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Home My WebLink AboutProperty List_ X General Developmeil&rporat)on • SUC OPERATIONS CENTER 1673 S.E. NIEMEYER CIRCLE PORT ST. LUCIE, FLORIDA 34952 (407) 335-5640; 335-9324 FAX(407)335-5926 Robert S. McClary Sebastian City Manager P. 0. Box 780127 Sebastian, Florida 32978 Dear Mr. McClary: Ralph (Cap) Cain, 111 ASSISTANT VICE PRESIDENT COMMUNITY AFFAIRS July 10, 1991 In response to your proposal to settle General Development Corporation's obligations, GDC management presents the following Letter of Intent for your review and formal approval by the City Council of Sebastian. It is mutually understood by both parties a written agreement will need to be finalized for approval by GDC management, the Creditor's Committee and the bankruptcy court. The terms and conditions are as follows: 1. GDC will deed to the City of Sebastian all parcels of land listed in Exhibit A. (Copy attached). 2. GDC will provide easements on the Shiloh Youth Ranch Property and Boy Scouts of America property. 3. All taxes, interest payments, penalties, special assessments, and all cost associated with transfer of ownership on the properties listed in Exhibit A will be the responsibility of the City of Sebastian and must be paid before the transfer of title can be completed. 4. It is understood by both parties all obligations formally GDC -s and listed on Exhibit B will be the responsibility of the City of Sebastian -s. A11 Performance Bonds posted with the City for the items listed will be released upon consummation of a formal agreement. $8101101 The City of Sebastian will either withdraw its claim or file a notice of satisfaction with the U.S. Bankruptcy Court and release General Development Corporation and its successors from any and all obligations set forth PAC = in the claim. -2 - Upon completion of your review, please confirm to me, in writing, the City's concurrence and proposed schedule for approval before the City Council. Any questions you may have, please give me a call. Sinc ely Ralph Cain, III RC, III :nkn bcc: L. Rutherford G. Pfersich J. O'Neal "EXHIBIT A" CITY OF SEBASTIAN OBLIGATIONS FOR SETTLEMENT ASSETS FOR TRADE 1969 b CITY OF 1990 CURRENT ZONING SEBASTIAN ASSESSED TAXES ITEM 9 ASSET DESCRIPTION & LAND USE $ VALUE VALUE OWED I. One (1) Residential Lot - RS-10/Low S 8,000 $ 4,420 S 257 Barber Street Sports Complex Density Block 208, Lot 4 2. One (1) Residential Lot - RS-10/Low 8,000 10,100 558 • Airport Drive East Density Block 65, Lot 2 3. A commercial tract at the Commercial 445,910 68,010 4,135 intersection of Barber and General/ Tulip (7.31 acres at $61,000 Commercial an acre) Block 268 Limited 4. Schumann Lake Island in Unit Island -Public 215,320 (Isl) 44,180 2,300 16. Schumann -Lake- is a Service/ dedicated drainage right- Institutional, of -..ray. Total 15.38 acres 2 Tracts -RS 10/ ( Tr S) 68,140 3.633 at $14,000, plus Tract S Low Density Total 112,320 5.933 S. Two (2) lots for access to RS-10/Low 191364 20,000 12,340 570 the Elkcam Dam Block 364, Density 12/365 14,440 664 Lot 19 & Block 365 Lot 12 • 6. Miscellaneous lots and RS-IO/Low 140,100 1,226,100 64.080 designated tracts used for Density retention and drainage (Estimated 140.10 acres at 51,000 an acre) (See Attached _ List Exhibit A-1) 7- All remaining park land Public Service 540,960 201,990 10,242 (See Attached List, Exhibit A-2) T. 'TEM # Cl -EXHIBIT A- (CONTINUED) r- 7 9. 10. 11. iL 12. ASSETS FOR TRADE 13. 'll F - REVISED JUNE 3, 1991 14. r 'L Q CITY OF 7. 16. 