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HomeMy WebLinkAbout2002 - Developers Agreementan or �Jr J HOME OF PELICAN ISLAND City of Sebastian, Florida Subject: Developers Agreement between the Agenda No. City of Sebastian and Capt'n Butcher, Inc., a Florida corporation, for construction of Department Origin: Growth Management the Jackson Street extension. Tracy E. Hass A o for ; mr by: Date Submitted: August 21, 2002 For Agenda of: June 28, 2002 Exhibits: posed Agreement, comparative analysis, construction cost estimate, property appraisal, and survey. EXPENDITURE I AMOUNT BUDGETED: I APPPROPRIATION REQUIRED: None REQUIRED: None None SUMMARY Enclosed is a proposed developers agreement between the City of Sebastian and Capt'n Butcher Inc, a Florida corporation, for the planned extension of Jackson Street from the existing terminus at North Central Avenue east to Indian River Drive. The Jackson Street extension will provide commuters and pedestrians with an additional through street from Indian River Drive to a signalized intersection with U.S. 1. The extension was recommended by the Treasure Coast Regional Planning Council via incorporation within the Riverfront Master Plan, and at the City's request was incorporated in the Capt'n Butcher's Floodtide Marina site plan expansion project. Although the roadway expansion was included within the Riverfront Master Plan, the City does not own the requisite right of way necessary for construction of the roadway. Therefore, in order for the project to become a reality, the City and property owner, Capt'n Butcher Inc., began negotiations, that upon successful conclusion will lead to a partnership for the construction of said roadway. The roadway extension includes more than just a roadway however. The plan includes an extension of the sidewalk from Indian River Drive west along Jackson Street to U.S. 1, accented by streetlights matching the existing decorative lampposts along Indian River Drive. Conversely, the sidewalk is not included within the right of way, but instead within an easement across the developer's property. You will also note that the retention pond for the roadway extension is incorporated within the developer's private drainage system. Therefore, the developer, as opposed to the City, will be responsible for maintenance of the stormwater retention pond at his expense. Additionally, the plan incorporates parking within the street right- of-way to accommodate patrons of the proposed site plan expansion, as well as members of the general public wishing to utilize available public parking spaces within the north end of the Riverfront District. The aforementioned design troubled certain members of the Planning and Zoning Commission who felt patrons' safety would be compromised due to the anticipated traffic generation on the proposed extension. Therefore, staff and the developer again negotiated to resolve concerns as raised by the Planning Commissioner's. As a result, the developer agreed to install a 3-way stop at the intersection of Indian River Drive and Jackson Street. In addition, provisions are underway to include a brick paver crosswalk on Indian River Drive matching the design of the existing crosswalks along Indian River Drive, thus raising driver's awareness of potential pedestrian traffic. Moreover, an additional stop sign will be installed at the intersection of North Central and Jackson Street, where another crosswalk will be installed as well. These safety measures should provide additional levels of protection for pedestrians traversing the area, as well as patrons visiting establishments within the district. Hopefully the detailed analysis below and all supporting documentation attached hereto will dispel any myths that the proposed developer's agreement benefits the developer more greatly than it does the City. And unfortunately the benefits to the City are not quantifiable as they relate to traffic/transportation improvements and the provision of additional public parking. Although a dollar figure cannot be assigned to this aspect of the agreement, there is a cost associated with the proposal. Therefore, via the following analysis, you should find that the proposal equally benefits the developer and the City alike from a financial perspective. Included within this packet is an appraisal detailing the land's value, and a comparative analysis outlining the proposed acquisition cost to the City versus property value to the developer. The attached agreement proposes that the City acquire the right-of-way and fund construction of the roadway, which will be constructed by the Developer at cost, as opposed to traditional arrangements that normally include a minimum profit margin. The cost to the City for the Jackson Street extension would be approximately $285,000, while the Developer's cost would be approximately $275,000, when factoring in below market value for the purchase price quoted to the City and other anticipated construction and maintenance related expenses to be absorbed by the Developer. Please note the acquisition cost to the City is equal to that paid by the developer when he purchased the property, which is much lower than the cur -rent market value. Furthermore, a detailed construction costs analysis, as prepared by Mosby and Associates, Inc., has been provided for your review. The data contained therein outlines the cost of constructing the roadway, including engineering costs, fill dirt, drainage improvements, and paving costs. RECOMMENDED ACTION Consider the attached agreement and offer direction accordingly. 