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2000-224
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Last modified
4/25/2024 10:01:42 AM
Creation date
4/25/2024 10:00:58 AM
Metadata
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Template:
Official Documents
Official Document Type
Memorandum of Understanding
Approved Date
09/27/2000
Control Number
2000-224
Entity Name
de Guardiola Development, Inc.
Subject
Memorandum of Understanding for Dodgertown
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i <br />C-] <br />MEMORANDUM OF UNDERSTANDING <br />THIS Memorandum of Understanding, dated as ofJuly 24, 2000, shall be cffective as of the last <br />signature date hereof, by and among Indian River County, Florida, a political subdivision of the State of <br />Florida (the "County"), the City ofVcro Beach, Florida, a municipal corporation (the "City), Los Angeles <br />Dodgers, Inc., a Delaware corporation, and Fox Baseball Holdings Incorporated, a Delaware corporation, <br />the owner of record of the Land (collectively, the "Dodgers") and de Guardiola Development, Inc., a <br />Florida corporation (the "Developer"). <br />WITNESSETH <br />WHEREAS, Dodgers own and control the land consisting of approximately 64.03 acres described <br />in Exhibit "A" hereto (the "Land"); and <br />WHEREAS, for over fifty years, the Dodgers have owned and operated the spring training and <br />conference facility known as "Dodgertown," which is located on the Land and is comprised of Holman <br />Stadium, an eighty-nine (89) unit hotel facility, a conference center with meeting and dining rooms, a <br />clubhouse and weight room, in -door batting and pitching cages, four (4) full baseball practice fields, and <br />two (2) half baseball practice fields (collectively, the "Existing Facilities"); and <br />WHEREAS, the Dodgers desire to sell the Land and Existing Facilities to the County, and, in <br />conjunction with fire Developer, to develop other land owned by the Dodgers within the municipal limits <br />of the City into a mixed use town concept which will reflect the ambiance and tradition ofDodgertown; and <br />WHEREAS, (lie County intends to finance its obligations tinder the Real Estate Contract (as <br />defined in Section l (A), below) and the Development Agreement (as defined in Section 2(A), below), in <br />pail, by means of one or more series of revenue bonds to be issued by the County (the "Bonds"); and <br />WHEREAS, the parties now desire to identify the general tennis and conditions pursuant to which <br />they shall negotiate in good faith to draft and execute the various agreements whereby (1) the County shall <br />acquire the Land and Existing Facilities from the Dodgers, (2) the County shall lease the acquired Land and <br />Existing Facilities to the Dodgers, and (3) the Dodgers shall, on behalf of the County and at the County's <br />cost and expense (as described in Section 3(B), below), improve and/or repair die Existing Facilities andkir <br />replace the Existing Facilities with new improvements (the "Improvements"). <br />NOW THEREFORE, the parties hereto agree as follows: <br />Page. I ❑C 12 <br />
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