18-3020 Approving Agreement for Educational System Impact Fees Only with Concord Development LLC

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WHEREAS, Owner submitted a written bubble plan to the City on March 19, 2018, a copy of which is attached hereto as Exhibit "C"; and WHEREAS, following the execution of the Purchase Agreement and after the commencement of significant land planning efforts and meetings with City Staff, and just before Owner closed on the Property, Seminole County adopted that certain amended Educational System Impact Fee Ordinance on or about January 9, 2018, which ordinance established payment of Educational System Impact Fees rates that are effective on April 10, 2018 (the "Amended School Impact Fee Ordinance"); and WHEREAS, Section 105.43 of the Amended School Impact Fee Ordinance provides that the County shall be bound by any written agreement between a property owner and the City which establishes, restricts, or prohibits the imposition of Educational System impact fees on any property within the City; and WHEREAS, the City established a vested rights procedure under Resolution 18-3013 regarding the payment of Educational System Impact Fees under the rates for residential units that were in effect prior to January 8, 2019; and WHEREAS, Owner has complied with such vested rights procedures established under Resolution 18-3013; and WHEREAS, the purpose of this Agreement is to set forth the understanding and agreement of the City and Owner with respect to the matters set forth herein. NOW THEREFORE, for and in consideration of the foregoing premises, the mutual covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the City and Owner agree as follows: 1. Recitals and Exhibits. The above recitals are true and correct, form a material part of this Agreement and are, by this reference, incorporated in this Agreement as if fully set forth herein. 2. Vested Rights Agreement. a. Upon development of the Property, Owner shall pay Educational System Impact Fees to Seminole County in accordance with the City of Casselberry's Educational System Impact Fee Jested. Rights Procedures, Resolution 18-3013. Based on the Owner's expenditures and the City actions to date, such impact fees are established at the impact fee rate in effect prior to January 8, 2018, which such fees were equal to Two Thousand Four Hundred Fifty and 00/100 Dollars ($2,450.00) per each Townhome/Condomirlium/Duplex Residential Dwelling Unit and Two Thousand One Hundred and 00%100 Dollars ($2,100.00) per each multifamily residential dwelling unit. Moreover, given the comprehensive planning for the project and Owner's significant expenditure of funds, the Educational System Imp�ict Fees in the amount of $2,450.00 per each 0215049\178377\5801067v5