APPLICATION
MEMORANDUM
11 September 1985
TO:
Tom Clark, City Engineer
FROM:
James J. Golden, Assistant City Planner
RE:
Knuth Road Associates - Annexation and Land Use Amendment/
Rezoning request
Accompanying this memo is a copy of the Drainage Statement and Traffic
Impact Analysis submitted in conjunction with the above referenced
request. The applicant is requesting Master Plan approval for re-
zoning to PCD (Planned Commercial District).
t..- J. A.tL
$mes JI Golden
flat
DRAINAGE STATEMENT
FOR
CAPITOL PROFESSIONAL CENTER
The subject site is a 3.64 acre parcel of land located on
the southeast corner of Knuth Road and Old Boynton Road in
Section 19, Township 45 South, Range 43 East, in the
unincorporated area of Palm Beach County, Florida. This site
is subject to a petition for annexation into the City of
Boynton Beach. The site plan, as prepared by Kilday &
Associates, shows a proposed two building - 66,000 square foot
professional office complex.
The site plan reflects that 0.31 acres will be reserved
for future road right-of-way. Of the remaining 3.33 acres,
approximately 0.52 acres is shown as pervious area and 2.71
acres is shown as impervious area. It is proposed to grade
the site towards an underground exfiltration system which will
be sized to handle the drainage retention requirements of the
City of Boynton Beach and the South Florida Water Management
District. Preliminary calculations indicate that in order to
retain on-site a three year storm of one hour duration,
approximately 1,050 feet of exfiltration trench will be
required.
Prior to development and final permitting, a detailed
report and construction plans of the drainage system will have
to be submitted to the City Engineering Department for final
drainage approval and permitting.
Prepared By:
K. S.
K. S. ROGERS, CONSULTING ENGINEER, INC.
~~~
r
TABLE OF CONTENTS
Page
LETTER OF SUBMITTAL
I NTRODUCTI ON
DESCRIPTION OF THE PROJECT AND
DEVELOPMENT OBJECTIVE '
STUDY OBJECTI VE
SITE ANALYSIS
Oescription of the Site
Currnet Character of the Surrounding Area
Roads, Streets and Visibility
DEFINITION OF THE MARKET AREA
Demographic Overview
Population Projections
General Economic Indicators
THE OFFICE MARKET
Existing Facilities
Conclusion
COMPARABLES ANALYSIS
Discussion of Comparables
Conclusion
CONCLUSION
i
I
1
1
1
1
3
3
4
6
6
10
11
11
14
14
15
16
~ I!\.M
LAND PLANNERS
RESEARCH CONSULTANTS
MARKET ANALYSTS
LAND RESEARCH MANAGEMENT, INC.
1280 NORTH CONGRESS AVENUE
SUITE 208
WEST PALM BEACH, FLORIDA 33409
(305) 686-2481
August 29, 1985
Mr. Herbert 8rock
1551 Forum Place, Suite 100
West Palm Beach, FL 33401
Re: Market Study for Capital Professional Center
Dear Mr. Brock:
In accordance with our agreement dated August 2, 1985, Land Research
Management, Inc., (LRM) has analyzed the market potential of the proposed
66,000 sq. ft. (gross area) professional office complex, located at Knuth
Road and Old Boynton Road in the City of Boynton Beach, Palm Beach County,
Florida.
In performing the analysis that follows, LRM has completed the following
scope of services:
I. Analysis of the current and future character of the
surrounding area;
2. Definition of a generalized professional office market;
3. Description of a professional office market area utilizing
demographic characteristics and population projections;
4. Description of the current and near-term professional
office market, including current competitive facilities
and construction trends; and
5. Analysis of comparable facilities within the generalized
market area.
A summary of findings and conclusions is included as the final section of
this report. Based upon these conclusions, in terms of the variables
analyzed in the following report, Capital Professional Center should
present a competitive professional office project.
Respectfully submitted,
~fl/~~/
James P. Fleischmann, AICP
Vice President
/'
- -...
<
MARKEl' ANALYSIS
CAPITAL PROFESSIONAL CENTER
KNUTH ROAD AND OlD BOYNTON ROAD
BOYN'ION BEAOI, FlORIDA
AUGUST, 1985
PREPARED FOR: HERBERT BROCK
~
INTRODUCTION
This report presents findings and conclusions regarding the market
feasibility of the proposed Capital Professional Center, two four-story
office buildings consisting of a total of 66,000 sq. ft. of gross area.
Subject Site is a 3.64 acre parcel located at the southeast corner of the
intersection of Knuth Road and Old Boynton Road, approximately 0.7 miles
west of Congress Avenue, within the City of Boynton Beach, Palm Beach
County, Florida (Ref: MAP 1).
DESCRIPTION OF THE PROJECT AND DEVELOPMENT OBJECTIVE
Capital Professional Center is proposed to consist of two, four-story
rectangular buildings containing 33,000 sq. ft. of professional/medical
office space. The project will feature elevators, a covered drop-off
canopy and parking accommodating 240 vehicles. Access to the project will
be via Knuth Road and Old Boynton Road. Space will be available on a
build-to-suit basis for professional and medical tenants.
STUDY OBJECTI VE
The objective of this report is to: (1) evaluate the feasibility of
marketing the entirety of the project as proposed, under the conditions of
the current professional and medical office market; and (2) analyze the
proposed development concept in terms of existing and proposed comparables
within a defined competitive market area.
SITE ANALYSIS
Description of the Site
The Subject Site is a rectangular-shaped parcel of approximately 3.64 acres,
1
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,
with 310 feet of frontage on Old Boynton Road, an east - west collector road
with direct access to Congress Avenue and 515 feet of frontage on Knuth
Road, a north-south collector road with access to Boynton Beach Blvd. The
Subject Site is within the incorporated area of Boynton Beach, Palm Beach
County, Florida.
Current Character of the Surrounding Area
The immediate vicinity of the Site bounded by the L-23 Canal and three
roads: Lawrence Road, Congress Avenue and S.W. 23rd Avenue. Residential
development exhibits the following locational characteristics: (al upper
income residential units situated in Quail Ridge; (b) middle-income,
single family and multiple family residences located in the Meadows, La
Pacoma, Oakwood and Banyan Creek; (cl lower-middle income single family
home residences in the area north of Boynton Beach Blvd. A majority of the
units within the trade area were constructed during the past 10 years.
Commercial development is concentrated primarily along Congress Avenue and
Boynton Beach Blvd. Also, the Boynton Mall and Boynton Beach Promenade
(i.e. 1,326,940 sq. ft.) are currently under construction north of the
intersection of Congress Avenue and Old Boynton Road. These two projects,
coupled with the expansion of the Motorola Facility, located at the
intersection of Congress Avenue and N.W. 22nd Avenue, will serve to greatly
accelerate the growth and development of the vicinity, thus, creating a
continuing need for support commercial and professional services.
Roads, Access and Visibility
Although the Subject property does not enjoy the excellent visibility of
office buildings along Congress Avenue and Boynton Beach Blvd., the Site is
3
.
accessible to both of these major arterials via Knuth Road and Old Boynton
Road. 1984 Average Daily Traffic Counts (ADT) published by the
Metropolitan Planning Organization (MPO) at the intersection of Boynton
Beach Boulevard and 1-95 reported 25,510 vehicles per day.
The Site is located approximately 2 miles west of the 1-95 interchange at
Boynton Beach Boulevard; thus accessibility to this major transportation
artery is rated good.
DEFINITION OF THE MARKET AREA
-- -
The most definitive study of the professional office market in Palm Beach
County is prepared annually by Robert Wilmouth Realty Services of West Palm
Beach. In preparing the report, Palm Beach County is divided into seven
market segments. Capital Professional Center, consisting of 60,000 sq. ft.
is placed within the "Boynton-Delray" segment, which is defined as being
bounded by the intra-coastal waterway on the east, Linton Blvd. on the
south, Florida's Turnpike on the west and Hypoluxo Road on the north (Ref:
MAP 2). This market area is indicative of office facilities emphasizing
convenient access to 1-95 via major east-west arterial roads and/or
concentration near established commercial districts. The "Wilmouth" report
indicated occupancy rates (i.e. 81%) and a 3.78 year absorption rate for
existing, under construction and proposed professional rental office
buildings within the "Boynton-Delray" segment as of April, 1984; however,
as of April, 1985, occupancy rates had risen to 8.7% while projected
absorption of vacant, under construction and proposed space stood at 12.13
years. For this reason, it is recommended that office space developed at
4
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MAP 2 "BOYNTON-DELRAY" MARKET
.
SUBJECT SITE
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the Subject Site be oriented to serving the condominium market, as opposed
to the rental market.
Demographic Dverview
Urban Decision Systems, Inc., (UDS) is used to describe current and future
demographic characteristics of the "Boynton-Del ray" market segment. Several
observations regarding the demographic composition of the market area can
be made from the figures on Exhibits 1 and 2.
(1) Age-group and household size figures indicate that there is a lower
proportion of working-age people (0-64) and a higher proportion of elderly
(65+) residing in the area than the County as a whole; (2) median income
is lower than that of the County as a whole; (3) a higher percentage of
home-owners reside in the market segment than the County as a whole; and
(4) household size is smaller than that of the County as a whole.
Population Projections
Population projections, in five year increments to the year 1990 for the
"Boynton-De1ray" market segment and Palm Beach County are presented in
Exhibit 3. Several observations regarding population growth in the market
segment can be made: (1) a large portion of the projected growth will be
sustained in areas accessible to the Subject Site via Boynton Beach Blvd.
and Congress Avenue; (2) the population of the market segment is projected
to increase from the 1980 estimate of 80,713 to 105,689 in 1985 and 128,392
in 1990; (3) during the 1980 -1985 period, population in the market area
is projected to increase 30.9% and (4) population is projected to increase
an additional 21.5% during the 1985 - 1990 period. Based upon population
6
EXHI BIT 1
POPULATION ANO HOUSING CHARACTERISTICS - 1980
PALM BEACH COUNTY, MARKET SEGMENT-----
Population
Per Capita Income ($)
Aggregate Income ($MIl)
Households
Household Income
% less than $5,000
% $5,000-$9,999
% $10,000-$14,999
% $15,000-$19,999
% $20,000-$24,999
% $25,000 and over
Median ($)
Average ($)
Average Family ($)
Age
% 0-20
% 21-64
% 65 +
Median
Occupied Units
% Renter
% Owner
Households
% 1 person
% 2 persons
% 3 or more persons
Average Size
Palm Beach County
576,863
9,017
5,201.6
234,339
11.6
16.5
16.4
14.2
11.9
29.2
16,714
22,036
25,394
21.3
55.3
23.3
40.2
26.7
73.3
24.7
42.7
32.6
2.42
1980 Census Tract Data Aggregated By
Urban Decision Systems, Inc.
