R92-7RESOLUTION NO. R92-~
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
CARTERET SOUTH, INC., REGARDING THE
INSTALLATION OF MEDIAN IMPROVEMENTS
LOCATED AT 3400 SOUTH CONGRESS AVENUE;
SAID AGREEMENT BEING ATTACHED HERETO AS
EXHIBIT "A"; AND ACCEPTING A LETTER OF
CREDIT FROM CARTERET SAVINGS BANK, F.A.
IN THE AMOUNT OF $10,000.00 AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City Commission of the City of Boynton Beach,
Florida, upon reco~endation of Staff, deems it to be in the best
interests of the citizens and residents of the City of Boynton
Beach to execute an agreement with Carteret South, Inc., with
regard to the installation of median improvements located at 3400
South Congress Avenue (Congress Self Storage), and
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 of Boynton Beach to accept a Letter of
Credit from Carteret Savings Bank, F.A. in the amount of
$10,000.00 to insure successful completion of the improvements.
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 authorize the Mayor and City Clerk to
execute a certain agreement between the City of Boynton Beach and
Carteret South, Inc., which is attached hereto as Exhibit "A".
Section 2. The City Commission of the City of Boynton
Beach, Florida hereby accept the Letter of Credit from Carteret
Savings Bank, F.A., in the amount of $10,0000.00.
Section 3.
upon passage.
This Resolution shall take effect immediately
PASSED AND ADOPTED this
day of January, 1992.
CITY OF BOYNTON BEACH, FLORIDA
Vice Mayor
Co~ s~ne r
AGREEMENT
Between
~HE CItY OF BOYNTON BEACH
and
CARTERET SOUTH, INC., A NEW JERSEY CORPORATION
Relating to
THE INSTALLATION OF MEDIAN IMPROVEMENTS
This is THE CITY OF BOYNTON BEACH,
of Florida, its Successors and
CITY" and.'CARTERET SOUTH,
INC., A NEW JERSEY CORPORATION, a Florida Corporation, Court
Appointed Receiver l2/3/90, its successors and assigns, hereinafter
referred to as "OWNER".
W I TNE S SETH:
WHEREAS, OWNER is developing a certain parcel of land
described in Exhibit "A" attached hereto more commonly known as the
Congress Self Storage located at 3400 South Congress Avenue
Boynton Beach, Florida (the "Project"); and '
WHEREAS, it is the desire of the CITY that prior to and as a
condition of the CITY's issuance of a certificate of occupancy for
the Project, OWNER agrees to install certain landscaping and
irrigation improvements to the median located within one of two
road rights of way contiguous to the Project ("median
improvements,,); and
WHEREAS, the CITY and the OWNER have agreed that in lieu of
OWNER actually performing the median improvements prior to the
issuance of the certificate of occupancy, OWNER can provide
security adequate to the CITY to guarantee OWNER's performance of
the median improvements, at such time as the construction of the
median located within theCongress Avenue right of way is completed
by Palm Beach County ("COUNTY,,) and accepted by the CITY and the
COUNTY; and
WHEREAS, the parties hereto wish to set forth their
understandings in this writing.
NOW, THEREFORE, in consideration of the promises and mutual
covenants hereinafter contained, the parties do agree as follows:
1. The above recitals are true and correct and incorporated
herein.
2. The parties agree upon the following conditions relating
to the issuance of a certificate of occupancy for the Project known
as the Congress Self Storage, located at 3400 South Congress
Avenue, Boynton Beach, Florida:
a. OWNER agrees to pay for and install certain
· ' ' n im ro~ements "median improvements") as
landscape and lrrlgatlo p ( . ce
submitted by the OWNER and approved by the CommunIty Appearan
for the
Board of the City
median within the right
West of the Project.
of South West 30th
in this eventl
otherwise
conuuence the
and cOUNTY
by the COUNTY.
In the event the CITY
install the median improvements on
OWNER shall have 60~days
CITY to commence and
delays occasioned by
theevent the CITY
on South West 30th ~
days from receipt~
complete the ~ject
weather, labor disputes or God.
3. Within ninety (90)
located directly
the Project.
orm the
of way
However,
sums in
wo. uld
tO
bgth~ the CItY
upon lt~ comPletion
elects to have the OWNER
Avenue median, then
ice from the
subject to
or acts of God. In
~improvements installed
have a period of 90-
to commence and
occasioned by
days from the full execution of this
Agreement by both parties~ heretO, owNER shall exe.cute and deliver
to the CITY, ~ entered into between
OWNER, the CITY andthe .ng' 0WNERto pull a permit
from the COUNTY for installation of the median improvements- such
similar to
Tri-party Agreement shal [ of median improvements
that used by
and such Tri-party'~Agree~ent shall be ~subject to the.approval of
the CITY, which a~P~oval'ishall notbe unreasonably withheld.
4. OWNER shall paY to the CITY upon execution of this
Agreement by OWNER, the sum of Two Thousand and No/100, ($2,000.00)
Dollars to be used by the CITY for the maintenance of the median
improvements and OWNER shall~have~ no further obligation for such
maintenance beyond .~pay~t of the Two Thousand Dollars.
5. Upon the execution of this Agreement by OWNER OWNER
provide the cITY W~th a~ Irrevocable Letter of Credit drawn
shall · .
on Carteret Savings Bank, FA, in the amount of Ten Thousand and
No/100 Dollars ($10,000.00) to secure performance by OWNER of its
obligations pursuant to Paragraphs 2 and 3 of this Agreement. Upon
completion of the median improvements by the OWNER, CITY shall
return the Letter of Credit to Carteret Savings Bank, FA, with a
copy to OWNER. In the event of a default by OWNER under any of its
obligations pursuant to Paragraphs 2 and 3 of'this Agreement, then
the CITY, without further notice to OWNER, shall be entitled to
draw upon the Letter of Credit in accordance with its terms to the
extent of the cost of the median improvements and/or the
maintenance of same as provided for herein.
6. Upon full execution of this Agreement by all parties
hereto, and receipt by the CITY of the Letter of Credit referenced
in Paragraph 5 above, the CITY acknowledges that the conditions for
issuance of a final certificate of occupancy have been met and the
CITY shall forthwith ~ssue a certificate of occupancy for the
Project to the OWNER.
7. It is the intention of the parties hereto that this
Agreement shall not become binding until the last date on which it
has been executed by all the parties.
8. This Agreement shall be recorded in the Public Records of
Palm Beach County, Florida, at the OWNER's expense.
IN WITNESS WHEREOF, the parties hereunto have executed this
Agreement on the date set forth below.
ATTEST: THE CITY OF BOYNTON BEACH
WITNESS:
( SEAL )
Approved a,s/to .fo~ and
legal su~cJ, ency:
BY: \
C~TERET SOUTH, INC. ,
A NEW JERSEY CO~ORATiON
Vice President