Items Types:
Business and Financial Services
For Meeting of:
September 8, 2014
District: 1 From:
Contract ID: Document Number:
Exhibits: Yes On File (City Clerk) : Yes Draft Only: No
Grant Received by City?: No

Mutual Release of Rights Granted And/Or Referenced in City Deed for property located at 8855 Binnacle Way.

In 2007 the City sold approximately 4 acres of land ("Property") located at 8855 Binnacle Way to the Florida Emergency Medicine Foundation, Inc. ("Foundation"), a non-profit organization dedicated to promoting and advancing emergency medicine, disaster management, and public health.  The Foundation planned to construct a new facility on this site, but decided to construct it at their existing South Conway Road location.  Therefore, the Foundation would like to sell the property.

The sales agreement contained several requirements such as a reciprocal parking license agreement, a mutual storm water system, and other items noted in the deed and contract.   In 2008, the City released the City Deed Reverter and Right of First Refusal in response to the Foundation repaying the City the difference in the market value of the land and the discounted price they originally paid. 

The attached document releases all remaining rights and obligations referenced in the City Deed relating to the Addendum and Sale and Purchase Agreement.  The Release will be recorded in the Orange County Public Records at the Foundations's expense. 

Fiscal & Efficiency Data: No Fiscal Impact.

Recommended Action:
Approval and authorize Mayor/Pro Tem and City Clerk to execute the release in substantially the form attached; and authorize recording in the Orange County Public Records; all subject to review and approval by the City Attorney's Office.

Agenda Item attachment(s) on file in the City Clerks Office.

Note: All agenda items must be in the City Clerk's office by Noon Friday, six(6) business days prior to the regular Monday City Council meeting.

Contact: Clayton B. Green
Approved By:

Department Date and Time
Budget Outside Routing Approval 8/28/2014 11:01 AM
City Clerk 8/28/2014 12:09 PM

Name: Description: Type:
Mutual_Release_of_Rights.pdf Mutual Release of Rights Backup Material
Contract_And_Addendum.pdf Contract And Addendum Backup Material

"Enhance the quality of life in the City by delivering public services in a knowledgeable, responsive and financially responsible manner."