7
Boynton-Del ray
Market Segment
80,713
8,617
695.5
34,432
10.2
17.7
18.9
16.3
11.8
25.2
15,839
20,157
22,833
17.9
50.3
31. 7
51.4
14.8
85.2
23.3
49.9
26.8
2.31
.
EXHIBIT 2
POPULATION ANO HOUSING CHARACTERISTICS - 1985
PALM BEACH COUNTY, MARKET SEGMENT--
Population
Per Capita Income ($)
Aggregate Income ($MIL)
Households
Household Income
% less than $5,000
% $5,000-$9,999
% $10,000-$14,999
% $15,000-$19,999
% $20,000-$24,999
% $25,000 and over
Median ($)
Average ($)
Average Family ($)
Age
% 0-20
% 21-64
% 65 +
Median
Occupied Units
% Renter
% Owner
Households
% 1 person
% 2 persons
% 3 or more persons
Average Size
Palm Beach County
727,573
13,897
13,897.0
299,874
6.5
12.0
13.0
12.2
11.3
45.0
22,798
33,454
38,529
19.6
55.2
25.2
41.8
26.5
73.5
25.3
41.7
33.0
2.39
Current July I, 1985 Estimates By
Urban Decision Systems, Inc.
B
Boynton-Oe1ray
Market Segment
105,689
13 ,271
1,402.6
45,156
5.5
12.4
14.5
13.8
13.1
40.8
21 ,489
30,824
34,695
16.6
50.2
33.2
52.7
14.7
85.3
24.0
48.3
27.7
2.31
EXHI BIT 3
POPULATION PROJECTIONS COMPARISON BETWEEN
BOYNTON-OELRAY AND PALM BEACH COUNTY MARKET AREA
Area Designation
Palm Beach County
Boynton-Delray Market Area
1980
576,863
80,713
1985 1990
727,573 857,756
105,689 128,392
Source: Urban Decision Systems - July 1, 1985 updates.
9
.
projection figures, the following conclusions are made: (1) projections
indicate that continued strong growth should occur during the next five
year period; and (2) continuing demand for commercial and support services
should accompany the projected population growth.
General Economic Indicators
It is our assessment that the economy of Palm Beach County will remain
strong over the course of the next decade. As a means of substantiating
this conclusion, the following economic data and projections are offered.
Sources used include: Florida Department of Labor and Employment Security;
Sales and Marketing Management's "Survey of Buying Power Service", 1979 and
1984; and University of Florida, Bureau of Business and Economic Research.
1.
Housing Start Estimates
Percent Trend Extension
1979 1984 Change 1989 1994
Palm Beach County 23,328 19,773 -15.2 21,154 25,218
Treasure Coast Region* 29,500 26,250 -11.0 28,331 33,981
Florida 163,120 183,970 12.8 189,099 219,846
*
Indian River, Martin, Palm Beach, St. Lucie Counties
2. Population Estimates ~ Thousands)
Percent Trend Extension
1979 1984 Change 1989 1994
Palm Beach County 542.7 682.6 25.8 813.7 930.7
Treasure Coast Region 742.8 942.5 27.3 1.137.2 1,309.4
Florida 9,443.3 10,930.4 15.7 12,338.2 13,595.3
10
3. NonAgricultural Employment 1i!.! Thousand s)
Percent Trend Extension
1979 1984 Change 1989 1994
Palm Beach County 187.7 258.3 37.6 347.1 447.5
Treasure Coast Region 242.8 332.4 36.9 447.9 578.7
Florida 3,220.4 4,065.1 26.2 5,065.3 6,200.2
4. Per Capital Personal Income 1i!.! Do 11 a rs )
Percent Trend Extension
1979 1984 Change 1989 1994
Palm Beach County 10,741 16,156 50.4 23,821 37 ,219
Treasure Coast Region 10,057 14,986 49.0 21,889 33,892
Florida 8,225 12,598 53.2 17,902 27,002
Each of the above indicators leads to the conclusion that the economy of
Palm Beach County will remain strong. When coupled with more specific
indicators related to the "Boynton-De1ray" market segment discussed above
(i.e. Demographic and Population Projections) and recent development
activities in the vicinity (i.e. the development of the Boynton Mall,
Village Promenade aadn expansion of the Motorola Facility) indicate that
the local economy should continue to expand.
THE OFFICE MARKET
Existing Facilities
Professional office buildings inventoried within the trade area are listed
on Exhibit 4. Of the thirty-four properties inventoried on Exhibit 4, there
are 940,666 sq. ft. of existing space with an additional 398,500 sq. ft.
under construction and 237,757 sq. ft., planned. However, virtually all of
11
EXHIBIT 4
EXISTING AND "IN-PROCESS' PROFESSIONAL OFFICE BUILDINGS
Existing
Name
Size ~1hl.
Colonial Center
1200 So. Federal Hwy
Boynton Beach
Execut ive Mall
110 E. Atlantic Ave.
Delray
Delray Executive Sq.
5341 W. Atlantic Ave.
Delray
Barnett Bank Bldg.
551 S. E. 8th Street
Delray
Harbor Center
400 E. Linton Blvd.
Delray
The Gardens at Center
Congress Ave. and Old
Germantown Rd.
Delray
Delray Medical Ctr.
Lake Ida Rd., west of
Congress Ave.
Linton Center
Military Trail &
Linton Blvd.
Delray Beach Med. Ctr.
Delray West, west of
Barwi ck Rd.
28,325
48,000
(5 bldgs.)
41,188
48,000
98,000
60,000
15,000
80,000
4,810
Charter Savings & Loan
Delray West and
Markland Lane 48,000
3625 Building
Congress Ave., south of
S. W. 23rd Ave. 4,635
Name
Woolbright Ctr. Phase I
1901 So. Congress Ave.
Boynton Beach
Charter Building
5300 W. Atlantic Ave.
Delray
Dunmar Plaza
3015 So. Federal Hwy.
Delray
Size
47,500
44,000
25,000
Financial Security Bldg.
100 Linton Blvd.
Delray 50,000
Linton IBM Center
1615 So. Congress Ave.
Delray
South Congress Prof Ctr.
Congress Ave. and Lawson
Blvd.
Delray
Delray Shores Prof Pl.
Lake Ida Rd., west of
Congress Ave.
American Savings & Loan
Delray West, west of
Carter Rd.
(3 bldgs.)
238,000
4,000
13,4410
8,568
Foundation for Med. Health
Military Trail, south of
Linton Blvd. 24,290
Village of Oriole Pl
Delray West and Hagon
Ranch Rd.
12
10,000
Under Construction
Name
Size ~.!iJ..
Forum Offices
SEQ Congress Ave. and
Boynton Rd.
Boynton
68,000
Congress Center
W/S Congress & Woolbright
Boynton 52,500
Pylon Interstate Park
1500 Corporate Dr.
Boynton 29,000
Pylon Professional Ctr.
475 No. Military Trail
Delray Beach 35,500
Linton Center
SWC Linton Blvd. &
Mil itary Tra il
De 1 ray Beach
40,000
Proposed
Congress Park Phase II
Congress Park Dr.
De 1 ray Beach
58,000
Pet it i on 78- 20
Delray West, east of
Mil itary Trail
Polo Plaza
Military Trail and
L i n ton Blvd.
20,000
35,000
Name
First American Plaza
13101 So. Congress Ave.
Boynton
Woolbright Park Phase I
SWQ 1-95 & Woolbright
Boynton
Size
40,000
28,000
Woolbright Corp. Ctr. Ph II
1901 So. Congress Ave.
Boynton 47,500
Congress Park
220 Congress Park Dr.
De 1 ray Beach 5B, 000
Southcounty Prof. Centre
SEQ Linton Blvd. and
Mil itary
De 1 ray Beach
Petition 81-227
Delray West Rd., east of
Mil itary Tra il
13
(7 bldgs.)
52,757
72,000
this space is rental property. The only notable exceptions, where
condominium space is currently advertised as being available are: Linton
Center and De1ray Shores Professional Plaza.
Conclusion
It is concluded that, while the market for rental office space in the
"Boynton-Del ray" market segment appears to be saturated, the condominium
market has the capacity to absorb additional space.
COMPARABLES ANALYSIS
Discussion of Comparab1es
The following paragraphs discuss several recent projects located within and
outside of the "Boynton-De1ray" market segment. It is necessary to use
this approach since only a few projects are currently offering condominium
space within the target market segment. Linton Center consists of 80,000
sq. ft. of space located adjacent to the De1ray Medical Center on
Linton Boulevard. First story space (finished to suit) is being sold at
$150.00 per sq. ft. while second story space is being offered at $140.00
per sq. ft. occupancy is high and only a few suites remain. Tenants must
be approved by the Medical Center Administration.
Medical/Commerce Park, located on 45th Street, east of Congress Avenue, is
offering unfinished space at $95.00 per sq. ft.
Sandtree, located east of 1-95, south of North1ake Boulevard is offering
raw first floor space at $100 per sq. ft. and second floor space at $95.00
per sq. ft. This project, scheduled to open in early 1986, has already
sold 40% of its space.
14
Executive Center Plaza, located east of Congress Avenue, south of Palm
Beach Lakes Boulevard is offering raw professional space starting at
$108.00 per sq. ft. and medical space at $112.00 per sq. ft.
Charter Center, located at 1-95 and 45th Street is scheduled to open in
November, 1985 and offering space at the following rates: Shell ($75.00
per sq. ft.); finished shell ($87.00 per sq. ft.); finished interior
(average of additional $30.00 per sq. ft.). Totally finished space ranges
from $106.00 to $107.00 per sq. ft.
The Summit Building, a 4-story structure located at 840 U.S. #1 has sold
59,000 sq. ft. in the last six months (average of 9,800 sq. ft. per month).
Raw space is offered at $116.00 per sq. ft. with average finishing costs at
$27.00 - $28.00 per sq. ft. Finished medical space is averaging $145.00
per sq. ft.
Delray Shores Professional Plaza is a 13,440 sq.ft. two building complex
located on Lake Ida Road, west of Congress Avenue. Only two suites remain
unsold and are currently being offered at approximately $100.00 per sq. ft.
Conclusion
The following observations are presented regarding the professional office
comparables analysis performed in this report.
A. There is very little direct competition in the vicinity of the
Subject Site, with virtually all available space being offered
for lease as opposed to sale.
15
B. Average selling prices for condominium space are: raw space -
$90.00 to $116.00 per sq. ft.; finished space - $25.00 - $45 per
sq. ft., depending upon interior additional needs.