2 09:34 FAX ZI002 DEVELOPER'S CONSTRUCTION AGREEMENT This Agreement is made and entered into this /'A day of and between Capt'n Butcher, Inc,, a Florida corporation, having its place of business at 1732 Indian River Drive, Sebastian, Florida 32958, hereinafter referred to as the "Developer", and The City of Sebastian, Florida, a Florida municipal corporation, having its place of governance at 1225 Main Street, Sebastian, Florida 32958, hereinafter referred to as the "City." From time to time herein, the Developer and the City are referred to individually as "Party" and collectively as the "Parties". WHEREAS, the Developer is the owner of those certain parcels of land situate within the jurisdictional confines of the City, north of Davis Street, east of North Central Avenue and west of Indian River Drive, and generally known as the development site of "Capt'n Butcher's Floodtide Marina and Seafood", hereinafter referred to as the "Development", said parcels being more fully described in Exhibit A attached hereto and incorporated herein by reference; and WHEREAS, the City and the Developer have or will enter into a purchase and sale agreement with respect to a portion of the Development to be conveyed to the City by the Developer as an extension of Jackson Street, an 80' public right-of-way, from the eastern boundary line of North Central Avenue, westward to the western boundary line of Indian River Drive, hereinafter referred to as the "Jackson Street Extension", said Jackson Street Extension being more fully described in Exhibit B attached hereto and incorporated herein by reference; and WHEREAS, the City and the Developer desire and intend to enter into this Agreement to govern and provide for the construction of the roadway, drainage improvements, sidewalks, parking facilities, lighting fixtures and other improvements to the Jackson Street Extension and, further, to govern and provide for the construction of a 6' wide sidewalk and crosswalk from the eastern boundary of North Central Avenue to the eastern boundary of U.S. Highway 1 and adjacent to the northern boundary line of existing Jackson Street, hereinafter referred to as the "Off -Site Sidewalk", both the Jackson Street Extension and the Off -Site Sidewalk being jointly referred to hereinafter as the "Work". 07i09;2002 09:34 FAX Z 003 NOW THEREFORE, in consideration of the above and the mutual promises contained herein and other good and valuable consideration, the Developer and the City, covenant and agree as follows: 1. CONSTRUCTION OF THE WORK. In accordance with the terms of this Agreement, the Developer hereby agrees to construct the Work in accordance with the terms and provisions of this Agreement and that certain Paving and Drainage Site Plan by Mosby & ?cih 2oc 9+ r i Iae.v.5r,C %;`7.I0.7 +`- Associates, Inc., Engineers, bearing the date of ice, Job No. 01-464, the provisions of said Paving and Drainage Site Plan being incorporated herein by reference as if fully set forth. The Developer, at its discretion, shall have two (2) years from the later of (i) the date of the last Party executes this Agreement or (ii) the date all required permits have been issued, to complete the Work. 2. PROJECTED COST OF TIM WORK, The Developer has estimated that the cost of construction of the Work will be $123,636.50, the cost being allocated as follows: Asphalt paving $45,487.50 Fill 2,700.00 Drainage 6,000.00 Concrete sidewalks (7,210 square feet) 18,025.00 Lighting (12 poles) 35,000.00 Engineering and surveying 6,000.00 Miscellaneous grading, trenching and sodding M000.00 Total $123,212.50 The City agrees to pay the Developer the foregoing sum of $123,212.50 for the construction of the Work, subject to adjustments for written and agreed upon change orders and extras, in the manner set forth hereinafter. 3. PURCHASE AGREEMENT FOR JACKSON STREET EXTENSION. The City and the Developer will or have entered into that certain Purchase and Sale Agreement with respect to the Jackson Street Extension, hereinafter referred to as the "Purchase Agreement." The Purchase Agreement shall provide that the purchase price for the Jackson Street Extension shall be based upon the appraised value of the land and drainage area associated with the Jackson Street Extension, said appraisal to be performed by Boyle & Drake, Inc. The Purchase Agreement shall provide that the City will pay the Developer cash equal to S4.00 per square foot of the 2 �4hc 20o -L dcfe, IS O- SGYkV-elit" S QYYb ti, S.xc� e&,ki Vy, t^o� 1Tt�� gi Q t)tS. 1e YI0.-. Dvfk$-e1WfcP oi' 4e. o.V h4S aA .M.�10-� GGrP 6U �a�nuovy -1001 I rev:tikk 1,9,0.X etmo AX102.. G�� A vV�tj 0 '09,5002 09:55 FAY Z 004 appraised value and the balance of the appraised value shall be given to the Developer in the form of a charitable income tax deduction under Section 170 or other similar section of the Internal Revenue Code. Furthermore, the Purchase Agreement .shall provide that the Developer will grant the City a storm water drainage easement from the Jackson Street Extension to the storm water management and retention pond situated in the southerly portion of the Development and east of Indian River Drive and that the Developer or its successors and assigns will maintain at its cost the aforesaid storm water management and retention pond. 4. SUBCONTRACTORS AND MATERIAL MEN. The Developer shall solicit bids for all portions of the Work not to be constructed by the Developer's own employees. Approval or non -approval or conditional approval of the bids of sub -contractors and material men shall be in the Developer's sole and absolute discretion. All sub -contracts shall provide for similar or incorporate the safety, insurance, workmanship and warranty terms and provisions of this Agreement. Upon acceptance of the sub -contractor's work or the material men's material, the Developer shall promptly pay the sub -contractor or material man in accordance with the terms and provisions of the separate agreement between the Developer and the sub -contractor or material man. 