HomeMy WebLinkAbout2006-416-1of2 PROPORTIONATE SHARE AGREEMENT BETWEEN
INDIAN RIVER COUNTY, FLORIDA
AND
OSLO 27, LLC
THIS AGREEMENT, entered this 12thday of December 2006 by INDIAN RIVER
COUNTY, FLORIDA a political subdivision of the State of Florida, 1840 25th Street, Vero Beach, Florida,
32960 hereafter called COUNTY and OSLO 27, LLC c/o P&S Properties of Indian River, Inc . , 3001 Ocean
Drive, Suite 202 , Vero Beach, FL 32963 , hereafter referred to as the DEVELOPER.
WITNESSETH
WHEREAS, the DEVELOPER has applied to develop a commercial development to be known as
Southern Oaks Center on a 12 . 5 acre parcel of land along the south side of Oslo Road, west of 27th Avenue,
(Indian River County Project Number SP-MA-06- 10-56/2005120295), which is legally described on Exhibit
"A" attached and incorporated herein by reference, and;
WHEREAS, OSLO 27 , LLC is a Florida Limited Liability Corporation authorized to conduct
business in the State of Florida; and is currently the owner of this property; and
WHEREAS, John Swanson and Donald Proctor have the authority to act on behalf of OSLO 27, LLC
and enter into this agreement binding the parties; and
WHEREAS, as part of the development process, DEVELOPER has submitted a traffic study signed
and sealed by a Florida licensed professional traffic engineer. Pursuant to Indian River Code §952 , the traffic
study identifies the roads impacted by DEVELOPER' S proposed project; and
WHEREAS, the traffic study shows DEVELOPER' S proposed project will impact the roadway link
on 27th Avenue S .W. from 13th Street S . W. to 17th Street S .W. which is over the capacity as established by
the County ' s Comprehensive Plan; and
WHEREAS, the traffic study shows DEVELOPER' S proposed project will impact the roadway link
on 27th Avenue S .W. from 4th Street to 8th Street which is over the capacity as established by the County' s
Comprehensive Plan ; and
WHEREAS, the traffic study shows DEVELOPER' S proposed project will impact the roadway link
on 27th Avenue S .W. from Oslo Road to 4th Street which is over the capacity as established by the County' s
Comprehensive Plan; and
WHEREAS, the County is currently planning to make improvements to 27th Avenue S.W. from 13th
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Street S .W. to 17th Street S .W., 27th Avenue S .W. from Oslo Road to 4th Street and 27th Avenue S .W. from
4th Street to 8th Street which will increase the capacity of the road; and
WHEREAS, the improvements to 27th Avenue S.W. from 13th Street S .W. to 17th Street S .W. do not
currently appear in the County' s Five Year Capital Improvements Program Component of the Capital
Improvements Element of the County' s Comprehensive Plan; and
WHEREAS, as part of this agreement, the improvements to 27th Avenue S .W. from 13th Street S.W.
to 17th Street S .W. are being added to the County' s Five Year Capital Improvements Program Component of
the Capital Improvements Element of the County' s Comprehensive Plan Capital Improvement Element to the
County' s Comprehensive Plan; and
WHEREAS, simultaneous to approval of this agreement by the Board, the COUNTY and
DEVELOPER will enter into a Developer Agreement that will set forth the parties responsibilities for
construction of 27th Avenue S .W. from 13th Street S .W. to 17th Street S .W. ; and
WHEREAS, the improvements to 27th Avenue S .W. from 4th Street to 8th Street and 27th Avenue
S.W. from Oslo Road to 4th Street are currently in the County' s Five Year Capital Improvements Program
Component of the Capital Improvements Element of the County' s Comprehensive Plan; and
WHEREAS, the County finds that all conditions contained in FS 163 . 3180( 16) and Indian River
County Code Chapter 910 have been met in order for DEVELOPER and County to enter into this
proportionate fair share agreement.
NOW, THEREFORE, in consideration of the mutual terms, conditions, promises, covenants and
premises hereinafter, the COUNTY and DEVELOPER agree as follows:
1 . The above recitals are affirmed as being true and correct and are incorporated herein .