C. Pre-sales, as high as 9,800 sq. ft.per month, have been noted;
and
D. Condominium space is generally situated in "secondary" locations
(i.e. areas generally considered as not having ideal access and
visibility) in relation to the primary road network and in
relation to major business concentrations.
In summary, the professional office concept proposed for Capital
Professional Center should compete well within the market parameters
defined by current competitive uses within the area.
CONCLUSION
The following observations and conclusions are presented in relation to the
professional office project for development as Capital Professional Center:
Site Analysis
A. The rapidly emerging character of the surrounding area as a
commercial center will have a positive effect in terms of
creating and sustaining the demand for professional office
development.
B. Location near to the Boynton Mall, with convenient access
to 1-95 is rated positive. Although there is no frontage
along Boynton Beach Blvd. or Congress Avenue, Knuth Road and Old
Boynton Road provide excellent access to the major transportation
16
network. Location directly on major arterial roads does not seem
to be a necessary prerequisite for successful condominium
projects.
Demographics and Population Growth
A. The vicinity is undergoing an explosive growth period and
projections indicate sustained population growth during the next
five years.
B. A continuing increase in demand for commercial services should
accompany projected population growth.
Professional Office Market
A. Currently, there is 940,666 sq. ft. of existing professional
office space within the market area, with an additional 398,500 sq.
ft. under construction and 237,757 sq. ft. planned.
B. Virtually all of the space inventoried in this report is "For
Rent", as opposed to "For Sale".
C. Based upon an evaluation of the Subject Site, in relation to some
of the more successful comparable projects inventoried, it is
estimated that: (1) pre-sales can achieve a 25% - 40% rate; and
(2) absorption rates in the neighborhood of 7,000 to 10,000 sq.
ft. per month can be attained.
D. The following comparable rate information was inventoried:
1. Raw Space - $90.00 - $116.00 per sq. ft.
2. Finished Space - Additional $25.00 - $45.00 per sq. ft.
E. Cone 1 us ion
Witnin the context of this study, it is our opinion that the
condominium sales concept as proposed can be successfully
marketed at the Subject Site.
17
"
,
,
.
;
"
f " .
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;; ..i..
TRAFFIC IMPACT ANALYSIS
FOR
CAPITOL PROFESSIONAL CENTER
OLD BOYNTON ROAD
BOYNTON BEACH, FLORIDA
AUGUST, 1985
Prepared By:
K. S. ROGERS, CONSULTING ENGINEER, INC.
1495 Forest Hill Boulevard
Suite F, Centre Place Professional Park
West Palm Beach, FL 33406
305-964-7300
. p
f ..'et
~oM
LIST OF FIGURES
FIGURE 1 LOCATION MAP
FIGURE 2 EXISTING ROADWAY
CONDITIONS
FIGURE 3 DISTRIBUTED TRAFFIC
FIGURE 4 TOTAL TRAFFIC
FIGURE 5 PEAK HOUR VOLUMES
FIGURE 6 PEAK HOUR VOLUMES
WITH BOYNTON MALL
LIST OF APPENDICES
.
APPENDIX "A"
THRESHOLD VOLUMES
FOR SIGNIFICANT
IMPACT
APPENDIX "B"
CATEGORY A,B & C
APPENDIX "C"
CAPACITY OF LEVEL
OF SERVICE "C"
APPENDIX "D"
CAPACITY OF LEVEL
OF SERVICE "D"
APPENDIX "E"
INTERSECTION
ANALYSIS
IN'l'RODUCTION
This office has been retained to prepare a Traffic Impact
Analysis for a professional office complex located on 3.6
acres of land on the southeast corner of the intersection of
Old Boynton Road and' Knuth Road in Section 19, Township 45
South, Range 43 East, in the unincorporated area of Palm Beach
County, Florida. This site is subject to a petition for
voluntary annexation into the City of Boynton Beach.
Conforming to the requirements of the City's Planning
Department, this report has been performed in accordance with
the standards and criteria as established in the Palm Beach
County Traffic Performance Standards Ordinance #81-6. This
Analysis has been performed in order to determine the volume
of traffic expected to be attracted by this project at such
time that this project is completely built out and occupied,
the effect that this traffic will have on the capacity of the
roadways. in the area of the project and what roadway
improvements, if any, are necessary as a result of the
approval of this project.
Existing traffic counts, which were available from the
Metropolitan Planning Organization and the Palm Beach County
Traffic Division were used when applicable and these counts
were augmented by twenty-four (24) hour machine counts and
peak hour hand counts performed by this office.
SITE INFORMATION
The location map, Figure 1, shows the location of this
parcel of land in relation to the area's thoroughfares. The
Site Plan, as prepared by Kilday & Associates, shows a total
of 66,000 square feet of professional office building area.
The exact building use has not been determined. However, for
the purposes of this report, it shall be assumed that 12,000
square feet of floor area will be used for medical office
space and 54,000 square feet of floor area will be general
office space.
The Site Plan shows two points of access for this parcel.
One point of access is onto Old Boynton Road and one is onto
Knuth Road.
EXISTING ROADWAY CONDITIONS
The major road serving as access to this project is Old
Boynton Road. Old Boynton Road is an east/west collector road
which currently runs from Boynton Beach Boulevard to Military
Trail. Old Boynton Road is presently being widened to a five
lane rbadway from Congress Avenue to the mall entrance and a
three lane roadway westerly to Knuth Road. Other major
roadways in the project area are Congress Avenue and Boynton
Beach Boulevard. Congress Avenue north of Boynton Beach
Boulevard is a four lane divided roadway and a two lane
roadway south of Boynton Beach Boulevard. Boynton Bea~h
Boulevard east of Congress Avenue is a six lane divided
. .
roadway and 1S a two lane roadway west of Congress. However,
plans for the widening of this roadway to four lanes are
presently being reviewed by the County Engineer's Office and
reconstruction of Boynton Beach Boulevard from west of
Congress Avenue to Military Trail is expected to commence
shortly.
Figure
within the
each segment
2 shows the existing volumes on the roadways
study area for this project and the capacity of
of roadway at Level of Service "D".
-2-
GENERATION
The generation rates used for this project were based
upon information published in the report, "Trip Generation -
Third Edition", Institute of Transportation Engineers, 1982
and from observations made of similar types of land uses. The
total generation for this project has been determined by the
following:
Medical Office
General Office
55 tpd/l,OOO sq.ft.
18 tpd/l,OOO sq.ft.
Thus, for this 66,000 square foot development, the total
volume of traffic which can reasonably be expected to be
generated by this project is 1,632 trips per day.
.
TRAFFIC DISTRIBUTION
The traffic distribution for this project was prepared
according to a gravity distribution using existing and
proposed land use patterns within this project's proposed
service area. This determination was done using project
.
population patterns for the year 1990 as prepared by the Palm
Beach County Area Planning Board. The traffic distribution
for this project was then calculated and is shown below:
NORTH 31.4%
EAST 28.7%
WEST 24.6%
SOUTH 15.3%
-3-
TRAFFIC ASSIGNMENT
This distributed traffic was then assigned to the
available roadway network based upon a review of the existing
and proposed roadway network in the study area of this project
and from an observation of existing travel patterns. Figure 3
shows the distributed traffic on the roadways in the project
study area.
EFFECT ON ROADWAY CAPACITY
A project that creates a "Significant Impact" can be
classified as either "Category A", "Category B", or "Category
Co. A Significant Impact is defined by the Traffic
Performance Standards Ordinance as volumes in excess of 5% of
the capacity of a two lane roadway, 4% of the capacity of a
four lane roadway and 3% of the capacity of a six lane
.
roadway. Further details on the definition of Significant
Impact are found in Appendix A. Brief definitions of
Categories A, B & C are given in Appendix B.
A "Category A" Petition is a petition which creates a
"Significant Impact" on .a roadway link which has an existing
vqlume in excess of its' capacity at Level of Service "D".
(Capacity of roadways at Level of Service "CO and "D" are
shown in Appendix C and D). Figure 2 shows the existing
volumes and the capacity volume of that segment of roadway at
Level of Service "D". From Figure 2, it can be seen that the
fOllowing roadway segments have existing volumes in excess of
their capacity of Level of Service "D";
TABLE I
Boynton Beach Blvd.
Military Trail
Congress Avenue
Congress Ave. to Military Trail
North of Boynton Beach Blvd.
South of Boynton Beach Blvd.
-4-
From a review of Figure 3 and Appendix A, it can be seen
that this project creates a "Significant Impact" on the
following roadway link within the project's study area:
TABLE 2
Old Boynton Road
Knuth Road to Congress Avenue
From a review of Table 1 and 2 it is concluded that this
project does not create a "Significant Impa6t" on any roadway
which has volumes in excess of capacity. Therefore, this
'project does not fall under the "Category A" criteria as
defined in the Traffic Performance Standards Ordinance.
A "Category B" Petition is a petition which creates a
"Significant Effect" .on a roadway link which has a total
volume in excess of its' capacity at Level of Service "D".
Figure 4 shows the total traffic for each segment of roadway
in the project's study area.
.
From a comparison of the volumes in Figure 3 and Table 1,
it can be concluded that this project can be classified as
"Category B".
According to the Traffic Performance Standards Ordinance,
a "Category B" Petition may be approved under certain
.
conditions. The first condition is that no phase of the
~roject impact a roadway with its' total traffic in excess of
its' capacity by more than 10% of the road's capacity. From a
review of Figures 2 and 3, it can be concluded that this
project does not create volumes in excess of 10% of any
roadway's capacity.
The
impact
Again,
project
roadway capacity within the study area.
second condition is that no phase of the project
a roadway by more than 20% of the road's capacity.
by reviewing Figures 2 and 3, it is seen that this
does not create volumes in excess of 20% of any
-5-
.
The other conditions relating to approval of a "Category
B" Petition are not applicable to this Petition as they deal
with density bonuses which this Petition is not requesting.
This project, therefore, can be approved in accordance
with the Palm Beach' County Traffic Performance Standards
without having to mitigate traffic impacts.
PEAK HOUR
.
The distributed and assigned traffic as calculated above
was then converted to peak hour volumes using criteria for
commercial centers of this size established in "Trip
Generation, Third Edition", Institute of Transportation
Engineers, 1982. The peak hour volumes have been determined
to be 10% of the average, daily traffic (ADT) generated by
this project.
.
The directional splits for the peak hour have also been
determined to be:
IN 21 %
OUT 79%
.
The total,
generated by
average, daily traffic thus
this project during the peak hour
expected to
is 245 trips.
be
.
These peak hour volumes were then assigned to the
project's driveways and' adjacent roadway intersections. At
the time of the preparation of this report, Old Boynton Road
from Congress Avenue to Knuth Road was under construction. It
was, therefore, impossible to obtain peak hour counts at the
intersection of Knuth Road and Old Boynton Road and counts on
the west approach to Old Boynton Road and Congress Avenue.
