exclude Saturdays, Sundays and legal holidays in the computation thereof. Any time period provided for in this #4462351 v1 30364-0000 007157641 PURCHASE AGREEMENT/ NUROCK/MLK South Page 13 of 17 Agreement which ends on a Saturday, Sunday or legal holiday shall extend to 5:00 p.m. on the next full business day. Time is of the essence in the performance of all obligations under this Agreement. Time periods commencing with the Effective Date shall not include the Effective Date in the calculation thereof. 23.3 Waiver. Neither the failure of a party to insist upon strict performance of any of the terms, provisions, covenants, agreements and conditions hereof, nor the acceptance of any item by a party with knowledge of a breach of this Agreement by the other party in the performance of their respective obligations hereunder, shall be deemed a waiver of any rights or remedies that a party may have or a waiver of any subsequent breach or default in any of such terms, provisions, covenants, agreements or conditions. This paragraph shall survive termination of this Agreement and the Closing. 23. i . The Parties to this Agreement, through counsel, have participated freely in the negotiation and preparation hereof. Neither this Agreement nor any amendment hereto shall be more strictly construed against any of the Parties. As used in this Agreement, or any amendment hereto, the masculine shall include the feminine, the singular shall include the plural, and the plural shall include the singular, as the context may require. Provisions of this Agreement that expressly provide that they survive the Closing shall not merge into the Deed. 23.5 Severability. If any provision of this Agreement or the application thereof shall, for any reason and to any extent, be invalid or unenforceable, neither the remainder of this Agreement nor the application of the provision to other persons, entities or circumstances shall be affected thereby, but instead shall be enforced to the maximum extent permitted by law. The provisions of this Section shall apply to any amendment of this Agreement. 23.6i Provisions. Handwritten provisions inserted in this Agreement and initialed by SELLER and PURCHASER shall control all printed provisions in conflict therewith. 23.7 Waiver of Ju, ri . As an inducement to PURCHASER agreeing to enter into this Agreement, PURCHASER and SELLER hereby waive trial by jury in any action or proceeding brought by either party against the other party pertaining to any matter whatsoever arising out of or in any way connected with this Agreement. 23.8 Attorneys Fees and Costs. S!d it be necessary to bring an action to enforce any of the provisions of this Agreement, reasonable attorneys' fees and costs, including those at the appellate level, shall be awarded to the prevailing party. 23.9 Binding Authority. Each party hereby represents and warrants to the other that each person executing this Agreement on behalf of the PURCHASER and SELLER has #4462351 v1 30364-0000 00715764-1 PURCHASE AGREEMENT/ NUROCK/MLK South Page 14 of 17 full right and lawful authority to execute this Agreement and to bind and obligate the party for whom or on whose behalf he or she is signing with respect to all provisions contained in this Agreement. 23.1 c . This Agreement shall not be recorded in the Public Records of Palm Beach County, Florida. 23.11 Survival. The covenants, warranties, representations, indemnities and undertakings of SELLER set forth in this Agreement, shall survive the Closing, the delivery and recording of the Deed and PURCHASER'S possession of the Property. 23.12 and Costs. SELLER acknowledges and agrees that SELLER shall be responsible for its own attorneys' fees and all costs, if any, incurred by SELLER in connection with the transaction contemplated by this Agreement. 23.13 Public Records. S LLE Js public agency subject to Chapter 119, Florida Statutes. The PURCHASER shall comply with Florida's Public Records Law. Specifically, the PURCHASER shall: a. Keep and maintain public records that ordinarily and necessarily would be required by the SELLER in connection with this Agreement; b. Provide the public with access to such public records on the same terms and conditions that the SELLER would provide the records and at a cost that does not exceed that provided in chapter 119, Fla. Stat,, or as otherwise provided by law; C. Ensure that public records that are exempt or that are confidential and exempt from public record requirements are not disclosed except as authorized by law; and d. Meet all requirements for retaining and providing public records and transfer to the SELLER, at no cost, all public records in possession of the PURCHASER upon termination of the contract and destroy any duplicate public records that are exempt or confidential and exempt. All records stored electronically must be provided to the SELLER in a format that is compatible with the information technology systems of the SELLER. SELLER shall, upon request, provide guidance to PURCHASER as to the public records keeping and reporting duties that are imposed upon PURCHASER as provided above and shall take all steps reasonably required to assist PURCHASER in not violating them. The failure of PURCHASER to comply with the provisions set forth in this Agreement shall constitute a Default and Breach of this Agreement. if PURCHASER fails to cure the default within seven (7) days' notice from the SELLER the SELLER may terminate the Agreement. #4462351 v1 30364-0000 00715764-1 PURCHASE AGREEMENT/ NUROCK/MLK South Page 15 of 17 IN WITNESS WHEREOF, the Parties have executed this Agreement as of the Effective HERITAGE AT CITY VIEW HOUSING Printed Name: Robby D. Block Title: Authorized Agent for Partnership Date: o WITNESS: Printed Name: _Z411 47 Lewis, Longman & Walker, P.A. Printed Name: #4462351 v1 30354-0000 00715764-1 BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY Printed Name: Steven B. Grant Title: Date: .!.41 W -AMI -F WITNESS: Printed -�+ # r% PURCHASE AGREEMENT/ NUROCK/MLK South Page 16 of 17 • 118 E. Martin Luther King Jr. Blvd. - 08-43-45-21-10-005-0050 - Lot 5, Blk 5, PB Country Club Ests • E. Martin Luther King Jr. Blvd. - 08-43-45-21-10-005-0090 - Lot 9, Block 5 of Palm Beach Country Club Ests • E. Martin Luther King Jr. Blvd. - 08-43-45-21-10-005-0100 - Lot 10, 11, 12 & 13, Block 5 of Palm Beach Country Club Ests • 206 E. Martin Luther King Jr. Blvd. - 08-43-45-21-04-000-0202 - South 100 ft. of the West 5 ft. of Lot 20, 21 & 22, Robert Wells Subdivision • 117 NE 9th Ave. - 08-43-45-21-10-004-0050 - Lot 5, B I k 4, PB Country Club Ests • 123 NE 9th Ave. - 08-43-45-21-10-004-0060 - Lot 6, Blk 4, PB Country Club Ests • 129 NE 9t'tAve. - 08-43-45-21-10-004-0080 - Lot 8, Blk 4, PB County Club Ests • NE 9th Ave. - 08-43-45-21-10-004-0090 - Lot 9, Blk 4, PB County Club Ests • 141 NE 9' Ave. - 08-43-45-21-10-004-0100 - Lot 10, Blk 4, PB County Club Ests • 151 NE 9" Ave. - 08-43-45-21-10-004-0130 - Lot 13, Block 4, Palm Beach Country Club Ests • Martin Luther King Blvd. - 08-43-45-21-10-005-0060 - Lot 6, Block 5, PB Country Club Ests • 130 E Martin Luther King Jr Blvd. - 08-43-45-21-10-005-0060 - Lots 7..&:8, Block 5, PB Country Club Ests NE 9th Ave. - 08-43-45-21-10-004-0040 - Lot 4, Block 4, PB Country Club Ests NE 9th Ave, - 08-43-45-21-10-004-0070 - Lot 7, Block 4, PB Country Club Ests fb 143 NE 91h Ave. - 08-43-45-21-10-004-0110 - Lot 11, Block 4, P.B Country Club Ests • NE 9th Ave. - 08-43-45-21-10-004-0070 - Lot, Block 4, PB Country Club Ests #4462351 v1 30364-0000 00715764-1 PURCHASE AGREEMENT/ NURCCK/MLK South Page 17 of 17 EXHIBIT "" #4462351 v1 303640000 00715764-1 Consent Agenda IX I Old Business New Business I I Legal I I Information Only I I C�RAAB SUMMARY-. The CRA Board has directed legal to draft a contract for the engagement of Michae� Simon as the Executive Director of the CRA. included in the backup to this item along with the proposed Agreement (see Attachment 1) is a term sheet outlining the basic provisions of the proposed Agreement (see Attachment 11). Mr. Simon joined the Boynton Beach Community Redevelopment Agency in March 2007 as the Development Manager and then advanced to Development Director. In October 2013, Mr. Simon was promoted to the Agency's Assistant Director position. Since October 2016, Mr. Simon has been serving as the Interim Executive Director. Z 2. Do not approve the proposed Executive Director Employment Agreement for Michael Simon. a. If this action is taken, the Board will need to extend Mr. Simon's term as the Interim Executive Director or take other appropriate action to ensure Executive Director position is filled until an agreement can be reached. 3. Recommend changes to proposed Executive Director Employment Agreement for Michael Simon. a. If this action is taken, the Board will need to extend Mr, Simon's term as the Interim Executive Director or take other appropriate action to ensure Executive Director position is filled until an agreement can be reached. Michael Simon, Interim Executive Director ATTACHMENT EXHIBIT "A" BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY (CRA) JOB DESCRIPTION TITLE: EXECUTIVE DIRECTOR REPORTS TO: CRA BOARD OF DIRECTORS GENERAL STATEMENT OF DUTIES: An incumbent in this position perfonns highly responsible administrative and professional work directing and leading the activities of the CRA of Boynton Beach, its assigned staff, programs, and activities and other programs and initiatives designed to enhance business and economic development in the CRA area. Work includes preparation of work programs, budget and Capital hmproveiments Program, oversight of the sale of bond issues and project initiation, design, construction and monitoring. Under administrative direction, the incumbent may act as an advisor to the City's executive management team, and serves as a key staff member in the administration, development, and implementation of policies, systems, and procedures to facilitate implementation of the CRA's redevelopment plans and agreements. The incumbent manages a considerable variety and volume of work concerned with fonnulating and implementing projects, initiatives and work plans focused on conununity redevelopment. The incumbent's work is reviewed through meetings, reports, observation, and task/report/project completion. The incumbent reports to the Board of Directors of the CRA and is reviewed through conferences, reports, and discussions while projects are in progress and upon completion. The incumbent is responsible for the supervision of five (5) direct reports (i.e., Executive Assistant, Assistant Director, Finance & Operations, Planning Director, Director, Economic Development and Coiu-nunications and Marketing Manager). Updated: 06/05/07 ESSENTIAL DUTIES AND RESPONSIBILITIES: • Initiates, plans and directs the implementation of the adopted redevelopment plans (i.e., Dm,,mN,ii Visi«i7 giid Mgtc 72016 CRA Redevel012gli . all . « District Cv erhv Par7s , - ;--Urban Design Guidelines) and answers general development questions as necessary. • Plans, organizes, assigns, directs and reviews the activities of professional, technical and clerical personnel engaged in the compilation, analysis and interpretation of data and preparation of reports and recoiu-nendations affecting connmunity planning and redevelopment. • Oversees and is responsible for the final ]] iring selection, t �r�ii nat «n, dec:is;ions auth�rr ityµ n.) kessional training and p€g i rjiiance_evaluation process for all CRA staff. • Administers and provides oversight for all contracts and agreements for services by negotiating contracts, creating the budgets for the contracts and by making sure they are in accordance with legal framework. •""" .m,��zrvi� -4=�3�3sa�rezrr�t-ccr�Jc2-"T :�. ms's_ .'`� ., _�!�- `_�7� S�' 1 '_tel i 'M1, a ' , , ... v -a+ <4<41ef • Negotiates the acquisition and disposition of real estate for the CRA and manages the real estate assets held. • Provides oversight, and input to staff on the CRA Strategic Plan, and for individual strategic plans by conducting weekly meetings with staff to share and update plans, and to ensure that everyone is coinrnunicating regularly and are aligned with the mission of the organization. • Conducts weekly staff meetings in order for staff to share inforination and keep abreast of overall CRA operations and other operations in the City and local coinrnunity. • Negotiates the acquisition and disposition of real estate for the CRA and manages the real estate assets held. • Oversees preparation of the annual operating budget, -ted -capital Irl `wit„plana,nd , gencti operations by meeting with the Assistant Directorand -Finance D --Qpe4ei+An order to present to the CRA Board for approval, and approves and reviews budgetary and financial reports,r rr tip ist liar c • Represents the CRA at meetings (e.g C tv Coni nrssion. PRC: Business and e�...... 17,t, � jld...Kiwanis Club, Rotary, Chamber of Commerce and other organizations) regarding CRA matters within the scope of the CRA activities. • Conducts, directs and oversees all Public Relations activities for the CRA. • Handles all CR,A_Board matters, policy matters and other related issues in order to accomplish Board Directives. • Sets all ln�lntlilti CRA Board and F1dv isor-v Berard iit� meeting agendas and has oversight for all Board packets and to ensure all correct material is in packets etc. • Meets and confers with CRA,_Board Attorney in order to ensure that Board policies and directives are being implemented appropriately. • Serves as public interface with the development co>nmunity by attending meetings, visiting sites, discussing issues for resolution, discussing architectural styles, negotiating, and providing guidance etc. • Directs and implements projects in the phase of completion and evaluation in order to bring back the information to the Board for their review and decision making on policies. • Provides oversight and assistance with all administrative and operational duties and issues for the CRA. • Prepares written evaluations on that the status of a program or project for the Board of Directors. • Prepares and responds to email messages from the Board, staff, developers, City officials and other personnel. •_____Attends monthly Board meeting, attends City c-C'ornmission meetings �tl�cl-t r 44g-4t--laloe i44gs Hw*-444Jn order to keep abreast of activities and programs, and to provide inforination and/or answer questions as necessary. • flssist5 t >It«1:5.,..c� �75tlucti«�75 l It r d � l« €15.,..atcbit ct�Ilal Iir�t�r�.,..�tjgincer ng Ilin-lis etc �+�lio ire n7 t1i 2n.)c sS EIl star11174; a llc�v deielf ���f111 lain u74«ld t�lct�€rt� tc rclullai517 j�7cl c.M7€>7 ll{ u17 i rewil estiblislinient Provide teclinica1 snE11 t tc 117E 5 4 IEn1P5 du1117{ dS4 i7. 1 c zE 17 n74 1a17d u5c gulf 11dmE 111 a17d 1mct i miementation. • Ensures that all devel«t7me17t �vitb:il7 tl7e C R.<1.. c� 175i5ti;17t. � itl7. the 4;«�i1 a17d «h and desi 4wdewdelilles. pro-, ides cnininEntS to C itti Planning Stal`k`E n Sitr, plans land use, grid ronilig amendments. -R-e It t SmcinC inci�Ct;Smlt Cf}117117E 17m( ifIC}175m1mt 4rci1"dill4 21121IC_C1 it llm I177)3rC}yt ment P,tciject5 tE ensure that ilnprEl�clnEntS a1u mads tE1 fu1[hEr tilE�Elals EIf the r�cl��m�l����rei7tmllmji7sm • Reviews ind makes reconin�7E,nditions oil belie of t]] C F�f1 tl7€ w ti174«I' i��inical zE}17i174r and landuSc n1a175 and cE1d� 1c�1ci5 �17ic171cSult ill 1 cc�nn Enn&tions to ani end hind ci v is mE 1711 4 ulatlE 17s. cE dE S a17d a_i11en_cnicnts; inglyzes andreconiniends amendments to the lnunicip......................................ll plan. • Pe1;I:C mis cidniinismitive unctions cissoci iced with_ C..t;liirtn7E,17:f;d1y1Sioll C}13eratlC}17.x; 1t,�Iti Sci(1171171�t1cjfl�t, 7f}�tC� 'I] ti re-y-J,ys/e-y-Is,S Formatted: List Paragraph, No bullets or I numbering Formatted: Indent: Left: 0.5", No bullets or numbering Formatted: Indent: Left: 0.5", No bullets or numbering Formatted: Indent: Left: 0.5", No bullets or numbering Formatted: Indent: Left: 0.5", No bullets or numbering wo c ed tires. to... ins ) I e file nt...c 12,ij)�ges �and snakes s�tiggesflo�.)ns to 7 ....................... ... . ............. ... long nal standards and/or needs Irl 'seiw, i e ............................................................................ tilation� nionito —allocates, and scliedtiles resources to .................................... ................................. .............................................................................. S-11 mnlcat-o—r wrm'ra m 44oals' 0 Doc ii n a I ri4ylits,lob I ivations oi'tlic CRA and contractor"grantor to avoid .............. niistitiderstatidin44s re44ardin44 controJCttJJJ JetiVitV; revieiN,7S and monitors .......................................................... cont ensure coill flatice witil est'ibli"'lled I oficies� �41-a tits to e IV �V' , ifl] .............................................................................................. ........ .... nip— ids/reconstrticts contracts..to..co. ices needed. 0 Con7 lies or monitors various administrative and statistical data ... ... .. f .......................... -c-1.11 cifl.,21. i ow!) s., anal zee data and identi lies trends, pLep 1��5 .. .1 ................. -r-ep-®rts' nia inta ins records, .................................................................. cts, u17s t tl lcs last_get doctiments, grant dmJcatiolls' 5a t 55 ............... .. ................ - ...................... ........ releolses,�PL flicies'procedtires, or other documents. 0 Receives ---vadots tornis----, Lql) '2L)ndence' btidge --------------------------------i------------ ------------ t 1111111tials, reibre c III ted I ..or offier doctinicntation� reviews, ............... .......... ............. ......................................................................................................................... • ............ DRmate—s—a—computes to enter, retrie-'-'e—redev or modify OA proc si -i�4, xcadsliect, deskt( xibfisliin�4, or otlict, soffivar ............ �L E. — E� PERFORMANCE EVALUATION DUTIES AND RESPONSIBILITIES: e Observes subordinate -(s) -L job perfon-nance to ensure subordinate accomplishes goals and objectives. e Meets with subordinate(s) to discuss and review job perfon-nance necessary. • Analyzes and evaluates working conditions for improved employee output and requests and evaluates both written and oral input from employees to improve departmental services. • Conducts supervisory conferences or discussions with subordinate(s) in reference to their perfon-nance. • Visits subordinates) on-site to ensure observe their work and to provide assistance and input as necessary. List Paragraph, No bullets or numbering I Formatted: Indent: Left: 0.5", No bullets or numbering I Formatted: List Paragraph, No bullets or numbering Formatted: List Paragraph, No bullets or numbering 'I Formatted: List Paragraph, No bullets or numbering I Formatted: List Paragraph, No bullets or numbering • Informs subordinates of how their efforts, in any given project, affected the outcome of the total project. "'"'"'"' +b4_ _.®3LitPC.Yli1YT]LYiG7:" w V , - Teff4ma4 asWx ' . li s: KNOWLEDGE, SHILLS AND ABILITIES LIST: KNOWLEDGE • Knowledge of economic development issues, public relations and issues affecting urban revitalization. • Knowledge of financial packaging for development projects. • Knowledge of principles and practices of City Planning, Zoning, historic preservation and housing. • Knowledge of the financial and legal aspects relating to bond issue and sales and land acquisition. • Knowledge of marketing techniques relating to promoting programs. • Knowledge of principles and practices of administration and organizational theory. • Knowledge of research techniques, methods, and procedures. • Thorough knowledge of the principles, practices and laws surrounding redevelopment in the City of Boynton Beach and knowledge of the salve in the State of Florida. • Knowledge of economic development trends and techniques and the functions, operations and relationships among local, state, and federal agencies related to redevelopment and housing policies. • Knowledge of negotiation tools and techniques and team building practices. • Considerable knowledge of problem solving and conflict resolution practices and techniques. • Considerable knowledge of project and workload planning and organizational and management practices as applied to the analysis and evaluation of programs, policies, and operational needs and change management. • Basic knowledge of principles and practices of budget preparation in the public sector. • Basic knowledge of the practices and methodologies of contract administration and the development and implementation of procedures. SHILLS • Skill in comprehending inforination and ideas clearly. • Skill and ability to make arithmetic computations with speed and accuracy. Formatted: List Paragraph, No bullets or numbering, Tab stops: Not at -0.56" + 0" + 0.44" + 0.94" + 1.44" + 1.94" + 2.44" + 2.94" + 3.44" + 3.94" + 4.44" + 4.94" + 5" + 5.5" • Skill at operating a personal computer and related software including but not limited to word processing, spreadsheets and electronic mail. ABILITIES • Ability to lead a team of paraprofessional and professional staff. • Ability to identify and respond to conneunity, Redevelopment Agency Board, and City Council issues, concerns, and needs. • Ability to make presentations to the CRA Board on a regular basis. • Ability to facilitate public meetings, workshops, and negotiations. • Ability to engage in on-going process improvement review and implementation, both individually and as a team member and leader. • Ability to seek out opportunities for redevelopment and negotiate effective and constructive deals on behalf of the CRA. • Ability to provide vision and set operational goals to achieve the CRA vision, and identify and analyze administrative problems, and implement operational changes. • Ability to understand and contribute to the work of the CRA by ensuring effective service delivery. • Ability to deal constructively with conflict and develop effective resolutions. • Ability to exercises analytical judgment in areas of responsibility by identifying issues or situations as they occur and specifying decision objectives, assists in identifying alternative solutions to issues or situations, and implements decisions in accordance with prescribed and effective policies and procedures and with a minimum of errors. • Ability to exercise discretion and judgment in developing and implementing courses of action in carrying out responsibilities. Maintains fineness, objectivity, and fairness in implementing courses of action. • Ability to identify, assimilate and comprehend the critical elements of a situation; interpret the implications of alternative courses of action and evaluate factors essential to a problem solution; to separate relevant from irrelevant infoneation. • Ability to develop and maintain excellent rapport, and cooperative and courteous relationships with boss, co-workers, officials, developers, city employees and the general public. Listens to and considers their suggestions and complaints and responds appropriately. • Ability to be adaptable to perfoneing under stress when confronted with critical and/or high priority activities, events or unusual situations in which working with speed and sustained attention are make or break aspects of the job. • Ability to plan and organize constantly changing daily work flow by establishing priorities for the completion of work in accordance with sound thee -management methodology; effectively and efficiently utilizes resources to achieve such goals and objectives. • Ability to speak to people to convey or exchange infoneation; receive or provide assignments or directions; speak with others with poise, voice control and confidence; record and deliver and coimeunicate effectively and efficiently with persons of varying educational and cultural backgrounds. • Ability to communicate orally in the English language with customers, clients, and the public in a one-to-one or group setting. • Ability to produce written documents in the English language with clearly - organized thoughts with proper sentence construction, punctuation, and graminar. • Ability to explain things clearly. Ability to remain fair and objective. • Ability to remain calm in stressful situations. • Ability to think under pressure. • Ability to apply supervisory, management and leadership principles, practices concepts and techniques. • Ability to apply principles of time management. • Ability to favorably influence the activities of others (e.g., outside vendors). • Ability to identify and correct personal deficiencies. • Ability to display sensitivity to the feelings of others. • Ability to use diplomacy and tactfulness. • Ability to negotiate. • Ability to persuade others. • Ability to display patience. • Ability to demonstrate initiative. • Ability to withstand criticism. • Ability to follow directions. • Ability to obtain needed resources, as appropriate. • Ability to work independently. MINIMUM ENTRANCE OUALIFICATIONS: Graduate from an accredited college or university with a Bachelor's Degree in public or business administration, urban and regional planning, or related field. Eight (8) years of progressively responsible work experience in community redevelopment, urban renewal, real estate, finance and public relations, the majority of which shall have been in a responsible managerial capacity with budgetary development and responsibility. A Master's degree is preferred and may substitute for a portion of the required work experience; or an equivalent of training and experience. SPECIAL JOB REOUIREMENTS AND TYPICAL WORKING CONDITIONS: This position requires the incumbent to work a standard 40 hour week which requires some flexibility. Working under pressure is unavoidable when schedules change and problems arise, but deadlines and goals must still be met. Incumbent perfonns majority of the work typically indoors. Work is usually perfonned sitting, standing, and walking. ESSENTIAL PHYSICAL REQUIREMENTS AND ENVIRONMENTAL CONDITIONS: 0 Sitting for long periods of time, standing, and walking. • Lifting and bending. • Use of telephone and the computer on a regular and continual basis. • Acceptable eyesight (with or without correction). • Acceptable hearing (with or without hearing aid). Reasonable accommodation will be made for otherwise qualified individuals with a disability. ATTACHMENT II Outline of Terms of Executive Director Employment Contract with Michael Simon 1) Salary: TBD by Board at Meeting, a. In addition to the base salary, Mr. Simon would be entitled to reimbursement for documented and justifiable expenses resulting from performance of his duties. 2) Benefits include: a. Automobile allowance b. Legal holidays c. Vacation d. Sick leave e. Insurance f. Professional Memberships in the American Planning Association, American Institute of Planners, the Florida Redevelopment Association, and the Urban Land Institute g. Attendance at one national convention and one Florida conference each year. 3) Performance Review will take place every May at a public meeting. a. The Agreement, including the salary and benefits, can be adjusted at that time by amendment upon execution by both parties. 4) Term: Begins when contract becomes effective; there is no specified end date. a. The Agreement can be terminated mutually, unilaterally by either party, or by the death of Mr. Simon. b. If the Agreement is terminated by the CRA for cause, Mr. Simon is not entitled to severance pay. c. If the Agreement is terminated by the CRA without cause, Mr. Simon is entitled to severance pay for 3-20 weeks, as determined by the Board. d. Upon separation, Mr. Simon is entitled to earned and accrued sick pay, vacation pay, and retirement benefits. 5) Mr. Simon will perform the duties of the Executive Director will care, diligence, skill and expertise, and in conformance with all applicable laws, rules, ordinances, and regulations. 6) Except where they conflict with the Agreement, Mr. Simon is subject to all existing CRA policies and procedures. a. For example, Mr. Simon would be subject to the policies and procedures found in the HR Manual. 7) The CRA will indemnify Mr. Simon for actions arising out of his duties as Executive Director. 00824078-1 awl SUBJECT: Consideration of the contract agreement with Standing Ovations, LLC to provide 7.dditional Event Management Services for the 2017 Haunted Pirate Fest & Mermal�d Splash Eve,'jit S11WhART: For the past two years, a professional event management firm has been contracted by the CRA to assist with the planning and execution of the Haunted Pirate Fest and Mermaid Splash, In April 2017, staff distributed a request for proposals for event management services for the 2017 Pirate Fest (see Attachment 1). Out of the responses received, the proposals from Standing Ovations, LLC (see Altachment III, and Makaira Co. (Attachment 111) were the most competftive in price and services offered, Makaira Co. was the event management firm that was contracted for the 201'6 Pirate Fest, however their rate increased from $15,000 to $40,000, which does not include onsite staffing of the event. The additional cost of onsite staffing would add approximately $20,000 to tht proposed rate, The proposal submitted by Standing Ovations, LLC provides the CRA with a flat rate of $36,000, which covers a variety of services, including but not limited to: • Coordination of event logistics • Development and maintenance of event production schedule • Vendor Relations Management • Volunteer Management • Operations Management • Labor Assistance Stewart Auville, the owner of Standing Ovations, LLC, is an event management veteran with over 20 years of experience working and planning events. He is currently the event manager for ArtiGras, Art in the Gardens, Artfest by the Sea, Loggerhead Triathlon, and the Dania Beach Arts & Seafood Celebration. Mr. Auville is very familiar with the way CRA's operate and comes highly recommended from several of his clients and colleagues. Staff would like to recommend entering into an agreement (see Attachment IV) with Standinl.# Ovations, LLC to act as the event management firm for the 6th Annual Boynton Beach Hauntei Pirate Fest ® Mermaid Splash event. CRA PLAN/PROJ ECTIPROG RAM: 2016 Boynton Rearh Community Rpdpvp.lopment Plan 1, Approve the Contract Agreement with Standing Ovations, LL,C in ©» amount of $36,000 to provide additional Event Management Services for the 2017 Haunted Pirate Fest & Mermaid Splash event 2. Do not to approve the Contract Agreement with Standing Ovations, LLC in the amouni of $36,000 to provide additional Event Management Services for the 2017 Haunted Pirate Fest & Mermaid Splash event� Mercedes C*ih,S d+ Events Coordinator ATTACHMENT EVENT MANAGEMENT SERVICES TO ORGANIZE AND MANAGE THE 6T" ANNUAL BOYNTON BEACH HAUNTED PIRATE FEST AND MERMAID SPLASH The Boynton Beach Community Redevelopment Agency (CRA) is inviting Event Management Firms to submit a proposal to plan an annual community event in Downtown Boynton Beach on October 21 & 22, 2017. TABLE OF CONTENTS I. Overview II. Organization Information III. Event Description IV. Applicant Information V. Report To VI. Status VII. Scope of Work VIII. Job Qualifications IX. Job Location X. Submitting Proposal I. OVERVIEW: The applicant will contract with the Boynton Beach Community Redevelopment Agency (CRA) to organize and manage all aspects of the 6th Annual Boynton Beach Haunted Pirate Fest and Mermaid Splash. Specific tasks will include planning, day of coordination, overall event management, logistics, budget management, implementation, and analysis. For more detailed information see item VIII for the Scope of Work. II. ORGANIZATION INFORMATION: The Boynton Beach Community Redevelopment Agency (CRA) serves the community by guiding redevelopment activities that create a vibrant downtown core and revitalized neighborhoods within the CRA district, which is comprised of 1,650 acres along the eastern edge of the City of Boynton Beach. III. EVENT DESCRIPTION The 6th Annual Boynton Beach Haunted Pirate Fest and Mermaid Splash will take place on Saturday, October 21, 2017, from 11:00 AM to 9:00 PM and on Sunday, October 22, 2017, from 11:00 AM to 6:00 PM. This free event to the public will feature 12 stages of live music and entertainment, food and merchandise vendors, pirate reenactments, and interactive mermaid characters. In 2016, the event drew approximately 80,000 people to the downtown area. The estimated budget for this event is $250,000, which includes applicant fee, entertainment, children's activities, rentals and services, and logistical costs. IV. APPLICANT INFORMATION: All applicants must submit the following information: i. Name and Overview: Name of firm and # of employees ii. Services: Description of services offered iii. Customer and Event References: List of similar events in the scope and industry. iv. Written Draft Event Description: A proposal of the event that specifies timeline for obtaining sponsorships, service providers, permits, and other items outlined in the Scope of Work. V. Sample Festival/Event Power Point Presentation: Showcase of an event that the applicant has planned to concisely demonstrate experience in every facet of an event (research, design, planning, calendar, logistical needs, maintaining budget, and evaluation). This presentation should be saved on a labeled USB drive. vi. Resume for each Project Manager V. REPORT TO: The applicant will report to the Special Events Coordinator at the Boynton Beach Community Redevelopment Agency. VI. STATUS Contract VII. SCOPE OF WORK: The following services will be managed and/or prepared by the Operations Manager under the direction of the CRA Special Events Coordinator. i. Onsite logistics management and coordination ii. Coordinate and manage all City personnel, temporary event staff, and volunteers: a. Boynton Beach Public Works b. Boynton Beach Police Department c. Boynton Beach Fire Department d. Cleaning personnel e. Security f. Food court staff g. Parking attendants h. Sanitary facilities attendants i. Volunteers iii. Sponsorship solicitation and management a. Assist with creating a sponsorship packet b. Solicit local, regional, and national companies c. Manage any sponsorships that are secured iv. Coordinate the management of designated parking areas V. Vendor management a. Collect insurance and payment requirements b. Liaise with vendors and City of Boynton Beach for any required permits vi. Obtain quotes for and management of stage, audio, and equipment rentals vii. Obtain quotes for and management of tent, tables, chair, decor rentals viii. Obtain quotes for and management of food court vendors and food court management company ix. Obtain quotes for and management of power and electrical needs X. Rental, set-up, and management of barricades A. On-site stage management Ai. Submit, track, and finalize necessary permit requests to the City of Boynton Beach xiii. Assist with creation of site map xiv. Create and maintain database of all participants and key contacts xv. Create production schedule inclusive of: a. Load -in — Vendor & Service Providers b. Load -out — Vendors & Service Providers c. Signage installation d. Run of show VIII. JOB QUALIFICATIONS: L Experience: Minimum 2-4 years of experience in all aspects of event planning including outdoor event experience. ii. Experience managing event personnel iii. Experience managing event budgets iv. Excellent organization and project management skills V. Energetic, innovative, professional, creative, self-starter vi. Problem solver and results oriented vii. Able to work well under pressure of event deadlines viii. Ability to prioritize tasks in a fast paced environment IX. JOB LOCATION: Boynton Beach, FL X. SEND PROPOSALS TO: Submissions must be received no later than Friday, April 21, 2017 and should be mailed or emailed to: Mercedes Coppin Special Events Coordinator 710 N. Federal Hwy. Boynton Beach, FL 33435 CoppinM@bbfl.us ATTACHMENT II TABLE OF CONTENTS Page 3 Pages 4-5 Page 6 Page 7 Pages 8-11 Page 12 Pages 13-17 Page 18 Page 1 2 Letter of Interest Standing Ovations, LLC Employees Scope of Services Qualifications Customer and Event References Haunted Pirate Fest and Mermaid Splash Timeline with Scope of Work Resumes Fees for Event Management K0orcedesCoppin Special Events Coordinator C.R.A. Boynton Beach Community Redevelopment Agency 710 N. Federal Hwy- I Boynton Beach, Florida 33435 Dear Ms. Coppin: Standing Ovations, LLC is proud to submit the proposal for the 2017 Boynton Beach Haunted Pirate Fest and Mermaid Splash- Our company has had the privilege to serve as the Event Management team for many events over the past 20 years and consider ourselves asuninvestor inthe Festivals wemanage- VVecan guarantee that the event will be planned and executed with the highest professionalism anddete||edoaretoma|nte|nyourqua|ityrepubdion Standing Ovations, LLC is known for our exemplary customer service and have been highly recommended by a long list ofrenowned local clients including Scripps Florida, FPL, The City vfWest Palm Beach, City ofPompano Beach, Palm Beach North Chamber of Commerce, Downtown at the Gardens, City of Oakland Park and SunFest. Asthese and our other clients wilt attest, Standing Ovations, LLC is a dynamic strategic event planning company with proven ability to execute multiple events and new projects. We understand it is imperative to work well with all volunteers, vendors, artists, patrons and staff while staying within the budget- Standing Ovations, LLC knows that anyone who works with the Boynton Beach CRA becomes an ambassador for the organization. We will take all necessary steps to ensure the CRA is consistently represented in the most positive light. Through our leadership and careful attention to detail, we will elevate the Boynton Beach Haunted Pirate Fest and N1ermait,9Aia»Utothe h|G¢j�s level cfcommunity recognition, praise and applause - Standing Ovationu.LLC Standing Ovations, LLC Stewart Auville, President CONTRACTUAL EMPLOYEES KIM REDDINGTON, ARTIST RELATIONS MANAGER Kim will be responsible for assisting the artist in all aspects from load-in/load-out procedures, daily operations, on-site judging and awards presentation. She will also coordinate artist related services including refreshments and booth sitting. Major Responsibilities: • Manage the revision of artist application, rules and regulations on Zapplication. • Communication for all logistics and questions concerning the Art Show. • Responsible for setting up refreshments and coordinating food and beverage services as needed. • Communicate to all artist regarding event related materials. • Provide booth sitters for artist and assign each volunteer as needed. • Validate each day all participating artist according to management procedures. • Coordinate Load-in/Load-out. • Manage on-site judging and awards presentation. MITCH LAUTMAN, ENTERTAINMENT MANAGER This committee will oversee the festival entertainment on the Main stage and Kids stage incorporating all elements of the Arts through local community and professional performances. Major Responsibilities: • Manage the Sound Technician for both venues. • Oversee the schedule of performances for each stage. • On-site contact person for all entertainment agreements, questions and concerns. • Ensures all announcements are presented as specified by Event Management. • Responsible to pay all entertainment after scheduled performance (checks to be provided by ArtsFest for each performer as needed). • Schedule and manage with Event Management and/or Producer for all entertainment needs. DEBBIE JOHNSON, VOLUNTEER MANAGER Debbie will oversee the application process and recruit individuals and/or groups to participate as volunteers. She will also organize and maintain shift assignments for each volunteer for each area of the event. At the event, Debbie will facilitate the check-in process, oversee the volunteer snack/food area and answer any questions from volunteers. Major Responsibilities: • Coordinate event volunteer needs, schedules and processing. • Coordinate all volunteer communications through mailings and e-mails. • Establish and supervise event check-in and volunteer management systems. Page 1 4 SPENCER SHELLARD, CHRIS H LL RD AND LUKE HALPIN, OPERATIONS MANAGERS AND ASSISTANCE Spencer and Chris will oversee the site logistics concerning the operations of the festival. They will facilitate, manage and respond to all site needs for the safety of our guest and volunteers. Luke Halpin will be the assistant to both on-site Managers. Major Responsibilities: • Coordinate site management. • Assist with all set-up and tear down plans. • Maintain all on-site event operations including inventory control. • Serve as first response to all areas/committee requests for service. • Assist all areas/committees with situations that arise in all areas of the festival. MICHAEL J. JOHNS, INC, LABOR ASSISTANCE Michael J. Johns, Inc logistical crew will coordinate all deliveries and set up requirements by the Operations Managers and President of Standing Ovations, LLC. They will facilitate, manage and respond to all site needs for the safety of our guest and volunteers. Major Responsibilities: • Assist with set up and break down according to Master Timeline. • Follow directions and services provided by Management. • Ensure all safety regulations are followed. • Pick up, deliver and set up all festival needs. • Clean and breakdown of Festival at the conclusion. Page 1 5 SCOPE OF SERVICES o Artist/Vendor Management o Food and Beverage Details o Children's Activities o Permitting o Coordinate and Manage Event Task Timelines o Load-in/Out o Entertainment Procurement and Management o Budget Management o Work with Boynton Beach CRA and Planning Committee to coordinate and implement strategies o Identify and develop future Boynton Beach/CRA Volunteer Leadership and Management The following areas will be reviewed and implemented in order to maintain and secure the success of the event: o Design, develop and implement all elements of event production and logistics o Observe event timeline for all installations, deliveries, set up, event operations and breakdown of the event o Manage Contract negotiations and secure contracts for the following: Sanitation, Rentals, Electric, Transportation, Signage, Sound and Production personnel o Development and execution of a working budget with CRA Staff o Provide monthly financial summary updates of revenues and expenditures o Interface with City Officials regarding permits and services as required o Secure appropriate event related permits, licenses and insurance coverage o Ensure all safety regulations are followed and safe practices are observed o Secure and coordinate entertainment schedule o Meet, as needed, with the CRA concerning activities and participating organizations of the event o Coordinate and direct the Event Committee with the support of the CRA contractors and staff o Monitor revenues and expenditures to maintain sound fiscal management o Implement all event decor o Design site plan and implement a site map o Secure all Artist/Crafter Vendors and manage logistical coordination o Administer Volunteers for all areas of the festival through the coordination of the Consultant and Staff o Create and implement master timeline and site operations timeline o Provide all necessary information for the website and printed material as needed o Work with Sponsorship Manger/Contractor to suggest in-kind and cash partnerships for the Festival o Assist Sponsorship Manager/Contractor with sponsor servicing; including grid creations, pre - event, on-site and post -event fulfillment obligations o Arrange and manage parking and transportation o Coordinate Security and Police services o Organize post event follow-up Page 1 6 QUALIFICATIONS AWARD WINNING Standing Ovations, LLC was awarded by the Florida Festival Event Association The Supplier Vendor of the Year 2015. Stewart Auville has over 20+ years in the event industry. Stewart is a logistics expert with a gift for volunteer management and an expertise in revenue generation. He will ensure that the City of Boynton Beach/CRA maintains a quality reputation while producing successful Arts and Seafood Celebration. CUSTOMER SERVICE Stewart is known for his unbelievable customer service skills and is highly renowned and recommended. He believes that every customer of the Boynton Beach Haunted Pirate Fest and Mermaid Splash — which means volunteers, attendees, artists, sponsors, leadership and city employees — need to be treated professionally and with respect to protect your reputation, to generate repeat business and to garner referrals. STRATEGIC LOGISTICS Stewart is a master of handling all details of event logistics from planning, set-up, volunteer management and tear -down. He has an eye for changing a situation before it even becomes problematic. ACTIVE MARKETING In addition to customer service, it is imperative to work well with all volunteers, vendors and attendees. Anyone who works with the City of Boynton Beach/CRA becomes an ambassador for the organization. Stewart will ensure action steps are taken to promote the Boynton Beach CRA throughout the market and beyond by the entire Boynton Beach CRA community. BRAD AWARENESS A crucial component of success is establishing superior brand awareness. This means that the Boynton Beach Haunted Pirate Fest and Mermaid Splash must be known as the market's signature Event and the City of Boynton Beach/CRA must be branded as the ultimate authority and greatest catalyst in community development for the area. Stewart has years of marketing and branding experience and will provide strategic steps to make this happen. STAND GOVATIONS-LLCM.COM As a featured Special Event of Standing Ovations, LLC, Stewart will promote your festival as a signature event on his website. COMMUNITY INVOLVEMENT To take the Boynton Beach Haunted Pirate Fest and Mermaid Splash to a higher level, it will be necessary to increase community involvement at all levels. Patrons, attendees, volunteers, sponsors, vendors and staff all have a stake in increasing awareness and thus, revenue. Stewart will ensure action steps are taken to get promote the City of Boynton Beach/CRA throughout the market and beyond by the entire community. Page 1 7 CUSTOMER AND EVENT REFERENCES Dania Beach Arts and Seafood Celebration 2014-2017 Event Manager • Coordination and management of all logistics- police, volunteers, security, sponsors, VIP, entertainment, food vendors, and artists. • Responsible for permitting the event through City of Dania Beach, FDOT, Broward County, DEP, and State of Florida permits and regulations. unFet Event Manager • Administered a $1 million Operations Budget • Coordinated and managed over 3,000 volunteers, 20 contractors, 25 contractual employees and overall event logistics • Responsible for permitting of event through the City of West Palm Beach, FDOT, Palm Beach County, DEP and State of Florida permits and regulations Scripps Florida Institute • Designed and coordinated the Grand Opening Ceremony including management of personal, volunteers, organizations and speakers • Scripps Florida 50th Anniversary — Facilitated a cocktail party for 250 including an evening concert and a private dinner for 100 consisting of Board, Faculty and Trustee members • Preferred contractor for Scripps Florida Events FPL • Prepared all coordination of logistics for two signature events — FPL Martin Solar Dedication Event and FPL Riviera Plant Demolition Event • Manager of three different booth displays for Residential and Business Tradeshows throughout the State of Florida • One out of two preferred contractors for FPL Events and Tradeshows ArtiGra Director of Operations • Coordination of 300 Fine Artists • Manager and coordinator for the following Committees and Logistics: Artist Relations, Information Booth, Youth Art Competition, Emerging Artist, Merchandise, VIP area, ArtiKids area, 1000 Volunteers, Concessions, Transportation, Sanitation, Security, Police, Entertainment, Contractors and Permitting regulations The Art & Wine Promenade in Northwood Village (West Palm Beach) East Village Uncorked (Pompano Beach) Event Manager • Two signature events promoting downtown CRA districts. • Organization of Entertainment and Event logistics Loggerhead Triathlon Race Director • 650 Athletes/VSAT Sanctioned Competition • Organization of logistics, management and Volunteer Coordination Page 1 8 E R M IA R.E1',VL11MNG Y00GtTY To whom it may concern: It is my absolute pleasure to recommend Standing Ovations, LLC for event design, production and logistics management services. Stewart Auville, owner of Standing Ovations, and I have had a professional relationship for more than two decades. Over the years, I have always counted Stewart as an extension of our professional team, helping us to provide incredible experiences for our target audiences to redevelop cities, attracting consumers and businesses alike. In Northwood Village, when I was the West Palm Beach CRA Marketing Manager, we contracted Stewart to provide the production, creative and logistics management for the incredibly successful monthly Art & Wine Promenade for the duration of the event (approximately 8 years). This event was a critical part of the strategy that ultimately attracted more than 100 businesses to the district. In Pompano Beach, where I currently serve as the Director of Business Attraction and Marketing for the CRA, Stewart produced a similar monthly event, East Village Uncorked, which in approximately 3 years led to virtually no vacancy in the district. Currently, for the Pompano Beach CRA, Stewart produces Old Town Untapped, another monthly event designed to showcase the emerging downtown district. Beyond monthly events, the Dania Beach CPA (where I also manage the CRA's marketing) contracted Stewart, via a stringent competitive bidding process, to produce the annual Dania Beach Arts & Seafood Celebration for the past 4 years. Without Stewart's expertise, leadership, attention to detail and unmatched creativity, this event would not be what it is today — a successful, family friendly, brand building event boasting over 30,000 attendees, In closing, Stewart understands cities and why cities and CRA's produce events. I believe this understanding is what sets him apart from other event producers. Please feel free to contact me at 828-773-2637 or Sharon@RMA.US.com should you like to discuss Stewart's qualifications and experience further. I'd be happy to expand on my recommendation. Best wishes, 9-"041 Sharon West McCormick RMA Director of Business Attraction & Marketing Page 1 9 1 a oil " vlE 10MOV, Doniah, Beach Blv(L Dania BeacHcaida 33o(H (954) 924 6801 The Dania Beach CRA has had the distinct pleasure in working with Stewart Auville and Standing Ovations, LLC for the past four years producing our signature annual event, the Dania Beach Arts & Seafood Celebration. Stewart and the Standing Ovations team have been a pleasure to work with and 2re hard working, reliable and he is an absolute professional Events Manager. Stewart has helped our agency increase attendance and raise the bar regionally for our Arts & Seafood Celebration as a must attend event which last year won 7 awards at the 2016 Florida Festival and Events Association conference. We have always been able to rely on Stewart and Standing Ovations expertise to put Logether a successful event and consider him part of our overall CRA team. EMU= Page 1 10 To Whom It May Concern: I have worked directly with Stewart Auville and the Standing Ovations team for many years on more than 50 events ranging from large-scale festivals and triathlons to corporate fundraisers and dinners. It takes a very detail -oriented, efficient team to organize and implement the many aspects of these events and Standing Ovations has consistently exceeded my expectations as an Event Management Firm. Stewart is very professional and his many years of experience not only helped us grow our events, but his supplier relationships ensured quality products and services at the best prices. Stewart possesses many skills but I think his most impressive are his organizational skills and ability to effectively manage all event logistics within budget. As a contractor, he communicates well with his clients on a regular basis and ensures that all contractual objectives are being met. I can't say enough what a pleasure it is to work Stewart and his team on events. Stewart is highly regarded among his industry peers in the South Florida area for his ability to manage and produce high quality festivals and events and I have no doubt that he would excel at any task put before him. If you have any questions, please don't hesitate to reach out to me directly at 561.512.0761. Sincerely, ��w Suzanne Neve Page 1 11 HAUNTED PIRATE FESS & MERMAIDLSI TIMELINE Page 1 12 DATE SECURE .A P DATE COMPLETE 5/1/2017 10/1/2017 Boynton Beach Public Works 5/1/2017 10/1/2017 Boynton Beach Police Department 5/1/2017 5/1/2017 Boynton Beach Fire Department 5/1/2017 5/1/2017 Cleaning personnel 5/1/2017 5/1/2017 Security 6/1/2017 6/1/2017 Food court staff 6/1/2017 7/1/2017 Parking attendants 5/1/2017 9/1/2017 Sanitary facilities attendants 5/2017-9/2017 10/1/2017 Volunteers 5/1/2017 5/1/2017 Assist with creating a sponsorship packet 5/2017-10/2017 10/1/2017 Solicit local, regional, and national companies Manage any sponsorships that are secured 5/1/2017 9/1/2017 Coordinate the management of designated parking areas 5/1/2017 6/1/2017 On-site stage management 5/1/2017 6/1/2017 Assist with creation of site map 10/1/2017 Signage installation • 5/1/2017 6/1/2017 Obtain quotes for and management of stage, audio, and equipment rentals 5/1/2017 6/1/2017 Obtain quotes for and management of tent, tables, chair, decor rentals 5/1/2017 6/1/2017 Obtain quotes for and management of power and electrical needs 5/1/2017 6/1/2017 Rental, set-up, and management of barricades Mgminim 1: Collect insurance and payment requirements 5/1/2017 9/1/2017 5/1/2017 10/1/2017 Liaise with vendors and City of Boynton Beach for any required permits 5/1/2017 7/1/2017 Submit, track, and finalize necessary permit requests to the City of Boynton Beach 5/1/2017 10/1/2017 Create and maintain database of all participants and key contacts 5/1/2017 7/1/2017 Create Timeline for Load -in — Vendor & Service Providers 5/1/2017 9/1/2017 Create timeline for Load -out — Vendors & Service Providers Page 1 12 Stewart Auville 2607 West End Road 561-951-4443 (cellular) West Palm Beach, Florida 33406 saawpbl3@gmail.com PROFESSIONAL EXPERIENCE Standing Ovations, LLC President/Owner July 2005 — Present ➢ Contractor of Operations, Logistics, Marketing and overall Special Event Coordination for: The Palm Beach Tropical Flower and Garden Show 2006 The Related Group/Cocktail Parties 2005 — 2006 City of West Palm Beach CRA; the Art & Wine Promenade in Northwood Village 2006-2015 City of West Palm Beach Hot Coco Beach 2011 City of West Palm Beach GreenMarket 2010 - 2011 The Downtown Development Authority/Varity of Special Events 2007 ArtiGras 2007 — 2017 Northern Palm Beach County Chamber of Commerce Gala 2012 Art in the Gardens 2007 - 2017 Red White and Zin 2007 - 2013 ArtFest by the Sea 2008 - 2017 Loggerhead Triathlon 2008 — 2017 Pompano Beach CRA Summer Sizzle 2012 Light up MLK for the Holidays 2010 — 2017 MLK Marketplace 2013 East Village Uncorked 2012 - 2015 Latin American Food & Wine Festival 2010 Scripps Florida Grand Opening and Open House 2009 Scripps Florida 50d' Anniversary 2012 FPL Business and Residential Home Shows 2010 — 2014 FPL Martin Next Generation Solar Energy Event 2011 FPL Power Plant Demolition Party 2011 Jupiter Seafood Festival 2013 Downtown in Bloom 2010 — 2014 Downtown at the Gardens Fashion Show 2012 - 2017 Max Planck Presidential Dinner 2015 Evening for the Earth Gala 2012 - 2015 Stuart ArtsFest 2013 Northwest CRA Heart & Soul Festival 2013 - 2017 Northwest CRA Business Recruitment 2013 - 2014 Northwest CRA BBQ 2013 - 2017 Dania Beach Arts & Seafood Celebration 2014 — 2017 Mango Music Festival 2015 & 2017 Pompano Beach Untapped 2016 — 2017 ➢ Design, develop and implement all elements of event production and operations through the management of volunteers, supervision of contractors and cooperation with applicable groups, businesses and regulatory agencies Page 1 13 SunFest of Palm Beach County, Inc. Event Manager March 2001— June 2005 ➢ Overall management of Florida's largest music, art and waterfront festival ➢ Designed, developed and implemented all elements of event production through the management of volunteers, supervision of contractors and cooperation with applicable groups, business and regulatory agencies ➢ Developed and administered a $1.2M budget City of West Palm Beach, Mayor's Office Community Events Coordinator August 1999 — February 2001 ➢ Developed and coordinated logistics for three signature City events — Clematis by Night, Kaleidoscope and 4' on Flagler ➢ Created, designed and supervised City events and programs ➢ Managed Community Events Specialist. Responsible for the Meyer Amphitheatre and private events utilizing City grounds City of West Palm Beach, Mayor's Office Community Events Specialist October 1996 — July 1999 ➢ Facilitated, organized and advised over 65 special events per year for private events utilizing City property ➢ Prepared, designed and constructed City brochures, handbooks, marketing kits for Community Events Division/Mayor's Office ➢ Recruited, reserved and maintained the Meyer Amphitheatre for national and local events City of Boynton Beach, Recreation Department Recreation Specialist May 1994 — September 1999 ➢ Designed, coordinated corporate sponsors and produced City-wide special events ➢ Constructed, advertised and implemented curriculum for children and youth activities ➢ Supervised and maintained Ezell Hester Community Event Center City of Plantation, Recreation Department Recreation Leader Specialist March 1993 — May 1994 ➢ Organized, constructed and directed City-wide events ➢ Developed curriculum for summer camp programs and instructed children in theatre arts and crafts ➢ Hired, supervised and evaluated summer camp staff ASSOCIATIONS International Festivals and Events Association/ Florida Festivals and Events Resource Depot, Board Member Northern Palm Beach County Chamber of Commerce Member National Association of Independent Artists EDUCATION: 1992 Lees -McRae College, Banner Elk, North Carolina, B.A. Theatre Arts Page 1 14 KIM REDDINGTON 2470 Bay Village Court • Palm Beach Gardens, FL • 33410 Cell: 561.301.5018 Email: kreddington1963@aol.com EDUCATION Florida State University, 1981 - 1985 Bachelor of Arts Degree with a major in International Affairs and a minor in Marketing. WORK EXPERIENCE Standing Ovations, LLC; West Palm Beach, FL February, 2014 - present Artist Relations Manager • Responsible for clerical work using Microsoft Office Suite as well as communicating all logistics concerning art shows with participants. Responsible for setting up refreshments and coordinating food and beverage services as needed at events. Gentech Medical, Inc.; West Palm Beach, FL January, 1995 - present Administrative Assistant • Responsible for registering patients, creating pricing presentations for hospitals and working patient clinics when needed. Warner-Lambert, Inc.; West Palm Beach, FL December, 1987 - October, 1992 Territory Sales Representative • Responsible for presenting and selling promotions to buyers at grocery chain headquarters, as well as detailing pharmacists, servicing stores and selling displays. Nabisco Brands, Inc.; Ft. Lauderdale, FL May, 1986 - December, 1987 Sales Representative • Responsible for sales and service of product and displays to major grocery chains, mass merchandisers and independent accounts. Page 1 15 M ITCH LAUTMAN mitch@stelIarbooking.com President Stellar Entertainment Group Pompano Beach, Florida January 2010 — Present Licensed, Bonded & Insured Talent / Booking Agency. Promotions Company, Event Planning & Management. For over a decade, Mitch Lautman, Founder and President of Stellar Entertainment Group, has been creating incredible experiences for his discriminating clientele. From private parties to Pompano Beach's 4th of July Bash, from chic corporate gatherings to Revolution's Rock of Ages party, Stellar has the connections and services required to make your event amazing. A founding member of the popular band, Classic Rock Therapy, Mitch knows each and every act on his roster of over 150 local and national artists, including some of the country's top tribute acts. Mitch and his team will help you select the best entertainers for your event and budget. Stellar Entertainment Group is fully licensed, bonded and insured, and offers complete marketing, event planning, and management services including sound and lighting, staging, artists' transportation services, rider compliance and more. Entertainment Director/ Booking Agent Bash of Boca / Gatsby's; Boca Raton, FL February 2008 — December 2011 Worked at very popular restaurant /nightclub booking all entertainment / bands including private parties and entertainers. Also, handled hiring, training and scheduling of employees. Planned calendar for club and worked with different media placing ads and designing the events calendar. Also, acted as manager for club at times when GM was not present. Was also a key holder and opened / closed club. Page 1 16 DEBORAH JOHNSON • Volunteered for Artigras for the last ten years- three years as Co-chair for the Kids Area and the last four as Stage Manager. • Currently, a Traveling Artist for Resource Depot. For the last ten years, attending festivals, Kids Fest at City Place each month, as well as schools. • Last ten years, Loxahatchee Relay for Life team leader; additionally, was the Entertainment Chair for the event. • Last eight years, worked for Sunfest in the Kids Area as well as the beverage containers. • Last two years, volunteered for Yesteryear Village helping with the school tour. • Last four years, Volunteer Coordinator for the Dania Beach Arts & Seafood Celebration. • Volunteered and a Girl Scouts trainer for thirteen years; also, had two troops. Page 1 17 FEES FOR EVENT MANAGEMENT AND CONSULTING TOTAL FEE TO INCLUDE THE FOLLOWING BUDGET LINE ITEMS: EVENT MANAGEMENT $38,000.00 Total Investment of services as described will be in the amount of: $38,000.00 Client agrees to pay to Standing Ovations, LLC for any budget line item that exceeds amount indicated above with the exception of the Event Management fee 30 days after the festival. Cost of operations, permits, licenses supplies and decor will be billed separately to the Client by Standing Ovations, LLC. The industry standard processing rate for payment of these services ranges from 7% to 12%. Standing Ovations, LLC will only charge a 5% fee. Consultant agrees to review with Client any and all expenses prior to purchasing such items. All Proposals/Quotes will be presented and reviewed with the Client for all contractual services. Approval of these services will be required prior to their implementation. PAYMENT OF SERVICES: To be Determine CONTRACTOR REQUIREMENTS In the event of severe weather or other natural disasters or acts of God during or before the scheduled event, Consultant will have the right to be compensated for services rendered. All events are on a Rain or Shine basis. ADDITIONAL INFORMATION All of the information provided in the proposal is negotiable. Page 1 18 ATTACHMENT III I 1 I' I'`, . ti`I'AFFIN(,' , 1110PU i JO 1. Project Overview for Operations Manager Position WHAT 6th Annual Boynton Beach Haunted Pirate Fest & Mermaid Splash WHEN October 20-22 2017 WHERE Downtown Boynton Beach WHO 100,000 attendees from general public 2. Event Infrastructure Makaira will be responsible of managing and improving the overall Operations of the Boynton Beach Pirate Fest & Mermaid Splash. Makaira will report directly to CRA Special Events Coordinator and will work with support from CRA staff. 3. Scope of Work Items identified in the following Services will be managed and/or prepared by the Operations Manager. The duties will be performed under the direction of the CRA Special Events Coordinator, together with the CRA staff in compliance with all CRA and City financial and operational requirements: • Event day on-site logistics management and coordination • Liaise with AEG on staffing schedules, posts, • Liaise with AEG on security implementation • Liaise with AEG on cleaning services • Sponsorship solicitation and management • Liaise with AEG on Parking & shuttle service management • RFP requests and management of stage, audio and other equipment rentals and vendor management • Liaise with AEG on portable sanitary facilities • RFP requests and management of tent/table/chair/decor rentals • RFP request for power and electrical needs. • Rental, set up and management of barricades • On-site stage management • Liaise with all city entities for event permitting for overall umbrella permit and man - agreement of all vendor permit needs • Create site plan • Collect all vendor insurance requirements • Create production schedule inclusive of load -in, load -out and run ofshow • Create Database of all participants and key contacts • Review Signage plan provided by CRA and help create deadlines for submission and plan for install. Install to be done by Signage vendor and overseen by Makaira and CRA. 4. Terms and Conditions • All materials needed for the pre -production of the event shall be covered by CRA. This includes but is not limited to renders, site maps, and data collection programs. Also any supplies needed onsite for the production of the event; for example spray paint, tools, golf carts, walkie-talkies etc. • All CRA deadlines must be provided to the Agency in writing and in advance. • If the Agency pays for vendors on behalf of the CRA they need to be reimbursed in full, prior to the event. • Agency will manage all production vendors onsite but requires an onsite manager (from the provider) for the following production vendors: • Power and Electric provider • Tent provider • Staging provider • Audio Visual Provider • Cleaning and Portable bathrooms • The CRA must agree to follow all necessary measures for pulling the correct permits required by the City of Boynton Beach. Makaira will be responsible for collecting that information and presenting it to the CRA for approval. • Makaira will consult on a new vendor registration form that will facilitate the registration process and collection of necessary details from each participating vendor. • Makaira will consult on new CRA Merchant registration form and help implement new rules and regulations for their participation. • Makaira must have access to any forms or data collected from each vendor participating in order to be able to manage properly onsite. • CRA staff member to present during load in to manage any discrepancies with vendor booth assignment. • Makaira and CRA to consult City of Boynton Beach PD with proper time on additional PD support needed for onsite days and nights. PD must be present at all times when Makaira staff is onsite. • Makaira to discuss with CRA additional days for road closures in order to accommodate more load in and out days. • All signage materials to be printed in advance and given to Makaira with signage plan in order to put in place on time. A team for signage should be created in advance. • Makaira to work with CRA in vetting service providers to assess their capabilities as a potential provider. Makaira to present a list of preferred vendors for CRA to review. If the CRA chooses to work with a service provider that Makaira does not agree with then they will not be responsible for the quality of provider's work. • Makaira suggests 4 onsite manager, 6 ops support team • CRA to provide a sponsorship deck for Makaira to use as a tool in reaching out to potential vendors. • Makaira will assist in sourcing decor when needed and able, but does not make itself responsible for the decor of the event. • Makaira will not be responsible for contracting talent of the event. If an opportunity presents itself for an addition to the festival then an introduction will be made. 5. Compensation Breakdown Flat fee to include: Above mentioned SOW from TRA team Starting March 1 - Oct. 31 One meeting a month at CRA offices and bi-weekly calls leading up to event. $5,000/ month retainer Total: $40,000.00 On-site Managers from Makaira team @ $500.00 per 12 hour day. Every hour after that will be billed at $60/hr. Onsite Ops support team @ $300.00 per 12 hour day. Every additional hour will be billed at $37.50/hr. Any and all sponsors secured by TRA will be subject to a 20% commission. To be billed directly from Makaira: - Phone calls made long distance - Parking for 4 vehicle for on-site days - Pre -approved project related costs - Hotel rooms for on-site dates - F&B for onsite days for each member of staff onsite ATTACHMENT IV BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY CONTRACTOR AGREEMENT This Contractor Agreement (hereinafter "Agreement") is made by and between Standing Ovations, LLC (hereinafter the "Contractor") and the Boynton Beach Community Redevelopment Agency, a municipal corporation located at 710 N. Federal Highway, Boynton Beach, Florida 33435 (hereinafter the "CRA") (collectively the "Parties"). WHEREAS, the CRA is in need of Contractor services for The 6th Annual Boynton Beach Haunted Pirate Fest & Mermaid Splash, which will take place at the time and location described below, (hereinafter "Event"); and WHEREAS, the Event will be held for a proper municipal purpose and is in the interest of the public and in furtherance of the CRA Plan; and WHEREAS, the Contractor has the knowledge, ability, and equipment to provide Contractor services at the Event; NOW THEREFORE, in consideration of the mutual covenants and promises set forth herein, the sufficiency of which both Parties acknowledge, the Parties agree as follows: 1) Incorporation. The recitals above and all other information above are hereby incorporated herein as if fully set forth. 2) Notice and Contact. a. Contact Person for the Contractor: Stewart Auville Business Name: Standing Ovations, LLC. Address: 2607 West End Road, West Palm Beach, FL 33406 Telephone Number: (561) 951-4443 Email Address: saawpbl3(cr�gmail.com b. Contact Person for CRA (hereinafter "Program Coordinator"): Name: Mercedes Coppin, Special Events Coordinator Address: 710 North Federal Highway, Boynton Beach FL 33435 Email Address: CoinM(cr�bbfl.us Telephone Number: 561-600-9097 3) Description of the Contractor Services: Contractor will be responsible for planning, coordinating, and managing the overall operations of the Event under the direction of the 00822339-1 Page I of 11 Contractor's Initial CRA Special Events Coordinator ("Program Coordinator"). The Contractor will report directly to Program Coordinator and will work with support from CRA staff and in compliance with all CRA and City of Boynton Beach financial and operational requirements. For purposes of this Agreement, the term "service providers" shall mean entities that provide services and/or equipment for the Event, including but not limited to: electricity generation; security; cleaning; portable sanitary facilities; tent installation and removal; stage setup and breakdown; audio-visual engineering; barricades; parking and shuttle service; tables, chairs, and decor; and production services, along with any other entity necessary or desirable for the operation of the Event. For purposes of this Agreement, the term "Vendors" shall mean those entities renting space at the Event. The obligations of Contractor described in this paragraph shall be referred to as "Contractor Services" in this Agreement. Specifically, Contractor agrees to the following: a. Contractor shall coordinate and manage all Event logistics as well as obtain all Service Providers selected by the CRA, and obtain or prepare all items necessary for the complete, smooth, and effective operation of the Event. i. In order to obtain service providers, Contractor shall first obtain bids from potential service providers and present those bids to the CRA. Once the CRA selects a service provider, Contractor shall facilitate, to the best of its ability, the formation of an agreement between the CRA and the selected service provider for the Event. b. Contractor shall act as a liaison between service providers, vendors, volunteers, City of Boynton Beach personnel and the Program Coordinator. c. Contractor shall assist with creating a sponsorship packet and manage any event sponsorships that are secured. d. Contractor shall work within the budgetary constraints of the event set by the CRA Board for the fiscal year 2017/2018 or as provided by the Program Coordinator. e. Contractor shall submit all proposals, and quotes, to the Program Coordinator for approval before procurement of service providers. f. Contractor shall submit all invoices or requests for deposit to the CRA for payment. All payments for services will be made directly by the CRA finance department. g. Contractor shall work directly with service providers and manage the coordination and layout of the on-site event set up of vendor tents, stages, sets, portable toilets, barricades, light towers, generators, food court, and other event related items. h. Contractor shall develop a load -in and load -out schedule of all service providers for the Event. i. Contractor shall assist CRA with enhancing the current volunteer program. 