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

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INTERLOCAL AGREEMENT BETWEEN SEMINOLE COUNTY AND CITY OF CASSELBERRY PERTAINING TO OXFORD ROAD REDEVELOPMENT FUNDING THIS INTERLOCAL AGREEMENT, dated M(AfCY1, . , 2015, hereinafter referred to as the "Agreement", is made and entered into by and between SEMINOLE COUNTY, a Charter County and political subdivision of the State of Florida, whose address is Seminole County Services Building, 1101 East First Street, Sanford, Florida 32771, hereinafter referred to as "COUNTY", and CITY OF CASSELBERRY, a Florida municipal corporation, whose address is 95 Triplet Lake Drive, Casselberry, Florida 32707, hereinafter referred to as "CITY". WITNESSETH: WHEREAS, on May 20, 2014, the voters of Seminole County approved the imposition of a one cent (1¢) sales tax on all taxable transactions in Seminole County for a period of ten (10) years commencing January 1, 2015 (the "Sales Tax" or "Sales Tax Proceeds") to fund a variety of infrastructure improvements; and WHEREAS, CITY and COUNTY entered into that certain Interlocal Agreement dated March 27, 2014 (the "Governing Agreement") which was also entered into by the other six (6) incorporated municipalities in Seminole County, establishing the list of project priorities for each party to the Agreement and the shared distribution formula for the Sales Tax Proceeds; and WHEREAS, redevelopment and infrastructure improvements to the northerly portion of Oxford Road running through a portion of CITY's incorporated area, as well as the adjacent unincorporated area of COUNTY (the "Oxford Road Project" or "Project") is an indentified project in the Governing Agreement and one which both parties find and determine to be of sufficient priority and public importance to commence at the earliest practical time; and Interlocal Agreement Between Seminole County / City of Casselberry Oxford Road Redevelopment Funding Page 1 of 11