The volumes shown in Figure 5, entering and exiting Old
Boynton Road, were extrapolated from average, daily traffic
counts previously made at that intersection.
-6-
Figure
existing plus
5 shows the project peak hour movements and the
project peak hour movements.
It is recommended that a minimum length
constructed on Knuth Road on the north
intersection with Boynton Beach Boulevard.
left turn lane be
approach to the
The impact of the project's traffic in comparison with
the expected traffic generated by the Boynton Mall was also
investigated. Peak hour volumes from the Mall were obtained
from the DRI application entitled "Site Traffic Analysis for
Boynton Beach Mall" prepared by Greiner Engineering Sciences,
Inc., dated July, 1978. The peak hour volumes for the
intersection of Old Boynton Road and Congress Avenue for this
project and the Boynton Mall are shown in Figure 6. An
analysis of the volumes in Figure 6 shows that the existing
improvements and those under construction are adequate to
.
accommodate the existing, project and Boynton Mall traffic.
CONCLUSIONS
This proposed commercial project is expected to generate
.
an average of 1,632 trips per day. This project has been
found not to create a "Significant Impact" on traffic on any
roadway. According to the criteria established in the Traffic
Performance Standards Ordinance, this project is classified as
a Category "B" Petition. However, as this project is
considered to meet all of the criteria of the Traffic
Performance Standards Ordinance, it may be approved as
submitted.
-7-
.
APPENDIX
.
.
.
THOROUGHFARE TYPE
Two Lane (Two Way)
Two Lane (One Way)
Four Lane (Undivided)
Five Lane (Undivided)
Four Lane. (Divided)
Six Lane (Divided)
Eight Lane (Divided)
APPENDIX "A"
THRESHOLD VOLUMES FOR
SIGNIFICANT IMPACT
MINIMUM VOLUME
(TRIPS PER DAY)
575
675
928
1104
1104
1242
APPENDIX "B"
CATEGORY A, B & C
CATEGORY A
WHERE DEVELOPMENT CREATES A SIGNIFICANT
IMPACT ON A ROADWAY WITHIN THE RADIUS OF
DEVELOPMENT INFLUENCE WHERE EXISTING
VOLUMES EXCEED CAPACITY AT LEVEL OF SER-
VICE "D~
CATEGORY Ii
WHERE DEVELOPMENT CREATES A SIGNIFICANT
IMPACT ON A ROADWAY WITHIN THE RADIUS
OF DEVELOPMENT INFLUENCE WHERE THE TOTAL
TRAFFIC EXCEEDS CAPACITY AT LEVEL OF
SERVICE "D~
CATEGORY C
WHERE DEVELOPMENT CREATES A SIGNIFICANT
IMPACT ON A ROADWAY WITHIN THE RADIUS
OF DEVELOPMENT INFLUENCE WHERE THE TOTAL
TRAFFIC DOES NOT EXCEED CAPACITY AT LEVEL
OF SERVICE "D~
._~-=.......;;...,
APPENDIX "C"
CAPACITY OF
LEVEL OF SERVICE "e"
DESIGN TYPE AVERAGE ANNUAL DAILY TRIPS
CAPACITY (AADT)
Two lane (two way) 10,000
Two lane (one way) 12,000
.
Four lane (undivided) 20,000
Five lane (undivided) 24,000
Four lane (divided) 24,000
Six lane (divided) 36,000
Eight lane (divided) 48,000
.
Six lane expressway 72,000
Eight lane expressway 96,000
APPENDIX "D"
CAPACITY OF
LEVEL OF SERVICE "D"
DESIGN TYPE MDT
-
Two lane (two way) 11,500
Two lane (one way) 13,800
Four lane.(undivided) 23,200
Five lane (undivided) 27,600
Four lane (divided) 27,600
Six lane (divided) 41,400
Eight lane'(divided) 55,200
Si~ lane expressway 82,800
Eight lane expressway 1l0l400
APPENDIX "E"
.
TRANSPORTATION RESEARCH CENTER
CRITICAL MOVEMENT ANALYSIS
OLD BOYNTON & CONGRESS WIMALL
DATE 8/27/85
**********************************
LEVEL OF SERVICE B
SATURATION 64
CRITICAL NIS VOL 647
CRITICAL EIW VOL 405
CRITICAL SUM 1052
*************************************
LA!'JE
NORTHBOUND
MOV WIDTH
LANE GEOMETRY
SOUTHBOUND EASTBOUND
MOV WIDTH MOV WIDTH
WESTBOUND
MOV WIDTH
1
2
3
4
5
6
RT.
T. .
12.0
12.0
12.0
RT.
T. .
12.0
12.0
12.0
R. .
T. .
12.0
12.0
12.0
RT.
L. .
12.0
12.0
L. .
L. .
L. .
NORTHBOUND
TRAFFIC VOLUMES
SOUTHBOUND EASTBOUND
WESTBOUND
LEFT
THRU
RIGHT
.
104
845
46
100
711
49
117
154
119
27
132
121
NORTHBOUND
SOUTHBOUND
EASTBOUND
WESTBOUND
TRUCKS (%)
5
5
5
5
LOCAL BUSES (#/HR)
o
o
o
o
PEAK HOUR FACTOR
.85
.85
.85
.85
06
PHASING NIS
Elw
PEDESTRIAN ACTIVITY
CYCLE LENGTH
:4.
:4.
1-
. 80
BOTH TURNS
BOTH TURNS
o
PROTECTED (WITH
PROTECTED (WITH
- 99 (#PEDS/HR)
OVERLAP)
OVERLAP)
SECONDS
CRITICAL LANE VOLUMES BY MOVEMENT
NORTHBOUND SOUTHBOUND EASTBOUND
THRU -RIGHT 576 491 190
LEFT 76 71 93
LEFT TURN CHECK
NORTHBOUND SOUTHBOUND EASTBOUND
INPUT VOLUME 104 100 117
'l.DJUSTED VOL 76 71 93
':APACITY 0 0 0
MOVEMENT NIA NIA NIA
WESTBOUND
312
o
WESTBOUND
27
o
o
N/A
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BOYNTON BEACH PLANNING DEPARTMENT
APPLICATION INFORMATION FORM
NOTE: This form must be filled out completely and accurately
and must accompany all applications submitted to-the
Planning Dept.
"-
PROJECT NAME:
..
AGENT'S NAME:
ADDRESS:
PHONE:
OWNER'S NAME:
(or trustee' s)
ADDRESS:
.
PHONE
Capitol Professional Center
F. Martin Perry
501 S. Flagler Dr., Ste. 302
West Palm Beach. Florida 33401
655-5955
Knuth Road Associates
1551 Forum Place, Suite 100
West Palm ~each. Florida 33401
684-1040
PROJECT LOCATION: Southeast corner of the intersection of
(not legal description)
Knuth Road .& Old Boynton Road
CORRESPONDENCE ADDRESS:*
(if different than
agent or owner)
same as agent
* This is the address to which all agendas, letters and other
materials will be forwarded.
.
.
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CITY OF BOY:'ITO::\ BEACH, FLOlUDA
APPLICA TIOi'; FOR .I\.N",EXA TION
.
..
:. DATE APPLICi'lTION FILED:
:; DATE OF TENTATIVE APPROVAL:
..
REJECTION:
~
i Di\TE OF CO:\lPLETION OF ANNEXATION REPORT:
..
I,
j: DA TE OF ORDlNANCE PROPOSAL:
n
:; DA TE OF ORDINANCE ADOPTION:
;/
,:
: DA TE OF REFERENDUM IF REQUIRED:
II
!,
Ii, RESULTS OF REFERENDUM: FOR
I .
!i DA TE ANNEXA TION BECOMES EFFECTIVE:
'I
I
I
ORDlNANCE #
REJECTION:
AGAINST
I
: DO NOT 'INRITE ABOVE THIS LINE
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FOR DEPARTMENTAL USE ONL:
GENERA L DA TA
j Name of Developer/Owner: Knuth Road Associates
I' IS,), .<3:J
Ii Area of Subject Property: l~S, 5 S R..'L Sq. Ft. or
II Estimated Present Population: '-
I; Existing Zoning: Agricul tural-
b Kesldential
,
I: Proposed Zoning: Planned CorrunercialDensity Allowed:
Ii Development
I:
:/ EXISTING UTI LITIES
I
1
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3'., 'tffi
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,
Acres
Density Allowed:
1/5
d. u. 's/acre
d. u. 's/acre
'Water:
None
\Vastewater Collection: None
Solid Waste (garbage): None
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ST.'; TE:\TE:\T OF USE
Existing US(':
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PCD consisting of approximately 66,000 square
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" feet of building floor area on 3.64 acres. Proposal is to
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: accomodate a mixture of professional offices!
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i: JUSTIFICA TION
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, Express in your own words why this annexation will be beneficial to Boynton
Beach, Florida:
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This parcel of land is located within the City of Boynton Beach
annexation area. It is contiguous to lands already lying within
the City of Boynton Beach. In fact, it lies within a pocket of
]"mlc; c;1lrr()1lnrJ",rJ ",ssenti,,]],. on three sides by the City of
Boynton Beach and therefore, represents an infill parGeL fQr
annexation into the city.
EXACT LEGAL DESCRIPTION OF PROPERTY TO BE ANNEXED
Tract 48, less the south 128.5 feet thereof ac'cording to
the Palm Beach-Miami Land and Development Compani plat of
subdivision of Spction 19, Township 45 south, Ranqe 43 east,
recorded in plat Book 7, paqe 19, Palm Beach County, Florid~:
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r-~ BOYNTON BEACI
.:.,_.i;J CORPORATE
........,.. LIMITS.
APRIL. 1975
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Scole in Mlln
Name of Development /OwnerCAPITOL PROFESSIONAL CENTER/KNUTH RD. ASSOC.
Locate the subject property on this mop and shade in the' area.
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APPLICANT'S CERTIFICATION
(I) (We) affinn and certify that (I) (We) understand and will comply with
the provisions and regulations of Boynton Beach, Florida Zoning Code.
(!) (We) further certify that the above statements or diagrams made on any
paper or plans submitted herewith are true to the best of (my) (our) knowledge
and belief. Further (I)' (We) understand that thi~ application, attachments,
and fees become part of the Offici al Records of Boynton Beach, Florida
and are not returnable.
~
APPLI CANT IS:
~
CMner
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Opti onee
F. Martin Perry
Type Name of Applicant
Lessee
501 S. Flagler Dr., Ste. 302
Street Address
x
Agent (Attorney)
West Palm Besch, FL 33401
Ci,ty and State
Contract Purchaser
655-5955
,Telephone Number
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OWNERS AUTHORIZATION
Under the provlslons for Voluntary Annexation, Florida Statutes require that
a petition for annexation must bear the signatures of all owners of property
in an area to be annexed. The authority authorizing a person other than the
owner to sign such a petition must be attached to and accompany such petition.
