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WHEREAS, for the purposes of this Agreement, the South Village Commercial Parcel,
<br />the North Village, the West Parcel and the Residential Parcel are sometimes collectively referred
<br />to as the "Property"; and
<br />WHEREAS, the City issued a notice requesting proposals for the sale of the Property to a
<br />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,
<br />attached as Exhibit "C", and to provide a mixture of uses including, but not limited to,
<br />placemaking public space, multi -family residential and commercial uses, and quality
<br />architectural form, and after reviewing the proposals and qualifications for a developer of the
<br />Project, the City selected Casto as the preferred candidate to enter into further negotiations in
<br />order to create a mutually agreeable development agreement with respect to the Commercial
<br />Parcels (defined below); and
<br />WHEREAS, the City has provided to Casto, both at the time of the notice requesting
<br />proposals and throughout the negotiation process, various information regarding the Commercial
<br />Parcels, 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 Casto's 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
<br />design guidelines and standards, and proceed with the acquisition, development and construction
<br />of some or all of the Commercial Parcels by Casto, all as more particularly set forth below; and
<br />WHEREAS, the City Commission deems the sale and development of the Commercial
<br />Parcels to be a proper public purpose, and that said sale and development will achieve important
<br />City objectives, such as stimulating economic development in the City, increasing property
<br />values and ad valorem taxes, and creating jobs, and that the Commercial Parcels are surplus real
<br />property; and
<br />WHEREAS, the City Commission is authorized to enter into this Agreement pursuant to
<br />its home rule authority; and
<br />WHEREAS, the City Commission hereby finds that this Agreement is consistent with its
<br />Comprehensive Plan, and is in the best interests of the citizens; and
<br />WHEREAS, Casto and the City are in voluntary agreement with the conditions, terms
<br />and restrictions hereinafter recited, and have agreed voluntarily to their imposition as an incident
<br />to the development of the Commercial Parcels; and
<br />WHEREAS, the City is providing certain economic incentives in furtherance of the
<br />municipal purpose of securing the Project within the City and expanding economic activity
<br />within the City's jurisdictional borders, under Section 166.021(9), Florida Statutes, through
<br />public-private partnerships to allow for public parking, recreation and amenities; and
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