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RESOLUTION 16-2888 <br />A RESOLUTION OF THE CITY OF CASSELBERRY, FLORIDA <br />APPROVING AND AUTHORIZING THE EXECUTION OF THE <br />SETTLEMENT AND DEVELOPMENT AGREEMENT WITH <br />PROSPERE II INVESTMENT LLC AND CLEAR CHANNEL <br />OUTDOOR, INC. RELATED TO THE CAMBRIDGE OAKS <br />SHOPPING CENTER SIGNS; PROVIDING FOR CONFLICTS, <br />SEVERABILITY AND EFFECTIVE DATE. <br />WHEREAS, Prospere II is the current owner of the Cambridge Oaks Shopping Center at <br />3950 S. US Highway 17-92; and <br />WHEREAS, a billboard owned by Clear Channel Outdoor Inc. existed on the subject <br />property at the time Prospere II Investment LLC purchased the property; and <br />WHEREAS, the City entered into a Pre -Annexation Agreement with the previous <br />property owner in 2006 that included removal of an existing billboard on the site by January <br />2016; and <br />WHEREAS, the Pre -Annexation Agreement was amended in 2008 but the condition for <br />removal of the billboard by January 2016 remained; and <br />WHEREAS, the billboard was not removed by the property owner as required by the <br />Pre -Annexation Agreement; and <br />WHEREAS, Prospere II would like to place a new monument sign on the subject <br />property; and <br />WHEREAS, a Settlement and Development Agreement has been developed between the <br />City of Casselberry, Prospere II Investment LLC, and Clear Channel Outdoor, Inc. that addresses <br />the removal of the billboard and the design and location criteria for future monument signs; and <br />WHEREAS, the City Attorney and staff have reviewed the proposed Settlement and <br />Development Agreement and find it sufficient to meet the goals of the City. <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE <br />CITY OF CASSELBERRY, FLORIDA, AS FOLLOWS: <br />SECTION I. The City Commission of the City of Casselberry hereby approves the <br />Settlement and Development Agreement between the City of Casselberry, Prospere II Investment <br />LLC, and Clear Channel Outdoor Inc. and authorizes the Mayor to execute said document on <br />behalf of the City. <br />