See attached authorization
Signature of Olmer(s) of Record
~
Knll+-l1 Rnrin Assoc;; rltps
Type Name of Owner(s)
F. Martin Perry
Type Name of Applicant
.
1551 Forum Place, Ste. 100
Street Address
,501 S. Flagler Dr., Ste. 302
Street Address
West Palm Beach, FL 33401
Ci ty and State
West Palm Beach, FL 33401
Ci ty and State
684-1040
Telephone Number
(iSS-SQSS
Telephone Number
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A F F I D A V I T
STATE OF FLORIDA
SS
COUNTY OF PALM BEACH
Before me, the undersigned authority personally
appeared KNUTH ROAD ASSOCIATES, who being by me first
duly sworn, on oath deposes and says:
1. That they are the fee simple owners of the
following described property, to-wit
(Give legal
description)
SEE ATTACHED
2. That they desire annexation to Boynton Beach,
Florida.
3. That they have appointed F.
PERRY to
act as agent in their
WILLIl',N S.
HAM, General Partner
Sworn to and subscribed before me
this
1.7
day of AijtU;7
, 1985
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Notary Public, State
Of",Florida at Large
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My Commission Exp
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II Bad tIle grantor Jlerehy covenants wull said grantee tllOl the grantor is lawfully seized of ...aid land
!i in fel' simp[,,; tltat II\() gruntor /ws good right and lawful authority to wll and convey said land; that tile
il grantor Jwre/JY fully warrants the fule to said land and will defend tll(> same against I/u,. lawful claims ()f
V,'!! ~:II~:~:o;h,e~/;~~lsl;~:r; and that said land is free 0/ all encuml}wnces, except taxes accruing suhsequent
00/_.....,.,.. N ,.1. 7 fa 0 L < 0
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WARRANlV DEeD
IND'VID TO N:"....D
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an\' or
February
,\ [), IQ 35 by
C. STANLEY WEAVER AND ERNA Y. WEAVER, HIS WIFE,
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IlI'rC'lIluller culled Ill(' qrn/l!ur !o KN UTH R'JAD ASSOC IA TES, a Florida general
partnership,
(l,JI(J.~'tJ Jl{},\/uJ/u I' uddl!'.", i., 1436 N. Congress Ave., West Palm Beach, FL 33401
11('reil!(J(/er culll'd tllr qWIIII'f'
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I \,'h,',~'rr ",,'<1 )W'''''I ril!' Il'lm, ~rJ"('J!" ..rid "I(IOIn(,'1' ;url".!!' "II Ih.. PdTl;", t" Ihi, in\lrllnll'nt and
Ill!' I".", ],'~.,: r")"",<,"'..II\('> alld '"''~''' ..I ",di,,,Juall. and du,. 'Ll"C"""rs and ...,,,'('" 01 corp"'"I'''''''
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Witnesseth: TIll!! Ifll' {jIlin/or {or am! ill corl.~irl('rulj()1l of lite $l.1m of slO.. 00 and otlH?r
l'U[UU!J!(' (,011.,[(/('r(llioll", N'Ct'ipl IP{H'r('o'/ is {I ('n'/H' ac/'~T101P{I'r1f1f'd. Ilt'rel>y {Iran's. !)'lr9aiTls, sells, aliells, re-
mist's. r('[eQs('s. (()nl'{')'.~ (lfl(l confirms Uflto IIII' gran leu, all dial cur/aill land .~itu(lle in Palm Beach
COUldy. Florida. ['f:::
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TRACT 43 !...ESS South 128.5 feet thereof according to the Pa'm ?each-
,V,iami Land and Doevelopment Corr.pany Piat of Subdivision or Sec:ion
19, Township 45 South, P.ange 43 East, recorded in Plat Book 7,
page: 9, Public Records of Palm Beach County, Florida.
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SUBJECT TO a First Purchase Money Mortgage of even date herewith
in the original principal sum of $513,325.00, given by Herbert A.
Brock, Andrew Brock, Peter Brock, and William S. Graham, General
Partners of Knuth Road Associates, a Florida General Partnership.
Together
with all tile tenements. J.l.credUaments and appurtenances thereto !Je[onging or in any-
tile same in fee simple forever.
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In l(jitncss tflhcrcof, the said grantor has signed and sealed tl,ese presents II,e day and year
firsl aLove writ!en.
Signed, s"a!"d an~r{'sence:
, n()() 04-dn~nnnnn
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STA! E ()f Florida
CUL'~TY llF Palm Beach
I HF.REBY CERTIFY that on this day, lwfofe me, an offlc('f
aulhorill'd in tht' St,Ltl' afoft',;jiJ and in the County afofesaid to
acknowlcdl'1!ll'llt'i, pnson,dlv <.Ip]Jl'ared
duly
ti.l.k('
C. Stanley Weaver and
hi~ wife,
Erna Y. Weaver,
to fur ^llli~'T1 (,0 lw lfl,. pnstlll 5 de'i! nr)('c! in and who ('xt'cul, ,I \:'IC
,fO'Tt'!o:>0ln~ .I.n~tr(in-'Ihlt 'and they ad~now;cd.,<ed bdore ole that they
,"~l':ti'~lJtl'd...~rf(:' ~'.I~I\" ", ,
'/'..' ~ " (, v"'IT:\:ESS IT1\' hand Jnd official ,(';\: :n the County and
, , \ '" " ,,--, , ~.,;-
~_:\'> ,-" ,: S!,ltt' Ja'st afnr(,'31c! this).LJ.7 r/. day of
.," ; ,/ ,0' "F~ ' ^ D, '965
'. ,,:,:;:~:":"l ~/~ oiFiOrida~ G"g~'
.' . My S Jmmlcaion Expi'es. Ccw-bor .l.6. , 980
, ,., " Bon~t)<J t.~rU M8ffWO BQRding Agenr.v
RECORiJ VFRIF4:[,'
PALM ::lEACH COUN'i( FLA
JOHi~ [l, DUNK:!:
CLERK CIRCUiT GOl,lnT
Thir IWlnlmml prepaml by:
Ad.'d -.. & SOlman
rrJ,\ ',0, 80.1 Jge7
l_ttr'l<ol, FL ~3967
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PART~ERSPIP AGR~~MENT
1'H1S AGKEEMENT, execl'.ted in the Town or Palm Beach, Florida,
pi n (7
to be effective as of the.$/--=- da.y of i;/:!3~' :9/S; between
HERBERT BROCK, ANDR!':'" BR.OCK, ?E':.'ER BROCY., and WI;:'LIAX S. GRAHl\M
(herein referred to as (I.Partners"):
WIT N E SSE T H :
The Partners desire to form a. Ceneral Partnership for the purpose of
owning and operating renl proger~y situated in Palm Beach County,
~, :.. +- - .' t.
_ _or"C2., _0 w.._.
SEE SC!:lEDULE "A" ATTACHED HERETO
toaethec with all buildings and improvements thereon (if any), now or
~ereafter, 'herein referred to as ("Real Estate"), for the purposes
hereinafter set forth.
NOW, THEREFORE, in consideration of the mutual promises of the
parties hereto and other good and valuab~e consideration, the receipt and
sufficiency of which is hereby acknowledged, it is agreed as follows,
ARTICLE 1 - NAME
---
:.01 The firm na.me of the Partnership shall be KNUTH ROAD
ASSOCIATES (hereinafter ~eferred to as "Partner~hip").
ARTICLE 2 - TERM
-,
2.01 The partnership term shall continue until the date fifty
(50) years from the date hereof unless the Partnership is disrolved sooner
in accorda.nce with the provisions of shis Agreement.
^RTIC~E 3 - PLACE OF BUSINESS
3.01 The principal office and place of business of the Part-
nership shall be at such place or places as may from time to time be
designated by the Partners.
~qTICLE 4 - TYPE OF BUSINESS
4.C~ ~~e ~~siness cf t~e Partnership shal~ consist o~ owning and
operating the Real Estate as an investment and, i> deemed advisable by the
Part!;E'!:"s~.ip, ~O!: income procucinS purposes and of carrying on any and all
activities necessary, proper, convenient or advisable in connection there-
with or related thereto. The ?artnership shall engage in ~o ~ther
business.
.
^~~IC~~ 5 - CAPI~^L ACCO~~TS
~~_.
5.01 The Partners sha:l have made contributions to the capital
accounts of the Partnership as reflected on the books of the partnership.
5.02 If, at any time or times hereafter, capital shall be
required for carrying on the b~siness, such capital sha:l be advanced by
the Partners in the same percentage as their interest in the Partnership
shall stand from time to time.
5.03 No interest shall be paid on any contributions of capital to
the P2rtnership, except as may be hereinafter specified.
5.04 No Partner shall withdraw any part of the capital from the
Partnership without the consent of all the partners.
5.05 No Partner shall have the right to damand or receive
property other than cash in return for his capital contribution.
5.06 If at any time the Partners shall determine that, in order
to protect or preserve real estate, additional funds are needed to meet the
requirements of the partnership, then any Partner may (but shall not be
.
obligated to) advance such funds to the Partnership as a loan, provided
that the remaining Partners approve each such loan.
Each such loan shall
bear simple interest, until repaid, at the rate per annum that is made
~vailable to the Partnership by local financial institutions as determined
by the concurrence of sixty percent (60%) of the Partners entitled to vote.
, ARTICLE n - PROFITS A~D LOSSES, SALARIES A~D DRAWINGS
6.01 The profits and losses of the Partnership shall be
determined for each "fiscal year" (which shall be the calendar) of the
Partnership in accordance with the accrual or cash basis method of
accounting, as determined by the Partners, and otherwise in accordance with
the principles and procedures applied for federal income tax purposes.
"Profits" al"d "Losses" as used '1erein include each item of Partnership
income, gain, loss, deduction and credit.
6.02 The Partners shall, except as may be, from time to time,
agreed to the contrary by t'1e Partners, share profits and losses in the
same percentage as t'1eir interest in the Partnership stands from time to
+-'
_.:'..r.1e.
~he Partners sha~~ neve the fol~owing interest ~n t~e partnership:
PAR~"'ER
I~~ERSS~
HE?-SSRT "ROCK
At\DR~1\ BROCK
? "c~ ER BROC;(
wI~L:AM s. GRA~AM
40.5%
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9%
10 %
2
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6.03 NO ?ar~ner shall receive salary [or services rendered to the
Partnership, except as may be agreed upon by the Partnership from time to
time.