00822339-1 Page 2 of I1 Contractor's Initial j. Contractor shall attend all meetings requested by Program Coordinator, including interdepartmental meetings with staff from the City of Boynton Beach. k. Contractor shall personally sub -contract an Artist Relations Manager, Volunteer Manager, Operations Managers, and Labor Assistants to be paid directly by the Contractor to coordinate, assist, and facilitate throughout the project. Contract will directly compensate sub -contracted personnel. 1. No later than June 30, 2017, Contractor shall provide to the CRA for approval: i. An updated site plan for the Event; ii. Outlined suggestions to enhance the volunteer program; iii. Outlined suggestions to enhance the CRA's existing sponsorship packet; iv. Permit request for the City of Boynton Beach; v. Quotes for core equipment rentals, such as stages, tents, barricades, generators, and light towers; and vi. Preliminary database of participants and key contacts. m. No later than August 18, 2017, Contractor shall provide to the CRA for approval: i. Proof of all required insurance from service providers; ii. A production schedule inclusive of load -in, load -out and run of show; iii. A signage plan; iv. Copies of proposed contracts with service providers sufficient to demonstrate to the CRA that Contractor is able to ensure adequate staffing, appropriate scheduling, and other logistical needs are met during the Event; and v. Proof that Contractor has obtained all necessary event permits from all entities, including an umbrella permit for the Event from the City of Boynton Beach, and is sufficiently managing all vendor permit needs. n. Prior to the day of the Event, Contractor shall: i. Collect all required vendor insurance documents; ii. Create and provide the CRA with a database of all participants, including service providers, Vendors, entertainment providers, subcontractors, volunteers, and similar entities. The database must include the name of the contact person for each entity, the phone number for the person who can be contacted during the event, email address of the contact person, and the physical address of entity; and iii. Provide an outline of vendor space assignments. o. On the days of the Event, Contractor shall: i. Coordinate, manage, and direct all Event service providers, logistics, entertainment, Vendors, volunteers, set-up, break -down, and all other happenings at the Event. 00822339-1 Page 3 of I1 Contractor's Initial ii. Ensure that sufficient Contractor staff are present at the Event, based on CRA estimates of attendance at Event, and have additional staff available to assist at the Event at the request of the CRA; and iii. Coordinate Vendors, including checking Vendors in, providing Vendors with booth assignments, and addressing requests of Vendors. p. After the Event, Contractor shall attend a wrap-up meeting at the direction of the Program Coordinator. q. The Parties agree that the obligations and deadlines in this paragraph are material and essential terms to this Agreement, and that if Contractor fails to perform the Contractor Services or meet the obligations of this Agreement to the reasonable satisfaction of the CRA, the CRA may, in its discretion, withhold payment to Contractor as damages. If the Contractor resigns, quits, or otherwise wholly ceases to perform the Contractor Services prior to the Event, Contractor refund all Payments or monies previously paid by the CRA, and in addition, shall pay $20,000 not as a penalty but as liquidated damages to the CRA within 30 days after Contractor resigns, quits, or ceases to perform the Contractor Services. Thereafter, neither Contractor nor the CRA shall have any further obligation or liabilities under this Agreement, except for those expressly provided to survive the termination of this Agreement. The said amount is fixed and agreed upon by and between the CRA and the Contractor because of the impracticability and extreme difficulty of fixing and ascertaining the actual damages the CRA would sustain in such an event, and said amount is agreed to be the amount of damages which the CRA would sustain. However, said liquidated damages shall not be construed to limit the CRA's damages for any claim for Contractor's negligence, defective performance, or other breach of this Agreement. 4) Approximate length of Contractor Services. From May 17, 2017 to December 15, 2017 5) Dates and Times of the Event. Dates: October 21, 2017 October 22, 2017 Between the hours of: 11 A.M. and 9 P.M. 11 A.M. and 6 P.M. Location. 129 East Ocean Avenue, Boynton Beach, FL 33435, between Seacrest Boulevard and Federal Highway. 00822339-1 Page 4 of I1 Contractor's Initial 6) Compensation. The CRA shall pay the Contractor for the performance of the Contractor Services as follows: a. The CRA shall pay the Contractor a total of $36,000 (hereinafter, "Compensation") for the performance of the Contractor Services, as described herein, which sum shall be paid as follows: First Payment shall be $8,000, payable at the time of execution of the Agreement, provided that the Contractor has provided the CRA with the tax forms required by this Agreement. Second Payment shall be $8,000, payable on August 18, 2017, provided contactor has submitted contract deliverables outlined in Section 3: Description of the Contractor Services (m) to the CRA. Third Payment shall be $20,000, payable upon completion of the Contractor Services provided that the Contractor has submitted all paperwork required by the CRA and described in this agreement. 7) Form of Payment of Compensation. All payments of Compensation shall be made in the form of a CRA check made payable to: Standing Ovations, LLC. Payment of Compensation upon completion of the Contractor Services is dependent upon sufficient time having been allowed for processing of this Agreement. The Third Payment, shall be made within 45 days after the Event, in accordance with the Local Government Prompt Payment Act, Section 218.70, et al., Florida Statutes. No payment made under this Agreement shall be conclusive evidence of the performance of this Agreement by the Contractor, either wholly or in part, and no Payment shall be construed to be an acceptance of or to relieve the Contractor of liability for the faulty or incomplete rendition of the Contractor Services. 8) Costumes, Equipment, Etc. All costumes; footwear; makeup; props; equipment transportation, set-up, and break -down; and anything else necessary to provide the Contractor Services shall be provided by and at the expense of the Contractor. The Contractor shall leave the Event site in a condition equal to that prior to performance of the Contractor Services. The CRA shall not be responsible for any equipment or other property of the Contractor brought to or left on CRA property. 9) Personnel. Contractor represents that Contractor has, or will secure, all necessary personnel required to perform the Contractor Services under this Agreement. Such personnel shall not be employees of, or have any contractual relationship with, the CRA. All of the Contractor Services shall be performed by the Contractor, or under Contractor's supervision, and all personnel engaged in performing the services shall be fully qualified and, if required, licensed or permitted under state and local law to perform such Contractor Services. Contractor warrants that all Contractor Services shall be performed by skilled and competent personnel in accordance with all applicable federal, state, and local professional and technical standards. 00822339-1 Page 5 of It Contractor's Initial 10) Vehicles. All vehicles belonging to Contractor or Contractor's personnel shall be removed from the event location site and parked in the assigned area prior to the start of the Contractor Services. 11) Propriety. The Contractor shall ensure that their performance of Contractor Services will not contain swearing, lewd actions, or lewd comments, or any behavior, activity, or language unsuitable for the intended public audience. 12) Content, Logistics, Etc. The Contractor understands that the CRA has sole and absolute discretion as to the content and propriety of the Event. The Contractor also understands that the CRA has final and complete control of the method, manner, means, scheduling, placement, and other logistical considerations at the Event. The Contractor shall be allotted reasonable time for meals, bathroom breaks, costume changes, or other reasonable breaks, as applicable. The Contractor also understands that, with the exception of the Contractor Services, the CRA retains creative control of all other elements of the Event, including but not limited to sound levels, selection of service providers, choice of entertainment and other performers (include master of ceremonies and speakers), performance length, lights, amplification, stage sets, and film or video played to the audience during the event. The Contractor shall have exclusive control of the Contractor Services provided by the Contractor. 13) Cancellation. The CRA reserves the right to cancel or postpone the Event for any reason up to 72 hours prior to the scheduled Event date. If the CRA cancels or postpones the Event 72 hours or more before the scheduled Event date, the CRA shall not be liable to Contractor for payment for any Contractor Services not yet rendered, but shall be liable for payment of goods received and Contractor Services rendered and accepted by the CRA prior to the date of notice of cancellation. If the CRA cancels the Event less than 72 hours before the scheduled Event date for reasons other than breach by the Contractor, the Contractor is entitled to full compensation from the CRA. In the alternative, if the CRA cancels the Contractor Services less than 72 hours before the scheduled Event date for reasons other than breach by the Contractor, the CRA and the Contractor may agree to reschedule the Event and related Contractor Services if the Contractor agrees that payment will occur upon completion of the rescheduled Event. If the Event is rescheduled, only the date and times of the Event and the date of payment under this Agreement shall be modified; the other terms of this agreement shall remain in effect unless otherwise modified under this Agreement. In the event of any cancellation or postponement, the CRA will endeavor to notify the Contractor as soon as practicable prior to the Event date. It is understood that this is a "rain or shine" event and the terms of this Agreement are in no way affected by inclement weather unless otherwise determined by the CRA. Every effort will be made to continue the Event. However, the CRA reserves the right to cancel the Event in the event that the weather poses a potential danger to the Contractor, the equipment, or Event attendees and participants. Safety shall be the paramount consideration in determining whether the performance must be cancelled due to weather. 00822339-1 Page 6 of I1 Contractor's Initial Any failure of the Contractor to perform may be excused only for proven sickness or injury, civil tumult or riot, terrorist acts, epidemics, acts of God, or other conditions beyond the control of the Contractor. The Contractor or agent must notify the CRA immediately of any reason which might result in Contractor's failure to perform on the scheduled date. If the Contractor fails to provide the Contractor Services at the Event or by the deadlines in this Agreement, the Contractor shall immediately refund all deposits. The CRA reserves the right to approve /substitute any other contractor for Contractor in the event that Contractor is not able to perform the Contractor Services as required by this Agreement. 14) Default. The failure of the Contractor to comply with the provisions set forth in this Agreement shall constitute a default and breach of this Agreement. If the Contractor fails to cure the default within seven (7) days of notice from the CRA or prior to the Event, whichever is sooner, the CRA may terminate this Agreement and refuse Payment accordingly. In the event of material default or breach by Contractor, and in addition to any other remedies provided for in law or this Agreement, Contractor shall refund all monies previously paid by the CRA pursuant to this Agreement. 15) Waiver. The CRA shall not be responsible for any property damages or personal injury sustained by the Contractor from any cause whatsoever related to the Event, whether such damage or injury occurs before, during, or after the Event. The Contractor hereby forever waives, discharges, and releases the CRA, its agents, and its employees, to the fullest extent the law allows, from any liability for any damage or injury sustained by the Contractor. This waiver, discharge, and release specifically include negligence by the CRA, its agents, or its employees, to the fullest extent the law allows. 16) Indemnification. The Contractor shall indemnify, save, and hold harmless the CRA, its agents, and its employees from any liability, claim, demand, suit, loss, cost, expense or damage which may be asserted, claimed, or recovered against or from the CRA, its agents, or its employees, by reason of any property damages or personal injury, including death, sustained by any person whomsoever, which damage is incidental to, occurs as a result of, arises out of, or is otherwise related to the negligent or wrongful conduct or the faulty equipment (including equipment installation and removal) of the Contractor. Nothing in this Agreement shall be deemed to affect the rights, privileges, and sovereign immunities of the CRA as set forth in Section 768.28, Florida Statutes. This paragraph shall not be construed to require Contractor to indemnify the CRA for its own negligence, or intentional acts of the CRA, its agents or employees. Each party assumes the risk of personal injury and property damage attributable to the acts or omissions of that party and its officers, employees and agents. 17) No Transfer. The Contractor shall not subcontract, assign, or otherwise transfer this Agreement to any individual, group, agency, government, non-profit or for-profit corporation, or other entity without express, written, prior permission from the CRA. 18) Insurance. The Contractor shall obtain all insurance required by the CRA and provide proof thereof at least 10 days prior to the Event, and include, along with an executed copy of this 00822339-1 Page 7 of I1 Contractor's Initial Agreement, a Certificate of Insurance ("COP') with a liability limit of at least $1,000,000 per occurrence. The Insurance must remain in force for so long as is necessary to cover any occurrence relating to, resulting from, or arising out of the Event or this Agreement. The CRA is to be included as "Additional Insured" with respect to liability arising out of services performed by the Contractor by or on behalf of the CRA or acts or omission of the Contractor in connection with providing Contractor Services pursuant to this Agreement. The Certificate must include the following additional insured language: Boynton Beach Community Redevelopment Agency 710 N. Federal Highway Boynton Beach, Florida 33435 The City of Boynton Beach 100 E. Boynton Beach Boulevard Boynton Beach, Florida 33425 In the absence of a COI, the Contractor shall sign the CRA Indemnification & Waiver of Liability Agreement provided by the CRA. 19) Tax Forms. The Contractor shall provide the CRA with completed W-9 forms in order receive Payment. The CRA shall provide the Contractor with an IRS Form 1099 where required under law. The Contractor further acknowledges that the CRA is neither paying Social Security benefits nor withholding taxes from the Contractor's compensation for the Contractor Services. The Contractor assumes all liability and responsibility for payment of the Contractor's (and the Contractor's individual members) own FICA and Social Security benefits and all taxes resulting from this Agreement. 20) No Discrimination. The Contractor shall not discriminate against any person on the basis of race, color, religion, ancestry, national origin, age, sex, marital status, sexual orientation or disability for any reason in its hiring or contracting practices associated with this Agreement. 21) No Partnership, Etc. The Contractor agrees nothing contained in this Agreement shall be deemed or construed as creating a partnership, joint venture, or employee relationship. It is specifically understood that the Contractor is an (a) independent Contractor(s) and that no employer/employee or principal/agent is or shall be created nor shall exist by reason of this Agreement or the performance of Contractor Services. The Contractor will exercise its own judgment in matters of safety for itself and attendees of the Event. The Contractor attests that it possesses a current personal accident and or personal health insurance policy. 22) Promotional Materials. The Contractor agrees that the CRA may photograph and/or record video and audio of the Event, and that such photographs and recordings may be (i) used for the purposes of promotion of the Event or future events; (ii) transmitted live or by recording on local television and radio channels; and (iii) used in materials intended for public display or distribution to the public, including but not limited to print advertisements, billboards, street and light pole banners, websites affiliated with the CRA, and social media affiliated with the CRA. The Contractor agrees that the Event, including information about the 00822339-1 Page 8 of I1 Contractor's Initial Contractor and the Contractor Services to be provided, can be advertised prior to or subsequent to the Event. 23) No Infringement. The Contractor represents that in performing the Contractor Services under this Agreement, the Contractor will not infringe on the property right, copyright, patent right or any other right of anyone else; and if any suit is brought or a claim made by anyone that anything in conjunction with the ownership or the presentation of said Contractor or appearance as part of the Contractor Services is an infringement on the property right, copyright, patent right, or other rights, the Contractor will indemnify the CRA against any and all loss, damages, costs, attorney fees or other loss whatsoever. The Contractor shall not use the CRA's logos, or marks without the CRA's prior written approval. 24) Entire Agreement. This Agreement represents the entire and sole agreement and understanding between the Parties concerning the subject matter expressed herein. No terms herein may be altered, except in writing and then only if signed by all the parties hereto. All prior and contemporaneous agreements, understandings, communications, conditions or representations, of any kind or nature, oral or written, concerning the subject matter expressed herein, are merged into this Agreement and the terms of this Agreement supersede all such other agreements. No extraneous information may be used to alter the terms of this Agreement. 25) Counterparts and Transmission. To facilitate execution, this Agreement may be executed in as many counterparts as may be convenient or required, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. The executed signature page(s) from each original may be joined together and attached to one such original and it shall constitute one and the same instrument. In addition, said counterparts may be transmitted electronically (i.e., via facsimile or .pdf format document sent via electronic mail), which transmitted document shall be deemed an original document for all purposes hereunder. 26) Agreement Deemed to be Drafted Jointly. This Agreement shall be deemed to be drafted jointly and shall not be construed more or less favorably towards any of the parties by virtue of the fact that one party or its attorney drafted all or any part thereof. Any ambiguity found to exist shall be resolved by construing the terms of this Agreement fairly and reasonably in accordance with the purpose of this Agreement. 27) Governing Law, Jurisdiction, and Venue. The terms and provisions of this Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Florida and the United States of America, without regard to conflict of law principles. Venue and jurisdiction shall be Palm Beach County, Florida, for all purposes, to which the Parties expressly agree and submit. 28) Independent Advice. The Parties declare that the terms of this Agreement have been read and are fully understood. The Parties understand that this is a binding legal document, and each Party is advised to seek independent legal advice in connection with the matters referenced herein. 00822339-1 Page 9 of It Contractor's Initial 29) Severability. If any part of this Agreement shall be declared unlawful or invalid, the remainder of the Agreement will continue to be binding upon the parties. 30) Voluntary Waiver of Provisions. The CRA may, in its sole and absolute discretion, waive any requirement of the Contractor contained in this Agreement. 31) Public Records. The CRA is a public agency subject to Chapter 119, Florida Statutes. The Contractor shall comply with Florida's Public Records Law. Specifically, the Contractor shall: a. Keep and maintain public records required by the CRA to perform the Contractor Services described in this Agreement. b. Upon request from the CRA's custodian of public records, provide the CRA with a copy of the requested records or allow the records to be inspected or copied within a reasonable time at a cost that does not exceed the cost provided in Chapter 119, Florida Statutes, or as otherwise provided by law. c. Ensure that public records that are exempt or confidential and exempt from public records disclosure requirements are not disclosed except as authorized by law for the duration of the contract term and following completion of the contract if the contractor does not transfer the records to the CRA. d. Upon completion of the contract, transfer, at no cost, to the CRA all public records in possession of the Contractor or keep and maintain public records required by the CRA to perform the service. If the Contractor transfers all public records to the CRA upon completion of the contract, the Contractor shall destroy any duplicate public records that are exempt or confidential and exempt from public records disclosure requirements. If the Contractor keeps and maintains public records upon completion of the contract, the Contractor shall meet all applicable requirements for retaining public records. All records stored electronically must be provided to the CRA, upon request from the CRA's custodian of public records, in a format that is compatible with the information technology systems of the CRA. IF THE CONTRACTOR HAS QUESTIONS REGARDING THE APPLICATION OF CHAPTER 119, FLORIDA STATUTES, TO THE CONTRACTOR'S DUTY TO PROVIDE PUBLIC RECORDS RELATING TO THIS CONTRACT, CONTACT THE CUSTODIAN OF PUBLIC RECORDS AT (561)737-3256; 710 North Federal Highway, Boynton Beach, Florida 33435; or oyto ec (a .s.. The Contractor also understands that CRA may disclose any document in connection with performance of the Contractor Services or this Agreement, so long as the document is not exempt or confidential and exempt from public records requirements. 32) Agent. If this Agreement is signed by the Contractor's agent, the agent warrants that he/she is duly authorized to act on behalf of the Contractor, that he/she is authorized to enter into this Agreement, and that the agent and Contractor are jointly and severally liable for any breach of this Agreement. 00822339-1 Page 10 of 11 Contractor's Initial 33) Compliance with Laws. In the performance of the Contractor Services under this Agreement, the Contractor shall comply in all material respects with all applicable federal and state laws and regulations and all applicable Palm Beach County, City of Boynton Beach, and CRA ordinances and regulations, including ethics and procurement requirements. 34) Effective Date and Termination. This Agreement will become effective at the date and time that the last party signs this Agreement. This Agreement will automatically terminate after the performance of the Contractor Services and payment by the CRA, or on December 15, 2017, whichever occurs first. Nothing in this paragraph shall be construed so as to affect the CRA's right to cancel or postpone the Contractor Services pursuant to this Agreement. 35) Survival. The provisions of this Agreement regarding the content of the Event, promotional rights, infringement, indemnity, waiver, insurance, agents, and cancellation shall survive the expiration or termination of this Agreement and remain in full force and effect. IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed on the day and year written below. By: Date: Authorized Representative for Contractor Print Name: By: Authorized Representative for CRA Print Name: Date: 00822339-1 Page It of It Contractor's Initial [- I Consent Agenda I I Old Business IXI New Business I I Legal 11 Information Only I I CRAAB I AiLl I MA 1119:4 ►i M VA SUBJECT: Consideration of the Purchase and Sales Agreement with Steven Relchel for the Property located at 521 NE 2 nd Street :9r:ir W W NA101 I Ire 0 6142 (APIAKI A 111111010 .1 New roof to accommodate central A/C - $25,000 New central A/C system for 2 units - $10,000 Electrical upgrade to accommodate new A/C system - $5,001 Irrigation � $3,000 Landscape - $2,500 • Drywall/paint ceilings — $7,000 • Misc. - $7,500 -i ri s. i - i - it � -i � i� .r► r � � '1�1 r i iIMMIMT i r■i s '�War! 111111 1" r i r r � r .- r sir • -i ! ! � � ii-- � _ � 1� CRA ® P R O ECT/PROG b 6 Boynton.eaRedevelopment Plan iFY 2016-2017 CRA Budget -'."#*RAAB RECOMMENDATION: Item was not discussed as it was "tabled" on the CRA ,myoard agenda. Approve i Sales Agreementfor Property located at _eof property r demolition 2'. Do nol approve the Purchase and Sales Agreement with Steven Reichel for the Property located at 521 NE 2 Id Streetof property r demolition or r a rental unit. !r r err r -r r r MSG= r '� Michael Simon, Interim Executive Director ATTACHMENT ` � \ \an � \1 d a District Introduction Planning Challenges Planning Considerations The Vision Recommendations ƒ( Intr'oduc'tion The Heart of Boynton District is a 380 -acre neighborhood developed predominantly with single-family homes. The neighborhood has several parks, two public schools and numerous churches. Unfortunately, it has been the victim of disinvestment over the last 50 years. The two Census blocks of Tract 61 which encompasses this District have the median household income of $20,848, the lowest in the City. To counter the decline of the neighborhood, in 2001 the CRA and City adopted the Heart of Boynton Community Redevelopment Plan. The Plan was updated in 2014 to reflect the achievements of the original plan and add new projects to reflect the current market conditions. A number of recommendations of the original CRA Plan have been implemented, including: • The demolition of the Cherry Hill public housing project • The redevelopment of the Boynton Terrace site – Ocean Breeze West – into 21 single- family homes Redevelopment of Wilson Park and into Carolyn Sims Community Center • Expansion of the Palmetto Greens Park • Redevelopment of Sara Sims Park – Master Plan created, property acquired • Streetscape Improvements on Seacrest Boulevard • Redevelopment of Martin Luther King, Jr. Boulevard – Property acquired and Family Dollar developed • Development of new housing – 60 new single family homes developed In partnership with nonprofits, the City and CRA. The Heart of Boynton District is bounded by the C. Stanley Weaver (C -Canal) canal to the north, 1-95 to the west, N.E. 3rd Avenue to the south and the FEC rail line to the east. The area is within walking distance of the Cultural and Downtown Districts. A major arterial road—Seacrest Boulevard—runs through the neighborhood north/south. Martin Luther King, Jr. Boulevard, once lined with locally -owned businesses, runs east/west. There are two public elementary schools in the neighborhood, Poinciana and Galaxy. Both schools are STEM schools (Science, Technology, Engineering and Math). There are a number of parks and special use areas within the neighborhood, such as, Carolyn Sims Community Center, Galaxy Park and Scrub and Sara Sims Park. 10 Figure 57: Heart of Boynton District Location Map PlanniUq Challenges The Heart of Boynton area suffers from an aging and poorly maintained housing stock. The CRA and City, in partnership with local non -profits, continue to develop single-family homes, but there is a need for quality affordable multi -family rental housing. The problem is that—given low median household incomes—it cost more to build even modest apartments than many of the families can afford. This gap will has to be filled through some form of a subsidy. Another major deterrent to private investment is the visible blight and crime. There are still a number of small convenience stores that allow loitering and illegal activities for all to see, discouraging people to buy homes or invest in businesses within the area. The District is comprised of small parcels platted in the 1920's – 1930's, during Florida's land boom. The parcels are owned by many different people making assembly of a developable site very difficult and expensive. Moreover, many owners have an unrealistic sense of the value of their property. Over the years, the neighborhood has lost most of their retailers and service providers. There is no full service grocery store and only one take- out restaurant. The majority of commercial use 1 is represented by convenience stores. A new Family Dollar store at the corner of Martin Luther King, Jr. Boulevard and Seacrest Boulevard has been a welcome addition, but there is a need for more retail services. The neighborhood is bifurcated by a four - lane Seacrest Boulevard, which has only one signalized pedestrian crossing even though there are two elementary schools in the neighborhood. The width of the road and drive aisles encourage speeding through the neighborhood; clearly, the road is not presently designed at a neighborhood scale. Both Seacrest Boulevard and Martin Luther King, Jr. Boulevard have older, ill -maintained power poles with overhead utilities, causing a "visual blight." Figure 58: Example of District Planning Challenges Is P11 ga r r it ConAs d ge Er ga t ons Several factors were considered in determining the land use designations for the Heart of Boynton District. A future commuter rail station for the planned Tri - Rail Coastal Link service, which will serve the South Florida metropolitan region, is planned for downtown at N.E. 4th between Ocean Avenue and Boynton Beach Boulevard. To improve land development patterns in advance of station development, the City adopted a Downtown Transit Oriented Development District (DTOD), covering a %2 mile radius around the station's location, including a portion of the Heart of Boynton. The DTOD district regulations support increased intensity of development through a 25% density bonus. A second consideration is the Transportation Concurrency Exception Area (TCEA) which, in addition to the residential exception area applicable east of 1-95, exempts all development from the Palm Beach County traffic concurrency requirements thus allowing denser development. The Plan recommends increasing density within the area where the TCEA and TOD designations overlap. However, because this District is a low - scale neighborhood, no increase in height over 45' is recommended. Historic District. There are a significant number of historic cottages located along both sides of NE 3rd Avenue and the south side of NE 4th Avenue between N. Seacrest Boulevard and NE 1st Street. In order to protect these cottages while allowing commercial redevelopment of the south side of NE 3rd Avenue, the Plan recommends that: • The historic cottages from the south side of NE 3rd Avenue be relocated to the vacant lots on the north side of NE 3rd Avenue. • On completion of the relocations, a historic district, tentatively called Shepard Funk Addition Historic Cottage District, be created within the block enclosed by N. Seacrest Boulevard, NE 1st Street, NE 3rd Avenue, and NE 4th Avenue. The Heart of Boynton area will become a model neighborhood, with its unique character and history preserved. The vision includes enriching the original vernacular architecture of the neighborhood, investing in housing and commercial uses, and connecting both through the pedestrian and vehicular networks. Recommendations: Strentsrane Streetscape enhancements are recommended for the Seacrest Blvd and Martin Luther King Jr. Blvd. The space for these enhancements may be obtained through either right-of-way dedications or public easements. The enhancements should include: • Implement a Complete Streets program for Seacrest Boulevard and ML K Jr. Boulevard to accommodate bike lanes and bike racks, widening of sidewalks, decorative street lights, street furniture, and on -street parking. • Marking of major intersections with materials such as pavers, paint, etc. • Enhanced median landscaping • Bus shelters (will be required as part of new construction) • Additional signalized pedestrian crossings (including mid -block) along Seacrest BoulevardAddition of canopy street trees • Creation of a Pedestrian Zone adjacent to the right-of-ways that is inviting, safe and includes: • Minimum 8' wide clear sidewalk • Decorative light poles at both the vehicular and pedestrian scales • Require installation of canopy trees that provide immediate shading at time of construction • Undergrounding of overhead utilities • Creation of a greenway to connect the greenway proposed along NW 1 stAvenue, Sara Sims Park, and Wilson Park per the Connectivity Plan • Creation of an eco -trail to connect the existing scrub and linear parks per the Connectivity Plan 110 Figure 60: Seacrest Blvd Streetscape Area Figure 62: MLK JR. Blvd. Street Section Recommendations: Land Use The existing land use designations within the Heart of Boynton District are: • Low Density Residential — 5 units per acre (all of this land use designation is concentrated on the west side of Seacrest Boulevard. • Medium Density Residential — 10 units per acre (this land use designation is concentrated on the east side of Seacrest Boulevard) • High Density Residential — 11 units per acre (currently over the Ocean Breeze West development and along W. Seacrest from N.W. 8th to N.W. 9th) • Mixed -Use — 40 units per acre (this land use designation is placed on the CRA -owned Ocean Breeze East block and on CRA -owned property along MLK, Jr. Boulevard) • Local Retail Commercial, General Commercial, Industrial, Recreational, and Public & Private Governmental/Institutional Below is a table of the proposed land use and zoning designations that will apply within the Federal Highway Corridor District: Table 7: Recommended Future Land Use (FLU) Classifications within the Heart of Boynton District LAND USE DENSITY CORRESPONDING ZONING DENSITY GAP IG HEIGHT Mixon -Use Medium" 50 MU -2, MU -3 50 75' Mixed -Use Law 20 MU -1 20 45' High Density Residential 15 R4, IPUD 15 45' Medium Density 11 R, (PUD Residential 11 45' Lew Density 7.5 R - 'I -AAA, R 1-AAB R -1 -AA, R -1-A, R-1, Residential PUD 7.5 45' Local Retail Commercial n1a C-2, C-, PCD rVa 45' General rVa C-4 Commercial n1a 45' Industrial n1a M-1 n1a 45' PPGII rVa Public Usage n1a 45' Recreation Wa Recreation n1a 45' W Properties located within the TOD may recieve a 25% density bonus Figure 63: Recommended Land Use for the Heart of Boynton District LEGEND CRAW Lle9n'.;Y14 RamdanL%I (LDP)5 dWae 4M.1W. 0-My bis zidsibfeAl (MDR)11 aw" f 1 gYi (11kDR)150wmc MpxerdW dHoi 13rf61wiCy R.u.4e10W IS4DRI ndlm 9M51fluallonal (NIU) Mawal 03C) xt ..��Mrnsd lll. Lsnv fhiil'Lf 29,V— MM-4 ills W Lae. {MIYMI'A dWac Mimi LJ,. fl gh (MU") 80 dulao TOD Recommendations: Urban Design • There are three architectural styles of historic structures in the Heart of Boynton: Mission, Frame Vernacular, and Mediterranean Revival. When building in this District, new development shall attempt to utilize one of these architectural styles. • A Historic Cottage District should be considered adjacent to the proposed Cottage District; where feasible, historically contributing cottages in the area shall be relocated in the Historic Cottage District. • Commercial buildings fronting MLK Jr., Boulevard and/or Seacrest Boulevard shall maximize the amount of glazing. • Residential buildings fronting MLK Jr., Boulevard and/or Seacrest Boulevard shall be designed to have pedestrian access from the main road and have front door facing the main road. • All buildings along MLK Jr., Boulevard and/or Seacrest Boulevard shall be set back to allow for a pedestrian zone. • Approximately 75% of the lot frontage must be occupied by structure and be adjacent to the pedestrian zone. • Buildings fronting MLK Jr., Boulevard shall be a maximum of two story and stepped back to continue to the maximum allowed height in the designated Zoning District. • Parking shall be located to the rear or side of the buildings • Curb cuts shall be permitted on Boynton Beach Blvd only when access is not possible from the rear or side. • When adjacent to commercial uses, single-family areas shall be protected through the use of landscape buffers and/or walls as appropriate. MILK rci l Multifamily— Model l +_S_.'n 'an Breeze -ast, MI R Figure 64: Heart of Boynton Projects Sara Sims Park Expansion Working with residents of the community, the CRAand its consultant created a master plan for the expansion and improvement of Sara Sims Park. The CRA has also purchased seven properties and deeded them to the City in preparation for the eventual expansion of the park. Staff will review the feasibility of converting a portion of Sara Sims Park Master Plan, along the western boundary, from Recreational Land Use to Single Family. This process shall include a public meeting, the Parks and Recreation Board review and recommendation, and Clty Commision approval. Ocean Breeze East The CRA owns 4.5 acres of vacant land east of Seacrest Boulevard between N.E. 6th and 7th Avenues. The CRA is seeking a private development partner to build a multi -family project on the site. Cottage District The CRA owns approximately 5 acres on the block between N.E. 4th and 5th Avenue. The CRA's goal for this site is to attract a private development partner to build single-family for -sale homes in the style of the surrounding historic cottages. MLK Commercial Leveraging CRA -owned land and economic development grants, the CRA was able to bring a Family Dollar store to the Martin Luther King, Jr. Boulevard corridor in 2015. The CRA owns additional land on the corridor and continues to work with developers to attract new and needed neighborhood retail. MLK Multi Family Utilizing CRA -owned land, the CRA is seeking to attract a private development partner to build a multi- family development along the Martin Luther King, Jr. Boulevard corridor. The development may include commercial uses. Figure 66: Ocean Breeze East Figure 67: Cottage District Figure 68: Example of a Commercial Project on MLK Jr. Blvd. Figure 69: Example of Multi Family Project on MLK Jr. Blvd. a ATTACHMENT II APPRAISAL REPORT TWO DWELLING RESIDENTIAL PROPERTY 521 NORTHEAST 2 STREET BOYNTON BEACH, FLORIDA 33435 by Vance Real Estate Service 7481 Northwest Fourth Street Plantation, Florida 33317-2204 for Boynton Beach Community Redevelopment Agency 710 North Federal Highway Boynton Beach, FL 33435 April 1, 2017 April 1, 2017 Boynton Beach Community Redevelopment Agency 710 North Federal Highway Boynton Beach, FL 33435 RE: Two dwelling residential property, 521 Northeast 2 Street, Boynton Beach, FL 33435 (Legal description is in the report) Ladies and Gentlemen: In fulfillment of our agreement, we transmit our Appraisal Report, in which we develop an opinion of market value for the fee simple estate in the referenced real property as of April 1, 2017. The report sets forth our value conclusion, along with data and reasoning supporting our opinion. This report was prepared for and our professional fee billed to Boynton Beach Community Redevelopment Agency. Our analyses have been prepared in conformance with the Uniform Standards of Professional Appraisal Practice (USPAP 2016-2017). This report is for possible acquisition of the appraised property. Jesse B. Vance, Jr. and Claudia Vance visited the property. If you have questions or further needs, please contact the undersigned. As a result of our analyses, we have developed the following opinion of the market value of the appraised property, subject to definitions, certifications, and limiting conditions set forth in the attached report. ONE HUNDRED SIXTY-SIX THOUSAND DOLLARS $166,000 (THIS LETTER MUST REMAIN ATTACHED TO THE REPORT WITH FORTY (40) NUMBERED PAGES PLUS ADDENDA FOR THE VALUE OPINION SET FORTH TO BE CONSIDERED VALID.) Respectfully submitted, Jesse B. Vance, Jr., MAI, SRA, ASA State -Certified General Real Estate Appraiser RZ-85 Claudia Vance, MAI State -Certified General Real Estate Appraiser RZ-173 MBA REAL ESTATE MANAGEMENT AND DEVELOPMENT 7481 Northwest 4`h Street, Plantation, FL 33317-2204 954/583-2116 TABLE OF CONTENTS Pate Number Title Page i Letter of Transmittal ii Table of Contents iii INTRODUCTION P otograp s o Subject t e Property 1 1-3-5 Mile Location Map 4 1-3-5 Mile Summary of Demographic Statistics Summary Important Facts Conclusions 5 7 of and DESCRIPTIONS ANALYSES & CONCLUSIONS I entity ot Client and Intended User 8 Intended Use 8 Identification of Real Estate Appraised 8 Ownership 8 Property Address and Legal Description 9 Real Estate Tax Analysis 9 Market Area Description 10 Zoning 14 Site Description 15 Building Description 16 Real Property Interest Appraised 17 Appraisal Purpose and Definition of Market Value 17 Effective Dates of the Appraisal and Report 19 Scope of the Work 19 Summary of Information Considered 19 Property History 20 Highest and Best Use 20 SALES COMPARISON APPROACH Improved Sales Location Map 24 Improved Sales Documentation 25 Improved Sales Comparison & Adjustment Charts 31 Valuation by Sales Comparison 33 FINAL VALUE OPINION 37 Certification and Limiting Conditions 39 ADDENDA Acquiring Deed Building sketch Copy of "R-2" Zoning Ordinance USPAP Standards Rule 2-2a Qualifications of the Appraisers INTRODUCTION Front Building Elevation Kitchen One of Two Bedrooms Living Room One of Two Bathrooms PHOTOS OF SUBJECT DUPLEX 521 NE 2nd Street Boynton Beach, Florida 2°d Bedroom Looking North on NE lst Street Looking South on NE lst Street Looking West on NE 4`" Avenue AREASTREETSCENES H W W O a � M W� W W M � f� � w a N x � W � ��z wao °oz z � � ��°� a w 1-3-5 MILE RADII FROM THE VALUED PROPERTIES Northeast Boynton Beach, Florida BBCRA NE Boynton Beach, FL Northeast Boynton Beach, Florida, 33435 Rings: 1, 3, 5 mile radii VANCE REAL ESTATE SERVICE �.� v In the identified area, the current year population is 185,121. In 2010, the Census count in the area was 174,990. The rate of change since 2010 was 0.90% annually. The five-year projection for the population in the area is 195,736 representing a change of 1.12% annually from 2016 to 2021. Currently, the population is 47.8% male and 52.2% female. The median age in this area is 40.8, compared to U.S. median age of 38.0. 1 mile 3 miles 5 miles Population 5,356 33,259 75,471 2000 Population 13,800 68,710 157,267 2010 Population 14,045 77,375 174,990 2016 Population 16,070 83,634 185,121 2021 Population 17,650 89,253 195,736 2000-2010 Annual Rate 0.18% 1.19% 1.07% 2010-2016 Annual Rate 2.18% 1.25% 0.90% 2016-2021 Annual Rate 1.89% 1.31% 1.12% 2016 Male Population 49.1% 47.8% 47.8% 2016 Female Population 50.9% 52.2% 52.2% 2016 Median Age 40.8 43.7 46.3 In the identified area, the current year population is 185,121. In 2010, the Census count in the area was 174,990. The rate of change since 2010 was 0.90% annually. The five-year projection for the population in the area is 195,736 representing a change of 1.12% annually from 2016 to 2021. Currently, the population is 47.8% male and 52.2% female. The median age in this area is 40.8, compared to U.S. median age of 38.0. 5,207 30,020 68,914 Race and (Ethnicity 5,356 33,259 75,471 2016 White Alone 45.8% 61.5% 66.0% 2016 Black Alone 47.4% 30.2% 25.3% 2016 American Indian/Alaska Native Alone 0.4% 0.3% 0.3% 2016 Asian Alone 1.0% 1.9% 2.2% 2016 Pacific Islander Alone 0.0% 0.0% 0.0% 2016 Other Race 2.9% 3.4% 3.6% 2016 Two or More Races 2.5% 2.6% 2.5% 2016 Hispanic Origin (Any Race) 13.3% 16.3% 16.8% Persons of Hispanic origin represent 16.8% of the population in the identified area compared to 17.9% of the U.S. population. Persons of Hispanic Origin may be of any race. The Diversity Index, which measures the probability that two people from the same area will be from different race/ethnic groups, is 64.0 in the identified area, compared to 63.5 for the U.S. as a whole. 2000 Households 5,207 30,020 68,914 2010 Households 5,356 33,259 75,471 2016 Total Households 6,211 35,714 79,058 2021 Total Households 6,850 38,009 83,232 2000-2010 Annual Rate 0.28% 1.03% 0.91% 2010-2016 Annual Rate 2.40% 1.15% 0.75% 2016-2021 Annual Rate 1.98% 1.25% 1.03% 2016 Average Household Size 2.58 2.31 2.32 The household count in this area has changed from 75,471 in 2010 to 79,058 in the current year, a change of 0.75% annually. The five-year projection of households is 83,232, a change of 1.03% annually from the current year total. Average household size is currently 2.32, compared to 2.30 in the year 2010. The number of families in the current year is 45,525 in the specified area. Data Note: Income is expressed in current dollars Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2016 and 2021. Esri converted Census 2000 data into 2010 geography. April 08, 2017 5 BBCRA NE Boynton Beach, FL Northeast Boynton Beach, Florida, 33435 Rings: 1, 3, 5 mile radii VANCE REAL ESTATE SERVICE �.� v Current average household income is $71,654 in this area, compared to $77,008 for all U.S. households. Average household income is projected to be $79,122 in five years, compared to $84,021 for all U.S. 1 mile 3 miles 5 miles Median Household Income per capita income of $29,472. The per capita income is projected to 2016 Median Household Income $42,061 $46,430 $49,346 2021 Median Household Income $49,315 $53,381 $55,795 2016-2021 Annual Rate 3.23% 2.83% 2.49% Average Household Income 3,454 21,664 52,201 2016 Average Household Income $64,135 $66,632 $71,654 2021 Average Household Income $70,578 $73,296 $79,122 2016-2021 Annual Rate 1.93% 1.92% 2.00% Per Capita Income 3,238 21,488 52,992 2016 Per Capita Income $25,631 $29,121 $30,972 2021 Per Capita Income $28,286 $31,864 $33,991 2016-2021 Annual Rate 1.99% 1.82% 1.88% Households by Income 3,244 20,817 51,133 Current median household income is $49,346 in the area, compared to $54,149 for all U.S. households. Median household income is 14,897 projected to be $55,795 in five years, compared to $59,476 for all U.S. households 2,066 9,636 Current average household income is $71,654 in this area, compared to $77,008 for all U.S. households. Average household income is projected to be $79,122 in five years, compared to $84,021 for all U.S. households Current per capita income is $30,972 in the area, compared to the U.S. per capita income of $29,472. The per capita income is projected to be $33,991 in five years, compared to $32,025 for all U.S. households Housing 2000 Total Housing Units 6,293 36,152 82,157 2000 Owner Occupied Housing Units 3,454 21,664 52,201 2000 Renter Occupied Housing Units 1,753 8,356 16,713 2000 Vacant Housing Units 1,086 6,132 13,243 2010 Total Housing Units 7,159 42,454 93,882 2010 Owner Occupied Housing Units 3,238 21,488 52,992 2010 Renter Occupied Housing Units 2,118 11,771 22,479 2010 Vacant Housing Units 1,803 9,195 18,411 2016 Total Housing Units 8,277 45,350 98,524 2016 Owner Occupied Housing Units 3,244 20,817 51,133 2016 Renter Occupied Housing Units 2,967 14,897 27,925 2016 Vacant Housing Units 2,066 9,636 19,466 2021 Total Housing Units 9,050 47,801 103,264 2021 Owner Occupied Housing Units 3,457 21,765 53,197 2021 Renter Occupied Housing Units 3,393 16,245 30,035 2021 Vacant Housing Units 2,200 9,792 20,032 Currently, 51.9% of the 98,524 housing units in the area are owner occupied; 28.3%, renter occupied; and 19.8% are vacant. Currently, in the U.S., 55.4% of the housing units in the area are owner occupied; 32.9% are renter occupied; and 11.7% are vacant. In 2010, there were 93,882 housing units in the area - 56.4% owner occupied, 23.9% renter occupied, and 19.6% vacant. The annual rate of change in housing units since 2010 is 2.17%. Median home value in the area is $191,036, compared to a median home value of $198,891 for the U.S. In five years, median value is projected to change by 3.14% annually to $223,019. Data Note: Income is expressed in current dollars Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2016 and 2021. Esri converted Census 2000 data into 2010 geography. April 08, 2017 0 SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS PROPERTY APPRAISED: OWNERSHIP: LAND AREA: Two dwelling residential property 501 Northeast 2 Street Boynton Beach, FL 33435 521 Boynton LLC 7790 Villa D' Este Way Delray Beach, FL 33446 6,621 square feet IMPROVEMENTS: Residential property with two dwellings containing at total of 1,444 square feet of building area, constructed in 1958. Each unit consists of two bedrooms and two bathrooms. Average unit size is 722 square feet. ZONING: APPRAISAL PURPOSE: INTEREST APPRAISED: CURRENT USE: HIGHEST AND BEST USE: "R-2", Single and two-family residential district in the city of Boynton Beach To develop an opinion of market value Fee simple Two residential dwelling units As vacant: Single residence or two dwelling residence As improved: Two dwelling units VALUE BY THE SALES COMPARISON APPROACH: ONE HUNDRED SIXTY-SIX THOUSAND DOLLARS 166 000 VALUATION DATE: April 1, 2017 Exposure Time: 6 months prior to selling at the appraised value 7 DESCRIPTIONS, ANALYSES, CONCLUSIONS APPRAISAL REPORT This is an APPRAISAL REPORT that complies with Standard Rule 2-2(a) of the Uniform Standards of Professional Appraisal Practice (USPAP 2016 - 2017) 2-2(a)(i) State the identity of the client and any intended users, by name or type; The client and intended user of this report is the Boynton Beach Community Redevelopment Agency. 2-2(a)(ii) State the intended use of the appraisal; The intended use of the appraisal is for possible acquisition of the appraised property. Any other use is not intended. 2-2(a)(iii) Summarize information sufficient to identify the real involved in the appraisal, including the physical, legal and economic property characteristics relevant to the assignment; Owner: 521 Boynton LLC 7790 Villa D'Este Way Delray Beach, FL 33446 Property Address: 521 Northeast 2 Street Boynton Beach, FL 33435 Legal Description: Lots 74 & 76, less the west 25 feet for road right- of-way, C W COPPS ADDITION, Plat Book 7, page 56, Palm Beach County, FL Census Tract No. 61 APPRAISAL REPORT (continued) 2-2(a)(iii) Summarize information sufficient to identify the real estate involved in the appraisal, including the physical, legal and economic characteristics relevant to the assignment; (continued) Real Estate Tax: Parcel Control Number: 08 43 45 2105 000 0740 Land Value: $10,000 Improvement Value: 77,231 Total Value: $87,231 Assessed Value: $87,231 Ad Valorem Tax: $ 1,904 Non Ad Valorem Tax: $ 394 Total Tax: $ 2298 No exemptions for this property. Properties are assessed in arrears by the county property appraiser. The tax bill is issued in November and a 4% discount is given to a tax payer if the amount is paid in November. The discount diminishes until March, when the tax is due and payable. In Florida, the taxable (assessed) value for non - homesteaded properties can be increased to a maximum of 10% per year, from tax year 2009 going forward, based on a constitutional amendment voted on by the electorate of the state. There are some exceptions which relate to school taxing districts. However, the millage of the city can increase; thus, real estate taxes can continue to increase from year to year. The 10% per year increase cap accounts for the difference between the Total Value of the appraised property and the Assessed Value. 0 APPRAISAL REPORT (continued) 2-2(a)(iii) Summarize information sufficient to identify the real estate involved in the appraisal, including the physical, legal and economic characteristics relevant to the assignment; (continued) Market Area Description: Boundaries and Market Composition & Transportation Infrastructure The general market area is the City of Boynton Beach in eastern -central Palm Beach County. Population of the city is about 72,000 residents; land area of the municipality is about 16 square miles situated between Delray Beach on the south and Lake Worth on the north. The town was named for an early developer, Nathan Boynton, a former major in the Union Army in the Civil War. The city was founded in 1898 and incorporated in 1920. Most of the original buildings were destroyed in the hurricane of 1926, though a few remain. Others which were constructed in the early 1920's are still in use with repairs and replacements over the decades. Time and economic trends take a toll on properties; thus, in 1984 a redevelopment plan was adopted for the Community Redevelopment Area (CRA) in the city. It covers 1,650 acres in the central part of the municipality west of the Intracoastal Waterway. One of the districts in the CRA is the immediate subject market area known as the Heart of Boynton (HOB), containing 380 acres. This area is the historic, older part of the CRA, with the following boundaries: Boynton Beach Canal (C-16) on the north, Florida East Coast (FEC) Railroad on the east, Interstate 95 on the west, and jagged line a few blocks north of Boynton Beach Boulevard as the south boundary, at about NE 3 Avenue. Agriculture and farming had been important activities in past centuries in Boynton Beach. Commerce came to the area when Henry Flagler extended the Florida East Coast Railway from West Palm Beach to Miami in 1896. The railroad was the main mode of transportation to bring visitors and manufactured products to the city as well as transporting produce grown in the vicinity out of the area to other cities in the southeastern United States. 10 APPRAISAL REPORT (continued) 2-2(a)(iii) Summarize information sufficient to identify the real estate involved in the appraisal, including the physical, legal and economic characteristics relevant to the assignment; (continued) Boynton Beach Boulevard is the principal east -west artery in the subject market area, having an interchange with Interstate 95 on the west side of the neighborhood. The boulevard continues west through Palm Beach County to its terminus at State Road 7/ U S Highway 441. Two miles east of State Road 7, it has an interchange with Florida's Turnpike. Boynton Beach Boulevard commences on the east at U S Highway 1, just to the east of the FEC Railroad. U S Highway 1 is the main north -south artery through eastern Palm Beach County and extends along the eastern seaboard of the United States. Seacrest Boulevard is a main north -south artery through the City of Boynton Beach and south into Delray Beach. Martin Luther King, Jr. Boulevard is an east -west thoroughfare through the Heart of Boynton. The immediate subject market area is easily accessible by main roads and Interstate 95. Property types in the Heart of Boynton are smaller commercial establishments along the main roads, light industrial close to the FEC Railroad, municipal facilities, single family residential, small multi -family dwellings, a few apartment buildings and places of worship. As mentioned, some structures date back to the 1920's, but most which are still usable were built in the mid -twentieth century. Municipal facilities in the immediate subject market area include parks, two elementary schools and a community center. Recent projects implemented in the Heart of Boynton are: • Seacrest Boulevard Streetscape • Carolyn Sims Center • Ocean Breeze West - 21 homes joint venture with Habitat for Humanity • Construction of single family residences on Martin Luther King, Jr. Boulevard 11 APPRAISAL REPORT (continued) 2-2(a)(iii) Summarize information sufficient to identify the real estate involved in the appraisal, including the physical, legal and economic characteristics relevant to the assignment; (continued) Future projects are: • Revitalization of Martin Luther King, Jr. Boulevard and surroundings • Redevelopment of the Public Works site • Establishment of mixed use districts of residential and commercial • Expansion of light industrial near the FEC Railroad • Widening and extension of NW 11 Avenue, west of Seacrest Boulevard. Population Trends The demographic survey in the beginning of the report of 1, 3, and 5 mile radial circles from the appraised property shows the median household income for 2016 in the one -mile radius is $42,061, for three miles it is $46,430, and $49,346 for the five mile circle. All are lower than the median household income for Palm Beach County of $54,400, and the east part of the circles include the residents all the way to the Atlantic Ocean. In the one -mile circle, population is 16,070. In three miles, population increases to 83,634; at five miles, it is 185,121. However, about one-third of the three and five mile circles are over the Atlantic Ocean. Annual growth rate is anticipated to be 1.12% to 1.89% in the three circles during the next five years as the economy and job market improves in South Florida, and new multi -family residential complexes are constructed. 52% of the housing units are owner occupied, with 29% rented. The percentage of renters is higher in this market because many of the single family houses are owned by investors who purchased them after the economic crash in 2008. Vacancy is reported to be 19%; however, this amount is high due to the undercount of the other two categories. Median home value in the five -mile area is $191,036, including the highly priced homes fronting the Atlantic Ocean and Intracoastal Waterway, compared to median home value of $198,891 in the United States. The life cycle stage of the market area is stability, a period of equilibrium without marked gains or losses, after a period of decline. 12 APPRAISAL REPORT (continued) 2-2(a)(iii) Summarize information sufficient to identify the real estate involved in the appraisal, including the physical, legal and economic characteristics relevant to the assignment; (continued) The purpose of the Heart of Boynton Community Redevelopment Plan is to revitalize the market area with new housing options and business opportunities. There are examples of new houses along Martin Luther King, Jr. Boulevard, with more planned in the immediate vicinity. Economic Trends During 2005-2006, the subject market area was experiencing a rise in property prices due primarily to the availability of financing with adjustable rate mortgages. Interest rates adjusted upward, but rental rates of multi -family properties did not. For single family residences, interest rates on mortgages adjusted upward, but homeowners' incomes did not increase. Scenarios were the same for many property types, all with the same result of owners' inability to make the payments and mortgages foreclosed. This situation was exacerbated by the economic crash in late 2008, followed by the Great Recession. The foreclosure cycle appears to be near the end. Currently, sales are between individuals or investors who previously purchased the properties from foreclosing lenders and private parties who will reside in the properties or hold them in their investment portfolios. Third party lenders are providing financing to investors and residents, at high loan to price ratios. Sale prices for single-family residences in the subject market area and close vicinity are in the range of $85,000 to $180,000, depending on building size, age and condition. Price range for multi -family dwellings are from about $50,000 to $100,000 per unit based on the same factors. Land unit prices are from about $4.00 to $7.00 per square foot. Family Dollar Store is an addition to the subject market area; it consists of an 8,100 square foot commercial building at the southeast corner of the signalized intersection of Martin Luther King, Jr. Boulevard and North Seacrest Boulevard. More revitalization in the CRA is taking place along US Highway 1, in the southern part of the corridor near Ocean Avenue and Boynton Beach Boulevard with projects such as 500 Ocean, with 341 residential units, 13,500 square feet of retail space and 6,000 square feet of office. Ocean One at 114 N Federal Highway is planned for 358 apartments, 12,075 square feet of retail, 120 hotel room and 439 parking spaces. 13 APPRAISAL REPORT (continued) 2-2(a)(iii) Summarize information sufficient to identify the real estate involved in the appraisal, including the physical, legal and economic characteristics relevant to the assignment; (continued) Conclusion The immediate subject market area of the Heart of Boynton (HOB) has the components of an appealing neighborhood with schools, parks and recreation. HOB is easily accessible by main roads and Interstate 95. Goods and services are nearby on Boynton Beach Boulevard and U S Highway 1. With the involvement of the City of Boynton Beach and the Community Redevelopment Agency, Heart of Boynton Community Redevelopment Plan can continue to succeed in revitalizing the area. Land Use: Current land use is Medium Density Residential, maximum density 9.58 dwelling units per acre Recommended Land Use is High Density Residential, with a density of 11 dwelling units per acre in multi -story structures. Greater density increases the production of the land. Zoning: "R-2", Single and Two-family Residential District with the purpose to implement the medium density residential future land use map classification of the comprehensive plan. The intent of the district is to stabilize and protect existing residential neighborhoods with density no greater than 10 dwelling units per acre, and allow limited types of non-residential uses. Minimum lot area is 4,500 square feet per unit for a duplex; minimum lot frontage is 75 feet. However, there is a provision for a site with two lots platted prior to the enacting of the current zoning regulation to be improved with a duplex. Single family dwellings shall be constructed on lots that are no less than 6,000 square feet with a width of at least 60 feet and follow the building and site regulations of the "R-1", Single Family District. Excerpts from the zoning codes are in the Addenda. 14 APPRAISAL REPORT (continued) 2-2(a)(iii) Summarize information sufficient to identify the real estate involved in the appraisal, including the physical, legal and economic characteristics relevant to the assignment; (continued) The appraised site is comprised of two lots platted in the 1920s. The width of the two lots together is 50 feet and a size of about 6,608 square feet. Since the lots were platted prior to the current zoning standards, they appear to be a legal non -conformity to be used as for a single family residence or for a duplex. However, determination of use and non - conformities of the site are made by Boynton Beach City officials. Parking: Two parking spaces are required for apartments with two or more bedrooms. Thus, four parking spaces would be required for the subject. There seems to be adequate land to comply with this requirement. Platting: The appraised land consists of two platted lot. Site Description: The shape of the site is rectangular. Approximate dimensions and size are from public records. North boundary on adjacent property: 132 feet East boundary on NE 2 Street: 50 feet South boundary adjacent property: 132 feet West boundary on NE 1 Street: 50 feet Total: 6,621 square feet or 0.1520 of an acre Utilities: All utilities are available to the site. Access: The site is accessible via NE 1 Street and NE 2 Street, both two laned, local roads with streetlights, but no sidewalks. 15 APPRAISAL REPORT (continued) 2-2(a)(iii) Summarize information sufficient to identify the real estate involved in the appraisal, including the physical, legal and economic characteristics relevant to the assignment; (continued) Easements: Easements are not noted on original plat. If they exist, utility easements would be most probably be around the perimeter of the lot. Encroachments: There is no sketch of survey to review to note if there are encroachments. Improvement Description: The appraised improvement is a one-story, two dwelling residence containing 1,444 square feet of enclosed area, constructed in 1958. Building sketch is in the Addenda. The appraisers did view the interior of the building. Average unit size is 722 square feet, divided into the following areas: living room, dining area, kitchen, two bedrooms and two bathrooms. Construction details are: Historical Age: 59 years Condition: Upgraded exterior and interior in the recent past, though no notices of commencement are recorded in the public records. Newer kitchens, bathrooms, light fixtures and ceiling fans. Foundation: Reinforced concrete slab over concrete footings Exterior Walls: Concrete block with concrete columns and tie beams; exterior finish is painted stucco Floors: Smooth concrete covered with ceramic tile or hardwood parquet 16 APPRAISAL REPORT (continued) 2-2(a)(iii) Summarize information sufficient to identify the real estate involved in the appraisal, including the physical, legal and economic characteristics relevant to the assignment; (continued) Interior Walls: Plaster over metal studs Roof System: Hip roof covered with tile Windows: Newer, storm impact single hung windows HVAC: Wall units, cooling only Plumbing: Four bathrooms, two kitchens Site Improvements: Asphaltic paving for car storage, wood fence, porches, sod and trees Environmental Assessment: No assessment was available for review. 2-2(a)(iv) State the real property interest appraised; A person who owns all the property rights is said to have fee simple title. A fee simple title implies absolute ownership unencumbered by any other interest or estate. Partial interests in real estate are created by selling, leasing, et cetera. Partial estates include leased fee and leasehold estates. The interest appraised is fee simple. 2-2(a)(v) State the type and definition of value and cite the source of the definition; The purpose of the appraisal is to develop an opinion of market value of the subject property as of April 1, 2017. 17 APPRAISAL REPORT (continued) MARKET VALUE: a type of value, stated as an opinion, that presumes the transfer of a property (i.e., a right of ownership or a bundle of such rights), as of a certain date, under specific conditions set forth in the definition of the term identified by the appraiser as applicable in an appraisal. The conditions included in market value definitions establish market perspectives for development of the opinion. These conditions may vary from definition to definition but generally fall into three categories: 1. the relationship, knowledge, and inotivation of the parties (i.e., seller and buyer); 2. the terns of sale (e.g., cash, cash equivalent, or other terns); and 3. the conditions of sale (e.g., exposure in a competitive market for a reasonable time prior to sale). Market value appraisals are distinct from appraisals completed for other purposes because market value appraisals are based on a market perspective and on a normal or typical premise. These criteria are illustrated in the following definition of Market Value*, provided here only as an example. Market value means the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: 1. buyer and seller are typically motivated; 2. both parties are well informed or well advised and acting in what they consider their own best interests; 3. a reasonable time is allowed for exposure in the open market; 4. payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and S. the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. * This example definition is from regulations published by federal regulatory agencies pursuant to Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) of 1989 between July 5, 1990, and August 24, 1990, by the Federal Reserve System (FRS), National Credit Union Administration (NCUA), Federal Deposit Insurance Corporation (FDIC), the Office of Thrift Supervision (OTS), and the Office of Comptroller of the Currency (OCC). This definition is also referenced in regulations jointly published by the OCC, OTS, FRS, and FDIC on June 7, 1994, and in the Interagency Appraisal and Evaluation Guidelines, dated December, 2010. Florida Court Definition: "Market Value is the price that a seller willing, but not compelled to sell, and a buyer willing, but not compelled to buy, would agree to in fair negotiations with knowledge of all the facts." [Source: Fla. Power & Light Co., v. dennin s 518 So.2d 895 (Fla. 1987)] APPRAISAL REPORT (continued) 2-2(a)(vi) State the effective date of the appraisal and the date of the report; A) Effective Date of the Appraisal: April 1, 2017 B) Date of the Report: April 1, 2017 2-2(a)(vii) Summarize the scope of work used to develop the appraisal; The appraisal problem is to develop an opinion of value of the property based on its highest and best use. The appraiser inspected the property and photographed it. A thorough investigation was made into the physical characteristics of the property that could affect its value. The market area was surveyed to determine its stage of the life cycle. Research was conducted to ascertain economic factors that might influence value. Data research consisted of collecting, confirming, and reporting improved sales and rentals. The process included searches and analyses, inspections and confirmations, and final reporting. The appraiser examined several sources of sales data, including the multiple listing service, Palm Beach County Appraiser's records, the public records, and data from the appraiser's plant. For Sales Comparison Approach, improved sales are compared to each other and to the property under appraisement. Rentals rates of properties which are similar to the subject are reviewed to ascertain market rent for the units. The value opinions by the various techniques of the Sales Comparison Approach are reconciled into a final value. 2-2(a)(viii) Summarize the information analyzed, the appraisal methods and techniques employed, and the reasoning that supports the analyses, opinions, and conclusions; exclusion of the sales comparison approach, cost approach, or income approach must be explained; The information analyzed and appraisal method used is detailed in the valuation section of the report. Further, the reasoning that supports the analyses, opinions, and conclusions is explained in the valuation section. The Cost Approach is not used because of the age of the improvement. The Income Approach is not employed because owners of such properties typically do not manage the operations in a way which could be applied to a traditional Income Approach. Exclusion of these approaches to value still produces a creditable report. However, valuation by Gross Income Multiplier is included in the Sales Comparison Approach 19 APPRAISAL REPORT (continued) SR I-5 When the value opinion to be developed is market value, if such information is available in the normal course of business: a) analyze all agreements of sale, options, or listings of the subject property current as of the effective date of the appraisal; and There are no known agreements for sale, options or listings of the appraised property as of the effective date of the appraisal. b) analyze all sales of the subject property that occurred within the three (3) years prior to the effective date of the appraisal. The appraised property was acquired by warranty deed on September 30, 2014 for $125,000. A copy of the deed is in the Addenda. It appears from prior sales that this last transfer was made after the property was upgraded. Prior sales were $104,000 in September, 2014, $149,900 in May, 2011; $40,000 in February, 2011. 2-2(a)(ix) State the use of the real estate existing as of the date of value, and the use of the real estate or personal property reflected in the appraisal; The use of the real estate on the date of valuation is a two dwelling residential property, and it is this use which is reflected in the appraisal. No personal property is included in the valuation. 2-2(a)(x) When an opinion of highest and best use was developed by the appraiser, summarize the support and rationale for that opinion. HIGHEST AND BEST USE OF THE PROPERTY AS VACANT Physically Possible as Vacant No soil or subsoil tests are available for review. However, the site has been supporting a residential structure since the 1950s. The land is level and filled to street grade. Land size is approximately 6,621 square feet and rectangular in shape. All utilities are available to the site. The site is accessible via NE 1 Street and NE 2 Street. Physical constraint to develop the site is its size which governs the number of potential improvements which can be placed on it. HIGHEST AND BEST USE OF THE PROPERTY AS VACANT Legally Permissible as Vacant Legal restrictions to the development of the site consist of land use designation, building and zoning codes, platting restrictions and restrictive covenants. Land use designation is medium density residential, maximum density of 9.58 dwelling units per acre. Zoning is "R-2", Single family and Two-family Residential District in the City of Boynton Beach. Maximum number of dwelling units per lot in "R-2" district is two if the lot size meets current code. Since the appraised site consists of two lots platted prior to the current zoning code, there is the potential for it to be improved with a duplex. Alternatively, the site could be improved with a single family residence. Boynton Beach officials make the decisions as to the number of units which could be constructed on the parcel. The Boynton Beach CRA future land use plan for the appraised land and surrounding blocks is for High Density Residential of 11 dwelling units per acre. A land use change is required for the implementation of such a future plan. Financially Feasible as Vacant The third test of Highest and Best Use is economic feasibility. Demand for a certain property type must be evident for it to be feasible. For it to be financially feasible, the use must be marketable and provide the investor with a competitive return when compared with alternate uses. The immediate subject market area has been improved with single-family residences and small multi- family dwellings for almost 100 years. Residences come to the end of their economic lives, improvements are razed and the sites are redeveloped with modern structures. There are examples of this cycle throughout the subject market area. New redevelopment projects in the subject vicinity are Ocean Breeze West with 21 homes, Eastview Park with market rate houses ranging from $255,000 to $300,000 constructed by D R Horton, and four new houses on West Martin Luther King, Jr. Boulevard sold from $166,000 to $195,000. The four houses are the result of the work of the Boynton Beach CRA and Boynton Beach Faith -Based Community Development Corporation. 