5. PROGRESS REPORTS. The Developer shall provide the City with periodic progress reports concerning the construction of the Work or the City's authorized representatives may periodically visit and inspect the site of the Work. 6. BUMDER OF RECORD, The Developer or H.A. Adams, Inc., General Contractor, will be the builder of record with respect to all licensing and permitting requirements of applicable governmental agencies or bodies, including the City, having jurisdiction over construction of the Work. The Developer or H.D. Adams, Inc. will maintain its corporate entity and all licenses and permits in active status and in good standing for the duration of this Agreement. CONVEYANCE OF THE WORK TO THE CITY. Upon completion of the Work and acceptance thereof by the City, the Developer shall convey title to the Work by deed and/or bill of sale, as appropriate, to the City in accordance with the terms and provisions of that certain purchase and sale agreement by and between the parties to this Agreement. Upon conveyance of n7,n9�2002 09:95 FAX Z 005 the Work to the City, the City shall be responsible for all further repairs and maintenance to the Work. 8. ACKNOWLEDGMENTS, REPRESENTATIONS AND WARRANTIES OF THE DEVELOPER. The Developer acknowledges, represents and warrants to the City and, in entering into this Agreement, the City is relying upon, the following A. The Developer is duly organized, validly existing and in good standing under the laws of the State of Florida and is qualified to do business in the State of Florida as a for profit corporation engaged in the business of real estate development. This Agreement and any transactions contemplated hereby will not result in any violation o> or default under, any term or condition of any agreement, instrument, mortgage, loan agreement or similar document to which the Developer is a party or by which the Developer is bound. There is no litigation, investigation or proceeding pending, nor to the knowledge of the Developer contemplated or threatened, against the Developer, which would impair the Developer or adversely affect the Developer's ability to perform its obligations under this Agreement. 13. The Developer has read and is familiar with the terms and provisions of this Agreement and all attachments hereto or construction documents referenced herein and the nature of the Work to be constructed. C. The Developer will well, truly and timely perform ail of the responsibilities and obligations of the Developer set forth in this Agreement. D. All work shall be performed by the Developer, the sub -contractors and material men in a skillful and workmanlike manner. E. The Developer shall comply with and abide by all permits, approvals, laws, ordinances, covenants, rules and regulations and building codes with respect to the Work. 9. DEFAULT AND REMEDIES. In the event of a default under the terms of this Agreement on the part of either Party, the other Party may terminate this Agreement and the other Party's further performance of the construction of the Work or this Agreement. Provided the Developer is in default, the City may also require, and the Developer agrees, to remove all rubble and debris fYom the site of the Work. Either Party may pursue any one or more its rights, options, or remedies herein, or may pursue any other remedy at law or in equity, whether or not 4 n7rC9 2002 09:36 FAX Z 006 stated in this Agreement. 10. NO ASSIGNMENT. The Developer shall not assign its rights under this Agreement without the prior written consent of the City, such written consent not to be unreasonably withheld. 11. ARCHITECTURAL DESIGNS AND DATA. A Title to all drawings, designs, specifications, architectural designs of buildings and structures, notes and other architect -engineering work produced in the performance of this Agreement, or in contemplation hereof, and all as -built drawings produced after completion of the Work, hereinafter collectively referred to as "Data", shall vest in the City. The Data shall remain the sole property of the City and may be used by the Developer on any other work or other portions of the Development. The Developer shall not assert any rights or establish any claim to the Data under the design patent or copyright laws and shall not publish or reproduce such Data in whole or in part or in any manner or Form, or authorize others to do so, without the written consent of the City. B. The Developer shall famish or provide access to copies of all as built drawings or engineering drawings or similar materials upon the request of the City. 12. SITE CONDITIONS. The Developer shall promptly, and before such conditions are disturbed, notify the City of sub -surface or latent physical conditions at the site of the Work differing materially from those ordinarily found, or unknown physical conditions at the site of the Work, of an unusual nature, differing materially from those ordinarily encountered and generally recognized as impeding the Work provided for in this Agreement. The Developer shall net be obligated to relocate utilities or material obstructions found in the construction of the Off - Site Sidewalk running from the east boundary of North Central Avenue, along and adjacent to the north boundary of existing Jackson Street to the east boundary of U.S. highway 1. If the City desires the relocation of utilities or obstructions in the construction of the Off -Site Sidewalk, then the parties agree that the Developer (i) may be paid additional funds equal to the Developer's increase in cost or (ii) may receive other acceptable credit from the City or (iii) the City may terminate this Agreement as to the Off -Site Sidewalk portion of the Work. 13. CLEANING UP. The Developer shall at all times keep the construction areas and 07,09.'2002 09:99 FAX Z 007 the site of the Work , including storage areas used by it, free from accumulations of waste material or rubbish. Prior to completion of the Work, the Developer shall remove any rubbish from and about the site of the Work and all tools, equipment, and materials. Upon completion of the Work, the Developer shall leave the Work and premises in a clean, neat and workmanlike condition. 