6.04 The Partners shall have such drawing and expense accounts as
may be agreed upon by,the Partnership from time to time.
6.05 The cash flow from Partnership operations (except for such
reserves as the Partnership may determine from time to time to be necessar
for retention by the Par~nership to carryon its business) shall be dis-
tributed by the Partnership at such intervals as deemed advisable. For
purposes of this Agreement, "cash flow" means all cash received by the
Partnership from any source (including Partnership borrowings, subject to
the provisions in the preceding sentence, and the net proceeds from any
refinancing or sale of the Partnership assets), less cash expended for
debts and expenses of the Partnership, normal contract payments, lease pay
ments, reasonable reserves and other expenses incident to the "usinc:ss of
the Partnership), principal payments on any Partnership indebtedness in an'
capital expendidtures of the Partnership: Such cash flow shall be dis-
tributed in accordance with the following priorities:
(a) All Partners' loans (including interest thereon)
referred to in Section 5.06 shall be repaid in full, e~less
otherwise agreed to by such respectiv'e lender.
, (b) Any r~maining cash flow shall be distributed to
the Partners in repayment oEtheir capital contributions, in
the same proportions as their respective capital contributions
bear to the total capital contributions of all of the Partners.
(c) Any remaining cash flow shall be distributed to
the Partners in the same percentage as their respective inter-
ests in the Partnership shall stand from time to time.
~~~IC~E 7 - VOTING, MANAGEMENT, DUTIES AND RESTRICTIONS
7.01 Each Partner shall be entitler to vote his respective
percentage interest, from time to time. Unless otherwise stated
herein.specifically to the contrary, the Agreement, vote or consent c'
the Partnership as herein re0.u~red shall consist of concurrence of the
Partners owning s~xty (60%) percent of interests i~ the Partnership
dhich shall be binding on al: the Partners and shall constitute the
acts of the Partnership.
3
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Cn:ess otherwise stated herein specificR~ly to the contrary,
the right to Inanage and cond~ct all of the business of the Partnership,
including, but not limited to the development, construction, management,
leasing and mortgaging of the Real Estate and in general the right to
borrow money on behalf of the Partnership, shall be vested in the Partners.
7.03 Each Partner shall devote so much of his time and attention
to the business of the Partnership as is necessary for the Partnership
business.
7.04 The Partners and any member of the families of any of them,
and any other person or firm to which any of them is related or in which
any of them is interested, herein referred to as Affilintes, may engage in
or possess any interest in other business ventures of any kind, indepen-
UPHNET
ctronic Ma,l Service Ii.."""""" """ """"" FREEDOM EXPRESssM
J ALFRED AVENUE,TEANECK, NEW JERSEY 07666 (201) 569,7707
IA
34 280-1 M686 35 08/26/85 15:16
08/26 15:14 1042 178-1 C034 280 08/26/85 15:14
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NX CO NOLG 0:37
YALVIKINGSKY/LADE ROGALANDRADIO 37/34 26 1800
N POLSON
o PERRY MCCARTHY AND COX
1 SOUTH FLAGLER DRIVE
ST PALM BEACH FL 33401
HERBERT A. BROCK HAVE APPOINTED MARTIN F. PERRY AS AGENT TO ACT
BEHALF OF KNUTH ROAD ASSOCIATES
HERBERT A. BROCK
L 501 WESTPALMBEACHFLORIDA(33401l
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(a) ~ndorse any note or otherwise become surety or
guaeantoe toe any person or act as an accommodation party (or
anY person.
(bl uoeeow oe lend money or make, delivee ur accept
any commercial papee.
(cl Execu~e any mortgage, securi~y agreement, bond,
or lease, or purchase, or contract to purc\,ase, or sell or
contract to sell any property for or of the partnership other
than the type of property leased, bought and/or sold in the
regular course of its business.
If any Partner shall take any action prohibited by
this section, he shall indemnify and hold harmless the other
Partners against any liability the others shall incur by
reason of the prohibited action.
7.07 In the event that the Partnership borrows money from
a lending institution which requires that the Partners individually
execute the Mortgage, Note or other secuiity instrument, each Part-
ner shall immediately sign said Mortgage, Note or other security as
SO requested.
7.08 The Partnership may nominate others to hold. Partnership
assets on i~s behalf.
" . i\~TICLE B - BANK ACCOUNTS
8.01 The Partnership shall maintain Checking or other accounts in
such bank or banks as the partnership shall determine. Withdrawals shall
be made on the signature of any of the Partners, and any other person, as
may be desicnated in writing from time to time by the Partnership.
ART!CLE 9 - BOOKS AND RECORDS
9.01 The books and records of the Partnership shall be maintained
at the principal office of the Partnership and each Partner shall have
access thereto at al~ times. Audits shall be made as determined to be
necessary by the partnership, and each Partner shall be furnished a copy of
the audit report, if any, within thirty (30) days after i~s completion.
ARTICLE 10 - ADDITIONAL PART~E~S
10.01 With the consent of all of the Partners, additional persons
~ay be admitted as Partners upon each such additional person making, or
agreeing to make, such contributions to the capital of the Partnership as
shall be determined by the ~artnership.
5
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ARTICLE 11 - ASSIG~~ZNT A~D TRANSFER
11.01 Each ?artner agrees that, exce9t as may be approved, from
time to time by the other Partners, he shall not transfer, assign, sell,
pledge, hypothecate, or otherwise encumber, or dispose of his share of the
Partnership or asset of the Partnershi? or any part thereof, or any right,
title or interest therein, c~rrently owned or hereafter acquired by him,
except (i) to another then existing Partner; or (ii) pursuant to a BONA
FIDE OFFER made by or to a party who is not then a Partn0r (hereinafter
referred to as an "OUTSIDER"); and (iii) in accordance with the require-
ments hereinafter set forth:
(a) in the event that any Partner (hereinafter referred to
as the "SELLING PARTNER") shall at any time desire to sell or
otherwise transfer all or any part of his interest to an OUTSIDER in
accordance with the requirement set forth in section 11.01
subparagraphs (ii) and (iii) above, then, in that event, the SELLING
PARTNER shall be required, before selling or otherwise transferring
his interest, or any part thereof, to such OUTSIDER, to first offer in
writing (the ",VANDATORY OFFER") to sell or transfer that interest, or
any part thereof, to the remaining Partners (hereinafter referred to
as the "NON-SELLING PARTNERS") for the same price (or, in the event
that non-monetary consideration is to be given, then at the'option of
each oDf the NON-'SELLING PARTNERS with respect to the interest to be
purchased by him, for the cashecuivalent thereof [also hereinafter
referred to as the "price"]) and upon the same terms and conditions as
contained in the said BONA FIDE OFFER. The SELLING PARTNER shall
atta~h to said MANDATORY OFFER a true and complete copy of the BONA
FIDE OFFER and a written statement containing the name and address of
the proposed OUTSIDER transferee and all terms and conditions of the
proposed transaction.
(b) Each of the NON-SELLING PARTNE~S shall have, and is
hereby granted, the absolute right to purchase his respective
"proportionate share" (as saie term is hereinfater defined) of
all, but not less than a~l, of the interest offered by the
SELLING PARTNER, as contained in the BONA FIDE OFFER; PROVIDED
EOWEVER, that written notice of such NON-SELLING PARTNER'S
6
intention to exercise such absolute right shall have been given
to the SELLING PARTNER within thirty (30) days following service
of the MANDATORY OFFER upon such NON-SELLING PARTNER.
(c) In the event that any NON-SELLING PARTN~R fails to
affirmatively exercise the absolute right granted to him in
subparagraph (b) above, then the other NON-SELLING PAR'rNER(S,)
shall have, and are hereby granted, the ?bsolu~e right to
purchase all, but not less than all, of the remaining interest of
the SE!...LINGPART"IER, upon the same terms and conditions and for
the same price as contained in the BONA FIDE OFFER; PROVIDED,
HOWEVER, that written notice of such NON-SELLING PARTNER'S
intention to exercise said absolute right shall have been given
by such NON-SELLING PARTNER to the SELLING PARTNER within fifteen
(15) days following the expiration of the thirty (30) day period
referred to in paragraph (b) above.
(d) In the event that none of the NON-SELLING PARTNERS
exercise the absolute right granted~o them in subparagraph (bl
above, then the SELLING PARTNER shall be entitled, during the
four (4) month period immediately following the expiration of
such forty-five (45) day period, to sell or otherwise ,transfer
his interest to the OUTSIDER. Such sale of his interest,
however, shall be made only upon the terms and conditions set
forth in the BONA FIDE OFFER and only to the OUTSIDER identified
in the MANDATORY OFFER.
(e) In the event that the NON-SELLING P,'RTNER(S I elects
to exercise their right under subparagraph (b) and, if
applicable, subparagraph (cl above and so notifies the SELLING
DARTNER within the time periods set forth therein, then in such
event, the closing of such sale or transfer shall take place at
the office of the Partnership at 10:00 a.m. on the later of: (~)
the closing date set forth in the MANDATORY OFFER, or (ii) the
thirtieth (30th) day following service upon the SELLING PARTNER
o~ such NON-SELLING PART~ZR'S notice of intention to exercise his
absolute right under subparagraph (b) and, if a?plicable,
subparagraph (c) above.
7
.
(f) At the closing, the SELLING PARTNER shall deliver to
the NON-SELLING PARTNERlS) an assignment of the interest to be
sold or transferred together with such other documents reasonably
necessary to consummate the transaction.
The NON-SELLING PARTNER(S) shall thereupon tender
the purchase price or other consideration payable by him (them)
to the SELLING PARTNER in accordance with subparagraph (b) and,
if applicable, subparagraph (cl above.
(g) As used herein, a NON-SELLING PARTNER'S "propor-
tionate share" of the interest being offered by the SELLING
PARTNEI, shall be that portion of the offered interest computed
by multiplying (i) such offered interest, by (ii) a fraction,
the numer~tor of which shall be the interest of the Partnership
owned by such NON-SELLING PARTNER and the denominator
of which shall be the combined interest in the Partnership owned
by all NON-SELLING PARTNERS.
(h) Any purported tra'nsfer or disposition of an interest
in violation of the terms of this paragraph shall constitute a
breach of this Agreement and shall be void and as such shall be
neither recognized nor given any effect by the Partnership.
(i) The transfer by a Partner of his interest in
, -
accordance with the provisions hereof, shall have no effect upon
the continuation of ' the Partnership business. The Remaining
Partners shall have the right to continue to use the Partnership
name as set forth herein.
(j) No Partner may have or maintain an action for
partition of any of the property of the Partnership and that such
wai~er of right is hereby declared to be irrevocable. The
interests of the Partners herein is personalty.
