2000-224 - Laserfiche WebLink

Home Browse Search

V D remaining amount required by the County to defease or retire the Bonds it issued to acquire the Land and Existing Facilities and to finance the Improvements. The aforementioned payment of liquidated damages shall be the County's sole remedy under the Facility Lease Agreement. In conjunction with the payment of such liquidated damages, the Dodgers shall have the option to repurchase the Facility (i.e., the Land and all Existing Facilities and Improvements) at a price equal to the Facility's then fair marketvalue, less the amount of any liquidated damages paid by the Dodgers to the C€;unty hereunder. The fair market value of the Facility shall be established by an independent appraiser to be selected by two appraisers, one of whom shall be designated by the Dodgers and the other by the County, The independent appraiser shall appraise the fair market value of the Facility by using the highest and best use method. For purposes of the Facility Lease Agreement, the cessation of use of die Facility as a spring training facility by the Dodgers shall be what constitutes a termination of the Facility Lease Agreement. Section 3. Development Agreemall (A) The Dodgers and the County shall negotiate in good faith to enter into a "Development Agreement" pursuant to which the Dodgers shall undertake responsibility for the construction of the bnprovements generally described in Fxhibit "R" hereto, which Improvements shall be definitively described in the Development Agreement, The County acknowledges and agrees that a portion of the Existing Facilities may be demolished in order to construct the Improvements, which may include new housing units. (B) On or before March 30, 2001 (or such later date as may be acceptable to the Dodgers), the County shall deposit not less than Seven Million Dollars ($7,000,000) into a "Construction Fund" which shall be made available to the Dodgers to pay for the Improvements in accordance with the terms of the Development Agreement. The funds for the Construction Fund shall be obtained by die County from the Bonds that it intends to issue in connection with this project. At the same time, the County shall also deposit up to Two Million Dollars ($2,000,000) into a "Capital Reservc Account" which shall be made available to and administered by the Dodgers to pay for the subsequent repair and/or replacement of any improvements. The Dodgers shall be solely responsible for any and all costs and expenses associated with the improvements and any future improvements voluntarily undertaken by the Dodgers which exceed tate combined amount in the Construction Fund and the Capital Reserve Account; provided, however, that if, during the course of the site plan approval and permitting process, the Dodgers are required to change and/or add to the Improvements and, as a result of any such changes and/or additions, the amount of the cost and expenses associated with the Improvements increases to more than three (30/6) of lite combined amount in the Construction Fund and fire Capital Reserve Account, then the Dodgers shall have up to and including sixty (60) days (or such later date as may be acceptable to the County and the Dodgers) atter the County obtains certification from the State of Florida Office of Tourism, Trade and Economic Development (the "Office ofTourism") that tine Land and Existing Facilities constitute a "facility fora retained spring training franchise" as described in 'Section 288.1162, Florida Statutes, to terminate the Development Agreement and all of the parties shall inimediately be relieved of their obligations under this Memorandum of Understanding, the "Project Agreements" (as defined in Section 8(E), below), and/orany subsequent agreements executed in accordance with this Mcntoranduru of Understanding. Page 4 or 12