CORRESPONDENCE
.....
.
Florida Residential Property and Casualty
J oint Underwriting Associ~tion
James W. Newman, Jr., Executive Director
William B. Wilson, Esq., Chairman
CITY OF BOYNTON BEACH
100 E BOYNTON BCH BLVD
BOYNTON BEACH FL 33425
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April 28, 1999
Policy Number: JUS 124429001
Fxpirlltinn Dllte: 02/25/2000
Dear Fonner Policyholder:
A recent review of our records indicates that the FRPCJUA did not receive premium payment for the renewal of your policy.
Since payment was not received, your policy was not renewed beyond the expiration date shown above and is no longer in
force.
If your records do not agree with respect to the termination of your policy, please contact us immediately at (800) 810-7647.
If we do not hear from you within 15 calendar days from the date of this letter, we will close our records accordingly.
We appreciate your attention to this matter. Please contact us only if you believe our records are incorrect. Thank you.
Florida Residential Property and Casualty
Joint Underwriting Association
101 N. Monroe St., Suite 1000, Tallahassee, Florida 32301 P.O. Box 10749, Tallahassee, Florida 32302-2749
Telephone (800) 807-7647/ (850) 513-3700 Fax (850) 513-3900
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McDermott Wi 11 & Emer.r
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McDERMorr, WILL & EMERY
Grega H. Fiennan
Attorney at Law
305-3-17-6554
February 20, 1998
VXA PAC.XXILK
Tambri J. Heyden, AICP
Planning and Zoninq Director
City of Boynton Beach
100 East Boynton Beach Boulevard
Boynton Beach, Florida 33425
Re:
File No.:
Location
Palm Walk Adult Congregate Living Facility
CUTE 96-001/CNTE 96-001
North side of S.W. 19th Avenue, approximately 351 feet
east of Congress Avenue and 598 feet south of Woolbright
Road
Dear Ms. Heyden:
I
Our office represents Palm ~alk Associates, Ltd., a Florida
limited partnership ("Palm Walk Associatestt), the owner of the
captioned property.
I
I
As I believe you have alre~y discussed with our client's
architect, Louis P. Giacalone, o,f Ehasz Giacalone Architects,
P.C., this letter will serve as pur client's request that the city
of Boynton Beach postpone the he~ring scheduled for February 24,
1998 concerning our client's con~itional use application, in order
to enable our client to address ~he issues concerninq Tract A that
were recently brought to our client's attention.
Please do not hesitate to call me if you need anythinq
further with respect to the foreqoinq.
GHF : mh
VerY~~l: e,
Gre~;~!ie~~
cc: Palm Walk Associates, Ltd.
Mr. Louis P. Giacalone
\45978\011\60CORFIE.058
9-09-1 296 1 I : 50At.~
FROt1 .-
LAKE WORTH DRAINAGE DISTRICT
September 5, 19960
'J-J,....A.-'~.^J'-'\..A...",~....iJ,./'\_ ,.
13081 MILITARY TRAIL
DELRAY BEACH, FlORIDA 33484
TambriJ.Heyden.AJCP
Director Planning and Zoning
City of Boynton Beach
P.O. Box 310
Boynton Beach. PL 3342"-0310
Dear Ms. Heyden:
Subject;
Tet,bnic:al Review Committee Agenda
The Lake Worth Drainage District offers the following comments regarding the hem(s)
on the September 3, 1996 meeting agenda:
1. Boynton Festive Center. No objection.
2. Shoppes of Woolbright - Burger King - No objection. However. a drainage
permit modification will be needed prior to construction.
3, Palm Walk ACLF - No Objection, However, a drainage review will be required
prior to construction.
As alwaY5, we thank you for being given the opportunity to comment.
Sincerely,
LAKE WOR.~~ DISTRICT
~~bb
Chief Inspector
SJW /mfb
c: Ronald L. Crone, P,E., P.LS., Assistant Manager, L wnn
Patrick A. Martin. P.E.. District Eniineer. L WDO
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August 5, 1996
Mr. ~fark J. Fassy
13289 A Via Vulcanus
Delray Beach, Florida
RE: Palm Walk: Boynton Beach Florida
Dear Mark:
As we discussed on the telephone, IRS will consider extending a $50,000 loan to the
project in the event that an acceptable lease structure can be negotiated. While a formal
market study has not been completed, this is a very competitive market and it is critical that
we keep our fixed costs low. It is my understanding that you will deliver 48 urJts with 48
beds in a building \\-ith specifications substantially similar to those outlined in your
information package of May 28, 1996.
Our revised proposal is as follows:
1. Annual rent of $300,000.
2. Incentive rent equal to 25 percent of adjusted pretax income (before incentive
rent) in excess of $150,000.
3. Initial term of 10 years Vliith 4 5-year renewal options.
4. Refundable security deposit of $100,000.
5. Purchase option anytime after Year 2 of the lease term at fair market value as
determined by an appraisal.
6. $50,000 loan secured by (i) a second deed of tnl$t on the land, (ii) a first security
interest in all permits. plans. drawings and other pre-development items and (iii)
your personal guarantee. This loan will mature at the closing of the construction
tlnancing or December 31, 1996, whichever is earlier. Interest will be payable
monthly at 11 percent.
