HomeMy WebLinkAbout2023-178H TRUE COPY
CERTIFICATION ON LAST PAGE
CYAN L. SUTLER, CLERK
BASIN 22 MITIGATION BANK
CREDIT RESERVATION AND PURCHASE AGREEMENT (FEDERAL)
J. PAT CORRIGAN FAMILY LIMITED PARTNERSHIP, LLLP, a Florida limited liability limited partnership and
HUGH CORRIGAN, III, FAMILY LIMITED PARTNERSHIP, LLLP, a Florida limited liability limited partnership
(hereinafter referred to as "Seller"), the owner of the land known as the Basin 22 Mitigation Bank, does hereby
reserve and set aside for future assignment for the sole benefit Indian River County, Florida, a political subdivision
of the State of Florida, (hereinafter referred to as "Buyer"), for a reservation period of 90 days, as the same may be
extended as provided for hereinbelow:
.50 (to the nearest tenth of a credit) UMAM mitigation bank credit(s) issued to Seller's Basin 22
Mitigation Bank pursuant to Seller's mitigation banking permit from U.S. Army Corps of
Engineers (USACE Permit Number SAJ-2009-01420) (hereinafter referred to as "Federal Credits").
See Addendum No. One relative to Wetland Credit Classification.
This reservation is for use of credits in connection with mitigating adverse wetland impacts which may arise as a result
of construction or other projects undertaken or to be undertaken by the Buyer as provided in DEP 404 Program
Permit No. 31 -420 -933 -001 -SF 1.
The total purchase price payable by Buyer for the Federal Credits referenced above is
$125,000.00 Dollars (hereinafter referred to as the "Purchase Price"). Therequired
deposit to purchase the Federal Credits is $12,500.00 Dollars, representing ten percent
(10%) of the Purchase Price. ThePurchasePriceisequalto the product of the number of
Federal Credits multiplied by the price per credit.
The deposit referenced above shall be posted by the Buyer with the Escrow Agent indicated below upon
execution of this Agreement. Following receipt of the deposit by Escrow Agent, and clearance of funds, Seller
will send a Notice of Credit Reservation to Buyer. Upon receipt by the Escrow Agent of the total Purchase Price
for the credits, and clearance of funds, Seller will send a Request for Withdrawal of Mitigation Credits to U.S.
Army Corps of Engineers (herein referred to as "USACE) requesting USACE to withdraw the specific credits
from the Basin 22 Mitigation Bank upon their approval of the Buyer's permits.
The Buyer's deposit will be applied to the Purchase Price at the closing of this transaction. The Buyer's
deposit shall be considered to be nonrefundable. The deposit will be retained by the Escrow Agent, to and
until expiration of the initial reservation period stated above. Following the initial reservation period, the
Escrow Agent may release the deposit to the Seller.
Buyer shall be permitted to extend this credit reservation for up to one (1) additional reservation period of 90
days. An additional deposit of 10% of the Purchase Price shall be paid by Buyer to extend the reservation
period. The additional reservation deposit is considered to be fully nonrefundable, and Escrow Agent may
release same to the Seller upon receipt from the Buyer.
The balance of the Purchase Price shall be due prior to the issuance of Buyer's permits to use the mitigation
bank credits to offset wetland impacts or by the end of the 90 day credit reservation period, whichever comes
first (subject to the right of Buyer to extend the credit reservation period provided for in the immediately
preceding section). Failure by Buyer to close the purchase within the time stated herein shall be a default of this
Agreement, in which event Seller shall have the right to terminate this Agreement and all deposits and monies
paid by Buyer shall be forfeited to Seller.
Seller warrants that it will take no action inconsistent with the reservation(s) and future assignment described
herein. In the event Seller is unable to assign the credits reserved herein to Buyer at closing, Seller will return
to Buyer any deposit(s) or other monies received from Buyer pursuant to this Agreement. • In such event, this
Agreement shall be terminated and become null and void, and Buyer and Seller shall have no further liability or
obligation to each other.
A TRUE COPY
CERTIFICATION ON LAST PAGE
RYAN L. BUTLER, CLERK
This Agreement shall not be assignable by Buyer. The credits reserved herein are to be utilized by the Buyer
solely in connection with the mitigation of adverse wetland impacts for the above referenced project and for no
other purpose. Buyer represents that the credits are not being purchased for purposes of resale, and any resale
of the credits shall be prohibited. Failure of Buyer to comply with this provision shall constitute a breach of
this covenant. As a consequence, Seller shall have the right to repurchase all credits for a total consideration
equal to 50% of the original Purchase Price paid by Buyer. In such an event, the credits shall be conveyed to
Seller, free and clear of any lien or other encumbrance, within 30 days after Seller furnishes notice of its intent
to require such reconveyance. This section shall survive the original credit transfer, and continue in full force
and effect.
Payment shall be made to: Gould Cooksey Fennell, PLLC (Christopher H. Marine, Esq.) as Escrow Agent
for Basin 22 Mitigation Bank, and sent to 979 Beachland Boulevard, Vero Beach, Florida 32963.
Buyer:
Indian River County, Florida, a
subdivision of State of Flori
By:
Name:
Dated: August 29
Attest: Ryan L. Butler, Clerk of
Circuit Court and Comptroller
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Seller:
J. PAT CORRIGAN FAMILY LIMITED
PARTNERSHIP, LLLP, a Florida limited
liability limited partnership
By its: General Partner, The Corrigan Special
Trust u/a/d December 30, 2009
2023
APPROVED AS TO FORM
AND LE L SU ENCY
BY
SUSAN J. PRAD
COUNTY ATTORNEY
Christopher H. Marine, Attorney In Fact
HUGH CORRIGAN, III, FAMILY LIMITED
PARTNERSHIP, LLLP, a Florida limited liability
limited partnership
By its: General Partner, Hugh Corrigan, III
Control Trust
By:
Christopher H. Marine, Attorney In Fact
Dated:
STATE OF FLORIDA
INDIAN RIVER COUNTY
THIS IS TO CERTIFY THAT THIS IS A
TRUE AND CORRECT COPY OF THE
ORIGINAL ON FILE IN THIS OFFICE.
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ADDENDUM NO. ONE TO BASIN 22 MITIGATION BANK CREDIT RESERVATION AND
PURCHASE AGREEMENT (FEDERAL)
SELLER: J. PAT CORRIGAN FAMILY LIMITED PARTNERSHIP, LLLP, a Florida limited
liability limited partnership and HUGH CORRIGAN, III, FAMILY LIMITED PARTNERSHIP,
LLLP, a Florida limited liability limited partnership
BUYER: Indian River County, Florida, a political subdivision of the State of Florida
CLASSIFICATION OF WETLAND CREDITS:
DEP 404 Program Permit No.: 31-420-933-001-SFI
Palustrine Forested:
Palustrine Emergent: .50
Total Credits: .50