21 HIGHEST AND BEST USE OF THE PROPERTY AS VACANT Although, it appears that the subject site could be improved with two dwelling units, there are no new duplexes being constructed in the subject market area. The existing duplexes date back to the 1950s and 1960s, with small, functionally obsolete units. Single family homeownership is encouraged to build the community with permanent residents rather than populate it with transient occupants. As mentioned, community organizations are construction single family homes and selling them to people who will reside there. Financial assistance to the buyers is facilitating this plan. Financially feasible use of the subject site is to improve it with two residential units of as large a size as can meet the zoning standards. The most probably buyer would be a local investor familiar with the subject market area. Instead, the land could be improved with a single family residence which would better fit the community redevelopment plans of the neighborhood. The most likely buyer would be a community agency which would construct the single family residence then sell the land and house to an end-user. Maximally Productive as Vacant In summary, the current Highest and Best Use of the property appraised as vacant is for a two dwelling residence. Such uses would be physically possible, probably legally permissible, financially feasible and maximally productive. Otherwise, the site could be improved with a single family residence. HIGHEST AND BEST USE OF THE PROPERTY AS IMPROVED Physically Possible Improved The improvement appraised is a two dwelling residence constructed in 1958. It was upgraded in approximately 2011 following a distressed sale. The condition of the property is superior to others in the immediate subject market area. If necessary or desired, demolition is physically possible. 22 HIGHEST AND BEST USE OF THE PROPERTY AS IMPROVED Legally Permissible Improved A two dwelling residence appears to be legally permissible. There is sufficient space to have car storage for four vehicles. Financially Feasible Improved There is an active market for two dwelling residences in the subject market area in the price range of the appraised value. Exposure time to the market for these properties is short, typically a few weeks. Although, most of the sales are in cash, third party lenders are taking high loan to price mortgages on them. The appraised property is in better than average condition, being able to command a rental rate at the upper end of the market rental rate range of small multi -dwelling properties. From the property history record, it was purchased for a low price in 2011, making it financially feasible to spend the money to renovate it. After the renovation, the owner was able to sell it for a price near the top of the market in 2014. Further renovation is not physically warranted at this time. More upgrades to the property would make it an over - improvement in the immediate subject market area. Financial feasibility of the property as improved is to maintain it through repairs to the end of its useful life. Maximally Productive Improved The maximally productive use of the property as improved is its current use as a two dwelling residence, which use is physically possible, legally permissible, financially feasible, and maximally productive. 2-2(a)(xi) Clearly and Conspicuously: State all extraordinary assumptions and hypothetical conditions; and state that their use might have affected the assignment result. There are no extraordinary assumptions or hypothetical conditions in this report. 2-2(a)(xii) Include a signed certification in accordance with Standards Rule 2-3 See signed certification in report. 23 SALES COMPARISON APPROACH 24 Multifamily Sale 1: 522 NW 11 Avenue Multifamily Sale 3: 211 NW 7 Court S�S Multifamily Sale 2: 211 SE 4 Avenue Multifamily Sale 4: 229 NW 1 Avenue Multifamily Sale 5: 525 NE 2 Street PHOTOS OF MULTIFAMILY BUILDING SALES 25 MULTI -FAMILY BUILDING SALES SALE NO. LEGAL DESCRIPTION RECORDED GRANTOR GRANTEE DATE OF SALE LOCATION ZONING SALE PRICE PROPERTY DESCRIPTION UNITS OF COMPARISON FOLIO NUMBER CONDITIONS OF SALE CONFIRMATION COMMENTS I Lots 289 and 290, CHERRY HILLS, Plat Book 4, page 58 Palm Beach County Public Records. O.R. Book 28623, Page 638 of Palm Beach County Public Records Ring Holdings, LLC J & T Florida Investments, LLC September 26, 2016 522 NW 11 Avenue Boynton Beach, Florida "R-2", Single and two-family residential district $115,000 One-story CBS, duplex, constructed in 1973 containing 1,600 square feet of enclosed building area. The building consists one (2/1) unit rented at $650 per month and one (2/1) unit rented at $900 per month. Land size is 5,088 square feet. $71.88 per square foot of building, including land $57,500 per Unit 800 sq.ft. average unit size 6.18 Gross Income Multiplier 3.18:1 Land to Building Ratio 08-43-45-21-14-000-2890 Cash sale. Arm's length transaction. Ronen Rubin, broker for grantor This property is listed for sale again at $159,000, with a note that the duplex needs work. 26 MULTI -FAMILY BUILDING SALES SALE NO. 2 LEGAL DESCRIPTION The east 10 feet of Lot 13 and all of Lot 14, Block 6, BOWERS PARK, Plat Book 11, page 57, Palm Beach County Public Records RECORDED O.R. Book 28438, Page 661 of Palm Beach County Public Records GRANTOR Christopher J. Brebbia GRANTEE Harvest Home Fund, LLC DATE OF SALE June 28, 2016 LOCATION 211 SE 4 Avenue Boynton Beach, Florida ZONING "RI -A", Single family residential district SALE PRICE $115,000 PROPERTY DESCRIPTION One-story CBS, duplex, constructed in 1964 containing 1,276 square feet of enclosed building area. The building consists 2(1/1) units with rents averaging $750 per month. Land size is 7,405 square feet. UNITS OF COMPARISON $90.13 per square foot of building, including land $57,500 per Unit 638 sq.ft. average unit size 6.39 Gross Income Multiplier 5.80:1 Land to Building Ratio FOLIO NUMBER 08-43-45-28-12-006-0131 CONDITIONS OF SALE Cash sale. Arm's length transaction. CONFIRMATION David Walsh, listing broker COMMENTS Central air conditioning. Recently painted. Newer roof. 27 MULTI -FAMILY BUILDING SALES SALE NO. 3 LEGAL DESCRIPTION Lot 169, Block "C", BOYNTON HILLS, Plat Book 4, page 51, Palm Beach County Public Records RECORDED O.R. Book 28646, Page 1894 of Palm Beach County Public Records GRANTOR Terrence Pereira, et al GRANTEE Estrella LLC DATE OF SALE October 17, 2016 LOCATION 211 NW 7 Court Boynton Beach, Florida ZONING "R-2", Single and two-family residential district SALE PRICE $158,000 PROPERTY DESCRIPTION One-story CBS, duplex, constructed in 1959 containing 1,392 square feet of enclosed building area. The building consists 2(2/1) units with rents averaging $800 per month. Land size is 4,930 square feet. UNITS OF COMPARISON $113.51 per square foot of building, including land $79,000 per Unit 696 sq.ft. average unit size 8.23 Gross Income Multiplier 3.54:1 Land to Building Ratio FOLIO NUMBER 08-43-45-21-07-003-1690 CONDITIONS OF SALE Cash sale. Arm's length transaction. CONFIRMATION Michael Korman, listing broker COMMENTS The property is reportedly in average condition. MULTI -FAMILY BUILDING SALES SALE NO. 4 LEGAL DESCRIPTION South 75 of Lots 17 and 18 and the South 75 of the west half of Lot 19, Block 3, BOYNTON HEIGHTS REVISED, Plat Book 10, page 64, Palm Beach County Public Records. RECORDED O.R. Book 28560, Page 535 of Palm Beach County Public Records GRANTOR GRANTEE Todd Christensen Gregg Friedman DATE OF SALE August 26, 2016 LOCATION 229 NW 1 Avenue Boynton Beach, Florida ZONING "R -IA", Single family residential district SALE PRICE $144,500 PROPERTY DESCRIPTION One-story CBS duplex, constructed in 1955 containing 1,050 square feet of enclosed building area. The building consists 2(1/1) units with rents averaging $700 per month. Land size is 4,792 square feet. UNITS OF COMPARISON $137.14 per square foot of building, including land $72,250 per Unit 525 sq.ft. average unit size 8.60 Gross Income Multiplier 4.56:1 Land to Building Ratio FOLIO NUMBER 08-43-45-28-10-003-0171 CONDITIONS OF SALE Cash sale. Arm's length transaction. CONFIRMATION Jerilyn Walter, listing agent COMMENTS Reportedly, the property was in average condition at the time of sale. It is located between Boynton Beach Boulevard and Ocean Avenue. 29 MULTI -FAMILY BUILDING SALES SALE NO. 5 LEGAL DESCRIPTION Lots 78 and 80, less the west 25 feet for road, C W COPP'S ADDITION TO BOYNTON, Plat Book 7, page 56, Palm Beach County Public Records. RECORDED O.R. Book 28974, Page 1287 of Palm Beach County Public Records GRANTOR GSAMP Trust 2005-WMC2 GRANTEE Duckens Aristilde DATE OF SALE March 28, 2017 LOCATION 525 NE 2 Street Boynton Beach, Florida ZONING "R-2", Single and two-family residential district SALE PRICE $155,364 PROPERTY DESCRIPTION One-story CBS duplex, constructed in 1955 containing 1,876 square feet of enclosed building area. The building consists 2(2/2) units. Land size is 6,621 square feet. UNITS OF COMPARISON $82.82 per square foot of building, including land $77,682 per Unit 938 sq.ft. average unit size 3.53:1 Land to Building Ratio FOLIO NUMBER 08-43-45-21-05-000-0780 CONDITIONS OF SALE Cash sale. Arm's length transaction. CONFIRMATION Todd Faber, attorney for grantor COMMENTS Deutsche Bank acquired title in December, 2015 to this property by foreclosure of a mortgage which financed a prior purchase. A representative of the bank was the grantor of the most recent sale. The property was unoccupied and in fair condition when recently sold. As of the writing of this report, no notice of commencement was recorded to renovate the property. 30 i 0 wo Fly Ly" 00 00 i .� � 69 69 ff3 69 69 y O O O O N v) 00 i 69 69 69 69 69 s. 00 41 M O i i E~ E �► Lw" ~ �O �O 00 00 Ti V� ..moi w N O N 00 N \O N (n N 00 N N O M a N M N z� 00 o N N wN00 C, o w� 00 77 ,� ri s9 o s9 o s9 -- s9 o s9 0 0 d' 00 dpa Qpa spa dpa /�p� W�P=1 31 F 0 00 �+ a,+ 00� + + d' 0 wo Fly Ly" 00 00 i .c = 69 69 ff3 69 69 O "O .2 � i 00 + V� + V O O O O N 00 i Cd � � 69 69 69 69 69 O OM � w N 0000 N N O M N C, 00 C, v') v') v') � v') 77 00 ,� ri s9 o s9 o s9 -- s9 o s9 0 0 d' d pa Q pa s pa d pa /� p� W CZ kn kn kn N 32 SALES COMPARISON APPROACH OVERVIEW In the Sales Comparison Approach, the appraiser compares the appraised property to sales of similar properties. This approach to value simulates the actions and attitudes of typical buyers and sellers in the market. The approach is based on the Principle of Substitution that affirms the maximum value of a property is set by the cost of acquisition of an equally desirable and valuable substitute property, assuming no costly delays in making the substitution. The steps of this approach are: 1) Collect information of recent sales of properties most similar to the property being appraised. 2) Verify the sales information from the best available sources. 3) Select relevant units of comparison and develop a comparative analysis for each unit. 4) Adjust the sales to the subject using the significant, market -derived units of comparison. 5) Reconcile value indications from the comparisons into a value opinion by this approach. For the value opinion by this approach to be meaningful, there must be an adequate number of sales of similar properties for comparison to the subject. Data acquired in the Sales Comparison Approach such as rental amounts, vacancy factors, and expense ratios, are used in the Income Approach. A reliable Sales Comparison Approach sets a strong foundation for the entire value process. The property appraised is a two dwelling residence at 521 NE 2 Street, Boynton Beach, containing 1,444 square feet of enclosed area, constructed in 1958. Land size is approximately 6,621 square feet; zoning is "R-2", Single and Two-family residential district. UNITS OF COMPARISON Units of comparison are components into which a property may be divided for comparison. The purpose of using units of comparison is to relate sales of similar properties to the property being appraised on the basis of significant measures such as price per square foot, price per cubic foot, et cetera. The appropriate units of comparison come from the market. For the property appraised and the comparable sales, the pertinent units are: sale price per square foot of building, including land, sale price per unit and Gross Income Multiplier, GIM (sale price/ gross income). Continued 33 SALES COMPARISON APPROACH (Continued) ELEMENTS OF COMPARISON Elements of comparison are the characteristics ofproperties and transactions that cause the prices paid for real estate to vary. The Appraisal of Real Estate continues by stating that there are ten basic elements of comparison that should be considered in sales comparison analysis. The first group is termed transactional elements being: real property rights conveyed, financing terms, conditions of sale, expenditures made immediately after purchase and market conditions. The second group is property elements consisting of location, physical characteristics, economic characteristics, use, and non -realty components of value. Each is hereafter addressed. Real Property Rights Conveyed A transaction price is always predicated on the real property interest conveyed. Property interests conveyed can either be fee simple (without tenants) or leased fee (subject to leases). An adjustment for property rights conveyed is based on whether a leased fee interest was sold with leases at, below, or above market rent. When a property is sold without leases, its value is normally based on the market rent that it can command and the financing that could be obtained. The improved sales are rented to tenants on a short term basis of one year or less. The property interest conveyed in improved sales is fee simple, the same interest appraised for the subject. No numerical adjustment is warranted for this element of comparison. Financing Terms Financing terms may have a bearing on the price paid for a property. Such terms that may affect price include assuming a mortgage at lower than current interest rates, the seller paying a buydown for the buyer to have a lower interest rate, or the seller providing financing for a transaction at lower than typical institutional rates. In all of these cases, the buyer could have paid higher prices in such transactions to obtain favorable financing. The reverse is also a possibility in which lower sale prices result from above market financing. If financing affected the price paid, a cash equivalency adjustment is warranted. All of the improved sales were cash transactions, thus avoiding scrutiny of the properties by third parties. Since there were no financing terms to review, no adjustment is made for this element of comparison. Conditions of Sale Condition of sale addresses the motivation of buyers and sellers. Such motivations include a seller accepting a lower than market price for needed cash, a lender selling a previously foreclosed property to comply with regulations imposed on the institution, or a buyer purchasing an adjacent property. Even arm's length transactions may be the result of atypical motivation, such as lack of exposure time to the market, the result of an eminent domain proceeding, or tax consideration. 34 (Continued) SALES COMPARISON APPROACH (Continued) Improved Sale 5 is the resale of the property after the foreclosure of a mortgage which financed a prior transaction. This property was exposed to the open market for a reasonable period of time. With few two dwelling properties on the market for sale, the grantor of No. 5 seems to have been able to obtain a price which is in-line with other non -distressed transferred. Conditions of sale for the comparable properties were typical for the market; hence, no adjustments made. Expenditures Made Immediately After Purchase No major expenditures were made to the sales immediately after purchase. Market Conditions Comparable sales that occurred under different market conditions than those applicable to the subject on the effective date of the value estimate require adjustment for any differences that affect their value. The most common adjustment for market condition is time; however, the passage of time itself is not the cause of the adjustment. Market conditions which change over time are the reason to make the adjustment, such as appreciation or depreciation due to building inventory, changes in tax laws, investor's criteria, building moratoriums, fluctuation in supply and demand, et cetera. It is also possible that there is no change in market condition over time. Improved Sales 1, 2, 3, and 4 closed in 2016. There is an upward price trend in the market due to a strong economy and greater demand than supply of housing in the lower economic category. To recognize the change in market conditions in the past year, the unit prices for Improved Sales 1, 2, 3 and 4 are each adjusted upward 5%, with the result shown on the adjustment chart. Sale 5 is a very recent transaction, with no adjustment needed. Transactional adjustments were made for market conditions. Now, the improved sales are compared to the subject and to each other for the remaining property elements of comparison for possible adjustments. Location The location of a property is a key factor in prompting a buyer to purchase it. Location encompasses many aspects such as road frontage, access, proximity to other competing properties, proximity to a market that will use the goods and services housed in a property, governmental influences, et cetera. Typically, properties in a neighborhood share some of the same location characteristics such as age, condition, and style. However, there may be differences such as corner location, view, and zoning, to name a few. Properties of a similar type may be in different locations, yet the locations may share enough similarities to justify comparison. Factors of similarity between locations include average daily traffic counts, zoning and/or land use, and market composition. 35 (Continued) SALES COMPARISON APPROACH (Continued) The improved sales and appraised property are in the central section of the city of Boynton Beach. Zoning district for Improved Sales 1, 3, 5 and the appraised property is "R-2", permitting single and two-family residential, with greater flexibility of use than the "R -IA" single family district of Sales 2 and 4. The locational characteristic of the property concerned would put its unit value in the upper end of the range of the sale unit prices. Physical Characteristics Physical characteristics to be considered for adjustments are those that cause a difference in price to be paid by the market. A wide range of such items includes property type, building size, land size, land to building ratio, amount of parking, year of construction, current property condition, functional utility, market appeal, complete build -out of interior space, et cetera. Adjustments for physical characteristics are best derived from the market by paired sales comparison. The value added or lost by the presence or absence of a differing item in a comparable property does not usually equal the cost of installing or removing the item. Through the process of searching for comparable sales, the physical characteristics are of great import. From the universe of possible comparable sales, those that are most similar to the property appraised are presented in the report for analysis and comparison to the subject. The lesser the number of physical differences, the better. The improved sales have building sizes in the range of 1,050 to 1,876 square feet, with the subject mid-range at 1,444 square feet. Correspondingly, the subject unit size is in the middle of the data set. Obviously, owners and renters are looking for larger dwellings to accommodate their families and belongings. The lot size of the subject at 6,621 square foot is in the upper end of the range of the sales. The combination of a larger lot and mid-sized building results in a mid-range land to building ratio, with adequate outside space for parking. However, rental rates are more related to the size of the dwelling rather than to yard space. Dates of construction of the sales are from 1955 to 1973; date for the subject is 1958. As stated, the exterior and interior of the appraised property was upgraded around 2011. The physical characteristics of the appraised property would place its unit value in the upper end of the range of the sale unit prices. Economic Characteristics Economic characteristics of a property include its rental rate, occupancy rate, and expenses; which are the building blocks for the gross income multiplier and overall capitalization rate. Gathering information on the method of leasing, concessions given if any, expenses passed through to the tenants, lease terms, et cetera are important in arriving at the economic units of comparison for the sale. Inclusion of all expenses for the sale property that are incurred by the subject is necessary to arrive at an overall capitalization rate which is relevant to the property in question. 36 (Continued) SALES COMPARISON APPROACH (Continued) Gross income multiplier (sale price/ gross income) is the more reliable economic characteristic for small income properties. Income data can be readily obtained; however, expenses to develop a full income approach culminating in an overall rate are difficult to attain. Monthly rental rates for the sale properties and for units in the immediate neighborhood for two bedroom units are: $700.00, $750.00, $800.00, $850.00 and $900.00. The actual rental rate for the appraised units is $850.00 per month, near the upper end of the range, reflective of the better property condition. This rental rate is at the market level and used for the valuation. $850.00/ month x 2 units x 12 months = $20,400 annual gross income Gross income multipliers (GIM) for the sales are: 6.18, 6.39, 8.23 and 8.60. Improved Sales 3 and 4 with higher sale prices have the higher GIMs. The most appropriate GIM for the appraised property is 8.00. Use For properties to be comparable, they should have similar Highest and Best Uses. All of the improved sales cited in this report and the subject have the same Highest and Best Use as two dwelling residences, with no adjustment necessary. Non -Realty Components of Value Non -realty components of value include personalty, business concerns, or other items that do not constitute real property but are included in the sale price of either the comparable or the subject property. These components should he analyzed separately from the realty. There were no non -realty components of value to consider for the property appraised. FINAL VALUE OPINION Improved Sales 1, 2, 3 and 4 are adjusted upward for the transactional element of comparison of market conditions. The locational characteristics of the appraised property would put it in the upper end of the range of adjusted sale unit prices. The property is in above average condition, and the size of units is in the middle of the range. Physical characteristics also place the unit value of the subject in the upper end of the range. The final value per dwelling unit for the appraised property is $83,000. The overall size of the building places its unit value in middle -upper range of the price per square foot at $115.00. Actual gross monthly rent per dwelling is $850.00 or $20,400 annually for the entire property. The GIM is 8.0. The quantity of the comparable data is sufficient to have an overview of the market for smaller multi -family residential properties in the central -eastern Boynton Beach. The quality of the data is good in that it provides a sound basis to develop an opinion of value for the property under appraisement. Based on the analysis and conclusions presented within the report, it is our opinion that the Market Value of the Fee Simple Estate of the Subject Property as of April 1, 2017 is as follows. (Continued) 37 SALES COMPARISON APPROACH (Continued) VALUE BY PRICE/ DWELLING UNIT Two dwelling units x $83,000 per unit = $166,000 VALUE BY PRICE/ SQUARE FOOT 1,444 square feet x $115.00 per square foot of building including land = $166,000 VALUE BY GROSS INCOME MULTIPLIER $20,400 annual gross income x 8 GIM = $163,000 The value opinions by all three units of comparison are close and support each other. FINAL VALUE BY THE SALES COMPARISON APPROACH: 166 000 ONE HUNDRED SIXTY-SIX THOUSAND DOLLARS CERTIFICATION I certify that, to the best of my knowledge and belief, the statements contained in this report are true and correct. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased professional analyses, opinions, and conclusions. I have no present or prospective interest in the property that is the subject of this report, and I have no bias or personal interest with the parties involved. The appraisal assignment was not based on a requested minimum valuation, a specific valuation, or the approval of a loan. My compensation is not contingent on an action or event resulting from the analyses, opinions, or conclusions in, or the use of, this report. I have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute. The analyses, opinions and conclusions were also developed and the report prepared in conformity with the Uniform Standards of Professional Appraisal Practice, which is included in the Appraisal Institute's Standards, and Chapter 475, Part 11 F.S. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. The use of this report is (also) subject to the requirements of the State of Florida relating to review by the Florida Real Estate Appraisal Board. I have visited the property that is the subject of this report on March 30, 2017. Jesse B. Vance, Jr. and Claudia Vance are responsible for the analyses, conclusions and opinions concerning real estate set forth in this report. No one else has provided significant professional service to the persons signing this report. The Appraisal Institute and the American Society of Appraisers each conduct programs of continuing education for their designated members. As of the date of this report, Jesse B. Vance, Jr. and Claudia Vance have completed the requirements of the continuing education program of the Appraisal Institute. Continuing educational requirements are also completed for the American Society of Appraisers and the State of Florida. April 1, 2017 Jesse B. Vance, Jr., MAI, SRA, ASA Florida State -Certified General Real Estate Appraiser No. RZ-85 April 1, 2017 Claudia Vance, MAI Florida State -Certified General Real Estate Appraiser No. RZ-173 39 CERTIFICATION AND LIMITING CONDITIONS The statements and conclusions contained in this report, subject to the limiting conditions hereafter cited, are correct to the best of the writers' knowledge. 1. The undersigned have personally visited the subject of this report. No pertinent information has been knowingly withheld. 2. Unless specifically included, the subject is analyzed as though free and clear of liens and encumbrances. 3. No responsibility is assumed for legal matters, nor is an opinion of title rendered. Title is assumed to be good and held in Fee Simple. 4. Legal descriptions and property dimensions have been fimrshed by others; no responsibility for their correctness is assumed. Sketches which may be in the report are for illustrative purposes only. 5. Possession of any copy of this report does not carry with it the right of publication, duplication, or advertising using the writers' names or professional designations or membership organizations. 6. The writers are not required to testify without prior agreement. 7. Neither the employment to make this appraisal nor compensation therefore is contingent on the value reported. 8. Improvements, if any, are those noted and reported on the date of inspection. 9. The value or values estimated apply ONLY as of the date of valuation stated within the report. 10. The writers certify that they have no present, past or contemplated interest in the subject of this report. 11. This report is the property of the indicated client. It may not be used by any other party for any purpose not consistent with the written fiinction of this report without the express written consent of the writers AND client. 12. The reported analyses, opinions and conclusions were developed, and this report has been prepared, in conforniity with the requirements of the Code of Professional Ethics and the Standards of Professional Practice and Conduct of the Appraisal Institute. The work also conforms to the Uniform Standards of Professional Appraisal Practice. 13. The existence of potentially hazardous material used in the construction or maintenance of buildings, such as the presence of urea formaldehyde foam insulation, and/or existence of toxic waste, which may or may not be present on the property, has not been considered. Additionally, soil or sub -soil contamination may exist from current or prior users, or users outside the property concerned. The appraisers are not qualified to detect such substances. We urge the client to retain an expert in this field if desired. 14. The appraisers have not been provided a Habitat Survey, Endangered Species Survey, or analysis by a qualified environmental specialist indicating the presence of or proximity to environmentally sensitive and/or protected land or species which could affect the use, and possibly, value of the appraised property. The appraisers are not qualified to identify these factors. We recommend that an expert be hired where there may be reasonable cause to expect the presence of any of the cited elements. 15. Jesse B. Vance, Jr. and Claudia Vance were responsible for the analyses, conclusions, and opinions of real estate set forth in this report. (No one else provided significant professional assistance to the report signers). 16. The Americans with Disabilities Act (ADA) became effective January 26, 1992. We have not made a specific compliance survey and analysis of this property to determine whether or not it is in conformity with the various detailed requirements of the ADA. It is possible that a compliance survey of the property would reveal that the property is not in compliance with one or more of the requirements of the act, which could reduce property value. 17. Prospective value estimates are based on current conditions and trends. The appraisers cannot be held responsible for unforeseeable events that might alter market conditions upon which market value has been estimated. 18. The appraisers certify that they have the knowledge and experience required to perform this appraisal assignment. 19. The appraiser reserves the right to amend or change this report at any time additional market information is obtained which would significantly affect the value opinion. Jesse B. Vance, Jr., MAI, SRA, ASA State -Certified General Real Estate Appraiser No. RZ 85 April 1, 2017 Claudia Vance, MAI State -Certified General Real Estate Appraiser No. RZ 173 April 1, 2017 .e] ADDENDA CFH 2OL40366704 OR BK 27076 PO 2269 THIS INS'T'RUMENT PREPARED BY AND RETURN TO,' RECUDED 10/43/2814 10: 5fi; 05 LES H. STEVENS, ESQUIRE Palle, Beach County, Florida LES H. STEVENS, P.A. AMT 125, 9M. 09 530.1 NORTH FEDERAL HIGHWAY, SUITE 130 Doc Stamp 875.00 BOCAIWON, FLORIDA 33487 Sharon R. Book, CLERK 4 CMPTROLLER Propq�wraisers Parcel ldaitification (Folio) Nwnbers: 08-43-45-21-0S-0 AM, upg 1 Q SPACE ABOVE THIS LINE FOR RECORDING DATA IV a TAT AIMNTYDEED THIS WA TY DEED, made the 30th day of September, 2014 by 2PLEX, LLC, A FLORIDA LIMITED LIABILITY ., h in called the grantor, to 521 BOYNTON, LLC, A FLORIDA LIMITED LIABILITY CO. whose post office addres VILLA .DIESTE WAY, DELRAY BEACH, FLORIDA 33446, hereinafter called the Grantee: (Wherever used here Tar "grantor° and "gmmee" include al! the pardes io Ws iimirument and the helm legal repnwWativea and assigns ofIndividuals, sora and assigns of empwadow) W i T N E S S E T H:'khat a grantor, for and in consideration of the sum of TEN AND 00/l00'S {510.00} Dollars and otber valuable considerations, vk@W whereof is hereby acknowledged, hereby grants, bargains. sells, aliens, remises, releases, conveys and confirms unto tee all that certain land situam in PALM BEACH County, State of Florida, viz.: Lots 74 and 76 (I. West 25.0 feet thereof), QW. COPTS ADDITION TO BOYNTON, according to the Piot th recorded in Plat Book 7, Page 56, of the Pathe Records of Palm Beach County, Florida a Subject to easements, restric ' ervotions of record and taxes for the year 2014 and tbereatter. TOG19THER, with all the tenements,rments and appurtenances thereto belonging or in anywise appertaining. TO HAVE AND TO BOLD, the same ' 'm le forever. AND, the grantor hereby covenants with tee that the Vwtar is lawfully seized of said land in fee simple; that the grantor bas good right and lawful authority to d convey said land, and hereby warrants the title to said land and will defend the same against the lawful claims of s whomsoever; and that said Iand is frce of all encumbrances, except taxes accruing subsequent to December 31, 2013. Q IN WITNESS WHEREOF, the said grantor has scaled these presents the day and year first above written. Signed, sealed and delivered in the presence of ltttess #1 Signature Witness #1 Printedgame AAW R. 6ai _ Witness 02 Si [? gn"� ��-�- jet rM•,Nr Witness #2 Printed Name STATE OF FLORIDA COUNTY OF PALM BEACH 2PLEX, LLC, A FLORIDA LIMITED LIABILITY By: HEATHER GR AUTHORIZED RXPRESXNTAT E The foregoing instrument was acknowledged before me this 30th day of September, 2014 by HEATHER GRIMES, AUTHORIZED REPRESENTATIVE of 2PLEX, LLC, A FLORIDA LIMITED WE111TY 00. onJmbalf of the corporation. He/She is personally known to me or has produced asidcndfi 'SEAL otary Si WOM"M •MO �� File No.: 14.1.46 Book27076/Page1289 Page 1 of 1 Page I of 2 Owner Name: 521 BOYNTON LLC Parcel Control Number: 08-43-45-21-05-000-0740 Location Address: 521 NE 2ND ST Description Year Built Units PATIO 1982 984 Unit may represent the perimeter, square footage, linear footage, total number or other measurement of the feature depending on the feature described. WTI T7v" E. R-2 Single and Two-family Residential District. 1. General. The purpose of the R-2 zoning district is to implement the medium density residential (MeDR) future land use map (FLUM) classification of the Comprehensive Plan. The intent of this conventional district is to stabilize and protect existing residential neighborhoods with densities no greater than ten (10) dwelling units per acre, and allowing limited types of non- residential uses. 2. Use(s) Allowed. See "Use Matrix Table 3-28" in Chapter 3, Article IV, Section 3.D. 3. Building and Site Regulations (Table 3-9). Existing and/or planned single-family homes shall conform to the R-1 district requirements; however, for duplex homes, the following lot and building requirements shall be observed: BUILDING/SITE REGULATIONS R-2 District Minimum lot area (per unit): 4,500 s.f.1 Minimum lot frontage: 75 feet Minimum yard setbacks: Front: 25 feet2 Rear: 25 feet3 Interior side: 10 feet2 Corner side: 25 feet2,3 Minimum living area: 750 s.f. Maximum lot coverage: 40% Maximum Floor Ratio Area (FAR) 0.104 Maximum structure height: 25 feet5 1 Single-family dwellings shall be constructed on lots that are no less than six thousand (6,000) square feet. 2 Pursuant to Section 8.B. below, parcels that have frontage on Martin Luther King Jr. Boulevard and are located within the Martin Luther King Boulevard Overlay Zone shall have front, side interior, and side corner setbacks in accordance with the mixed use -low intensity 1 zoning district (see Section 6.11. below). 3 On corner lots, the side setback adjacent to the street shall be not less than one-half (1/2) the front yard setback. However, where orientation of adjacent lots on both street frontages provide typical front yard setbacks, the comer lot shall provide for front yard setbacks along both streets. when two (2) front yard setbacks are provided for on a corner lot, no rear yard setback shall be required, only side yard setbacks shall be imposed. 4 A floor area ratio (FAR) up to 0.10 maybe considered for non-residential uses allowed within the R-2 district (see "Use Matrix" — Chapter 3, Article IV, Section 3), pursuant to the medium density residential land use category of the Comprehensive Plan. 5 Not to exceed two (2) stories. D. R-1 Single-family Residential District. 1. General. The purpose of the R-1 zoning district is to implement the moderate density residential (MoDR) future land use map (FLUM) classification of the Comprehensive Plan. The intent of this conventional district is to encourage single-family dwellings and structures at densities no greater than seven and one-half (7.5) dwelling units per acre, and allowing limited types of non-residential uses. 2. Use(s) Allowed. See "Use Matrix Table 3-28" in Chapter 3, Article IV, Section 3.1). 3. Building and Site Regulations (Table 3-8). The following lot and setback requirements shall be observed: BUILDING/SITE REGULATIONS R-1 District Minimum lot area: a 6,000 s.f. Minimum lot frontage: 60 feet Front: 25 feet Rear: 20 feet Special rear yard setback reduction for single -story building additions: I Abutting: I-95 or railroad tracks: 50% Abutting: Intracoastal: 50% Abutting: Lakes: 50% Abutting: Golf Course: 50% Abutting: Canals wider than 150 ft 50% Abutting: Canals narrower than 150 ft 33% Abutting: Perimeter walls of community that abut other than residential: Abutting: Commercial or Industrial 50% Abutting: Public or private park: 50% Interior side: 7.5 feet Comer side: 25 feet2 Minimum living area: 1,200 s.f. Maximum lot coverage: 50% Maximum structure height: 30 feet Q U x w C NO z z z z o 0 a w tn w w z z C 0 0 N N N kn y o YC a� YC a� O O ry a w w w v, O to O M y Q 00 O O o a� O o tn ^i Q' O O Q' x to z OO � N C kn z Q' O O Q' z z Q' O O Q' z 00z o o ¢ d to z C> 00tn z a� r Cd Cd on v to cd > C6 Q U � o .. 0 �, bye O �i Ow^ U oz 0 0'.2 > U as a o Z w'° z z z z z z z z 00 w w w w z z z z z w w w w z z z z z 00 z z z z z z z z N N N N O U z z z z z z z z O M N r— N O N / Fri O N O kn O to O to O kn M M O kn O kn 44 O N O by o 0 0 0 0 0 0 0 O kn O O O O O O O N N N <M N A4 o 0 0 0 0 0 0 0 M N -•� N N �n �n �n �n �n M �n �n yr Cd •.Ofir Cd � y bA y s, O cd to to 0-4 AC7 U U U w .. r� r� U rx U ---� EJ Sec. 11. Nonconforming Regulations. A. Lots and Parcels. 1. R-1 District, R -IA District, R-2 District, and R-3 District. A detached single-family dwelling may be constructed on any parcel located in an R-1, R-1 A, R-2, or R-3 district, provided that it meets all of the following requirements: a. The parcel contains at least one (1) whole platted lot, platted prior to August 7, 2001; b. The parcel, or assemblage of platted parcels which individually meet the requirements of paragraph a. above, has a frontage of not less than fifty (50) feet, and a lot area of not less than five thousand (5,000) square feet (irregular, other than rectangle -shaped lots with less than five thousand (5,000) square feet of area may be developed if in conformance with all other lot regulations); c. All such parcels, when developed, shall comply with all provisions of the Land Development Regulations and applicable building code regulations, including without limitation sections of the building code regulations regarding the impact of construction and drainage on or to adjacent properties. -- N 2. R-2 District. Within R-2 districts, in subdivisions platted prior to the effective date of these Regulations, where the platted lots have a frontage of at least forty (40) feet but less than fifty (50) feet, the following rules shall apply: a. A detached single-family dwelling may be constructed on any such parcel, provided that the parcel contains at least one (1) whole platted lot. b. A duplex dwelling may be constructed on any parcel, provided that it meets the following requirements: (1) The parcel contains at least two (2) whole platted lots; (2) Property cannot be acquired from adjacent parcels so as to make the subject parcel conforming, without causing the adjacent parcels to become nonconforming or more nonconforming. c. For any parcel, lot, or combination of lots, where the total frontage is equal or greater than one hundred twenty (120) feet, and the total area is greater than twelve thousand (12,000) square feet, said property shall not be developed except in accordance with the minimum frontage and lot area required in the R-2 zoning district. d. Ownership of parcels shall be determined by the property tax rolls on file in the Palm Beach County Property Appraiser's Office as of the effective date of these Regulations. 3. R- I AA District. A detached single-family dwelling may be constructed on any parcel located in an R-1 AA district, without requiring a variance, provided that it meets the following requirements: a. The parcel contains at least one (1) whole platted lot. b. The parcel has a frontage of not less than sixty (60) feet, and a lot area of not less than six thousand, seven hundred fifty (6,750) square feet in area. c. It would not be possible to acquire property from adjacent parcels so as to make the subject parcel conforming, without causing the adjacent parcels or structures thereon to become nonconforming or more nonconforming. For any parcel or lot, or combination of lots under the same ownership, where the total frontage and the total area is equal to or greater than that which is required by the R -IAA district building and site regulations, said property shall not be developed except in accordance with the minimum frontage and lot area required in the particular zoning district. Not more than one (1) parcel or lot, or combination of lots under the same ownership, that is nonconforming but which meets the requirements under b. above may be developed for a single- family house. ARTICLE V. MINIMUM OFF-STREET PARKING REQUIREMENTS Page 1 of 3 0 Sec. 2. Standards. A. General. 1. Rules and Methodology. a. Parking space requirements shall be computed on the basis of the principal use of a structure or lot, and using gross floor area unless stated otherwise in this article. Gross floor area, for the purposes of this subsection, shall include the floor area occupied by the principal use, plus the floor area occupied by all other enclosed spaces, including but not limited to storage rooms, maintenance and mechanical rooms, offices, lounges, restrooms, lobbies, basements, mezzanines, and hallways. b. Where several principal uses exist in one (1) structure or on one (1) lot, parking space requirements shall be computed separately for each principal use, unless stated otherwise in this article. Where parking spaces are required in this article for each of several principal uses that commonly occur together, this is done for the purpose of clarification only, and shall not limit the application of the requirement contained in this paragraph. c. A use shall be considered a principal use, for the purposes of this subsection, if it could exist separately from all other uses in the same structure or on the same lot, and would by itself generate significant parking demand. d. Where several principal uses exist in one (1) building or part of a building, and the floor area of each principal use cannot be clearly delineated, the parking space requirement for the use requiring the greatest number of parking spaces shall apply. e. Where a use is not listed below, parking space requirements shall be determined by the City Commission after review and recommendation by the Director of Planning and Zoning or designee. f. Where the number of required parking spaces as computed includes a fraction, the number of required parking spaces shall be the computed number rounded to the next highest whole number. g. Except as provided in Section 3.E. below, there shall be provided, at the time of the erection of any structure or establishment of any use, a number of off-street parking spaces in accordance with the following minimum requirements, and subject to the parking requirements of this subsection. Where a structure or use is enlarged or increased in capacity by any means, including a change in building occupancy which requires the provision of additional parking spaces, or a change in use to or which requires additional parking spaces, the minimum number of parking spaces shall be computed by applying these requirements to the entire structure or use. 2. Minimum Number of Required Off -Street Spaces for Non -Residential Uses. No fewer than four (4) parking spaces shall be provided for any non-residential use. 3. Location of Off -Street Parking Areas. a. Residential. Required parking spaces for all dwellings shall be located on the same lot as the dwelling to be served. b. Non-residential. Required parking spaces for all non-residential uses shall be owned by the owner of the building or lot to be served, and shall be located on the same lot, or not more than three hundred (300) feet distance, unless the property is located within those areas defined within the adaptive re -use section of the Code (Chapter 4, Article 5, Section 4). In those areas, required parking spaces may be leased within three hundred (300) feet of the use in which they serve, subject to Board and City Commission approval, and the property shall be posted with signage indicating to patrons the location of the leased parking. B. Table 4-17. Residential and Lodging Uses. I Residential and Lodging Uses I Standard Number of Required Parking Spaces http://www.amlegal.cominxtlgateway.dlllFlorida/boynton/partiiilanddevelopmentregulation... ARTICLE V. MINIMUM OFF-STREET PARKING REQUIREMENTS Page 2 of 3 Building area size is based upon gross floor area (in square feet) unless specifically expressed otherwise. Single-family, duplex dwelling, or mobile home: 21 Efficiency or one (1) -bedroom apartment: 1.51,2 Within mixed use high district: 1.332 Two (2) or more bedroom apartment: 21,2 Within mixed use high district: 1.661'2 Dormitories: 1 per unit Hotel & motel units containing one (1) -bedroom: 1.25 per unit Within mixed use high district: 1 per unit Hotel & motel suite containing two (2) or more bedrooms: 2 per unit Within mixed use high district: 1 per unit Group home (types 1 through 4): 1 per 3 beds Bed & breakfast: 13 Live/work unit: 1 per 2 units4 1 Residential driveways shall satisfy the parking space requirements for single-family detached dwelling units, duplexes, and multi -family dwelling units containing garages, provided such driveways are of sufficient size to meet the parking space requirements of this subsection. A residential driveway of sufficient size shall be provided prior to the issuance of a certificate of occupancy. For all required parking spaces not located within an enclosed garage, the first parking space shall be the minimum size required for a handicap space, exclusive of public or private rights-of-way, and all other required spaces must be dimensioned in accordance with current city standards. All driveways shall be setback at least two (2) feet from interior side and corner side property lines, and maintained and drained so as to prevent nuisance conditions or a danger to the public and/or adjacent property owners. Any expansion to an existing driveway shall require a zoning permit from the Planning and Zoning Division in accordance with the procedures specified in Chapter 2, Article II, Section S.B.; however, any driveway expansion (or similar impervious surface) that is equal to or greater than eight hundred (800) square feet shall require the approval of a land development permit in accordance with Chapter 2, Article III, Section 3. Any work, such as a driveway, proposed within the swale (right-of-way) shall require a permit from the Engineering Division in accordance with the procedures specified in Chapter 2, Article III, Section 4. 2 Guest parking shall be provided at a rate of 0.15 spaces per unit for residential developments consisting of three (3) or more dwelling units. 3 Required parking shall be calculated on the basis of one (1) space per each employee, manager, or owner and one (1) parking space for each guest unit. Newly created parking may be located only in the rear and side yard. http://www.amlegal.cominxtlgateway.dll/Florida/boynton/partiiilanddevelopmentregulation... ARTICLE V. MINIMUM OFF-STREET PARKING REQUIREMENTS Page 3 of 3 4 In addition to the required parking for the residential unit, the city requires that one (1) parking space per two (2) live/work units be provided to meet business activity needs. Parking provided to meet this requirement shall be located on the lot, built into or under the structure, or within three hundred (300) feet of the unit in which the use is located. The distance shall be a straight line measurement from a point on the boundary line of the property of the subject unit to the closest boundary line of the property on which the parking is located. Parking provided to accommodate said space, including driveways of adequate depth in front of the unit's garage, shall not serve as meeting required parking for the unit's residential use. http://www.amlegal.cominxtlgateway.dll/Florida/boynton/partiiilanddevelopmentregulation... 1/8/2015 This is an APPRAISAL REPORT that complies with Standard Rule 2-2(a) of Uniform Standards of Professional Appraisal Practice (USPAP: 2016-2017) (a) The content of an Appraisal Report must be consistent with the intended use of the appraisal and, at a minimum: (i) state the identity of the client and any intended users, by name or type; (ii) state the intended use of the appraisal; (iii) summarize information sufficient to identify the real estate involved in the appraisal, including the physical, legal and economic property characteristics relevant to the assignment; (iv) state the real property interest appraised; (v) state the type and definition of value and cite the source of the definition; (vi) state the effective date of the appraisal and the date of the report; (vii) summarize the scope of work used to develop the appraisal; (viii) summarize the information analyzed, the appraisal methods and techniques employed, and the reasoning that supports the analyses, opinions, and conclusions; exclusion of the sales comparison approach, cost approach, or income approach must be explained; (ix) state the use of the real estate existing as of the date of value and the use of the real estate reflected in the appraisal; (x) when an opinion of highest and best use was developed by the appraiser, summarize the support and rationale for that opinion; (xi) clearly and conspicuously: ■ state all extraordinary assumptions and hypothetical conditions; and ■ state that their use might have affected the assignment results; (xii) include a signed certification in accordance with Standards Rule 2-3. Standards Rule 1-5 When the value opinion to be developed is market value, an appraiser must, if such information is available to the appraiser in the normal course of business: (a) analyze all agreements of sale, options, and listings of the subject property current as of the effective date of the appraisal; and (b) analyze all sales of the subject property that occurred within the three (3) years prior to the effective date of the appraisal. 475.611 Florida Statutes: Definitions. -- (1) As used in this part, the term: (a) "Appraisal" or "appraisal services" means the services provided by certified or licensed appraisers or registered trainee appraisers, and includes: 1. "Appraisal assignment" denotes an engagement for which a person is employed or retained to act, or could be perceived by third parties or the public as acting, as an agent or a disinterested third party in rendering an unbiased analysis, opinion, review, or conclusion relating to the nature, quality, value, or utility of specified interests in, or aspects of, identified real property. 2. "Analysis assignment" denotes appraisal services that relate to the employer's or client's individual needs or investment objectives and includes specialized marketing, financing, and feasibility studies as well as analyses, opinions, and conclusions given in connection with activities such as real estate brokerage, mortgage banking, real estate counseling, or real estate consulting. 3. "Appraisal review assignment" denotes an engagement for which an appraiser is employed or retained to develop and communicate an opinion about the quality of another appraiser's appraisal, appraisal report, or work. An appraisal review may or may not contain the reviewing appraiser's opinion of value. (b) "Appraisal Foundation" or "foundation" means the Appraisal Foundation established on November 20, 1987, as a not-for-profit corporation under the laws of Illinois. (c) "Appraisal report" means any communication, written or oral, of an appraisal, appraisal review, appraisal consulting service, analysis, opinion, or conclusion relating to the nature, quality, value, or utility of a specified interest in, or aspect of, identified real property, and includes any report communicating an appraisal analysis, opinion, or conclusion of value, regardless of title. However, in order to be recognized in a federally related transaction, an appraisal report must be written. (d) "Appraisal review" means the act or process of developing and communicating an opinion about the quality of another appraiser's appraisal, appraisal report, or work. (e) "Appraisal subcommittee" means the designees of the heads of the federal financial institutions regulatory agencies established by the Federal Financial Institutions Examination Council Act of 1978 (12 U.S.C. ss. 3301 et seq.), as amended. (f) "Appraiser' means any person who is a registered trainee real estate appraiser, licensed real estate appraiser, or a certified real estate appraiser. An appraiser renders a professional service and is a professional within the meaning of s. 5.11(4)(a). (g) "Board" means the Florida Real Estate Appraisal Board established under this section. (h) "Certified general appraiser" means a person who is certified by the department as qualified to issue appraisal reports for any type of real property. (i) "Certified residential appraiser" means a person who is certified by the department as qualified to issue appraisal reports for residential real property of one to four residential units, without regard to transaction value or complexity, or real property as may be authorized by federal regulation. Q) "Department" means the Department of Business and Professional Regulation. Page 1 of 5 Vance Real Estate Service Jesse B. Vance, Jr., MAI, SRA, ASA, MBA Appraiser - Real Estate Analyst - Reviewer - Expert Witness Vance Real Estate Service - 7481 NW 4 Street - Plantation - Florida - 33317 Office: 954.583.2116; Cell: 954.610.2423; Email: vancevalgcomcast.net Web Page: www.vancerealestateservice.com Vance Real Estate Service is a Veteran -Owned Small Business (VOSB) and Florida Certified SDVBE Minority Business Enterprise specializing in personalized real estate valuation services in Florida for over 35 years. Currently registered in "SAM" (U.S. Government System for Award Management — DUNS 826494957). Designated appraisers perforin the appraisal work, no trainees. Jesse B. Vance, Jr., MAI, SRA, ASA, MBA and Claudia Vance, MAI are qualified as expert witnesses for eminent domain, bankruptcies, deficiency judgments, marriage dissolution, and estate valuations. Our firm values most types of real property interests for sale, mortgage loans, litigation and investment reasonably, timely and professionally. As licensed real estate brokers, we perforin most other real property functions. We also do "Valuations for Financial Reporting." PROFESSIONAL QUALIFICATIONS A) PROFESSIONAL DESIGNATIONS/ DEGREES/ LICENSES & CERTIFICATIONS MAI DESIGNATION - APPRAISAL INSTITUTE/Life Member No. 8781 SRA DESIGNATION - APPRAISAL INSTITUTE/Life Member No. 8781 ASA DESIGNATION - AMERICAN SOCIETY OF APPRAISERS (RE -Urban) 4003439 MBA DEGREE - REAL ESTATE MANAGEMENT AND DEVELOPMENT STATE -CERTIFIED GENERAL REAL ESTATE APPRAISER 4RZ-85 (Florida) FLORIDA STATE LICENSED REAL ESTATE BROKER NO. BK. 91050 REGISTERED VETERAN -OWNED SMALL BUSINESS (CCR/Duns 826494957) FLORIDA CERTIFIED SDVBE BUSINESS ENTERPRISE (Minority Business Enterprise - MBE) FLORIDA "D.E.P." APPROVED APPRAISER Currently registered in "SAM" (U.S. Governinent System for Award Management). B) QUALIFIED AS AN EXPERT WITNESS IN REAL ESTATE VALUATION 1. U.S. Court of Appeals, Eleventh Circuit 2. U.S. District Court, Southern District of South Florida 3. U.S. District Court, New Jersey 4. U.S. Bankruptcy Court, Southern District of Florida 5. U.S. Bankruptcy Court, District of New Jersey 6. U.S. Bankruptcy Court, Western (Pittsburgh) Division of Pennsylvania 7. Florida Circuit Courts: Broward, Dade, Patin Beach, Lee, Collier, Martin, and Okeechobee Counties 8. Appraiser on landmark eminent domain cases: TESSLER, NESS TRAILER PARK, PATEL, SIMPSON v. FILLICHIO, RUBANO, PALM BEACH COUNTY (FL) vs. COVE CLUB INVESTORS, LTD. C) EXPERIENCE Over thirty-five (35) years appraising and analyzing real property interests in South Florida. Partial list: RESIDENCES, RESTAURANTS/BARS, APARTMENT BUILDINGS, OFFICE BUILDINGS HOTELS/MOTELS, CHURCHES, CONDOMINIUMS/COOPS, HOSPITALS & NURSING HOMES, VACANT LAND, GOLF COURSES, GOLF CLUBS, GASOLINE SERVICE STATIONS, MARINAS, TRAILER PARKS, SHOPPING CENTERS, BANKS/THRIFT INSTITUTIONS, BOWLING ALLEYS, P.U.D.'S, INDUSTRIAL BUILDINGS, TIME-SHARE DEVELOPMENTS, ROCK PITS, SCHOOLS, AGRICULTURAL PROPERTIES, WATER MANAGEMENT DISTRICT, MARKETABILITY, FEASIBILITY ANALYSES, INVESTMENT ANALYSES, AUTO SALES FACILITIES, LEASE VALUATIONS, TAX & ASSESSMENT APPEALS, CONDEMNATION, EXPERT WITNESS (Member National Forensic Center), BUSINESS ENTERPRISE VALUATIONS (BEV), (VFR) VALUATION FOR FINANCIAL REPORTING, AVIGATION & CLEARANCE EASEMENTS, ESTATES, DIVORCES, PLANNING/LAND USE STUDIES, HIGHEST & BEST USE ANALYSES, DEPRECIATION ANALYSES, COMPONENT APPRAISALS, ENVIRONMENTALLY SENSITIVE LAND, CONTAMINATED PROPERTIES, SUGARCANE & TURFGRASS LAND, DAY CARE CENTERS, SELF -STORAGE FACILITIES, FUNERAL HOMES, ANIMAL HOSPITALS, SUBMERGED LAND, CITY CENTERS, etc. Page 2 of 5 D) PARTIAL LIST OF CLIENTS PRIVATE INDIVIDUALS AND CORPORATIONS, ATTORNEYS, ACCOUNTANTS, TRUST DEPARTMENTS, COMMERCIAL BANKS: Wells Fargo; BankAtlantic; SunTrust; American National Bank; Landmark Bank; City National Bank; BankUnited; Gateway American Bank; State Farrn Bank; Englewood Bank & Trust; SAVINGS & LOANS, INSURANCE COMPANIES, REAL ESTATE INVESTMENT TRUSTS, & REAL ESTATE TRANSFER COMPANIES, TITLE INSURANCE COMPANIES; FLORIDA CITIES: FORT LAUDERDALE, PLANTATION, COOPER CITY, TAMARAC, LAUDERHILL, BOCA RATON, DEERFIELD BEACH, OAKLAND PARK, WILTON MANORS, HOLLYWOOD, WEST PALM BEACH, DELRAY BEACH, HALLANDALE, PEMBROKE PINES, COOPER CITY, TOWN OF DAVIE, TOWN OF SOUTHWEST RANCHES, MIRAMAR. FLORIDA COUNTIES: BROWARD, PALM BEACH, COLLIER, OKEECHOBEE; BROWARD COUNTY BOARD OF COUNTY COMMISSIONERS; OKEECHOBEE BOARD OF COUNTY COMMISSIONERS. SCHOOL BOARD OF BROWARD COUNTY, FLORIDA, BROWARD COUNTY HOUSING AUTHORITY, STATE OF FLORIDA DEPARTMENT OF TRANSPORTATION (DOT); STATE OF FLORIDA DIVISION OF GENERAL SERVICES(GSA); N. BROWARD GENERAL HOSPITAL DISTRICT; STATE OF FLORIDA DEPARTMENT OF ENVIRONMENTAL PROTECTION (Approved Vendor);U_S. TREASURY DEPARTMENT (General Counsel, I.R.S.); U.S. MARSHAL'S SERVICE —U.S. ATTORNEY'S OFFICE CENTRAL DIVISION —U.S. Dept. of Justice; VETERANS ADMINISTRATION E) EDUCATIONAL BACKGROUND - (Partial List) BACHELOR OF ARTS - Earlham College, Richmond, Indiana (1954) MBA (Nova University) - Real Estate Management & Development (National Dean's List 1991) Course 1 (AIREA) - Basic Principles of Appraising Course 2 (AIREA) - Urban Property Valuation (Income) Course 4 (AIREA) - Condemnation Appraising Course 6 (AIREA) - Income Capitalization & Analysis Course 101 (SREA) - Introduction to Appraising Course 201 (SREA) - Income Property Valuation, Theory Course 202 (SREA) - Applied Income Property Valuation Course 301 (SREA) - Applications/Appraisal Analysis Symposium (SREA) - Market Analysis, 1978, Virginia Symposium (SREA) - Market Analysis, 1979, Arizona Symposium (SREA) - Market Analysis, 1980, South Carolina Symposium (SREA) - Market Analysis, 1981, Tennessee Symposium (SREA) - Market Analysis, 1982, New Mexico Symposium (SREA) - Market Analysis, 1983, Pennsylvania Symposium (SREA) - Market Analysis, 1984, Georgia Symposium (SREA) - Market Analysis, 1985, Vancouver, B.C. Symposium (SREA) - Market Analysis, 1986, New Jersey Clinic (SREA) - #201 Instructor, 1987, U. of Illinois Clinic (SREA) - #201 Instructor, 1988, Illinois Seminar (SREA) - Professional Practice, 1988, Florida Symposium (SREA) - Market Analysis, 1988, California Symposium (SREA) - Market Analysis, 1989, Minnesota MBA Graduate School Courses: 1990 — 1991 Successfullv completed the followine eraduate school courses - "Regulation of Real Estate Development" - "Real Properties Management" - "Legal Issues In Real Estate" - "Market Analysis and Site Selection" - "Organizational Behavior and Management"' - "Human Resource Management" - "Real Estate Economics" - "R. E. Finance: Instruments, Institutions & Investment Analysis" - "Urban Infrastructure & Environmental Analysis" - "Real Estate Accounting" - "Marketing Management for Real Estate" - "Commercial Real Estate Lending" - "Construction Technology and the Building Development Process" SEMINAR (AI) - Cost Approach (1992/Boston) SEMINAR (AI) - Rates & Ratios (1992/Boston) SEMINAR (AI) - International Appraising (1992/Boston) SEMINAR (AI) - Litigation Valuation/Mock Trial (1993) SEMINAR (AI) - ADA ACT (1993/Reno) SEMINAR (AI) - Hotel Valuation (1993) SEMINAR (AI) - Income Capitalization, Methods (1993) SEMINAR (AI) - Powerlines/Electromagnetic Radiation (1994) SEMINAR (AI) - Verifying Market Data (1994) SEMINAR (AI) - Market Studies for Appraisals (1994) SEMINAR (AI) - Florida Appraiser Core Law (USPAP/1994) Page 3 of 5 E)EDUCATIONAL BACKGROUND - (Partial List, continued) SEMINAR (AI) - Limited Appraisals & Reports (USPAP/1994) SEMINAR (AI) - Public Safety & Property Values (1995) SEMINAR (AI) - Outparcel Valuation (1995) SEMINAR (AI) - Computer Technology Video Conference (1995) SEMINAR (AI) - The Internet & the Appraiser (1996) SEMINAR (AI) - Florida Commercial Construction (1996) SEMINAR (AI) - Real Property Rights in Florida (1996) COURSE (AI) - USPAP & Florida Real Estate Core Law (1996) SEMINAR (AI) - Valuation of Trees (199 7) 3 -DAY COURSE - Environmental Permitting/Mitigation/Mitigation Banking/Contamination Risk Management- Liability/Wetlands/Hazardous Wastes/LenderLiability (1997/Marco Beach. FL) SEMINAR (AI) - Valuation of Transferable Development Rights [TDR's] (1997) COURSE (AI) - Standards of Professional Practice, Part C, 15 hour Course #430 (1997) SEMINAR (AI) - Non -Conforming Uses (1998) SEMINAR (AI) - The Impact of Contamination on Real Estate Value (1998) COURSE (AI) - USPAP & Florida Real Estate Core Law (1998) SEMINAR (AI) - Econometrics/Statistical Valuation Methods (1999) COURSE (AI) - 14 Hour (2 -day) Advanced Spreadsheet Modeling for Valuation Applications SEMINAR (AI) - Globalization of Real Estate/What U.S. Appraisers Need to Know (1999) SEMINAR (AI) - The Role of the Appraiser in Alternative Dispute Resolution (Mediation/Arbitration) (1999) SEMINAR (AI) - Technology Forum Part II/Intermediate (1999) SEMINAR (AI) - Client Satisfaction/Retention/Development (1999) SEMINAR (AI) - Attacking and Defending an Appraisal (1999) SEMINAR (AI) - Federal Appraisal Requirements ("Yellow Book') (2000) SEMINAR (AI) - Regression Analysis in Appraisal Practice: Concepts & Applications (2000) SEMINAR (AI) - Analyzing Income Producing Properties (2000) SEMINAR (ATIF) - 1031 Tax Deferred Exchanges (2000) COURSE (AI) - USPAP & Florida Real Estate Core Law (2000) SEMINAR (AI) - Mediation & Alternate Dispute Resolution Seminar (2001) SEMINAR (AI) - State of the Appraisal Profession (2001) 2 -Day SEMINAR - Eminent Domain, by CLE International, Tampa, Florida (2001) SEMINAR (AI) - Ad Valorem Assessment Process in Florida (2002) SEMINAR (AI) - Role of Real Estate Appraisers in Bankruptcy Proceedings (2002) SEMINAR (AI) - Appraisers & the Gramm -Leach -Bliley Federal Privacy Act (2002) SEMINAR (AI) - How to Appraise the Ugly House (2002) COURSE (AI) - 2 -Day Course #430, Standards of Professional Practice, Part C (2002) SEMINAR (AI) - Market Trends for 2003 (2003) SEMINAR (AI) - Update on Code of Professional Ethics (2003) PANEL (AI) - Moderator "Industry, Consumer & Congressional Views on Predatory Lending" D.C. (2003) SEMINAR (AI) - Florida State Law for Real Estate Appraisers (2003) SEMINAR (AI) - Appraisal Agreements (2003) SEMINAR (AI) - Analyzing Distressed Real Estate (2004) SEMINAR (AI) - Valuation for Financial Reporting Purposes (2004) SEMINAR (AI) - 7 Hour National USPAP Update Course #1400 (2004) SEMINAR (AI) - Inverse Condemnation (2004) SEMINAR (AI) - Appraiser Independence in the Loan Process (2004) SUMMIT (AI) - Moderator at 2 -day Appraisal Summit in Washington, D.C. (12/2004) SEMINAR (AI) - Loss Prevention Program for Real Estate Appraisers (2005) SEMINAR (AI) - Valuation of Wetlands (7/2005) SEMINAR (AI) - Tri -County Residential Symposium (8/2005) SEMINAR (AI) - "Cool Tools" Internet Resources and Use for Valuation (2/2006) SEMINAR (AI) - FREAB 7 -Hour National USPAP Update (5/2006) SEMINAR (AI) - FREAB 3 -Hour Florida State Law for Real Estate Appraisers (5/2006) SEMINAR (AI) - USPAP Scope of Work & New Requirements (8/2006) SEMINAR (AI) - USPAP Reappraising, Readdressing & Reassigning Appraisal Reports (2/2007) SEMINAR (AI) - Al Summary Appraisal Report/Residential (4/07) COURSE (Fla.) -14-Hour Continuing Education (including 3 -Hour Florida Core Law) (7/2007) SEMINAR (AI) - Real Estate Fraud: Appraisers Beware! (8/2007) SEMINAR (AI) - Florida Law for Real Estate Appraisers (11/2007) COURSE (AI) - Business Practices and Ethics — 8 hours (12/2007) SEMINAR (AI) - Supervisor Trainee Roles and Rules (2/2008) SEMINAR (AI) -7 Hour National USPAP (4/2008) SEMINAR (AI) - USPAP Hypothetical Conditions & Extraordinary Assumptions (5/2008) SEMINAR (AI) - Litigation Skills for the Appraiser — 7 -Hour Seminar (9/2008) SEMINAR (AI) - Public Sector Appraising (2/2009) Page 4 of 5 E) EDUCATIONAL BACKGROUND - (Partial List, continued) WEBINAR (AI) - Develop an Effective Marketing Plan (3/2009) SEMINAR (AI) - Inspecting the Residential "Green House" (4/2009) SEMINAR (AI) - Property Tax Assessment (5/2010) SEMINAR (AI) - Supervisor Trainee Roles and Rules (7/2010) SEMINAR (AI) - Florida Law for Real Estate Appraisers (7/2010) SEMINAR (AI) - 7 -Hour Introduction to Valuation for Financial Reporting — Chicago (5/2009) SEMINAR (AI) - Government Regulations & Their Effect on R.E. Appraising (8/2009) SEMINAR (AI) - R.E.Market: How We Got Here, Where We Are, Where We're Going (10/2009) SEMINAR (AI) - 7 Hour National USPAP Update Course (10/1/2010) COURSE (AI) - 7 Hour Introduction to Conservation Easement Valuation (12/10/2010) SEMINAR (AI) - The Real Estate Market (2/18/2011) COURSE (AI) - 16 Hours Uniform Appraisal Standards for Federal Land Acquisitions ("Yellow Boob') (2/25-26/2011) WEBINAR (AI) - Real Estate Industry Perspectives on Lease Accounting (4/7/2011) COURSE (AI) - 15 Hour Appraisal Curriculum Overview (5/19-20/2011) WEBINAR (AI) - 2 -hour Investment Property Accounting Standards (6/8/2011) SEMINAR (AI) - 3 Hour Spotlight on USPAP — Agreement for Services (7/15/2011) COURSE (AI) - 14 Hours (2 -day) Advanced Excel Spreadsheet Modeling for Valuation Applications (9/22 & 9/23/2011) SEMINAR (AI) - Trial Components (11/4/11) SEMINAR (AI) - Lessons from the Old Economy Working in the New (1/20/2012) 7 -Hour USPAP - National USPAP Update (3/9/2012) 3 -Hour Fla. Law - State Law Update (3/9/2012) SEMINAR (AI) - Appraisal Review for General Appraisers (4/12/2012) SEMINAR (AI) - Land Valuation (4/20/2012) SEMINAR (AI) - The Valuation of Warehouses (6/22/2012) SEMINAR (AI) - Town Hall Meeting: 2012 Appraisal Institute Forum (7/12/2012) SEMINAR (AI) - IRS Valuation (7/19/2012) SEMINAR (AI) - 7 Hour Business Practices and Ethics Course (12/7/2012) SEMINAR (AI) - Real Estate Forecast 2013 (1/25/2013) COURSE (AI) - 7 Hour Advanced Marketability Studies (5/6/2013) SEMINAR (AI) - Developing a Supportable Workfile (11/15/2013) SEMINAR (AI) - Florida Appraisal Law Course (2/7/2014) SEMINAR (AI) - Liability Issues for Appraisers performing Litigation & Non -Lending Work (2/24/2014) COURSE (AI) - 7 Hour National USPAP Update Course (4/25/2014) SEMINAR (AI) - Economic Conditions (5/16/2014) SEMINAR (AI) - Fundamentals of Going Concerns (7/16/2014) SEMINAR (AI) - Litigation Assignments for Residential Appraisers (7/24/2014) SEMINAR (AI) - Economic Engines of Miami -Dade County, Florida (1/23/2015) SEMINAR (AI) - Economic Engines Driving Broward County, Florida (5/15/2015) 3 -Hour Fla.Law - Florida Real Estate Broker 14 -hour Continuing Education Course (incl. 3 hour core law) with exam (9/2015) SEMINAR (AI) - Drone Technology & its Effect on Real Estate Valuations (11/2015) SEMINAR (AI) - Loss Prevention for Real Estate Appraisers (1/22/2016) COURSE (AI) - 7 -Hour National USPAP Update Course (4/22/2016) SEMINAR (AI) - 3 -Hour Florida Appraisal Law (4/22/2016) SEMINAR (AI) - 4 -Hour Appraisals in the Banking Environment (5/6/2016) SEMINAR (AI) - Appraising the Tough One: Mixed Use Properties (8/19/2016) SEMINAR (AI) - 4 -Hour Business Practices & Ethics (12/02/2016) 5 -Year Requirement WEBINAR (AI) - 2 -Hour Yellow Book Changes — Overview for Appraisers (1/11/2017) SEMINAR (AI) - 3 -Hours Economic Engines Driving Broward County in 2017 (1/27/2017) COURSE (AI) - 7 -Hours: Introduction to Green Buildings Principles & Concepts (2/24/2017) Page 5 of 5 F) APPRAISAL TEACHING EXPERIENCE Licensed by the Florida Department of Education to Teach (Certificate No. 275236). Authored and taught Residential and Commercial Real Estate Appraisal Courses for Broward County Adult Education Program. Taught Course 101 - Society of Real Estate Appraisers. Taught Course 201 - Society of Real Estate Appraisers. Taught Appraisal Seminars - Board of Realtors, ASA, SREA, and Al (Appraisal Institute). Adjunct Professor, University of Florida Division of Continuing Education: (taught Course 2, "Real Estate Principles and Practices" to prospective Florida Real Estate Brokers). G) PROFESSIONAL OFFICES HELD/AWARDS NATIONAL B.O.D. MEMBER - BOARD OF DIRECTORS of APPRAISAL INSTITUTE (2006- 2008) AWARD - Appraisal Institute `NATIONAL PRESIDENTS AWARD" 2008 AWARD - Appraisal Institute "LIFETIME ACHIEVEMENT AWARD" 2011 For "high ethical standards, contributions to the Appraisal Institute, Community and Appraisal Profession for at least 20 years." CHAIR - REGION X - All of Florida - Appraisal Institute (2008) VICE -CHAIR - REGION X - All of Florida - Appraisal Institute (2007) THIRD DIRECTOR - REGION X - All of Florida - Appraisal Institute (2006) FINANCE OFFICER - REGION X — All of Florida — Appraisal Institute (2006) PRESIDENT - BROWARD COUNTY, SOCIETY OF REAL ESTATE APPRAISERS PRESIDENT - BROWARD COUNTY, AMERICAN SOCIETY OF APPRAISERS CHAIR - FLA. STATE GOVERNMENT RELATIONS SUBCOMMITTEE OF Al CHAIR - FLA. STATE LEGISLATION & REGULATION SUBCOMMITTEE OF Al G) PROFESSIONAL OFFICES HELD/AWARDS CHAIR - FLORIDA REALTORS COMMITTEE ON COMMITTEE REFORMS CHAIR - EDUCATION COMMITTEE, FT. LAUDERDALE CHAPTER Al CHAIR - CANDIDATES GUIDANCE COMMITTEE, FT .LAUDERDALE CHAPTER Al CHAIR - NATIONAL Valuation for Financial Reporting PROJECT TEAM OF Al VICE CHAIR & MEMBER - NATIONAL GOVERNMENT RELATIONS COMMITTEE OF Al (15 Years) MEMBER - NATIONAL LONG RANGE PLANNING COMMITTEE OF Al MEMBER - NATIONAL PUBLIC AFFAIRS COMMITTEE OF Al DIRECTOR - REGION X (Florida) Appraisal Institute MEMBER - REGION X (FLORIDA) ETHICS AND COUNSELING PANEL DIRECTOR - BROWARD COUNTY, FLORIDA SOCIETY OF REAL ESTATE APPRAISERS DIRECTOR - SOUTH FLORIDA CHAPTER AMERICAN SOCIETY OF APPRAISERS MEMBER - NATIONAL EXPERIENCE REVIEW PANEL MEMBER OF Al SPECIAL MASTER - BROWARD COUNTY BOARD OF TAX ADJUSTMENT COMMISSIONER - 17TH JUDICIAL CIRCUIT COURT, Broward County, FL MEMBER - 2013 APPRAISAL INSTITUTE NATIONAL BUSVAL PROJECT TEAM H) PROFESSIONAL PUBLICATIONS & PRESENTATIONS Wrote and taught a basic Residential Appraisal Course for the Broward County Adult Education Div. of the Dept. of Education; Wrote and taught an Income Appraisal Course for the Broward County Adult Education Division of the Department of Education; Co-authored and taught an appraisal course on Mortgage -Equity Capitalization for the American Society of Appraisers. Authored and taught a Florida State and Appraisal Institute 3 -hour