3 „ 17. CURRENT ZONING SEBASTIAN u, ASSET DESCRIPTION i8. w� rri VALUE 1989 & 1990 TAXES OWED 93 0 0 414 804 749 612 393 454 1,007 675 • • -EXHIBIT A- (CONTINUED) CITY OF SEBASTIAN OBLIGATIONS FOR SETTLEMENT ASSETS FOR TRADE ADDITIONAL PARCELS REQUESTED BY THE CITY - REVISED JUNE 3, 1991 CITY OF CURRENT ZONING SEBASTIAN ASSESSED ASSET DESCRIPTION & LAND USE $ VALUE VALUE Tract Y. Block 121, Unit 4 RS-10/Low Existing Drainage Tract Density $ 0 $ 1,280 $ *Tract O, Block 65, Unit 2 RS-10/Low 0 0 Existing Drainage Tract Density *Tract I, Block 12, Unit 1 RS-10/Low 0 0 Existing Drainage Tract Density Tract F, Block 14, Unit I RS-10/Law 0 7,400 Existing Drainage Tract Density Tract E, Block 17, Unit 1 RS-10/Low 0 14,840 Existing Drainage Tract Density Tract D, Block 21, Unit 2 RS-14/Low 0 14,740 Existing Drainage Tract Density Tract C;' Block 41, Unit 1 RS-10/Low 0 11,170 Existing Drainage Tract Density Tract H, Block 1, Unit 1 RS-10/Low 0 7,000 Existing Drainage Tract Density Tract P, Unit 16 Public Service/ 16,000 8,160 Park Tract B, Unit 17 RS-10/Low 6,400 18,560 Density Tract W, Block 595, Unit 17 RS-10/Low 2,520 10,450 (0.26 acre at $4,000 an acre) Density 1989 & 1990 TAXES OWED 93 0 0 414 804 749 612 393 454 1,007 675 • • r "EXHIBIT A" (CONTINUED) CITY OF SEBASTIAN OBLIGATIONS FOR SETTLEMENT !L f� iT U-) U' r•, r-, ASSETS FOR TRADE ADDITIONAL PARCELS REQUESTED BY THE CITY - REVISED JUNE 3, 1991 CITY OF CURRENT ZONING SEBASTIAN ASSESSED ITEM # ASSET DESCRIPTION & LAND USE $ VALUE VALUE r N rkir' 19_ Tract U, Block 598, Unit 17 RS-10/Low 3,780 9,760 7, 0.24 acre Density c - r r 20. Tract V, Block 599, [snit 17 RS-10/Low 4,760 17,140 0.31 acre Density 21. Tract T, Block 606. Unit 17 RS-10/Low 3,924 10,360 0.19 acre Density } 22. Tract B, Block 282, Unit 11 RS-10/Low 5,000 8,350 0.37 acre Density 1,420,670 1,788,930 R, r!' * Can't locate ownership records i 'L L U {� Y p �L 1 11 p 1 I = i - (� i 1989 & 1990 TAXES OWED 633 925 569 473 94,290 • SENT B1,.Communit4 OF,erat ions �0-13-91 01:14Ptl1 40 L23-4 "EXHIBIT A-1" TRACTS AND LOTS CONVERTED TO DRAINAGE DESCRIPTION Total Acreaae Tract B, Unit 14 (Park) 7.42 Tract C, Unit 8 (Park) 8.01 Tract A, Unit 13 3.99 Tract B, Unit 13 10.08 Tract D, Unit 13 26.81 Tract H, Unit 17 3.76 Tract. I, Unit 17 33.28 Tract K, Unit 17 2,80 Tract M, Unit 17 2.10 Tract R, Unit 17 2.44 Tract S, Unit 17 1.91 Tract 0, Unit 17 8.50 111.10 Residential Lots Unit 11, Block 555, Lots 10 to 15 Unit 11, Block 587, Lots 2 to 7 Unit 16, Block 545, Lots 12 to 17 Unit 16, Block 612, Lots 10 and 11 Unit 17, Block 449, Lots 1 to 11 Unit 17, Block 451, Lots 1 to 4 Unit 17, Block 462, Lots 11 and 12 Unit 17, Block 570, Loco 4 to 19 Unit 17, Block 578, Lots 1 to 16; 19 and 20 Unit 17, Block 579, Lots 12 to 14 and 19, 20, and 21 Unit 17, Block 580, Lots 1 to 3; 19 and 20 Unit 17, Block 582, Lots 6 to 11 and 18 to 23 Unit 17, Block 584, Lots 13 to 16 Unit 17, Block 586, Lots 6, 7, 8 and 19, 20, 21 Unit 17,Block 589, Lots 4 and 5 Unit 17, Block 596, Lots 12 to 15 and 18 to 22 Unit 17, Block 598, Lots 14 to 17 Total of 119 residential lots converted to drainage ..................................... 