14-2659 Casto Casselberry Acquisition Agreement and Option to Purchase

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design guidelines and standards, and proceed with the acquisition, development and construction of portions of the Property by the Developers (and of the construction of certain improvements on the City Property), and WHEREAS, the City Commission deems the sale and development of the Property to be a proper public purpose, and that said sale and development will achieve important City objectives, such as stimulating economic development in the City, increasing property values and ad valorem taxes, and creating jobs, and that the Property is surplus real property; and WHEREAS, the City Commission is authorized to enter into this Agreement pursuant to its home rule authority; and WHEREAS, the City Commission hereby finds that this Agreement is consistent with its Comprehensive Plan, and is in the best interests of the citizens; and WHEREAS, Casto and the City are in voluntary agreement with the conditions, terms and restrictions hereinafter recited, and have agreed voluntarily to their imposition as an incident to the development of the Property; and WHEREAS, the City is providing certain economic incentives in furtherance of the municipal purpose of securing the Project within the City and expanding economic activity within the City's jurisdictional borders, under Section 166.021(9), Florida Statutes, through a public - private partnership to allow for public parking, recreation and amenities; and WHEREAS, as an economic incentive for Casto, the City has agreed to make a contribution towards site development and for placemaking public space on portions of the City Center Property, and without this contribution, the Project could not be built; and WHEREAS, the City's contribution to the Project is not a lending or pledge of the City's credit, but is a one -time legislative appropriation of funds by the City as an incentive toward the development of the Project, and the City is not a joint venturer with the Developers; and WHEREAS, the City Commission deems the development of the Project to be a proper public purpose, and that said development will achieve important City objectives, such as stimulating economic development in the City and increasing property values; and WHEREAS, the presence of the Project within the City is projected to bring a significant number of persons to the City Center, who will generate expenditures and who will utilize surrounding businesses, and is projected to provide economic benefits to the City; and WHEREAS, the City has determined that the development of the Project will advance a paramount public purpose by promoting downtown redevelopment, economic development, job growth, the future expansion of the City's tax base, and the diversification of the City's tax base; and Resolution 14 -2659 Page 2