Title
ORDINANCE NO. 25O-09-142: AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF LAUDERHILL, FLORIDA, APPROVING THE THIRD AMENDMENT TO THE REAL ESTATE DEVELOPMENT AGREEMENT AND ADDENDUM BETWEEN THE CITY OF LAUDERHILL AND LE PARC AT LAUDERHILL, LLC, IN SUBSTANTIALLY THE SAME FORM AS EXHIBIT “A”; PROVIDING FOR CONFLICTS AND SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE (REQUESTED BY CITY MANAGER KENNIE HOBBS, JR.).
Body
Request Action:
To approve the third amendment to the real estate development agreement between THE CITY OF LAUDERHILL AND LE PARC AT LAUDERHILL LLC
Need Summary Explanation/ Background:
The Third Amendment to the Real Estate Development Agreement and Addendum between the City of Lauderhill (“City”) and Le Parc at Lauderhill, LLC (“Developer”) is needed to eliminate the requirement of the consent of the City Commission to transfer ownership of the development project; to revise the “claw back” provision to provide for penalties for failing to commence construction of the Development Project on the Development Start Date, and to approve a parking easement agreement. The Agreement is attached in substantial form in Exhibit A.
Cost Summary/ Fiscal Impact:
Attachments:
1. Ordinance
2. Third Amendment and Addendum
Budget Code Number(s): __________________________________
Procurement Information: [check all that apply]
[ ] RFP/Bid [ ] Emergency Purchase [ ] SBE
[ ] Proposal/Quote [ ] State Grant Funds [ ] Local Preference
[ ] Piggyback Contract [ ] Federal Grant Funds
[ ] Sole Source [ ] Matching Required