Summary:
In 2008, the City conveyed certain property now known as “Wells Landing”, previously known as “Parramore Village,” to Nu Beginnings Parramore Village Development, LLC. (“Developer”). The Developer agreed to develop the property in accordance with a development agreement approved by the City dated October 18, 2007 as amended from time to time. Due in part to a decline in the real estate market in 2008, the lender has filed mortgage foreclosure proceedings.
The parties have since agreed to a resolution of all disputes and termination of the mortgage foreclosure proceedings. The City will enter into a settlement agreement and pursuant to the terms of the City’s settlement agreement, the Developer will convey the property free and clear of all encumbrances, except for taxes and City code enforcement liens. Via the Wells Landing Agreement between the City and the CRA, the CRA will pay all the currently owned real estate taxes in the approximate amount of $24,800, the costs for recording the deed and the City’s mortgage satisfaction, and the cost for the owner’s title insurance policy and any other related closing costs. Title to the property will be conveyed to the CRA.
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Recommended Action:
Approval of the Wells Landing Agreement between the City of Orlando and the Community Redevelopment Agency, subject to review and approval by the City Attorney’s Office, and authorization for the Chairman and Executive Director to execute such Agreement. Acceptance of title to the Wells Landing property as described in Exhibit A of the Settlement Agreement and in the deed form contemplated by the Settlement Agreement and authorization of expenditures from the Downtown Orlando Community Redevelopment Area Trust Fund in an amount not to exceed $30,000 for the payment of taxes and other closing costs related to the Wells Landing property acquisition.
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