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<br />incentive loan of $1.5 million, secured by a mortgage, would not bear interest for a term of up to 10 <br />years, with a portion of the loan to be paid back upon the sale at closing of each lot. The property <br />th <br />is located on the north side of SR 60 to the west of 98 Avenue and borders on CVS which is now <br />close to receiving its certificate of occupancy. He explained many of the terms of the contract <br />agreement and recommended its approval. <br />County Administrator Baird responded to questions regarding prior incentives of utilities <br />work and explained this step is being taken in order to stimulate interest in this industrial node and <br />to attract and create jobs in a clean industry that we hoped to attract. <br />There was a brief discussion about the utility work done on SR 60 in anticipation of this <br />Park of Commerce and that CVS would still have the ability to expand and use the 80-foot height <br />limit granted them previously. Also jobs accountability was explained by Director Boling. <br /> <br />MOTION WAS MADE by Vice Chairman Wheeler, <br />SECONDED by Commissioner Lowther, to approve <br />staff’s recommendation. <br /> <br />Assistant County Attorney William K. DeBraal advised of a couple of minor changes <br />regarding insurance. He explained the developer will be listed as an additional insured on any <br />subcontractors’ agreements, and also professional liability limits would be set for $1 million rather <br />than $3 million. This will be a subordinate mortgage; there is one existing loan on the property for <br />acquisition and development and another loan will be closed the end of this month. The County <br />rd <br />has agreed to take a 3 position in this situation. We have been assured that the property’s value <br />far exceeds the loans and the County’s loans would be paid out of the closing proceeds of each <br />sale. Also, the County would be repaid from the proceeds of the sale if the entire property is sold. <br />He felt comfortable in recommending this to the Board. <br />Brian May <br />, 4000 Ponce de Leon, Suite 770, Coral Gables, FL, representing the <br />Developer Adrian Real Estate Investments II, LLC, explained they have spent $4.4 million putting <br />roads into the Park in Phase I as well as water and sewer. A partial final plat is pending with the <br />May 2, 2006 <br />36 <br /> <br />