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RESOLUTION NO. R04- Oq ~
A RESOLUTION OF THE CITY OF BOYNTON BEACH,
FLORIDA, AUTHORIZING THE CITY MANAGER TO
EXECUTE: 1) A SURETY ESCROW AGREEMENT IN THE
AMOUNT OF $3,710.41, FOR SITE RESTORATION FOR
THE LARGO POINTE SUBDIVISION, AND 2) A RELEASE
OF UNITY OF TITLE FOR LARGO POINTE; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, the purpose of the Escrow Agreement is to ensure the restoration of the
Largo Pointe development site to its original condition which includes such costs as road
repair, seeding and mulching the site and damage to other public facilities, pursuant to
Chapter 8, Article 6 of the land Development Regulations of the City; and
WHEREAS, the City of Boynton Beach approved a site plan in June, 2003 for the
development of a townhouse project known as Largo Pointe Villas, which property was
affected by a Unity of Title, dated September 13, 1994, recorded in ORB 8426, at page 1578,
Public Records of Palm Beach County, Florida; and
WHEREAS, upon recommendation of staff, the City Commission deems it to be in
the best interest of the citizens and residents of the City to: 1) accept and execute an Escrow
Agreement between Phegley Corp., and the City of Boynton Beach, for the Largo Pointe
subdivision, and 2) to accept and execute a Release of Unity of Title, copies of both
documents being attached hereto and made a part hereof.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
THE CITY OF BOYNTON BEACH, FLORIDA, THAT:
Section 1. The foregoing Whereas clauses are true and correct and are now ratified
and confirmed by the City Commission.
Section 2. The City Manager is hereby authorized and directed to execute an Escrow
S:\CA\RESO~a, greements\Escrow Agreement and Release of Unity of Title - Largo Pointe.doc
1 Agreement between the City of Boynton Beach and Phegley Corp., and a Release of Unity of
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Title for Largo Pointe, copies of the documents being attached hereto and made a part hereof.
Section 2. This Resolution shall become effective irnmediately upon passage.
PASSED AND ADOPTED this "7 day of April, 2004.
ty Clerk
CITY OF BOYNTON BEACH, FLORDA
?¢,..,.~ (- ~.. ,.~' g'~'
Vice M_ayor ~
.... /
S:\CA\RESO~Agreements\Escrow Agreement and Release of Unity of Title - Largo Pointe.doc
Prepared by/return to:
James A.Cherof, City Attorney
City of Boynton Beach
P.O. Box 310
100 E. Boynton Beach Blvd.
Boynton Beach, Florida 33435
RELEASE OF UNITY OF TITLE
THIS RELEASE is made and entered into on the I~' day of April, 2004, by the
City of Boynton Beach, Florida, a political subdivision of the State of Florida.
WITNESSETH:
WHEREAS, Phegley Corp, a Florida Corporation, owns the following described
parcel of real property (the "Property"):
Lots 9 through 24 and 42 through 48 and Tract A of
CHRISTIAN VILLAS PLAT NO.2, according to the Plat
thereof, recorded in Plat Book 40, Page 102 of the Public
Records of Palm Beach County, Florida.
WHEREAS, the City of Boynton Beach has approved a site plan (June 3, 2003)
for the development of a townhouse project known as Largo Pointe Villas, on the
Prope~y. Saidpropertybeingaffectedbya certain Un±ty of Title agreed
to by Mark Fassy in an instrument dated the 13th day of
September 1994, recorded in Official Records Book 8426,
Page 1578 in the Public Records of Palm Beach County,
Florida(the"UnityofTitle").
NOW THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is acknowledged by the execution and acceptance of this Release,
STATE OF Fl nrida
COUNTY OF Palm Beach
BEFORE ME personally appeared who is personally known to me,
or has produced as identification, and who executed the foregoing
instrument as [Vice] President of , a Florida corporation, and severally
acknowledged to and before me that [he][she] executed such instrument as such officer of said
corporation, and that the seal affixed to the foregoing instrument is the corporate seal of said
corporation and that it was affixed to said instrument by due and regular corporate authority, and that
instrument is the free act and deed of said corporation.
WITNESS my hand and official seal this
day of .,2004.
My commission expires:
Notary Public
(Seal)
IN WITNESS WHEREOF, the City of Boynton Beach, Florida City Commission has
authorized,, ._-its City Manager, attested to by the City Clerk to execute this Agreement this t ~
day of ~, 2004.
I/ ,luI
By: ~gO~ ~4d,4'~
Kurt Bres~n~r, City Manager
ATTEST:
Clerk
City Attorney
(City Seal)
S:\CA\AGMTS~ESCROW AGREEMENT - Largo Pointe.rtf
ESCROW AGREEMENT
THiS ESCROW AGREEMENT, entered into this 7 day of ~ DC [ [ ,
2004, by and between Phegley Corp., a Florida Corporation, hereinafte; referred to as the
DEVELOPER, located at 2001 Intracoastal Drive, Fort Lauderdale, FL 33305, with the City of
Boynton Beach, a municipal corporation located at 100 East Boynton Beach Boulevard, Boynton
Beach, FL 33425, existing under the laws of the state of Florida hereinafter referred to as CITY.
