02/02/2021 - Laserfiche WebLink

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/A MEMORANDUM TO: Board of County Commissioners FROM: Dylan Reingold, County Attorney DATE: January 25, 2021 SUBJECT: 16th Street Ballfields and the Jimmy Graves Foundation BACKGROUND. On June 23, 2020, the Indian River County Board of County Commissioners (the "Board") authorized the County to file a lawsuit concerning the above -referenced matter. On November 16th, Indian River County filed the complaint against the Jimmy Graves Foundation and Jimmy Graves Sports Complex. Since that time, Indian River County staff has worked with the School District and the Jimmy Graves Foundation and Jimmy Graves Sports Complex on a resolution to the matter. County staff wishes to present that resolution to the Board for approval. The Jimmy Graves Sports Complex plans to gift the property to the School District. As part of that transaction, restrictive covenants will be recorded on the property. The restrictive covenants will include language, consistent with the language in the initial purchase and sale agreement between the Jimmy Graves Foundation and the County, "limiting the primary use of the property to recreational activities, youth related activities, or otherwise charitable activities. The restrictive covenants would also "not limit or prohibit the construction of any legally permitted buildings or structures which are in furtherance of the permitted primary uses or charitable purposes." The restrictive covenants would also contain language that the restrictive covenants "shall not be released or amended without the prior written, recordable consent of Indian River County." Thus, the County will have the authority to enforce the restrictions. Bond counsel for the School District recommended additional language be added to the restrictive covenants to address issues relating to the use of potential bonds for the improvements for the property. That language is as follows: "Provided, however, that in the event the School Board determines to finance educational facilities located on the property through the issuance of Certificates of Participation (COPs) or other financing structure, such restriction shall not be in effect due to the use of the property for other purposes during the term of any ground lease entered into by the School Board to finance educational facilities located on the property under the School Board's master lease -purchase finance program as the result of an event of default under the master trust agreement related thereto." 246