(k) The transferee of any Partner's interest in the
Partnership in accordance with the provisions hereof, shall be
subject to all the terms, conditions, restrictions, and obliga-
t~ons of this Agreeement, including the provisions of this
Artic~e.
~~TICLE 12 - DEATH
12.01
Upon the death of any Partner, the Partnership shall be
dissolved in accordance with F. S. Chapter 620 (1980). ~owever, the
8
.
surviving Partners may elect to continue the Partnership and, if so,
shall have the right to purchase the entire interest of the decedent
in the Partnership from the successor owner of the interest of a
decedent Partner in which event the Partnership shall continue.
(a) The Partner(s) shall have the absolute right to
purchase the interest of the decedent in accordance with the
provisions of subparagraphs (d) and (e) hereof by notifying the
Personal Representative of the Decedent. Said notice shall be
sent by certified mail within sixty (60) days following the
establishment of the value in accordance with the provisions of
Article l2.0l(d) (with a copy to the Partnership). The purchase
price and method of payment shall be as determined in subpara-
graph (d) hereof. Failure to notify shall be deemed to be an
election not to purchase such interest.
(b) In the event that the Surviving Partners shall elect
not to purchase such interest, they shall so notify the aforesaid
appropriate party, as well as the Partnership, within thirty (30)
days from the date of the election set forth in Article 12.01(a)
above.
(c) Each notice of acceptance by a Surviving,partner
shall specify the amount of his or her "proportionate share"
which such survivi~g Partner intends to purchase. In the event
that a Surviving Pa~tner shall elect not to acquire all of his or
her proportionate share, then and in that event the Partnership
shall so notify the other Surviving Partners who did give timely
notice, who shall have ten (10) days from receipt of such notice
to notify the representative of the decedent and the Partnership
of his or her acceptance to purchase all or a portion of the
balance of such proportionate share. For the purposes of this
subparagraph, a Surviving Partner's "proportionate share" of the
interest to be purchased from the deceased Partner shall be
determined in the same manner as provided in section 11.01
hereof. A Surviving Partner shall waive his right to purchase,
as hereinabove described, if he fails to provide the
aforedescribed timely notice.
(d) In the event that the Surviving Partners have
elected to purchase the entire interest of the deceasec Partner,
9
a purchase price (unless voluntary agreement can be reached by
the parties) shall be the value as finally determined for Federal
Estate ~ax purposes.
(e) ^ closing shall take place one hundrec eighty
(180)days after the value is determined unless otherwise agreed
upon by the parties. Any closing costs shall be split equally by
the purchasing parties and a selling party. A purchase price
shall be paid as follows, twenty percent (20%) at closing by
cash, cashier's check, certified check or bank check; the balance
by a promissory note bearing interest at Chase Manhattan prime in
a form commonly used in Palm Beach County providing: (a) no
prepayment penalty, (b) interest payable quarterly, and Ic)
principal payable in equal semi-annual installments. Such
installments of principal shall be paid as follows: (al if the
principal amount of the Note is less than $200,000.00, then it
shall be paid in eight (8) equal semi-annual installments; (b) if
the principal amount of the Note is~less than $400,000.00, then
it shall be paid in sixteen (16) semi-annual installments; (c) if
the principal amount of ~he Note is $400,000.00 or more, then it
shall be paid in twenty (20) equal semi-annual installments; (d)
the note shall be secured by assets iatisfactory to Sellar or an
irr~vocable letter. of credit.
In the event that the Partnership has purchased life
insurance on the decedent for the purposes of ~unding this
"buy-out" in an amount equal to or greater than the percentage of
the purchase price to be paid at closing, then the cash due at
closing shall be the net proceeds therefrom, payable upon receipL
by the partnership and allocated to the purChasing Partners, as
a~oropriate, the balance, if any, by promissory note as herein-
a~ove described. If the proceeds from li':e insur~~ce are less
than said percentage, it shall be applied against the cash
requirec. at closing. The parties may modify this payment
schedule upon mutual agreement.
(f) If the surviving Partners did not elect to purchase
the entire interest of t~e decedent, then the surviving Partners
shall either: (i) proceed with reasonable promptness to liquidate
the assets of the partnership or (iil cont~nue the business of
10
the Partnership as herein set forth with the estate (and
ultimately the distri~utees of the estrtte) of the deceased
Partner according to said Partnership interest. unless waived,
the surviving Partners and estate of the deceased ?drtner shall
share in the profits and losses of the business curing the period
of liquidation in the same proportions in which they shared such
profits and losses prior to the death of the deceased Partner,
except that the estate of the decedent shall not be liable for
losses in excess of the decedent's interest in the Partnership at
the time of his death.
ARTICLE 13 - DISSOLUTION
13.01
The Partnership may be dissolved at any time upon the
vote of the Partners owning sixty percent (60%) of the interests of
the parties.
Upon any voluntary diSSOlution, the partnership shall
immediately commence to wind up its affairs. The Partners shall
continue to share profits and losses dur~g the period of liquidation
in the same proportions as before dissolution. The proceeds from
liquidation of partnership assets shall be distributed in the manner
prescribed in section 620.7~5 of the Florida Statutes (1981).
13.02 If any of the following events shall occur:
<
(a) 1f'aoy Partner shall be the su~ject of a voluntary
or involuntary petition (which remains undismissed sixty (60)
days after its filing) in bankruptcy or shall be adjudicated a
bankrupt or insolvent, or shall admit insolvency or file any
petition or answer seeking any organization, arrangement,
composition, readjustment, liquidation, dissolution or similar
relief for himself under the present or any future federal
bankruptcy act or any other present or future applicadb~e
federal, state or other statute or law r€lative to bankruptcy,
insolvency or other relief for debtors or shall seek consent to
or acquiese in the appointment of any trustee, receiver,
conservator or liquidator of said Partner or of all or any
substantial part of his properties or his interest in the
Partnership (the term "acquiesce" includes ~ut is not limited to
the failure to file a petition or motion to vacate or discharge
any order, judgment cr ~ecree providing for such appointment
11
within ten (10) days a~ter the appointment); or
(b) If any Partner shall make an assignment for the
benefit of creditors or take any other similar action for the
protection or benefit of creditors;
lc) In the event of the occurrence of an event set forth
in Section 620.71(3) and (5) and (6).
If such dissolution is caused by a Partner doing or suffering
any of the acts set forth above, or by violating this Agreement
or by conducting himself or becoming incapacitated as described
in F.S. 620.715(1)(a)(b)(c) and ld), then such Partner shall be
deemed to have caused the dissolution wrongfully and the
remaining Partners shall have all rights provided to them in p.S.
620.745 or, in the alternative, may cause the liquidation of the
Partnership assets.
13.03 In the event of the occurrence of an event specified in
section 13.01 or 13.02 above, any gain or loss on disposition of
Partnership properties in the process of 'liquidation shall be credited
or charged to the Partners in the proportion of their interests in the
Partnership. Any property distributed in kind in the-liquidation
shall be valued and treated as though the property were sold and the
cash proceeds were distributed. The difference between the value of
property ~istributed in' kind and its book value shall be treated as a
gain or loss on sale of the property and shall be credited or charged
to the Partners in the proportions of their interest in the Partner-
ship.
ARTICLE 14 - DEFAULT
14.01 In the event any Partner fails to make any payment
required by the provisions hereof, within ten (10) working days after
the same becomes due and payable by such Partner, then such Partner
shall be deemed to have defaulted in the performance of his obliga-
tions under this Agreement (hereinafter referredd to as "DEFAULTI!\:G
PART~ER'), and all of the interest of such DEFAULTING PARTi\:ER shall
thereupon become a "Defaulted Interest" and shall be subject to dis-
position as hereinafter provided. The date said payment was origin-
ally due shall be called the "Defaulted Date". While in default, a
Defaulting Partner shall have no right to vote or otherwise direct
or control the activities of the partnership.
12
'.
within ten (10) days after the Default Date, each of the
NON-JEFAULTING PARTNER or PARTNERS shall by written notice to the
Partnership, signify his willingness to pay his pro rata share of the
required payment owed by the Defaulting Partner. If no notice is
recei ved wi thi n suc:, period of time, such NON-DEFAULTI NG PARTNER shall
be deemed to have refused to pay his prorata share of the required
payment owed by the Defaulting Partner and the options available in
this Article will not be available to such NON-DEFAULTING PARTNER.
The NON-DEFAULTING PARTNER(S), who have signified by a timely writing,
their willingness to pay such required payment owed by the Defaulting
Partner shall forthwith pay over to the Partnership his pro rata share
of the amount owed. Upon payment to the Partnership of such pro rata
share such NON-DEFAULTING PARTNER or PARTNERS shall thereafter require
the following rights in and to such Defaulted Interest:
(a) A lien upon such Defaulted Interest for the pro rata
amount so paid, plus interest thereon at the highest rate
permitted by law. The DEFAULTING PARTNER shall have the period
of time hereinafter stated from the Default Date to pay to the
Partnership the amount owed by the DEFAULTING PARTNER, plus
interest and all charges by the Partnership incurred' on account
of Scch default. If so paid, the Partnership shall remit to the
NO~~DEFAULTING PAR~NER(S) advancing such monies, the sums due.
(b) Should the default not be cured in full within
thirty (30) days from the Default Date, the NON-DEFAULTING
PARTNER or PARTNERS shall have the right and option to purchase
their pro rata share of the Defaulted Interest purs~ant to the
remaining provisions of this Raticle.
(c) The NON-DEFAULTING PARTNER or PARTNERS desiring to
purchase the interest of a Defaulting Partner shall, within sixty
(60) days from the expiration of the curative period, purchase
the interest of the DEFAULTING PARTNER for a purchase price of
one hundred percent (100%) of the book va::"ue of the DEF'AUL':'It-<G
PAR~NER'S interest less the amount of the ce:ault.
(d) T~e NON-DEFAULTING PARTNER(S) are authorized and
directed to issue an assignment covering any De:aulted Interest
in the event the DEFAULTING PARTNER, as seller thereof, fails or
refuses to execute a nroper assignment. Each Partner does
13
"
hereby irrevocably appoint the then NON-DEFAULTING PARTNER(S) as
his lawful agent and attorney-in-fact coupled with an interest
for valuable consideration to execute such assignment.
14.02 The purchase price to be paid by the PURCHASING
PARTNER(S) who purchase a DEFAULTING PARTNER'S interest in accordance
with the provisions of Article ~4 shall be paid in the following
manner:
(a) The PURCHASING PARTNERS shall take subject to the
DEFAULTING PARTNER'S pro rata allocation of any mortgage
indebtedness encumbering the property and the PURCHASING PARTNERS
shall be entitled to a credit therefor.
