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RESOLUTION 14 -2659
<br />A RESOLUTION OF THE CITY OF CASSELBERRY, FLORIDA,
<br />AUTHORIZING THE EXECUTION OF AN ACQUISITION
<br />AGREEMENT AND OPTION TO PURCHASE BETWEEN CASTO
<br />CASSELBERRY, LLC, AND THE CITY OF CASSELBERRY;
<br />PROVIDING FOR CONFLICTS, SEVERABILITY, AND EFFECTIVE
<br />DATE.
<br />WHEREAS, the City, Integra Lakes, LLC and Casto Southeast Realty Services, LLC,
<br />entered into that certain Acquisition Agreement and Option to Purchase dated July 8, 2013, and
<br />recorded on August 21, 2013, in O.R. Book 8107, Page 649, Public Records of Seminole
<br />County, Florida, which was amended by that certain Amended and Restated Acquisition
<br />Agreement and Option to Purchase, and recorded February 18, 2014, in O.R. Book 8213, Page
<br />98, Public Records of Seminole County, Florida, (the "Original Agreement "), and the parties
<br />subsequently have determined to terminate that Original Agreement and enter into separate
<br />agreements with the parties; and
<br />WHEREAS, this new Acquisition Agreement and Option to Purchase with Casto
<br />Casselberry LLC (formerly Casto Southeast Realty Services, LLC) (hereinafter "Agreement "),
<br />attached hereto as Attachment "A ", will replace and supersede the Original Agreement in its
<br />entirety which was adopted via Resolutions 13 -2503 and 14 -2750; and
<br />WHEREAS, the City owns the property generally located at the intersection of U.S.
<br />Highway 17 -92 and Triplet Lake Drive containing between approximately 20 acres and
<br />described in Exhibit A to the Attachment "A" (the "City Center Property "); and
<br />WHEREAS, the City issued a notice requesting proposals for the sale of the Property to
<br />a financially qualified developer for the development and construction of a "City Center Project"
<br />( "Project ") on the Property and the City Property which would be consistent with the City Center
<br />Guiding Principles for Development approved by the City Commission on May 14, 2012, and to
<br />provide a mixture of uses including, but not limited to, placemaking public space, multi - family
<br />residential and commercial uses, and quality architectural form, and after reviewing the
<br />proposals and qualifications for a developer of the Project, the City selected Integra Lakes LLC
<br />and Casto Southeast Realty Services, LLC, as the preferred candidates to enter into further
<br />negotiations in order to create a mutually agreeable development agreement; and
<br />WHEREAS, the City has provided to the Developers, both at the time of the notice
<br />requesting proposals and throughout the negotiation process, various information regarding the
<br />Property, including surveys, geotechnical reports, civil engineering and environmental reports,
<br />existing building plans, existing design standards, existing public parking counts, parking
<br />agreements and other technical reports for Developers' review; and
<br />WHEREAS, the City and Casto desire to enter into this Agreement to establish the terms
<br />and conditions under which the Parties will engage in the feasibility analysis, master planning,
<br />due diligence, rezoning, the permitting and approval process, establishment of development and
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