15-2696 Interlocal Agreement and Promissory Note with Seminole County Pertaining to Oxford Road Redevelopment Funding

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RESOLUTION 15-2696 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF CASSELBERRY, FLORIDA, APPROVING AND AUTHORIZING THE EXECUTION OF AN INTERLOCAL AGREEMENT AND PROMISSORY NOTE WITH SEMINOLE COUNTY PERTAINING TO OXFORD ROAD REDEVELOPMENT FUNDING; PROVIDING FOR CONFLICTS, SEVERABILITY, AND EFFECTIVE DATE. WHEREAS, the redevelopment of infrastructure improvements to N. Oxford Road is considered an important endeavor to both Seminole County and the City of Casselberry; and WHEREAS, this project, also known as N. Oxford Road Complete Street Improvements, will provide important context sensitive and multimodal improvements to the Oxford area; and WHEREAS, both Seminole County and the City of Casselberry wish to expedite the construction of the project; and WHEREAS, Seminole County has proposed an Interlocal Agreement (and associated Promissory Note) to provide advance funding to the City of Casselberry for the project in the amount of $1,511,245; and WHEREAS, City staff has reviewed the proposed Interlocal Agreement (including the associated Promissory Note) and finds it acceptable and favorable to the City. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF CASSELBERRY, FLORIDA, AS FOLLOWS: SECTION I. The City Commission of the City of Casselberry hereby approves the Interlocal Agreement and its associated Promissory Note with Seminole County pertaining to Oxford Road redevelopment (attached as Exhibit A), and authorizes the Mayor to execute said documents on behalf of the City. SECTION II. Conflicts. All Resolutions or parts of Resolutions in conflict with any of the provisions of this Resolution are hereby repealed. SECTION III. Severability. If any Section or portion of a Section of this Resolution proves to be invalid, unlawful, or unconstitutional, it shall not be held to invalidate or impair the validity, force, or effect of any other Section or part of this Resolution. SECTION IV. Effective Date. This Resolution shall become effective immediately upon its passage and adoption.