13-2535 Voluntary Development Commitment Agmt - Nieuport Partners II, LLC

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Book 9182 Pape 707 Instrument# 218087497 Prepared by: Franklin Ramseur Nieuport Partners ll, LLC 172 West Warren Avenue Longwood, FL 32750 Return to: City Clerk City of Casselberry 95 Triplet Lake Drive Casselberry, FL 32707 VOLUNTARY DEVELOPMENT COMMITMENT AGREEMENT THIS VOLUNTARY DEVELOPMENT COMMITMENT AGREEMENT ("Agreement) is made this 29" day of September 2013, between Nieuport Partners 11, LLC, a Florida limited liability company, whose address is 172 West Warren Ave., Longwood, FL 32750 (the "Developer"), and the City of Casselberry, Florida, a Florida municipality, ;whose address is 95 Triplet Lake Drive, Casselberry, Florida 32707 (the °City„) RECITALS WHEREAS, the City is the owner of approximately 3.0 acres and five lots which is currently a passive park ("the Park"), and Developer has agreed to improve the Park and to construct a proposed six story assisted living facility ("ALF"), together with a common access roadway; and WHEREAS, Developer is the current owner of 6 adjacent lots containing approximately 2.5 acres, as more particularly described on Exhibit "A", which is attached hereto and incorporated herein (the "Property"); and WHEREAS, Developer desires to develop the Property to build a six story ALF with up to 70 units totaling approximately 60,000 square feet (the "Project); and WHEREAS, Developer has agreed to pay a minimum of $135,000 to improve the Park; and WHEREAS, the City finds the Project and the Developer's contribution to the Park will advance a paramount public purpose, since it will be an economic catalyst, will increase the property values in the area, help diversifythe City's tax base, and enhance the aesthetics of the area, and the City would like to offer the Developer certain economic incentives; and WHEREAS, the parties agree that these economic incentives will advance the health, safety and welfare of the citizens of Casselberry; and Page 1