HomeMy WebLinkAbout1992 - Agreement Summary InformationCity of Sebastian
POST OFFICE BOX 780127 ❑ SEBASTIAN, FLORIDA 32978
TELEPHONE (407) 589-5330 ❑ FAX (407) 589-5570
SUBJECT: GDC Settlement
Agreement
Approved For Submittal By:
City Manager
Agenda No. 42.05YIq / 3 12 -
Dept. of Origin: City Attorney
Date Submitted: 02/05/92
For Agenda Of: 02/12/92
Exhibits:
- Torpy Letter Dated, 01/29/92
- Settlement Agreement Summary
EXPENDITURE AMOUNT APPROPRIATION
REQUIRED: BUDGETED: REQUIRED:
SUMMARY STATEMENT
General Development Corporation ("GDC") and the City have entered
into an agreement to settle the claim filed by the City against
GDC in bankruptcy court. GDC has signed and returned the
agreement and we are currently awaiting approval from the
bankruptcy court, which is expected by the end of February. In
anticipation of the bankruptcy court's approval, the City
Attorney has ordered a title search of the property to be
conveyed. The title search fee of $1,000 is to be split equally
between the City and GDC. The Deputy City Attorney, Richard E.
Torpy, is recommending that the City also obtain title insurance
at a cost of $6,875, which assumes an estimated value of the land
of $1.6 million. Title insurance expenses would be paid solely by
the City.
For your information, I have attached some summary information
about the GDC bankruptcy settlement agreement.
RECOMMENDED ACTION
Move to authorize and appropriate $6,875 for title insurance for
the GDC parcels to be conveyed to the City as a result of the
settlement agreement.
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GDC SETTLEMENT AGREEMENT
SUMMARY INFORMATION
* GDC file under Chapter 11 on April 6, 1990
* City claim of $4.3 million ($4,256,450) filed in
bankruptcy court in December, 1990.
* City claim the result if GDC's breach of an agreement
approved in 1979.
* To release GDC of its obligations under the 1979
agreement, the City accepted the conveyance of 115
parcels totaling 229.12 + acres plus a drainage
easement assignment plus GDC's commitment to dedicate
a right-of-way for Fleming Street Extended through
Unit 16.
* GDC sites include:
- 7.56 + acres - Commercial & Miscellaneous
- 84.02 + acres - Parks
- 137.54 ± acres - Drainage
* GDC sites consist of:
1
Commercial tract - Barber Street
7.31
+
acres
1
Lot -
Airport Drive East
.25
+
acres
1
Lot -
Barber Street Sports Complex
.25
+
acres
15
Tracts
- "Parks" (PS Zoning)
48.31
+
acres
1
Tract
- Schumann Lake & "Island"
33.36
+
acres
3
Tracts
- ("R", "S" & "T") Schumman Lake 2.10
±
acres
13
Tracts
- Drainage
97.57
+
acres
63
Lots -
Drainage
15.75
±
acres
2
Lots -
Elkcam Dam Access
.50
+
acres
15
Tracts
- Drainage
23.72
+
acres
115
Parcels
229.12
+
acres
* Value
of
230 ± acres = $1,57,500 - Indian
River County
assessed
valuation.
* Value of 230 + acres = $6.9 - million assuming $7,500
per 1/4 acre lot
* Value of 230 ± acres = $11 - million assuming $11,000
perl/4 acre lot
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GDC Settlement Agreement
Summary Information
(Continued)
* Added Streets (Unit 16 & 17)
16 SH 3.98 miles
17 SH 11.08 miles
12% 15.06 New Miles
88% 112.90 Accepted in 1979
100% 127.96
* Added drainage in Unit 16 & 17
plus major waterways South of CR 512
- Harbor Waterway
- Collier Waterway
- Schumann Lake
- Schumann Waterway
- Elkcam Waterway
* Elkcam water control structure (permanent), if
constructed, estimated between $230,000 and $300,000.
* Wentworth ditch realignment estimated at $103,800.
* Improperly aligned ditches - Units 1 - 15 estimated at
$100,000.
* Collier Waterway Bridge repairs (Englar Drive) estimated
at $10,000.
* Other claim items but unlikely projects in the foreseeable
future: New waterway seawalls $1.2 - million and Unit 11
(Collier Waterway) Lake $695,000.