Submitted By: William E. Sexton, City Attorney
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Presentation By: William E. Sexton
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Department: City Attorney
STAFF RECOMMENDATION (Motion Ready):
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Approval of and authorization to execute First Amendment to Developer’s Agreement between the City of Ocala, Florida and Sunbelt Land Fund I-Ocala South, LLC
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OCALA’S RELEVANT STRATEGIC GOALS:
Operational Excellence
PROOF OF PUBLICATION:
N/A
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BACKGROUND:
On or about June 21, 2022, the City of Ocala entered into a Developer’s Agreement (Attachment 1) with Longreen Farms, Inc. and SWC Management, LLC.
Thereafter, SWC Management, LLC assigned its rights and obligations under said Developer’s Agreement to Sunbelt Land Fund I-Ocala South, LLC, which is now the owner of the real property to which the agreement pertains.
The result of the transactions is that the City and Sunbelt are now the sole parties to the agreement.
Sunbelt obtained approval from Marion County for a PUD modification to allow transfer of development rights (TDR) credits to be applied to the real property so as to increase the number of permitted multifamily units from 288 to 360 as well as to modify the utility connection plans.
The City and Sunbelt have agreed to adjust certain timelines to satisfy obligations under the aforementioned agreement and now desire to amend said agreement to reflect those adjusted timelines, the current state of the parties to the agreement, and to otherwise reflect the current circumstances.
City staff and representatives of Sunbelt have developed the accompanying First Amendment to Developer’s Agreement (Attachment 2) which is now presented to City Council for its consideration and approval.
FINDINGS AND CONCLUSIONS:
The City Council of the City of Ocala, Florida finds, determines, and concludes that the approval and execution of the First Amendment to Developer’s Agreement between the City of Ocala, Florida, and Sunbelt Land Fund I-Ocala South, LLC:
• Will improve the agreement between the City of Ocala and Sunbelt Land Fund I-Ocala South, LLC by updating and reconciling the terms and conditions of the agreement with the current state of the relationship between the parties;.
• Does not result in a significant impact to the finances of the City of Ocala, Florida;
• Is intended to and does protect and promote the health, safety, and welfare of the citizens of the City of Ocala, Florida; and
• Is in the best interest of the City of Ocala, Florida, and its citizens.
FISCAL IMPACT:
There is no anticipated fiscal impact for this agenda item.
PROCUREMENT REVIEW:
N/A
LEGAL REVIEW:
This Agreement has been reviewed and approved for form and legality by William E. Sexton, City Attorney.
ALTERNATIVE:
• Approve with Changes
• Table
• Deny