16-2888 Approving Settlement/Development Agreement with Prospere II Investment, LLC and CLear Channel Outdoor, Inc.

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WHEREAS, Prospere and Clear Channel and the City have been in discussions for over a year regarding Prospere's claim that the City has no right to require removal of the Billboard, and Clear Channel's claim that the Billboard should remain until at least January of 2017, and that the City has violated Fla. Stat. 70.20 in requiring its removal; and WHEREAS, in order to prevent either Prospere or Clear Channel from seeking legal redress for their perceived claims of takings or Bert Harris violations, the parties met and mediated this matter; and WHEREAS, the parties have agreed that the Billboard can remain at Cambridge Oaks in its current location until January of 2017, and will be removed at that time, and that Prospere can erect additional monument signs. NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter stated, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: AGREEMENT: 1. Recitals. The foregoing recitals are true and correct and are incorporated herein by reference. 2. The Billboard will be removed from Cambridge Oaks no later than January 31, 2017. Clear Channel shall be responsible for the expense and removal of the Billboard. The Billboard will not be upgraded or renovated, and will remain in its current location. 3. If the Billboard is not removed from Cambridge Oaks by January 31, 2017, the parties agree that the City has the option to enter Cambridge Oaks and remove and dispose of the Billboard. The City will not be required to provide prior notice of this removal. The City will recover the costs of removal from Clear Channel, and the City will bring a code enforcement action against Prospere. Should any litigation be required, Prospere will indemnify the City, including all the City's attorneys' fees. 4. Currently, in addition to the Billboard, there is a monument sign located at Cambridge Oaks, which is shown in Exhibit C. Due to its extensive street frontage, Prospere has the right under the City Code to construct 2 additional monument signs. The City would like to incentivize Prospere to erect only 1 additional monument sign. The City Code currently requires that monument signs have a maximum size of 100 square feet. In consideration of Prospere's entry into this Settlement, and of the fact that the City would prefer that Prospere reduce the number of potential signs, the City agrees to the following: (a) If Prospere chooses to construct only one (1) monument sign, that monument sign must be no more than 15 feet in height, but can include a maximum of 170 square feet of copy area, an increase over the Code's maximum, in recognition of Prospere relinquishing the right to erect a third sign. This new sign must be located where required by City Code, at least 300 feet from the existing sign shown in Exhibit C. Prospere agrees that it will not request permission to erect a third sign. This sign waiver 2