2 . The roadway improvements contemplated by this agreement are in the best interests of the citizens
of Indian River County. The improvements will provide a benefit to the health, safety and welfare of the
residents of the County by providing safe roads for the traveling public.
3 . In accordance with Exhibit B attached and incorporated by reference herein, the DEVELOPER shall
pay to the County the sum of $211 ,900. 88 as the DEVELOPER' S proportionate share of improvements to 27th
Avenue S .W. from 13th Street S . W. to 17th Street S .W. In accordance with Exhibit B attached and
incorporated by reference herein, the DEVELOPER shall pay to the County the sum of $333 ,957.61 as the
DEVELOPER' S proportionate share of improvements to 27th Avenue S .W. from Oslo Road to 4th Street. In
accordance with Exhibit B attached and incorporated by reference herein, the DEVELOPER shall pay to the
County the sum of $78 ,757.67 as the DEVELOPER ' S proportionate share of improvements to 27th Avenue
S .W. from 4th Street to 8th Street.
4. DEVELOPER shall pay to the County, the proportionate share amounts in paragraph 3 above prior to
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approval of this agreement. Upon receipt of the funds, the funds shall be placed in the appropriate project
accounts for the funding of the County scheduled improvements in the County Capital Improvement element.
Should the County fail to approve this agreement, the funds shall be returned to Developer and this agreement
shall be considered null and void.
5 . In accordance with Exhibit B attached and incorporated by reference herein, the DEVELOPER shall
pay to the County the project' s impact fees assessed pursuant to Title X, Code of Indian River County, less the
$211 ,900 . 88 proportionate share contribution amount for the segment of 27 h Avenue S .W. between 13 " Street
S .W. and 17"' Street S . W. which shall be applied as a credit against the Project' s Title X fees as provided for in
the Developer' s Agreement between COUNTY and DEVELOPER, together with all water and sewer capacity
charges. DEVELOPER shall pay to the County the water and sewer capacity charges and impact fee amount
as stated above prior to the approval of this agreement. Should the County fail to approve this agreement, the
impact fees shall be returned to Developer and this agreement shall be considered null and void.
6. DEVELOPER has paid the payments specified in paragraphs 3 and 5 , and upon posting of the letter of
credit required by the Developer' s Agreement between COUNTY and DEVELOPER and upon approval of
this agreement by the Board of County Commissioners; the COUNTY shall issue DEVELOPER a CCI-5
Concurrency Certificate, or its equivalent, for the project. The certificate shall expire five years from the date
of issuance. Should DEVELOPER fail to obtain a building permit within the timeframe covered by the
certificate, then the project vesting shall expire, and no refunds shall be given. All payments made, however,
shall run with the land.
7 . Upon payment of the amounts specified in paragraphs 3 and 5 , and posting of the required letter of
credit and the County' s approval of this agreement and the Developer Agreement, DEVELOPER' S proposed
project shall be deemed vested for concurrency purposes as defined in FS 163 and Indian River County Code
Chapter 910.
8 . DEVELOPER hereby agrees to indemnify Indian River County and Representatives thereof from all
claims arising solely from intentional, reckless or negligent acts, errors or omissions of the DEVELOPER or
DEVELOPERS' representatives in the performance of professional services under this agreement and for
which DEVELOPER is legally liable.
9 . In the event any legal proceedings are required to enforce the terms of this Agreement, the prevailing
party shall be entitled to reasonable attorney fees at both trial and appellate levels, together with all costs of
said proceedings.
10. No amendment, modification, change, or alteration of this Agreement shall be valid or binding unless
accomplished in writing and executed by all of the parties hereto. This Agreement contains the entire
agreement and understanding between the parties.
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11 . This Agreement shall be binding upon and inure to the benefit of the parties hereto and their personal
representatives, heirs, successors, and assigns and may be recorded in the public records of Indian River
County.
12 . This Agreement and all matters arising hereunder shall be governed by and construed in accordance
with the laws of the State of Florida. Venue hereunder shall lie in Indian River County, Florida.
13 . COUNTY and DEVELOPER shall grant such further assurances and provide such additional
documents as may be required by one another from time to time, and cooperate fully with one another in order
to cant' out the terms and conditions hereof and comply with the express intention of this Agreement.