WITNESSETH:
WHEREAS, DEVELOPER proposes to plat the development under the name of Largo
Pointe; and
WHEREAS, the CITY requires the DEVELOPER desires to deposit in an escrow account
with the CITY the funds which will serve as a restoration surety as described and defined in Chapter
8, Atxicle 6 of the City's Land Development Regulations ("REGULATIONS"); and
NOW THEREFORE, in consideration of the covenants and agreements contained herein, the
parties hereto agree as follows:
1. Recitals.
by reference.
The foregoing recitals are tree and correct and are hereby incorporated
2. Escrow Amount. DEVELOPER hereby deposits into escrow with the CITY the sum
of THREE THOUSAND SEVEN HUNDRED TEN and 41/100 DOLLARS ($3,710.40) (the
"Escrow Amount"). The Escrow Amount shall be deposited in an interest bearing account and all
interest earned thereon shall be added to the principal and thereafter considered part of the escrow
Amount. The CITY shall hold the escrow Amount and disburse the same only in accordance with
the terms of this Agreement.
3. Terms of Escrow. The purpose of the Escrow Amount is to ensure the restoration of
the development site to its original condition which includes such costs as road repair, seeding and
mulching the site, and damage to other public facilities, ("Scope of Work"), pursuant to Chapter 8,
Article 6 of the Land Development Regulations of the CITY. The CITY shall release and disburse
the Escrow Amount as follows:
a. The deposited funds shall be released to the DEVELOPER only upon written
approval of the City Engineer as the authorized representative of the CITY. Such
approval shall be issued by the City Engineer in accordance with the requirements of
the Regulations. Upon completion of the Required Improvements in accordance with
the requirements of the regulations, the CITY by the City Engineer as its authorized
agent, and in accordance with the requirements of the regulations, shall approve the
release to the DEVELOPER of any remainder of said funds.
b. If the CITY determines that the Scope of Work has not been completed in
accordance with the approved plans and the City's Land Development Regulations,
the CITY shall give written notice to the DEVELOPER itemizing the portions of the
Scope of Work remaining uncompleted. If the Scope of Work remains uncompleted
30 days after the City provides written notice to the Developer, the CITY shall be
S:\CAkAGMTS~ESCROW AGREEMENT - Largo Pointe.rtf
authorized to utilize the remaining Escrow Amount as necessary to complete the
Scope of Work. Release of the Escrow Amount shall be triggered by written
notification by the City that the Scope of Work has not been performed. Any funds
remaining in the Escrow Amount after the Scope of Work is completed by the CITY
shall be returned to DEVELOPER.
4. Successors and Assigns. This Agreement shall inure to the benefit of and be binding
upon the parties thereto and their successors and assigns.
5. Notices. All notices given hereunder shall be in writing and shall be delivered to the
respective parties either by hand delivery, certified U.S. mail, return receipt requested, Federal
Express or other recognized overnight courier service, or by facsimile transmission with hard copy
to follow. All notices shall be addressed to the parties at their addresses set forth below:
DEVELOER: Phegley Corp.
2001 Intracoastal Drive
Fort Lauderdale, Florida 33305
With copy to:
Moraitis, Cofar & Kamey
915 Middle River Drive, Suite 506
Fort Lauderdale, Florida 33304
CITY:
City of Boynton Beach
Attn: Kurt Bressner, City Manager
100 East Boynton Beach Boulevard
Boynton Beach, Florida 33425
With copy to:
James A. Cherof, Esquire
City Attorney
100 East Boynton Beach Boulevard
Boynton Beach, Florida 33425
6. General Matters.
This Escrow Agreement shall be governed by and construed in accordance with the laws of
the State of Florida. In the event any action, suite or proceeding is instituted as a result of any matter
or thing affecting this Escrow Agreement, the parties designate Palm Beach County, Florida as the
proper jurisdiction and the venue in which same is to be instituted.
ATTEST:
IN WITNESS WHEEOF, the parties hereto have set their hands and seals this2~} day
~o ~ I L ,2004.
PHEGLEY CORP.,
a Florida corporation
(h'npressionable corporate seal)
S:\CAL~GMTSXESCROW AGREEMENT - Largo Pointe.rtf
the City of Boynton Beach hereby releases the Property from the Unity of Title and
declares the Property free and clear of the operation and effect of same.
IN WITNESS WHEREOF, the parties have hereunto set their hands and
seals the day and year below written.
THE CITY OF BOYNTON BEACH, a political
Subdivision of the State of Florida
d~rry Tabor, May~
ATTEST: BY:
STATE OF FLORIDA
COUNTY OF PALM BEACH:
Clerk
The foregoing instrument was acknowledged before me this
2004, by --~Tt'~'~,' .7',~.~/~ ,
Florida, who did nit take 'an oath.
(Notary Seal)
__ day of April,
as the Mayor of the City of Boynton Beach,
Notary Public ,,,.,~?,_//~2,,. Barbara M. Madden
~'~'~ Colllmi~ort # DD125274
Commission No. ~_g._t..a]~,}.~ ~ J~h~ 19. ~
My Commission Expires: '~,~,~ ~t~,,~c ~o~s co.. m~