29.00 TOTAL ACREAGE 140.10 13355=26 # 5 • �ENT yB`?Crrimunit13 OPerations 6-13-91 01:14FM 40 028,+ "EXHIBIT A-2" PUBLIC SERVICE ("PS") TRACTS SH 8 - Tract C - Block 223 ("Park") 8.24± acres SH 8 - - Block 193 ("Park") 1.901 acres SH 9 - Tract A - Block 409 ("Park") .37± acres SH 10- Tract A - Block 211 ("Park") 2.49± acres SH 10- Tract B - Block 267 ("Park") 2.24± acres SH 10- Tract C - Block 264 ("Park") 1.15± acres SH 10- - Block 300 ("Park") 2.27± acres SH 11- Tract A - Block 282 ("Park") 1.68± acres SH 11- Tract C - Block 372 ("Park") 4.42± acted SH 11- Tract 0 - ("Park") 3.811 acres SH 11- Tract E - Block 347 ("Park") 2.93± acres SH 14- Tract B - Block 507 ("Park") 5.79± acres SH 15- Tract G - Block 488 ("Park") 4.62± acres SH 17- Tract A - ("Park") 3.55± acres SH 17- Tract Q - Block 604 ("Park") 1.72± acres TOTAL 47.18± Acres 1.3355926 P 6 CLAIM EXHIBIT "B11 - GDC LIABILITIES 01/29/91 03/14/91 CITY G.D.C. ESTIMATE ESTIMATE 1. Unit 16 Street & Drainage $ 220,700 $ 64,509 2. Unit 17 Street & Drainage 1,364,472 739,222 3. Elkcam Waterway (Seawall & (Water Control Structure) 1,531,250 230,400 4. Wentworth Ditch - Realignment 103,834 - 0 - 5. Construction Contingency (10%) 322,000 - 0 - 6. Unit 11 Stormwater Retention Lake (Collier Waterway) Not Constructed 695,100 - 0 - 7. Emergency Reapirs To Date 15,400 15,400 8. Improperly Aligned Drainage Ditches (Estimate) 197,500 - 0 - 9. Repair Englar Bridge Over Collier Waterway in Unit 16 10,000 10,000 05/21/91 CITY ESTIMATE $ 73,700 1,364,400 1,531,250 103,800 307,000 695,100 71,200 100,000 10,000 TOTAL $ 4,460,256 $ 1,059,531 $ 41256,450 OR PELICAN \� City of Sebastian POST OFFICE BOX 780127 ❑ SEBASTIAN, FLORIDA 32978 TELEPHONE (407) 589-5330 FAX TRANSMITTAL SHEET FAX # DELIVER TO: FROM: 7_ DATE: S -/;) C) 3 TIME SENT: Ll., ;) S TOTAL NUMBER OF PAGES (INCLUDING COVER SHEET) 3 da ORIGINAL WILL ( ) WILL NOT ( ✓) FOLLOW. IF YOU DO NOT RECEIVE ALL PAGES, PLEASE CALL (407) 589-5330 City of Sebastian POST OFFICE BOX 780127 o SEBASTIAN, FLORIDA 32978 TELEPHONE (407) 589-5330 May 12, 1993 The following is a list of Tax Billings we have not received but appear on the listing received from GDC Settlement Agreement dated January, 1992. Unit 1 Blk 12 Unit 10 Blk 208 Unit 17 Blk 602 Unit 17 Blk 570 Unit 17 Blk 570 Unit 17 Blk 570 Unit 17 Blk 578 Unit 17 Blk 579 Unit 17 Blk 580 Tract 1 1-31-38-00002-0009-00000.0 Lot 4 24-31-38-00001-2080-00004.0 Tract P (Western 115' Drainage r -o -w) Lot 5 19-31-39-00001-5700-00005.0 Lot 9 19-31-39-00001-5700-00009.0 Lot 19 19-31-39-00001-5700-00019.0 Lot 8 19 31 39 00001-5780-00008.0 Lot 20 19 31 39 00001-5790-00020.0 Lot 19 19 31 39 00001 5800 00019.0 March 27, 1992 General Development Corporation as Debtor -in -Possession under U.S. Bankruptcy Court Case No. 90-12231-BKC-AJC 2601 South Bayshore Drive Miami, FL 33133 Re: Settlement Agreement (the "Agreement") between General Development Corporation, as Debtor -in - Possession Under U.S. Bankruptcy Court Case No. 90-12231-BKC-AJC ("GDC") and the City of Sebastian ("City") Gentlemen: You and we believe that no documentary stamp taxes or surtaxes ("Taxes") are payable upon the deed of conveyance for the referenced transaction (the "Deed") because the property conveyance under the Agreement is a transfer pursuant to GDC's plan of reorganization. Under the terms of the Agreement, it is the obligation of GDC and the City to each pay one-half of the Taxes. This letter is being delivered at the closing under the Agreement to reconfirm this obligation and to acknowledge the agreement between ourselves and you that if at any time it is determined that Taxes are due upon the Deed, each party shall immediately pay one-half of same upon such determination, together with one- half of all interest and penalties imposed in connection therewith. Please acknowledge your agreement with the foregoing by signing below. Very truly yours, CITY OF SEBASTIAN ACKNOWLEDGED AND AGREED: F OBERBECK, Vice Mayor GENERAL DEVELOPMENT CORPORATION, as Debtor -in -Possession under U.S. Bankruptcy Court Case No. 90-12231-BKC-AJC By: GORDON J. PFERSICH, Executive Vice President