14. In the event any term, condition, or clause of this Agreement is declared to be illegal or unenforceable
by a court of competent jurisdiction, such declaration of illegality or unenforceability shall not affect or alter
the legality or enforceability of any remaining term, condition, or clause hereof, provided of the parties, as set
forth in this Agreement.
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IN WITNESS WHEREOF the COUNTY and DEVELOPER has caused these presents to be
executed in their names, the day and year fust above written.
BOARD OF COUNTY COMMISSIONERS
OSL LLC INDIAN RIVER COUNTY, FLORIDA
B : BY: '�t --
Its: 2 Gary C.P%eeler, Chai rkz ,or
WITNESS : C - ByT�
teph . aird, .County Administrator ,WITNESS : %
(Corporate c able in place of witnesses) Attest:
r( Jeffrey K. Barton
Clerk of Court
Approved as to form and lefal supieiency
County Attorney
1 . Indian River County Approved Date
Administration Administration t'7 yrl f�
Budget
Co. Arty. �Z-(
Risk
Cl MM 0,V, j]H.�✓
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EXHIBIT "A"
LEGAL DESCRIPTION
EXHIBIT "B"
PROPORTIONATE SHARE CALCULATION
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EXHIBIT "A"
LEGAL DESCRIPTION
The West 10 acres of the East 20 acres of Tract 1 (less canal) in Section 27, Township 33
South, Range 39 East, according to the last general Plat of lands of Indian River Farms
Company filed in the office of the Clerk of the Circuit Court of St. Lucie County, Florida, in
Plat Book 2, Page 25 ; said lands now lying and being in Indian River County, Florida.
TOGETHER WITH :
North 5 acres of the East 10 acres of Tract 1, Section 27, Township 33 South, Range 39 East
according to the last general plat of lands of Indian River Farms Company filed in the office
of the Clerk of the Circuit Court of St. Lucie County, Florida, in Plat Book 2, Page 25 ; said
lands now lying and being in Indian River County, Florida.
Less And Except :
The canal right-of-way to the North, the right-of-way for Oslo Road, the right-of-way for 27`h
Avenue, and that property as described in O.R. Book 1163 , Page 1105 , of the public records of
Indian River County, Florida
Further Less And Except:
The South 287. 50 feet of the above following described parcel of land.
And Further Less And Except The Following:
The South 348 .31 feet of the North 378 . 31 feet of the West 15 . 00 feet of the East 60 .00 feet of
the North 5 acres of the East 10 acres of Tract 1 , Section 27, Township 33 South, Range 39 East,
according to the last general plat of lands of Indian River Farms Company recorded in Plat Book
2, Page 25 of the public records of St. Lucie County, Florida; less the North 30.00 feet for canal
right-of-way, the East 45 . 00 feet, for right-of-way, now lying and being in Indian River County,
Florida; And: the South 287.26 feet of the North 635 .57 feet of the West 6 .00 feet of the East
51 .00 feet of the North 5 acres of the East 10 acres of Tract 1 , Section 27, Township 33 South,
Range 39 East, according to the last general plat of lands of Indian River Farms Company,
recorded in Plat Book 2 , Page 25 of the public records of St. Lucie County, Florida; less the
North 30 . 00 feet for canal right-of-way, the 45 .00 feet for road right-of-way now lying and being
in Indian River County, Florida.
