HomeMy WebLinkAboutResolution 2001-26 RESOLUTION NO. 01 -26
A RESOLUTION OF THE CITY OF CAPE CANAVERAL, FLORIDA,
AUTHORIZING THE MAYOR AND CITY CLERK TO ENTER INTO
AN AMENDED AGREEMENT WITH DOWNS DEVELOPMENT
CORPORATION, INC. AS SUCCESSOR TO MAXI -HOMES OF
AMERICA AND THE VILLAGES OF SEAPORT MASTER,
ASSOCIATION FOR THE REALLOCATION OF FUNDS TO .
FINANCE INTERSECTION CONFIGURATION AT W. CENTRAL
BOULEVARD AND NORTH ATLANTIC AVENUE AND THE
COMPLETION OF A TURNING LANE ON N. ATLANTIC AVENUE;
PROVIDING FOR AN EFFECTIVE DATE. ,
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NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Cape
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Canaveral, Florida, as follows:
SECTION 1. The Mayor and the City Clerk are hereby authorized to execute an
agreement with Downs Development Corporation, Inc. as successors to Maxi -Homes of
America and the Villages of Seaport Master, Association for the reallocation of escrow
funds to finance intersection configuration at W. Central Boulevard and North Atlantic
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Avenue and completion of a turning lane at N. Atlantic Avenue.
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SECTION 2. This Resolution shall take effect immediately upon its adoption.
ADOPTED BY the City Council of the City of Cape Canaveral, Florida this 21st day
of August, 2001.
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Rocky Randels, MAYOR
ATTEST: FOR AGAINST
Burt Bruns X
Susan Stills, CLERK Buzz Petsos Second
Rocky Randels X
Richard Treverton Absent
APPROVED AS TO FORM:
Larry Weber Motion ,
Kohn Bennett, CITY ATTORNEY
\\ Cape- nt\cityclerk \CityClk\Resolutions \DOWNS Escrow Agreement Res.doc
FIRST AMENDMENT TO ESCROW AGREEMENTS
THIS AGREEMENT made this 21 day of A'v..e , 2001 by and
between DOWNS DEVELOPMENT CORPORATION/ SEAPORT as successor in interest to Maxi -
Homes of America, a joint venture, hereinafter referred to as "DOWNS" and the CITY OF CAPE
CANAVERAL, a municipal corporation, hereinafter referred to as "CITY", and VILLAGES OF
SEAPORT MASTER, "ASSOCIATION."
WITNESSETH
WHEREAS, Maxi -Homes of America, predecessor in interest to DOWNS, and the CITY
entered into that certain Escrow Agreement dated February 19, 1985 in conjunction with the approval
of that certain site plan for the Villages of Seaport, which Escrow Agreement provided in part that
Maxi- Homes, as the developer, would escrow with the CITY, certain sums to be used for the
construction of traffic signalization on North Atlantic Avenue, as well as funds to pave the
Ridgewood extension running through the Villages of Seaport ( "Escrow Agreement #1 "); and
WHEREAS, Maxi -Homes of America and the CITY also entered into that certain Escrow
Agreement dated July 30, 1987, executed in conjunction with the same site plan which provided for
the payment of sums by Maxi -Homes to the CITY for the escrow of funds to pave a sidewalk along
entire length of the proposed Ridgewood extension as aforementioned, ( "Escrow Agreement #2 ");
and
WHEREAS, DOWNS has become the successor in interest as the developer ofthe Villages of
Seaport, and as such, desires to amend certain sections of Escrow Agreement #1 and Escrow
Agreement #2, hereinafter collectively referred to as the "ESCROW AGREEMENTS ", and
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WHEREAS, the CITY agrees to amend the ESCROW AGREEMENTS as the amendments
are in conformance with it's comprehensive plan inasmuch as the CITY has abandoned its plans to
extend Ridgewood Avenue through the Villages of Seaport project.
WHEREAS, the ASSOCIATION joins in the execution hereof to express its' consent to the
terms hereof.
NOW THEREFORE, the parties hereto agree as follows:
1. The foregoing recitals are true and correct, and are incorporated herein by reference.
2. The parties agreed that the following sums have been collected to date with
referenced to the ESCROW AGREEMENTS:
1. $36,800.00 for the paving of the Ridgewood Avenue extension.
2. $16,518.45 for North Atlantic Avenue signalization.
3. $6,000.00 for paving of sidewalks.
3. The parties hereby agree to reallocate the escrowed sums as provided in Section 2
above, as follows:
A. The sum of $16,518.45 shall be reallocated for the purchase and construction
of the traffic signal and intersection configuration at the corner of Central
Avenue and North Atlantic Avenue. This project shall be accomplished by
the CITY, and therefore, these funds shall be released to the CITY for their
use.
B. The balance of the fund collected in escrow shall be utilized for a center
turning lane to be constructed on North Atlantic Avenue in front of the
Villages of Seaport. This project shall be accomplished by DOWNS and
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Brevard County and therefore, the funds shall be held in escrow by the CITY
to be paid to DOWNS in draws as the construction progresses. Any funds
remaining after completion of the turning lane and accepted by the CITY shall
be released to DOWNS.
4. The parties hereto agree that all provisions of the ESCROW AGREEMENTS
requiring that additional funds be placed into escrow be terminated.
5. The Agreement shall be binding on successors and assigns of both parties.
6. All other provisions of the ESCROW AGREEMENTS not modified hereby shall
remain in full force and effect.
IN WITNESS WHEREOF, the parties now execute this Agreement on the date above first
written.
ATTEST: DOWNS DEVELOPMENT CORPORATION / -14
INC. AS SUCCESSOR TO MAXI -HOMES
OF AMERICA, a joint venture
t� c By: •
ATTEST: CITY OF CAPE CANAVERAL, a municipal
corporation
By + • 1
City er - Mayor
ATTEST: VILLAGES OF SEAPORT MASTER, an
association
Yky"`y F � By: Axip
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