17-2942 East/West Sidewalk Reimb Agmnt with Casselberry Ventures

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E. The City Commission and the CRA deem the Sidewalk to be a proper public purpose, and that said development will achieve important CRA and City objectives, such as stimulating economic development in the CRA, improving mobility, and increasing property values; and F. Consistent with Florida Statutes Chapter 163, Part III, and the CRA Plan, the CRA has the authority to use CRA funds for public purposes to promote local economic development and stimulate business and commercial activity within the CRA; and G. Consistent with said law and the CRA Plan, and in consideration of Developer's commitment to design and construct the Sidewalk, Developer's on-going construction of the apartment complex, and as an economic incentive to Developer, the CRA agrees to partially reimburse Developer for the construction of the Sidewalk; and H. The CRA's contribution of funds to the Sidewalk is not a lending or pledge of the CRA's or the City's credit, but is a one-time legislative appropriation of funds by the CRA, and the CRA is not a joint venturer with the Developer; and L This Agreement will include all the terins necessary to ensure that the economic incentives provided by the CRA and Developer ultimately serve their intended municipal purpose of enhancing the prospects for local economic development; and J. The City is authorized by its home rule power to enter into this Agreement. NOW THEREFOR -E, in consideration of the above premises, the promises and provisions contained herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 1. Incorporation of Recitals. The foregoing recitals are true and correct, shall be and are hereby incorporated into and made a part of this Agreement. 2. The CRA will reimburse Developer for the actual proven costs of the design and construction of the Sidewalk in the amount of $31,913.00, not to exceed $35,747.00 (the "Reimbursement Amount"), estimated as described in Exhibit "B". For purposes of this Agreement, "design costs" include, without limitation, costs and expenses of land surveying and civil engineering; "construction costs" include, without limitation, the costs and expenses for clearing, grubbing and earth excavation. 3. Funds Escrow. The City will deposit the Reimbursement Amount into an escrow account held by Developer's attorney, Broad and Cassel LLP ("Escrow Agent"), within 30 days after the Effective Date, and the Reimbursement Amount will be disbursed in accordance with this Section 4, by Escrow Agent upon completion of the Sidewalk, as evidenced by a certificate of occupancy. Following payment to Developer of the costs incurred in completion the Sidewalk (up to the Reimbursement Amount), Developer will quitclaim the sidewalk to the City via bill of sale upon completion. Upon completion of the Sidewalk, Developer will provide the CRA and Escrow Agent with a disbursement request ('Disbursement Request") for the Reimbursement Amount, which shall include a copy of all applicable invoices, receipts, warranties, maintenance bonds, and documentation, including all change orders, which clearly evidence each Sidewalk expense, for review. The CRA will not agree to reimbursement of any expense which is not 2