VAReal Estate\CHM\P&S - OSLO 27 LLC\Legal Description EXHIBIT A.doc
Traffic concurrency split - final
Exhibit 1B11
Model Oslo 27, LLC - Traffic Concurrency Analysis
Budget:
Design (Kimley Horn) $ 174,000.00
Legal i£ Accounting $ 36,000.00
Overhead, Supervision and Inspections 24 months @ $153000 per month $ 360,000.00
Construction 0.5 miles @ $73000,000 per mile $ 3,500,000.00
Contingency $ 286,000.00
Right-of-way acquisition $ -
Total estimated project cost $ 4,356,000.00
Number of additional trips available from a conversion of roadway from 2 to 4 lanes is 792 trips per 2 miles of roadway
Therefore the number of additional trips available for 0.5 mile of roadway (114 of 2 mile link) is 198
Pro rata share of total estimated project cost per additional trip based on county calculation is $ 21 ,997.80
Impact Fee Credit per Proportionate Share ordinance is $ (807.71 )
Pro rata share of total estimated project cost per additional trip net of impact fee credit is $ 21 ,190.09
Number of additional trips required of Oslo 27,LLC by traffic engineer is 10
Pro rata share of costs allocatable to Oslo 27, LLC is 10 trips @ $ 21 ,190 per trip $ 211 ,900.88
Estimated Transportation Impact fees for Oslo 27, LLC with 44,400 sq. ft. $ 489,522.40
Balance of Transportation Impact fees due County $ 277,621 .52
Additional Non-transportation Impact Fees due County $ 139,442.02
Total Impact Fees due to County $ 417,063.54
Legend:
A. Pro rata share applicable to other participating developers:
Number of additional trips generated by proposed development x $21 , 190.09 = Required participation
B. Number of additional trips associated with proposed development: As determined by IRC Traffic Engineer.
C. County requires a bond of 115% of the Total estimated project cost.
D. Developer is also required to post a Letter of Credit in the amount of $5,000,000 to secure the completion of the project.
Traffic concurrency split - final
Transportation Impact Fee Total Impact fee
Sq. Ft. per 1 ,000 GFS Total per 1 ,000 GSF Total
Medical Office 5,000 $ 15.553 $ 77,765.00 $ 18. 13502 $ 90,675 . 10
Retail 50,000 GSF or less 15,000 $ 9.837 $ 147,555.00 $ 13. 18174 $ 197,726. 10
Office 50,000 GSF or less 20,000 $ 7.348 $ 146,960.00 $ 9.33464 $ 18602.80
Restaurant 4,400 $ 26.646 $ 117,242.40 $ 34.97055 $ 153,870 .42
Total 44,400 $ 489,522.40 $ 6289964.42
Impact fee credit for pro rata share of link 24105 to be paid to County escrow account $ (219,978.00)
Net transportation impact fees paid to county for 2410S $ 269,544.40
Additional Impact fees net of credits paid for: 24205 $ 3333957 .61
2430S $ 78,757.67 $ 412,715.28
Total Additional transportation fees paid to County $ 682,259.68
Total Impact Fees and pro rata cost of road construction to be paid be developer:
Pro rata portion of costs to build 2410S $ 2192978.00 45%
Additional transportation fees paid to County $ 682,259.68
Total $ 902,237.68
Transportation impact fees without proportionate share $ 489,522.40
Net additional costs to project for County transportation fees $ 412,715.28 $ 4129715.28
Total check to County $ 19041 ,679.70
Developer Transportation Impact Fees paid to County $ 682,259.68
Pro rata portion of costs to build 2410S $ 219,978.00
Total off site Transportation costs to developer $ 902,237.68
Additional Non-transportation Impact Fees $ 139,442.02
Total Impact and County Transportation costs to developer $ 1 ,041 ,679.70
Calculation from County:
Additional Impact fees net of credits paid for: 2420S $ 333,957.61
2430S $ 789757.67
2410S Total $ 2193978.00
Delete Impact Fee credit if County built road under Proportionate Share 3.67% $ (81077. 12) $ 211 ,900.88 $ 624,616. 16
Total Impact Fees $ 6283964.42
Total $ 12253,580.58
Credit for Impact Fees for building road segment $ (211 ,900.88)
Total check to County $ 110413679.70
Additional fees for Water and Sewer Capacity:
ERU's for Water 15 ERU's @ $ 1 ,300.00 $ 19,500.00
ERU's for Sewer 15 ERU's @ $ 21796.00 $ 412940.00
Water line 327.8 Ft. @ $ 11 .25 $ 33687.75
Sewer line 327.8 Ft. @ $ 15.77 $ 51169.41
Total check to County $ 703297. 16
Total Paid to County for Impact fees and Capacity charges $ 1 , 111 ,976.86
Total size of project 44,400
Additional cost per Square Foot $ 25.04
In Addition: Developer is also required to post a Letter of Credit in the amount of $5,000,000 to secure the completion of the project.