accredited course in "The Legislation, Regulation and Appraisal of Real Property Rights in Florida September 7, 1996. Presentation on "Gramm -Leach -Bliley" Federal Privacy Act of 1999 for South Florida Chapter of American Society of Appraisers on October 24, 2 00 1. Presented 3 -hour Florida CEU-credit seminar on "Appraisers and the Gramm -Leach -Bliley Act' before the South Florida Chapter of the Appraisal Institute on July 27, 2002. Presenter at 6.5 Hour CLE -credit Attorney Seminar on Florida Eminent Domain, "Valuation and Damage Issues" February 2, 2006, Fort Lauderdale, Florida P CIVIC INVOLVEMENT MEMBER OF ROTARY INTERNATIONAL / PAUL HARRIS FELLOW MEMBER OF THE GREATER FORT LAUDERDALE OPERA GUILD MEMBER FLORIDA PHILHARMONIC BROWARD TRUSTEES MEMBER OF THE BROWARD COUNTY LIBRARY SUPPORT GROUP ("BYBLOS") MEMBER CIRCLE OF FRIENDS — NOVA SOUTHEASTERN LIBRARY FOUNDATION MEMBER NOVA SOUTHEASTERN UNIVERSITY ALUMNI ASSOCIATION MEMBER OF THE FORT LAUDERDALE HISTORICAL SOCIETY MEMBER OF THE BROWARD COUNTY MUSEUM OF THE ARTS MEMBER OF THE FORT LAUDERDALE / BROWARD COUNTY CHAMBER OF COMMERCE MEMBER OF THE BETTER BUSINESS BUREAU OF SOUTH FLORIDA LIFETIME HONORARY MEMBER FLORIDA SHERIFF'S ASSOCIATION MEMBER NATIONAL & FT. LAUDERDALE COUNCILS U.S. NAVY LEAGUE U.S. ARMY VETERAN WWII (RA 1721268 1) - HONORABLE DISCHARGE 1949 I of 4 Vance Beal Estate Service Claudia Vance, MAI Appraiser - Real Estate Analyst Reviewer Vance Real Estate Service - 7481 NW 4 Street Plantation - FL - 33317 Office: 954.583.2116 Cell: 954.647.7148 Email: vancevalgatt.net Web Site: www.vancerealestateservice.com Vance Real Estate Service is a Veteran -Owned Small Business (VOSB) and Florida Certified SDVBE Minority Business Enterprise specializing in personalized real estate valuation services in Florida for over 35 years. Designated appraisers perfonm the appraisal work, no trainees. Our appraisals are used for financial/ mortgage loan purposes from large mixed use complexes to small owner- occupied properties. We have the qualifications for appraisals submitted to SBA. Jesse B. Vance, Jr., MAI, SRA, ASA and Claudia Vance, MAI are qualified as expert witnesses for eminent domain, deficiency judgments, marriage dissolution, and estates. Our fine values most types of real property interests, timely, professionally, and at competitive costs. PROFESSIONAL QUALIFICATIONS A) PROFESSIONAL DESIGNATIONS/ LICENSES MAI Designation - APPRAISAL INSTITUTE No. 9451 State -Certified General Real Estate Appraiser No. RZ-173 Florida State Licensed Real Estate Broker No. BK 0161305 VOSB Veteran -Owned Small Business (CCR/Duns 826494957) B) WORK HISTORY 1983 - Current Vice President - Vance Real Estate Service 1981-1983 President - The Appraisal Company, Fort Lauderdale, Florida 1979-1981 Staff Appraiser - Real Property Analysts, Inc., Fort Lauderdale, Florida 1976-1980 REALTOR -Associate - The Atwood Corporation, Fort Lauderdale, Florida 1973-1975 Teacher of Secondary Language Arts in the Jefferson Parish School in Louisiana C) QUALIFIED AS AN EXPERT WITNESS IN REAL ESTATE VALUATION U.S. Bankruptcy Court, Southern District of Florida Florida Circuit Court: Broward County D) APPRAISER SPECIAL MAGISTRATE FOR THE BROWARD CO VALUE ADJUSTMENT BOARD 2002-2010 E) EXPERIENCE: 35+years appraising and analyzing real property interests in South Florida. Partial list of real vroverty types valued: High value residences, Condominiums/ Co-operatives, Office, Industrial, Multi -fainly, Restaurants/ bars, Auto dealerships, City Centers, Hotels/ imotels, Houses of worship, Schools, Child care centers, Self -storage, Funeral home, Animal Hospital, Mixed use, Nursing homes, Gas sales stations, Marinas, Mobile home parks, Shopping centers, Country clubs/ golf courses, Financial institutions, Bowling centers, Vacant land, Agricultural properties, Environmentally sensitive land Tvves of Reports: Market Value, Eminent Domain, Marketability, Feasibility, Highest and Best Use, Investment Analyses, Partial Interests, Easement Valuations, Estate planning, Marriage dissolution, Land use studies, Damage/ Contamination studies 2 of 4 F) PARTIAL LIST OF CLIENTS — PRIVATE: Individuals, Corporations, Attorneys, Accountants, Habitat for Hu vanity, Seminole Tribe of Florida COMMERCIAL BANKS: Wells Fargo; BankAtlantic; SunTrust; Citigroup; Space Coast Credit Union; State Fann Bank; Florida Shores Bank; American National Bank; Landmark Bank; City National Bank; Englewood Bank & Trust SAVINGS & LOANS, INSURANCE COMPANIES, REAL ESTATE INVESTMENT TRUSTS, & REAL ESTATE TRANSFER COMPANIES, TITLE INSURANCE COMPANIES FLORIDA CITIES: Fort Lauderdale, Plantation, Cooper City, Deerfield Beach, Tamarac, Oakland Park, Wilton Manors, Davie, Hollywood, Pembroke Pines, Hallandale Beach, Lauderhill, Southwest Ranches, Miramar, Boca Raton, Boynton Beach, West Patin Beach, Delray Beach FLORIDA COUNTIES and AGENCIES: Broward, Pahn Beach, Broward County Board of County Cormnissioners, School Board of Broward County, Broward County Housing Authority STATE OF FLORIDA Department of Transportation (FDOT), Department of Environmental Protection U.S. Department of Veterans Affairs, U.S. Department of Treasury (IRS), U.S Marshall's Service, U.S. Attorney G) EDUCATIONAL BACKGROUND Academic: Bachelor of Arts Degree — University of New Orleans, New Orleans, LA — Major: English Professional: Course 1-A (AIREA) - Introduction to Appraising Real Property, 1977, Passed Exam Course 1-B (AIREA) - Capitalization Theory and Techniques, 1978, Passed Exam Course VIII (AIREA) - Residential Appraising, 1978, Passed Exam Course SPP (AI) - Standards of Professional Practice, 1992, Passed Exam Course 2-1 (AIREA) - Case Studies, 1987, Passed Exam Course 2-2 (AIREA) - Report Writing, 1987, Passed Exam Course R-2 (SREA) - Report Writing, 1978, Passed Exam Course 202 (SREA) - Applied Income Property Valuation, 1983, Passed Exam Course 301 (SREA) - Applications/Appraisal Analysis, 1984, No Exam Course SPP (SREA) - Standards of Professional Practice, 1989, No Exam Symposium (SREA) - Market Analysis, 1983, Philadelphia Symposium (SREA) - Market Analysis, 1984, Atlanta Symposium (SREA) - Market Analysis, 1985, Vancouver Symposium (SREA) - Market Analysis, 1986, Atlantic City Symposium (SREA) - Market Analysis, 1988, Los Angeles SEMINAR (AI) - Cost Approach (1992/Boston) SEMINAR (AI) - Rates & Ratios (1992/Boston) SEMINAR (AI) - International Appraising (1992/Boston) SEMINAR (AI) - Litigation Valuation/Mock Trial (1993) SEMINAR (AI) - ADA ACT (1993/Reno) SEMINAR (AI) - Hotel Valuation (1993) SEMINAR (AI) - Income Capitalization, Methods (1993) SEMINAR (AI) - Powerlines/Electromagnetic Radiation (1994) SEMINAR (AI) - Verifying Market Data (1994) SEMINAR (AI) - Market Studies for Appraisals (1994) SEMINAR (AI) - Florida Appraiser Core Law (USPAP/1994) SEMINAR (AI) - Limited Appraisals & Reports (USPAP/1994) SEMINAR (AI) - Public Safety & Property Values (1995) SEMINAR (AI) - Outparcel Valuation (1995) SEMINAR (AI) - Computer Technology Video Conference (1995) SEMINAR (AI) - The Internet & the Appraiser (1996) SEMINAR (AI) - Florida Commercial Construction (1996) SEMINAR (AI) - 1996 Data Exchange (1996) SEMINAR (AI) - Real Property Rights in Florida (1996) COURSE (AI) - USPAP & Florida Real Estate Core Law (1996) SEMINAR (AI) - Valuation of Trees (1997) of 4 G) EDUCATIONAL BACKGROUND (Continued) SEMINAR (AI) - Valuation of Transferable Development Rights [TDR's] (1997) COURSE (AI) - Standards of Professional Practice, Part C, 15 hour Course #430 (1997) SEMINAR (AI) - Non -Conforming Uses (1998) SEMINAR (AI) - The Impact of Contamination on Real Estate Value (1998) COURSE (AI) - USPAP & Florida Real Estate Core Law (1998) SEMINAR (AI) - Econometrics/Statistical Valuation Methods (1999) SEMINAR (AI) - Globalization of Real Estate/What U.S. Appraisers Need to Know (1999) SEMINAR (AI) - The Role of the Appraiser in Alternative Dispute Resolution (Mediation/Arbitration) (1999) SEMINAR (AI) - Technology Forum Part II/Intermediate (1999) SEMINAR (AI) - Client Satisfaction/Retention/Development (1999) SEMINAR (AI) - Attacking and Defending an Appraisal (1999) SEMINAR (AI) - Federal Appraisal Requirements (2000) SEMINAR (AI) - Regression Analysis in Appraisal Practice: Concepts & Applications (2000) SEMINAR (AI) - Analyzing Income Producing Properties (2000) COURSE (AI) - USPAP & Florida Real Estate Core Law (2000) SEMINAR (AI) - Mediation & Alternate Dispute Resolution Seminar (2001) SEMINAR (AI) - State of the Appraisal Profession (2001) SEMINAR (AI) - Ad Valorem Assessment Process in Florida (2002) SEMINAR (AI) - Role of Real Estate Appraisers in Bankruptcy Proceedings (2002) SEMINAR (AI) - Appraisers & the Gramm -Leach -Bliley Federal Privacy Act (2002) SEMINAR (AI) - How to Appraise the Ugly House (2002) COURSE (AI) - 2 -Day Course #430, Standards of Professional Practice, Part C (2002) SEMINAR (AI) - Market Trends for 2003 (2003) SEMINAR (AI) - Update on Code of Professional Ethics (2003) PANEL (AI) - Moderator "Industry, Consumer & Congressional Views on Predatory Lending" D.C. (2003) SEMINAR (AI) - Florida State Law for Real Estate Appraisers (2003) SEMINAR (AI) - Appraisal Agreements (2003) SEMINAR (AI) - Analyzing Distressed Real Estate (2004) SEMINAR (AI) - Valuation for Financial Reporting Purposes (2004) SEMINAR (AI) - National USPAP Course (2004) SEMINAR (AI) - Inverse Condemnation (2004) SEMINAR (AI) - Loss Prevention (2005) SEMINAR (AI) - Single Family Fraud Awareness (2005) SEMINAR (AI) - Guide to the new URAR form (2005) SEMINAR (AI) - Technologies for Real Estate Appraisers (2006) SEMINAR (AI) - The Appraiser's Role in New Urbanism (2006) SEMINAR (AI) - National USPAP Update (2006) SEMINAR (AI) - Florida State Law for Real Estate Appraisers (2006) SEMINAR (AI) - Scope of Work and the New USPAP Requirements (2006) SEMINAR (AI) - Energy Star and the Appraisal Process (2006) SEMINAR (AI) - Reappraising, Readdressing, and Reassigning Appraisals (2007) SEMINAR (AI) - Real Estate Fraud (2007) SEMINAR (AI) - Forecasting Revenue (2007) SEMINAR (AI) - Florida Law for Real Estate Appraisers (2007) COURSE (AI) - Business Practice and Ethics #420 (2007) SEMINAR (AI) - Supervisor — Trainee Roles and Rules (2008) COURSE (AI) - 7 Hour National USPAP Update #400 (2008) SEMINAR (AI) - Hypothetical Conditions and Assumptions (2008) SEMINAR (AI) - Real Estate Economy (2008) SEMINAR (AI) - Public Sector Appraising (2009) SEMINAR (AI) - Inspecting the residential "green" house (2009) WEBINAR (AI) - Value for Financial Reporting (2009) SEMINAR (AI) - The Real Estate Market in 2009 SEMINAR (AI) - New Government Regulations (2009) SEMINAR (AI) -Property Tax Assessment (2010) SEMINAR (AI) -7 Hour National USPAP (2010) SEMINAR (AI) - Florida Law for Real Estate Appraisers (2010) SEMINAR (AI) - Supervisor/ Trainee Roles and Rules (2010) SEMINAR (AI) - The Real Estate Market (2011) SEMINAR (AI) - Uniform Appraisal Standards for Federal Land Acquisitions- "Yellow Book" (2011) COURSE (AI) - 15 Hour Appraisal Curriculum Overview (2011) SEMINAR (AI) - Spotlight on USPAP — Agreement for Services (2011) SEMINAR (AI) - Trial Components (2011) 4 of 4 G) EDUCATIONAL BACKGROUND (Continued) SEMINAR (AI) - Lessons from the Old Economy Working in the New (2012) SEMINAR (AI) - Appraisal Review for General Appraisals (2012) COURSE (AI) - National USPAP Update (2012) SEMINAR (AI) - Florida Law (2012) SEMINAR (AI) - Land Valuation (2012) SEMINAR (AI) - Valuation of Warehouses (2012) SEMINAR (AI) - IRS Valuation (2012) SEMINAR (AI) - Business Practices and Ethics (2012) SEMINAR (AI) - Real Estate Forecast (2013) SEMINAR (AI) - Advanced Marketability Studies (2013) SEMINAR (AI) - Developing a Supportable Workfile (2013) SEMINAR (AI) - Florida Appraisal Law (2014) SEMINAR (AI) - Liability Issues for Appraisers performing Litigation & Non -Lending Work (2014) COURSE (AI) -7 Hour National USPAP Update Course (2014) SEMINAR (AI) -Florida Law (2014) SEMINAR (AI) - New Real Estate Economy (2014) SEMINAR (AI) - Economic Engines of Miami -Date County (2015) SEMINAR (AI) - Economic Engines of Broward County (2015) SEMINAR (AI) - Tightening the Appraisal (2015) SEMINAR (AI) - Evaluating Commercial Construction (2015) SEMINAR (AI) - Drone Technology (2015) SEMINAR (AI) - Loss Prevention for Appraisers (2016) COURSE (AI) - 7 Hour National USPAP Update (2016) SEMINAR (AI) - Florida Law (2016) SEMINAR (AI) - Redefining the Appraisal & Its Role in an Evolving Banking Environment (2016) H) PROFESSIONAL INVOLVEMENT Region X Representative of the Appraisal Institute 2006 — 2009 President of the South Florida Chapter of the Appraisal Institute - 2003 First Vice -President of the South Florida Chapter of the Appraisal Institute -2002 Second Vice -President of the South Florida Chapter of the Appraisal Institute -2001 Secretary of the South Florida Chapter of the Appraisal Institute -2000 Treasurer of the South Florida Chapter of the Appraisal Institute - 1999 Chair of the Education Committee of the S. Florida Chapter of the Appraisal Institute - 1995, 1996, 1997, 1998, 2007- 2016 Chair of the University Relations Committee of the South Florida Chapter of the Appraisal Institute - 2006 Director of the South Florida Chapter of the Appraisal Institute 1996 - 1998 Member of Region X (Florida) Ethics and Counseling Panel —Al Graduate of the Florida REALTORS Institute (GRI) Director of the Florida Association of REALTORS (FAR) - 1981 Committee Member of the Florida Association of REALTORS, Education Committee 1980 & 1981 Chairman of the Education Committee of the Fort Lauderdale REALTORS - 1981 and 1982; Member 1978, 1979, 1980 Member of the Long Range Planning and Awards Committees of the Fort Lauderdale REALTORS Instructor for the Investment Division of the Fort Lauderdale REALTORS D PROFESSIONAL PUBLICATIONS & PRESENTATION Prepared and taught Mastering Real Estate Mathematics at the Fort Lauderdale Area Board of REALTORS Prepared and taught A Guide to Researching Real Estate Information in Broward County and Working Through the Basic Approaches to Market Value, Fort Lauderdale Area Board of REALTORS J) CIVIC INVOLVEMENT Member of the Navy League of the United States — Fort Lauderdale Council Lifetime Honorary Member- Florida Sheriff s Association Member of Zeta Tau Alpha Alumnae Fraternity ATTACHMENT III 521 NE 2nd St Cottage District Aerial Streetview ATTACHMENT IV PURCHASE AND SALE AGREEMENT This Purchase and Sale Agreement (hereinafter "Agreement") is made and entered into as of the Effective Date (hereinafter defined), by and between BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY, a public agency created pursuant to Chapter 163, Part III, of the Florida Statutes (hereinafter "PURCHASER") and 521 BOYNTON, LLC (hereinafter "SELLER"). In consideration of the mutual covenants and agreements herein set forth, the Parties hereto agree as follows: 1. PURCHASE AND SALE/PROPERTY. SELLER agrees to sell and convey to PURCHASER and PURCHASER agrees to purchase and acquire from SELLER, on the terms and conditions hereinafter set forth, the Properties located in Palm Beach County, Florida (the "Properties") and more particularly described as follows: Lots 74 and 76 (LESS the West 25.0 feet thereof), C.W. COPP'S ADDITION TO BOYNTON, according to the Plat thereof, as recorded in Plat Book 7, Page 56, of the Public Records of Palm Beach County, Florida. Property Address: 521 NE 2nd Street, Boynton Beach, FL 33435 2. PURCHASE PRICE AND PAYMENT. The Purchase Price to be paid for the Property shall be One Hundred Sixty -Six Thousand and NO/100 Dollars ($166,000.00), payable in cash, by wire transfer of United States Dollars at the Closing. 3. DEPOSIT. 3.1 Earnest Money Deposit. Within five (5) Business Days after the execution of the Purchase Agreement by both parties, PURCHASER shall deliver to Lewis, Longman & Walker, PA ("Escrow Agent") a deposit in the amount of Three Thousand Dollars ($3,000.00) the "Deposit"). 3.2 Application/Disbursement of Deposit. The Deposit shall be applied and disbursed as follows: The Deposit shall be delivered to SELLER at Closing and the PURCHASER shall receive credit for such amount against the Purchase Price. If this Agreement is terminated during the Feasibility Period (hereinafter defined) for any reason, the Deposit shall be immediately refunded to the PURCHASER. If this Agreement is terminated due to a default, pursuant to Section 12, the 00807705-t Purchase and Sale Agreement Page 2 of 15 Deposit shall be delivered to (or retained by, as applicable) the non -defaulting Party, and the non - defaulting Party shall have such additional rights, if any, as are provided in Section 12. 3.3 Escrow Agent. PURCHASER and SELLER authorize Escrow Agent to receive, deposit and hold funds in escrow and, subject to clearance, disburse them upon proper authorization and in accordance with Florida law and the terms of this Agreement. The parties agree that Escrow Agent will not be liable to any person for misdelivery of escrowed items to PURCHASER and SELLER, unless the misdelivery is due to Escrow Agent's willful breach of this Agreement or gross negligence. If Escrow Agent interpleads the subject matter of the escrow, Escrow Agent will pay the filing fees and costs from the deposit and will recover reasonable attorney's fees and costs to be paid from the escrowed funds which are charged and awarded as court costs in favor of the prevailing party. All claims against Escrow Agent will be arbitrated, so long as Escrow Agent consents to arbitrate. 4. EFFECTIVE DATE. The effective date of the Purchase Agreement is the date that the Escrow Agent receives the Escrow Deposit and Escrow Agent executes the Agreement. 5. CLOSING. The purchase and sale transaction contemplated herein shall close on or before June 15, 2017, (the "Closing"), unless extended by other provisions of this Agreement or by written agreement, signed by both parties, extending the Closing. 6. TITLE TO BE CONVEYED. At Closing, SELLER shall convey to PURCHASER, by Warranty Deed complying with the requirements of the Title Commitment (hereinafter defined), valid, good, marketable and insurable title in fee simple to the Property, free and clear of any and all liens, encumbrances, conditions, easements, assessments, restrictions and other conditions except only the following (collectively, the "Permitted Exceptions"): (a) general real estate taxes and special assessments for the year of Closing and subsequent years not yet due and payable; (b) covenants, conditions, easements, dedications, rights-of-way and matters of record included on the Title Commitment or shown on the Survey (defined in Section 7), to which PURCHASER fails to object, or which PURCHASER agrees to accept, pursuant to Section 7.1 and Section 7.2 hereof. 7. FEASIBILITY PERIOD. The PURCHASER, and its designees shall have Twenty (20) days from the Effective Date of this Agreement ("Feasibility Period"), at PURCHASER's expense, to make inquiries to determine if the Property is suitable for its intended use and to enter upon the Property, at any time and from time to time with reasonable notice to SELLER and so long as said investigations do not result in a business interruption, to perform any and all physical tests, inspections, valuation appraisals and investigations of the Property, including but not limited to Phase I and Phase If investigations, which PURCHASER may deem necessary. During this Feasibility Period, PURCHASER may elect, in PURCHASER's sole and absolute discretion, to terminate this contract and receive back all deposits hereunder. If PURCHASER elects to terminate this Agreement in accordance with this Section, PURCHASER shall: (i) leave the 00807705-1 5 Purchase and Sale Agreement Page 3of15 Property in substantially the condition existing on the Effective Date, subject to such disturbance as was reasonably necessary or convenient in the testing and investigation of the Property; (ii) to the extent practicable, shall repair and restore any damage caused to the Property by PURCHASER's testing and investigation; and (iii) release to SELLER, at no cost, all reports and other work generated as a result of the PURCHASER's testing and investigation. PURCHASER hereby agrees to indemnify and hold SELLER harmless from and against all claims, losses, expenses, demands and liabilities, including, but not limited to, attorney's fees, for nonpayment for services rendered to PURCHASER (including, without limitation, any construction liens resulting therefrom) or for damage to persons or property (subject to the limitation on practicability provided above) arising out of PURCHASER's investigation of the Property. However, PURCHASER's indemnification obligations shall not exceed its statutory limits as provided within Section 768.28, Florida Statutes, and PURCHASER does not waive its sovereign immunity rights. SELLER hereby agrees to indemnify and hold PURCHASER harmless from and against all claims, losses, expenses, demands and liabilities, including, but not limited to, attorney's fees, for nonpayment for services rendered to SELLER or for damage to persons or property (subject to the limitation on practicability provided above) arising out of PURCHASER's investigation of the Property. SELLERS' obligations under this Section shall survive the termination, expiration or Closing of this Agreement. 7.1 Title Review. Within twenty (20) days of the Effective Date, PURCHASER shall obtain, at the PURCHASER's expense, from a Title Company chosen by PURCHASER (hereinafter "Title Company"), a Title Commitment covering the Property and proposing to insure PURCHASER in the amount of the Purchase Price subject only to the Permitted Exceptions, together with complete and legible copies of all instruments identified as conditions or exceptions in Schedule B of the Title Commitment. Any and all assessments, outstanding utility charges, liens and other matters not constituting Permitted Exceptions shall be paid by Seller prior to or at closing from Seller's proceeds. PURCHASER shall examine the Title Commitment and deliver written notice to SELLER no later than thirty (30) days after the Effective Date notifying SELLER of any objections PURCHASER has to the condition of title (hereinafter "Title Objections"). If PURCHASER fails to deliver the Title Objections to SELLER within the aforesaid review period, title shall be deemed accepted subject to the conditions set forth in the Title Commitment. If PURCHASER timely delivers the Title Objections, then SELLER shall have thirty (30) days to diligently and in good faith undertake all necessary activities to cure and remove the Title Objections (hereinafter "Cure Period"). In the event that SELLER is unable to cure and remove, or cause to be cured and removed, the Title Objections within the Cure Period, to the satisfaction of PURCHASER, then PURCHASER, in PURCHASER's sole and absolute discretion, shall have the option of (i) extending the Cure Period and the Closing for one additional thirty (30) day period, or (ii) accepting the title as it then is but using such portion of the Purchase Price as may be necessary to pay and satisfy any mortgages, outstanding utility charges, delinquent property taxes and/or code enforcement and contractors' liens or other recorded claims of lien upon the property, or (iii) canceling and terminating this Agreement, in which case, the Deposit shall be returned to PURCHASER and the Parties shall have no further obligations or liability hereunder, 00807705-1 "9 Purchase and Sale Agreement Page 4 of 15 except for those expressly provided herein to survive termination of this Agreement. Prior to the Closing, PURCHASER shall have the right to cause the Title Company to issue an updated Title Commitment ("Title Update") covering the Property. If any Title Update contains any conditions which did not appear in the Title Commitment, and such items render title unmarketable, PURCHASER shall have the right to object to such new or different conditions in writing prior to Closing. All rights and objections of the Parties with respect to objections arising from the Title Update shall be the same as objections to items appearing in the Title Commitment, subject to the provisions of this Section. 7.2. Survey Review. PURCHASER, at PURCHASER's expense, shall obtain a current boundary survey (the "Survey") of the Property, indicating the number of acres comprising the Property to the nearest 1/100th of an acre. If the Survey discloses encroachments on the Property or that improvements located thereon encroach on setback lines, easements, lands of others or violate any restrictions, covenants of this Agreement, or applicable governmental regulations, the same shall constitute a title defect and shall be governed by the provisions of Section 7.1 concerning title objections. 7.3 SELLER Deliveries. SELLER shall deliver to PURCHASER the following documents and instruments within ten (10) days of the Effective Date of this Agreement, except as specifically indicated: 7.3.1 Copies of any reports or studies (including engineering, environmental, soil borings, and other physical inspection reports), in SELLER's possession or control with respect to the physical condition or operation of the Property, if any. 7.3.2 Copies of all licenses, variances, waivers, permits (including but not limited to all surface water management permits, wetland resource permits, consumptive use permits and environmental resource permits), authorizations, and approvals required by law or by any governmental or private authority having jurisdiction over the Property, or any portion thereof (the "Governmental Approvals"), which are material to the use or operation of the Property, if any. 7.3.3 Prior to the Closing Date, SELLER shall execute and deliver to PURCHASER any and all documents and instruments required by PURCHASER, in PURCHASER's sole and absolute discretion, which: (i) effectuate the transfer to PURCHASER of those Governmental Approvals, or portions thereof which are applicable to the Property, that PURCHASER desires to have assigned to it, and/or (ii) cause the Property to be withdrawn from any Governmental Approvals. No later than thirty (30) days prior to the Closing Date, SELLER shall remedy, restore, and rectify any and all violations of the Governmental Approvals (including, but not limited to, any and all portions of the surface water management system, mitigation areas or other items which do not comply with the Governmental Approvals or applicable rules), 00807705-1 Purchase and Sale Agreement Page 5 of 15 if any. SELLER warrants that there will not be, at the time of Closing, any unrecorded instruments affecting the title to the Property, including, but not limited to any conveyances, easements, licenses or leases. 8. CONDITIONS TO CLOSING. PURCHASER shall not be obligated to close on the purchase of the Property unless each of the following conditions (collectively, the "Conditions to Closing") are either fulfilled or waived by PURCHASER in writing: 8.1. Representations and Warranties. All of the representations and warranties of SELLER contained in this Agreement shall be true and correct as of Closing. 8.2. Condition of Property. The physical condition of the Property shall be the same on the date of Closing as on the Effective Date, reasonable wear and tear excepted. 8.3. Pending Proceedings. At Closing, there shall be no litigation or administrative agency or other governmental proceeding of any kind whatsoever, pending or threatened, which has not been disclosed, prior to closing, and accepted by PURCHASER. 8.4. Compliance with Laws and Regulations. The Property shall be in compliance with all applicable federal, state and local laws, ordinances, rules, regulations, codes, requirements, licenses, permits and authorizations as of the date of Closing. 8.5. Occupancy. SELLER shall serve its two existing tenants with all required notices to ensure timely termination of all tenancies. Notwithstanding any other provision of this Agreement, it is expressly understood that PURCHASER's obligation to close is contingent upon the Property being unoccupied at the time of closing. 9. CLOSING DOCUMENTS. The PURCHASER shall prepare, or cause to be prepared, the Closing Documents set forth in this Section, except for documents prepared by the SELLER'S Title Company. At Closing, SELLER shall execute and deliver, or cause to be executed and delivered to PURCHASER the following documents and instruments: 9.1. Deed. A Warranty Deed (the "Deed") conveying to PURCHASER valid, good, marketable and insurable fee simple title to the Property free and clear of all liens, encumbrances and other conditions of title other than the Permitted Exceptions. 9.2 Seller's Affidavits. SELLER shall furnish to PURCHASER an owner's affidavit attesting that, to the best of its knowledge, no individual or entity has any claim against the Property under the applicable construction lien law; and that there are no parties in possession of the Property other than SELLER. SELLER shall also furnish to PURCHASER a non -foreign affidavit with respect to the Property. In the event SELLER is unable to deliver its affidavits referenced above, the same shall be deemed an uncured title objection. 00807705-1 A2 / Purchase and Sale Agreement Page 6 of 15 9.3. Closing Statement. A closing statement setting forth the Purchase Price, the Deposit, all credits, adjustments and prorations between PURCHASER and SELLER, all costs and expenses to be paid at Closing, and the net proceeds due SELLER, which PURCHASER shall also execute and deliver at Closing. 9.4. Corrective Documents. Documentation required to clear title to the Property of all liens, encumbrances and exceptions, if any, other than Permitted Exceptions. 9.5. Additional Documents. Such other documents as PURCHASER or the Title Company may reasonably request that SELLER execute and deliver, and any other documents required by this Agreement or reasonably necessary in order to close this transaction and effectuate the terms of this Agreement. 10. PRORATIONS, CLOSING COSTS AND CLOSING PROCEDURES. 10.1. Prorations. Assessments, rents, interest, insurance and other expenses of the Property shall be prorated through the day before Closing. PURCHASER shall have the option of taking over existing policies of insurance, if assumable, in which event premiums shall be prorated. Cash at Closing shall be increased or decreased as may be required by prorations to be made through the day prior to Closing. Advance rent and security deposits, if any, will be credited to PURCHASER. Taxes shall be prorated based upon the current year's tax with due allowance made for maximum allowable discount. 10.2 Ad Valorem Taxes. PURCHASER and SELLER shall comply with Section 196.295, Florida Statutes, with respect to the payment of prorated ad valorem taxes for the year of closing into escrow with the Palm Beach County Tax Collector's Office. In the event that, following the Closing, the actual amount of assessed real property tax on the Property for the current year is higher than any estimate of such tax used for purposes of the Closing, the parties shall re -prorate any amounts paid or credited based on such estimate as if paid in November. This shall survive the Closing. 10.3. Special Assessment Liens. Certified, confirmed and ratified special assessment liens imposed by public bodies as of Closing are to be paid by SELLER. Pending liens as of Closing shall be assumed by PURCHASER. If the improvement has been substantially completed as of the Effective Date, any pending lien shall be considered certified, confirmed or ratified and SELLER shall, at Closing, be charged an amount equal to the last estimate or assessment for the improvement by the public body. 10.4. Closing Costs. PURCHASER shall be responsible for all documentary stamps on the deed, recording the deed and half of all general closing expenses (settlement fee, courier fees, overnight package, etc.). SELLER is responsible for half of all general closing ooso77os-i )V- Purchase and Sale Agreement Page 7of15 expenses and their own legal fees. All other costs of closing shall be borne by PURCHASER. 10.5 Closing Procedure. PURCHASER shall fund the Purchase Price subject to the credits, offsets and prorations set forth herein. SELLER and PURCHASER (as applicable) shall execute and deliver to Closing Agent the Closing Documents. The Closing Agent shall, at Closing: (i) disburse the sale proceeds to SELLER; (ii) deliver the Closing Documents and a "marked -up" Title Commitment to PURCHASER, and promptly thereafter, record the Deed and other recordable Closing Documents in the appropriate public records. 10.6 Existing Mortgages and Other Liens. At Closing, SELLER shall obtain, or cause to be obtained, satisfaction or release of record of all mortgages, liens and judgments applicable to and encumbering the Property. 11. REPRESENTATIONS, COVENANTS AND WARRANTIES. To induce PURCHASER to enter into this Agreement, SELLER makes the following representations, all of which, to the best of its knowledge, in all material respects and except as otherwise provided in this Agreement (i) are now true, and (ii) shall be true as of the date of the Closing unless SELLER receives information to the contrary, and (iii) shall survive the Closing. In that event, PURCHASER shall be provided immediate notice as to the change to the following representations: 11.1 At all times from the Effective Date until prior to Closing, SELLER shall keep the Property (whether before or after the date of Closing) free and clear of any mechanic's or materialmen's liens for work or materials furnished to or contracted for, by or on behalf of SELLER prior to the Closing, and SELLER shall indemnify, defend and hold PURCHASER harmless from and against all expense and liability in connection therewith (including, without limitation, court costs and reasonable attorney's fees). 11.2 SELLER has no actual knowledge nor has SELLER received any notice of any litigation, claim, action or proceeding, actual or threatened, against SELLER or the Property by any organization, person, individual or governmental agency which would affect (as to any threatened litigation, claim, action or proceeding, in a materially adverse fashion) the use, occupancy or value of the Property or any part thereof or which would otherwise relate to the Property. 11.3 SELLER has full power and authority to enter into this Agreement and to assume and perform its obligations hereunder in this Agreement. SELLER does not and will not conflict with or result in the breach of any condition or provision, or constitute a default under, or result in the creation or imposition of any lien, charge, or encumbrance upon any of the Property or assets of the SELLER by reason of the terms of any contract, mortgage, lien, lease, agreement, indenture, instrument or judgment to which the SELLER is a party of which is or purports to be binding upon the SELLER or which affects the SELLER; no action by any federal, state or municipal or other governmental department, commission, board, bureau or instrumentality is necessary to make this Agreement a valid instrument binding upon the SELLER in accordance with its terms. 00307705-1 7Lq� Purchase and Sale Agreement Page 8 of 15 11.4 SELLER represents that SELLER will not, between the date of this Agreement and the Closing, without PURCHASER'S prior written consent, which consent shall not be unreasonably withheld or delayed, except in the ordinary course of business, create any encumbrances on the Property. For purposes of this provision the term "encumbrances" shall mean any liens, claims, options, or other encumbrances, encroachments, rights-of-way, leases, easements, covenants, conditions or restrictions. Additionally, SELLER represents that SELLER will not, between the date of this Agreement, and the Closing take any action to terminate or materially, amend or alter any existing leases presently in existence, without the prior consent of PURCHASER, which consent shall not be unreasonably withheld or delayed. 11.5 SELLER represents that there are no parties other than SELLER in possession of the Property or any portion of the Property as a lessee. 11.6 SELLER shall not list or offer the Property for sale or solicit or negotiate offers to purchase the Property while this Agreement is in effect. SELLER shall use its best efforts to maintain the Property in its present condition so as to ensure that it shall remain substantially in the same condition from the conclusion of the Feasibility Period to the Closing Date. 11.7 SELLER has no actual knowledge nor has SELLER received any notice of any litigation, claim, action or proceeding, actual or threatened, against SELLER or the Property by any organization, person, individual or governmental agency which would affect (as to any threatened litigation, claim, action or proceeding, in a materially adverse fashion) the use, occupancy or value of the Property or any part thereof or which would otherwise relate to the Property. 11.8 SELLER represents that it has no actual knowledge nor has it received any notice that the Property has been, is presently or is contemplated to be utilized as a reservoir of hazardous material. As used herein, the term "Hazardous Material" shall mean any substance, water or material which has been determined by any state, federal or local government authority to be capable of posing a risk of injury to health, safety and property, including, but not limited to, all of those materials, wastes and substances designated as hazardous or toxic by the U.S. Environmental Protection Agency, the U.S. Department of Labor, the U.S. Department of Transportation, and/or any other state or local governmental agency now or hereafter authorized to regulate materials and substances in the environment (collectively "Governmental Authority(ies)"). 11.9 SELLER represents to PURCHASER that the Property is not subject to any deed restrictions or declaration of restrictions running with the Property which would affect the use of the Property except those constituting Permitted Exceptions as defined above. 00807705-I 14 Purchase and Sale Agreement Page 9 of 15 11.10 Between the date of this Agreement and the date of closing, SELLER will not file any application for a change of the present zoning classification of the Property. 11.11 Authority. The execution and delivery of this Agreement by SELLER and the consummation by SELLER of the transaction contemplated by this Agreement are within SELLER'S capacity and all requisite action has been taken to make this Agreement valid and binding on SELLER in accordance with its terms. The person executing this Agreement on behalf of SELLER has been duly authorized to act on behalf of and to bind SELLER, and this Agreement represents a valid and binding obligation of SELLER. 11.12 Title. SELLER is and will be on the Closing Date, the owner of valid, good, marketable and insurable fee simple title to the Property, free and clear of all liens, encumbrances and restrictions of any kind, except the Permitted Exceptions (and encumbrances of record which will be discharged at Closing). 11.13 Additional Warranties and Representations of SELLER. As a material inducement to PURCHASER entering into this Agreement, SELLER, to the best of SELLER'S information and belief, hereby represents and warrants the following: 11.13.1 There are no pending applications, permits, petitions, contracts, approvals, or other proceedings with any governmental or quasi -governmental authority, including but not limited to, PURCHASER, municipalities, counties, districts, utilities, and/or federal or state agencies, concerning the use or operation of, or title to the Property or any portion thereof and SELLER has not granted or is not obligated to grant any interest in the Property to any of the foregoing entities. 11.13.2 There are no facts believed by SELLER to be material to the use, condition and operation of the Property in the manner that it has been used or operated, which it has not disclosed to PURCHASER herein, including but not limited to unrecorded instruments or defects in the condition of the Property which will impair the use or operation of the Property in any manner. 11.13.3 To the best of SELLER'S knowledge, the Property and the use and operation thereof are in compliance with all applicable county and governmental laws, ordinances, regulations, licenses, permits and authorizations, including, without limitation, applicable zoning and environmental laws and regulations. 12. DEFAULT. 12.1. PURCHASER's Default. In the event that this transaction fails to close due to a wrongful refusal to close or default on the part of PURCHASER, subject to the provisions of Paragraph 12.3 below, the Deposit actually then being held by the Escrow Agent shall be paid by 00807705-1 'S Purchase and Sale Agreement Page 10 of 15 Escrow Agent to SELLER as agreed liquidated damages and, thereafter, neither PURCHASER nor SELLER shall have any further obligation or liabilities under this Agreement, except for those expressly provided to survive the termination of this Agreement; provided, however, that PURCHASER shall also be responsible for the removal of any liens asserted against the Property by persons claiming by, through or under PURCHASER, but not otherwise. PURCHASER and SELLER acknowledge that if PURCHASER defaults, SELLER will suffer damages in an amount which cannot be ascertained with reasonable certainty on the Effective Date and that the amount of the Deposit being held by Escrow Agent most closely approximates the amount necessary to compensate SELLER. PURCHASER and SELLER agree that this is a bona fide liquidated damages provision and not a penalty or forfeiture provision. 12.2. Seller's Default. In the event that SELLER shall fail to fully and timely perform any of its obligations or covenants hereunder or if any of SELLER'S representations are untrue or inaccurate, then, notwithstanding anything to the contrary contained in this Agreement, PURCHASER may, at its option: (1) declare SELLER in default under this Agreement by notice delivered to SELLER, in which event PURCHASER may terminate this Agreement and demand that the Deposit be returned, including all interest thereon if any, in accordance with Section 3 and neither Party shall have any further rights hereunder, or (2) seek specific performance of this Agreement, without waiving any action for damages. 12.3. Notice of Default. Prior to declaring a default and exercising the remedies described herein, the non -defaulting Party shall issue a notice of default to the defaulting Party describing the event or condition of default in sufficient detail to enable a reasonable person to determine the action necessary to cure the default. The defaulting Party shall have fifteen (15) days from delivery of the notice during which to cure the default, provided, however, that as to a failure to close, the cure period shall only be three (3) business days from the delivery of notice. Both parties agree that if an extension is requested, such extension shall not be unreasonably withheld. If the default has not been cured within the aforesaid period, the non -defaulting Party may exercise the remedies described above. 12.4. Survival. The provisions of this section shall survive the termination of this Agreement. 13. NOTICES. All notices required in this Agreement must be in writing and shall be considered delivered when received by certified mail, return receipt requested, or personal delivery to the following addresses: If to Seller: Steve Reichel 521 Boynton, LLC 7790 Villa D Este Way Delray Beach, FL 33446 00807705-1 Purchase and Sale Agreement Page 11 of 15 Telephone: (973) 727-9977 If to Purchaser : Executive Director Boynton Beach Community Redevelopment Agency 710 N. Federal Highway Boynton Beach, FL 33435 With a copy to: Kenneth Dodge Lewis, Longman & Walker, PA 515 North Flagler Drive Suite 1500 West Palm Beach, FL 33401 14. BINDING OBLIGATION/ASSIGNMENT. The terms and conditions of this Agreement are hereby made binding on, and shall inure to the benefit of the successors and permitted assigns of the Parties hereto. SELLER may not assign its interest in this Agreement without the prior written consent of PURCHASER, which shall not be unreasonably withheld. PURCHASER shall have the right to assign this Agreement to the City of Boynton Beach (the "City") without the prior consent of SELLER and the PURCHASER shall be released from any further obligations and liabilities under this Agreement. The PURCHASER may not assign this Agreement to any other party without the prior written approval of SELLER, which shall not unreasonably withheld. If PURCHASER has been dissolved as an entity while this Agreement and/or the attached Lease Agreement are in effect, the provisions of section 163.357(1), Florida Statutes, (as it may be amended from time to time), shall apply. 15. BROKER FEES. The SELLER and PURCHASER hereby state that they have not dealt with a real estate broker in connection with the transaction contemplated by this Agreement and are not liable for a sales commission. SELLER shall indemnify, defend and hold harmless the PURCHASER from and against any and all claims, losses, damages, costs or expenses (including, without limitation, attorney's fees) of any kind or character arising out of or resulting from any agreement, arrangement or understanding alleged to have been made by SELLER on its behalf with any broker or finder in connection with this Agreement. The provisions of this Section shall survive Closing or termination of this Agreement. 16.1. For purposes of this Agreement, pollutant ("Pollutant") shall mean any hazardous or toxic substance, material, or waste of any kind or any contaminant, pollutant, petroleum, petroleum product or petroleum by-product as defined or regulated by environmental laws. Disposal ("Disposal") shall mean the release, storage, use, handling, discharge, or disposal of such Pollutants. Environmental laws ("Environmental Laws") shall mean any applicable federal, state, or local laws, statutes, ordinances, rules, regulations or other governmental restrictions. 00807705-1 Purchase and Sale Agreement Page 12 of 15 16.1.1 As a material inducement to PURCHASER entering into this Agreement, SELLER hereby warrants and represents the following, as applicable: (1) That SELLER and occupants of the Property have obtained and are in full compliance with any and all permits regarding the Disposal of Pollutants on the Property or contiguous property owned by SELLER, to the best of SELLER'S knowledge. (2) SELLER is not aware nor does it have any notice of any past, present or future events, conditions, activities or practices which may give rise to any liability or form a basis for any claim, demand, cost or action relating to the Disposal of any Pollutant on the Property. SELLER is not aware nor does it have any notice of any past, present or future events, conditions, activities or practices on contiguous property that is owned by SELLER which may give rise to any liability or form a basis for any claim, demand, cost or action relatingto the Disposal of any Pollutant affecting the SELLER'S property. (3) There is no civil, criminal or administrative action, suit, claim, demand, investigation or notice of violation pending or, to the best of that entity's knowledge, threatened against SELLER or the Property relating in any way to the Disposal of Pollutants on the Property, any portion thereof, or on any contiguous property owned by SELLER. 17. PUBLIC RECORDS. PURCHASER is a public agency subject to Chapter 119, Florida Statutes. The SELLER is hereby notified that the PURCHASER is required by law, pursuant to Chapter 119, to maintain and disclose upon request all records deemed public under the statute including this Agreement and some or all of the documents necessary to consummate the transaction set forth herein. To the extent that any litigation should be instituted by SELLER, either directly or as a third party, to prevent or prohibit PURCHASER from disclosing or providing documents involving this Agreement or the transaction set forth in the Agreement pursuant to a public records request submitted under Chapter 119, SELLER agrees that PURCHASER may either: 1) defend the claim up to and including final judgment, or 2) interplead the challenged documents into the court. In either event, SELLER agrees to pay PURCHASER's reasonable attorneys' fees and costs, both trial and appellate. 18. MISCELLANEOUS. 18.1. General. This Agreement, and any amendment hereto, may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which shall, together, constitute one and the same instrument. The section and paragraph headings herein contained are for the purposes of identification only and shall not be considered in construing this Agreement. Reference to a Section shall be deemed to be a reference to the entire Section, unless otherwise specified. No modification or amendment of this Agreement shall be of any force or effect unless in writing executed by the Parties. This Agreement sets forth the entire agreement between the Parties relating to the Property and all subject matter herein and supersedes all prior and contemporaneous negotiations, understandings and agreements, 00807705-1 fi Purchase and Sale Agreement Page 13 of 15 written or oral, between the Parties. This Agreement shall be interpreted in accordance with the laws of the State of Florida. The Parties hereby agree that jurisdiction of any litigation brought arising out of this Agreement shall be in the Fifteenth Judicial Circuit, in and for Palm Beach County, Florida, or, should any cause of action be limited to federal jurisdiction only, in the United States District Court for the Southern District of Florida. 18.2. Computation of Time. Any reference herein to time periods which are not measured in business days and which are less than six (6) days, shall exclude Saturdays, Sundays and legal holidays in the computation thereof. Any time period provided for in this Agreement which ends on a Saturday, Sunday or legal holiday shall extend to 5:00 p.m. on the next full business day. Time is of the essence in the performance of all obligations under this Agreement. Time periods commencing with the Effective Date shall not include the Effective Date in the calculation thereof. 18.3. Waiver. Neither the failure of a party to insist upon a strict performance of any of the terms, provisions, covenants, agreements and conditions hereof, nor the acceptance of any item by a party with knowledge of a breach of this Agreement by the other party in the performance of their respective obligations hereunder, shall be deemed a waiver of any rights or remedies that a party may have or a waiver of any subsequent breach or default in any of such terms, provisions, covenants, agreements or conditions. This paragraph shall survive termination of this Agreement and the Closing. 18.4. Construction of Agreement. The Parties to this Agreement, through counsel, have participated freely in the negotiation and preparation hereof. Neither this Agreement nor any amendment hereto shall be more strictly construed against any of the Parties. As used in this Agreement, or any amendment hereto, the masculine shall include the feminine, the singular shall include the plural, and the plural shall include the singular, as the context may require. Provisions of this Agreement that expressly provide that they survive the Closing shall not merge into the Deed. 18.5. Severability. If any provision of this Agreement or the application thereof shall, for any reason and to any extent, be invalid or unenforceable, neither the remainder of this Agreement nor the application of the provision to other persons, entities or circumstances shall be affected thereby, but instead shall be enforced to the maximum extent permitted by law. The provisions of this Section shall apply to any amendment of this Agreement. 18.6 Handwritten Provisions. Handwritten provisions inserted in this Agreement and initialed by PURCHASER and SELLER shall control all printed provisions in conflict therewith. 18.7 Waiver of Jury Trial. As an inducement to PURCHASER agreeing to enter into this Agreement, PURCHASER and SELLER hereby waive trial by jury in any action or proceeding brought by either party against the other party pertaining to any matter whatsoever arising out of 00307705-1 Purchase and Sale Agreement Page 14 of 15 or in any way connected with this Agreement. 18.8. Attorneys Fees and Costs. Should it be necessary to bring an action to enforce any of the provisions of this Agreement, reasonable attorneys' fees and costs, including those at the appellate level, shall be awarded to the prevailing party. 18.9 Binding Authority. Each party hereby represents and warrants to the other that each person executing this Agreement on behalf of the PURCHASER and SELLER has full right and lawful authority to execute this Agreement and to bind and obligate the party for whom or on whose behalf he or she is signing with respect to all provisions contained in this Agreement. 18.10 Recording. This Agreement may be recorded in the Public Records of Palm Beach County, Florida. 18.11 Survival. The covenants, warranties, representations, indemnities and undertakings of SELLER set forth in this Agreement, shall survive the Closing, the delivery and recording of the SELLER'S Property Deed and PURCHASER's possession of the Property. 18.12 SELLER Attorneys' Fees and Costs. SELLER acknowledges and agrees that SELLER shall be responsible for its own attorneys' fees and all costs, if any, incurred by SELLER in connection with the transaction contemplated by this Agreement. IN WITNESS WHEREOF, the Parties have executed this Agreement as of the Effective date. PURCHASER: BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY Printed Name: SELLER: 521 BOYNTON, LLC Printed Name: cJ�2 Je i� C�►.st 4 Title: Chair Title: �C—V%CA CA VIA 6QF Date: Date: I� WITNESS: 00807705-1 WITNESS: Purchase and Sale Agreement Page 15 of 15 Printed Name: WITNESS: Printed Name: ESCROW AGENT Lewis, Longman & Walker, P.A. Printed Name: Date: Printed Name: C_lux— kell'C'�e WIT Printed Name: 00807705-] J�\ ATTACHMENT V Photos Taken May 24, 2017 Photos Taken May 24, 2017 Photos Taken May 24, 2017 Photos Taken May 24, 2017 Photos Taken May 24, 2017 Photos Taken May 24, 2017 Photos Taken May 24, 2017 Photos Taken May 24, 2017 Photos Taken May 24, 2017 Photos Taken May 24, 2017 Photos Taken May 24, 2017 *f,.'.RA BOARD MEETING OF: June 13,,2017 - 4Z I PY-111 11111114 iv, W14 1 . Approve acceptance of the Letter of Intent as submitted by Habitat for Humanity of South Palm Beach for a CRA owned property located at 117 W. MLK, Jr. Boulevard, approve the issuance the required 30 day Notice to Dispose, direct staff and legal counsel to negotiate the terms of a Purchase and Development agreement to be brought back to the CRA Board for their consideration at a later date and to present the item to the City Commission for their approval to dispose of the property for less than fair market value as required. 2. Do not to approve the Letter of Intent as submitted by Habitat for Humanity of South Palm Beach for a CRA owned property located at 117 W. MILK, Jr. Boulevard,, Michael Simon, Interim Executive Director ATTACHMENT ZEM�� 181 &E. 5th Avenue Delray each, FL 33483 561-819-6070 Fax: 561-819-0173 ww-x,v,habitatsouthpalmbeat h.org Eben Malloy Boynton Beach CRA BOARD OFFICERS Michael Simon Rick Howard, 710 N Federal Hwy Chairman Boynton Beach FL 33435 Scott Sullivan, Jeff Fengler Past President & Construction Director Secretary Michael, Brittney Kocal, 561-371-2191 Treasurer Attached please find a description of a vacant lot which Habitat for Humanity of South Palm Beach County respectfully requests that the Boynton Beach CRA DIRECTORS transfer the title/ownership of to H FHSPBC. Scott Banks Eric Bucher We feel that with the CRA's help we can further enhance the heart of Audrey Grolig Boynton Beach, specifically the Model Block and our mission to upgrade the community and provide low cost housing to the families who need it the most. Jason Katz Eric Lebersfeld Eben Malloy Respectful Leon Silverstein Yanneth Villarreal Jeff Fengler Construction Director President/CEO 561-371-2191 Randy Nobles jfengler@hfhboca.org Contributions benefit Habitat for Humanity of South Palm Beach County, a not for profit tax exempt organization. A COPY OF THE OFFICIAL REGISTRATION AND FINANCIAL INFORMATION HABITAT FOR HUMANITY OF SOUTH PALM BEACH COUNTY, (CH -2844), MAYBE OBTAINED FROM THE DIVISION OF CONSUMER SERVICES BY CALLING TOLL FREE 1- 800-435-7352 WITHIN THE STATE OF FLORIDA. Registration does not Imply endorsement, approvai or recommendation by the state. Habitat for Humanity of South Palm Beach Visit Our Restores At: 1900 NorthFed aol,,HightmelfaBeirarBeach, Florida 33483 •561-455-4441 272 South Dixie Highway, Boca Raton, Florida 33432 - 561-362-7284 LENDER QUHOUSIRG 10055 Yamato Road, Boca Raton, FL 33498 .561-757-6190 LENDER 117 W. MartinLuther King Jr Blvd, Boynton Beach FL 33435 Parcel: 08-43-45-21-25-001-0170 New construction of a 3 bedroom/2 bathroom single family home for a qualified low income family Contributions benefit Habitat for Humanity of South Palm Beach County, a not for profit tax exempt organization. A COPY OF THE OFFICIAL REGISTRATION AND FINANCIAL INFORMATION HABITAT FOR HUMANITY OF SOUTH PALM BEACH COUNTY, )CH -2844), MAY BE OBTAINED FROM THE DIVISION OF CONSUMER SERVICES BY CALLING TOLL FREE 1- 800-435-7352 WITHIN THE STATE OF FLORIDA. Registration dOei not imply endomement, approval or recommendation by the state. Habitat for Humanity of South Palm Beach County receives 10096 of each contributlon. of DOROTHY -JACKS CIA, A,A115 IV AL'w, . .. . ........... . . .. ... ... .. .. .. . .... .. Location Addross 117 W MARTIN LUTHER KING JR BLVD Mmicipality BOYNTON BEACH Parcel CorArol Ninber 08-43-45-21-25-001-0170 Subdivision FRANK WEBBER ADD Of Records Book- 28080 PaW1524 Sale Date JAN -2016 FRANK WEBBER ADD LT 17 (LESS S 3 0 FTW NIA.ffn-N LUTHER KING JR BLVD R/W) BLK I .. ... ... .. .. .. .. .. .. ".., 11.1 ..... .... .. Making address 710 N FEDERAL HWY i BOYNTON BEACH CRA BOYNTON BEACH Fl, 33435 3910 Sales Price &R. J� W� kk Om, -, wr Date Boak/Fage WARRANTY JAN -2016 $109,000 28080 / 01524 BOYNTON BEACH CRA DEED FEB -2003 $100 16538 / 00483 QUIT CLAIM WOODROW &CARRINGTON JAN -2001 $1 123011'01962 QUIT CLAIM CARRINGTON MARY AN -1998 $67,000 10549 / 00840 WARRANTY CARRINGTON MARY DEED DEC -1986 $100 05110 / 00128 QUITCLAIM Uxenqpdon A7jphca,:n0'jv-x.s2 r 76ear .11,e&E BOYNTON BEACH CRA 2017 FULL CRNS AND DDNS NmborofUnitsO *roftl Sgiart Feet 0 Aces 0.1759 Use Code 0000- VACANT Zona R2 - Duplex(08-BOYNTONBEACH) Tax Year 2016 2015 7014 lrrpravernnri Value $57,915 $55,651 $37,254: Luid Value $12,613 $11,466 $8,190 Total Market Value $70,528 $67,11? $45,444: All values are as o0ammy 1st each year Tax Year 2016 2015 -,f) I Pl Assess.3d Value $47,612 $43,284 $39,349. Bonption Armu0 $0 $0: Taxable Vahie $47,612 $43,284 $39,349: Tax Year 2016 2015 2014 Ad Valorem $1,201 $1,150 $9372. NonAd Valocrn $270 $270 $275. Total tax $1,471 $1,420 $1,2127. LINE TABLE LINE BEARING DISTANCE L1 S88'00'00"W 12.08' L2 S81'09'26"W 43.08' S.I.R. 1/2" S.S.R. 1 /2° N % — i M�% J—JLB #7893 LB #7893 r H8$�Q 00 . o aS r 0.2 0 O.B' O 1 n 3 LOT 18 I BLOCK I " ih o, z Iwo Il z� 4 - OPtN 10,U �L PAT10 ;o 9.9' Cdci 15.0' 10.3' I LOT 16 BLOCK �o z l RESIDENCE m SOU1 HERLY PORTION 0� #117 � LOT 17 BLOCK 1 O.R.B. 4615, PAGE 1168 35.1 4 (NOT INCLUDED) .o 13.1' t; N r - CORNER ' uii- FALLS IN a� a S AR. 1/2' N :n;"n LB #7893 26^E 0 0.3 S.I.R. 1/2" BASIS, o I F.LP. 1" DRIVE 1.1' 1481'09 •O.8 °' OB' LB # 7893 BEARING LEGAL. 1 55.00•(P) NO I.D. 55.25'(M) ~' a P. -T - IS A TRUFAND CORRECT REPRESENTA77ON OFA r STATE OF a o SERVING ALL FLORIDA COUNTIES 5 wA�x ' L18800440.00'(P) ¢i GUTTER 42.$2' p. 0.®:N n — — 2' CURB & W. MARTIN LUTHER KING JRA LEVARD In R W /ARIES- (ASPHALT) N SURVEY HDTES. -CONCRETE DRIVE CROSSING THE SOUTH SIDE OF LOT. —THERE ARE FENCES NEAR THE BOUNDARY OF THE PROPERTY AND CROSS THE WEST LOT LINE. PAGE 2 OF 2 PAGES I 9 HcH BOUNDARY ARY S 'V Y LB #7893 £ Aa IFI C4 q t `� r£ No. 8899 I lJ TARGE 1 , ')SEW SURVEYORS CERTIFICATE f d a IHEREBYCER77FYTHA TTHIS BOUNDARYSURVEY LC VEj 11 Cy, —L IS A TRUFAND CORRECT REPRESENTA77ON OFA r STATE OF a SURVEY PREPARED UNDER MYOIRECTION. NOT VALID IMTHOUTAN AUTHEN7ICA TED ELECTRONIC SERVING ALL FLORIDA COUNTIES L 0R t o P 4 L S u SIGNATURE AND AUTHENTICATED ELECTRONIC SEAL, D E >YD SIGNATURE, ye 6250 N. MILITARY TRAIL, SUITE 102 • oN:eNaci eeo. McNeal, C - U9, 0 = McNeal T*mt9urveyin9,OU- WEST PALM BEACH, FL 33407 PHONE (561)540.4800 w.etPAM St.& D.Wa016 FACSIMILE (561)640-0576 (51GAEo} s4 STATEWIDE PHONE (600)226-4607 _ CLYDEO. McNEAL, PROFESSIONAL SURVEYOR ANDMAPPERV663 STATEWIDE FACSIMILE (B00) 741.0576 Lot 17, Block 1, THE FRANK WEBER ADDITION TO SOYNTON BEACH, according fo the Plat thereof, as recorded in Plat Book 9, Page 3, of the Pub& Records ofPALM BEACH County, Florida, less road right of way conveyed to Palm Beach County M O.R. Book 4615, Page 1188. Community Number. 120196 Panel: 0004 Suffix., C Flood Zorn: C Field Work., 1!1311016 Certified TO: BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY; LEWIS, LONGMAN d WALKER, P.A.; OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY; Property Address, 117 WEST MARTIN LUTHER KING JR BLVD BOYNTON BEACH, FL 33435 Survey Number. 246741 LEGEND.' IME LAK45V4AVrFs0ArXAFASEMENT MY RIGHT OF WAY AIC AfRCalVWFAVNrN FW97?WCELEVAMW OR 0FOClALRECARDS SLR. SErMYROO5CAP B.R BEARAF19REFEREXE r.F FAWSNFCFlcor ORR OMCkQ RECORD$ BOOK RP PoVII'RPO! k AN. REN04MAV FLP. FO.WO#MVPlYL: 0,,F. fs7 rryE/LSfE'w1w 70,8, 70pOF@AMK V CDWERLAIC F0. FOUW PO'.P. IRA r-fflr00AF Gr, P117VT WR WATER Ik- ER ICJ CA.LCLkATED a {int FRU PEfdRWNTRUFRENCt'A0"ENr PG. PAGE CATV C4MER4SFR Wr MTALESSCORW'R KAU. TE4AALIRARY8EN H"0?K (P) PLAT 06. CATLYIAASW F.P,K t0(A%VPARKER-KkCVW k TEL. rELEW"ffFACIUTIFS P.H. 1' tSOOK ura CRAUHOEE FCO FbL6DockVCRI!IE40RA+feV P.08. POWOPBEG www UP, 1)771IlYPOt1= 0.E. DR44VAGEEA5EA9ENT F.I.R. POL"AONAOC P.00. FMT0FLM9VXEUFVT (Aq FhR0 WEASMED D^N DQ*F1VAY L IEAS TH PC.. 00WF0FL0A#0M4URVATW AX ANCh004FAZ445Nr A GBW7RALAWA 6M7rA L4.E. LLLMDACWSSEASE3(EiVr P.Cti PGW F OF CUR VA nfflE OWL 0ViNgAD1Ir7LTTYLMs t: At COWCRE7EAKhVQ,4 wr AIX AlMifTLeMANCEEAS!•AEV P.RC. P0AVr0FWffd? t: CVRVATL+RE' R PROPfRTYLAVF AR DEl:D80RIt ALR. iRMA9f0LE RT POWTOFTAMIMMY GN CHORD D, CESCRI111XWORDEED F.N. FOUWAWL 0 AWERTYCORWR C=M COVEREDAREA ESOT tIISE.T"t A(0 NAA[SD= ROLE RCOFOVERIUWGFASFA&rff EM CDNCRETE 60 EFGFOFIVATER AIR. A'OMRANAL R IL&41S(RAM) *--AL- 1900FEWE' N.TS NOrTo$ awl .K—.* METAL FENCE PAGE I OI' 2 PAGES GOVEREILNOTES. LEGAL DESCRIPTION AND CERTIFICATION LEGAL ACSCRaPT7WPRO0DF06YOWfl$ 77}FiAN0 910IW hTRE-Z W 0FRE NOrARV rRACTM FOR FASEMEN TS OR 07?MR RtCOAV--V E XL4fBRA4U$AYyYSNOYsVOV tW PLIr UNLVAGRUtiVf/PMTAM 0AFOG TWL'GSFOUVD4WV5OROrkERMIMVEVENM0SRl: AVFL=7EU Y/At-tMARE WPWFACEOFTP AALLAAVARE N0rWBf'1AyEDrORtcaysTr?UOr V0(AWWYtNIXS owyWSr$11"9 1 = Irp. EhIA90SMS" WAREPLATA'VO AfEAstXF0(A%8$8OTN1:MWESWRIV A N+XOKLVrRS1f1PN0rUF?EA.ALVfA ELEYAfM$AV9. AM0IA REaVARE.WPEErAROtga"4LSRE REWEDTOA16VC.7919 A+1s>' 4W&STAA"S. GRIJ'i+RCREPRESFMAAGWSRAYEBEfkE1GiGGFRATEC ry L 6 CLEARYSIUSTRATE AELA rAL51LaR7P8 SME€V PWTWVAL INPfiOWVENT&ANa-nR Lor 4WES LAVAL! V SFS AffA%(V6V Sl1Af t CaM04 TIAELOE,iWV 0P TI;FI+IPMW44ENT5 OWR SC.UrD 0.5rf7CN5 LB #7893 a � � } SERVING ALL FLORIDA COUNTIES, 6250 N. MILITARY TRAIL, SUITE 102 WEST PALM BEACH, FL 33407 PHONE (561)640-4800 FACSIMILE (561)640-0!176 STATEWIDE PHONE (e0O)22&4eO7 STATEWIDE FACSIMILE (800) 741-0676 SUBJECT: Discussion of Sara Sims Park Master Plan Design and Conceptual Housing Component SUMMARY- In 2009, CRA and City staff worked together with REG Architects and the community to develop a Master Planning Summary Report for future improvements to Sara Sims Park. This report, which was CRA Board approved in July 2010, highlighted preliminary design concepts, a site analysis and a master plan design concept for the Park. These park concepts were later incorporated into the CRA Board approved 2014 Heart of Boynton Redevelopment Plan and the consolidated 2016 Boynton Beach Community Redevelopment Plan, CRA staff will be presenting the Sara Sims Park Master Plan to the community for their input on the design layout and park amenities (see Attachment 1). On April 19, 2017, City staff presented the results of the City of Boynton Beach Housing Assessment Study done by Metrostudy which supports the need for additional affordable housing units throughout the City. In order to explore options for both housing and park improvements, a conceptual housing layout was created using a portion land at the western end of Sara Sims Park. This concept along with the existing Park Master Plan will be presented to the community for input and discussion of future park improvements (see Attachment 11). For those who were unable to attend either of these meetings, the Sara Sims Park Master Plan will be discussed at the following meetings- • CRA Board Meeting, June 13, 6:30 pm at City Hall! • City Recreation & Parks Board meeting, June 26, 6,30 pm at City Hall • Additional meeting dates to be determined At the May 31 st and June 1 st meetings, a questionnaire was distributed to the community as an #pportunity to provide the CRA with input regarding the Sara Sims Master Park and the results ,jif the questionnaire have been summariz�ed as Attachment IV. On June 13, 2�01 7, the CRA Board will discuss the public input given at the May 31$1 meeting and the June I" CRA Advisory Board meeting, as well as to provide the community with another opportunity to discuss the Sara Sims Park Master Plan. CRA and City staff have been working together to identify opportunities to improve the existing conditions within Sara Sims Park, If the CRA were to provide funding in the amount of $600,000 to combine together with the City's $600,000 in the CIP budget, we believe substantial improvements would be possible and greatly enhance the look and experience of the park grounds for residents and visitors (see Attachment V). CRA PLAN/PROJECTIPROGRAM: 2016 Boynton Beach Community Redevelopmeni Plan — Heart of Boynton (pg. 105 — 117) CRAAB RECOMMENDATION: Recommends the need to prioritize funding in the IF 2017 — 2018 budget to undertake substantial park improvements or move forward with th design phase of the r'- Michael e Michael Simon, Interim Executive Director ATTACHMENT 6, L Em N E L a- 0 0 - Oo N N ry L � E EE E U m (1) cn m %0 O •� a O ^� m L 5C Q O O N v NT N O O CY) O coO O U L Q 2E U O LU LU otf Q e $ A / \ m & \ \ / 3 2� \ /E )5 \ �< < cz < ®a5 < %2 ) �k< 7 G ¥ ) = \// /3/ƒ G � = \ƒ/ 2 f ± 3 \32/ u / k G LU � \ E 0 % cn ¥ a- \ §¥a $ % .§ =/J - E o .» % % E .- .q .E k \ \ 2%\/[E - k22 £o cn /m :3 /\> < �\ <§ f\<<\ \¥¥ \ ~ § 3 ( + 7 J ° � � ° 3 5 ¥ _ o 77/f/0e\/ 3 0 y = _ < < _ _ \//\3E$/\J\\\/\±2�J - a= m 3= 2 z E _± % E E» E®_ _ $ a.r 2 = » ® % k % = m = _- 7 2 2 _ > < % = o.g o = * s = > m .� $ e % o = 2 E * % s s = 2 = _ t ®_ _ \ � _ < G32Em$R $3» 2R2E2o2E3$±5»32E3o2E»33 u / k G LU � 0 0 N 1 EP (1)(1) c(1) 0 in Q c z O a> � U Y 0 � U O ca Y U C C O � 0 c c E ca Y a_ a_ D 0 pC c ca ca 2 N a- 9-- Q .� .0 (n 0 o � ca c axi a_wwa_a_0LL- z Cl) ƒ 0 \ / 3 \� \� _/ 6 / cu -RC)7/ /% )\ § cu � \ = p o %2 \cu \ / § @3 ° \ 0)-R \$ �2 _%\U) /\ %2 \ - �0 E\ \% 0 �\ / & (D g o 9 6 \ / k \ \ \ o ./ 2 ƒ§ 0 \\ ƒ \ cu \ =G �=a �k /D E2 70/ – _ * f)� kD= <me = \ � ƒ \ 2 9 -- CU = o.< o ± $ og ƒE\ / .2 = r � $ G ) ]�\ / D ® 2 J \P 2 < C/) � � \ \ ° �\cn E �\\ g® –o .3/ – =o f(/ )\$ > _ 3�/ > »J 9 E / \ ¥ 3 ƒ cQ 7 ) /�/ � 3 = cu m o cu �k2 3 °° §®ƒ (\ gE (D If \\CD %E a 3k\ 3\> �\ / �E< e$±0 " / �R ®e\ _ = a / 4 Q 2 $ ( ® 2 CU CZ) a e % -1 X 0-0- E y \ ) \ / \ \ $ �� _ E 0-\.22 – C/) \E - 0 X > //\%/�\ Lu b\ 9ƒ\9.$224 \ �(j/� /s 22zE±ssom 7 e . . . . . . . . . � / k G ƒ � 0 a v O ti O N a LU U z� 0 0 0 CV W L J Q � H � Z N u V) U N s U Q W LO 0 U 0 0 N V) U (1) s U a` W co Co c - E c U) o co <n a' a co N Co U_ -E co o co p- 0 c Q 0 E U i a O o � O O_ co co co U a O OLL O U O L C U Q� � O E a > O (a 0) O - O U O a) +� >C a O 'O to j U O O (o O U o Q E �- co co Q UE " = c o U cm fn (Da) U WC - ~ O a C 0 [If U O O O O (o U co i O O Cp - Co M- a co A co i O U L C:) C (o N C O a)N cm c o 0 NO U >' (o UN 0O � U y. 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Q Q O C- > > Y c O _O -5 Co O C — co cn Q O ai Q- U o x M- :!=f c � � � c U E •� O U � � C � O U (o Q i N i U N O O N oO U E U U O .O C" O M- cn O co +C- O i �O O .O O O cm EU N M O - -a -a co C 0 0co U O CU .O Co(a O C Q- O Q U O C >' O i (� Q Q (� ZD (a Q 2) V) U N s U Q W N we WUIIIIII� City of Boynton Beach ITISMISM, Me Department of Development Planning and Zoning Division City of Boynton Beach April 2014 THE AREA AND THE PLANNING EFFORT The Heart of Boynton community is a unique and distinct neighborhood located within the City's 1,650 acre Community Redevelopment Area of the City of Boynton Beach (see map, Figure 1). The City Community Redevelopment Agency (CRA) was established in 1981, following the "finding of necessity" and need for such an agency. According to Chapter 163, Part III, Florida Statutes, redevelopment in the Community Redevelopment Area cannot proceed unless the governing body conveys this designation after it determines the area to be suffering from conditions of slum and blight, and a shortage of housing affordable to residents of low or moderate income. Consistent with state law, the City declared the downtown redevelopment areas as "blighted" in May of 1982, and simultaneously created the original Community Redevelopment Area (CRA) which generally encompassed the Central Business District. The redevelopment plan for this area, also required by state law, was adopted in 1984. In 1987, following the same process—the determination of conditions related to slum, blight, and housing deficiencies—the city expanded the boundaries of the CRA to include a 519 -acre area bounded by Boynton Canal in the north, Florida East Coast Railroad on the east, Ocean Avenue on the south and Interstate 95 on the west and, within it, the neighborhood known today as Heart of Boynton (Resolution No. 87-QQQ). A plan prepared by a team of consultants for redevelopment of the expanded area was adopted in 1988. The HOB portion of the 1988 Community Redevelopment Plan was amended in December 2001 with significant community input, and adopted by the City as the Heart of Boynton Community Redevelopment Plan. The HOB plan is currently one of four CRA plans that describe the shape and nature of future development within the overall CRA; they also include the Federal Highway Corridor Community Redevelopment Plan, the Ocean Avenue Community Redevelopment Plan and the Downtown Vision and Master Plan. This report aims to revisit and reenergize the Heart of Boynton Redevelopment Plan by adjusting its road map to current conditions and by accommodating new opportunities. THE IMPLEMENTATION PROGRESS To date, many of the projects and recommendations contained within the Heart of Boynton Plan have been implemented. The Seacrest Boulevard's streetscape project was completed in 2011 with the assistance of Federal stimulus funding. The Wilson Center, now renamed the Carolyn Sims Center, was redeveloped in 2009. A number of new single-family homes have been built throughout the neighborhood, including 21 in Ocean Breeze West, in place of a portion of the demolished Boynton Terrace Apartments. There is much progress to celebrate in the Heart of Boynton. With 380 acres in the center of the City, the Heart of Boynton Community Redevelopment Plan covers a large area (see parcel and aerial maps, Figures 2 and 3). There is more work to be undertaken from the original plan, including the revitalization of the Martin Luther King Jr. Blvd., the development of the eastern portion of the old Boynton Terrace site and the redevelopment of the public works site. However, new realities in the marketplace require the review of the recommendations from 2001 to ensure that they are financially viable and will promote new development. City and CRA staff met with community stakeholders on October 24, 2013 at the new Carolyn Sims Center to review the status of the implementation of the 2001 Plan and to seek input about future redevelopment directions. Using electronic clickers, members of the community voted on new projects and designs for the Heart of Boynton Community Redevelopment Plan update. Overall, the community supported a mix of residential and commercial uses with a maximum density of 40 units per acre as well as expansion of light industrial uses in selected locations east of Seacrest Boulevard, while maintaining the single-family character of the areas west of the Boulevard. There is a renewed excitement about the future redevelopment of the Heart of Boynton community. The City and CRA are committed to making that a reality. 