10".165 Red Run Boulevard 0"", ing~ Mills. Maryla."'1d 21117 410-998-8400 Fax.; 41 0-998.870{1
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------------------------------------------
------------------------------
t\1r. Mark Fassy
Palm .Walk
August 5, 1996
Page 2
The timeline would be as follows:
1. Execute letter of intent
2. Execute loan documents and fund loan
3. Negotiate defmitive agreements
4. Begin due diligence
5. Execute defInitive agreements
by 8/15
by 8/15
begin after execution of LOl
begin after execution of LOI
60 days after funding date of lPO,
which is expected to occur by 9/25
TIus letter is intended as an indication of lLC's, interest in the project and should not
be construed as a binding commitment by ILC or any of its affiliates. lLC's continued
interest will be subject to complete market, operational and fmandal due diligence and the
negotiation and execution of definitive agreements.
Mark, we are very interested in your proj ect., However, the overall cost of our lease is
critical due to the current and expected market conditions. I hope that we can make this deal
work for both of us. I look forward to working with you on this project as well as others
throughout Florida. Please advise me as to the next step.
SWl V--
D.~d G. y~~
Vice President - Acquisitions and Development
cc: Kyle Shatterly
-- '::'=-l'=~E >::1':: 2Spr'1 :rYE DAf<f'-- 'T GRDUP
e :1[3 836 7715 ~*****.
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N::. :M:k Joel pa...,
13289A. Via volc&Dll-
D.lray S.aob, PL 33484
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BB: ~a1m Walk
ar JIsz]U
: J,cnr1ug llP OD 0l.1% numerou8 couv.r..tiou, t.b fo11owiDf
, nee our POS.i..tiCD recJardin9 & joi.n1; "te~tura for 1;he
~ .oprent. of 'the abov. oaptioned 48 'ClDit Alt:heimez:.
'. ~:11tYI
You have representec:l to us that. you a:. toho ower of 'the land.
subj.,1: to . Pw:=1:a... lIoue:r Korlgaqa of appXox.f.m.at:e.l~
$200,000 aDd t.h&1:. all 9o~t _fancy appz:ova1. D.ece..ary
~o C~Aae development. with ~ ..aeption of & bulldiD.9
penait u. in plac=..
Our jciZlt. TeDtUt:. propo.al i. a. follow. a
1. w. "ill 81 t.her guaranty repa:r-nt. of ycur e:d._t.ing-
l.and ~rtla,. or rapa,y the ertgage from pJ:oceede of
firuutc1n.;r which ..... will arr..nge 'th%ou~h ow: ~e.O'Qr=...
2. w. "U1. provide . G:-ecttt:wcrthy cpeJ:'ator :tor toile pro party
who .Ul .it.her 1.... the facility or PQJ:'Oha.. 1.~ at. 1PlJX'U
. 'th. v.nture will negotiata. .
. ~:3. ,We will arJ:8.Dge c::an.t:rucrtioa. I.Dd panaan.nt fi:oncinq &.8
,~" .; ~ well a8 final!l. d..1qn ~d cozurtn.oUon doc:~t.a'tion.
:. . ~:,~: .:euect on the project budget. upon which 'tbe part,1ea will
. ' . .. agroe. t.b. ven-t:ure will reiJDb ilZ'.. you fez: all rea.onal)l.
expen... of de'V'elopment t.ha:t l')u have prcw1ded. to d&~e..
5. 'rile ....Qt.u.re ...J.ll rtlCl.iva the &Ac! fram you. a:t a. v..lu~ of
$400,000. ~t yi~l be 70ur reapon.ibility ~ ~oap.n..te
.oz;aan BAWD.
6. You will provide 118 with any and. .11 dCXNaentatJ.QQ D.nCl
J:.l.~ion.bipt iuvolvlg9 the P~Qjeot ~o date.
7. We "ill need .0 dayI' C.rca 1:he date of ce<mt.ioll o:f Oalr
.gr__a.~ and rfteelpt of all cl~nt.a't1on 'to oon~1i:a &.r:ld
aval\Ul.te the into~t.lcl:1 presen.ted. '!b.. GOIIi: of thi.
e.a.luai:.ion .hall be home 1))' u.. Sho'tlld ... .14lat. to
Fr.tnP~ CM'1~~.. ~ ~ Pitt BtYd -!..L..!It. 3001' ~lJt9h. PA ~CZ"lt. J:l'honQ (41~.1";"fi-FG~,~:~t
- ....... . ~ . ~ . NM; York · l'Jwo,1orl.
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07-26-1996 02:2SFM
'l'rE ~NT CiRa.P
a :505 S76 e4SG
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Oak11iont 7{ealtv Partners Inc.
progeed at or befCl.. that time, the v.ntw:-e will .gr...
that you have 8. 30' iD'terest: in the proceeds of UJoy ancl
all cash flows 0: s&1. p%QCsBd. a:~er debt~
If this proposal meet. with your .pp~oval, plea8e aeknowl.d~~
your &gr....nt ,d.th four aipa't.ur. in the .paee pro~idetj
below.
Please do uot hAsitate to OAll U8 .ho~ld you have any
que.tioD. or comment.s. Thi. proposal expii:es August 3, 1996.
, . INC.
/
Stuart D. Mill.
principal
ACDOWLBDCaD AND AGImED:
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Foe'! PI! Comnons ar~.4t4S Fort Pit 8Nd .u...~. 300- Pitlabu~"r, FA 1S219.Phcn. {.12l301-9199 'f.. (4t~$S1'~':
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