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Prepared by:
<br />Catherine D. Reischmann, Esq.
<br />City Attorney
<br />P.O. Box 2873
<br />Orlando, FL 32802-2873
<br />Return to:
<br />City Clerk
<br />City of Casselberry
<br />95 Triplet Lake Drive
<br />Casselberry, FL 32707
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<br />SETTLEMENT AND DEVELOPMENT AGREEMENT
<br />This Settlement and Development Agreement (the "Settlement") is made and entered into
<br />as of theo'Sz- "day of T& , 2016, by and between PROSPERE II INVESTMENT
<br />LLC, a Florida limited liabilit, company, with an address of 8714 Windsor Pointe Dr., Orlando,
<br />FL 32829 (hereinafter "Prospere"), CLEAR CHANNEL OUTDOOR, INC., a Delaware
<br />corporation, with an address of 99 Park Avenue, 2d Floor, New York, NY 10016, and CITY OF
<br />CASSELBERRY, FLORIDA, a municipal corporation, with an address of 95 Triplet Lake
<br />Drive, Casselberry, FL 32707 (the "City").
<br />RECITALS:
<br />WHEREAS, Prospere is the current owner of the Cambridge Oaks Shopping Center,
<br />located at 3950 South U.S. Highway 17-92, Casselberry, FL, and more fully described in Exhibit
<br />A ("Cambridge Oaks"); and
<br />WHEREAS, the prior owner of Cambridge Oaks, CRF -Maitland, LLC and Village
<br />Shoppes of Casselberry, Inc., entered into a Pre -Annexation Agreement in connection with
<br />development of Cambridge Oaks dated November of 2006, which provided that the Billboard on
<br />the site, which is owned by Clear Channel (Permit numbers CA468 and CA469), would be
<br />removed from the site when the lease expired in January of 2016. The Pre -Annexation
<br />Agreement was amended in January of 2008, but the condition for removal of the Billboard
<br />remained. Pictures of the 2 sides of the Billboard are attached as Exhibit B; and
<br />WHEREAS, when the prior owners developed Cambridge Oaks, their site plan approval
<br />included the condition that the Billboard would be removed when the lease expired in January of
<br />2016; and
<br />WHEREAS, when Prospere acquired Cambridge Oaks, Prospere requested that the City
<br />allow it to maintain the Billboard in perpetuity through a Second Amendment to the Pre -
<br />Annexation Agreement, which the City rejected; and
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