2 11 13 G () III M L! 11 i 1 11 F? i? d e v to to F) rn e n t ;k f e ill Legend M Fe 0� W= Legend Kmtl il S-viflon R,gikt4jit, pat l,; Legend am= 2001 HEART OF BOYNTON COMMUNITY REDEVELOPMENT PLAN 0 Overview: Methodology Recoriji-enORtions 2001 HOB COMMUNITY REDEVELOPMENT PLAN-, AN METHODOLOGY The 2001 HOB Community Redevelopment Plan (the Plan) was created with extensive community participation, including five public charrettes to maximize involvement and support. Strategic Planning Group, Inc. (SPG) led the effort, in partnership with the RMPK Group and JEG Associates. During the planning process, the consultants: Organized the Kick-off charrette to obtain community input regarding major problems and concerns as well strengths of the area; over 400 local residents attended. * Identified and interviewed community stakeholders, including residents, property owners, service providers, faith leaders, and representatives of the CRA, the CDC, the PBC Housing Authority, and the Police and other City departments. Conducted a Neighborhood Livability Workshop allowing the stakeholders to grade livability standards in the community, offer ideas and solutions to address critical issues, and set priorities for neighborhood improvement. Facilitated four planning and design charrettes during which participants redrew the boundaries of "current neighborhoods"; provided recommendations for commercial revitalization and neighborhood improvements, including traffic, parking and green space, endorsed proposed changes to land use and zoning, and promoted the Floribbean Architectural Design theme. REDEVELOPMENT. IDENTIFIED ADVANTAGES AND CONSTRAINTS The stakeholders recognized both a number of opportunities for and constraints to redevelopment. KEY STRE GTI -S A VA TA ES OF THE AREA WERE: History and location; Two elementary schools and a Head Start center; * Two active community development corporations; * Strong City and CRA commitment to revitalization; m, Churches (although excessive number of tax-exempt facilities, under - maintenance and parking problems were also mentioned). 7 KEY CONSTRAINTS TO REDEVELOPMENT ENT WERE i DENTIFI ; * Cherry Hill Public Housing and Boynton Terrace Section 8 project, areas of high crime and unappealing aesthetics; Loitering and crime activities associated with several small businesses. Large number of small vacant parcels—land assembly required for redevelopment. N EIGHBORHOOD DIASTER PIAN Through the original public participation process, seven (7) "neighborhoods" that comprise the HOB area were delineated (see Figure 4). According to the Plan, the western portion of the HOB should remain predominantly single-family residential, which consists of three (3) of the seven (7) newly identified neighborhoods (i.e. Poinciana Heights, Boynton Hills and Ridgewood). The new Poinciana Heights neighborhood is the original Poinciana Heights neighborhood expanded to include the redesigned Wilson Center Park, Palmetto Park and the old Cherry Hills neighborhood. In the eastern part of the HOB, the seven original neighborhoods were reduced to the following four (4) neighborhoods: 1) the Martin Luther King, Jr. neighborhood extended north to the Boynton (C-16) Canal thereby enveloping the "North MLK Jr./Happy Home Heights area; 2) a redeveloped Boynton Terrace; and 3,4) the Sheppard Addition and Arden Park neighborhoods remaining within their original boundaries. Generally, the eastern portion of the Heart of Boynton would become a mixed use development and incorporate a range of multi -family developments on either side of Martin Luther King, Jr. Boulevard, and single family homes on NE 12th and NE 13th Avenues. The three main land assembly efforts would include: (see Illustrative Master Plan, Figure 5, with corresponding numbers) 1. The Cherry Hills area, which would be razed, replatted and redeveloped as a traditional single family neighborhood similar in concept to Ridgewood. 2. The Martin Luther King, Jr. Corridor, which would be redeveloped as a multi- family neighborhood, would allow for increased housing and population to support possible neighborhood services. This included the redevelopment of the City's Public Works parcel allowing for more depth in the redevelopment of this neighborhood. 3. The southeast quadrant, which, because of its strategic location, was determined to have a mixed use potential. PROPOSED SPT€erg= !.AND USE/ZONING The HOB planning team recommended amendments to the Future Land Use and Zoning maps (see Figures 6 and 7) to implement the Neighborhood Master Plan and accommodate higher densities & intensities that support an increase in jobs and land available for retail businesses. The key recommended zoning change—see area "1" on the Proposed Land Use Map, Figure 6—was the expansion of the Central Business District (CBD) west of the FEC tracks and north of Boynton Beach Boulevard, encompassing the southeast quadrant of the HOB. This scenario assumed the redevelopment of City Hall. The second significant recommendation (see area "2") was to replace single-family with multi -family residential east of 5eacrest Boulevard, from NE 6th Avenue to one block past NE 111h Avenue. The team also recommended that industrial use be extended further west (area "3"). RVAr't DES€iota!ECOMr ENDATI NS The urban design concept adopted by the stakeholders evolved through numerous discussions following the 2001 planning effort. This design concept, rooted in the history of the area and the influx of the Caribbean population, reflected an "Old Florida" and Caribbean influence. Labeled "Floribbean," it was approved as the preferred choice for design standards. Typical design elements of this style are porches and verandas, steeply pitched metal roofs, wood frame construction, dormer windows and pastel colors: pink, white, yellow, grey and blue. C C riro rii o i i t R e c 11 e v e o fi� e n r, 0 C' Nei,, N, e Ir g h 1, o r b o o o &u 1 te Q NV. l4t A< '41 p Legend Heart of Noynton Bmmdary llw C'mck. Milt=s Beach Cmory GISDIgUal Data Date. Docernw -1013 Figure 4 10 11 MaMn Wher VJng Jr Blvd Mp" WAiv Knji Jv WvO Personal Services R ation T bin 4* two V�l M, Personal Servivis gig, NEMA" WAY 82' AYL ell, RAW), PAY 11%v Cygo, S109116"Fairigy Single -Family Residential NW W Av� Ov town *j , I ring z R 1.111 t II Av v 1;2 7 416- Aw T R 7"' E VY W Bayntoa Reach alvd st Nv,Boynton Beach Blvd ni Z NN I A. - Legend Sin -family Residential Manufacturing Mufti -Family Residential Public Use Mixed -Use Recreation Personal Services Public Utility Note Numbers f 7 and 3 v)II pnnc pal use changes (See correspond, -ng nariahve in the 2001 11'408 Plan ovwweK secharl, 'propns"-d F ut:jrn I and U_-Jej�'Zanjng') Et 0 125,2150 500 /60 1,000 1=3 it Is Scurre Palm Beach County GIS [XpW Data II Oble L*-avritef 2011, ii Figure 6 12 "I"he He�,rt of Boynton Cr.,fmn),unity Redovelloproent Plan Z001 Pi000see Zonin�4 r,-!aji - - - - ---------- T =! Proposed Zoning PU Public U C2 Neighborhood Commercial Ri Single-Fam. M CBD Central Business District R3 Multi-Famil W Industrial In REC Recrealtio ON NE U- 2 0 ti R 125250 750 1000 ,F"t W� 13 NW OM Ave NtNI Sth Avet"I NIN SM Ave, bi fiw yfn 7r, Aw" RI RI 0, NIW 60 4 Ave Ave l)" I** filti Awe 00 i 0 I �V 71F W11) Ave N!Ae " � CBD , -N E RI �,I, Lq X w 7 N E Boymon each Blvd NW I M Ave NW I m Ave NE 151 Ave 'B f— !RI T =! Proposed Zoning PU Public U C2 Neighborhood Commercial Ri Single-Fam. M CBD Central Business District R3 Multi-Famil W Industrial In REC Recrealtio ON NE U- 2 0 ti R 125250 750 1000 ,F"t W� 13 Examples of single-family houses in "Floribbean" style "A DESIGN CONCEPT REFLECTING AN OLD FLORIDA AND CARIBBEAN INFLUENCE" 14 OTHER RECOMMENDATMNS Additionally, the 2001 Plan included recommendations related to: Diversity of affordable housing choices Job creation and job training opportunities Expansion of neighborhood services and businesses, including a grocery and other stores, medical offices, gas station, pharmacy and dry cleaners. Historic preservation * Establishment of neighborhood associations for effective leadership * Enhancement of neighborhood identity (i.e. signage & landscaping) Streetscape beautification (Seacrest Boulevard and MLK, Jr. Boulevard) Traffic calming and pedestrian connections * Parks, green spaces and civic centers 15 THE HOB PLAN IMPLEMENTATION STATUS Over the 12 -year period since the Plan's adoption, a number of its recommendations have been implemented, and implementation of several others moved forward. The table below documents implementation status of the Plan as of March 2014 - ACTION PROGRESS Cherry Hills redevelopment a Public housing project demolished Palm Beach County Housing Authority issued an RFP (August 30, 2013) for redevelopment of 40 vacant lots Boynton Terrace 0 Both west and east side demolished redevelopment Ocean Breeze West: construction of 21 single-family homes underway Ocean Breeze East: RFP to be issued in 2014 for redevelopment of site for mixed use project Amendments to Future 0 Not amended (changes recommended, see updated 2014 Land Use and Zoning maps recommendations) Wilson Park redevelopment a New center built (the Carolyn Sims Community Center) 0 Updated basketball courts/multi-purpose field/ playground Improved/renovated pool (the John Denson Pool) Palmetto Greens Park Park extended west of Seacrest Boulevard, along the south side of Expansion the C-16 Canal (with a bicycle path; part of the Greenways/Bikeways program) Recognized as portion of State Greenways System Sara Sims Park Master Plan adopted redevelopment Seacrest Boulevard and ® Seacrest Blvd streetscape and resurfacing completed (from IVILK, Jr. Boulevard Boynton Beach Blvd to C-16 canal) streetscape improvements The MILK, Jr,, Blvd streetscape project is on hold (expected development did not occur). New and Rehabilitated The CRA and the City supported building of new and Housing rehabilitation of existed homes. See map (Figure 8), which also shows dwellings built and rehabilitated by Habitat for Humanity. Land Assembly The CRA and the City have assembled 100 properties in HOB (see map, Figure 9) The public investment in the HOB amounted to $43.7 million ($29.2 million by CRA and $14.5 million by the City.) The following images illustrate several successfully completed HOB projects. (See Figure 10, for locations.) 16 PALMETTO PARK GREENWAY M.- no rz After HERITAGE PARK 17 GALAxy ELEMENTARY SEA{ REST BOULEVARD After After W. Martin Luther King St. and Seacrest Blvd. Mural at Sara Sims Park 19 IMPROVEMENTS A"T" WILSON PARK Wilson Park Before Wilson Park After Carolyn Sims Center Before Carolyn Sims Center After Sims Center Playground Eternal Vision Art Piece Denson Pool 20 HOUSING- OCEAN BREEZE WEST Ocean Breeze West Before Ocean Breeze After 21 HOUSING CONT'D Parker Site After Habitat for Humanity Home CDC Home 22 I T h 14, e ai Y, to o f B o y n t o rf,� i t, rvi, -, vri,s, . . . . . . . . . . . Legend lkw and Rehattwd Housing CRA Re, Cal New Agwat Wt W;"'My Now Oly ft&hab jff,Habhw for Hunuroy Rehab CRA New "Sp 140TE 14SP- %'e-�ariWt-cfc Slat4tzat*n Program �-stabhsned Dy GwVfess for pvrc�iasc- and x ME LME Sth A** a JA**�'a Z E ftyv-tn i1suich Wvd 23 ,, ancl GRA Parcels, M s Legend Heart of Boynton Boundary City -owned parcels CRA -owned parceK Feat SCAP,t Figure 9 24 MW tA' �A 'NMI NII � 11 4191 '3 imam Ave AW ie SOL! V MArIm t vtftar Kj �""d Aipmr WO -I" 4,mg if owd iC , 'boo, NE W N,§ otAvl' 6z rE a r I NA Avo Legend Heart of Boynton Boundary City -owned parcels CRA -owned parceK Feat SCAP,t Figure 9 24 The, Heart of Boynl '�' 0 1 1, 2 A * ON ' �D 0 1, P 1, A, PKI SE I F C IV I Rl P L Pil F, ",,' T A T S m I I L -' C E S) u', s Legend heart of Boynton Boundary SmiTce Pm Own County GisFAVI"V vat� VaTe. Dwcm�wll�l 3 25 MOVING FORWARD: UPDATE 2014 26 Between 1990 and 2013, the HOB population has decreased by almost 700 people, or roughly 20%, at least partly due to the demolition of the Cherry Hill Public Housing and Boynton Terrace projects. The 2013 estimate suggests that this trend may have subsided. Also, according to projections generated by the Palm Beach County's Population Allocation Model, by 2025 there will be over 3.0% papulation increase in the study area. The community racial composition remained stable between 2000 and 2010, with a slight increase in the percentage of both Blacks/African Americans (from 89% to 90%), and Whites (from 4% to 6%). Percentage of persons declaring two or more races declined from 6% to 2%. There are about 150 persons of the Hispanic/Latino origin living in the community, practically unchanged since 2000. Racial Composition, Census 201 Asian 1% Other Race 1% Two or more races 2% White 6% 27 HOUSING AND HOUSING AFFORDABILITY In 2012, the estimated number of housing units in the HOB was 1,029, of which 664 were detached single-family homes. Since 1990, the overall number of units fell by 175; some of the remaining stock suffers from severe deferred maintenance. This trend underscores a need to accommodate more housing, and to offer diverse choices for a mix of incomes necessary to attract and support businesses that residents want, such as a grocery store. 1,250 1,200 1,150 1,100 1,050 1,000 1990 2001 2012 Source: U.S. Census 1990, Claritas, Inc. and Palm Beach County Planning Division According to a 2005 Center for Responsive Lending study, near the peak of the housing boom about 42% of the homes in census tract 61.0'which encompasses the HOB area, were purchased with subprime mortgages (generally, subprime loans constituted a higher percentage of all mortgages in high -minority census tracts). No census tract -based foreclosure data is available. However, the 2012 ACS 5 -year estimates for tract 61.0 show the home ownership rate of 47.6%, a sharp decline from 56.1% in 2000. Housing affordability remains a serious problem. The American Community Survey estimates indicate that about 49% of owner households in the HOB area spend 30% or more of their income on housing, as compared to the 40.9% of owners city-wide. As for those who rent, the data indicates a significantly worse situation. For 82% of renter households, gross rent constitutes 30% or more of income, and more than half spend 50% or more of income on housing. HOUSEHOLD INCOME Census tract 61.00 is one of the City's four census tracts with the lowest income, all with the median household income below $35'000. The tract's 2012' S'yearmedian income estimate is$29'23J'while citywide figure for the same period is $44,432.K0 � Median Household Income within HOB 1990 201 2012 Source: 199¢ U.S. Census 2001: Clmritu���and Strategic Planing Group; 2008-2012: American Community Survey Note: The HOB area is contained within two block groups of Census tract 61.0. At $21848 the median household income estimate for the HOg is even lower: only about 8% of 987 households have median incomes of $75,000 or more. Some 61% of households have wage/salary income' and about 2% self- employment Since 2001, median household income in the HOB declined by 23%. The "Great Recession" hit the neighborhood hard. The latest available unemployment data for Census tract 61.00 isthe annual 2012 unemployment rate of 14.9%. (At the same time, the citywide unemployment rate was 8.5%J Since tract 61.00 encompasses areas east of the HOB, which include neighborhoods of more retired or affluent residents, the rate for only HOB is very likely higher. At the same time, the employment situation in the area improved, since the earlier figure for tract 61.00 --the 2011 American Community Survey 5 -year data)—shows an unemployment rate of 18.3%. Clearly though, unemployment remains high, and the need to provide jobs is higher than ever. 29 CRIME STATISTICS 16.00% 14.00% 12.00% 10.00% 8.00% 6.00% 2000 2012 Source: Forida Agency for Workforce Innovation/Department of Economic Opportunity 1990 2001 2010 2013 Violent Crimes Theft/Burgla4nnualized) According to the City's Police Department, the incidence of both violent crimes and theft/burglary crimes between 2001 and 20013 declined 44% and 55%, respectively. Violent crimes include homicides, assaults and battery; theft and burglary crimes include robbery, larceny, home and auto burglary and auto theft. CEL INFORMATION AND LAND USE According to 2013 data from the Palm Beach County Appraiser's office, the HOB area consists of 1,136 land parcels, of which 662 are developed with detached single-family homes. 30 PROPERTY VALUES The largest landholder in terms of both number of parcels and acreage is the City of Boynton Beach with 62 parcels, totaling 28 acres. The School Board of Palm Beach County owns 4 parcels encompassing 22 acres, and the County Housing Authority is the owner of 44 parcels; most of those are in the Cherry Hill neighborhood. As a result of its land assembly efforts in the HOB, the CRA now owns 38 parcels for a total of 12 acres. Parcels within the study area are small (see map, Figure 11); the average size is 0.23 acre. Only 14 parcels exceed 1 acre in size; half of these are over 3 acres. Of the latter, three are owned by the City, two by the Palm Beach County School Board, and one by a religious institution. Small parcel size continues to be a challenge for redevelopment, as any larger project would require significant land assembly. The table below compares the 2001 and 2013 property value distributions in the HOB. The 2013 values are substantially higher, but the table does not tell the whole story. Between 2001 and 2013, the property values in the Heart of Boynton took a wide swing, reflecting the dramatic rise and a subsequent fall of the real estate prices across the region and the country. The average HOB property value at the peak year of 2007 reached $135,000; in 2013, it fell by more than half, to $69,000. 31 2001 2013 Value Number Cumulative Value Number Cumulative $0 171 171 $0 1 1 <$] 0,000 236 407 <$10,000 157 158 <$20.000 " 210 617(54%) <$20,000 79 ?37 (21 <$30,000 130 747 <$30,000 71 308 <$40,000 104 851 <$40,000 212 520 <$50,000 114 965(84%) <$50,000 209 729(64%) <$60,000 72 1,037 <$60.000 158 887 <$70,000 33 1,070 <$70,000 90 977 >$70,000 81 " 1.151 >$70,000 + 159 I,136 >$150,000 19 NA >$150,000 61 NA 31 The Heart of' I-I'arcels by Y.X* 10. A•el, tis®r 14t A Boy nt u n Size ME= N& tl,+ Aw� Nb -L IIMAv4 rr� Vit--ILutribr kn2-jr Stud I &",r" not, Mt� . . . . . . . . . . . . . . . . . . 1- 91, 1 " N, ME= N& tl,+ Aw� Nb -L IIMAv4 rr� Vit--ILutribr kn2-jr Stud I &",r" not, Mt� W -M hW Sit A�e r, 0 Mw 47t. A,,,,. 4th Axw Legend 0 Boynton M;, --vary Parcel Acreage 000-0.26 0 25- 0 VII 0,50- 100 4.00 - I 12511INJ SM 750 1,00 �xaice Date 32 As the table indicates, 64% of all properties in the HOB were valued below $50,000 in 2013; City-wide, only 33%. LAND USE AND ZONING Since 2001, there have been major improvements to a number of properties and rights-of-way in the HOB as demonstrated earlier in this report, but no significant changes to the land use patterns, future land use classifications or zoning. (See Future Land Use and Zoning maps — Figures 12 and 13.) For the discussion of proposed changes to the original recommendations for land use and zoning in the HOB area, see the "Land Use Recommendations" section of this report. 33 A I fie at oT V, oynton 0f f i c i ty, t u r c., Lo i Use tv, a p as of A rs r l 1 "N'i A, 1=37. corwo!lcol VIAV ecjo,; Gunelm C"Itw"I 4-,,C r H40 Density Rewwbm qHIA) it RCt Lrw VerisflV Residential (-LORt Medum D&.Itkp Residential MEOR i 6cqerq tPF-GI: ON= ti , Fee ,kou-m Palm BoOCOUMYC�'s DpW , 0014 "we iMremLes 7,013 WM= 34 7ht- Heart o� Eoyntov� C ,,ffjC,j, q 70pjjjC,; Map v I 17� M, Ell hw 9V A.. Legend PJI L41 PIdLMIM Pu PL*WC Lt&p Rf U4dFMMdy RIA Mn9M PAMOIj ft: uuplm, P—, laar"Vam-ty R, S"*Fwrly Rrc Rommilon W , aff z MMZRC� 35 NW -urz%., Ilk t4k W , aff z MMZRC� 35 REGULATORY CHANGES, PLANNING CTI S AND ADDITIONAL CONSIDERATIONS Several new factors that emerged since the adoption of the 2001 Plan will affect its follow-up implementation activities and new redevelopment proposals. The following section provides a short overview of these factors: NEW MIXED USE ZONING ISTRI S The Mixed Use zoning district regulations were adopted by the City Commission in 2002, primarily to implement recommendations of the Federal Highway Corridor Community Redevelopment Plan. The regulations established two mixed-use districts, Mixed -Use High Intensity (MU -H) and Mixed -Use Low Intensity (MU -L). As the Community Redevelopment Agency moved its focus to other portions of the redevelopment area, adjustments were made to the original Mixed Use regulations in order to implement other redevelopment plans, including the Heart of Boynton Community Redevelopment Plan. A major change to the regulations in 2006 was the conversion of the MU -L zoning district into three distinct low intensity districts; Mixed Use -Low 1 (MU - 1 -1), Mixed Use -Low 2 (MU -L2) and Mixed Use -Low 3 (MU -1_3). The MU -L1 district has the lowest intensity in terms of uses, density, intensity, and maximum height allowed, and MU -1_3 allows the highest intensity, although it is still less -intense that the MU -H zoning district. Whereas in the original regulations the densities and intensities were controlled solely by the classification of the roadway providing frontage for a project, the current fegulations are also based on geographic location. The four mixed use zoning districts allow for more flexibility in design and in response to market conditions for infill development. The mixed use zoning regulations were amended again in 2013 to provide minimum densities and intensities consistent with the state's recommendations for Transit -Oriented Development around the planned downtown "Tri -Rail Coastal Link" passenger station. This consideration is further explained below. 36 REGIONAL RAILWAY PLANS & TRANSIT-ORIENTEDE ELOR E T For the past eight years, the City has been participating with the Florida Department of Transportation (FDOT) and other agencies to expand the Tri -Rail commuter system to include new service on the FEC. The expanded service, named the "Tri -Rail Coastal Link," would add a series of new passenger rail stations on the FEC in Palm Beach, Broward, and Miami -Dade Counties, including a new Boynton Beach station just south of Boynton Beach Boulevard. In preparation for station development, the City used recommendations of the 2012 Florida Department of Transportation's Transit -Oriented Development (TOD) Guidebook to amend the Comprehensive Plan and the Land Development Regulations to manage future growth and improve land use patterns within the Downtown TOD District, a % mile radius around the station. The most significant features of a TOD are (1) increased density and intensity of development, with minimum levels of development recommended by FDOT; (2) walkability and interconnectivity throughout the area; and (3) mix of uses appropriate to the service and area. In 2013, the City Commission approved amendments to the Land Development Regulations to create provisions for TOD and the corresponding standards in the mixed use zoning regulations, including the minimum density and intensity standards for mixed use districts within the Transit Core and the Station Area, defined as a % mile and % mile around the future station, respectively. The Station Area has been designated as a Downtown Transit -Oriented Development District in the City Comprehensive Plan, with an option of an additional 25% increase in density. Since the Downtown TOD District overlaps with a portion of the HOB area, the mixed use zoning can potentially be applicable in selected locations. Moreover, the anticipated intensification of development within the entire Station Area and the vicinity will likely have a significant impact on the HOB community. psi E O O IC DEVELOPMENT PROGRAM To lay the groundwork for a formal Economic Development Plan, the City of Boynton Beach adopted an Economic Development Program (the Program) in 2011. The Program was designed to provide recommendations that in turn will help create the vision for the future of Boynton Beach and thus be incorporated into the Plan. The Program's Economic Development Initiatives 37 and Implementation Plan set goals and established actions to be executed in short-term (0-2 years), mid-term (3-7 years) and long-term (S+ years) timeframes. The Program's objectives of retaining existing businesses, attracting new businesses to the City, and creating diverse housing opportunities and jobs—are consistent with the 2001 recommendations and the additional recommendations of this Heart of Boynton Redevelopment Plan Update. MOM In 2011, the City adopted a new comprehensive Historic Preservation Program for the identification and protection of its historic, archaeological, and cultural resources. The Heart of Boynton area contains many sites and structures that may be eligible for historic designation for their historic and cultural significance, and their architectural character should be considered in the design of future infill housing and redevelopment projects. The benefits of historic designation include the deserved recognition of historically significant sites, the provision of educational opportunities, the growth of heritage tourism, and the increased potential for economic development. Designated sites may also be eligible for the financial benefits of the Ad Valorem Tax Incentive Program which is available for appropriate repair and alteration projects. This program may also be available for historic structures relocated to or from the Heart of Boynton area. There is currently one designated site within the area (the Boynton Hills Lights); however, further designations are planned, such as the Barton Memorial Park Cemetery, and selected sites will be featured in various components of the award-winning Boynton Beach Heritage Education Program. DOWNTOWN WN VISION & MASTER PLAID In 2009, the CRA adopted the Downtown Vision and Master Plan. The study covered 746 acres of the downtown, including the HOB neighborhood—the area stretched from the Boynton (C-16) Canal on the north side to the CRA boundary on the southwest side, extending along SE 2nd Avenue to the eastern edge of the city. 38 The Plan's "Sig Moves" were defined as action steps towards its implementation. With regard to the HOB, the Plan recommended neighborhood-serving retail at the intersection of Martin Luther King, Jr. Boulevard and Seacrest Boulevard, and neighborhood retail within a mixed-use project at the intersection of the MLK Boulevard and Federal Highway. Multifamily live -work was proposed on and around MLK Boulevard. 39 REDEVELOPMENT OPPORTUNITIES 1. MODEL BLOCK As of December 2013, the City and the CRA have identified five major redevelopment projects and project opportunities in the Heart of Boynton. (See 2013 Master Plan on the following page.) They include: • Model Block • MLK Commercial Center • Ocean Breeze East Mixed Use Development • Cottage District Infill Development • Sara Sims Park Expansion Of the projects listed above, the Sara Sims Park expansion will be funded by the City and the CRA; the other four present an opportunity for the private sector with varying degrees of public investment, mainly in the form of publicly owned land and infrastructure improvements. The next section provides an overview of the projects, including concept drawings. The proposed Model Block project is designed to enhance the redeveloped Carolyn Sims Center and the Poinciana Elementary STEM Magnet School. By utilizing City -owned vacant lots to build for -sale homes, new residents will be encouraged to live in this area of the Heart of Boynton community. Public improvements such as new sidewalks, streetlights and landscaping will remove blight, increase safety at the local elementary school, and help to boost neighborhood pride. The project will also include some improvements to deteriorating adjacent properties. 40 5.12 I I F I wj- real I Is I I 41 MODEL BLOCK AREA: EXISTING CONDITIONS MODEL BLOCK: CONCEPT DRAWINGS 4 1 1 .h K ,i ti ) 19 4 b N N 1 9 1% -1 0 Ni 1, 1, r I H 8, I A N WWI' Irryt a,11 4l A P 1 151 41f fb -,lklX Alf AP!� 42 he .iii. 01 H0NNa01% 1*d d Misl,# PI iia The proposed MLK Commercial Center is consistent with the recommendations of the 2001 Heart of Boynton Plan, which emphasized the need for neighborhood services such as a grocery store, discount stores, restaurants etc. at the intersections of Martin Luther King, Jr. Boulevard with Seacrest Boulevard and with Federal Highway. The need for these services still exists today. The challenge to the development of these sites is the ability of the public and private parties to assemble land in sufficient quantity for commercial development. While the CRA owns many parcels, its ownership is interspersed by private ownership. . OCEAN BREEZE EAST MiXED ,USE DEVELOPMENT The proposed Ocean Breeze East development is planned for the eastern portion of the site of the Boynton Terrace multi -family project that was destroyed by the 2006 hurricanes. The 4.5 -acre, CRA -awned site is proposed as a multi -family use with a small commercial retail component facing Seacrest Boulevard. The architectural design will complement the surrounding community. The CRA will recommend that a Request for Proposals (RFP) for a project developer be issued in spring of 2014. 43 la@ AK01 HO) N I lie 201 z K PI AN . COTTAGE DISTRICT INFILL DEVELOPMENT I he proposed Cottage District is projected for the block between NE 4ch and Sth Avenues. The CRA purchased a large portion of this block to correct platting deficiencies and to improve the quality of the housing stock. The CRA would propose infill housing and a centrally located park available to residents of the development. The architectural style should be consistent with surrounding historic structures. The CRA plans to recommend that a RFP for a developer be issued in the spring of 2014. HE,4C:` Sii 6it1%\ 1, 2Hi: %`IA%ii` °'I I+ 1: ' 3 a,, .,li tit 44 ifRI iI I ,lr Mt 1- )-1 ii ( . COTTAGE DISTRICT INFILL DEVELOPMENT I he proposed Cottage District is projected for the block between NE 4ch and Sth Avenues. The CRA purchased a large portion of this block to correct platting deficiencies and to improve the quality of the housing stock. The CRA would propose infill housing and a centrally located park available to residents of the development. The architectural style should be consistent with surrounding historic structures. The CRA plans to recommend that a RFP for a developer be issued in the spring of 2014. HE,4C:` Sii 6it1%\ 1, 2Hi: %`IA%ii` °'I I+ 1: ' 3 a,, .,li tit 44 5. SARA SIMS PARK E PA SIS In 2010, the CRA worked with community members to create a concept for the redesign of Sara Sims Park. The community desire was to preserve and enhance the historic graveyard and create areas for community and family events. As part of the implementation of the plan, the CRA purchased properties to make the plan a reality. Additional properties have been targeted for acquisition to implement this concept and implement the park master plan. W" LAND USE RECOMMENDATIONS Changed economic environment, and creation of the Downtown Transit - Oriented Development (TOD) District has warranted considerations for higher development intensity and new redevelopment opportunities compared to those proposed land use in the 2001 Plan. The map on the following page (Figure 14) illustrates these proposed changes. (The numbers on the map correspond to numbers in the recommendations listed and reviewed below.) SOUTHEAST (EAST OF SEACREAST BoULEVARD, SOUTH OF NE 9TI'AVENUE.- , 2, 3 This area is in the Downtown TOD District and is likely to undergo significant transformation when the commuter service gets under way. The proximity to the station makes development in the area eligible for a density increase of up to 25% in all zoning districts with a maximum density over 11 units per acre, corresponding to the Special High Density Residential, Mixed Use and Mixed Use -Core land use classifications. Also, the area is located two blocks north from Boynton Beach Boulevard. The future redevelopment of the Town Square—now under consideration—should present a significant impetus for redevelopment of the economically obsolete structures on properties fronting Boynton Beach Boulevard, and the positive effects will likely spill over to this southeast area of the HOB. The 2001 Plan recommended extension of industrial uses along the FEC Right - of -Way one block west to N.E. 3"d Street. Further west, the Plan proposed Mixed Use Light land use, bounded by N.E. 5th Street on the north and Boynton Beach Boulevard on the south, beyond the HOB southern border. As explained earlier in this report, the original recommendation for Mixed Use Light for this area stemmed from the proposal to redevelop City Hall and adjacent civic uses to create a new commercial district, referred to in the Plan as an expansion of the downtown CBD (Central Business District). E PANSION OF LIGHT INDUSTRIAL IAL USES 1 The updated Plan builds on the 2001 recommendation for industrial uses to stretch between the FEC tracks and N.E. 3rd Street. The Plan proposes to extend industrial use even further, to NE 2"d Street, over the area currently classified .O General Commercial, the City's most intense commercial land use category. The new recommendation comes as a response to the well-recognized, significant loss of light industrial land throughout the City over the last 15 years, and is part of a comprehensive recommendation generated by the industrial land study recently commenced by planning staff. It is also consistent with the original 2001 Plan's emphasis on job creation, a key issue for a low- income community with high unemployment. It should be noted that all remaining pockets of industrial land are being given the same priority for preservation as described above for this industrial area in the HOB. MULTI -FAMILY RISES: A TRANSITION TO IN LE -FAMILY AREAS 2 The proposed multi -family residential use (2) for the area immediately west of the expanded industrial section would provide a transition to single-family areas; furthermore, Land Development Regulations would include additional provisions to minimize conflicts between industrial and residential uses. INCREASED DENSITY/HEIGHT' SEA REA T BoULEVARD FROm NE 3 T" To NE 9TH AVENUES The original land use and corresponding zoning recommendations for the area south of NE 6th Avenue was to support low intensity mixed use whereas properties located between NE 6th and 8th Avenues were intended for multifamily use with a maximum density of 11 units per acre and a maximum height of 45 feet. A neigborhood commercial node was proposed on the southeast corner of Seacreast Boulevard and NE 9t" Avenue. The new recommendation for this area is Residential/Commercial with a maximum density of 40 units per acre and a maximum height of 45 feet. This recommendation supports flexible development options, allowing for a range of possible scenarios with regard to both the type and the intensity of development. It also embraces two potential development opportunities currently under consideration, described earlier in this report. The first development is Ocean Breeze East, which is likely to avail itself of the increased density option; the second proposed development concept is the low density Cottage District. Moreover, although the recommendation accommodates the pocket of historic homes within the single family area between NE 3'd and NE 4th Avenues, it will also support the intensification of development likely to follow the arrival of the Coastal Link commuter service and the redevelopment of Town Square. Innovative urban design solutions could potentially make it 47 possible to incorporate historic homes into this scenario. Alternatively, they may be relocated elsewhere. As mentioned above, additional land development regulations intended to reduce potential conflicts among uses will be considered, along with adjustments to the mixed-use regulations to limit building heights to maximize land use compatibility. NORTHEAST (EAST OF SEACREAST BoULEVARD, NORTH OF NE 9T'V NUE; 4, 5, The first change in recommendations for this area is a density increase from a maximum of 11 units/acre proposed in the 2001 Plan to a maximum of 20 units/acre, for the area between NE 9th Avenue and NE 111h Avenue (4); however, to maximize land use compatibility, maximum building heights of 45 feet would remain unchanged. Furthermore, while the 2001 Plan proposed single family use from the northern boundary of HOB (Boynton Beach canal) to properties fronting on the south side of NE 12th Avenue, the updated recommendation is to extend the single family land use south to NE 111h Avenue (S), in lieu of multi -family. Staff believes that this recommendation is consistent with the intent of the original plan to preserve single-family homes, and the single family/multi-family shown in the 2001 Plan may have been placed in error. The updated recommendation is also to expand and intensify potential development on both the southeast and northeast corners of Martin Luther King, Jr. and Seacreast Boulevard, and at the intersection of Martin Luther King, Jr. Boulevard with Railroad Avenue (6). The new use recommendation is for commercial/multifamily use, while the 2001 Plan suggested low intensity neighborhood commercial uses in both locations. The commercial/multi-family option supports creation of commercial nodes with larger retail businesses; residential uses would be allowed at the increased density of 30 units/acre. HEART OF BOYNTON WEST OF SEACREAST BoULEVARD The emphasis of the original plan for the area west of Seacrest Boulvard was on preservation. The 2014 update of the Plan supports the original recommendation of the single-family residential character, with only minor changes in connection with the Galaxy School rebuild project. ER PANSIN OF SARA SIMS PARK The 2014 update clarifies the parcels to be used for the expansion of the Sara Sims park. The expansion covers an area along Seacrest Boulvard immediately south of NW 8t" Court, recommended as a small node of neighborhood retail in the 2001 Plan. It also includes an abutting church property, to be incorporated into the park design, and a few properties east and west of the church, all originally proposed to remain within single family residential land use. The recommendation supports the new Master Plan for the park that was completed in 2010. GALAXY ELEMENTARY SCHOOL AND GALAXY PARK The land use recommendations for this area reflect the changes on the ground that were completed in 2013 with the opening of the rebuilt Galaxy Elementary School and dedication of a 4 -acre section north of the school property for a City park. The latter was received by the City from the Palm Beach County School Board in exchange for the property on Galaxy Way, which previously served as a City park and recreational facilities for the school. Relative to the 2001 Plan, this recommendation extends the Public Use land use farther east, and replaces Public Use with Recreation on the relocated Galaxy Park, and existing Scrub site. The scrub habitat, located north of the park, is connected to the Barton Park, and to the West Palmetto Linear Park via a path sidewalk. A pathway connection from the Galaxy Scrub to the Galaxy Park is planned in order to complete this section of the Greenways plan. M Cl- y c -I ar, rf, Legend Sing I* Faftly M camnwmat muklmly M Light IndusItial A Commmial I Mufti-Farnily Racreshan MURI-Family icy tt C3 Tra n%d-Orl*nted Deve Olstsict bound ary 0(2 n*e fr" the downtown stattan) N �, 4antm-m 1-6 rdi,� me a hmpw usa Omnmi, Ilwaafhv g�� IN, "L Mv, 50 URBAN DESJ GN RECOMMEDATIONS I The 2001 Plan recommended a design style for the Heart of Boynton area that was labeled "Floribbean", which combined the "Old Florida" style with the Caribbean influence as attributed to the influx of the Caribbean population. The 2014 update is not recommending against promotion of the "Floribbean" style, but intends to place equal emphasis on, or recognition of, the three oldest architectural styles present in the HOB and the city. Such -styles have been documented in the City's 1996 Historic Site Survey,_and such styles—Mission, Frame Vernacular, and Mediterranean Revival—contain most characteristics listed as typical of the "Floribbean" design. These homes were built approximately between the years 1920 and 1945, and may be considered for placement on the Local or National Historic Registers. The Mission style houses are located around NW 4ch Avenue, NW 5th Avenue, and Seacrest Boulevard. It is possible that some of these structures were model homes for the Boynton Hills Subdivision which was created in 1925. This style originated in California during the 1880s and 1890s in response to increased interest in the state's colonial Spanish heritage. It became popular in Florida during the Land Boom of the 1920s. All of the Mission style buildings in the HOB are one story, constructed of a wood -frame surface with textured stucco and a flat roof, have porches (although many have been enclosed), and common decorative elements including shaped parapets, barrel tiles, scuppers, moldings, recessed arches, and chimneys with ornamental caps. 51 FRAME VERNACULAR Most of the Frame Vernacular structures in the HOB area are located on or near NE 3rd Avenue, NE 4th Avenue, and Seacrest Boulevard although other isolated examples exist in the area. This style of construction was most prevalent in the City from approximately 1900 to 1945. This style was normally built without plans by local builders, with the use of traditional construction techniques. Instead, the design of the buildings was based on local needs and traditions, available materials, the environment, and technological capabilities. As technology improved in the late 1800s, many building elements were standardized through mass production. The term 'vernacular' refers to a structure that is not of a pure design style but is ioosely based on the features of other architectural styles. Therefore, although decorative detailing is normally minimal, the details reflect decorative elements from other styles such as Mediterranean Revival, Mission, Classical, etc. Construction is of a wood frame covered with wood siding, asbestos/composition shingle, or stucco, and a gable or hip roof surfaced with composition shingles. The structures may be one or two stories and may have a front porch, some of which have been enclosed. Common decorative elements include wood trim, decorative vents, exposed rafter tails, simple columns, brackets, jig -sawn woodwork and, in some cases, a masonry or stucco chimney. 52 MEDITERRANEAN EVIVAL Although no examples of Mediterranean Revival structures exist within the HOB, at least one prior example existed until recently demolished. This is a common historic style found throughout the city and one which ties in closely with the Mission style with regard to construction date and decorative Characteristics of Mediterranean Revival style buildings include one or two stories, wood frame stucco, and gable or hip pitched roof surfaced with barrel tiles or a flat roof surfaced with tar and gravel. Buildings in this style can be very ornate with decorative details including plaster or terra cotta features, arches, columns, window and door surrounds, cornices, quoins, and parapets. This style also includes exposed rafters, brackets; medalttons, iron grilles, and balconies. Florida's Spanish heritage and semi -tropical climate favored the use of Mediterranean designs. The roots of Mediterranean -influenced architecture in Florida can be traced to the Spanish, Italian Renaissance, and Moorish Revival churches and hotels in St. Augustine developed by Henry Flagler and others during the 1880s. One of the most significant architects associated with Mediterranean -influenced architecture was Addison Mizner. During the great 53 RECOMMENDATIONS Florida land boom of the 1920s architects and builders applied Mediterranean - influenced designs to a wide spectrum of buildings. For new residential infill construction, consider taking design cues from the existing historic building stock. The intent is not to replicate the historic structures but to design new buildings that complement the historic structures rather than compete with and dominate them. Contemporary or modern styles should be avoided unless within more remote areas unrelated to the historic properties. Consider consulting the Historic Design Guidelines and Chapter 3, Article IX, Section 6.0 of the Land Development Regulations for design ideas based on the existing historic architectural styles with respect to height, style, proportion of openings, rhythm of solids to voids, roof shape, size, scale, bulk, mass, and volume. Consider the introduction of a design review process for new residential construction in the Heart of Boynton area. This may be partially achieved by the creation of historic districts in areas where there are a concentration of significant historic structures. Although the majority of existing structures in the Heart of Boynton are one- story structures, two-story structures also exist. When building a two-story structure, consider recessing the second -story wall plane behind the first -story wall plane to reduce the massing of the front elevation and the overbearing impact on adjacent one-story structures. Consider reducing the massing of front elevations by introducing design features such as stepping back or extending sections of the elevation or constructing porches. 54 SUMMARY OF RECOMMENDATIONS 55 ACTIONS support1. Continue to of typesdifferent o income levels 2 Review n reinstate or orce Housing Program 3. Develop strategies for job training and job creation a Continue to plan for continuationof land by 5. Amend properties-. for redevelopment 6AmendD ,1 tofacilitateredevelopment asneeded 7. Implement HOB -specific recommendations r industrial/commercial d use study initiated by i COMMENT5115SUESIOPPORTUNI Tl ES a Balance of affordability and quality o Workforce housing (see "2") • Support to HABITAT and other housing developers/organizations Nonconforming lots, unit size restrictions (see also "5"), other code barriers to housing development * Cherry Hills redevelopment o New program impact in context of HOB needs o Use of CDBG funds o Partnership w/ service providers o Job -generating uses in HOB zoning districts a Sources of funding c Strategies o Land use/rezoning needed for mixed use projects (Ocean Breeze east, commercial nodes, increased residential densities) a Conventional districts' rezoning may be done in preparation for redevelopment (if areas identified) o Measures to mitigate land cc -inflicts such as maximum height restriction, landscaping o Cottage District review of IPUD regulations, unit size restrictions • Thresholds for land assembly ,_, More solutions to development on nonconforming lots o Additional urban design regulations to guide development City -initiated rezonings c Future zoning map Contact owners, additional community meeting with those affected o LDR amendments TI'3D I 56 Implementation c l Project Action Timeframe Model Block Complete Public Improvements -Sidewalks, Street Trees, Winter 2014 Streetlights Issue Request For Development Proposals to build single- Winter 2014 family homes MILK Corridor Commercial Complete Land Acquisition Winter 2015 Center issue Request For Development Proposals Winter 2015 Draft Development Agreement between CRA and Developer Spring 2016 Ocean Breeze East Issue Request for Development Proposals Spring 2014 Amend Land Development Regulations Per Plan Summer 2014 Recommendations Draft Development Agreement between CRA and Developer Winter 2014 Cottage District Complete Land Acquisition Winter 2014 Issue Request for Development Proposals Winter 2014 Amend Land Development Regulations per Plan Spring 2015 Recommendations Draft Development Agreement between CRA and Developer Spring 2015 Sara Sims Park Expansion Complete Land Acquisition Spring 2015 Amend Land Development Regulations per Plan Spring 2015 Recommendations Draft Construction Documents Summer 2015 Issue Request for Construction Manager at Risk Fall 2016 Industrial Area Expansion Amend Land Development Regulations per Plan Spring 2014 Recommendations (To Include New Language for Additional Landscaping, Sidewalks, Lighting) IVILK Corridor Multifamily Complete Land Acquisition Fall 2016 Development Issue Request for Development Proposals Winter 2016 Amend Land Development Regulations per Plan Winter 2016 Recommendations Draft Development Agreement between CRA and Developer Spring 2016 Multifamily Transition Area Complete Land Acquisition Winter 2017 to Light industrial (E 3rd Issue Request for Development Proposals Spring 2017 Ave to NE 6th Ave between Amend Land Development Regulations per Plan Spring 2017 NE 2nd St and NE 1st St) Recommendations Draft Development Agreement between CRA and Developer Spring 2017 M 58 Implementation Schedule Cont'd. Project Action Timeframe Galaxy Elementary and Amend Land Use and Zoning to Reflect Construction of Summer 2014 Galaxy Park New School and Creation of New Park Amend Land Development Regulations per Plan Recommendations Economic Development Provide City and CRA Incentives as Necessary to Ongoing Incentives Increase Economic Opportunity for Residents Enhanced Public Right -of- Enhanced right-of-ways can be done through Ongoing Ways (Streetscapes, public/private partnerships, CDBG funding, or CRA sidewalks, streetlights, funding landscaping, etc.) I I 58 ` � \ \an � \1 d a District Introduction Planning Challenges Planning Considerations The Vision Recommendations ƒ( Intr'oduc'tion The Heart of Boynton District is a 380 -acre neighborhood developed predominantly with single-family homes. The neighborhood has several parks, two public schools and numerous churches. Unfortunately, it has been the victim of disinvestment over the last 50 years. The two Census blocks of Tract 61 which encompasses this District have the median household income of $20,848, the lowest in the City. To counter the decline of the neighborhood, in 2001 the CRA and City adopted the Heart of Boynton Community Redevelopment Plan. The Plan was updated in 2014 to reflect the achievements of the original plan and add new projects to reflect the current market conditions. A number of recommendations of the original CRA Plan have been implemented, including: • The demolition of the Cherry Hill public housing project • The redevelopment of the Boynton Terrace site – Ocean Breeze West – into 21 single- family homes Redevelopment of Wilson Park and into Carolyn Sims Community Center • Expansion of the Palmetto Greens Park • Redevelopment of Sara Sims Park – Master Plan created, property acquired • Streetscape Improvements on Seacrest Boulevard • Redevelopment of Martin Luther King, Jr. Boulevard – Property acquired and Family Dollar developed • Development of new housing – 60 new single family homes developed In partnership with nonprofits, the City and CRA. The Heart of Boynton District is bounded by the C. Stanley Weaver (C -Canal) canal to the north, 1-95 to the west, N.E. 3rd Avenue to the south and the FEC rail line to the east. The area is within walking distance of the Cultural and Downtown Districts. A major arterial road—Seacrest Boulevard—runs through the neighborhood north/south. Martin Luther King, Jr. Boulevard, once lined with locally -owned businesses, runs east/west. There are two public elementary schools in the neighborhood, Poinciana and Galaxy. Both schools are STEM schools (Science, Technology, Engineering and Math). There are a number of parks and special use areas within the neighborhood, such as, Carolyn Sims Community Center, Galaxy Park and Scrub and Sara Sims Park. 10 Figure 57: Heart of Boynton District Location Map PlanniUq Challenges The Heart of Boynton area suffers from an aging and poorly maintained housing stock. The CRA and City, in partnership with local non -profits, continue to develop single-family homes, but there is a need for quality affordable multi -family rental housing. The problem is that—given low median household incomes—it cost more to build even modest apartments than many of the families can afford. This gap will has to be filled through some form of a subsidy. Another major deterrent to private investment is the visible blight and crime. There are still a number of small convenience stores that allow loitering and illegal activities for all to see, discouraging people to buy homes or invest in businesses within the area. The District is comprised of small parcels platted in the 1920's – 1930's, during Florida's land boom. The parcels are owned by many different people making assembly of a developable site very difficult and expensive. Moreover, many owners have an unrealistic sense of the value of their property. Over the years, the neighborhood has lost most of their retailers and service providers. There is no full service grocery store and only one take- out restaurant. The majority of commercial use 1 is represented by convenience stores. A new Family Dollar store at the corner of Martin Luther King, Jr. Boulevard and Seacrest Boulevard has been a welcome addition, but there is a need for more retail services. The neighborhood is bifurcated by a four - lane Seacrest Boulevard, which has only one signalized pedestrian crossing even though there are two elementary schools in the neighborhood. The width of the road and drive aisles encourage speeding through the neighborhood; clearly, the road is not presently designed at a neighborhood scale. Both Seacrest Boulevard and Martin Luther King, Jr. Boulevard have older, ill -maintained power poles with overhead utilities, causing a "visual blight." Figure 58: Example of District Planning Challenges Is P11 ga r r it ConAs d ge Er ga t ons Several factors were considered in determining the land use designations for the Heart of Boynton District. A future commuter rail station for the planned Tri - Rail Coastal Link service, which will serve the South Florida metropolitan region, is planned for downtown at N.E. 4th between Ocean Avenue and Boynton Beach Boulevard. To improve land development patterns in advance of station development, the City adopted a Downtown Transit Oriented Development District (DTOD), covering a %2 mile radius around the station's location, including a portion of the Heart of Boynton. The DTOD district regulations support increased intensity of development through a 25% density bonus. A second consideration is the Transportation Concurrency Exception Area (TCEA) which, in addition to the residential exception area applicable east of 1-95, exempts all development from the Palm Beach County traffic concurrency requirements thus allowing denser development. The Plan recommends increasing density within the area where the TCEA and TOD designations overlap. However, because this District is a low - scale neighborhood, no increase in height over 45' is recommended. Historic District. There are a significant number of historic cottages located along both sides of NE 3rd Avenue and the south side of NE 4th Avenue between N. Seacrest Boulevard and NE 1st Street. In order to protect these cottages while allowing commercial redevelopment of the south side of NE 3rd Avenue, the Plan recommends that: • The historic cottages from the south side of NE 3rd Avenue be relocated to the vacant lots on the north side of NE 3rd Avenue. • On completion of the relocations, a historic district, tentatively called Shepard Funk Addition Historic Cottage District, be created within the block enclosed by N. Seacrest Boulevard, NE 1st Street, NE 3rd Avenue, and NE 4th Avenue. The Heart of Boynton area will become a model neighborhood, with its unique character and history preserved. The vision includes enriching the original vernacular architecture of the neighborhood, investing in housing and commercial uses, and connecting both through the pedestrian and vehicular networks. Recommendations: Strentsrane Streetscape enhancements are recommended for the Seacrest Blvd and Martin Luther King Jr. Blvd. The space for these enhancements may be obtained through either right-of-way dedications or public easements. The enhancements should include: • Implement a Complete Streets program for Seacrest Boulevard and ML K Jr. Boulevard to accommodate bike lanes and bike racks, widening of sidewalks, decorative street lights, street furniture, and on -street parking. • Marking of major intersections with materials such as pavers, paint, etc. • Enhanced median landscaping • Bus shelters (will be required as part of new construction) • Additional signalized pedestrian crossings (including mid -block) along Seacrest BoulevardAddition of canopy street trees • Creation of a Pedestrian Zone adjacent to the right-of-ways that is inviting, safe and includes: • Minimum 8' wide clear sidewalk • Decorative light poles at both the vehicular and pedestrian scales • Require installation of canopy trees that provide immediate shading at time of construction • Undergrounding of overhead utilities • Creation of a greenway to connect the greenway proposed along NW 1 stAvenue, Sara Sims Park, and Wilson Park per the Connectivity Plan • Creation of an eco -trail to connect the existing scrub and linear parks per the Connectivity Plan 110 Figure 60: Seacrest Blvd Streetscape Area Figure 62: MLK JR. Blvd. Street Section Recommendations: Land Use The existing land use designations within the Heart of Boynton District are: • Low Density Residential — 5 units per acre (all of this land use designation is concentrated on the west side of Seacrest Boulevard. • Medium Density Residential — 10 units per acre (this land use designation is concentrated on the east side of Seacrest Boulevard) • High Density Residential — 11 units per acre (currently over the Ocean Breeze West development and along W. Seacrest from N.W. 8th to N.W. 9th) • Mixed -Use — 40 units per acre (this land use designation is placed on the CRA -owned Ocean Breeze East block and on CRA -owned property along MLK, Jr. Boulevard) • Local Retail Commercial, General Commercial, Industrial, Recreational, and Public & Private Governmental/Institutional Below is a table of the proposed land use and zoning designations that will apply within the Federal Highway Corridor District: Table 7: Recommended Future Land Use (FLU) Classifications within the Heart of Boynton District LAND USE DENSITY CORRESPONDING ZONING DENSITY GAP IG HEIGHT Mixon -Use Medium" 50 MU -2, MU -3 50 75' Mixed -Use Law 20 MU -1 20 45' High Density Residential 15 R4, IPUD 15 45' Medium Density 11 R, (PUD Residential 11 45' Lew Density 7.5 R - 'I -AAA, R 1-AAB R -1 -AA, R -1-A, R-1, Residential PUD 7.5 45' Local Retail Commercial n1a C-2, C-, PCD rVa 45' General rVa C-4 Commercial n1a 45' Industrial n1a M-1 n1a 45' PPGII rVa Public Usage n1a 45' Recreation Wa Recreation n1a 45' W Properties located within the TOD may recieve a 25% density bonus Figure 63: Recommended Land Use for the Heart of Boynton District LEGEND CRAW Lle9n'.;Y14 RamdanL%I (LDP)5 dWae 4M.1W. 0-My bis zidsibfeAl (MDR)11 aw" f 1 gYi (11kDR)150wmc MpxerdW dHoi 13rf61wiCy R.u.4e10W IS4DRI ndlm 9M51fluallonal (NIU) Mawal 03C) xt ..��Mrnsd lll. Lsnv fhiil'Lf 29,V— MM-4 ills W Lae. {MIYMI'A dWac Mimi LJ,. fl gh (MU") 80 dulao TOD Recommendations: Urban Design • There are three architectural styles of historic structures in the Heart of Boynton: Mission, Frame Vernacular, and Mediterranean Revival. When building in this District, new development shall attempt to utilize one of these architectural styles. • A Historic Cottage District should be considered adjacent to the proposed Cottage District; where feasible, historically contributing cottages in the area shall be relocated in the Historic Cottage District. • Commercial buildings fronting MLK Jr., Boulevard and/or Seacrest Boulevard shall maximize the amount of glazing. • Residential buildings fronting MLK Jr., Boulevard and/or Seacrest Boulevard shall be designed to have pedestrian access from the main road and have front door facing the main road. • All buildings along MLK Jr., Boulevard and/or Seacrest Boulevard shall be set back to allow for a pedestrian zone. • Approximately 75% of the lot frontage must be occupied by structure and be adjacent to the pedestrian zone. • Buildings fronting MLK Jr., Boulevard shall be a maximum of two story and stepped back to continue to the maximum allowed height in the designated Zoning District. • Parking shall be located to the rear or side of the buildings • Curb cuts shall be permitted on Boynton Beach Blvd only when access is not possible from the rear or side. • When adjacent to commercial uses, single-family areas shall be protected through the use of landscape buffers and/or walls as appropriate. MILK rci l Multifamily— Model l +_S_.'n 'an Breeze -ast, MI R Figure 64: Heart of Boynton Projects Sara Sims Park Expansion Working with residents of the community, the CRAand its consultant created a master plan for the expansion and improvement of Sara Sims Park. The CRA has also purchased seven properties and deeded them to the City in preparation for the eventual expansion of the park. Staff will review the feasibility of converting a portion of Sara Sims Park Master Plan, along the western boundary, from Recreational Land Use to Single Family. This process shall include a public meeting, the Parks and Recreation Board review and recommendation, and Clty Commision approval. Ocean Breeze East The CRA owns 4.5 acres of vacant land east of Seacrest Boulevard between N.E. 6th and 7th Avenues. The CRA is seeking a private development partner to build a multi -family project on the site. Cottage District The CRA owns approximately 5 acres on the block between N.E. 4th and 5th Avenue. The CRA's goal for this site is to attract a private development partner to build single-family for -sale homes in the style of the surrounding historic cottages. MLK Commercial Leveraging CRA -owned land and economic development grants, the CRA was able to bring a Family Dollar store to the Martin Luther King, Jr. Boulevard corridor in 2015. The CRA owns additional land on the corridor and continues to work with developers to attract new and needed neighborhood retail. MLK Multi Family Utilizing CRA -owned land, the CRA is seeking to attract a private development partner to build a multi- family development along the Martin Luther King, Jr. Boulevard corridor. The development may include commercial uses. Figure 66: Ocean Breeze East Figure 67: Cottage District Figure 68: Example of a Commercial Project on MLK Jr. Blvd. Figure 69: Example of Multi Family Project on MLK Jr. Blvd. ATTACHMENT II 0 0/\�815]N�H]5 N ATTACHMENT III ML■.R© `IM` saO■r 13MMKINITY INFO WEDNESDAY * MAY 31 6:00 CAROLYN SIMS CENTER 225 NW 12TH AVE, BOYNTON BEACH FOR MORE INFORMATION CALL 561-600-9090 PLEASE NOTE: If you are unable to attend this meeting, the Sara Sims Master Plan will be discussed at the following meetings: • CRA Advisory Board Meeting, June 1, 6:30 pm at City Hall • CRA Board Meeting, June 13, 6:30 pm at City Hall • City of Boynton Beach Recreation & Parks Board Meeting, June 26, 6:30 pm at City Hall t WORKING TOGETHER FOR �( THE HEART OF BOYNTON! �`�`'`�'�'1i,���A Community Input Meeting Sara Sims Park Master Plan Carolyn Sims Center 225 NW 12th Avenue Boynton Beach, Florida 33435 May 31, 2017 @ 6:00 pm AGENDA I. Introductions II. Meeting Objective III. Explanation and Completion of Questionnaire IV. Discussion Concerning Desired Park Elements V. Announce Additional Meeting Dates Regarding Sara Sims Park Master Plan VI. Adjournment NOTICE IF A PERSON DECIDES TO APPEAL ANY DECISION MADE BY THE CRA BOARD WITH RESPECT TO ANY MATTER CONSIDERED AT THIS MEETING, HE/SHE WILL NEED A RECORD OF THE PROCEEDINGS AND, FOR SUCH PURPOSE, HE/SHE MAY NEED TO ENSURE THAT A VERBATIM RECORD OF THE PROCEEDING IS MADE, WHICH RECORD INCLUDES THE TESTIMONY AND EVIDENCE UPON WHICH THE APPEAL IS TO BE BASED. (F.S. 286.0105) THE CRA SHALL FURNISH APPROPRIATE AUXILIARY AIDS AND SERVICES WHERE NECESSARY TO AFFORD AN INDIVIDUAL WITH A DISABILITY AN EQUAL OPPORTUNITY TO PARTICIPATE IN AND ENJOY THE BENEFITS OF A SERVICE, PROGRAM, OR ACTIVITY CONDUCTED BY THE CRA. PLEASE CONTACT THE CRA, (561) 737-3256, AT LEAST 48 HOURS PRIOR TO THE PROGRAM OR ACTIVITY IN ORDER FOR THE CRA TO REASONABLY ACCOMMODATE YOUR REQUEST. ADDITIONAL AGENDA ITEMS MAY BE ADDED SUBSEQUENT TO THE PUBLICATION OF THE AGENDA ON THE CRA'S WEB SITE. INFORMATION REGARDING ITEMS ADDED TO THE AGENDA AFTER IT IS PUBLISHED ON THE CRA'S WEB SITE CAN BE OBTAINED FROM THE CRA OFFICE. ATTACHMENT IV Sara Sims Master Plan Community Input Meeting Wednesday, May 31, 2017 1. Are you in favor of the design concept for the Park as approved in the 2014 Heart of Boynton Redevelopment Plan and the 2016 Boynton Beach Community Redevelopment Plan? YES NO 2. Are you in favor of using a portion of the Park for housing? YES NO Sara Sims Master Plan Community Input Meeting Wednesday, May 31, 2017 3. Which features would you like to see included in the Park design? YES NO Community Event Pavilion Small Shade Pavilions Playground Handball Courts Basketball Courts Restrooms Fitness Trail Dog Friendly Skateboard Park Expanding Cemetery Mausoleum 4. Other suggestions for the Park: (Optional) Name: Address: Email: Sara Sims Questionnaire Master Tally Are you in favor of the design concept for the Park as approved in the 2014 Heart of Boynton redevelopment Plan and the 2016 Boyton Beach Community Redevelopment Plan? YES NO 18 23 Are you in favor of using a portion of the Park for housing? YES NO 4 39 Which features would you like to see included in the Park design? YES NO Community Event Pavilion 41 4 Small Shade Pavilions 40 2 Playground 38 1 Handball Courts 26 11 Basketball Courts 29 8 Restroomsi 42 2 Fitness Trail 41 0 Dog Friendly 8 30 Skateboard Park 21 15 Expanding Ceremony 17 20 Mausoleum 13 25 Other Suggestions for the Park: ADA Accessible 2 WiFi 1 Lighting 15 Food/Snack Shack 1 Park Ranger/Security 11 Volleyball courts 1 Traffic concerns for courts on 9 Pavilion Rentals 1 BBQ Grills 7 Multi-purpose fields 1 Interactive water feature/fountain 20 Fencing 12 Drinking water fountains 1 Trashcans 1 Local hires/contractors for work 3 Increase parking 12 Lacrosse field 3 Roller rink 1 Softball/Baseball fields 1 Indoor/Covered sports area 3 Shade trees 1 Benches 1 Ampitheatre 1 ATTACHMENT V DRAFT PARK IMPROVEMENT LIST Park Improvement City CIP FY17-18 Sara Sims Park Fences 300,000 Sara Sims Park Grass Irrigation Upgrade 150,000 Sara Sims Park Parking Lot 40,000 Sara Sims Park Parking Lot ADA 7,000 Sara Sims Park Pavilion 40,000 Sara Sims Park —ADA* 30,198 Sara Sims Park Resodding 200,000 $767,198 CRA FY17-18 Sara Sims Restrooms 150,000 Park Lighting 200,000 Pavilion 60,000 Parking Lot Resurfacing 50,000 Walkways 40,000 Seacrest and MLK Corner Feature 50,000 Landscape Irrigation 50,000 $600,000 -I -Consent Agenda I I Old Business I X I New Business I I Legal I I Information Only I I CRA Ul I iff 4 1 ITA H WJ 0 VX ff" FISCAL IMPACT: (1) $110,000 plus estimated $3,000 in costing costs — Project Fund, Property Acquisitions, 02-58200-401, and (2) Operating Costs for the remainder of FY2016/2017 estimated at $35,000 — General Fund, Buildings & Maintenance 01-51620-20fo and Insurances 01�51410-213. 'CRA PLAN/PROJECT/PROGRAM-. 2016 Boynton Beach Community Redevelopment 21 CRAAB RECOMMENDATION: Recommends acquisition of Boynton Woman's Club and utilizing CRA staff for short term management of the building/events and issuing an RFPIRFQ for professional management service in the future. [4q1Z?AZ-10 11 :1 PY01:1 Ill RIO Approve the acquisition of the Boynton Woman's Club located at 1010 S. Federal Highway for the amount of $110, 000 and direct CRA staff and legal counsel to negotiate 9 Purchase and Sale Agreement to be brought back to the CRA Board for consideration ,?t a future meeting. 2. is not to approve the acquisition of the Boynton Woman's Club located at 1010 S. Federal Highway for the amount of $110, 000. 3. The CRA Board may consider introducing additional terms or conditions to; thd Purchase and Sale Agreement prior to offering a motion to approve. Michael Simon, Interim Executive Director ATTACHMENT National Register of Historic Places, 1979 April 19, 2017 Mr. Michael Simon, Executive Director Boynton Beach CRA 710 North Federal Highway Boynton Beach, Florida 33435 1010 S. Federal Highway P.O. Box 1135 "g? Boynton Beach, FL 33425 4 Phone: 561-369-2300 e-mail: BWC]909( gmail.com website: cvpm Addison Mimer Building, 1925-1926 For 90 years volunteers of the Boynton Woman's Club have operated and maintained the building located at 1010 South Federal Highway, Boynton Beach, Florida. The building through good management has been self-supporting through its rentals. The women have never had to close the doors because of insufficient operation funds. However, we no longer have the volunteer manpower and expertise needed to continue in this capacity. in 2012, a five year lease was signed with a local business to manage, maintain and rent the building. This lease will end June 30, 2017 and since we are looking for a permanent solution f the building, leasing it again will not be an option. Our membership has agreed to volunteer their time to keep the building open as a temporary solution while we explore other options. Because the building is an important city asset, we are asking the CRA to consider tak�ing the property. Please review the attached prospective and give this your consideration, We would like the opportunity to discuss in more detail and answer any questions. It is our hope that through your efforts and the city of Boynton Beach, this historic building can continue to enrich th e qu a lity of I ife for ma ny ge n e rati ons, to co me in ou r comm u n ity. Sincerely, Michele Walter, President RECEIVED BOYNTON BEACH CRA National Rcgiiter of Historic Places, 1979, 2 M, ff "Kl-� M - BOYNTON WOMAN'S CLUB 1010 S. Federal Highway P.O. Box 1135 Boynton Beach, FL 33425 Gq Phone: 561-369-2300 e-mail: BWC1909(a,)gmail.com website. w. 11O N s{ N W0,%1,A V' ), (11 B co Addison Mimer Building, 192-5-1926 • Building and Club History • Current Operating Cost • Building Assessment • Current Rentals and Building Maintenance We thank you for your consideration. Michele Walter, President Pat Waldron, Historic Preservation Nicklien, Bonnie From: Sent: To: Subject: Michael Sin -,ion Interin'i Executive Director C P. . Simon, Michael Thursday, May 25, 2017 3:32 PM Nicklien, Bonnie FW: BOYNTON WOMAN'S CLUB Boynton Beach Con'imiunit I ede °elr:pn—,lent Agency 10 N. Federal Hwy. I Boynton Beach, Florida 33435 561-600-9091 1 15 561-737-3258 (� Sin-,ionM@bbfl.us I Q, l..ittp. at liboynton. on -,i 10-1 America's Gateway to the Gulfstream Please be advised that Florida has a goad public records law and all correspondence to mie via en -rail n-,Iay be subject to disclosure. Un er, Florida records law, en -,,ail addresses are public records. Therefore, your, e -n -,,ail on-imiuni ation ars your, e-niail address n-,iay be subject to public disclosure. From: patwhofl [mailto:patwhofl bellsouth.net] Sent: Thursday, May 25, 2017 11:53 AM To: Simon, Michael <Simon Cbbfl.us> Subject: BOYNTON WOMAN'S CLUB To confirm our telephone conversation, the Boynton Woman's Club Executive Board is asking $110,000 for the sale of the building and land to the CRA. A $100,000 trust named "Boynton Woman's Club Scholarship Trust" will be set up by our Executive Board to continue the tradition of providing scholarships for local graduating high school seniors. The remaining $10,000 will help cover the legal fees incurred by the Club for the Trust and closing costs. If you have any questions, please contact me. Pat Waldron 1010 S. Federal Highway Boynton Woman's Club Aerial Streetview 5/25/2017 www.co.pal m-beach.fl.us/papa/Asps/Property Detai I/Property Detai I.aspx?parcel=08434528240000040&srchtype=map Location Address 1010 S FEDERAL HWY Municipality BOYNTON BEACH Parcel Control Number 08-43-45-28-24-000-0040 Subdivision PARKER ESTS B B IN Official Records Book Page Sale Date Legal Description PARKER EST LTS 4 TO 7 INC (LESS RD R/W) Mailing address Owners PO BOX 1135 BOYNTON WOMANS CLUB BOYNTON BEACH FL 33425 1135 t No Sales Information Available. Exemption Applicant/Owner Year Detail 3OYNTON WOMANS CLUB 2017 FULL: CHARITABLE/BENEV/FRAT Number of Units 0 `Total Square Feet 12626 Acres 0.4629 Use Code 7700 - CLB/LDG/UN HALL Zoning C1 - Office Professional ( 08-BOYNTON BEACH ) http://www.co. pal m-beach.fl. us/papa/Asps/PropertyDetai I/Property Detai I.aspx?parcel=08434528240000040&srchtype=map 1 /1 All values are as of January 1 st each year Tax Year 2016 2015 2014 Assessed Value $547,914 $498,104 $474,625 Exemption Amount $547,914 $498,104 $474,625 Taxable Value $0 $0 $0 Tax Year 2016 2015 2014 Ad Valorem $0 $0 $0 Non Ad Valorem $2,475 $2,500 $2,689 Total tax $2,475 $2,500 $2,689 http://www.co. pal m-beach.fl. us/papa/Asps/PropertyDetai I/Property Detai I.aspx?parcel=08434528240000040&srchtype=map 1 /1 APPRAISAL OF THE BOYNTON BEACH WOMEN'S CLUB LOCATED AT 1010 SOUTH FEDERAL HIGHWAY BOYNTON BEACH, FLORIDA 33435 FOR THERESA UTTERBACK, ADMINISTRATIVE SERVICES MANAGER BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY BY ROBERT B. BANTING, MAI, SRA CERT GEN RZ4 AND GARY K. ORR CERT GEN RZ2335 WITH ANDERSON & CARR, INC. 521 SOUTH OLIVE AVENUE WEST PALM BEACH, FLORIDA 33401 DATE OF INSPECTION: MAY 8, 2017 DATE OF REPORT: MAY 15, 2017 DATE OF VALUE: MAY 8, 2017 FILE NO.: 2170146.000 CLIENT REFERENCE: BOYNTON BEACH WOMEN'S CLUB ANDEPSON CARD APPRAISER5 ° REAL GARS, CQN5ULIANi5' DEVELOPLR5 May 15, 2017 Theresa Utterback Administrative Services Manager Boynton Beach Community Redevelopment Agency 710 North Federal Highway Boynton Beach, FL 33435 Dear Ms. Utterback: Pursuant to your request, we have personally appraised the real property being the Boynton Beach Women's Club. The subject property is located along the east side of South Federal Highway about one-quarter of a mile north of Woolbright Road, Boynton Beach, Florida. The property address is 1010 South Federal Highway, Boynton Beach, FL, 33435. The purpose of this narrative appraisal is to estimate the market value of the fee simple estate of the subject property as of May 8, 2017. The intended use of the report is to assist the client and intended user in establishing a purchase or selling price. This report has been prepared for no other purpose and for use by no other person or entity than for use by the client for the purpose stated herein. Any other use of this appraisal is considered a misuse and thus the appraisers will not be held responsible for any outcome associated with use by another entity or for another purpose. The subject is the Boynton Beach Women's Club. The property is located along the east side of South Federal Highway about one-quarter of a mile north of Woolbright Road just south of downtown Boynton Beach. The two story building was built in 1925 by Addison Mizner and is an historic property listed on the National Register of Historic Places. The 12,626 square foot building on its 20,163 square foot lot has been used for civic purposes since its inception with some secondary commercial uses (leased out for parties / events and, more recently, leased by a catering company). The subject is reportedly under lease to a catering company with the lease ending on June 30, 2017 and the property owner does not intend to renew the lease. Due to the short term remaining, we are assuming that there is no lease encumbrance and valuing the fee simple estate. We have utilized the sales comparison approach to value, the most common method used for valuing properties such as the subject property. ESTABLISHED 1947 - ANDERSON & CARR INC. • 521 S OLIVE AVE., W PALM BEACH, FL 33401 • 561.883.1661 • ANDERSONCARR.COM Theresa Utterback Page 2 May 15, 2017 As a result of our analysis, we have developed an opinion that the market value of the fee simple estate (as defined in the report), subject to the definitions, certifications, and limiting conditions set forth in the attached report, as of May 8, 2017 was: MARKET VALUE: $2,400,000 The following presents our analysis and conclusions in a narrative appraisal report. This letter must remain attached to the report, which contains 74 pages plus related exhibits, in order for the value opinion set forth to be considered valid. Your attention is directed to the Assumptions and Limiting Conditions contained within this report. Respectfully submitted, ANDERSON & CARR, INC. Robert B. Banting, MAI, SRA Cert Gen RZ4 Gary K. 