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R94-52RESOLUTION NO. R94-~ A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF BOYNTON BEACH, FLORIDA, SUPPORTING A GRANT APPLICATION FOR CENTRAL BUSINESS DISTRICT INFRASTRUCTURE FUNDS TO THE ECONOMIC DEVELOPMENT ADMINISTRATION (EDA) AS PREVIOUSLY ADOPTED IN RESOLUTION NO. R93-197 BY ADDITIONALLY AGREEING, IF SAID GRANT APPLICATION IS FUNDED, TO LEASE REAL PROPERTY FROM THE FIRST FINANCIAL PLAZA CONDOMINIL94 ASSOCIATION, INC., AND J & J VENTURES OF FLORIDA, FOR THE SUM OF ONE DOLLAR ($1.00) PER YEAR TO EACH ENTITY FOR THE TERM OF FIFTY (50) YEARS WITH AN ©PTION TO RENEW FOR A PERIOD OF TWENTY- FIVE (25) YEARS, UNDER THE SAME TERMS AND CONDITIONS AND PROVIDING AN EFFECTIVE DATE. WHEREAS, there is a need in the City of Boynton Beach, Florida, downtown area for development assistance to bring facilities for residents and visitors to the downtown area; and WHEREAS, the City of Boynton Beach, Florida wishes to pursue federal assistance for development of the downtown area of the City; and WHEREAS, the First Association, Inc., and J & J to lease (per the memorandum Financial Plaza Condominium Ventures of Florida have agreed attached hereto and made a part hereof) to the City of Boynton Beach, Florida, certain real property designated for parking structures (as shown on the attached site plan incorporated herein and made a part hereof) for the sum of One Dollar ($1.00) per year to each entity on which a parking structure may be constructed with the use of EDA grant monies and other funds; 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, does hereby agree to lease that certain real property designated for parking structures (as shown on the attached site plan incorporated herein and made a part hereof) for One Dollar ($1.00) per year each from First Financial Plaza Condominium Association, Inc., and J & J Ventures of Florida for the term of fifty (50) years with a twenty-five (25) year option to renew if said EDA grant is funded, and further subject to the execution of a Lease Agreement, the terms of which shall be of mutual agreement to the parties. Section 2. This Resolut±on shall take effect immediately upon passage. PASSED AND ADOPTED this day of///~/z, 1994. Ia~yo O! BOY~N BEACH, FLORIDA Vice Mayor Pro Tom Mayor~ Commi ATTE ST: (Corporate Seal) Dntown. Prking EDA.Grant 3/28/94 I BOYN'EON BEACH. FLORIDA ~34~-910 [ TEIZPHONF.: 407-734-2424 'rELECOPI~: 407-734-2497 [ AREEN~ V. MA~H ANDRF. A HA2'HCOCK OFFi(~ LOCATION ~ FINANCLa. L PLAZA, SUITE 409 639 EAST C~TaAN AVI~ BOYbFIDN BEACH. F'tORIDA 33435 TO: Ann Ford, Downtown District Coordinatpr DATE: March 4, 1994 FROM: Gene Moore RE: Proposed Parking Garages First Financial Plaza CondominiumAssociation, Inc. Lease to City of Boynton Beach Pursuant to our conversation and review of preliminary master site plan, I have discussed the proposed parking garages with the office condomlniumowners in the First Financial Plaza building located at 639 E. Ocean Avenue, Boynton Beach, Florida, and submit the following: I have attached a copy of architectural drawings of proposed property, including parking garages, within our property boundary, located on the north and south ends of the First Financial Plaza building. We understand that your garages would extend beyond our property line into the adjoining property and would provide approximately 800 parking spaces. We would propose that the parcels be leased to the City of Bofrnton Beach for a period of 50 years, with an option to renew under the same provisions for an additional 25 years, at an annual rental of $1.00 in order to facilitate obtaining a government grant which you are presently investigating for the development of this project. During the ter~ of the lease, the City would be responsible for maintaining fire, windstorm, and liability insurance on the garage facilities and would maintain same, and our Association would be included as additional insured under the liability coverage. The proposed parcels for garages presently provide approximately 100 parking spaces for the benefit of owners and customers of First Financial Plaza, and we would expect 100 reserved spaces in the new parking facilities. D~ring the term of construction, and subsequent to completion, access will be provided to existing reserved parking spaces to the east of our building. In addition to the above insurance, the Association would be indemnified by the City against any liability connected with the operation and utilization of the facilities by the public. We feel that the above proposed constitutes a substantial contribution and key factor toward the feasibility and creation of an overall Downtown Development Project. and are happy to be in a position to participate. I will be available to meet with you regals proj~~ J & ] VENTURES OF FLORIDA c/o ESG CO. 4164 VIRGINIA BEACH BLVD, #200 VIRGINIA BEACI-[ VIRGINIA 23452 TO: Ann Ford, Downtown Coordinator DATE: March 25, 1994 RE: Real Property Lease to City of Boynton Beach, Florida, for Proposed Parking Structures Pursuant to our conversation and review of the preliminary master site plan for the waterfront downtown marina proposed development. J & J Ventures of Florida is willing to lease to the City of Boynton Beach the necessary real property which it owns which would accommodate the parking structures indicated on the preliminary master site plan (attached hereto and incorporated herein as ifa pan hereof) for the sum of One Dollar ($1) per year for the term of fifty (50) years with an option to renew under the same provisions for the term of twenty-five (25) years in order to facilitate obtaining an EDA infrastructure grant (including parking structures) for which the City of Boynton Beach is appl3ing. During the term of the lease, the City would be responsible for.maintaining fire, windstorm, and liability insurance on the garage fadlities and would maintain same, and J & J Ventures of Florida would be included as additional insured under the liability coverage. In addition to the above, J & J Ventures of Florida would be indemnified by the City against any liability connected with the operation and utilization of the facilities by the public. We are pleased to be able to make this contribution to the success of the project.