14-2659 Casto Casselberry Acquisition Agreement and Option to Purchase

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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 Casto; 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 WHEREAS, this Agreement and future agreements will include all the terms necessary to ensure that the economic incentives provided by the City to Casto ultimately serve their intended municipal purpose of enhancing the prospects for local economic development; and WHEREAS, the Parties agree that the economic incentives detailed here are for the benefit of the public health, safety, welfare, and convenience of the citizens of the City of Casselberry, Florida; and WHEREAS, Casto and the City recognize and agree that this Agreement does not represent the City's approval of nor express the City's intent to approve the Casto's final plans for Casto's portion of the Project in any particular way or manner except in accordance with controlling development orders and the land development regulations of the City, nor does it bind the City in any way regarding the City's potential approval of the Project; and WHEREAS, the City has determined that the terms and conditions of this Agreement are in the best interests of the public health, safety and welfare of the citizens of the City and provide for a public benefit. NOW THEREFORE, in consideration of the premises and mutual covenants herein contained, the Parties agree as follows: PART 1 — GENERAL 1.1 Recitals; Exhibits; Definitions. The above Recitals are true and correct, are incorporated herein by reference and form a material part of this Agreement. The Existing Agreement, as to the Parties hereto, is hereby terminated and is of no further force and effect whatsoever, and is superseded by this Agreement and the terms and conditions hereof. The 0215045\157453\1626977v8