'Orr Cert Gen RZ2335 RBB/GKO:cmp Boynton Beach Women's Club A&C Job No.: 2170146.000 TABLE OF CONTENTS Page No. Summary of Important Facts and Conclusions......................................................................................................1 Certification..............................................................................................................................................................3 Assumptions and Limiting Conditions...................................................................................................................4 Subject Property Photos (May 12, 2017)................................................................................................................7 Area/Location Maps...............................................................................................................................................23 AerialPhotographs.................................................................................................................................................25 Survey.......................................................................................................................................................................27 Purposeand Date of Value...................................................................................................................................28 PropertyAppraised................................................................................................................................................28 LegalDescription...................................................................................................................................................28 Disclosureof Competency.....................................................................................................................................28 IntendedUse and User..........................................................................................................................................28 Client........................................................................................................................................................................28 Definitions...............................................................................................................................................................29 Personal Property, Furniture, Fixtures and Equipment ......................................................................................29 PropertyRights Appraised....................................................................................................................................29 TypicalBuyer Profile..............................................................................................................................................29 Scopeof Assignment..............................................................................................................................................29 PalmBeach County Summary...............................................................................................................................31 NeighborhoodSummary........................................................................................................................................37 PropertyData..........................................................................................................................................................38 Taxpayerof Record............................................................................................................................................38 Palm Beach County Property Control Number...............................................................................................38 Assessed Value and Taxes for 2016..................................................................................................................38 CensusTract........................................................................................................................................................39 FloodZone Designation....................................................................................................................................40 Zoningand Future Land Use............................................................................................................................41 Concurrency........................................................................................................................................................44 Utilities................................................................................................................................................................44 SubjectProperty Sales History..........................................................................................................................44 SiteAnalysis........................................................................................................................................................44 SiteImprovement Analysis................................................................................................................................46 Building Improvement Analysis........................................................................................................................46 Building Area Calculations / Floor Plan...........................................................................................................47 HighestAnd Best Use............................................................................................................................................51 ExposureAnd Marketing Time.............................................................................................................................52 SalesComparison Approach.................................................................................................................................53 Sales Summary and Discussion..........................................................................................................................70 Conclusion...........................................................................................................................................................74 Qualifications for Robert B. Banting, MAI, SRA, Cert Gen RZ4 Qualifications for Gary K. Orr, Cert Gen RZ2335 Boynton Beach Women's Club A&C Job No.: 2170146.000 SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS Client: Boynton Beach Community Redevelopment Agency Intended User: Boynton Beach Community Redevelopment Agency Taxpayer of Record: Boynton Woman's Club Property Rights Appraised: Fee Simple Estate Special Assumptions Reference: No lease encumbrance Unusual Market Externality: None Location: East side of South Federal Highway about one- quarter of a mile north of Woolbright Road, Boynton Beach, Florida Site/Land Area: 20,163 square feet / 0.46 acres Improvements: Year Built: Condition: Building Size: FAR: Zoning: Land Use Plan: Flood Zone & Map Reference: Census Tract: Current Use: Highest and Best Use: Exposure Time: Marketing Time: 1925 Average 12,626 square feet 0.63 C-1 (Office Professional) by City of Boynton Beach OC (Office Commercial) by City of Boynton Beach Zone B, Community Panel Number 120196-0003-C, effective date of September 30, 1982 0062.02 Civic Office / Civic 6 to 12 months 6 to 12 months Boynton Beach Women's Club A&C Job No.: 2170146.000 1 Estimated Property Values: Value via Cost Approach: Value via Income Capitalization Approach Value via Sales Comparison Approach: MARKET VALUE: Date of Inspection: Date of Report: Date of Value: Appraisers: N/A N/A $2,400,000 $2,400,000 May 8, 2017 May 15, 2017 May 8, 2017 Robert B. Banting, MAI, SRA Cert Gen RZ4 Gary K. Orr Cert Gen RZ2335 Boynton Beach Women's Club A&C Job No.: 2170146.000 CERTIFICATION I certify that, to the best of my knowledge and belief: The statements of fact contained in this report are true and correct. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions, conclusions, and recommendations. I have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three year period immediately preceding acceptance of this assignment. I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest with respect to the parties involved. I have no bias with respect to any property that is the subject of this report or to the parties involved with this assignment. My engagement in this assignment was not contingent upon developing or reporting predetermined results. This appraisal assignment was not based on a requested minimum valuation, a specific valuation, or the approval of a loan. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics & Standards of Professional Appraisal Practice of the Appraisal Institute, which include the Uniform Standards of Professional Appraisal Practice. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. Gary K. Orr and Robert B. Banting, MAI, SRA have made a personal inspection of the property that is the subject of this report. As of the date of this report, Robert B. Banting, MAI, SRA has completed the continuing education program of the Appraisal Institute. No one provided significant real property appraisal or appraisal consulting assistance to the person signing this certification. Robert B. Banting, MAI, SRA Cert Gen RZ4 X Ya A; Gary K. Orr Cert Gen RZ2335 Boynton Beach Women's Club A&C Job No.: 2170146.000 ASSUMPTIONS AND LIMITING CONDITIONS 1. Unless otherwise stated, the value appearing in this appraisal represents our opinion of the market value or the value defined as of the date specified. Values of real estate are affected by national and local economic conditions and consequently will vary with future changes in such conditions. 2. Possession of this report or any copy thereof does not carry with it the right of publication nor may it be used for other than its intended use. The physical report(s) remains the property of the appraiser for the use of the client. The fee being for the analytical services only. The report may not be copied or used for any purpose by any person or corporation other than the client or the party to whom it is addressed, without the written consent of an officer of the appraisal firm of Anderson & Carr, Inc. and then only in its entirety. 3. Neither all nor any part of the contents of this report shall be conveyed to the public through advertising, public relations efforts, news, sales or other media without written consent and approval of an officer of Anderson & Carr, Inc. nor may any reference be made in such public communication to the Appraisal Institute or the MAI, SRA or SRPA designations. 4. The appraiser may not divulge the material contents of the report, analytical findings or conclusions, or give a copy of the report to anyone other than the client or his designee, as specified in writing except as may be required by the Appraisal Institute, as they may request in confidence for ethics enforcement or by a court of law or body with the power of subpoena. 5. Liability of Anderson & Carr, Inc. and its employees is limited to the fee collected for the appraisal. There is no accountability or liability to any third party. 6. It is assumed that there are no hidden or unapparent conditions of the property, sub -soil, or structures which make it more or less valuable. The appraiser assumes no responsibility for such conditions or the engineering which might be required to discover these facts. 7. This appraisal is to be used only in its entirety. All conclusions and opinions concerning the analysis which are set forth in the report were prepared by the appraisers whose signatures appear on the appraisal report. No change of any item in the report shall be made by anyone other than the appraiser and the appraiser and firm shall have no responsibility if any such unauthorized change is made. 8. No responsibility is assumed for the legal description provided or other matters legal in character or nature, or matters of survey, nor of any architectural, structural, mechanical, or engineering in nature. No opinion is rendered as to the title which is presumed to be good and merchantable. The property is valued as if free and clear of any and all liens and encumbrances and under responsible ownership and competent property management unless otherwise stated in particular parts of the report. 9. No responsibility is assumed for accuracy of information furnished by or from others, the clients, their designee, or public records. We are not liable for such information or the work of subcontractors. The comparable data relied upon in this report has been confirmed with one or more parties familiar with the transaction or from affidavit when possible. All are considered appropriate for inclusion to the best of our knowledge and belief. Boynton Beach Women's Club 4 A&C Job No.: 2170146.000 10. The contract for appraisal, consultation or analytical service is fulfilled and the total fee payable upon completion of the report. The appraiser or those assisting the preparation of the report will not be asked or required to give testimony in court or hearing because of having made the appraisal in full or in part; nor engaged in post -appraisal consultation with client or third parties, except under separate and special arrangement and at an additional fee. 11. The sketches and maps in this report are included to assist the reader and are not necessarily to scale. Various photos, if any, are included for the same purpose and are not intended to represent the property in other than actual status as of the date of the photos. 12. Unless otherwise stated in this report, the appraisers have no reason to believe that there may be hazardous materials stored and used at the property. The appraiser, however, is not qualified to detect such substances. The presence of substances such as asbestos, urea -formaldehyde foam insulation or other potentially hazardous materials may affect the value of the property. The value estimate is predicated on the assumption that there is no such material on or in the property that would cause a loss in value. No responsibility is assumed for any such conditions or for any expertise or engineering knowledge required to discover them. The client is urged to retain an expert in this field, if desired. 13. If applicable, the distribution of the total valuation of this report between land and improvements applies only under the existing program of utilization. The separate valuations for land and building must not be used in conjunction with any other appraisal, no matter how similar and are invalid if so used. 14. No environmental or impact studies, special market studies or analysis, highest and best use analysis study or feasibility study has been requested or made unless otherwise specified in an agreement for services or in the report. Anderson & Carr, Inc. reserves the unlimited right to alter, amend, revise or rescind any of the statements, findings, opinions, values, estimates or conclusions upon any previous or subsequent study or analysis becoming known to the appraiser. 15. It is assumed that the property is in full compliance with all applicable federal, state, and local environmental regulations and laws unless the lack of compliance is stated, described, and considered in this appraisal report. 16. The value estimated in this appraisal report is gross without consideration given to any encumbrance, lien, restriction, or question of title, unless specifically defined. The estimate of value in the appraisal report is not based in whole or in part upon the race, color, or national origin of the present owners or occupants of the properties in the vicinity of the property appraised. 17. It is assumed that the property conforms to all applicable zoning, use regulations, and restrictions unless a nonconformity has been identified, described, and considered in this appraisal report. 18. It is assumed that all required licenses, certificates of occupancy, consents, and other legislative or administrative authority from any local, state, or national government or private entity or organization have been or can be obtained or renewed for any use on which the opinion of value contained in this report is based. Boynton Beach Women's Club 5 A&C Job No.: 2170146.000 19. It is assumed that the use of the land and improvements is confined within the boundaries or property lines of the property described and that there is no encroachment or trespass unless noted in the report. 20. This appraisal report has been prepared for the exclusive benefit of the client and intended users, Boynton Beach Community Redevelopment Agency. This report has been prepared for no other purpose and for use by no other person or entity than for use by the client for the purpose stated herein. Any other use of this appraisal is considered a misuse and thus the appraisers will not be held responsible for any outcome associated with use by another entity or for another purpose. 21. The Americans with Disabilities Act (ADA) became effective January 26, 1992. The appraisers have not made a specific compliance survey and analysis of this property to determine whether or not it is in conformity with the various detailed requirements of the ADA. It is possible that a compliance survey of the property, together with a detailed analysis of the requirements of the ADA, could reveal that the property is not in compliance with one or more of the requirements of the Act. If so, this fact could have a negative effect upon the value of the property. Since the appraisers have no direct evidence relating to this issue, possible non-compliance with the requirements of the ADA in estimating the value of the property has not been considered. 22. The subject is reportedly under lease to a catering company with the lease ending on June 30, 2017 and the property owner does not intend to renew the lease. Due to the short term remaining we are assuming that there is no lease encumbrance and valuing the fee simple estate. 23. ACCEPTANCE OF, AND/OR USE OF THIS APPRAISAL REPORT CONSTITUTES ACCEPTANCE OF THE PRECEDING CONDITIONS. Boynton Beach Women's Club 6 A&C Job No.: 2170146.000 SUBJECT PROPERTY PHOTOS (MAY 12, 2017) Front and west side of subject (South Federal Highway) Front and east side of subject (Isles Road) Boynton Beach Women's Club A&C Job No.: 2170146.000 West side of subject on South Federal Highway East side of subject on Isles Road Boynton Beach Women's Club A&C Job No.: 2170146.000 North side (rear) of subject from Isles Road Walled garden along west side of subject Boynton Beach Women's Club A&C Job No.: 2170146.000 Interior of subject building (entrance hall) Interior of subject building (entrance hall elevator) Boynton Beach Women's Club A&C Job No.: 2170146.000 10 Interior of subject building (entrance hall restroom) Interior of subject building (entrance hall restroom) Boynton Beach Women's Club A&C Job No.: 2170146.000 it Interior of subject building (entrance hall restroom) Interior of subject building (meeting hall) Boynton Beach Women's Club A&C Job No.: 2170146.000 12 Interior of subject building (meeting hall) Interior of subject building (banquet room) Boynton Beach Women's Club A&C Job No.: 2170146.000 13 Interior of subject building (banquet room) Interior of subject building (kitchen) Boynton Beach Women's Club A&C Job No.: 2170146.000 14 Interior of subject building (kitchen) Interior of subject building (office) Boynton Beach Women's Club A&C Job No.: 2170146.000 15 Interior of subject building (storage room) Interior of subject building (upper lobby) Boynton Beach Women's Club A&C Job No.: 2170146.000 16 Interior of subject building (upper lobby stairwell - one on each side of lobby) Boynton Beach Women's Club Interior of subject building (theater) 17 A&C Job No.: 2170146.000 Interior of subject building (theater) Interior of subject building (stage) Boynton Beach Women's Club A&C Job No.: 2170146.000 18 Interior of subject building (greenroom - one on each side of stage) Boynton Beach Women's Club Interior of subject building (theater storage area) 19 A&C Job No.: 2170146.000 Interior of subject building (theater lighting panel) Interior of subject building (fire stairs) Boynton Beach Women's Club A&C Job No.: 2170146.000 20 View looking north on South Federal Highway with the subject on the right View looking south on South Federal Highway with the subject on the left Boynton Beach Women's Club 21 A&C Job No.: 2170146.000 View looking south on Isles Road with the subject on the right View looking north on Isles Road with the subject on the left Boynton Beach Women's Club 22 A&C Job No.: 2170146.000 AREA/LOCATION MAPS 5?3 � Village Royale - Sunni,S591�t4 FF,i.�i'I28 Can the Crppn •- a 4 .i. ,I, ul � .. Y . ` ro t Y C,ypreisp. Croak„ I' wd f <um ry Club BPyntolt.Beach Mai 110_Vel �4 f3P1It Tem. VItta$ ' ' Voest CondoB4utl .Yd _. soytisin y) Ureers'treeVlllad —' c; c,A n R111g0 Subject DePaul ea'rtarldry 'y .«. M QIth tL781 CsE,E 511 :k' l,n b�nk'a, r r , . ., . ., t; uulr Illy he CA at d. �. Higtrway_ e� 01 �� w ,= SD Buds,Chick(n Seafood Vu" Boyn tort Dna ol, Ulvd VV ➢aylt',on Bearit Blvd ,aa E 13ov aton Reach Blvd The Inst at +, ' NVv 'wu rd ar I,. Ave I`1 9a a`v veno li t; Ieaarels TWc'Cerrrslpe lNda7t Mr'acit GFRii ,aurora Lounsp— I [tie rira..nr: Al ley y. &dnwU BoatQ IN :�:�,.,. i , re, r ,. a �r� 1v � U ,o n€ A,e L Sa ewl Ave, is AI,. SW poi A, 1C Ir. ,- ry lyl-ew- c "dl 4, ev`vaPu A, f st u,: iyu 21el:1e ,tri .I; rl :rYi -. �fl Ia7al h S ler I I rig Vsl l nye condominjum z' ,.,, 'h, n - PP -n ft Parr. r�i uvea„ �r ��re 11.1yN 60h Al,` SF MIN Ac Natural` ie,.ru ;t�, �.:tSubject ,am v. L=., h9nv+aTM,e Ler ,S'S1L`PI siw^� MI=Reu sa ,rn1o.1 -._, rra. r=`.., -i ,w r, -11a ,� - A I I I A- i I"A" I_; s Y � Fuses lurk ,r ., r}iai A, Ire eBort EIsrlaenIary$Qhool s o�sH, .;Jr1.M,,d r. SE 2,0Avc c : Lae k,pntanae Boynton Beach Women's Club 23 A&C Job No.: 2170146.000 PARCEL MAP Boynton Beach Women's Club A&C Job No.: 2170146.000 24 �c 'L /02 / 1 1 0260 iyinSubjec 4 .. Sffi _. `4 , xS•i Boynton Beach Women's Club A&C Job No.: 2170146.000 24 m1 =1 Boynton Beach Women's Club A&C Job No.: 2170146.000 26 SURVEY a Boynton Beach Women's Club A&C Job No.: 2170146.000 27 1 y a n � Cp�E,pEQ C�Oq/c. COA/c Boynton Beach Women's Club A&C Job No.: 2170146.000 27 PURPOSE AND DATE OF VALUE The purpose of this appraisal is to estimate the market value, fee simple estate, of the subject property as of May 8, 2017. Comment: The subject is reportedly under lease to a catering company with the lease ending on June 30, 2017 and the property owner does not intend to renew the lease. Due to the short term remaining we are assuming that there is no lease encumbrance and valuing the fee simple estate. PROPERTY APPRAISED The subject is the Boynton Beach Women's Club. The property is located along the east side of South Federal Highway about one-quarter of a mile north of Woolbright Road, Boynton Beach, Florida. The two story building was built in 1925 by Addison Mizner and is an historic property is listed on the National Register of Historic Places. The 12,626 square foot building on its 20,163 square foot lot has been used for civic purposes since its inception with some secondary commercial uses (leased out for parties / events and, more recently, leased by a catering company). The property address is 1010 South Federal Highway, Boynton Beach, Florida 33435. LEGAL DESCRIPTION Lots 4, 5, 6 and 7, less road right-of-way, Parker Estate, Plat Book 10, Page 37, Palm Beach County, Florida (property appraiser records). DISCLOSURE OF COMPETENCY Per the Competency Rule contained within the Uniform Standards of Professional Appraisal Practice, the appraisers hereby affirm that they are competent to complete the appraisal assignment for which they have been engaged by the client. INTENDED USE AND USER The intended use of this report is to assist the client and intended user in establishing a purchase price. The intended user of the report is Boynton Beach Community Redevelopment Agency. This report has been prepared utilizing generally accepted appraisal guidelines, techniques, and methodologies as contained within the Uniform Standard of Professional Practice (USPAP), as promulgated by the Appraisal Foundation. CLIENT Boynton Beach Community Redevelopment Agency 710 North Federal Highway Boynton Beach, FL 33435 Boynton Beach Women's Club 28 A&C Job No.: 2170146.000 DEFINITIONS Market Value The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently, knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) Buyer and seller are typically motivated; (2) Both parties are well informed or well advised, and acting in what they consider their own best interests; (3) A reasonable time is allowed for exposure in the open market; (4) Payment is made in terms of cash in U. S. dollars or in terms of financial arrangements comparable thereto; and (5) The price represents normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. (Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) and the Interagency Appraisal and Evaluation Guidelines, Federal Register, Volume 75, No. 237, December 10, 2010). PERSONAL PROPERTY, FURNITURE, FIXTURES AND EQUIPMENT This appraised value does not include the personal property, furniture, fixtures, and equipment (FF&E), if any, used in the operation of the intended use of the property. PROPERTY RIGHTS APPRAISED The property rights appraised are those of the fee simple estate. Fee simple estate is defined as absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat (The Dictionary of Real Estate Appraisal, 6th ed., Chicago: Appraisal Institute, 2015). Comment: The subject is reportedly under lease to a catering company with the lease ending on June 30, 2017 and the property owner does not intend to renew the lease. Due to the short term remaining we are assuming that there is no lease encumbrance and valuing the fee simple estate. TYPICAL BUYER PROFILE We found that buyers of similar properties in this market are most often purchased by owner/users. The sales comparison approach reflects the actions of typical buyers for this type of property. SCOPE OF ASSIGNMENT The traditional appraisal approaches include the cost approach, the sales comparison approach, and the income capitalization approach. We have considered all three approaches in this assignment, and determined the sales comparison approach to be applicable in this assignment. Due to the age, design, construction type, and historic nature of the building the cost approach is not applicable. The subject is not a typical income producing property and would not be purchased for its income potential. Accordingly, the income capitalization approach is not pertinent. Boynton Beach Women's Club 29 A&C Job No.: 2170146.000 In the process of gathering data for the sales comparison approach to value, we conducted a search of our appraisal files and public information sources such as the Palm Beach County Property Appraiser's public access system and the Palm Beach County Clerk's Office, as well as subscription based information services such as CoStar.com and RealQuest.com for comparable sales in the relevant market area. We searched for the most similar sales to the subject property. The sales ultimately selected for further analysis were the best comparable sales we were able to find in this market. We obtained and verified additional information on the comparable properties with a party to the transaction, or a broker or agent of the parties when possible. We inspected the interior and exterior of the subject property and the exterior of the comparables. Physical data pertaining to the subject property was obtained from an inspection of the premises and public information sources such as the Palm Beach County Property Appraiser's records. Other data pertaining to the subject property was obtained from the Palm Beach County Clerk's and Tax Collector's offices and local planning and zoning departments. The product of our research and analysis is formulated within this report for analysis of and direct comparison with the subject property being appraised. Additionally, we have used original research performed in preparation of other appraisals by this office, which is considered appropriate for the subject property. We make no warranty as to the authenticity and reliability of representations made by those with whom we verified sales, rental, and other information. We have taken due care in attempting to verify the data utilized in this analysis. We based our analysis and conclusions on overall patterns rather than on specific representations. Per USPAP Standard Rule 2-2 this analysis is an Appraisal Report presented in written format. The analysis and conclusions of this appraisal assignment are presented in a narrative appraisal report. Boynton Beach Women's Club 30 A&C Job No.: 2170146.000 PALM BEACH COUNTY SUMMARY r. M A R T I N ' 5[ Lu i, C, IndiutoWm G L A D E S` - Geography Palm Beach County is located along Florida's Southeast coast. It is bordered by Martin County to the north, Hendry and Glades Counties to the west, Broward County to the south and the Atlantic Ocean to the east. The northwestern portion of the county is made up of Lake Okeechobee, the largest freshwater lake in Florida. The county is located approximately 80 miles north of Miami and 260 miles south of Jacksonville. Palm Beach County encompasses approximately 2,203 square miles with roughly 1,974 square miles of land area, 229 square miles of water, and 47 miles of coastline. According to the U.S. Census Bureau's 2015 estimate, Palm Beach County has a population of 1,422,789; an increase of 7.8 percent from the 2010 census statistics of 1,320,134. The vast majority of the county's growth has been a result of in -migration from the northern states as well as from Miami -Dade and Broward Counties to the south. Palm Beach County ranks as the third most populous county in Florida behind Miami -Dade and Broward Counties. The county includes 38 incorporated municipalities; the largest of which is West Palm Beach, the county seat. Boca Raton, located at the south end of the county, is the second largest city and one of the highest income retail trade areas in the United States. Palm Beach County along with Broward and Miami -Dade Counties to the south are known as the Gold Coast. At 110 miles north -south, it is the second longest urbanized area in the United States behind the New York Metropolitan area. Boynton Beach Women's Club 31 A&C Job No.: 2170146.000 Transportation Interstate 95 is a major north/south thoroughfare that connects Palm Beach County to the southeastern and northeastern portions of the state, and then continues along the Eastern Seaboard to Maine. Florida's Turnpike also passes through the county and provides connections to the north central area of the state and Miami to the south. Other north/south highways include AIA, U.S. Highway 1, Congress Avenue, Military Trail and U.S. 441. There are numerous local east/west roadways with Southern Boulevard providing access to the western portions of the county, as well as Florida's West Coast. The expanded Palm Beach International Airport is conveniently located to provide air service to and from Palm Beach County. The airport's growth necessitated a direct access overpass interchange with I-95 which significantly improved ingress and egress for PBIA. Other transportation services in Palm Beach County include the Florida East Coast Railway for rail service and The Port of Palm Beach for the shipping and cruise industries. Tri -Rail provides commuter service through Miami -Dade, Broward, and Palm Beach Counties. Palm Beach County provides a bus service for transportation throughout the county and several of the local municipalities have various forms of local downtown transportation including trolley service and electric cars. Economy The unemployment rate in Palm Beach County reached a peak of 12 percent in July 2010. As of February 2017, the unemployment rate was 4.7 percent according to the U.S. Bureau of Labor Statistics. Tourism is the county's leading industry, employing over 70,000 people and generating about two billion dollars annually. The other multi -billion dollar industries are construction and agriculture. All three industries experienced some decline due to economic conditions from 2007 until the middle of 2011. The economy began to stabilize in mid -2011 and these industries continued to experience signs of recovery through the first quarter of 2017 The largest employer in Palm Beach County is the Palm Beach County School Board, the fifth largest school district in Florida and the eleventh largest in the United States, with over 21,000 employees and a $2.3 billion dollar budget for the 2016-2017 school year. The five largest private sector service producing employers according to the Business Development Board of Palm Beach County are shown in the following table. Palm Beach County's favorable economic profile is partially defined by its biotech sector; however, a growing educational sector has emerged to enhance the economic base. Colleges and universities in the county include Palm Beach State College, two Florida Atlantic University campuses, Palm Beach Atlantic University, and Lynn University. FIVE LARGEST PRIVATE SECTOR EMPLOYERS Employer Type of Business Employees Tenet Healthcare Corporation Healthcare 6,100 NextEra Energy, Inc. FP&L parent co. Utilities 3,804 G4S Secure Solutions USA Inc. Security Services 3,000 HCA, Inc. Healthcare 2,714 Bethesda Hospital, Inc. Healthcare 2,643 Boynton Beach Women's Club 32 A&C Job No.: 2170146.000 Residential Real Estate The Palm Beach County residential market saw increases in sales price and number of sales for 2016.Single family housing inventory continues to grow with a 5.1 months' supply, indicating the area is now reaching a neutral market. It has been a sellers' market for the past two years in Palm Beach County. EAL MAH Boynton Beach Women's Club 33 A&C Job No.: 2170146.000 aY , - a a 5 - - m�4 Boynton Beach Women's Club 33 A&C Job No.: 2170146.000 Commercial Real Estate According to Marcus & Millichap's Special Report :Emerging Trends, 4' Quarter 2016there is a positive outlook for 2017. Amidst higher long term interest rates and a steady decline in vacancy rates, the commercial property sectors are performing well. "The 2017 economic outlook points to another positive year for apartment, retail, industrial and office properties, but emerging trends in government policies and global markets will encourage investors to become more tactical in their buying decisions." Consistent job growth and a resumption of favorable demographic trends are converging to provide momentum in Palm Beach County growth. A growing population of office workers due to job growth, improving housing affordability, expanded options for renters and strengthening job prospects are sparking resurgence in relocations from outside the county. Palm Beach County has experienced a steady pace of employment in fields that serve the older segment of the population including healthcare, retail and wealth management. Hiring in these areas increased the sizable pool of prospective tenants and a consistent flow of new residents into the county. In all, the forecast for Palm Beach County in 2017 is positive. According to CoStar's first quarter 2017 data, the Palm Beach County commercial real estate market has experienced slight improvement from the end of year 2016 with specifics of each property class as follows. Tndustrial The Palm Beach County industrial market ended first quarter 2017 with a vacancy rate of 3.5 percent, down from the previous quarter. Rental rates ended the first quarter 2017 at $10.17 per square foot, an increase over the previous quarter. Net absorption was positive 221,683 square feet in the first quarter 2017. Vacant sublease space increased ending the quarter at 15,068 square feet. A total of three buildings delivered to the market, totaling 119,845 square feet with 333,622 square feet still under construction at the end of the quarter. Total Industrial Market Statistics First Quarter 2017 smcm:[:ns?ar rPOp7 ry'� Boynton Beach Women's Club 34 A&C Job No.: 2170146.000 Office The total vacancy rate for the Palm Beach County office market first quarter 2017 decreased to 11.2 percent. Rental rates averaged $28.04 per square foot, an increase over the previous quarter. Net absorption for the first quarter 2017 was positive 9,542 square feet. Vacant sublease space increased in the quarter ending at 92,765. There was 180,883 square feet still under construction at the end of the quarter. Total Office Market Statistics First Quarter 2017 S -r- CGS ., T,op'cY Retail The Palm Beach County retail market did not experience much change in market conditions in the first quarter 2017, with the vacancy rate remaining the same. Average quoted rental rates increased from the previous quarter to $20.72 per square foot per year. Vacant sublease space increased by 12,678 square feet. The first quarter 2017 net absorption rate was a positive 156,883 square feet. A total of eleven retail buildings with 79,879 square feet were delivered, with 742,317 square feet still under construction at the end of the quarter. Total Metall Market Statistics First Quarter 2017 Boynton Beach Women's Club 35 A&C Job No.: 2170146.000 Rental Apartments According to Marcus & Millichap's Multifamily Research Market Report, Palm Beach County, 4' quarter 2016, the Palm Beach County apartment sector enters 2017 holding strong prospects of attaining higher rents for the seventh consecutive year, though with developers adding new apartments in the greatest number of the cycle, the growth is expected to be slower than the previous year. Projected completions for 2017 will likely mark the peak of the current building cycle for apartments, thus the outlook suggests a higher vacancy rate resulting from record new construction will slow rent growth in 2017. This same report indicates the most significant demographic factor driving the multifamily market in Palm Beach County is the in -migration of the retiree population which largely supports employment in the service sector. Many employed in this sector are part of the younger generation attending local colleges and have a high propensity to rent. Consistent hiring and robust household formation will drive the continued demand for apartments. Nearly 70% of 20-34 year olds live in rental housing and the population of this age group will increase by 1.4 million over the next four years. The labor market is also supported by the growing number of biotech firms located in Palm Beach County. High home prices also contribute to the renter pool. Though rent growth is anticipated to slow due to influx of new properties, this sector is expected to retain a positive outlook for 2017 because of increased demand. , I�. • The average effective rent climbed 4.9 percent in September from one year earlier to $1,449 per month. Over the preceding 12 months, the effective rent climbed 7.8 percent. • The average effective rent was highest in Boca Ratan, where a year over year Increase of 3.5 percent raised the third quarter level to $1,752 per month. Rent growth accelerated at the greatest pace in the Lake Worth/Greenacres/Wel- lington submarket, climbing 9.5 percent to $1,287 per month. • Class A apartments increased rent on average by 5.1 percent year over year to $1,883 per month. Class C units ended the third quarter with an average rent of $988 per month, a 3.8 percent climb from last September. ,, . M .: Nigher vacancy resulting from new construction will slow rent growth this year, climbing 3.3 percent to $1,485 per month. Last year, the average effec- tive rent jumped 9.1 percent. Conclusion Rent Trends Monthly Rent Y -J -Y Rent Change $1,600 12°l $1,356 9% p $1.1647 6% m $656 3% F $606 0°! 12 13 14 15 16` Some of the factors that fed Palm Beach County's past growth diminished in 2007 with a decline in the national economy which included reduced home prices and high unemployment. This trend continued until the middle of 2011 when signs of stabilization began to emerge. In the fourth quarter 2011, sales activity began to show signs of recovery. A slow but steady rebound in the market has continued into the first quarter of 2017. Unemployment rates have steadily decreased and home prices are trending upward. The market is experiencing a steady climb from the depths of the recession which has spurred investors into action. The long-term outlook for Palm Beach County is considered positive due to the broad employment base and desirability as a winter tourist destination. As population grows, more supporting commercial, industrial, and service development will be required. These factors, combined with a finite quantity of developable land create a positive real estate outlook for the future. Boynton Beach Women's Club 36 A&C Job No.: 2170146.000 10 VI l ■ � �1�'J ■J�l�J\% \% Ii� RAI, er nth C,yprnsp. Crook „uulry Club' BPyntort Pcoth MaII 0 I fipnt Tr€w 1(dgag ,.WBOYAll u` Uret-MrepVlllas __. Subject De Paul ear a Ivry y IlJls.., _ s, sa_�� _ QUAlL RIDGE ,•,.�P, C•Jtii Illy tC�UU r •. _ I he CUU114y" rs ; 'r Blvd VIlla eRoyal..e On the Crppin The subject property is located within the City of Boynton Beach just south of the downtown area. The property is situated along South Federal Highway, the city's main north -south thoroughfare. The city has experienced a noticeable downtown resurgence over the past with a tremendous amount of commercial and residential redevelopment along South Federal Highway and the waterfront near Boynton Beach Boulevard. The city itself and the Boynton Beach Community Redevelopment Agency efforts in enhancing the downtown area and nearby residential areas have produced massive favorable changes to the area. The area has upgraded infrastructure, the waterfront / Federal Highway area now includes several large mixed use projects with several more planned or under construction, and once rundown residential areas north of Boynton Beach Boulevard are being redeveloped. The South Federal Highway area near the subject is a mixed use strip of commercial and residential uses with this area also experiencing some redevelopment with a number of new/newer residential projects. To the east of the highway are medium to high priced residential properties with many on the Intracoastal Waterway. To the west is a more moderate priced residential area. The divided roadway has an average daily peak season traffic count of 25,024 vehicles (2016). The subject locale is a desirable area of Boynton Beach with a diverse use mix. Redevelopment of the downtown area is making major positive changes and has influenced improvements to the Woolbright Road area to the south of the subject. Property values have increased over the past with the redevelopment and improving market conditions. This trend is expected to continue into the foreseeable future. Boynton Beach Women's Club A&C Job No.: 2170146.000 37 Isar, here Y11 Fri The subject property is located within the City of Boynton Beach just south of the downtown area. The property is situated along South Federal Highway, the city's main north -south thoroughfare. The city has experienced a noticeable downtown resurgence over the past with a tremendous amount of commercial and residential redevelopment along South Federal Highway and the waterfront near Boynton Beach Boulevard. The city itself and the Boynton Beach Community Redevelopment Agency efforts in enhancing the downtown area and nearby residential areas have produced massive favorable changes to the area. The area has upgraded infrastructure, the waterfront / Federal Highway area now includes several large mixed use projects with several more planned or under construction, and once rundown residential areas north of Boynton Beach Boulevard are being redeveloped. The South Federal Highway area near the subject is a mixed use strip of commercial and residential uses with this area also experiencing some redevelopment with a number of new/newer residential projects. To the east of the highway are medium to high priced residential properties with many on the Intracoastal Waterway. To the west is a more moderate priced residential area. The divided roadway has an average daily peak season traffic count of 25,024 vehicles (2016). The subject locale is a desirable area of Boynton Beach with a diverse use mix. Redevelopment of the downtown area is making major positive changes and has influenced improvements to the Woolbright Road area to the south of the subject. Property values have increased over the past with the redevelopment and improving market conditions. This trend is expected to continue into the foreseeable future. Boynton Beach Women's Club A&C Job No.: 2170146.000 37 C The subject property is located within the City of Boynton Beach just south of the downtown area. The property is situated along South Federal Highway, the city's main north -south thoroughfare. The city has experienced a noticeable downtown resurgence over the past with a tremendous amount of commercial and residential redevelopment along South Federal Highway and the waterfront near Boynton Beach Boulevard. The city itself and the Boynton Beach Community Redevelopment Agency efforts in enhancing the downtown area and nearby residential areas have produced massive favorable changes to the area. The area has upgraded infrastructure, the waterfront / Federal Highway area now includes several large mixed use projects with several more planned or under construction, and once rundown residential areas north of Boynton Beach Boulevard are being redeveloped. The South Federal Highway area near the subject is a mixed use strip of commercial and residential uses with this area also experiencing some redevelopment with a number of new/newer residential projects. To the east of the highway are medium to high priced residential properties with many on the Intracoastal Waterway. To the west is a more moderate priced residential area. The divided roadway has an average daily peak season traffic count of 25,024 vehicles (2016). The subject locale is a desirable area of Boynton Beach with a diverse use mix. Redevelopment of the downtown area is making major positive changes and has influenced improvements to the Woolbright Road area to the south of the subject. Property values have increased over the past with the redevelopment and improving market conditions. This trend is expected to continue into the foreseeable future. Boynton Beach Women's Club A&C Job No.: 2170146.000 37 PROPERTY DATA Taxpayer of Record Boynton Woman's Club Palm Beach County Property Control Number 08-43-45-28-24-000-0040 Assessed Value and Taxes for 2016 The following information was taken from the Palm Beach County Property Appraiser's and Tax Collector's web sites. Appraisals Improvements $348,098 Land $201,630 Total Value $549,728 Assessed and Taxable Values Assessed Value $547,914 Exemption $547,914 Taxable Value $0 Taxes Ad Valorem $0 Non Ad Valorem $2,475 Total Tax $2,475 A typical informed buyer would recognize the possibility of a reassessment following a sale of the property and the possibility that taxes could change as a result, if the assessed value is substantially different than the true market value. That said, the subject appears to be severely under assessed based on the market value conclusion contained herein. Due to the civic, non-profit use / ownership of the property does not incur any ad valorem taxes. A prudent investor, however, would calculate their potential property tax liability based on an assessment reflective of whatever sale price they are proposing to pay if the property were purchased for a use not entitled to a non-profit status. Our value conclusion does not discount for any taxes owed on the property, current or delinquent. The value assumes the property is free and clear and not subject to any prior year's delinquencies or outstanding tax certificates. The appraisers strongly suggest any potential buyer, mortgagee, or other investor in the property fully investigate the tax status of the subject property with the County's Tax Collectors office. Boynton Beach Women's Club 38 A&C Job No.: 2170146.000 Census Tract The subject property is located in census tract 0062.02. Census Tract Map Tract Income Level ifs Census Demographic Data No `z 0 2015 Estimated Tract Median Family Income s 2010 Tract Median Family Income N5uT�7,d Tract Median Family Income % 95.43 Tract Population tw Tract Minon ! 22 51 Tract fvlinanty Population 475 Address: 1010 S FEOEBZAL. H'uWY, BtiYNTC3N BEACH, FL 39435 --. 757 9 to 4 Family Units -_-- - MSA State County Tract 48424-12-099-0062 02 Pjk"7tae{t� t)�� fiJ Census Income Population Housing r �North NERi c Tract Income Level Middle Underserved or Distressed Tract No 2016 FFIEC Estimated MSAM.41Dlnon- MSAIMQ Median Family Income $55,400 2015 Estimated Tract Median Family Income $62.411 2010 Tract Median Family Income -- $61 504 Tract Median Family Income % 95.43 Tract Population 2110 _ Tract Minon ! 22 51 Tract fvlinanty Population 475 Cbu.ner-Oce. led Units --. 757 9 to 4 Family Units 1ul '9 i CI ` 11T, a po 6>1 i 02 7^ rc lug€t,OL. 61,ud n; G3 hk. 0060.5, "'o6o op v � voi Txt c` rry � F Boynton Beach Women's Club iF 1. -VI 131'hAye ;It, 00RD3 alis Lir 9 ,"kRrY �d i � IN s i31 39 Subject A&C Job No.: 2170146.000 su Pjk"7tae{t� t)�� R��"fit NO,' 13tkw ri. 'r. '1 S,-4 fiR rR vr;; ` w+ti V X11 I11u9e tillG dk $DGO 10 a '9 i CI ` 11T, a po 6>1 i 02 7^ rc lug€t,OL. 61,ud n; G3 hk. 0060.5, "'o6o op v � voi Txt c` rry � F Boynton Beach Women's Club iF 1. -VI 131'hAye ;It, 00RD3 alis Lir 9 ,"kRrY �d i � IN s i31 39 Subject A&C Job No.: 2170146.000 Flood Zone Designation The subject property is located on the National Flood Insurance Program Map on Community Panel Number 120196-0003-C, effective date of September 30, 1982. The subject appears to lie in an area designated as zone B. Part of the property appears to be in an area designated as zone A5. Flood Zone B is defined as "areas between limits of the 100 -year flood and 500 -year flood; or certain areas subject to 100 -year flooding with average depths less than one (1) foot or where the contributing drainage area is less than one (1) square mile; or areas protected by levees from the base flood. Flood Zone A5 is defined as "areas of 100 year shallow flooding where depths are between one (1) and three (3) feet; base flood elevations are shown, but no flood hazard factors are determined. Flood Map sw _ m y�l D NATIONAL FLOOD INSURANCE PROGRAM �t y lI I_ i i I r „.r.,. 4L-� n. D, Z6NEC mDEE 6 5'f ST � �1 �-il rn fcn m ( FIRM S 2ND 1 f m 4/% NIST ay gn FLDRU INSURANCE RATE MAP m rn -aSubject y x"�.�CITY OF SE 3Rp N y "° _ E = ST = BOYNTON REACH. SE 4TH ST ^m Rnl^,. i', uy ZONE c I Im m n FLORIDA v 11-1 N < m C PALMS BEACH COUNTY Yn iX h` ST SE S c3 RD PANE! 3 Of 5 '►-i-tSA EL OExFoaP> E.s o,.R ,Eo, Boynton Beach Women's Club 40 A&C Job No.: 2170146.000 � 4 "ry . #4� J'„'y�M} W1n4 NUMBER M' 12096 111 s" MAP REVISED: p "Y SEPTEMBER 30, 1982 d '" a -•<-d t � u - �4 �; � v k "aY` � �_ r ,;gym. �� °K' �. Boynton Beach Women's Club 40 A&C Job No.: 2170146.000 Zoning and Future Land Use The subject property's use is dictated by the City of Boynton Beach Zoning Code and Comprehensive Plan. The City of Boynton Beach zoning and future land use maps indicate the subject property has a zoning designation of C-1 (Office Professional) with an underlying land use designation of OC (Office Commercial). The subject is also located in the CRA's Federal Highway Corridor. Permitted uses under this zoning category generally include, but are not limited to; health and personal care, pharmacy / drug store, veterinary services, photography studio, travel agency, bank / finical office, business or professional office, call center, coping/printing/sign design, counseling, medical care or testing, medical or dental imaging, medical or dental office, church, civic and fraternal club / organization, governmental / municipal office, collage / seminary / university, professional or trade school, radio / tv broadcasting, and community garden. Additional uses are allowed through a special exception or condition including, but not limited to; group home type 3, funeral home, postal / mail center, cemetery, and day care center. The subject's current use for a civic organization in line with the current zoning as a permitted use and the current zoning is in harmony with the future land use designation. The C-1 zoning requires a minimum lot size of 9,000 square feet with a minimum frontage of 75 feet. The maximum lot coverage is 40% with a maximum FAR of 0.40. Parking is typically requited at 1 space per 200 to 300 square feet of building area depending on use with theaters, auditoriums, meeting rooms, and other places of assembly at 1 space per every 4 seats but not less than 1 space for every 100 square feet of building area. The subject property has 21 parking space, far less than would be required for almost all uses allowed. The appraisers have not independently verified that the subject complies with current site development regulations (setbacks, site coverage, etc.). It has been assumed that by virtue of the subject's on-going use, should there be any areas of non-compliance, a variance has been issued or some other form of special exception has been made. Boynton Beach Women's Club 41 A&C Job No.: 2170146.000 Zoning Map Boynton Beach Women's Club A&C Job No.: 2170146.000 42 Land Use Map Legend Use Categories LOW DENSITY RESIDENTIAL (LDR) Max. 5 D.UlAcre MODERATE DENSITY RESIDENTIAL (MODR) Max- 75 D.0 JAcre MEDIUM DENSITY RESIDENTIAL (MEDR) Max. 10 D.U./Acre HIGH DENSITY RESIDENTIAL (HDR) Max- 11 D.U.fAcre SPECIAL HIGH DENSITY RESIDENTIAL (SHDR) Max. 20 D_U/ Acrf OFFICE COMMERCIAL (OC) LOCAL RETAIL COMMERCIAL (LRC) GENERAL COMMERCIAL (GC) INDUSTRIAL (1) RECREATIONAL (R PUBLIC & PRIVATE GOVERNMENTALIINSTITUTIONAL (PPGI) MIXED USE (MX) Max- Density 4G D_U/ Acre MIXED USE CORE (MXC) Max- Density 80 D_U/ Acre MIXED USE SUBURBAN (MXS) Max- Density 2G D.UlAcre DEVELOPMENT OF REGIONAL IMPACT (DRI) CONSERVATION (CON) CONSERVATION OVERLAY (CIO) daries CRA Boundary TC EA Boundary DTOD City Boundary WATER Boynton Beach Women's Club 43 A&C Job No.: 2170146.000 Concurrency The strongest growth control measure ever imposed was passed by the Florida Legislature and became effective on February 1, 1990. This was mandated by Chapter 163, Florida Statutes, otherwise known as the Growth Management Law. One provision of this law is referred to as Concurrency which dramatically limits the ability to develop real property. It is basically the requirement that adequate infrastructure be available to serve new development. Eight types of infrastructure are affected including traffic, potable water, sewer, drainage, solid waste, recreation and open space, mass transit, and fire rescue. In May of 2011, House Bill 7172 amended the Growth Management act in an effort to spur economic growth through streamlining and lessening growth management controls. Transportation concurrency requirements were exempted in dense urban land areas with populations of at least 1,000 people per square mile. Also, within dense urban land areas, the DRI process has been exempted. State review of local comprehensive plans was streamlined and zoning changes are now allowed to be considered concurrently with land use plan amendments. It is the appraisers' understanding that the subject is not subject to any concurrency restrictions. Should the property be altered or redeveloped, the matter of concurrency would need to be revisited at that time. Utilities The following utilities are available to the subject property: Water, electricity, municipal sewer. Subject Property Sales History The appraisers have not been provided with a title abstract on the property appraised nor have they conducted a title search of their own. The subject property was built in the 1920's and has been governmental / civic ownership ever since. It is our understanding the Boynton Woman's Club has owned the property for many years. To the appraisers' knowledge the subject property is not currently listed for sale or subject to a current purchase agreement. The intent of the Boynton Woman's club is to sell the property and wishes to keep it in public / civic ownership. The club intends to sell the property to the Boynton Beach CRA but have not established a price and/or terms. Site Analysis The following analysis is based upon a personal inspection of the site, a survey prepared O'Brien, Suiter & O'Brien, Inc. dated September 8, 1987 and revised September 12, 1990 (see page 27, and Palm Beach County Public Records. Location The subject property is located along the east side of South Federal Highway about one-quarter of a mile north of Woolbright Road, Boynton Beach, Florida. The property address is 1010 South Federal Highway, Boynton Beach, Florida 33435. Boynton Beach Women's Club 44 A&C Job No.: 2170146.000 Size and Shape We have relied on the site dimensions for the property from the survey and size from county records. Our size analysis is in basic agreement with the county data. The site is an irregular shaped parcel of land having roughly 205 feet on South Federal Highway, a south property line of about 126 feet, 200 feet on Isle Road, and a north property line of approximately 75 feet. The subject site area is approximately 20,163 square feet or 0.463 acres. Topography and Drainage The site is level and near road grade. Drainage appears to be adequate for its current use. No apparent drainage problems were noted during the inspection. However, we have not had the opportunity to visit the site during a time of heavy rainfall. It is assumed that the subject does not suffer from any detrimental drainage problems. Access Access is via South Federal Highway and Isle Road. South Federal Highway is the main north -south traffic artery in the area and has connections to nearby major -east west roadways and I-95 interchanges. Easements or Encroachments Typical utility easements are believed to exist. The survey that was provided did not delineate the boundaries of any potentially detrimental easements or encroachments. The appraisers did not note any such conditions during our on-site inspection, nor did the property owner disclose any. We have no reason to believe that there are any easements or encroachments on the property that would affect its use in such a way as to have a negative impact on value. Soil/Environmental Conditions We have not been provided with nor have we commissioned a soil or sub -soil condition report. The subject's land appears to be composed of typical loose South Florida sand. The appraisers have no reason to believe that there may be hazardous materials stored and used at the property. The appraiser, however, is not qualified to detect such substances. The presence of substances such as asbestos, urea -formaldehyde foam insulation or other potentially hazardous materials may affect the value of the property. The value estimate is predicated on the assumption that there is no such material on or in the property that would cause a loss in value. No responsibility is assumed for any such conditions, or for any expertise or engineering knowledge required to discover them. The client is urged to retain an expert in this field, if desired. Boynton Beach Women's Club 45 A&C Job No.: 2170146.000 Site Improvement Analysis Site improvements include an open asphalt paved parking lot containing 21 parking spaces, landscaping with sprinkler system around the building and a walled garden area fronting South Federal Highway. Building Improvement Analysis We have relied upon a personal inspection of the building as well as the Palm Beach County Public Records for the following building description. Year Built: 1925 (approximate — some data shows 1925 / 1926 as year built and county records show 1929) Building Area: 12,626 square feet Site Area: 20,163 square feet FAR/Lot Coverage: 0.63/31% Foundations: Concrete slab Basic Construction: Hollow tile Exterior Finish Stucco Roof Support/Covering: Barrel Tile Doors: Wood Windows: Wood casement Floors: Terrazzo with wood over and clay tile (first floor) and wood (second floor) Ceiling: Plaster with the second floor having decorative wood beam cathedral ceiling Interior walls: Plaster Lighting: Incandescent lighting with some historic fixtures and some ceiling high -hat fixtures Electric service: Appears adequate for light commercial uses Plumbing: Appears adequate with two multi -fixture baths off the entrance hall with a sink and commode on each side of the theater stage Boynton Beach Women's Club A&C Job No.: 2170146.000 46 Heating and Cooling: Fire Detection: Parking: Building Comments/ Condition: Actual Age: Central heat and air Fire sprinkler system Asphalt parking lot with 21 space or 1 space for every 601 square feet of building area — below zoning / norms for a property of this type Property appeared to be in average overall condition. Significant renovations were performed to the building in 1988 (new roof, elevator, HVAC system, upgrading the interior lighting, and covering the existing terrazzo tile floors with wood planks in the dining room and library), 2007 (new roof), and 2017 (restoration of many French doors and windows). Prior and subsequent renovations have also been performed on a routine basis to maintain this historic structure. The property still needs some work (remaining windows and some flooring renovated) but overall condition is average. At the rear of the first floor is a large kitchen for use in events. 92 years Functional Utility: The subject property was designed and built for civic type uses having been used by community organizations and churches in its early years, Red Cross and USO uses during World War II, and the community's library until 1961. Most recently is has housed the Boynton Woman's club and hosted many weddings and public and private cultural events. Economic/External Obsolescence: The property does not appear to be suffering from any external/economic obsolescence. Building Area Calculations / Floor Plan The appraisers have not measured the building improvements. We have floor plans from an architectural review by MACTEC Engineering and Consulting from June 2004 with building dimensions but no building square footages and we have building sketches and square footages from the County Property Appraiser's records. Our analysis of the architectural floor plans indicates that the county records are actuate (within a few square feet). We have relied on the county records in our analysis. The county and architecture floor plans follow. Boynton Beach Women's Club 47 A&C Job No.: 2170146.000 Owner Name: BOYNTONWOMANS CLUB Parcel Control Number 08-43-45-28-24-000-0040 Location Address. 