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

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WHEREAS, COUNTY and CITY desire to expedite commencement of CITY's portion of the Oxford Road Project by COUNTY advancing a portion of its share of the Sales Tax Proceeds to CITY on the terms and conditions as stated hereinafter, NOW, THEREFORE, in consideration of the mutual terms, conditions, promises, covenants, and payments hereinafter set forth, CITY and COUNTY agree as follows: Section 1. Recitals. The foregoing recitals are deemed to be essential facts, findings and determinations underlying this Agreement and are incorporated herein by reference. Section 2. Governing Law. This Agreement is entered into between COUNTY and CITY pursuant to Chapters 125, 163, 166 and 673, Florida Statutes (2014), as these statutes may be amended from time to time. Section 3. Effective Date and Term. This Agreement will be deemed effective as of the date hereinabove first written, irrespective of the actual date executed by the signatories hereto. This Agreement will expire on January 1, 2018, unless terminated earlier as provided in Section 5 hereof; provided, however, in the event of a default in CITY's repayment of the Promissory Note herein authorized, this Agreement shall remain in effect until all defaults have been cured and the Promissory Note paid in full. Section 4. Financial Obligations of Each Party. (a) COUNTY Obligations. COUNTY agrees that it will advance the sum of ONE MILLION FIVE HUNDRED ELEVEN THOUSAND TWO HUNDRED FORTY-FIVE AND N0/100 DOLLARS ($1,511,245.00) (hereinafter the "Loan") to CITY in one (1) installment on April 1, 2015 or as soon as practicable thereafter subject in all respects to COUNTY's receipt of timely, sufficient disbursements of Sales Tax Proceeds from the Florida Department of Revenue. If more than one installment is necessary due to delayed receipt of Sales Tax Proceeds from the State, then COUNTY will advance the remaining Loan amount in sequel installments as soon as Interlocal Agreement Between Seminole County / City of Casselberry Oxford Road Redevelopment Funding Page 2 of 11