R94-110RESOLUTION NO. R94-//,~
A RESOLUTION OF THE CITY COMMISSION
OF THE CITY OF BOYNTON BEACH,
FLORIDA, AUTHORIZING AND DIRECTING
THE MAYOR AND CITY CLERK TO EXECUTE
AN AGREEMENT BETWEEN THE CITY OF
BOYNTON BEACH AND DREXEL
INVESTMENTS, INC. SETTING FORTH TERMS
AND CONDITIONS AS TO THE PAYMENT OF
CAPITAL FACILITIES FOR DREXEL
INVESTMENTS, INC.; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, the City Commission of the City of Boynton Beach, Florida
deems it to be in the best interests of the citizens and residents of the City to enter
into an Agreement between the City of Boynton Beach and Drexel Investments,
Inc.setting forth terms and conditions as to the payment of capital facilities for
Drexel Investments, Inc., a copy of which Agreement is attached hereto as Exhibit
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
THE CITY OF BOYNTON BEACH, FLORIDA THAT:
Section 1. The City Commission of the City of Boynton Beach, Florida,
hereby authorizes and directs the Mayor and Clerk to execute an Agreement
between the City of Boynton Beach and Drexel Investments, Inc. a copy of which
Agreement is attached hereto as Exhibit "A".
Section 2.
passage.
This Resolution shall become effective immediately upon
PASSED AND ADOPTED this ~¢' day of July, 1994.
(Corporate Seal)
""Vi~ Mayor
Mayor Pro ' · '- f?
Commi~~,'
Comm ~j~' ~'
drexel.ms
AGREEMENT REGARDING CAPITAL FACILITIES
CITY OF BOYNTON BEACH and DREXEL INVESTMENTS, INC.
This Agreement, dated this ~/ day of ~ , 1994, by and
between the City of Boynton Beach, Palm Beach County, State of
Florida, hereinafter referred to as City, and Drexel Investments,
Inc. (formerly known as Drexel Properties, Inc.) hereinafter
referred to as Developer,
WITNESSETH:
WHEREAS, City and Developer did, on August 1, 1972 enter into
an Agreement for the purpose of construction of and provision for
providing sanitary sewage and potable water service to Developer:
AND,
WHEREAS, both parties have complied with the terms of the
Agreement dated August 1, 1972;
AND,
WHEREAS, the City and Developer have expressed differing
opinions regarding the exact expiration date of the Agreement dated
August 1, 1972; the parties agree that upon execution of this
Agreement, the Agreement dated August 1, 1972 shall expire;
AND,
WHEREAS, the Parties have agreed that in order to resolve such
differences and to carryout the intent of the Parties as set forth
herein;
NOW, THEREFORE in consideration of the mutual promises, each
to the other, as well as other good and valuable considerations,
the receipt of which is acknowledged, the parties, for themselves,
and their successors and assigns, agree as follows:
1. Developer shall pay to City the sum of $105,300.00 on or
before August 15, 1994. This payment shall be credited to
Developer's account for pre-payment of water and sewer hook-ups at
the rate of $375.00 per hook-up based on a formula provided by
City.
2.. The Developer shall have until June 30, 1998, within which
time all units must be completed, connected to the City system, and
in service. The parties agree that "in service" begins when the
Certificate of Occupancy for each unit is issued by the City.
3. In the event Developer has not completed and connected up
for service by June 30, 1998, all hook-ups after that date will be
charged at the then-existing City rate for such service; provided
however, that Developer shall receive credit for each such hook-up
after June 30, 1998, to the extent of any unused portion of the
$105,300.00 still remaining and used prior to that date.
4. Developer agrees to annexation bythe City, of the subject
property at such time as the property becomes eligible for
annexation. At the present time, the property is not eligible for
annexation, as it is not contiguous to the City.
5. Developer shall have the right to sell or assign its
rights herein, and such purchaser or assignee shall be bound bythe
terms hereof, and such Agreement shall run with the land, and shall
be binding upon the parties themselves, their purchasers,
successors and assigns, the description of which is attached as
Exhibit A.
6. The rights granted herein, as to each party, are
irrevocable, as set forth in this Agreement.
7. This Agreement shall be recorded in the Public Records of
Palm Beach County, Florida.
IN WITNESS WHEREOF, the City has caused these presents to be
executed in its name by its Mayor, and attested and its official
seal to be hereunto affixed by its Clerk, and the Developer has
caused these presents to be executed in its name, the day and year
first above written.
In the presence of.-
CITY OF BOYNTONBE~CH
City Clerk
(Corporate seal)
In the presence of.- DREXEL I~S?MENT~, INQ~
~7~/ ~ -Secretary
~C~y~~.s.s ~ form: Manna J~ (Corporate seal)
City Attorney
~ S~D~51 ~L~DAILY~D~O. ASM
STATE OF FLORIDA
COUNTY OF PALM BEACH
The foregoing instrument was acknowledged before me this
oF/ day of jUly 1994 by ~-~/w~--.~~/~ the Mayor of the
City of Boynton Beach, who is personally known to me or has
produced as identification.
Name:
State o
My Commission expires:
Commission No.
STATE OF FLORIDA
COUNTY OF PAI~H BEACH
The foregoing instrument was acknowledged before me this
day of July 1994 by the City attorney of
the City of Boynton Beach, who is personally known to me or has
produced as identification.
Notary PUblic
Name:
State of Florida at Large
My Commission expires:
COmmission No.
STATE OF FLORIDA
COUNTY OF BROWARD
The foregoing instrunle~_t was//ac.~nowledged before me this
// ~::~- day ~ J~1~--i994' by~.A.~,x ~'-.~//.~' , as President
~ ~~~~----r-f ..... as~Secretary of D~XEL
I~ST~NTS, INC. ~ a Florida corporation, who are personally kno~
to me or have produced as
identification.
e'O~ ~tO
OFFIC~L NOTARY SEAL
GU~L~q~AI~A M. ODA
~CO
CC
MY COMM~$10N
State of Florida at Large
My Commission expires:__
Commission No.C~~~
EXHIBIT "A"
:';est Half (W 1/2) of the N~rthwest Quarter (NW 1/4) of the
So%%tt~vest Quarter ($W 1/4) South (S) of Soynton Rock, Road and the
%{est ~[alf (W 1/2) of the Sout]~wes~ Quarter (SW 1/4] o'f the South-
west Quarter (S~ 1/4) all in Section 19, Township 45'South, Range
43 East~, Palm Bleach County, Florida.
Containing 19.6643 acres, more or less.
Less 0. 1141 for canal right-of-~ay.
Net ~