1 1110 8 FEDERAL lw W Sketch for Building 1 ru ctu r Element lr Building 1,. YEAR BUILT 1929 1 SOCIAL/FRATERNAL 6313 A LL. 3. S CIAUFRATERNAL 5313 HALL, Subarea Footage for Building Code Description q. Footage CIAUFR'ATERNAL 6313 HALL SOCIAL/FRATERNAL 63113 HAILL, Total Square 12152 Footage: Extra Feature Description Year Built limits PAVING- ASPHALT 1929 702 Limit rttaV represent the perimeter, square footage, linear footage,, total number or other rneasuremetat of the feature depending on tlMe feature dlescribed. Land Details _ -Lanai Line it Description 2+orwsrg Front Depth 5g Footage Acres I- COMMERCIAL Cl 201-63 100.00 20163 0.4629 Boynton Beach Women's Club 48 A&C Job No.: 2170146.000 ■ First Floor Boynton Beach Women's Club A&C Job No.: 2170146.000 49 I AM g 7# oma. btl k:.i y ku mew �. II41I First Floor Boynton Beach Women's Club A&C Job No.: 2170146.000 49 Boynton Beach Women's Club Second Floor 50 A&C Job No.: 2170146.000 HIGHEST AND BEST USE The Appraisal Institute defines highest and best use as follows: The reasonably probable and legal use of vacant land or an improved property that is physically possible, appropriately supported, financially feasible, and that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity. Alternatively, the probable use of land or improved property—specific with respect to the user and timing of the use—that is adequately supported and results in the highest present value. (Source: Appraisal Institute, The Dictionary of Real Estate Appraisal, 6th ed., Chicago: Appraisal Institute, 2015). The analysis of highest and best use normally applies these considerations in a three step process, involving the analysis of the highest and best use of the site as if vacant, determination of the ideal improvement, and a comparison of the existing improvement with the ideal improvement, in order to estimate the highest and best use as improved. As Vacant The subject site is of sufficient size and configuration that it could physically support numerous uses, limited only by the fact that such uses must be legal, reasonable, probable, and a logical continuation of surrounding uses within the subject property's neighborhood. The subject is zoned C-1 (Office Professional) with a land use designation of OC (Office Commercial). Any number of office and civic type uses would be legally possible. It is located in an area that is developed with a variety of uses. In consideration of the site's location, land use classification, zoning and surrounding uses, the highest and best use for the subject, as if vacant, would be development with some type of commercial or civic type building in keeping with the zoning, land use, and neighborhood uses. As Improved In the process of researching the subject market, the appraisers have determined that the subject improvements are substantial enough and in good enough condition that they add value to the site and it would not be economically justified to remove them at the present time. Additionally, the subject has an historic designation preventing it from being demolished. This designation also severely restricts exterior changes and limits some interior renovations / changes. In consideration of the subject's location, land use classification, zoning, surrounding uses and type and condition of current improvements, the highest and best use for the subject would be an adaptive reuse of the existing improvements for office or civic type purposes. Boynton Beach Women's Club 51 A&C Job No.: 2170146.000 EXPOSURE AND MARKETING TIME Exposure time is: 1) The time a property remains on the market; 2) The estimated length of time the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal; 3) A retrospective estimate based on an analysis of past events assuming a competitive and open market. Marketing time is an opinion of the amount of time it might take to sell a real or personal property interest at the concluded market value level during the period immediately after the effective date of an appraisal. Marketing time differs from exposure time, which is always presumed to precede the effective date of an appraisal. Advisory Opinion 7 of the Appraisal Standards Board of The Appraisal Foundation and Statement on Appraisal Standards No. 6, Reasonable Exposure Time in Real Property and Personal Property Market Value Opinions address the determination of reasonable exposure and marketing time. (Source: Appraisal Institute, The Dictionary of Real Estate Appraisal, 6th ed., Chicago: Appraisal Institute, 2015). Credit markets are now showing signs of easing and financing for commercial properties appears to be more readily available at this time. Most properties offered for sale have been exposed on the market for six to twelve months or longer. In their 1st quarter 2017 issue, the PwC Real Estate Investor Survey indicates an average marketing time of 6.4 months for properties in the National CBD Office market. This is the same as in the prior quarter and down from 6.7 months a year ago. The overall range was listed at 2 to 12 months. For the National Suburban Office market they report an average marketing time of 6.0 months and 5.5 months for the Southeast Florida Office market. The CoStar Group reported the sale of 8 civic type properties in Palm Beach County from late 2015 through May 2017 where they reported marketing times. They included some churches, a daycare/school, a school, and a former Boys and Girls Club. The marketing time ranged from 22 days to 1,439 days with a mean of 394 days or just over a year. The Boys and Girls Club was in a state of disrepair and took the longest to sell. The remaining 7 properties reflect a marketing time of 219 days or about 7 months. Considering the preceding, as well as sales that have taken place in the local market, and assuming a prudent pricing strategy, we estimate an exposure time of 6 to 12 months. Looking forward, we feel this would be a reasonable estimate for marketing time as well. Boynton Beach Women's Club 52 A&C Job No.: 2170146.000 SALES COMPARISON APPROACH The sales comparison approach is the process of deriving a value indication for the subject property by comparing market information for similar properties with the property being appraised, identifying appropriate units of comparison, and making qualitative comparisons with or quantitative adjustments to the sale prices (or unit prices, as appropriate) of the comparable properties based on relevant, market - derived elements of comparison. (Appraisal Institute, The Dictionary of Real Estate Appraisal, 6th ed., Chicago: Appraisal Institute, 2015.) The sales comparison approach requires that the appraiser locate recent sales of similar properties and through an adjustment process arrive at an indication of what these properties would have sold for if they possessed all of the salient characteristics of the subject property. These adjusted sales prices are then correlated into an estimate of the market value of the property via the sales comparison approach to value. A search of the Palm Beach County official records, local multiple listing service records, discussions with local brokers and appraisers and a personal inspection of the subject area produced several sales of similar type properties. The sales used in the analysis were the best comparables that we were able to verify with public records and/or a party to the transaction. The subject property is a specialty, civic type building with potential for continued civic type uses with office uses also permitted. Accordingly, we are utilizing sales of civic and office properties in our analysis. The following pages feature a detailed write up of each comparable used in the analysis, a location map and summary of the selected comparable sales data, which is followed by a discussion of the pertinent adjustments and conclusion of value. Boynton Beach Women's Club 53 A&C Job No.: 2170146.000 SALE NO. 1 - 2600 Quantum Boulevard, Boynton Beach, FL 33426 AC File No.: 2150436, 2170146 ID: 908313 OR Book/Page: 28013/1766 Type: Office Sale Status: Sale Sub -Type: Single Tenant Professional Date: December 16, 2015 Grantor: United Way of Palm Beach County, Inc. Grantee: 2600 Quantum Blvd, LLC Legal: Lots 4, 4A, 413, 5 and 5A, Quantum Park at Boynton Beach PID, Plat No. 2, Plat Book 57, Page 184, Palm Beach County, Florida Folio No.: 08-43-45-17-07-000-0040 Location: East side of Quantum Boulevard just north of Gateway Boulevard one-quarter of a mile east of North Congress Boulevard, Boynton Beach Zoning: PID - Planned Industrial Development by City of Boynton Beach Utilities: Water, electricity, municipal sewer Boynton Beach Women's Club 54 A&C Job No.: 2170146.000 Site Size: Square Feet: 303,090 Acres: 6.96 Shape: Irregular Street Frontaae (Ft.k 513 Improvements: Gross Bldg. SF: 21,393 Year Built: 1990 / 2007 Stories: 2 No. of Bldas.: 2 Condition: Good Parking: On-site, adequate Air Conditioning: Central air Construction: CBS / Metal and glass FAR 0.07 Use: Current Use: Office Intended Use: Office Highest and Best Use: Office Verification: Source: Mark Rubin, Avison Young Relationship: Listing Broker Conditions of Sale: Arm's-length Verified By: Gary Orr Date: October 2, 2015 Sales History: $925,000, June 1994, OR 8320/0660 Sales Price: $4,300,000 Price/SF Building: $201.00 Financing: $3,443,767 mortgage with Seacoast National Bank Comments: This is the sale of the local United Way headquarters. The property was marketed for about 6 months with no listing price prior to contract. The property has 6.96 acres of which 3.93 acres is buildable with the remainder being project drainage / canal lots / easements. The land is vested for 49,326 square feet of office space of which 21,393 square feet has been built with 50% of the site being surplus land. The buildable area site improvements have been complete for the entire vested area (site development, utilities, landscaping, and 203 parking spaces) with a filled, level pad for an additional building in place. The existing two buildings are owner occupied but would accommodate two users. The main two story steel and glass building (16,393 square feet) includes large reception area, conference / class rooms (26 persons and 60 persons), numerous offices, elevator, and 6 bathrooms. The smaller building (5,000 square feet) is one story and is all office space with two bathrooms. The buyer plans to occupy the entire property for his substance abuse rehabilitation companies (Beachway Therapy and Grapevine House). Sale was confirmed with listing broker, selling broker, buyer, seller, and a copy of the contract. This property was appraised by Anderson & Carr, in October 2015. Boynton Beach Women's Club 55 A&C Job No.: 2170146.000 SALE NO.2 - 660 Royal Palm Beach Boulevard, Royal Palm Beach, FL 33411 AC File No.: 2160321 ID: 908794 OR Book/Page: 28110/1376 Type: Assembly/Meeting Place Sale Status: Sale Sub -Type: House of Worship Date: April 1, 2016 Grantor: Southeast Conference of the Evangelical Covenant Church of America, Inc. Grantee: Amazing Grace Family Church, Inc. Legal: Lots 69 and 70, Block 11, Section 2, Palm Beach Colony, Plat Book 26, Page 108, plus an adjoining small strip with a long legal description, Palm Beach County, Florida Folio No.: 72-41-43-26-02-011-0690 and 72-41-43-35-00-0030 Location: East side of Royal Palm Beach Boulevard just north of Southern Boulevard, Royal Palm Beach Zoning: RS2 - Residential by Village of Royal Palm Beach Utilities: Water, electricity, municipal sewer Boynton Beach Women's Club 56 A&C Job No.: 2170146.000 Site Size: Square Feet: 53,218 Acres: 1.22 Shape: Irregular Street Frontaae (Ft.L 275 Improvements: Gross Bldg. SF: 8,124 Year Built: 1960 - 1987 Stories: 1 No. of Bldas.: 2 Condition: Average Parkin: On-site, adequate FAR: 0.15 Use: Current Use: House of Worship Intended Use: House of Worship Highest and Best Use: House of Worship Verification: Source: Joey Blakley, Foundry Commercial Relationship: Listing Broker Conditions of Sale: Arm's-length Verified By: Gary Orr Date: August 1, 2016 Sales History: $10, July 2013, OR 26217/1074; $400,000, March 2013, OR 25971/1863 (in house transaction) Sales Price: $1,200,000 Price/SF Building: $147.71 Financing: $960,000 PMM Comments: This is the sale of an older but well -tended church. The sanctuary seats approximately 175 people. There are offices and seven class rooms plus fellowship hall and kitchen. The parking lot was grass and older asphalt paving. The property had been listed for $1,395,000 and sold after 360 days on the market. Boynton Beach Women's Club 57 A&C Job No.: 2170146.000 SALE NO.3 - 505 Southeast 6th Avenue, Boynton Beach, FL 33435 AC File No.: 2170146 ID: 909365 OR Book/Page: 28222/1908 Type: Office Sale Status: Sale Sub -Type: Multi -Tenant Professional Date: April 6, 2016 Grantor: Magnificent Homes, LLC Grantee: CSN Medical Legal: Lot 10, Block C, Pence Subdivision, Plat Book 1, Page 33, Palm Beach County, Florida Folio No.: 08-43-45-28-07-003-0100 Location: Northeast corner of Southeast 6th Avenue and Southeast 4th Street one block west of South Federal Highway, Boynton Beach Zoning: C-3 - Community Commercial by City of Boynton Beach Utilities: Water, electricity, municipal sewer Boynton Beach Women's Club 58 A&C Job No.: 2170146.000 Site Size: Square Feet: 13,621 Shape: Rectangular Improvements: Gross Bldg. SF: 3,000 Stories: 1 Net Rentable SF: 3,000 R/U Ratio: 0.00 Condition: Average Air Conditioning: Central air Construction: CBS 0.22 Use: Current Use: Office Intended Use: Office Highest and Best Use: Office Acres: 0.31 Street Frontage (Ft.L 180 Year Built: 1974 No. of Bldas.: 1 Useable SF: 3,000 Blda. Eff. Ratio: 1.00 Parking: On-site, adequate Verification: Source: Hinde, Stern Zwelling, LLC Relationship: Closing agent Conditions of Sale: Arm's-length Verified By: Gary Orr Date: May 12, 2017 Sales History: $290,000, May 2015, OR 27526/1136 (trust sale) Sales Price: $465,000 Price/SF Building: $155.00 Price/Rentable SF: $155.00 Financing: $319,000 mortgage and $255,200 second mortgage (for renovations) with Regions Bank Comments: This is the sale of a small multi -tenant office building. It has one large office at the corner with a few small offices on Southeast 6th Avenue. As of May 2017 the building is being totally renovated for use by the buyer. Boynton Beach Women's Club A&C Job No.: 2170146.000 59 SALE NO.4 - 5255 North Federal Highway, Boca Raton, FL 33487 AC File No.: 2160517 ID: 909200 OR Book/Page: 28451/1441 Type: Office Sale Status: Sale Sub -Type: Multi -Tenant Professional Date: July 1, 2016 Grantor: Parkwin Properties, Inc. Grantee: Friedkin-Medley, LLC Legal: Long legal in the Southwest 1/4 of the Southeast 1/4 of Section 5, Township 47 South, Range 43 East, Palm Beach County, Florida Folio No.: 06-43-47-05-00-000-5090 Location: North Federal Highway just north of East Yamato Road, Boca Raton Zoning: PO&I - Professional Office & Institutional by City of Boca Raton Utilities: Water, electricity, municipal sewer Boynton Beach Women's Club 60 A&C Job No.: 2170146.000 Site Size: Square Feet: 48,074 Shape: Irregular Improvements: Gross Bldg. SF: 21,508 Stories: 3 Condition: Average Air Conditioning: Central air Construction: CBS 0.45 Use: Current Use: Office Intended Use: Office Highest and Best Use: Office Acres: 1.10 Street Frontage (Ft.L 136 Year Built: 1986 No. of Bldas.: 1 Parking: On-site, adequate Verification: Source: Shawn Friedkin Relationship: Buyer Conditions of Sale: Arm's-length Verified By: Gary Orr Date: December 14, 2016 Sales History: $1,470,000, July 1995, OR 8861/0522 Sales Price: $5,100,000 Price/SF Building: $237.12 Financing: Cash to seller Comments: This is the sale of a three story office building with Landmark Bank occupying the first floor. The property includes some covered parking and has a back-up generator. The property was acquired on a 1031 exchange with the buyer approaching the seller directly. As of December 2016 there were a two suites available for lease of 6,000 and 8,600 square feet with an asking rate of $20.50 per square foot plus a $9.50 CAM change. Buyer did not give full details but did state the bank was paying a higher rate and most of the other tenants were paying rates around $20 per square foot. The building fronts North Federal Highway with a driveway and parking strip extending to Yamato Road wrapping around a convenience store / gas station. Boynton Beach Women's Club A&C Job No.: 2170146.000 61 SALE NO.5 - 354 Toney Penna Drive, Jupiter, FL 33548 AC File No.: 2160360.000 ID: 908836 OR Book/Page: 28494/0300 Type: Office Sale Status: Sale Sub -Type: Multi -Tenant Professional Date: July 28, 2016 Grantor: Turtle Realty 2, LLC Grantee: 354 Toney Penna, LLC Legal: Lot 7, Southern Park of Commerce, Plat Book 74, Page 99, Palm Beach County, Florida Folio No.: 30-42-41-12-12-000-0070 Location: South side of Toney Penna Drive, roughly 0.16 miles east of Military Trail, Jupiter Zoning: I2 - Industrial General by Jupiter Utilities: Municipal water and sewer, electricity, and telephone Boynton Beach Women's Club 62 A&C Job No.: 2170146.000 Site Size: Square Feet: 20,474 Shape: Rectangular Improvements: Gross Bldg. SF: 5,024 Stories: 1 Condition: Good Air Conditioning: Central air Construction: CBS 0.25 Use: Current Use: Office Intended Use: Office Highest and Best Use: Office Acres: 0.47 Street Frontage (Ft.L 105 Year Built: 2005 No. of Bldas.: 1 Parking: On-site, adequate Verification: Source: Costar, marketing flyer, public records Relationship: Published data Conditions of Sale: Arm's-length Verified By: B. Arnold Date: August 24, 2016 Sales History: Previously sold for $800,000 in February 2012, recorded in County OR Book 25056 Page 1784 Sales Price: $1,260,975 Price/SF Building: $250.99 Financing: $550,000 provided by Valley National Bank Comments: Building was originally designed to have three suites. The seller was an owner user who occupied 2 of the suites. The buyer is also an owner user who will occupy two of the three suites. No rental information regarding the third suite was provided. The interior has higher end professional office build out. Broker reports the property was on the market for roughly 3 months prior to the date of sale. Boynton Beach Women's Club A&C Job No.: 2170146.000 63 SALE NO.6 - 8198 South Jog Road, Boynton Beach, FL 33472 AC File No.: 2160277.000 ID: 908732 OR Book/Page: 28495/0505 Type: Office Sale Status: Sale Sub -Type: Multi -Tenant Professional Date: July 28, 2016 Grantor: NSHE Antiok, LLC Grantee: Indiantown Road, LLC Legal: Northerly 412.32 feet of the Easterly 206.50 feet of the Westerly 441.24 FT of Parcel B, Aberdeen Plat No. 20, Plat Book 73, Page 1, Palm Beach County, FL Folio No.: 00-42-45-15-13-002-0070 Location: South side of Le Chalet Boulevard, roughly 0.15 miles east of South Jog Road, Boynton Beach Zoning: RS (PUD) - Single Family Residential District (This property is part of a commercial node designation within a PUD) by Palm Beach County Utilities: Municipal water and sewer, electricity, and telephone Boynton Beach Women's Club 64 A&C Job No.: 2170146.000 Site Size: Square Feet: 75,399 Shape: Irregular Improvements: Gross Bldg. SF: 27,248 Stories: 2 Condition: Good Air Conditioning: Central air Construction: CBS 0.36 Acres: 1.73 Street Frontage (Ft.L 206 Year Built: 1999 No. of Bldas.: 1 Parking: On-site, adequate Use: Current Use: Medical and Professional Office Intended Use: Medical and Professional Office Highest and Best Use: Office Verification: Sales History: Sales Price: Price/SF Building: Financing: Comments: Source: Jeff Rosenblatt w/ JRL Realty & Management, copy of contract, public records Relationship: Property manager Conditions of Sale: Arm's-length Verified By: B. Arnold Date: June 28, 2016 Previously sold on November 7, 2006 for a price of $4,100,000 recorded in Palm Beach County OR Book and Page 21069/1077. $6,000,000 $220.20 CenterState Bank of Florida provided $2,000,000 Property is a good quality Class B office building with higher end finishes. Many of the tenant spaces have undergone significant renovations over the past few years and are in newer condition with good market appeal. Several of the tenants have been in the building for an extended period of time and have expressed interest in continuing to renew. NOI for the subject based on current gross scheduled income ($602,242) as of the date of contract and the appraiser's pro -forma estimate of expenses (based on 3 years history) is $368,281, indicating an OAR of 6.14%. We note the appraiser's estimate of expenses includes a significant increase in the tax liability due to a current underassessment compared to the contract price. Boynton Beach Women's Club A&C Job No.: 2170146.000 65 We note the property is currently 100% occupied as currently subdivided and leased. That said, some common area space is not collecting revenue as some leases are written based on useable area with no common area factor added on. The result is that roughly 13.5% of rentable area is not collecting revenue. This results in an effective occupancy of 86.5%. Though the property owner is missing some potential revenue, the net result is a lower cost to rent to the tenant making the space more attractive and easier for the owner to keep occupied. It also presents upside potential to increase revenue upon lease renewals. We also note that a portion of the building is currently being operated as an executive suite area, and is generating rent which is considered at the low end of the market. That said, the leases in this space are kept short term, while the property manager works to secure a larger tenant on a longer term basis at a higher market rent. Boynton Beach Women's Club 66 A&C Job No.: 2170146.000 SALE NO.7 - 1080 East Indiantown Road, Jupiter, FL 33477 AC File No.: 2170114.000 ID: 909308 OR Book/Page: 28865/1183 Type: Office Sale Status: Sale Sub -Type: Multi -Tenant Professional Date: January 31, 2017 Grantor: Jupiter Realty Group, LLC Grantee: CDS 1080 Jupiter, LLC Legal: Long legal. See deed. Folio No.: 30-43-41-05-00-000-7080 Location: South side of East Indiantown Road, east of US Highway 1 and west of Highway AIA in Jupiter. Zoning: C3 - Commercial, Office by Town Of Jupiter Utilities: Municipal water and sewer, electricity, and telephone Boynton Beach Women's Club 67 A&C Job No.: 2170146.000 Site Size: Square Feet: 45,002 Acres: 1.03 Shape: Rectangular Street Frontaae (Ft.L 150 Improvements: Gross Bldg. SF: 17,460 Year Built: 1983 Stories: 2 No. of Bldas.: I Condition: Good Parking: On-site, adequate Air Conditioning: Central air Construction: CBS FAR: 0.39 Use: Current Use: Office Intended Use: Office Highest and Best Use: Office Verification: Source: Stephen Amato-Heape Relationship: Broker Conditions of Sale: Arm's-length Verified By: M. Jackson Date: April 14, 2017 Sales History: No transactions in the previous five years Sales Price: $3,600,000 Price/SF Building: $206.19 Financing: Cash to seller Comments: This property was 90.5% occupied at the time of sale. The reported net income at the time of sale was $248,400 which indicated a cap rate of 6.90%. The buyer purchased the property for investment purposes. Boynton Beach Women's Club 68 A&C Job No.: 2170146.000 Sixrnlle Bend' Okeclanta cEi Boynton Beach Women's Club Tequesta O11 lu Wfidide C Management 'Palm Beach Area Garcl6ns Sale 2 Riviera' Nyal Palm WestTvuentym le Cla Be; Bend leis, ' ellingt€ n Lake Sale 6 Boylan rsu„" Bea AC'j Sale 3 Delray & 2 Sale 4 Boca Ratot a_ Ever lades Midlife l}eeri a � BeaC d'v'�anaaemen 69 Sale 7 Sale 1 Subject A&C Job No.: 2170146.000 SALES SUNIMARYTABLE Land AreaYear Sale No. OR Bk ' Sale Price/SF SF Property Address Bldg. SF FAR Date Page ' Built .Price of Bldg. Acres 1 28013 2600 Quantum Boulevard 303,090 1990/ 21,393 0.07 $4,300,000 $201.00 Dec -15 1766 Bo nton Beach 6.96 2007 2 28110 660 Royal Palm Beach Boulevard 53,218 1960- 8,124 0.15 $1,200,000 $147.71 Apr -16 1376 Royal Palm Beach 1.22 1987 3 28222 505 Southeast 6th Avenue 13,621 1974 3,000 0.22 $465,000 $155.00 Apr -16 1908 Boynton Beach 0.31 4 28451 5255 North Federal Highway 48,074 1986 21,508 0.45 $5,100,000 $237.12 Jul -16 1441 BocaRaton 1.10 5 28494 354 Toney Penna Drive 20,474 2005 5,024 0.25 $1,260,975 $250.99 Jul -16 0300 Jupiter 0.47 6 28495 8198 South Jog Road 75,399 1999 27,248 0.36 $6,000,000 $220.20 Jul -16 0505 Boynton Beach 1.73 7 28865 1080 East Indiantown Road 45,002 1983 17,460 0.39 $3,600,000 $206.19 Jan -17 1183 1 Jupiter 1 1.03 Subj. 1010 South Federal Highway 20,163 1925 12,626 0.63 --- May-17 Boynton Beach 0.46 Sixrnlle Bend' Okeclanta cEi Boynton Beach Women's Club Tequesta O11 lu Wfidide C Management 'Palm Beach Area Garcl6ns Sale 2 Riviera' Nyal Palm WestTvuentym le Cla Be; Bend leis, ' ellingt€ n Lake Sale 6 Boylan rsu„" Bea AC'j Sale 3 Delray & 2 Sale 4 Boca Ratot a_ Ever lades Midlife l}eeri a � BeaC d'v'�anaaemen 69 Sale 7 Sale 1 Subject A&C Job No.: 2170146.000 Additional Market Data In addition to the sales data there is a current listing of an old historic looking home just south of the subject at 1120 South Federal Highway. The old home was built in 1962, is of wood frame construction, and is situated on just over a half acre of land. The tax records show a building area of 3,856 square feet with the listing stating a building area of 4,252 square feet. The building has been occupied by A Pink Princess, little girl's boutique, for many years but is now vacant. The current asking price is $1,545,000 or $363 per square foot of the stated listing building area. Sales Summary and Discussion In this analysis, we considered differences between the sales and the subject in terms of property rights sold, conditions of sale, financing, market conditions (trend or time adjustment), location, building and lot size, and quality and condition of the improvements. The appraisers based the comparisons on a standardized unit of measure, the sale price per square foot of building. The sale price per square foot of building correlates well among the comparable sales and is commonly used by buyers in this type of analysis. Property, Rights The property rights transferred were believed to be those of the fee simple estate or, in the case of leased property, rented at rates within market norms and not affecting the price. No differences between the sales and the subject are reflected. Conditions of Sale All sales were reportedly market oriented. No adjustment consideration for conditions of sale was necessary. Financing We considered any indication of favorable financing. All sales were either on a cash basis or had market oriented financing, therefore, no differences were noted nor were adjustments made. Market Conditions The sales occurred over the period from December 2015 to January 2017. The date of value is May 8, 2017. The market has shown improving market conditions over this time period and the older sales (1 through 6) in late 2015 and 2016 have been adjusted upward for this aspect. Boynton Beach Women's Club 70 A&C Job No.: 2170146.000 Location The subject property is located on South Federal Highway in Boynton Beach just south of the downtown core. Sale 1 is located in a newer office / industrial park near the desirable commercial strip along Congress Avenue and backs to a large lake but it has no commercial exposure. These are considered counterbalancing aspects and no adjustment is warranted. Sale 2 is located in a generally superior area of Royal Palm Beach on a secondary thoroughfare with less commercial exposure than the subject. Again, no adjustment for location is warranted due to the counterbalancing aspects. Sale 3 is located close to the subject but is off of the South Federal Highway commercial strip. This sale warrants an adjustment upward for the lack of exposure. Sale 4 is situated on a major highway like the subject but has a superior location in northern Boca Raton. Sale 5 has is in a superior area (Jupiter) but is situated on secondary roadway with these counterbalancing aspects indicating no location adjustment is warranted. Sale 6 is located in western Boynton Beach with an address on Jog Road but is actually on Le Chalet Boulevard in Aberdeen. This is considered a superior location but the property lacks a high volume commercial exposure. Again, no adjustment for location is warranted for these two opposing aspects. Sale 7 is situated in a superior area (Jupiter) on Indiantown Road and a downward adjustment is warranted. Size Generally, larger properties will sell for a somewhat lower price per square foot of building than smaller ones, and vice versa, when all else is equal. The sales in this data set do not appear to indicate that an adjustment for size is warranted after considering other aspects and none is applied. Quality/Condition/Appeal This consideration takes into account differences in quality of construction, the property's physical condition and overall appeal. The subject property was reportedly built in 1925 and it has been updated on - and -off over the years with a number of renovations within the past 10 to 15 years and some within the past 6 months. Sales 1, 2, 4, and 7 are all newer than the subject and in average to good condition but they lack the prominence and historic architectural appeal of the subject. These off -setting conditions indicate no adjustment is warranted. Sale 3 is new and in average condition but it was in needed of updating and significantly lacked the appeal of the subject and has been adjusted upward for these differences. Sales 5 and 6 are newer than the subject, have good appeal, and have a high quality interior. These two sales have been adjusted downward for their differences to the subject. FAR/Lot Coverage/Parking The most significant factors involving lot coverage are the existence of excess or surplus land and the availability of on-site parking. The subject has a noticeable lack of on-site parking. All of the sales have sufficient on-site parking with sale 1 also having surplus land. The sales have been adjusted downward accordingly. Boynton Beach Women's Club 71 A&C Job No.: 2170146.000 Zoning/Land Use The subject property has a commercial zoning designation which allows for various office and civic uses. Though they may vary by municipality, the comparables have zoning commensurate with their uses, which are similar to the subject's allowable uses, and no adjustment is warranted. Boynton Beach Women's Club 72 A&C Job No.: 2170146.000 T3 � 64 64 64 64 64 64 64 w s s s o o s Cl � A c� w_ Q c4 00 M '�.1 'Zi 'ii ti N Vl Vl Vl Vl � Vl M Vl M O O U � � ' v w o ti o c� ov o ov cu o � o ti ov N ti � O dq .N -i O V1 N lO T7 ti ti h h N 'O N Id dp I CD 00 00 W I� Conclusion Considering all of these differences, we developed the preceding quantitative comparison chart listing the sales as they compare to the subject property, based on a price per square foot of building. Not all categories considered are depicted. Those omitted reflect no differences between the sales and the subject property. The unadjusted range of value indicated by the sales is $147.71 to $250.99 per square foot of building area. The preceding quantitative comparison chart shows the value range for the subject property after adjustment based on a price per square foot of building area to be from $147.34 to $224.01 with a mean of $188.00, rounded to $190.00. Considering all of the salient factors discussed previously and prevailing market conditions, the appraisers feel a conclusion at the indicated mean is most appropriate. Given the preceding data and discussions, it is concluded that the market reflects a value per square foot of building area for the subject property of $190.00 as of May 8, 2017. Total value is calculated as follows: 12,626 Square Feet @ $190.00 per Square Foot = Rounded To: MARKET VALUE VIA SALES COMPARISON: Boynton Beach Women's Club 74 $2,398,940 $2,400,000 A&C Job No.: 2170146.000 QUALIFICATIONS OF APPRAISER ROBERT B. BANTING, MAI, SRA PROFESSIONAL DESIGNATIONS - YEAR RECEIVED MAI - Member Appraisal Institute - 1984 SRA - Senior Residential Appraiser, Appraisal Institute - 1977 SRPA - Senior Real Property Appraiser, Appraisal Institute - 1980 State -Certified General Real Estate Appraiser, State of Florida, License No. RZ4 - 1991 EDUCATION AND SPECIAL TRAINING Licensed Real Estate Broker - #3748 - State of Florida Graduate, University of Florida, College of Business Administration, BSBA (Major - Real Estate & Urban Land Studies) 1973 Successfully completed and passed the following Society of Real Estate Appraisers (SREA) and American Institute of Real Estate Appraisers (AIREA) courses and/or exams: Note: the SREA & AIREA merged in 1991 to form the Appraisal Institute. SREA R2: Case Study of Single Family Residence SREA 201: Principles of Income Property Appraising Air Rights SREA: Single Family Residence Demonstration Report Apartment Buildings SREA: Income Property Demonstration Report Amusement Parks AIREA 113: Capitalization Theory and Techniques Hotels - Motels SREA 101: Introduction to Appraising Real Property Condominiums AIREA: Case Studies in Real Estate Valuation Office Buildings AIREA: Standards of Professional Practice Mobile Home Parks AIREA: Introduction to Real Estate Investment Analysis Special Purpose Buildings AIREA 2-2: Valuation Analysis and Report Writing Auto Dealerships AIREA: Comprehensive Examination Residential Projects AIREA: Litigation Valuation Shopping Centers AIREA: Standards of Professional Practice Part C Financial Institutions ATTENDED VARIOUS APPRAISAL SEMINARS AND COURSES, INCLUDING: The Internet and Appraising Golf Course Valuation Discounting Condominiums & Subdivisions Narrative Report Writing Appraising for Condemnation Condemnation: Legal Rules & Appraisal Practices Condominium Appraisal Reviewing Appraisals Analyzing Commercial Lease Clauses Eminent Domain Trials Tax Considerations in Real Estate Testing Reasonableness/Discounted Cash Flow Mortgage Equity Analysis Partnerships & Syndications Hotel and Motel Valuation Advanced Appraisal Techniques Federal Appraisal Requirements Analytic Uses of Computer in the Appraisal Shop Valuation of Leases and Leaseholds Valuation Litigation Mock Trial Residential Construction From The Inside Out Rates, Ratios, and Reasonableness Analyzing Income Producing Properties Development of Major/Large Residential Projects Standards of Professional Practice Regression Analysis In Appraisal Practice Federal Appraisal Requirements Engaged in appraising and consulting assignments including market research, rental studies, feasibility analysis, expert witness testimony, cash flow analysis, settlement conferences, and brokerage covering all types of real estate since 1972. President of Anderson & Carr, Inc., Realtors and Appraisers, established 1947 Past President Palm Beach County Chapter, Society of Real Estate Appraisers (SREA) Realtor Member of Central Palm Beach County Association of Realtors Special Master for Palm Beach County Property Appraisal Adjustment Board Qualified as an Expert Witness providing testimony in matters of condemnation, property disputes, bankruptcy court, foreclosures, and other issues of real property valuation. Member of Admissions Committee, Appraisal Institute - South Florida Chapter Member of Review and Counseling Committee, Appraisal Institute - South Florida Chapter Approved appraiser for State of Florida, Department of Transportation and Department Natural Resources. Instructor of seminars, sponsored by the West Palm Beach Board of Realtors. Authored articles for The Palm Beach Post and Realtor newsletter. Real Estate Advisory Board Member, University of Florida. TYPES OF PROPERTY APPRAISED - PARTIAL LISTING Air Rights Medical Buildings Apartment Buildings Churches Amusement Parks Department Stores Hotels - Motels Marinas Condominiums Industrial Buildings Office Buildings Residences - All Types Mobile Home Parks Service Stations Special Purpose Buildings Restaurants Auto Dealerships Vacant Lots - Acreage Residential Projects Golf Courses Shopping Centers Leasehold Interests Financial Institutions Easements "I am currently certified under the continuing education program of the Appraisal Institute." QUALIFICATIONS OF APPRAISER GARY K. ORR GENERAL INFORMATION State -Certified General Real Estate Appraiser RZ2335 Licensed Real Estate Salesman - State of Florida - 1978/1991 Realtor Associate Member - Florida Association of Realtors - 1978/1991 Realtor Associate Member - National Association of Realtors - 1978/1991 Realtor Associate Member - West Palm Beach Multiple Listing Service - 1978/1991 EDUCATION AND SPECIAL TRAINING Graduate of Forest Hill High School - West Palm Beach Graduate of Palm Beach Junior College; AA Degree Business Administration Attended University of Florida at Gainesville; College of Business Administration (1976 and 1977) Successfully completed and passed the following courses and/or seminars: SREA 101: Introduction to Appraising Real Property SREA 201: Principles of Income Property Appraising SREA: Principles of Cash Equivalency SREA: Adjusting for Financing Differences in Residential Property SREA: Market Interpretations of Extraction SREA: R41b Seminar - John Underwood, MAI, SREA SREA: R41c Seminar - Dr. William Kinnard, MAI, SREA AI: Standards of Professional Practice - Part A AI: Exam Prep. for Commercial Appraiser Certification/Licensing EMPLOYMENT EXPERIENCE Engaged in appraising real estate in the State of Florida since 1978. Residential and Commercial appraiser for Anderson & Carr, Inc. 1978-1992. Residential and Commercial appraiser for Sayles & Sayles, Inc. 1992- August, 1995. Presently working as appraiser for Anderson & Carr, Inc., Realtors/Appraisers. APPRAISAL EXPERIENCE Charitable R.E. Donations Divorce Settlements Estate Settlements Executive Relocations General Law Suits Mortgage Financing Partnership Buyouts PBC R.E. Assessment Appeals TYPES OF PROPERTY APPRAISED Acreage Churches Equestrian/Polo Estates Funeral Homes Lumber Yards Motels Peat & Soil Plants Restaurants Special Purpose Properties Vacant Commercial Tracts Apartment Buildings Citrus Groves Farms Industrial Buildings Medical Offices Multi -Family Projects Post Office Buildings Service Stations Synagogues Warehouse Buildings Eminent Domain Fractional Interests REO Properties Automobile Showrooms Convenience Stores Foliage Nurseries Industrial Complexes Mini -Warehouse Complexes Office Buildings Residences/Estates-All Types Shopping Centers Vacant Residential Lots Wetlands Properties Appraiser Licenses RICK SCOTT, GOVERNOR KEN LAWSON, SECRETARY STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL RD 822335 . The CERTIFIED GENERAL APPRAISER Named below IS CERTIFIED Under the provisions of Chapter 475 FS,�, Expiration date: NOV 30, 2018 ATTACHMENT II 11019MU1001AWT11111 MIZZINXIT-Impl� A group of civic minded women in 1908 met in Boynton's frame schoolhouse to organize as a woman's club with the purpose of contributing to the welfare and civic growth of Boynton. The Boynton Woman's Club w formally organized in October 1909 and was incorporated and joined the Florida Federation of Women's Club's in 1911. Today the club is a member of the national federation, a not-for-profit organization and is sel supporting. I The first clubhouse was located at 502 East Ocean Avenue and the building was constructed from lumber salvaged from a shipwreck. Within a few years, the needs of the club had outgrown the small frame buildin wh I ch a 1 so h ou sed th e town's on ly I i bra ry. Th e b u i I di n g was so Id for $10, 000 a n d mern bers voted to .ss ly t fu nd s towa rd s a larger faci I ity wh ich wo u ld better serve thei r m ission a nd the commu n ity. I - The heirs of Major Nathan S. Boynton contributed $35,000 towards the construction of the present building. building be worth at least 550,000. Construction began in june 1925 and was finished in the fall 1926. The buildin dedication and corner stone was laid in 1932 at which time the building to the memory of Major Nathan S. Boynton. The Boynton Woman's Club has been in continuous occupation of the building since it was built, it is a fine example of a two-story Mediterranean Revival style in the 1920's and is the only structure designed by famed architect Addison Mizner in the city. in 1979, it was listed in the National Register of Historic Places and in 2014, the Boynton Beach Register of Historic Places. No other building in Boynton Beach has a richer architectural and civic heritage. Many of the local community *rganizations and churches held their first meetings there. During World War 11 the building was used as a center for the Red Cross and USO. During hurricanes, it was used as a shelter for city residents. The building also continued to house the city's library until 1961. Noted muralist Bernard Preston Thomas (1918-1994) painted a mural depicting the history of Boynton Beach and it was placed on the south wall of the dining room in the early 1990's. The stage mural in the ballroom was painted by his students. The membership today continues its involvement with local organizations through its support, The granting of scholarships to graduating students from the Boynton area entering col lege has been a major fundraising project for over forty years. The history of the city is within the walls of the Boynton Woman's Club. Recognizing its importance, the club has donated much of its archives to the city library over the last few years. The structure has proudly contributed to the prosperity and development of the city for 90 years. It stands as a memorial to the founding father, Major Nathan Boynton, and its architectural beauty cannot be matched, No other local municipality has such a remarkable landmark in which the history of a community has been so well preserved. Firowk The fiscal year is from May 31 to June 1. The following chart shows the receipts from 2012, th-C last year BWC managed the property, to present. BWC UNDER LEASED AGREEMENT 2011L 2012 2012Z2013 2013/2014 2014J2015 201512016 201612017' $183,535 25,006 63,550 48,491 55,780 56,614 thru April 2017 MONTHLY/YEARLY OPERATING COST Liability 1,18185 14,188.00 MONTHLY YEARLY Utilities 3,540.00 $2,470.43 AT&T (telephone) 120 00 1,440.00 FPL (electricity) 878.00 10,531,00 City cif Boynton Beach (water) 180.00 2,610.00 Building Maintenance ("Estimates) Building Supplies" 125.00 1,50000 Air Conditioning Service Contract 166.00 2,000.00 Life Safety (Fire Alarm) 132.00 1,584.00 Elevator Service Contract 279.00 3,348.00 Pest Control 110.00 1,320.00 Landscape Maintenance 142.00 1,704.00 Janitorial/Rental Set Up Set -vices"' 1,552.00 18,624.00 Building Maintenance -Miscellaneous" 1,000.00 12,000.00 Licenses & Taxes Corporation 5.00 61.00 P.B. County Ad Valo(ern (Quarterly $612) 51.00 2,448.00 Other 6.00 72.00 Insurance Liability 1,18185 14,188.00 Windstorm 991.58 11,899.00 Flood 295.00 3,540.00 $2,470.43 $29,627.00 74—IMETS Later that year we applied for a Special Category Grant from the state to finish tile door and window restoration in the ballroom as well as the two landings and the entrance to the ballroom. We were awarded �140,000 from the state with matches of W,000 from the CRA and $10,000 from BWC. That work is now completed, During the grant, REG Architects completed an assessment of all the building�'s doors and windows and the ones needing immediate attention were located upstairs. With the exception of a few wi n d ows, th e rem a in i n g sets of F re n ch resrs doa i rs provi des fo r a safe a nd secu re structure at present. However, there would be a good probability of receiving another Special Category Grant from the state to complete the project. This has not been pursued by the club because of the lack of matching funds and the uncertainty of the building's future. The barrel clay roof was replaced by the county eleven years ago and is in good condition. The building has a fire sprinkler system which is monitored by a local company. The last condition assessment report was completed by the City of Boynton Beach in 2004. There are seven air conditioning units, The most recent replacement was the dining room unit in 2015. All units are operating and serviced on a regular basis. The elevator was installed during major renovations in the late 1980's. Although showing its a v,?il =JficatiaLL As with all older structures, the building requires regular maintenance. Money most times has been scarce but the women have been prudent in taking care of the structure to ensure it remained open to the public. the volunteers recently opened the building on Monday, Wednesday, and Friday from 10-00 to 1:00 weekly, They return phone rental inquiries and show the building through appointments for rentals beginning July 1. They have booked $23,750 (with security deposits) for the 2017/2018 fisca� 1iear which begun June 1. The landscaping, particularly at the front entrance, has been trimmed and new plantings anit mulch added from the volunteers at the Boynton Garden Club. The sprinkler system was recently repaired and timer was replaced. The twenty palm trees on the property were trimmed. All the doors and windows have storm shutters which were recently inspected. Work was completed at that time servicing the tie down holes and fasteners for each storm panel, The French doors at the front entrance were repainted last fall. 'The remaining doors and win I dows on the ground floor are in the process of being repa� nted on the outside. Although it The beautiful stage mural, which had been damaged, was restored and cleaned a couple of years ago. The stage antique dropdown curtain which local merchants used to advertise ma years ago, is only used for special events. It is one of a kind and could never be replaced. I All of the wrought iron in the building including the gates is original. Most of the light fixtures areoriginal. in addition, there are several furniture pieces worth noting— particularly the lovely carved conference table in the library. There are two pianos, the baby grand in the Library and an upright on the stage. Fire code allows for 194 to be seated with tables in the ballroom and 99 in the dining room. The rental contract includes the use of tables and chairs which are stored off the ballroom. The property appraiser has the square footage listed on the building at 6,313 for each floor. 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'07) A 14"), IS, ?(2-1 L3R� +a'!IV, L -P 'T 'I CO N CN C'4 CN CO I t4) n co 1"'i U) C-14 CA Cj 0 M CO t,3 rA T- Ua m mo o" Q co qNa) cf) N in rA M �N N N S`'$C'A (14 N m m M 0 m m E E E E E E E eE E E E E 0 0 0 0 0 0 0 0 0 0 0 a 0 0 0 0 0 0 0 0 0 r* ani CA w 0 nL tw U. i- 5 m IV a CL a - EL 0- CL w d7 4) U) ou co "o 05 "3 'A U� LL ll_ LL LL L� LL, LL U- U- U- U, U- LL L. < < -j Q U 0) �, r3 0 Cl W 't T� I- In IP CA ka S) rl- 0 LCI 0 ry) t- f%M 4 CO M IT 17 M IT fl) C14 00 0 N C'I C,3 0 r -i 0 CD C:, 0 'o Q, 0 U, 0 124 ( 11 CIA 14 f14 CIA CA C4 r14 (14 CA ('4 x F R j (11 o 0 — Q CD CAO C-) 0 1-1 0 0 0 AA �'l 0 V4 r,4 co 0 gi �,A PA cp oa r- 1'1 C.1 I'A CA �14 Pi A'k 'T ah, d) -4 ED I-- cn M Fl A, -T 'T I:i CA fv 66 6i ,5 4 o lu fu CL LL m CL C C C r z C Q�w ww�uw C) U C) 0 0 Q 0 0 u u c- c) M I CL I I I n ci I I I n 4,02 PM` Property Management of Boynton Womens ClOr, Profit 3 10104112 t1 I'thm ugh May 2012 Total Income .dun "11 - May 12 ordinary Inc Expense Income 5011.1111 Income 3.75 Donations 430-00 Inc - Rental 83 535.68 Other Income 7,987.47 Total Income 91953.15 Total Income 91,953.15 Expense 111 611118ustillo 5011.1111 6123911 Quantum 3.75 Accounting 325.01 Bank Service Charge Safe Deposit Box 751707 Bane Service Charge - Other 215,79 Total Bank Service Charge 29 1 79 Bookkeeping 60D.00 Boynton Beach Cbamber of Cornmer Chamber dues 175,00 Total Boynton Beach Chamber of Commer 175.00 Building Maintance Big City Fire 148.401 Building Supplies 466.19 Grimes Service Company 15,538 25 Hoffmann & Mixon Air.. 1,11717.501 .Ray White 85.E Life Sattey Management 5,90196 Mr. Carts Pest Control, Inc- 1377-00 Ray Forastiero 1,881,67 Thyssen Krupp Elevator 2,6B7.52 Yard Maintenance 1,375,110 Building Maintance -Other 11,498.70 Tectal Building Maintance 41,315.19 Capital Improvements Fascia lorry Repar 1,501.1791 Capital improvements - Other 9,535,74 Total Capital Improvements 11,63 5.74 Deposit Behinds 250.00 Florida Department of Revenue 55019 Florida Sales Ta Florida Department t of Revenue 3,052-05 Florida Sales Tax - Other, -2,932.14 Total Florida Sales Tax. 119,91 Landscaping 125.€15 Licenses & Taxes Elevator 75.07 Licenses & Taxes - Other 75.9197 Total Licenses & Taxes 150.00 Office Expense Forthought 84.94 Postage 125.38 Taxes 157,64 Office Expense - other 523.23 Total Office Expense 891,19 Property Insurance itiznes 7,535,00 Flood Insurance 2,458.00 Nationwide Metal Insurance 15,410,01 »« PM Property Management o± Boynton Womens Club Loss *tffit 2 ma«: ,.» Cash Basis June 20111 through May 2012 zz�� ea nM1-May # 25 aq 130,00 ATTACHMENT III 200 Butler Street Suitt 20-7 \Vest Palm Beach, Fl, .1 )340-, llh561.26-9.6876 BoynTon Womens Club US H%iw 1, Bovnton Beach, F1, Art.n. Pat Whof] April ? 1 . 20 1 ' Dear Pat, Below is a summary of the w-Ork that includes the balance of 2-1 floor and 11- floor door and window restoration project. These costs conic Crorn our budget and estimate 2015 and in early 2016. We believe that our numbers are reasonablN, accurate from the time dicy were generated. However, -om would require additional evaluation of cost based on today's current mai-ket and may have some adjustments. I hope this is helpful in your reference of the work, please contact me withany questions, LINE ITEM SUMMARY Boynton Wome6s Cab Renovation -Wind and Doors - (1st Rwd2nd Fir. Balance) G SF: Q0 JESTIMATE: I i7 -5—W2016 [DATE: 1511742-016 010 S, Fe ,EG ArcHtels, In. ITEM# CSIDPI, TRADE PACKAGE BUDGET � COST PER JPER, REMARKS ESTIMATE ,=C.ENTAG SQFTEOFCOST .ST 'BUILDING 1 Q1 001 General Corr dons $51,559 60,00 '=2 02 0205 Dismade/Demolition $26,400 50,00 3 1 OOOD Re istered St so SOX 4 10000 A5 -Wits I Allowance 50SO-00 5– 060610 R Ca pe2q $26,800 SOLD 1 6 060520_— Finish cara. - qasewoWM 11mrk I Restorati an V lum $0 ,067 P 7 070750 Water stops I Metal Fighng $6,005 MOO 8 —9 070790 Wa1erproof pq1Ga*M $55233 $0.00 08 0810 Doors, Frames and Hardware $24450 50.00 10 080840 Wirdows I Transoms $25.092 S0 00 11 1 090920 SW= Fate lrepairs $5,501 SHO 12 090990 PaiTt ng and Coati s $41,750i .00 SM 13 171745 1 OmerContractor Cram !1gency $ -00 14 !71750 Warta Reserve S0 S0.001 13ULDING SUSTOTALI $331,790 $0.001 1.0% SUB -TOTAL $33t790 -T 45 GewalLiabili tr. l S7,216 46 BdldersFftkj CRA Advisory Board Meeting Thursday, June 1, 2017 @ 6:30PM In Chambers at City Hall 100 E. Boynton Beach Blvd. Boynton Beach, FL 33435 561-737-3256 ADVISORY BOARD AGENDA I. Call to Order II. Roll Call III. Agenda Approval A. Additions, Deletions, Corrections to the Agenda B. Adoption of Agenda IV. Assignments A. Pending Assignments 1. None B. Reports on Pending Assignments 1. None C. New Assignments from April 11, 2017 Meeting 1. Review and Revise Current CRA Special Events Grants 2. Review and Revise Vendor Policy for other CRAs/Non-Profits V. Consent A. Approval of Advisory Board Minutes — April 06, 2017 B. Approval of Advisory Board Minutes - May 04, 2017 VI. Information Only A. Financial Report Period Ended April 30, 2017 B. Financial Report Period Ended May 31, 2017 VII. CRA Board Items for CRA Advisory Board Review & Recommendations A. Old Business 1. Consideration of Purchase and Development Agreement for the CRA Owned Property Located at 222 N. Federal Highway, a/k/a the Ocean One Project (Tabled 3/15/17) 2. Consideration of Tax Increment Revenue Funding Agreement for the Ocean One Project 3. Consideration of Additional Letters of Intent for the Purchase of the CRA Owned Property located at 700 N. Seacrest Boulevard, also known as the Ocean Breeze East Site B. New Business 1. Consideration of the Purchase and Sales Agreement with Steven Reichel for the Property located at 521 NE 2nd St Gabled 5/9/17) 2. Consideration of the Letter of Intent from Habitat of Humanity of South Palm Beach for the CRA Owned Property located at 117 W. MLK, Jr. Boulevard 3. Discussion of Sara Sims Park Master Plan Design and Conceptual Housing Component 4. Consideration of Acquisition of the Boynton Beach Woman's Club located at 1010 S. Federal Highway VIII. Public Comment (Note: Comments are limited to 3 minutes in duration) IX. Future Agenda Items X. Adjournment Notice THE CRA SHALL FURNISH APPROPRIATE AUXILIARY AIDS AND SERVICES WHERE NECESSARY TO AFFORD AN INDIVIDUAL WITH A DISABILITY AN EQUAL OPPORTUNITY TO PARTICIPATE IN AND ENJOY THE BENEFITS OF A SERVICE, PROGRAM OR ACTIVITY CONDUCTED BY THE CRA. PLEASE CONTACT THE CRA, (561) 737 — 3256, AT LEAST 48 HOURS PRIOR TO THE PROGRAM OR ACTIVITY IN ORDER FOR THE CRA TO REASONABLY ACCOMMODATE YOUR REQUEST. ADDITIONAL AGENDA ITEMS MAY BE ADDED SUBSEQUENT TO THE PUBLICATION OF THE AGENDA ON THE CRA'S WEBSITE. INFORMATION REGARDING ITEMS ADDED TO THE AGENDA AFTER IT IS PUBLISHED ON THE CRA'S WEBSITE CAN BE OBTAINED FROM THE CRA OFFICE. MINUTES OF THE CRA ADVISORY BOARD MEETING IN CHAMBERS AT CITY HALL 100 E. BOYNTON BEACH BLVD. BOYNTON BEACH, FLORIDA 33435 HELD ON THURSDAY, MAY 4, 2017, AT 6:30 P.M. PRESENT: Robert Pollock, Vice Chair Allen Hendricks Rick Maharajh ABSENT: Linda Cross, Chair Thomas Murphy, Jr. James DeVoursney Paula Melley I. Call to Order The meeting was called to order at 6:39 p.m. II. Roll Call Michael Simon, Interim Director, CRA Theresa Utterback, CRA Business Spec. Mona Laventure, Prototype, Inc. Roll was called, and it was determined a quorum was not present. Due to lack of a quorum, the meeting was thereupon adjourned at 6:40 p.m. :KEY LAND USE RECOMMENDATIONS *Numbers Correlate to maos.on following pages 1. Woolbright Rd.!-Federal.Hwy. Node - a.: Existing FLUM (Future Land .Use.Map) Classification- Local. Retail Commercial and 45': . height b.. Adopted Federal Highway. Corridor Plan;.Mixed :Use. Medium (Zoning .M.UL3) - Density 40.:. -du/6c and 75' height c: Consolidated Plan: :Mixed Use High (Zoning MU4) -.Density 60 du/ac and:100' height.. -d. Planning Strategy: Creation of secondary. development node connecting .to major node at downtown. Its location :is predicated upon access -to 1-95, the beach, and its adjacency to a _ major. intersection. 2. Boynton Beach Blvd. -: a. - Existing .FLUM Classification: Local Retail Commercial. with a.half block:depth -b. Consolidated Plan: Mixed .Use: Low -and. expanded. to be a, full block deep on _both -the north::. and.south c:- Planning Strategy: The -lack of depth does not allow for commercial sustainability:or the-: - ability to adequately buffer.thb-neighb6ring tingle family nei hborhoods from -commercial.- :. activities.: . d: Other Considerations: Creation of a Boynton. Beach Blvd. Overlay District in order to create= design.standards fora greenway / buffer between the, commercial and residential uses, for.'. the. pedestrian zone along: Boynton .Beach -Blvd. and incentives .for residential and„ office development: e: Historic PreseryatioW There area number of.historically.significaht homes in -the. area: If. . homes are designated historic; efforts shall be made to.relocate them. If a historic district is created,: consideration.will.be given: in developing_the:land.use and zoning designations:: . Station Area a: Existing FLUM Classification: High Density Residential— 11 du/ac and 45'.height. b:.: Adopted Ocean District Plan:. Mixed Use!,- 40 du/ac and 75' height c. Consolidated Plan: .Mixed Use High (Zoning MU4) - 60 du/ac and 100' height. d..: Planning Strategy. This area y.J is direct) ad acent to the future commuter rail station and. is . gY: . . currently the center of- the Transit Oriented :District (TOD). Density'increases are. . imperative to:the success of a transit station and commercial uses. 4. Downtown - SE corner of Ocean,and federal: Hwy: a. Existing FLUM Classification:-Mixed:Use-- 40 du/ac, :75' height b: ° Adopted Federal Highway:Corridor.Plan: Mixed Use High." 80 du/ac .and 150'.height. c. Consolidated Plan: Mixed Use High - 80 du/ac and 150' height. There are no proposed changes from.the existing'Plan. A. Planning Strategy: This area -is within the downtown node and v►iithin walking distance -to the future -commuter rail station and is within the TransitOriented District (TOD). Density: increases are imperative to -the success of a transit station and commercial uses. West side of Federal Hwy. (within Downtown): e. Existing FLU M. Classification: Local Retail Commercial & Mixed Use— 40 du/ac, 75' height f..Adopted Federal Highway Corridor Plan: Mixed Use—.'40-du/ac and 75' height-. g. Consolidated Plan: Mixed-Use Medium - 50 du%ac and 75' height - h. Planning Strategy: This area is within the downtownnode and within:walking distance to- the future commuter rail-station within the Transit Oriented District (TOP). Density increases are-imperative to:the success -of a.transif station and commercial uses.. . 5. North/South ends of Federal Hwy (outside of Downtown) a. Existing FLUM Classification: Local Retail .Commercial, General Commercial, High Density.-: Residential; and :Special High- Density Residential, and a 45' Height : - b. Adopted Federal Highway Corridor Plan:-Special High Density. Residential—.20 du/ac and _ 45' height .. - c. Consolidated Plan: Mixed Use Low = 20 du/ac and 45' height d. .Planning Strategy: Convert the corridor from conventional land. uses to. am use approach :which allows for-flexibility of commercial and/or residential uses.. 6... Gateway Blvd../.Federal Hwy. Node: a.. Existing FLUM. Classification:.Local: Retail Commercial: and Special High.Density Residential 20 du/ac and 45' ;height b. -Adopted Federal Highway Corridor.Plan Special HighDensity Residential.-20 du/ac and 45' height c., Consolidated Plan: Mixed Use.Low — 20-du/ac and 45- height . 7. Ocean Ave Overlay a.. Creation of an Ocean Ave-Overlay = b. Planning Strategy: An overlay will allow-for additional -regulations to be placed on,a geographical. area where_a specificvision.is desired.:. This overlay will .limit, height at street frontages to 35', create consistentdesign standards,.and limi.t'use types. 8. MILK Corridor a. Existing FLU-Classification: -Medium Density Residential - 10 du%ac and 45' height b. Adopted Heart-of-Boynton Plan: No.specific land use categories.are recommended, however,, plan recommends. commercial at east and west end of the Corridor and 30 du/ac and 45 height in-between c.: Consolidated Plan` Local Retail Commercial at the west: end of the corridor, General Commercial at the east end of the corridor and High Density Residential -in-between - 15: . du/ac and 45' height .9. FEC Railroad. SE & Ave. - 12th Ave. (west of Federal Hwy) a. Existing _Future Land Use Map Classification:. Local Retail Commercial and Medium Density Residential -- 10-'du/ac and 45','height : b:. Consolidated. Plan: General Commercial and Special High Density Residential- 20du/ac. and 45':height .. c:. Planning Strategy: In:.order to protectresidential uses; general commercial is being.used to separate the existing. industrial properties form the residential properties.' i UAL VIMMAYNDAP" jell t A 4 t LU 0 it LEGEND: PROPERTY UNE RIGHT OF WAY (25) RMIDEN11A.L PARKING SPACES Total Parking Required: 413 (44) COMMERCIAL PARKING SPACES Total Parking Provided: 439 (50) PUBLIC PARKING SPACES On Street Parking: 39 Spaces 0 PAWING COUNT Open Lot Parking: 40 Spaces NOTE: 1. BALANCE OF PAWJNG M GARAGE RESERVED FOR RESIDENTIAL USE. Simon, Michael From: Robby Block <rblock@nurock.com> Sent: Tuesday, June 13, 2017 10:08 AM To: Simon, Michael; Utterback, Theresa Cc: Robert Hoskins; Lara Heit; Bonnie Miskel Esq. (bmiskel@dmbblaw.com); 'Ruth McGlynn' Subject: NuRock - Ocean Breeze East Revised LOI Attachments: Ocean Breeze E Rev LOI 6.12.17.pdf Importance: High Good Morning Michael, Thank you again for the opportunity to provide the City of Boynton Beach and CRA this letter of intent for the Ocean Breeze East property. I will have hard copies of the letter of intent along with our PowerPoint presentation for tonight's meeting. In an effort to provide all applicable financing materials prior to tonight's meeting, we have been working with our lender, equity group and PBC HFA to secure commitment letters, not LOI's to confirm that there will be no further need for any type of financing. These letters will be included in the package, as exhibits. The revised LO1 includes the following changes: • A Purchase Price for the land, $500,000 "Cash" at Closing or the option to do a Land Lease, whichever the commissioner prefers. Purchasing the land outright, shows a financial commitment from applicant along with the deferral of a portion of the developer fee. • Shortening of our timeframe to close from 180 days to 120 days and start of construction. As fast as we can get building permit issued, we can close! • Local and County Fees to be paid prior to, during and post construction. • The re -payment of the City bond starting at the end in year 1. • To reiterate, the Applicant is providing Personal Guarantee's throughout the life of this project. We feel that if the City of Boynton Beach is committed to building this community, we offer the fastest path and ability to break ground. I look forward to seeing you this evening. Best Regards, Robby D. Block NuRock Acquisitions Florida, LLC 8794 Boynton Beach Blvd., Suite 219 Boynton Beach, FL 33472 561.990.2614 Office T:IHUMAN RESOURCESTAYROLL ITEMSIBI-WEEKLY PAYROLL ANALYSIS'.xisx v ^Y q^.y■. [� jfid: . a7 ;' ."i 'v`,'y ;.?' ' , CURRENT NAME TITLE SALARY Michael Simon Interim Executive Director $125,015 Vicki Hill Finance Director $ 93,000 Jobara Jenkins Finance Specialist $ 65,000 Theresa Utterback Development Services Specialist $ 68,303 Mercedes Coppin Special Events Coordinator $ 50,000 Marketing & Business Tracy Smith-Coffey Development Specialist $ 61,035 Marketing/Events/Business Azim Hussain Development Assistant $ 40,000 Bonnie Nicklien minis ra Ive Assistant $ 40,000 T:IHUMAN RESOURCESTAYROLL ITEMSIBI-WEEKLY PAYROLL ANALYSIS'.xisx BOYNTON-BEACH CRA POSITION CLASSIFICATIONS &SALARY RANGES FY -2016-2017 INCUMBENT POSITION STATUS(a) IAFLSA(b) MINIMUM -^I MID -POINT _ MAXIMUM 4 Vivian Brooks Executive Director F E $ 105,000 $ 125,000 $ 150,000 Mike Simon Assistant Director F ! E $ 85,000 $ 105,000 $ 125,000 Susan Harris Finance Director ' F E $ 85,000 $ 105,000 $ 125,000 VACANT - Not Funded Development Project Manager V 1, t E $ 55,000 $ $ $ $ $ $ $ 75,000 75,000 60,000 60,000 60,000 45,000 45,000 $ $ $ $ $ $ $ 95,000 90,000 75,000 75,000 75,000 55,000 55,000 Vicki Hill Finance Specialist F E $ 55,000 Theresa Utterback Development Services Specialist F ( E $ 45,000 Tracy Smith -Coffey Marketing & Business Development Specialist F I I E $ 45,000 Christopher Burdick Special Events Coordinator j F j ': E $ 45,000 Mercedes Coppin Marketing/Events/Business Development Asst. i F f ! N $ 35,000 VACANT - Proposed Funding Administrative Assistant V N $ 35,000 (a) Status: F = Filled Position V = Vacant Position (b) FLSA = Fair Labor Standard Act; E=Exempt; N=Non-exempt NOTE: Position of Administrative Assistant proposed - reinstated from FY 14-15 OCEAN BREEZE HOUSING PARTNERS, LP 8794 Boynton Beach Blvd., Suite 219 Boynton Beach, Florida 33472 (PH) (561) 990-2614 (Fax) (678) 218-1520 Jame 12, 2017 - REVISED Mr. Michael Simon, Interim Executive Director Boynton Beach Community Redevelopment Agency 710 N. Federal Highway Boynton Beach, Florida 33435 RE: Letter of intent and Interest Ocean Breeze East Parcel - 4.39 Vacant Acres 700 N. Seacrest Boulevard, Boynton Beach Dear Mr. Simon, The Applicant, Ocean Breeze Housing Partners, LP is extremely excited about utilizing funding sources other than Florida Housing competitive sources to develop a first class affordable rental community. This offer does not include any type of financing that would require a lottery number and we are confident that as demonstrated in the timeline below, as well as the attached constiuction/permanent loan commitment from (Citi Community Capital) and equity commitment from Boston Capital, closing and the start of construction will be achieved within 120 days, subject to the receipt of building permits from the City of Boynton Beach. The proposed community will contain 100 multifamily rental units comprised of 1, 2 and 3 bedroom floor plans. Community amenities will include a clubhouse "Family Life Center" with leasing offices, a community sitting area for events and parties, a business center with computers and printers, fitness. center and an area set aside for our BreakOut program. Other community features will include a pool with large deck, tot lot and a dog walking area. The unit features will include faux wood flooring throughout living area and ceramic tile in bathrooms, energy star rated appliances, washer and dryer connections and full appliance package. if the parcel and zoning allows, the Applicant will build a small grocery store (of approximately 2,500 square feet). The community will be developed by NuRock Development Partners, Inc., constructed by NuRock Construction Services, LLC and managed by NuRock Management G:;oup, LLC. The Applicant will stay in the project for a minimum of 15 years, owner and manager and will provide personal guarantees to secure financing. The combination of properties developed, owned, managed by NuRock entities is over 14,000 units. We have a local presence with properties throughout South and West Florida and a development office in Boynton Beach. I The Applicant is committed to working with the local businesses, workforce agencies, schools, Churches and the City of Boynton Beach through the Community Benefits Agreement, which we have already worked out most of the details with the CRA staff. We will hire local qualified employees during construction and property management of the community. We want to build a project that brings the community together and offers affordable housing for the growing population that is getting priced out of the market rate rental market. The Applicant is proposing a financing structure as follows: • A Purchase Price of $500,000, "Cash" at Closing. The Applicant will also still consider the 75 year Land Lease, if the commissioner prefers. • The Applicant has secured a commitment of a construction and permanent loans using the private placement of the Tax Exempt Bonds. Exhibit 1(Citi Community Capital). • A Bond inducement from the palm Beach County Housing Finance Authority allowing for the issuance of. Tax Exempt Bonds in the amount of $17MM. Exhibit 2 (Confirmation letter from PBC HFA). • Non-competitive 4% Housing Tax Credits from FHFC that will be sold to an Equity Investor. Exhibit 3 (to be provided) a commitment letter from an equity provider will be supplied. • A CRA second mortgage of $6MM Tax Increment Financing Bonds. The annual TIR investment of $450k per year over a 20 year period. • A CRA community investment of $IMM. • Lastly, the developer will defer a portion of the Developer Fees. Fees being Paid by Applicant: • Real Estate Taxes • Water and Sewer Connection Fees • Impact Fess • Permit Application Fees • Repayment of Bond starting Year 1- $60k/Annually 2 Timeline and Purchase Contract: The Applicant will work with the CRA staff and City attorney to execute a Purchase Agreement upon City approval. Since we recently had a PSA, this process will be easily achievable. We anticipate being able to start construction within 120 days from the execution of the PSA, subject to the receipt of building permits from the City of Boynton Beach. First sixty R - 60) days: The Applicant will offer an initial deposit of $25k due upon execution of the PSA and a Second Deposit of $100k at the end of sixty (60) days. The sixty (60) days will be used to apply for the TEB from the PBC HFA, an application to FHFC for the non-competitive 4% HC and to begin the due diligence, design and site plan approval process. • Days sixty one thi•ouah one hundred (61 - 100)- Receive final site plan approval and submit construction plans for building permit review. We will also be inducing the Bonds through a TEFRA hearing with PBC HFA and securing investors for the 4% HC. • Days one hundred one to close (101-120): The applicant will receive building permits from the city, close on financing and start construction by the end of November or early December. The Applicant anticipates a 12 month construction period with a ground breaking in December 2017, first units available in September 2018 and completion in December 2018 with a Grand Opening Ceremony! We are very excited about this financing structure which will provide much needed affordable housing to the City of Boynton Beach and creating a partnership with the City and local neighborhood. If you have any further questions please don't hesitate to give me a call to discuss. Sincerely, OCEAN BREEZE HOUSING PARTNERS, LP mow_.-. f �{ `... By: Robby D. Block Authorized Agent Cc: Robert Hoskins Bonnie Miskel 3 OCEAN BREEZE HOUSING PARTNERS, LP 8.794 Boynton Beach Blvd., Suite 219 Boynton Beach, Florida 33472 (PH) (561) 990-2614 (Fax) (678) 218-1520 June 12, 2017 - REVISED Mr. Michael Simon, Interim Executive Director Boynton Beach Community Redevelopment Agency 710 N. Federal Highway Boynton Beach, Florida 33435 RE: Letter of Intent and Interest Ocean Breeze East Parcel - 4.39 Vacant Acres 700'N. Seacrest Boulevard, Boynton Beach Dear Mr. Simon, The Applicant, Ocean Breeze Housing Partners, LP is extremely excited about utilizing funding sources other than Florida Housing competitive sources to develop a first.. class affordable rental community. This offer does not include any type of financing that would require a lottery number and we are confident that as demonstrated in the -timeline below, as well as the attached construction/permanent loan commitment from (Citi Community Capital) and equity commitment from Boston- Capital, closing and the start of construction will. be achieved - within 120 days, subject to the receipt of building permits from the City of Boynton Beach. The proposed community will contain 100 multifamily rental units comprised of 1, 2 and 3 bedroom floor plans. Community amenities will include a clubhouse "Family Life Center" with leasing offices, a community sitting area for events -and parties, a business center with computers and printers, fitness center and an area set aside for our Breakout program. Other community features will include a pool with large deck, tot lot and a dog walking area. The unit features will include faux wood flooring throughout living area and ceramic tile in bathrooms, energy star rated appliances, washer and dryer connections and full appliance package. If the parcel and zoning allows, the Applicant will build a small grocery store (of approximately 2,500 . square feet). The community will be developed by NuRock Development Partners, Inc., constructed by NuRock Construction Services, LLC and managed by NuRock Management Group, LLC. The Applicant will stay in the project for a minimum of 15 years, owner and manager and will provide personal guarantees : to secure financing. . The combination of properties developed, owned, managed by NuRock entities is over 14,000 units. We. have a local presence with properties throughout South and West Florida and a development office in Boynton Beach. -- 1 The Applicant is committed to working with the local businesses, workforce agencies, schools, Churches and the City of Boynton Beach through the Community Benefits Agreement, which we have already worked out most of the details with the CRA staff.- We will hire local qualified employees during construction and property management of the community. We want to build a project that brings the community together and offers affordable housing for the growing population. that is getting priced out of the market rate rental market. . The Applicant is proposing a financing structure as follows: • A Purchase Price of $500,000, "Cash" at Closing. The Applicant will also still consider the 75 year Land Lease, if the: commissioner prefers. The Applicant has secured a commitment of a construction and permanent loans using the private placement of.the Tax Exempt Bonds. Exhibit 1(Citi Community Capital). G. A Bond inducement from the Palm Beach County Housing Finance Authority allowing for the issuance of .Tax Exempt Bonds in the amount of $17MM. Exhibit 2 (Confirmation letter from PBC HFA). • Non-competitive 4% Housing Tax Credits from FHFC that will be sold to an Equity Investor. Exhibit 3 (to be provided) a commitment letter from an equity provider will be supplied. • A CRA second.mortgage of $6MM Tax Increment Financing Bonds. The annual TIR investment of $450k per year over a 20 year period. • A CRA community investment of MM. Lastly, the developer will defer a portion, of the Developer Fees. Fees beim Paid by Applicant: • Real Estate Taxes: • Water -and Sewer Connection Fees • Impact Fess - Permit Application Fees • Repayment of Bond starting Year 1 - $60k/Annually 2 . Timeline and Purchase Contract: ® The Applicant will work with the CRA staff and City attorney to execute a Purchase Agreement upon City approval. Since we recently had a PSA, this process will be: easily achievable. We anticipate being -able. to start construction within 120 days from the execution of the PSA, subject to the receipt of building permits from the City of Boynton Beach. • First sixty (1 - 60) days: The Applicant will offer an initial deposit of $25k due upon execution of the PSA and a Second Deposit of $100k at the end of sixty (60) days. 'The sixty (60) days will be used to apply for the TEB from the PBC HFA, an application to, FHFC for the non-competitive 4% HC and to begin_ "the due diligence,, design and site plan approval process. • Days sixty one through one hundred (61 - 100) - Receive final site plan approval and submit construction plans for building permit review. We will .also be inducing the Bonds through a TEFRA hearing with PBC HFA and securing investors for the 4% HC. • Days one hundred one to close (101-120): The applicant will receive building permits from the city, close on financing and start construction by the end of November or early - December. The Applicant anticipates a 12 month construction period .with a ground breaking in December 2017, first units available in September 2018 and completion in December 2018_ with a Grand Opening Ceremony! We are very excited about this financing structure which will provide much needed affordable housing to the City of Boynton Beach and creating a partnership with the City and local neighborhood. If you have any further questions please 'don't hesitate to give me. a call to discuss. Sincerely, E BREEZE HOUSING PARTNERS, LP By: Robby D. Block Authorized Agent Cc:, Robert Hoskins Bonnie Miskel 3 CommunitY Capital CI June 8, 2017 Mr. Robert Hoskins NuRock Development Partners, Inc: Ocean Breeze Housing Partners, Ltd . 800 North Point Parkway, Suite 125 Alpharetta, GA 30005 Re: Commitment for a construction -permanent period loan, using tax-exempt notes, in an amount not to exceed $17,000,000 relating to a new construction multifamily rental project to be known as Residences at Ocean Breeze located in Boynton Beach, Florida (the "Property") Ladies and Gentlemen: Citibank, N.A.("CITE') is pleased to offer to NuRock Development Partners, Inc. ("Sponsor"), as sponsor of Ocean Breeze Housing Partners, Ltd, (`Borrower'), this commitment ("Commitment') for financing, subject to the terms, requirements and conditions which follow. All - capitalized terms used herein, unless otherwise defined, shall have the meaning set forth on Exhibit A annexed hereto and incorporated herein by this reference (the "Commitment Terms"). CITI's decision to issue this commitment was made in reliance upon the representations and material supplied by, Sponsor and Sponsor's representatives, as more particularly described on Exhibit B annexed hereto. This Commitment is subject to, among other things, CITI completing due diligence to confirm the representations made by Sponsor and obtaining final credit committee approval. . In connection with this Commitment, CTTI will be acting solely as a principal and not as your - agent, advisor or fiduciary. CTTI has not assumed a fiduciary responsibility with respect to this Commitment, and nothing in this Commitment or in any prior relationship between you and CTTI will be deemed to create an advisory, fiduciary or agency relationship between us in respect of this Commitment. You should consider carefully whether you would like to engage an independent advisor to represent or otherwise advise you in connection with this Commitment, if you have not already done SO. A: Transaction Summary. The terms of the financing transaction that are the subject of this Commitment are as follows: 1. On the closing date (the "Closing Date'), CITI shall provide a construction -permanent period loan to Borrower (the "Loan") to finance the new construction or rehabilitation of the Property. All other construction and permanent sources for the Project shall be committed with terms and conditions acceptable to CTTI ,on or before the Closing Date. 2. The Loan proceeds shall be disbursed in accordance with a loan agreement (the "Loan Agreement") executed and delivered in connection with the Loan. CITI will administer and direct the disbursement of.the Loan proceeds and will oversee the construction work to be performed on the Property (the "Improvements"). The completion of the Improvements and all related work shall be performed during the -Interim Phase (as hereinafter defined). 3. On or before the maturity date of the Loan, the. Loan shall be repaid in, full. In the event that the Loan is not.repaid in full on or before the maturity date, at the option_ of CTTI, the Loan will be subject to acceleration, and all obligations of CITI with respect to the transaction contemplated by this Commitment shall terminate., B. Conditions Precedent to Closing. The obligation of CITI to provide the Loan is subject to satisfaction of the following conditions precedent ("Conditions Precedent to Closing'), in each case in a manner acceptable to CITI. The form and substance of all documents and items submitted by Borrower hereunder must be acceptable to. CITI and its counsel. 1. Credit Approval. This Commitment is subject, among other things, to CITI obtaining'fmal credit committee approval. Sponsor understands and agrees that this Commitment does not, in any manner, constitute a commitment or agreement to make a loan. Any documentation will be forthcoming only after final approval of the underwriting by CITI's credit' committee. The financing will be documented separately and will contain terms and conditions that may. be in addition to or in substitution of those set forth in the Commitment: 2. Documents. Borrower shall duly authorize, execute and deliver or cause to be delivered at closing a Multifamily Note, a Multifamily Deed of Trust, or Mortgage, where appropriate (the "Security Instrument" ), a Guaranty or Guarantees (including a Completion and Payment Guaranty for the Interim Phase), an Environmental Indemnity Agreement, Assignments and any other financing statement, agreement or document required by. CITI in connection with the Loan (collectively, the "Mortgage Documents"). Where appropriate, the Mortgage Documents shall be acknowledged, recorded and filed. in the public record, and all recording receipts promptly delivered to C1TI. 3. Title Insurance.: Borrower shall promptly deliver to CITI a commitment for a mortgagee's title insurance policy, prepared in accordance with CITI's title insurance instructions, along with a pro forma policy in the form included in such instructions. The title insurance commitment and policy must satisfy all of the requirements of such instructions and include such other coverage and endorsements as CITI may. require: The company and/or agent issuing the commitment shall be acceptable to CITI in all respects. Borrower shall also furnish CITI with copies of all instruments affecting title to the Property including, but not limited to, all instruments referenced in Schedule B of the proforma policy. 4. UCC Search/Perfection. Borrower shall commission UCC searches in the real estate records and personal .property records of the following jurisdictions and shall furnish written reports of such searches to CITI: (i) the jurisdiction where the Property is located, (ii) any other jurisdiction in which Borrower has its principal office for the conduct of its business, (iii) in the central UCC filing location specified by the law of the state where. the Property is' located,.and (iv) any other office where filing is necessary to perfect the security. interest in the Collateral (as hereinafter defined). All such searches shall be updated to the time of recordation of the Mortgage Documents and shall show no security_ interests affecting the Property, Guarantor or Borrower, other than those naming CITI as the secured party. Borrower shall cause the appropriate filing of financing statements, on forms supplied by CITI, evidencing CITI's perfected first priority security interest in all personal property, machinery, equipment, building -materials, contract rights, furniture, fixtures; royalties, receivables and other rights related thereto, as well as all leases, rents, revenues and proceeds therefrom and all proceeds of the foregoing (collectively, the "Collateral"). Such filing shall be in compliance with both the Uniform Commercial Code, as adopted in the state in which the Property is located, and all other applicable laws affecting the perfection of security interests. Borrower shall furnish.to CITI, promptly upon recordation, receipted or time stamped copies of the filed financing statements. 5. AuihorLty. Borrower shall furnish to CITI certified documents satisfactory to. CITI evidencing Borrower's power and authority to enter into the Mortgage Documents. If Borrower is- a. corporation, such documents shall include Borrower's Articles of Incorporation, Bylaws, O.J corporate resolution relevant to. the Loan and a Certificate of Good Standing from the state of incorporation and the _state where the Property is located. If Borrower is a partnership, such documents shall include a copy of_ the_ partnership agreement_ and partnership certificate, and the above -referenced; corporate documents for any corporate general partner of Borrower. If Borrower is a limited liability company, such documents shall include a copy of the Articles of Organization and Operating Agreement and the Certificate of Authenticity or Certificate of Good Standing from the state of organization and the state where the Property is located. 