(b) The PURCHASING PARTNERS will each deliver to the
DEFAULTING PARTNER, a fully executed unsecured promissory note
for his pro rata share of the balance, less credits and normal
proratable expenses, on a form commonly used in Palm Beach
County, Florida, providing for acceleration on thirty (30) days'
default, attorneys' fees, bearing interest at the rate of seven
percent (7%) per annum, and subject to the provisions of this
instrument, interest and principal payable in the number of equal
annual payments as hereinafter provided.
(c) The Note shall be payable as follows:
,
(i) '1 f the balance due to the DEFAULTI NG PARTNER
..
is less than $50,000.00, then the note shall provide for a
single payment at the end of one year.
(ii) If the balance due the DEFAULTING PARTNER is
between $50,000.00 and $100,000.00. then the note shall
provide for two (2) equal annual payments.
(iii) If the balance due the DEFAULTING PARTNER is
greater than $100,000.00, then the note shall provide for
four (4) equal ann~al payments.
(d) The ~ote may be prepaid in whole or in part at
any time without penalty.
14.03 The reaminino Partnors may, in the alternative to the
acquisition of a defaulted interest, cause the dissolution of the
Partnership. Such right shall also apply in any other material
default whiCh is uncured after ten (10) days notice herein.
14
,
ARTICLE 15 - AMENDMENTS
15.01
Any amendments to this Agreement shall be ~ade in
writing and s'lall be attached to this original Agreemert.
ARTICLE, 16 - BINDING ON SUCCESSORS
16.01 This Agreement shall be binding upon and operate for
the benefit of the parties hereto and their heirs and legal representa-
tives.
It shall be bindcng upon any transferee who has received any
interest in the Partnership, and upon the heirs and leg, '_ representa-
tives of such transferee, and upon any person claiming any interest in
any of the Partners'lip pursuant to a purported transfer made in viola-
lion of t'le provisions of this Agreement, and upon the heirs, assigns
and legal representatives of such person.
ARTICLE 17 - MISCELLANEOUS
17.01 If any section, sub-section, sentence, clause, phrase
or portion of this Agreement is, for any reason, held inval~d or uncon-
stitutional by any court of competent jurisdiction, such portion shall
be deemed a separate, distinct and independent provision and such
holding shall not affect the validity of the remaining portions hereof
which shall be enforced to the fullest extent permitted by law.
17.02 Except as otherwise provided herein, this Agreement
shall terminate and be~ome null and void upon t'le dissolution or
liquidation of this Partnership. ..
17.03 This Agreement shall be construed in accordance with the
laws of the State of Florida notwithstanding the residence or domicile
of any of the parties hereto now or in the future.
17.04 Any notice required by this Agreement shall be deemed to
have been served if sent ~egistered or certified mail, addressed to
the'party to whom such notice is intended to be given, at the address
set forth above or at such other address as each party shall have pre-
viously furnished, in writing, to the Partnership.
17.05 This instrQment contains the entire Agreement of the
.
parties and may not be changed, modified or cancelled except by writ-
ten instrument, duly executed by all of said parties.
17.06 Captions or titles of paragraphs contained herein are
for convenience only, and neither limit or amplify the provisions of
the Agreement itself.
15
~7.07 Any provisions in this partnership Agreement may be
waived by unanimous vote of the Partners entitled to cast votes.
17.08 In the event that any Partner sha~l fail, neglect, or
refuse to comply with the provisions of this Agreement, then, in that
event, and so long as ,such default conti nues, such defa ul ti ng Partner
or transferee thereof in violation of the provisions hereof shal~ not
be entitled to vote at any meeting of the Partners and the holder of
such interest sha~l not be entitled to any distributions in respect of
his interest.
17.09 The parties agree that irreparable damage would be done
to the goodwill and reputation of the Partnership if any Partner
should brir.'.:j an action in court to dissolve the Partnership except
where a material violation of this Agreement has occurred or as
provided for herein. Care has not been taken in this Agreement to
provide what the parties feel is fair and just payment in liquidation
of the interests of all Partners. Accordingly, each party hereby
waives and renounces his right to such a ~ourt decree of dissolution
or to seek the appointment by the court of a liquidator for the
partnership.
17.10 Each of the parties acknowledges that the parties will
be irreparably damaged (and damages at law' would be an inadequate
remedy) <i f this Agreement is not speci fically enforced. Therefore, in
the event of a breach or threatened breach by any party of any pro-
vision of this Agreement, then the other party shall be entitled, in
addition to all other rights or remedies, to injunctions restraining
such breach, without being required to show any actual damage or to
post any bond or other security, and/or to a decree fcr specific per-
formance of the provisions of this Agreement.
17.11 If any legal action or other proceeding, including arbi-
tration, is brought for the enforcement of this Agreement, or because
of an alleged dispute, breach, default or misrepresentation in connec-
tion with any provisions ~f this Agreement, the successful or prevail-
ing party or parties shall be entitled to recover reaso~able dttor-
ney's fees and expenses, court costs and all expenses even if not
taxable as court costs (inclucing, without limitation, attorney's fees
and expenses incident to any appeals), incurrec in that action or
proceeding (plus interest on such aggregate amount at a rate ner
16
-------_._~_...._----~~---
-
annum equal to the maximum rate under applicable law), in addition to
any other relief to which such party or parties may be entitled.
17.12 No remedy herein conferred upon any party is intended to
be exclusive of any other remedy, and each and every such remedy shall
be cumulative and shall be in addition to every other remedy given
hereunder or now or hereafter existing at law or in equity or by
','
statute or otherwise. No single or partial exercise by any party of
any right, power or remedy hereunder shall preclude any other or
further exercise hereof.
IN WITNESS WHEREOF, the parties hereto have executed the
foregoing Partnership Agreement as of the date first above written.
r~ALJ
V (
(SEAL)
WITNESSES:
CA~-J~
(} ,
~~
As to HERBERT BROCK
~' /'
~
/,
, C
.,--:)J~ dL~
~i)REW BROCK
~
PETER B -;. ,
(SEAL)
<
As to PETER BROCK
~
!t:!kc~
As ~o WILL:AM S. GRAHAM
(S1::AL)
STATE OF FLORIDA
SS
COUNTY OF PALM BEACH
I HEREBY CERTIFY that on this day, before me, an officer duly
authorized in the State aforesaid and in the County aforesaid to take
ack~owledgments, personally appeared HERBERT BROCK, well known to me
to be the person describ~d in and who executed the foregoing
instrument,
and he acknowledged before me that he executed the same in the
presence of two subscribing witnesses freely and VOluntarily.
WITNESS my
aforesaid th:.s .31
;",oY'r - '''''., '.
hand
day
and~icial seal in the County and State
of ~' 19?5-.
(~A1~(l~
Notary PUbk~Cta~ij8te of Florida
My G~mmission Expires:
1 7 ;';otcry Pub';c, $:b~e of ilori,j;--
My Commiss:i'Jn tX',.i:cs Dec. J1, 192.8
~~r"Q" n,,~ I,,,~ I..,~ j". .
last
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(SEAL ),," ':,
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,.,
,
STATE Of l"L,U~lD^ )
:SS
COUNTY OF PAL~ BEACH )
I HEH8BY CEETH'Y that on this day, before l'(le, an ofhcer duly
authorized in ~he State aforesaid and in the County aforesaid to take
acknowledgments, personally appeared ANDREW B}{OCK, well known to me to
be the person described in and who executed the foregoing instrument,
and he acknowledged before me that he executed the same in the
presence of ~wo subscribing witnesses freely and voluntarily..
~'
and ~icial seal
of ~('~
:j
in the County and State last
, 19,fS-.
WI'I'NESS my hand
aforesaid ti1is 3JA/ day
. . - ~
A1!!~1C
Public, State of Florida
At Large
My Commission Expires:
.~:._. _../
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-,'_, 1-\ () \ .'--,
t'r .\. ~
(SE^L~
J';:;,(
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Nof~1Y Pl!~J!i(, StJ~C of Florida
My Comm;"',n fx""es Dec. 11; 1983
Bondod I/'r~ r",y ro,n lu",",u,,&, Inc.
~~
ST~~;:i'C;F: f~i~IJXY )
lDLs-b~_~.LS-k"s S
COUNTY OF ~~ !ll'."eH '\ ~
I HEREBY CER'rH'Y that on this day, before me, an officer duly
authorized in the State aforesaid and in the County aforesaid to take
ackno~ledgments, personally appeared PETER BROCK, well known to me to
be the person described in and who executed the foregoing instrument,
and he acknowlec.ced before me that he executed the same in the
presence of two sub5cri~ing witness~s freely and voluntarily.
''"-.-
anc official seal in the County and State last
F C' ,'09"--_.
0_ --L~7J17.-1)<"AY - 'Ud_
~~~,H: O~DJ~
Notary Public, Sf1te of Florida
At LargE!
My Commission Expjres:
CONStANCE GALLlN
NotarY public, State, of New york
No 60-4697555
o llfled 'in 'Westchester Countg..--
cg~rlliSSiOn Expires M3rch 30,19 -.l
WI TNESS my he,nd
afor,';'-;5,il,id..-this -<,"~ day
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( ;
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:.,
STATE OF FLORIDA
)
:SS
)
COUNTY OF PALM BEACH
I HEREBY CERTIFY that, on this day, before me, an officer duly
authorized in the State aforesaid and in the County aforesaid to take
acknowledgments, personally appeared WILLIAM S. GRAHAM, well known to
me to be the person descr:bed in and who executed the foregoing
instrument, and he aCknowledged before me that he executed the same in
the presence of two subscribin~ witnesses freely and voluntarily.
:-"0'- ~ __._,,.,
"
".
and ~ial seal in the County and State last
of U" ~ (J ,19,rs:
~~/(~~L _
Kotary PubllC, State of YloYlda
At Large
My Commission Expires:
Notary Pu!i1ic. St;*~ of P'(l~;rJiJ
My CommiSSion txpi~es Dee ~2 '~83
,.coded rh,y Iroy f"in. In'~'ft;c". l~c:.J
WITNESS my he.nd
aforesaid this ~ I Gay
. / .' i.)"':"'\h'N'1- ,""-
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"
18
'"
,
DESCRIPTION:
Tract 48, less the South 128.5 feet thereof and less the North 20
feet thereof according to the Palm Beach-Miami Land and Development
Company plat of subdivision of Section 19, Township 45 South, Range
43 East, recorded in Plat Book 7, page 19, Palm Beach County, Florida.
Knuth Road Associates Annexation Request - Right-of-Way Description
A portion of Knuth Road right-of-way in Section 19, Township 45 South
Range 43 East, more particularly described as that part of the said
Knuth Road right-of-way being 30 feet in width and lying between the
South right-of-way line of Old Boynton Road and a line parallel to and
495.32 feet south of said South right-of-way line.