6. Leases. The standard form of lease used at the Property shall be subject to the prior written approval of CITI.: All new leases and renewals of existing leases shall be made on the approved standard form of lease unless otherwise agreed to by CITI. There must be no commercial leases affecting the Property, except for any laundry lease and other -commercial lease disclosed in writing to and approved in writing by CITI and its counsel prior to the date of this Commitment. Any current commercial lease or laundry lease must be subordinated .to the lien of the Mortgage Documents. Borrower agrees that any future commercial lease or laundry lease or renewal of any current commercial lease or laundry lease will contain language acceptable to CITI subordinating said, lease to the lien of the Mortgage Documents. There must be no default under any current — _ commercial lease or laundry lease. 7. Borrower's Management Agreement. Borrower shall furnish to CITI a copy of Borrower's management agreement. The management agreement must be with a professional management company and both the management company and the terms of the management agreement must be approved in writing by CITI. Borrower shall not make or permit to be made any changes to the management agreement without the prior written approval of CITI. Without limiting the foregoing, the management agreement must be terminable by owner on 30 days' notice, with or without cause and without payment of any termination fee. If required by CITI, a portion of the management fee may be required to be subordinated to debt service and other amounts payable with respect to the Loan. 8. Rent Roll. If applicable, Borrower shall promptly furnish a copy of the rent roll for the Property, with an updated rent roll to be delivered contemporaneously with closing. 9. Appraisal. CITI shall have received an appraisal of the Property satisfactory to CITI. 10.' Opinion of Borrower's Counsel. Borrower shall deliver to CITI a written opinion by Borrower's counsel approved by CITI, addressed to CITI, and in the form furnished or approved by CITI's counsel. .11. Insurance. Borrower shall deliver to CITI an insurance policy evidencing the existence of insurance relating to the Property, which evidence shall include "paid" premium invoices, conforming in all respects to CITI's insurance requirements as provided to Borrower in a separate package, as same may, from time to time, be modified.. Such insurance for the Property. shall include, without limitation, coverage for acts of terrorism arid, if applicable, flood insurance (as more particularly set forth in Paragraph 17 below). In addition, Borrower must deliver prior to closing (i) the original, or a copy certified by the insurance agent, of the policy(ies) of insurance; or (ii) the insurance binder; or (iii) a certificate of insurance (Acord Form 28 (property) or Acord Form 27 (liability) or other form, satisfactory to Lender, provided by the insurance agent; or (iv) original letter from the insurance carrier on the primary layer, signed by an, officer of such carrier, attaching the form ,of insurance policy pursuant to which coverage is being provided, and, if applicable, original letter from each insurance carrier on the excess layers, signed by an officer of such carrier(s) agreeing that it is. bound to the form of insurance policy delivered by the primary carrier (i.e., agreeing to "follow form" to the primary carrier). The letter must set forth the date by which" the policy will be delivered to CITI, which must not be more than sixty (60) days following closing. All mortgagee/loss payee/additional insured endorsements must be attached to the letter. 3 12. Permits/Occupancy. Borrower shall deliver to CITI evidence satisfactory to CITI that all applicable governmental authorities have authorized construction of the Improvements and the development and, if applicable, the operation of the Property as a multifamily residential. unit, including, without limitation, occupancy permits (if applicable) and building permits. Any. nonresidential occupancy must be approved in writing by CITI. 13.. Zonine/Subdivision. Borrower shall deliver to .CITI certification from the local governmental authority (i) that the use of the Property. as a multifamily residential complex complies.with all zoning and subdivision ordinances and regulations applicable to the Property and that it is either a legal, conforming use or a legal, .nonconforming use acceptable under CITI's - underwriting standards, (ii) that the Property has been properly subdivided, and (iii) that the improvements: on the Property can be rebuilt on the same location to their presently existing size, shape and density if partially or totally destroyed. 14. Access/Utilities. Borrower shall deliver to CITI evidence satisfactory to CITI that the Property is located on a publicly dedicated and maintained roadway or acceptable easement thereto, is served by public water and sewer systems, electricity and telephone service, and receives adequate municipal services (fire, police, transportation, among others). 15. Other Compliance. Borrower shall deliver to CITI evidence satisfactory to CITI that the Property, and Borrower's operation thereof, is in compliance with all local and/or state building, safety, health and fire codes, all clean air and water acts and other Hazardous Materials Laws (as 'hereinafter defined), and all equal opportunity, anti -discriminatory and fair housing requirements. 16. Surve . Borrower shall deliver to CITI a current, certified, "boundary" or "as -built" (as applicable) ALTA survey of the Property and . surveyor's certificate, prepared by a registered engineer or surveyor approved by CITI. The survey and surveyor's certificate shall be satisfactory in form and substance to CITI and shall contain those matters set forth in CITI's survey instructions. 17. Flood Zone Map/Certification/Insurance. Borrower shall deliver to CITI a certification, from Borrower's architect, engineer or surveyor stating whether the Property is located in a designated special Flood Plain Hazard area, as designated by appropriate federal agencies. If all or any portion of the Property is at any time during the term of the Loan, located in such an area, Borrower shall provide satisfactory evidence to CITI of the existence of flood insurance policies in the maximum amount required pursuant to applicable laws covering all of the improvements on the . Property which lie within, are bounded by, or are in any way affected by such area. 18. Operating Documents. Borrower shall furnish copies of any form documents used for the Property and any equipment leases, licenses, franchises, permits, contracts, and any other.. agreements required for the operation, use, management or occupancy of the Property, and all such items shall be subject to written approval by CITI. 19. Financial Statements of Borrower and Guarantor. CITI shall receive, for its review and approval detailed financial statements for Borrower, any principal of Borrower and each Guarantor, certified by Borrower, such principal or the Guarantor, as the case may be. CITI may also require updated and/or recertified financial statements as of the Closing Date and again at regular intervals during the Interim Phase. 20. Environmental Assessment Report. CITI shall receive and approvea written report or reports from CITI's independent environmental inspectors confirming that the Property and any site within the vicinity of the Property (i) has not contained -and does not currently contain any Hazardous Material or 'underground storage tanks or any other pollutants that could be detrimental to the Property, human health or the environment, (ii) does. not contain radon gas in levels unacceptable to CITI, (iii) complies with all applicable Hazardous Material Laws and has not been 4 identified by any environmental, regulatory, body as _a, site containing Hazardous Material or underground storage tanks, (iv) shows no other environmental problem that would bring, the Property within the purview of any federal, state or local environmental law or ordinance, and (v) contains no residual effect due to the removal of storage tanks or. Hazardous Material. All deficien— cies with respect to any environmental matters which CITI deems to be material shall be corrected by Borrower at its own expense to the satisfaction of CITI. "Hazardous Material" means and includes, without limitation, mold; asbestos and any substance containing asbestos, the group of organic compounds known as polychlorinated biphenyls, flammable explosives, radioactive materials, lead-based paint, chemicals known to cause cancer or reproductive toxicity; pollutants, effluents, contaminants, emissions or related materials and any items included in the definition of hazardous or toxic wastes, materials or substances under the Hazardous "Material Laws. "Hazardous Material Laws" mean and include, all federal, state and local statutes, ordinances'. regulations; orders, and decrees now'or hereafter promulgated.in connection with preserving the environment and/or the handling, storage, transport and disposal of Hazardous Material. 21. Separate Tax Parcel(s). The Property shall constitute one or more separate and distinct tax parcels for -purposes of all real estate taxes and assessments. There shall be no overlap whatsoever - - between the Property and any other property which will not be subject to the first lien of the Security Instrument. Borrower shall also furnish the most recent tax bills for the Property. 22. Low -Income Housing Tax Credits ("LIF -ITU). CITI must approve any land use restriction agreement or regulatory agreement regulating or restricting the use or manner of operation of the Property and requiring that the Property be operated as a residential rental project occupied by individuals of low income (as provided for in the Treasury Regulations under Section 42(g) of the Internal Revenue Code). Such regulatory agreement must provide that the Property shall at all — times be operated in such manner as to comply with the requirements of the Internal Revenue Code, the Treasury Regulations and IRS Rulings for obtaining and for preserving the LIHTC. In addition, the eligibility of the Property for LIHTC shall be evidenced to CITI in a manner satisfactory to CITI. Such regulatory agreement must be reviewed and approved in writing by CITI. 23. Equity and Funding Conditions. CITI must approve the partners/members (including the Tax Credit Investor), the applicable investment agreement, and the organizational documents of Borrower. CITI must receive and approve evidence satisfactory to CITI in all respects that the amount of the equity contribution is projected to be at least the level used by CITI in underwriting the transaction. In addition, prior to the Closing Date, CITI must receive and approve evidence satisfactory, to CITI in all respects that Borrower (i) has, timely received all required equity contributions to be made to Borrower as of the Closing Date, (ii) has fully funded, for the benefit of the Property, all cash required to be invested in the. Property as of the Closing Date, and (iii) has made satisfactory arrangements- to fund all cash required to be funded after the Closing Date.. Borrower must also provide and CITI must approve in writing any developer's agreement relating to the Property. - 24. Interim Phase Budget. CITI will require satisfactory evidence that other funds and Loan Proceeds are adequate to complete.the Improvements and carry the costs of the Property (including but not limited to interest, taxes, insurance, and operating costs), as determined by CITI based upon its review of scope of work, the Appraisal and other relevant information. Citibank reserves the right to receive, review and approve all project expenditures made prior to closing. 25. Architectural Consultant and Construction Inspector. CITI shall have ,approved an architectural consultant to monitor the progress of the Improvements (the "Architectural Consultant') and Borrower and the Architectural Consultant shall have executed and delivered to CITI a Construction Monitoring Agreement in form and substance acceptable to CITI, pursuant to 5 which_ the Architectural Consultant shall agree to .certify hard cost progress payments and to provide the certifications required pursuant- to this Commitment, upon completion of the Improvements. In addition, CITI will enter- into an agreement directly with a - construction inspector ("Construction Inspector") for the benefit of CITI, but at the sole cost and expense of. Borrower, to reviewtheplans and specifications, contracts and budget for the Improvements and to monitor the progress of the construction of the .Improvements in the manner required by CITI. 26. Approved Plans. CITI and its engineering consultants and the Construction Inspector shall have received and approved the -plans and specifications for the Improvements (such, plans and. specifications, as -approved by CITI are referred to herein as the "Approved Plans"), the budget for - completion of the Improvements, a. fixed or a guaranteed maximum price contract for completion of the Improvements with a general contractor acceptable to CITI and a construction draw schedule for the Improvements. 27. Change Orders. The Approved Plans and the Construction Contract, and any change j orders issued thereunder, will be subject to the- approval of CITI. 28. Contractors. The architect, general contractor and . such other contractors and subcontractors with respect to the Property as shall be identified by Borrower and approved by. " CITI shall have acknowledged the ,collateral assignment of their respective contracts to CITI and agreed in writing to continue performance on behalf of CITI under their respective contracts without additional cost in the event of a default by Borrower, which agreements shall be in form and substance acceptable to CITI and its counsel. 29. Payment and Performance Bonds. To the extent indicated on Exhibit A hereto, Borrower shall not be required to deliver to CITI payment and performance bonds with respect to :its — contractor and major subcontractors (as determined by CITI). 30. Additional Documents. Upon _request by CITI, Borrower shall furnish CITI with any documentation being furnished to any other party lending or investing in the Property (including CITI), including any plans for the Improvements, construction budgets, contracts and disbursement requests. In addition, Borrower shall deliver to CITI all other documents, instruments and other -- items required by CITI in connection with the financing of the Project. 31. Fees and Expenses. Borrower shall have paid the Origination Fee (as hereinafter defined) and any other costs and expenses then due and payable pursuant to the provisions of this - Commitment. C. Conversion of the Financing to the Permanent Period-. The conditions set forth in the Loan Documents (collectively, the "Conditions to Conversion") must occur no later than the Outside Conversion Date, as defined in Exhibit A attached hereto, subject to extension in CITI's sole discretion. Conditions to Conversion are identified in Exhibit A attached hereto. For -purposes of this Commitment, the term Interim Phase means the period from the Closing Date through the day prior to the Conversion Date and the term Permanent Period means the period from the Conversion Date (inclusive) through the maturity date (or earlier termination) of the Project's -permanent financing. D. Fees and Expenses. Borrower -shall be responsible for the following fees and expenses in connection with the financing: 1. Application Fee. Borrower hereby. acknowledges requirement of -an application fee (the. "Application Fee") of as set forth -in Exhibit A, which amount shall be non-refundable. In the event additional funds are required to complete CITI's review and due diligence, Borrower will be advised of such costs in advance. Any and all. additional costs will be billed to Borrower as they are incurred. The Application Fee is applicable toward third party reports, underwriting and processing (in the minimum amount of $5,000), and CITI's legal fees.. 6 2. Origination Fee. The _Origination Fee as set forth in Exhibit A shall be due and payable on the Closing Date. The Origination Fee reflects a fee payable to CITI in exchange for providing financing for the Project. 3. Conversion Fee. Borrower shall pay CITI a conversion fee (a "Conversion Fee') as set forth in the Exhibit A hereto, for CITI's services in processing information to determine whether the Conditions to Conversion have been satisfied. The Conversion Fee shall be due when Borrower first submits information to satisfy the Conditions to Conversion.. — 4. Fees and Expenses. Borrower shall pay when due, whether or not Loan closing occurs, all reasonable and actual expenses, fees and charges with respect to the Loans and their processing and closing, or in any way connected therewith, including, without limitation, appraisal fees, survey costs, title insurance costs, architectural fees, engineering fees, inspection fees, mortgage or similar taxes and all attorneys' fees and legal costs of CITI. . Without limiting the foregoing, - Sponsor specifically agrees to pay all costs relating to document preparation and review of real estate due diligence items by counsel to CITI. E. Assignment; Acceptance; Termination. 1. Acceptance. In order for this Commitment to be effective, Sponsor must execute a copy of this Commitment and return it to CITI within five (5) business days after the date first set forth above (the "Outside Acceptance Date"), time being of the essence. 2. Expiration. This Commitment must be accepted, and the. LIHTC must be allocated prior to the Outside Closing Date set forth in Exhibit A , or this Commitment shall terminate and be of no further force and effect. In the event that Sponsor does not obtain an allocation for the full amount of the LMC at least thirty (30) days prior to the Outside Closing Date, Sponsor may, request an extension of this Commitment (not to exceed ninety (90) days), which extension shall be in CITI's sole discretion. 3. Termination. CITI may terminate this Commitment at any time if - a. Any material adverse change (financial or otherwise) shall occur at any time prior . to the Closing Date with respect to (i) the Property, the proposed Improvements, and/or' the other security for the Loan, or (ii) the credit of Borrower and/or Sponsor (and/or any of the principals of Borrower and/or Sponsor) or any Guarantor or any other person or entity connected with the Loan, or (iii) any other source of repayment of the Loan. b. Any part of the Property shall have been taken in condemnation or other like proceeding, or any such proceeding is pending or threatened as of the Closing Date, or any part of the Property is damaged and not repaired to CITI's satisfaction prior to the Closing Date. C. If requested, certifications of the non-occurrence of (a) and (b) above, in form acceptable to CITI, are not executed by Borrower on the Closing Date, or if Borrower has not delivered on the Closing Date updated personal financial statements for any Guarantor. d. After acceptance of this Commitment, the Loan is not closed on or prior to the Outside.Closing Date (as the same may be extended pursuant to Section E2. hereof). e.. If, in CITI's sole judgment, CITI's underwriting and due diligence indicate the reasonable possibility of a material adverse change in the Property, the proposed Improvements, the Sponsor, the Borrower and/or any Guarantor. 7 f. If the OFAC representation and warranty in Section F5. is no longer true and correct. Upon termination, Sponsor shall pay to CITI any other reasonable damages CITI may have incurred due to non-delivery of the Loan. Sponsor's or Borrower's obligation to pay all amounts due under this Commitment shall survive the termination or expiration of this Commitment. If Sponsor or Borrower fails or refuses to comply with the terms of this Commitment, CITI, at its option, shall have the right to enforce any rights and remedies it may have at law or in equity, including, but not limited to, the collection of costs and expenses arising out of such breach, including reasonable attorneys' fees and disbursements. 4. Final Underwriting. By accepting this Commitment, Sponsor expressly acknowledges that the obligation of CITI to provide the Loan is subject to the completion of final loan underwriting by CITI, final CITI loan committee approval, and the satisfaction of any additional or differing conditions including interest rates that may be required by CITI as a result of such committee approval. By :accepting this Commitment, Sponsor expressly acknowledges that the obligation of CITI to provide the financing described in this Commitment is subject to the satisfaction of the obligations and terms and conditions required by CITI for new construction and rehabilitation proj ects. F. Miscellaneous. 1. Further Assurances. Sponsor hereby expressly acknowledges that CITI intends to incur costs upon Sponsor's acceptance of this Commitment. Upon acceptance of the Commitment, Sponsor shall be strictly obligated to close the transaction contemplated hereby. Sponsor acknowledges that failure to close the transaction will subject CITI to substantial costs and damages. Therefore, Sponsor hereby expressly agrees - a. To perform all of the requirements, terms and conditions contained herein at the time and in the manner herein and as required by CITI. b. Refrain from taking any action that would result in CITI's inability to arrange for the provision of the Loan. c. Upon the request of CITI, to re -execute or ratify any of the Mortgage Documents. 2. Indemnification for Brokerage Commissions. Sponsor acknowledges and agrees that any - fees due. for Loan origination services shall be Sponsor's sole responsibility. Borrower and -Sponsor shall indemnify and hold CITI harmless from and against any and all claims, demands and -liability for brokerage commissions,. assignment fees, finders' fees or other compensation whatsoever arising from the issuance of this Commitment or the making of the Loan that may be asserted against CITI by any person or entity. Sponsor's and Borrower's obligation to indemnify CITI hereunder shall survive the termination or expiration of this Commitment. 3. Authorization. Sponsor and .the undersigned Guarantor hereby authorize CITI to obtain and forward any and all credit information, including credit reports and financial statements and all other information of any kind. received or reasonably required in connection with this Commitment to any potential investor. 4. Exclusivity. The terms and provisions of this Commitment are- intended for the sole and exclusive benefit of CITI and, Borrower, and not for the benefit of, nor for.the purpose of being relied upon, by any other party. 5. OFAC Provisions. Sponsor hereby represents and,warrants that no portion of the Property has been or will be purchased, improved, equipped or furnished with proceeds of any illegal activity. Sponsor further represents and warrants that to the best of Sponsor's knowledge, after having made diligent inquiry, Sponsor, Borrower, each Person owning a direct or indirect interest 8 in Borrower, each Guarantor,.each person owing a direct or indirect interest in each Guarantor, the ,Property Manager, and each tenant at the Property: (a) is not currently identified on OFAC List; and (b) is not a Person with whom a citizen of the United States is prohibited to engage in transactions by any trade embargo, economic sanction, or other prohibition of United States law,. regulation, or Executive Order of the President of the United States. The Sponsor further acknowledges and agrees that it shall have a continuing obligation during the processing of this Commitment to notify CITI promptly if it knows or has reason to believe that the representations and warranties contained herein are no longer correct. Sponsor has implemented procedures, and, will consistently apply those procedures throughout the term of the Loan, to ensure the foregoing .representations and warranties remain true and correct during the term of the Loan. For the purposes hereof, "OFAC List" means the list of specially designated nationals and blocked persons subject to financial sanctions that is maintained by the U.S. Treasury Department, Office of Foreign Assets Control and any other similar list maintained by the U.S. Treasury Department, Office of Foreign Assets Control pursuant to any Requirements of Law, including, without limitation, trade embargos, economic sanctions, or other prohibitions _imposed by Executive Order of the President of the United States, which OFAC List is accessible through the internet website http://www.treasury__goy/ofac/downloadsltlIsdn.pdf and "Person" means an individual, partnership, limited partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated association, joint venture, governmental authority or other entity_ of whatever nature. 6. Borrower's Representations. The validity of this Commitment, and CITI's obligations . hereunder shall at all times be subject to the accuracy and validity of all information and representations furnished by Sponsor to CITI with regard to the Loan and Tax Credits, which shall_ have been and shall continue to be true and not misleading in all material respects. 7. Loan Data. All inspections, reports, appraisals, environmental studies or other data submitted to, commissioned for, conducted or produced by or for CITI are for its benefit and use and shall be the property of CITI. No right of inspection or approval, contained in this Commitment shall be. deemed to. impose upon CITI any duty or obligation whatsoever to take any action or to notify any, person with respect thereto, and no liability shall be imposed upon any such party and no warranty shall be deemed or construed to arise by reason of any inspection undertaken or approval given by any such party, its agents, employees or representatives, any such inspections and approvals being made solely for the benefit of such party. The provisions of this paragraph shall survive the termination or expiration.of this Commitment. 8. Discretion. In any instance where the consent or approval :of CITI may be given or is required, or where any determination, judgment or decision is to be rendered by CITI under this Commitment, the granting, withholding or denial of such consent or approval and the rendering of such determination, judgment or decision shall be made or exercised by CITI (or its designated representative) at its sole and exclusive option and in its sole and absolute discretion. 9. Waiver. -CITI reserves the right, in its sole discretion, to waive in whole or part any of the terms, requirements and conditions in this Commitment, the Mortgage Documents or other - documents referenced herein; provided, however, that such waiver shall in no event be construed to constitute a waiver of the applicable terms, requirements or conditions as they may apply in the future. 10. Successors and Assigns. Sponsor acknowledges and agrees that CITI at its option may assign or otherwise transfer the Loan and all documents evidencing and securing the Tax Credits including, but not limited to, this Commitment, to other parties subsequent to the execution of this Commitment. Neither Sponsor nor Borrower may assign its rights, 'interest, or obligations under 9_ this Commitment without first obtaining.CITI's prior written consent. This Commitment shall be binding upon the successors and permitted assigns of Borrower. 11. Governing, Law. This Commitment shall be governed by and construed in accordance with the laws of the State of New York. Sponsor agrees that any legal action that may arise out of this . Commitment will be commenced only in the United States District Court, Southern District of New York, or New York State Courts sitting in New. York County, New. York, and Sponsor hereby submits to the jurisdiction of any such court. All Mortgage Documents (other than this Commitment) shall be governed by the laws of the State where the Property is situated. The governing law election with respect to this Commitment shall survive the termination or expiration of this Commitment. 12. WAIVER OF TRIAL BY JURY. SPPONSOR AGREES NOT TO ELECT A TRIAL BY JURY WITH RESPECT TO ANY ISSUE ARISING OUT- OF THIS PRELIMINARY COMMITMENT OR THE RELATIONSHIP BETWEEN CITI AND BORROWER OR SPONSOR THAT IS TRIABLE 'OF RIGHT BY A JURY AND WANES ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO SUCH ISSUE TO THE EXTENT THAT ANY SUCH RIGHT EXISTS NOW OR IN THE FUTURE. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN BY SPONSOR.KNOWINGLY AND VOLUNTARILY WITH THE BENEFIT OF COMPETENT LEGAL COUNSEL AND APPLIES TO ALL ACTIONS WHETHER ARISING IN CONTRACT, TORT, EQUITY OR OTHERWISE. THIS PROVISION SHALL SURVIVE THE TERMINATION OR EXPIRATION OF THIS COMMITMENT. 13.- Survival: The covenants, terms and conditions set forth in this Commitment shall not survive the Closing Date (unless expressly provided to the contrary). In the event of any conflict between this Commitment and the Mortgage Documents, the Mortgage Documents shall prevail. 14. Confidentiality The provisions of this Commitment and all of the terms and conditions contained herein are confidential and Sponsor shall not share this Commitment, or the terms and conditions contained herein, with any third party. This confidentiality provision shall survive the termination or expiration of this Commitment. 15. Anti Tying Policy. CITI maintains a policy of strict compliance with the anti -tying provisions of the U.S. Bank Holding Company Act of 1956, as amended, and the regulations issued by the Federal Reserve Board implementing the anti -tying rules (collectively, the "Anti -tying Rules"). Moreover,.our credit policies provide that credit must be underwritten in a safe and sound manner and be consistent with Section 23B of the Federal Reserve Act and the requirements of federal law. Consistent with these requirements and our Anti -tying Policy: a. The extension of commercial loans or other products or services to you by CITI or any of its subsidiaries will not be conditioned on your taking other products or services offered by CITI or any of its subsidiaries or affiliates, unless such a condition is permitted under an exception to the Anti -tying Rules. b. CITI will not vary the price or other terms of any product or service offered by CITI or its subsidiaries on the condition that you purchase another product or service from CITI or any CITI affiliate, unless CITI is authorized to do so under an exception to the Anti -tying Rules.. a CITI will not require you to provide property or services to CITI or any affiliate of CITI as a condition to the extension of a commercial loan to you by CITI or any of its subsidiaries, unless such a requirement is reasonably required to protect the safety and soundness of the Loan. 10 d. CITI will not require you to refrain from doing business with a competitor of CITI or, any of its affiliates as a condition to receiving a commercial loan from CITI or any of its subsidiaries, unless the requirement is reasonably designed to, ensure the soundness of the Loan. [No Further Text on this Page] If you have any questions relating to this Commitment, or if we can be of any. further assistance, please do not hesitate to let us know. Very truly yours, CITIBANK. N.A., a national banking association By:i Name: J. Brent Hanlin Title: Authorized Signatory The undersigned hereby, accepts the foregoing Commitment and agrees to be bound by the terms,. requirements and conditions set forth herein. Date: June 9, 2017 SPONSOR: uRock,nevelop ent Partners, Inc. By: Name: By: Robert Hoskins, its President _. Title: 12 EXHIEIT A PRELIMINARY COMMITMENT TERMS This Exhibit A is an integral part of; and establishes additional terms, conditions and requirements of, the Commitment to which this is annexed. SUMMARY OF MORTGAGE LOAN TERMS Project: Residences at Ocean Breeze, a 100 -unit multifamily new construction project. Number of Units: 100 Low -Income Units: 10 units (10%) of the units @ 33% of AMI 90 units (60%) of the units @ 60% of AMI Maximum Interim Phase Loan Estimated to be $17,000,000. Amount: Interim Phase Interest Rate: Maximum Permanent Phase Loan Amount: Permanent Phase Interest Rate: Application Fee: Origination Fee: Conversion Fee: Guarantor: Outside Closing Date: Interim Phase: Outside Conversion Date Interim Phase Extension Period(s) Loan Sizing Criteria: 1 -month LIBOR + 3.00% Estimated to be $7,500,000. Estimated to be 5.50%. $25,000 1.00% of the actual Construction Loan Amount + 1.00% of the Maximum Permanent Loan Amount $10,000 Robert Hoskins and NuRock Development Partners, Inc. September 30, 2017 24 months Estimated Closing Date plus 24 months, subject to extension upon availability and satisfaction of such extension requirements. 1x6 -month Maximum Loan to Value: 90% 13 Maximum Loan to Cost: 80% Approved Subordinate Financing: The terms, conditions and documentation of the Approved Subordinate Financing, if any, including the form of subordination agreement subordinating the Approved Subordinate Financing to the Loan, are subject to the review and approval of CITI in its sole discretion. Payment and Performance Bonds Not required from General Contractor. Tax Credit Equity Provider- TBD. Must be acceptable to CITI in all respects. 14 June. 8,`2017 Mr. Robert Hoskins Ocean Breeze Housing Partners, LP 800 North Point Parkway Suite 125 Alpharetta, Georgia 30005 RE: Residences at'Ocean Breeze/ 100 units Boynton,Beacb, Palm Beach County, Florida Dear Mr. Hoskins: We are pleased to advise you that we have preliminarily approved an equity investment in Ocean Breeze Housing Partners, LP, a Florida Limited Partnership, the beneficiary of the equity proceeds described in this proposal ("Partnership"). The Partnership will own and operate 100 -unit affordable housing community to be known as Residences at Ocean Breeze, located in Boynton Beach, Palm Beach County, Florida. This Preliminary commitment is made based'upon the financial infbTination provided to us in support of your request and under the following terms and conditions: Investment Equity: Ocean Breeze Housing Partners, LP, a Florida Limited Partnership, with NDG Ocean Breeze, LLC as General Partner and . Boston Capital (`BC") as Investor Limited Partner with a 99.99% ownership interest in the Partnership. Anticipated Eligible Housing -Credit Request Amount: $917,819* Anticipated Housing Credit Allocation to be Purchased: $9,178,188 ($9,178,190 99.99-/o)* Syndication Rate: $0.90* Anticipated Total Equity To be provided: $8,267,811 Equity Proceeds Paid Prior to or simultaneous to closing the construction financing: $1,653,562* (min. 20%) Equity Proceeds to be Paid Prior to Construction Completion: $3,307,124* Pay -in Schedule: Funds available for Capital Contributions #1: .$1,653,562* be paid prior to or simultaneously with the closing of the construction financing. Funds available for Capital Contribution #2, Upon 50% construction completion. $1,653,562* prior to construction completion. Funds available for Capital Contribution #3, Upon construction completion, $4,878,009* concurrent with construction completion. All numbers are rounded to the nearest dollar. Boston Capitil Corporation One Boston Pla'ce Boson, MA 02108-4406 Phone: 617-624-8900 Fax: 617-624-8999 Funds available for Capital Contribution #4, Upon permanent conversion. $82,678* concurrent with permanent loan closing. This: offer is subject to the receipt and satisfactory review by BC, in its sole discretion,. of the following documents. Upon review, BC will either issue a comprehensive syndication agreement for countersignature or withdraw this offer. 1. Project Description 2. Construction/Development Cost Breakdown & Operating Pro -Forma . 3. Construction Schedule - 4. Qualified Lease -Up Schedule 5. Tax Credit Reservation . 6. Construction Loan Financing Proposal (Note, Loan Agreement, & Mortgage, if closed) 7. Permanent Loan Financing Proposal (Note, Loan Agreement, & Mortgage, if closed) 8. General Partner Resume 9. General Partner, Guarantor, and Affiliate current Financial Statements 10. Market Study Please feel free to call me at (617) 624-8867, if you have any questions. We very much look forward to the opportunity to assist you with this tax credit development and to hearing from you. Since r ly, , Sc . Arrighi Vice President, Assistant Director, Acquisitions . Accepted: OCEAN BREEZE HOUSING PARTNERS, LP NDG Ocean Breeze, LLC its general partner t ,3� By: Robert Hoskins, its manager * All nIRMAW967cri'bfinded to the nPR?b%?-MIP.108-4406 Phone: 617-624-8900 Fax: 617-624-8999 Housing rinante Authority of Palm Beach County 100 Australian Avenue. suite 4 10 West Palm 6each, FL 3.M66 (561) 233.3656 FW (661):233.3657 wivwpbchfa.or� cblirp,erson Charles V. St. Lawrance Vice Chair "lark 0, BInett Secretary Robin B. flende.moh Gary P. iillopoulos Patrick j. Franidin ,wines H. Harper, Sr, Bobbv "Tony" Sndtfi Executive. Director Da,lid.M, Brandt dbran dr (q) pbc.qov. oj�q (561) 233-5652 Administrative Assistatit jennifer)vl. ilarrulton Jha1ailto@pbC90V.r;rg (561)2 33-3656 "An Efpul 011tirawity Offi6al Electronic Letterhead June 7, 20.117 Ocean Breeze Housing Partnersj'LP C/o Mr. Robby Q; Block `8794 Boynton Beach Blvd,,Ste 219 Boynton'bea,ch, FL.33472 RE: M41tifami,ly bond application for Residences at Ocean Breeze apartments project Dear Mr. Block: Please accept this letter confirming that the application for tax exempt bond financing in the amount of not to exceecl$17M was submitted to the Housing Finance Authority of Palm Beach County (the "Authority"),. on or, about -September 6, 2016 for* the development Of the approximately 100 -'unit "Residences at Ocean Breeze" apartments project. This letter is also to confirm that tax exempt bond allocation is presently available from the Authority for 6 bond issuance of this size. CC: Skip,Mi 11,er, Esq. ince David Brandt The N Companies . 8794 Boynton Beach Blvd., Suite 219 Boynton Beach, Florida 33472 - (561) 9 .. . www.nurock.com The NuRock Companies • The combination of properties owned, developed &. managed by NuRock entities is over 14,000 units. • One of the top 50 Largest Affordable Housing Developer and Owners in the Country • _ Offices in Florida, Georgia & Texas • Family & Senior Properties • Market Rate, Mixed Income, Mixed-use &Affordable Communities The NuRock Companies • Develop • Build • Manage ® Service Provider ® Provide personal guarantee's to secure financing and on-going compliance on all development projects - — ---- -- - - - -- - - - - - _._..---`- -- .-.._..------------------------ "............ Ct RB LIINE __ _ _ _ . ^7- —/� rl EXISTING CU PROPOSED ON-STREET PARKING NE /;�H;/"�VPrnUe .. EXISTING KIN G ---- I �,�—�;-- ,.,, —I- CURB j ''I �, ` " ". fa�?"•':�--;:a i90' 25.0' •" t.tn.,• ,.,,_,. ,. r, ,,` I � , - LjINE MILER, s � LAND tZ •3;.. y'� _ t� t t ..f a h i�3n ;frx`,, PLANNING.INC fit 1 �� OUn,ls a ,^ MONUMENY SIGN fat" kDiF=„� �~ smee,tmo,eF,x„eMr. MULTI FAMILY: %`t _`F "iyC U'C, '1: - I faYrrton eexn.Fl11Q5 3 STORY: i MULTI FAMILY • E 1• �,, u a ;f 30,000 - e r 3 STORY •t�`Y r'' tw,ra.�iw,a I j s ” ` 130,000 BALC -NY ! e ,w .-.. s.��� ,, v�t• } z 2it - : g,�P, '1 � � ,�- ;�u-ate:.;.�---a.� ,..... '24.0 4.0Z NN � CLUB F� II,;, d } u. ,P✓ HOUSE ° o . $ .a:it7.ei^� t 2,500 SF �f;'f, 'I� LLO,� _ .a., _ _. „t�r'"� ::.::ii"�.:.a,, –aAo :O C 7 Ca i PROJECT FEATURES: W i E : 1Multifamily Renfal Units (16}; 'IBR/1- (66} 2BR/2Bfi;`(1,8} 00 3BRl2BA ;< h cc m . N °Clubhouse w/Leasing_OfFices,,and - rte,. „! E. _mom 6E �I. l Communif Y - m p, f m. fx :._.:; a"rnee fo jesident ' Business/Compu e rater, r r s r, �. A, t ..,. Sparklin swimming paai &-.'p layground Fully:furnished:,fitness center Desi ne ..kitchen / La cbsets &�° ✓ >,• Full size washer'&;dryer; connections hd. .321 ��,..:. 4AG / B .:..PicnicBQ areas: 2114 dWA4 • : n "*:, 1.o- - 203 spaces Grime.VNa#ch ro(�ram p P 1®aa �� t'-xp* `�$. .. %! c..`:"'- 'frits 33s sees Notes - r,°>s:,+;.,;'; ....,d,=' '';tati ;.:�'a '.,Iel 150.p as sca.El•. sco tl TM1ne mbtvadm wncy4domovon omrxa Muveknt• ' `S - ..: fi1:.,, ;,,.rat+ ""`':', 15 spaces ,Igsce M,a me. awiao.,ma,atl 1m,rwn�vble,. :.:'Green Building Features.:..:. ,,:: .q>.,�2>,`:;,. '�::A ^ ;,,k '. 150.p— CONCEPTUAL niaw.msi.a.+.mn.+sa.wwamennmeemvrnarv•<.� .,�' -,.. �+:�.: -. - . . P es SITE PLAN aa8eeettrmmia euettPo�JSroPMa�a NmpJ�Y�tro, .•,., ..• ': .,. ... .. . ,. + SHEET aRE 1111T ;,y p, 203 9 a 1 • °'2 500SF Gracery:S,tore.. Residences at Ocean Breeze - Boynton Beach Why NuRock? • One of the largest affordable housing developers in, the County, ranked 12th from 2015-2016. • Local developer experience - already using local- consultants • Community Benefits Agreements w/City and CRA • Proposing a quality 100 unit affordable housing development • No competitive financing or HUD approved loans • Financing Commitments in place • Construction will start within 1 Z 0 dates(Permit Issuancel Financing Structure • Purchase Price for land $500,000 `.`Cash" at Closing or 75 year land lease if commissioner prefers. • Secured Construction and permanent loans using the private placement of Tax Exempt Bonds (Citi Community Capital) • Palm Beach County HFA Tax Exempt Bonds ($17MM) • Non -Competitive Four Percent Housing Tax Credits • CRA Second Mortgage of $6MM Tax Increment Ponds. The annual TIR investment of $450k over 20 Years • CRA Investment of $1MM 0 Deferred a portion of the Developer Fee Fees Paid byApplicant • Deal Estate Taxes • Water and Sewer Connection Fees • Impact Fess • Building Permit Fees • Repayment of Bonds starting end of Year I - $60k/An Community Benefits Agreement • Work with local community offering job placement for qualified employees • Contractor agrees to allocate a minimum of 5 permanent job positions resulting from the Project to qualified Applicants. 100 Multifamily Rental Units o (16) 1BR/1BA, • (66) 2BR/2BA • (18) 3BR/2BA • Clubhouse w/Leasing Offices -and • Community room for parties and community gatherings • Business/Computer center for residents o Sparkling swimming pool &playground • Fully furnished fitness center • Designer kitchens /Large closets • Full size washer &dryer connections • Picnic/ BBQ areas • Crime Watch program • Green Building Features • 2,500SF Grocery store (zoning allows) • Award-winning BreakOut"' After-school learning program/summer camp, including: - Study/homework help - Recreation Center - Computer Training Center - Home Theater/Library - Other planned fun activities Work with: • Local schools • Police • Church's, Boys and Girls Clubs, YMCA and other youth organizations The NuRock Companies New Construction Affordable Communities Town Park Crossing - Davie, FL s m MOK Residences at Crystal Lake — Pompano Beach 00 -?01111 u w , ,v. „. 1 + w Y »A7? 6w a Ifs .. a Vista Grand at Spring Hill - Spring Hill rw ,� t l_ y,. x Pq Residences at Haverhill— West Palm Beach Edi'���y'��fa'�l�.i.�i�.I►'���j�i�j{!���„'�I�j�j'y�i�'l`ft�wr'����'�IFa'�I����a�I��'�I���i�,iIw�il'� ���'�I�"r'� The NuRock Companies 8794 Boynton Beach Blvd., Suite 219 Boynton Beach, Florida 33472 (561) 990-2614 PROPOSED ON -STREET PARKING EXISTING CURB LIINE . . _ ...... / PROPOSED ON -STREET PARKING NE 7T" Avenue EXIST ' CURB 90' 25.0' LIINE 11115 COURTYARD u: MONUMENT SIGN MULTI FAMILY ! t� 3 STORY MULTI FAMILY z t 30.000 3 STORY �BALCONY (TYP.) t 30,000 �. MOM fl ' W _I.. I_,.IA eb Yl 1 t U) 24.0' . w CU y z d� N .'*{ ( CLUB HOUSE — T N 32500 SF _ _ LLO� O 25 `` _-_...._ _..�___ i91 U7 LOT �"— PROJECTFEATURES • 100 Multifamily Rental Units - (16) 1 BR/1 BA, (66) 2BR/2 BA, (18) 3BR/2BA " • Clubhouse w/Leasing Offices and • Community room • Business/Computer center for residents • Sparkling swimming pool & playground • Fully furnished fitness center nmaz • Designer kitchens / Large closets U 23. iJ Vu • Full size washer & dryer connections 203 ;B;P—;= Notes 150spas m Picnic! BBQ areas Ss° wdutlm+, Nr uiny MM Oa WdM al ma pnnm+npsr om meram�axm�.:• 203 sexes Crime Watch program • Green Building Features • 2,500SF Grocery Store M tUER LAND PLANNING.INC xeem xr eH 13611 >7M1dB>P tY5 ]� SP 9CIJ.E I'�3Pd CONCEPTUAL SITE PLAN mer �ze.6n1r Discussion Points — Ocean One Proiect TIRFA and Purchase and Development Agreement The Project Description per Developer (items in Blue for discussion) ■ Phase 1 (not tied to Site Plan) - Construction to commence within 2 years of date of Agreement o 231 multi -family residential units with related amenities o 8,575 square feet commercial space (built but not required to be filled) o 50 public parking spaces restricted from use by residential units (not above and beyond what is required by code; constructed but not maintained or managed by developer) o Residential will be in compliance with a nationally recognized green building rating system o Community benefit requirements to include ➢ Hiring job placement consultant during construction ➢ Hosting job fair ➢ Giving priority to Locally Owned Small Business as contractors and subcontractors for construction ➢ Require contractors and subcontractors to use good faith efforts to hire City residents ➢ Provide list of jobs to a Community Outreach Partner (to be determined) ➢ Use good faith efforts to offer City residents permanent jobs ➢ Pay new permanent hires from the City a minimum of the Living Wage Phase II (not tied to a Site Plan) — Construction to commence within 2 years of substantial completion of Phase I o 100 room hotel 0 118 multi -family residential units with related amenities 0 6,000 square feet of commercial space (built but not required to be filled) 0 350 -space parking garage to include 50 public parking spaces excluded from residential use (not above and beyond what is required by code; constructed but not maintained or managed by developer) Project = Total of 100 public spaces Bifurcation of the Agreement - Property will be subdivided into two separate taxable parcels ■ Developer request: Enforce provisions of the agreement regarding conditions to receiving funding, annual performance reporting, assignment, default, and termination separately by Phase ■ Staff comments: Developer request could lead to a situation where Developer is in default of the Agreement as to one Phase of the Project but not the other; in that case, the Developer could continue to receive TIRF payments for the Phase of the Project not in default Assignment ■ Developer request: Developer would like to assign responsibilities and benefits separately by Phase with prior written consent of CRA, which shall not be unreasonably withheld ■ Staff comments: Recommend that all of the rights and obligations of the Agreement be assignable to only to one party, and that the Agreement be assignable only with prior written consent of the CRA • Term and Percentage of TIF Developer request: o Phase I = 8 -year term of TIRF payments = Years 1-7 at 75% and Year 8 at 50% (which averages approximately 72% of TIRF over the 8 year term for approximately $ 4,087,476) o Phase II = 8 -year term of TIRF payments = Years 1-7 at 75% and Year 8 at 50% (which averages approximately 72% of TIRF over the 8 year term for approximately $ 3,329,953) Staff comments: Developer request is at the Board's discretion Annual Performance Report ■ Developer request: Annual Performance Report must only be submitted to CRA as a condition to receiving funding ■ Staff comments: Annual Performance Report must be submitted to and accepted and approved by CRA as condition to receiving funding Purchase and Sale Agreement (not tied to the TIRFAI • Purchase price - $10 • Closing 60 days from Effective Date of Purchase and Development Agreement • Deed Restriction requires Purchaser to develop plaza on CRA property if construction of Phase I does not commence within 2 years • Right of First refusal to repurchase property for $10 plus cost of plaza improvements, if any, only if CRA property is sold by itself not if it is sold as part of total Project property CRA FUNDING/USES FY16/17 F FY17/18 I FY18/19 I FY19/20 I FY20/21 I FY21/22 I FY22/23 I FY23/24 FY24/25 FY25/26 I FY26/27 r FY27/28 FY28/29 I FY29/30 Tax Increment Revenue 3% incr per yr 10,363,156 11,426,469 11,769,263 12,122,341 12,486,011 12,860,592 13,246,409 13,643,802 14,053,116 14,474,709 14,908,950 15,356,219 15,816,905 16,291,413 Marina Revenue 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 Fund Balance Allocation & Rollovers 668,607 - - - - - - - - - - - - 6,082,666 Total Revenue 12,031,763 12,426,469 12,769,263 13,122,341 13,486,011 13,860,592 14,246,409 14,643,802 15,053,116 15,474,709 15,908,950 16,356,219 16,816,905 17,291,413 Debt & ODeratinq Expenses Debt Service 2,140,220 2,140,955 2,136,465 2,140,852 2,137,822 2,140,528 2,136,830 2,135,817 2,317,425 2,319,093 - - - - Operating Expenses 3% incr per yr 2,278,842 2,595,668 2,673,538 2,753,744 2,836,357 2,921,448 3,009,091 3,099,364 3,192,345 3,288,115 3,386,758 3,488,361 3,593,012 3,700,802 Marina 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,001 1,000,002 Sub -Total Debt & Operating Expenses 5,419,062 5,736,624 5,810,004 5,894,596 5,974,178 6,061,976 6,145,921 6,235,181 6,509,770 6,607,208 4,386,758 4,488,361 4,593,013 4,700,804 Tax Increment Revenue Funding Agreement (TIRFA) TIRFA Pavments - Contractual Obliqations Casa Costa (47.5% 10 Years) 545,000 Wal-Mart (25% Years 6-10) 60,000 Seabourn Cove -Phase 1 (50% - 10 Years) 415,000 Seabourn Cove -Phase II (50% - 10 Years) 180,000 Preserve (75% Yrs 1-5; 25% Yrs 6-10) 100,000 500 Ocean (75% Yrs 1-4; 50% Yrs 5-7; 25% Yrs 8-10) - Sub -Total TIRFA Payments 1,300,000 Available Project Funds 5,312,701 572,250 600,863 630,906 - - - - - - - - - - Town Square Project Funding 185,450 - 25,000 26,250 27,563 28,941 30,388 - Model Block 450,000 - 435,750 457,538 480,414 504,435 529,657 556,140 - - 189,000 198,450 208,373 218,791 229,731 241,217 253,278 - 105,000 110,250 115,763 40,000 42,000 44,100 46,305 48,620 - - - - 570,000 618,000 637,000 656,000 450,000 464,000 480,000 240,000 254,000 262,000 1,327,000 1,963,350 2,081,018 1,429,167 1,487,775 1,291,457 763,583 528,620 240,000 254,000 262,000 - - 5,362,845 4,995,909 5,146,727 6,082,666 6,310,840 6,809,031 7,645,037 8,014,726 8,627,501 11,268,192 11,605,858 12,223,892 12,590,608 DIFA - Ocean One - Phase One - 480,264 495,176 510,535 526,354 542,649 559,432 576,718 396,349 - - DIFA - Ocean One - Phase Two - - 391,417 403,520 415,986 428,827 442,052 455,674 469,705 322,771 Ocean Breeze East - - - - - - - - Town Square Project Funding 185,450 - Old High School Stabilization 450,000 Sara Sims Park - MLK Corridor Redevelopment 1,162,000 - - Model Block 450,000 - Boynton Beach Blvd Design/Construction, 600,410 - E. Boynton Beach Blvd Ext Improvements Property Acquisition 1,136,607 - - Cottage District - Capital Improvements - Special Events 413,000 Woman's Club - Building Renovations - Economic Development Grants 784,090 - Professional Services 782,200 - - Neighborhood Policing Unit 263,000 - Community Standards Outreach Coordinator 134,000 Director of Economic Development - Site Work & Demolition 100,000 - Community Workshops/Meetings 25,000 - - Business Incubator Program - CC Center 70,000 Community Clean Program 50,000 Marketing - Business Assistance 228,590 - - Housing Rehab Program - Onstruction In Progress (Completed in FY16-17) 886,807 - ___ ___ ______ __-___ ___��. ��.. ....� .inn r�n •n•n -s -n seen nnf A&(17flG '77774 JUD-Ioial 1,1Ll,l04 - - - 40U,L0'4 97u,Iry Uv + ---. -- - Balance after line item allocations (should be zero)1P. 5,362,845 4,995,909 5,146,727 5,602,402 5,815,664 5,907,079 6,715,163 7,056,091 7,639,242 10,249,422 10,753,835 11,754,187 12,267,837 Total Project Fund FY 16-17 (includes rollover funds) 9,021,154 E:\6_12_17\staff-Project Funding_June 12_SpecialMtgCRABoard1 June 11, 2017 rch EIVEP JUN i 9 2017®� BOYNTON BEACH CRA Mr. Michael Simon, Interim Executive Director Boynton Beach Community Redevelopment Agency 710 N. Federal Hwy. Boynton Beach, FL 33435 Re: Letters of Interest for Ocean Breeze East Property Dear Mr. Simon: 900 North Seacrest Boulevard Boynton Beach, Florida 33435 Office # 561- 732-2377 Fax # 561-732-3270 mMu stjohnr bc.corn Attached for your review and for presentation to the CRA Board at the June 13, 2017 meeting are the following: 1. A revised Letter of Interest for Option 1 (non-competitive funding). 2. A revised Financing Summary for Option 1. 3. A revised Letter of Interest for Option 2 (competitive funding with 9% Housing Tax Credits). 4. A revised Financing Summary for Option 2. 5. A revised Letter of Interest for Option 3 (competitive funding with SAIL). 6. A revised Financing Summary for Option 3. Passing Savings to the CRA As we have discussed with the CRA staff and the Board members, many of the numbers that determine the amount of gap financing required from the CRA to make this development a reality will change over the next several months as we move to a construction/perm loan and equity closing. Several items (equity pricing, interest rates, county AMI and reserve requirements, to name a few) have changed since we first approached the CRA about funding this development. As we conmAtted to you, these changes have reduced the arnoumt of gap financing needed from the Cliff and we have reduced our request accordingly. Option I Highlights 1. The CRA would make an upfront community investment of $1 Million. 2. The CRA would make an annual investment of $358,000 for 20 years. 3. The total CRA investment of $8,160,000 would be offset by taxes paid by us of $3,604,000, so the net CRA investment would by $4,556,000. 4. The Church would pay the CRA $10 for the land. Option 2 Highlights 1. The CRA would make an upfront community investment of $1 Million. 2. The total CRA investment of $1,000,000 would be offset by taxes paid by us during the first 20 years of $2,998,000, so the net CRA payback would by $1,995,000. Reacbivtg The Redeemable In Him we have redemption through His blood, the forgiveness of sins, according to the riches of His grace - Eph. 1:7 Option 2 Highllights 1. The CIA would make an upfront community investment of $1 Million. 2. The total CRA investment of $1,000,000 would be offset by taxes paid by us during the first 20 years of $2,998,000, so the net CRA payback would by $1,998,000. 3. The Church would pay the CRA $1,200,000 for the land. Option 3 Highlights 1. The CRA would make an upfront community investment of $1 Killion. 2. The total CIA investment of $1,000,000 would be offset by taxes paid by us during the first 20 years of $3.,317,000, so the net CRA payback would by $2,317,000. 3. The Church would pay the CRA $400,000 for the land. Highlights Common to All Options 1. The property will have 108 units dedicated to serving the senior population. 2. The property will have a 10,000 SF Family Life Center, including a 5,000 Sp Grocery Store. 3. The partnership will give preference to minority local subcontractors and host multiple job fairs for minority District 2 residents at. the RM Lee Educational Complex in the HOB. 4. The property will Have an art.feature approved by the.City's arts commission that will be valued at $140,000 - We request that the Board approve Option 1. While working to push Optionl to a construction closing, the St. John/Roundstone partnership will also pursue financing under Options 2 and 3. If we are successful under either Option 2 or Option 3, we will then forego the funding under Option 1 and switch our construction cl®sing efforts to whichever Option is successful. This is a win/win for the CRA, the City and the HOB residents because under any circumstance this critical development will rise out of the ground in 2018: Thankyou for your consideration of our proposal. Sincerely, Rev. Jovan T. Davis, Ibl.Div., Sr. Pastor St. John Church / Roundstone Development Summary for Redevelopment of 700 N. Sencrest Blvd. Revised Option 1 6/10/17 Financing • We (the partnership that will own the property and buildings) secure a permanent loan from HUD under the 221(d)(4) program. The loan will be bifurcated into two tranches: The first tranche will be based upon the operating NOI of the property. The second tranche would be repaid by the TIF payments from the CRA. • We secure a construction loan from the Palm Beach County Housing Finance Authority (HFA) using Tax Exempt bonds. • We secure non-competitive 4% Housing Tax Credits from the Florida Housing Finance Corporation that we sell to an equity investor. • The CRA would provide the property up front a $1 Million community investment and an annual TIF investment of $358,000 per year for 20 years. However, the partnership will be paying taxes every year, so the net CRA investment in the development over 20 years will be $4,555,715. • If the CRA wanted a 10 -year term, the annual payment would be $591,000, for a total savings of $1,250,000 to the CRA. If the CRA wanted a 12 -year term, the annual payment would be $513,000, for a total savings of $1,004,000. If the CRA wanted a 15 -year term, the annual payment would be $435,000, for a total savings of $635,000. • The partnership will buy the land from the CRA for $10. • The City would give us the utility credits that the property already qualifies for as well as waive all impact fees. • The City would still be paid all building permit fees. • The City and County would still be paid full property taxes (about $3,604,000 over'the first twenty years). • This would be a true non-competitive development which could move forward promptly with no "lottery" uncertainties. St. John Church / Roundstone Development Summary for Redevelopment of 700 N. Seacrest Blvd. Revised Option 2 6/10/17 Financing • We (the partnership that will own the property and buildings) secure a permanent loan from a conventional lender. • We secure a construction loan from a conventional lender. • We secure competitive 9% Housing Tax Credits from the Florida Housing Finance Corporation that we sell to an equity investor. • The CRA would provide the property up front a $1 Million community investment. . • The CRA would sell the land to the Church for $1,200,000. • The City would give us the utility credits that the property already qualifies for. • The City would still be paid all building permit fees and impact fees. • The City and County would still be paid full property taxes (about $112,000 per year). • This would be a competitive development which could move forward only if we win the "lottery". It would also be subject to a bid challenge by the losers in the competition. That will cost us time and money. St. John Church / Roundstone Development Summary for Redevelopment of 700 N. Seacrest Blvd. Revised Option 3 6/10/17 )Financing • We (the partnership that will own the property and buildings) secure a permanent loan from HUD under the 221(d)(4) program. • We secure a construction loan from the Palm Beach County Housing Finance Authority (HFA) using Tax —Exempt bonds. • We secure non-competitive 4% Housing Tax Credits from the Florida Housing Finance Corporation that we sell to an equity investor. • We secure a competitive SAIL Loan from FHFC. • The CRA would provide the property up front a $1 Million community investment. • The CRA would sell the land to the Church for $400,000. • The City would give us the utility credits that the property already qualifies for as well as waive all impact fees. • The City would still be paid all building permit fees. • The City and County would still be paid full property taxes (about $124,000 per year). • This would be a competitive development which could move forward only if we win the "lottery". It would also be subject to a bid challenge by the losers in the competition. That will cost us time and money. 11 St. John Church / Roundstone Development Revised Letter of Interest Option 1 6/10/17 To: Michael Simon, Executive Director, Boynton Beach Community Redevelopment Agency, and the Boynton Beach Community Redevelopment Agency Board Members From: The St. John Missionary Baptist Church Re: Letter of Interest in the CRA owned site known as Ocean Breeze East. St: John Missionary Baptist Church is submitting this letter of interest for the Ocean Breeze East site located with the west boundary as Seacrest Blvd., the east boundary as 15` St., the north boundary as NE 7`h Ave.. and the south boundary as behind the apartments on NE 6th Ave. , St. John Missionary Baptist Church, in a partnership with Roundstone Development, is interested in acquiring the land to develop it with 108 Affordable Apartments comprised of 1 & 2 bedroom apartments, combined with a Family Life Center featuring a tropical swimming pool, state of the art fitness center, gymnasium (basketball and volleyball), business center, multipurpose rooms and a catering kitchen, combined with a 5000 sq. ft. Grocery store. This would be financed using a HUD 221(d)(4) loan, Tax— Exempt Bonds from the Palm Beach County HFA, a community investment of $1 Million, utility credits, impact fee waivers, the land being sold to the Church for a payment to the CRA of $10.00, and an annual TIF payment of $358,000 from the CRA to the property for twenty (20) years. This would be a true non-competitive development which could move forward promptly with no "lottery" uncertainties. Since we are receiving non-competitive 4% tax credits from FHFC, the partnership will provide affordable housing using the following FHFC guidelines -100% of units at 60% of area median income. The partnership will give preferences to minority local subcontractors and host multiple job fairs for minority district 2 residents at the RM Lee Educational Complex located on the St. John campus. The partnership will have an art feature approved by the city's arts commission that will be valued at approximately $140,000.00. Our preference will be to use artists from District 2. St. John Church / Roundstone Development Revised Letter of Interest Option 2 6/10/17 To: Michael Simon, Executive Director, Boynton Beach Community -Redevelopment Agency, and Boynton Beach Community Redevelopment Agency Board Members From: The St. John Missionary Baptist Church Re: Letter of Interest in the CRA owned site known as Ocean Breeze East. St. John Missionary Baptist Church is submitting this letter of interest for the Ocean Breeze East site located with the west boundary as Seacrest Blvd., the east boundary as 1St St., the north boundary as NE 7th Ave., and the south boundary as behind the apartments on NE 6th Ave. St. John Missionary Baptist Church will purchase the site from the Boynton Beach CRA for $1,200,000.00. St. John Missionary Baptist Church will partner with Roundstone Development, LLC to form a Limited Partnership to develop the site with 108 Affordable Apartments comprised of 1 & 2 bedroom apartments, combined with a Family Life Center featuring a tropical swimming pool, state of the art fitness center, gymnasium (basketball and volleyball), business center, multipurpose rooms and a catering kitchen, combined with a 5000 sq. ft. Grocery store. This will be financed using 9% tax credits awarded by Florida Housing Finance Corporation (FHFC). The CRA would be required by the FHFC to put up a $1 Million community commitment before the application for the 9% tax credits is submitted in the fall of 2017. However, the commitment will not have to be funded by the CRA until construction of the development is 50% complete. When the 9% tax credits are awarded we will also need a utility credit as determined by the city based on past applications. This partnership will provide affordable housing using the following FHFC guidelines - 10% of the units at 33% of area median income and 90% of units at 60% of area median income. The partnership will give preferences to minority local subcontractors and host multiple job fairs for minority district 2 residents at the RM Lee Educational Complex located on the St. John campus. The partnership will have an art feature approved by the city's arts commission that will be valued at approximately $140,000. Our preference will be to use artists from District 2. St. John Church / Roundstone Development Revised Letter of Interest Option 3 6/10/17 To: Michael Simon, Executive Director, Boynton Beach Community Redevelopment Agency, and the Boynton Beach Community Redevelopment Agency Board Members From: The St. John Missionary Baptist Church Re: Letter of Interest in the CRA owned site known as Ocean Breeze East. St. John Missionary Baptist Church is submitting this letter of interest for the Ocean Breeze East site located with the west boundary as Seacrest Blvd., the east boundary as 1't St., the north boundary as NE 7th Ave., and the south boundary as behind the apartments on NE 6th Ave. St. John Missionary Baptist Church, in a partnership with Roundstone Development, is interested in acquiring the land to develop it with 108 Affordable Apartments comprised of 1 & 2 bedroom apartments, combined with a Family Life Center featuring a tropical swimming pool, state of the art fitness center, gymnasium (basketball and volleyball), business center, multipurpose rooms and a catering kitchen, combined with a 5000 sq. ft. Grocery store. This would be financed using a SAIL Loan from the Florida Housing Finance Corporation (FHFC), a HUD 221(d)(4) loan, Tax — Exempt Bonds from the Palm Beach County HFA, a community investment of $1 Million, utility credits and impact fees waivers. The land would be sold to the Church for a payment to the CRA of $400,000.00. This partnership will provide affordable housing using the following FHFC guidelines - 10% of the units at 33% of area median income and 90% of units at 60% of area median income. The partnership will give preferences to minority local subcontractors and host multiple job fairs for minority district 2 residents at the RM Lee Educational Complex located on the St. John campus. The partnership will have an art feature approved by the city's arts commission that will be valued at approximately $140,000.00. Our preference will be to use artists from District 2. Proposed Cash Funding Annual Developer Requested Total CRA Contribution by end Ocean Breeze East Proposed Type Amenities Acquisition Requested from Proposed Funding Mechanism Funding Requested Annual TIR of the Requested Proposer of Development Price the CRA Amount Funding Contribution Term including Cash Requested Term from the CRA Funding • HUD 221(d)(4) loan $358,000 20 years $8,160,000 • $6 million in funding to pay the St. John Missionary • Family Life Center annual HUD 221 (d)(4) loan Baptist Church & 108 Unit, . Business Center • • PBC Housing Finance Authority $435,000 15 years $7,525,000 Roundstone Affordable Fitness center/Pool $10 $1 million tax-exempt bonds ° 100/o $513,000 12 years $7,156,000 Development Rental Development ' 5,000 sq.ft. grocery . 4% non-competitive tax credits from FHFC Option #1 store • Applicable PBC impact fee and City utility credits $591,000 10 years $6,910,000 St. John Missionary • Family Life Center • 9% tax credit program funds Baptist Church & 108 Unit, • Business Center • through FHFC Roundstone Affordable Fitness center/Pool $1,200,000 $1 million $1,000,000 Development Rental •Catering kitchen _ _ _ Option #2 Development • 5,000 sq.ft. grocery store • SAIL loan from FHFC HUD 221(d)(4) loan St. John Missionary • Family Life Center Secure a construction loan from Baptist Church & 108 Unit, 'Business Center PBC Housing Authority Roundstone Affordable Fitness center/Pool $400,000 $1 million •non-competitive 4% Housing Tax $1,000,000 Development Rental ' 5,000 sq.ft. grocery ';rdit from FHFA Option #3 Development store •Tax exempt bonds from PBC Housing Finance Authority Hppiicabie NBC; impact tee and City utility credits • PBC Housing Authority Tax • Family Life Center Exempt Bonds in the amount of 100 Unit, .Business Center $500 000 X17 million Ocean Breeze Affordable Multi- Fitness center/Pool ( cash or land $1 million ' 4% non-competitive housing tax $450,000 20 ears Y 100% $10,000,000 Housing Partners, LP family Rental ' 2,500 sq.ft. grocery lease) credits from FHFC Development store - GRA second mortgage of $6 'nillion Tax Increment Financing 3onds Proposed Cash Funding Annual Developer Requested Total CRA Contribution by end Ocean Breeze East Proposed Type Amenities Acquisition Requested from Proposed Funding Mechanism Funding Requested Annual TIR of the Requested Proposer of Development Price the CRA Amount Funding Contribution Term including Cash Requested Term from the CRA Funding • 9% housing credit or SAIL Funds $798,303 • Tax exempt bonds and 4% non- competitive tax credits • Utility connection waivers 100 Affordable $247,303 Centennial Housing Rental • Clubhouse • CRA commits required local Management Corp. Development • Community room $800,000 $551,000 government contribution Restricted to • Fitness Center/Pool Option #1 Area Median Income • (a) If no 9% housing credit or SAIL (a) $350,000 (a) 20 years (a) 100% (a) $8,300,000 funds awarded, CRA may provide $1.3 million loan plus $350,000 for 20 years 123 Affordable • 9% tax housing credits Centennial Housing Rental •Clubhouse •Utility connection waivers Management Corp. Development •Community room $1,400,000 $551,000 $279,469 _ _ _ $830,469 Option #2 Restricted to • Fitness Center/Pool •CRA commits required local Area Median government contribution Income 108 Affordable Centennial Housing Rental • Clubhouse • 4% tax credit and tax exempt bon Management Corp. Development •Community room $800,000 $551,000 funding along with SAIL funds _ _ _ $798,303 Option #3 Restricted to • Fitness Center/Pool •Utility connection waivers Area Median $247,303 Income 100 Affordable Housing Rental • Clubhouse • 4% Tax exempt bonds from PBC Centennial Management Corp. Development • Community room $1,000 $500,000 Housing Finance Authority and $350,000 20 years ° 100 /o $7,500,000 Restricted to •Fitness Center/Pool CRA to contribute gap funding of $6 Option #4 60% Area million over the 20 years Median Income 6/13/2017 Embassy of Finland, Washington - Consulate Generals of Finland, New York, Los Angeles: Current Affairs n Front Page > Current Affairs News, 11/7/2016 1 Embassy of Finland, Washington Traveling Sauna Hits the U.S. Roads in 2017 Finland celebrates the centennial of its independence in 2017. Many events will take place throughout the United States, and one of the most exciting centennial projects is the Traveling Sauna. The sauna will drive across the entire continent, from West Coast through Mid -West to East Coast, traveling over 10,000 miles. The idea of the Traveling Sauna was born when a group of Finns and Finnish -Americans were brainstorming what kinds of events to organize in the U.S. in 2017. The group wanted to make sure that the centennial would be celebrated throughout the year and not only on the actual Independence Day on December 6. The group came up with the idea of having a sauna travel from the West Coast to the East Coast. The Traveling Sauna is a "centennial mascot" that is designed to bring as much publicity as possible to the different events being organized by local Finnish and Finnish -American organizations and thus the centennial, especially in the social media. It will also be something unique to catch the attention of local media wherever it travels. The sauna starts its journey in Texas in February 2017, then makes its way to the West Coast, travels through the Mid -West and spends the autumn driving down the East Coast. The journey will end in Washington, D.C. in the beginning of December. Route of the Traveling Sauna - ' '`lu e22.25 MI APR Ice Cold Marketing, Jouko Sipila and seem e,vffi Risto Sivula, are in charge of all sauna • ° Minneaporm MN y =Or Mk. logistics like designing the sauna, » ,, ,. Ear prember3a ► wwy'orlr, N r creating the route and coordinating the UsAWS„rn chkIr ».... ago, • sauna stops with local Finnish and c'�M"�' December ngtpn Gt.G Finnish -American organizations. They are two Finns living in Minnesota who y """ ' October 14 February are passionate about promoting """c' ooaaS,TX eulantaGn' Los Angeles. CA Finland and everything Finnish in the U.S. The sauna is built and donated by february 2426Houston, TX November 28' the Finnish -American company Lake Worth, FL TyloHelo, one of the world's leading sauna manufacturers. Jouko Sipila (left) and Risto Sivula Please assist Jouko and Risto to spread the word about the centennial. You can connect with them on social media and through their website. Sponsorship opportunities are available as well. The campaign will have a http://www.finland.org/public/Print.aspx?contentid=353985&nodeid=35833&culture=en-US&contentlan=2 1/2 6/13/2017 Embassy of Finland, Washington - Consulate Generals of Finland, New York, Los Angeles: Current Affairs huge reach both physically and via social media. It will be a great opportunity for companies to promote their innovation, design, craftsmanship or services. Private citizens and organizations will have an opportunity to support the project via a crowdfunding campaign, to be launched in early December. Finland's centennial is once-in-a-lifetime opportunity for Finns, Finnish - Americans and friends of Finland to celebrate together. Now is a good time to approach your local Finnish or Finnish -American community and start making plans for the upcoming centennial! More information about the Traveling Sauna: http://www.travelingsauna.com/ More information about the centennial events in the U.S. including an events calendar: http://www.finlandl 00usa.com/ © Embassy of Finland, Washington - Consulates General of Finland, New York and Los Angeles About this site I Contact information http://www.finland.org/public/Print.aspx?contented=353985&nodeid=35833&culture=en-US&contentian=2 2/2 . 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To learn more about the design and features of the Traveling Sauna and how to incorporate into your own home sauna visit www.finnleo.com, call 1-800-FINNLEO (346-6536), or visit your local Finnleo dealer. innleo FiNNLEO I Pure Sauna Toll -Free: 1.800.346.6536 Email: Finnleo@saunatec.comf 575 East Cokato Street Phone: 320.286.5584 www.finnleo.com Cokato, MN 55321 Fax: 320.286.6100 pure sauna TravelingSauna Sheet.indd 2 2/22117 6:51 PM •