14. CITY BUILDING PERMITS. Upon execution of this Agreement and upon the City's approval of the Developer's Paving and Drainage Site Plan the City will promptly issue all required permits for the commencement of the Work. 15. PARKING. Upon the City's approval of the Paving and Drainage Site Plan, the parking data provided and the parking spaces depicted in the approved Paving and Drainage Site Plan will be utilized by the Developer to meet the City's parking criteria for the entire Development. The Parties specifically agree that those parking spaces depicted and located in the center of the Jackson Street Extension and all on street parking depicted in the approved Paving and Drainage Site Plan are sufficient for the entire Development. 16. EXCUSABLE DELAYS. The Developer shall not be liable for any delays in performance or failure to perform due to causes beyond the control and without the fault or negligence of the Developer. Such causes include but are not limited to, acts of God, acts of the public enemy, the act or failure to act of any governmental entity or body, hurricanes, fires, floods, epidemics, quarantine restrictions, strikes, embargoes, unusually severe weather, or delays of sub -contractors or material men arising from unforeseeable causes beyond the control and without the fault or negligence of such sub -contractors or material men. 17. INDUSTRIAL LAWS AND BENEFITS. The Developer, in all matters relating to this Agreement, shall be acting as an independent contractor. Neither the Developer nor any of the persons furnishing materials or performing work or services which are required by this Agreement are employees of the City within the meaning of or the application of any federal or state unemployment insurance law, Social Security, or any Workmen's Compensation, industrial accident law, or other industrial or labor law. The Developer, at its own expense, shall comply with all such laws, and assume all obligations imposed by any one or more such laws with respect to this Agreement. 07;09%2002 09:97 FAX fool 18. INSPECTION AND ACCEPTANCE. A. Inspection, testing and verification by the City of material and workmanship required by this Agreement shall be made at reasonable times and at the site of the Work- B. Prior to the time of completion of any portion of the Work, the Developer shall replace, without charge, any defective or non -conforming material or correct any workmanship found by the City to be defective or not to conform to the requirements of this Agreement. The Developer shall segregate promptly and remove rejected material from the site of the Work. C. If the Developer does not replace promptly rejected material or correct rejected workmanship, the City may, by agreement or otherwise, replace such rejected material or correct such workmanship and charge the cost thereof to the Developer, or terminate the Developer's right to proceed to perform the Work in accordance with this Agreement. D. All inspections, tests and verifications by the City shall be performed in such manner as to not unnecessarily delay the Work. E. Should it be considered necessary or advisable by the City at any time before acceptance of the Work to make an examination of the Work to the extent already completed, by removing or tearing out same, the Developer shall reasonably accommodate the examination. If such Work is found to be defective or nonconforming in any material respect, the Developer shall bear all the expenses of such examination and of satisfactory reconstruction. If, however, such Work is found to meet the requirements of this Agreement, the City shall pay the additional cost therefor to the Developer and, if completion of the Work has been delayed thereby, the Developer shall, in addition, be granted a reasonable extension of time. F. The City shall have ten (10) business days from the Developer's notification that the Work is complete to conduct its final inspection of the Work and to accept the Work. With the exception of the lighting fixtures, upon acceptance of the Work payment of the sum set forth in Paragraph 2 above shall be remitted to the Developer. Payment of the sums in Paragraph 2 allocated to lighting fixtures shall be remitted to the Developer by the City within twenty (20) business days of delivery of the lighting fixtures. Acceptance shall be final and conclusive except as regards latent defects, fraud, or such gross mistakes as may amount to fraud. 19. INSURANCE. Before commencing the Work, the Developer shall procure and 07/09/2002 09:97 FAX Z009 maintain during the entire term of this Agreement insurance of the kinds and limits enumerated hereunder and on terms and with an insurance carrier satisfactory to the City, Certificates of such insurance issued by the Developer's insurance carrier shall be delivered to the City before the commencement of the Work, shall name the City as an additional insured thereon, shall confirm that the insurance policy contains a provision that prohibits cancellation, termination, modification or reduction of coverage or benefits without at least 30 days prior written notice to the City, and shall set forth the following: A. Workmen's Compensation Insurance. The Developer, if it utilizes its workmen for the construction of the Work, and the sub -contractors shall have in effect Workmen's Compensation Insurance in the amounts required by the laws of the State of Florida, including employer's liability coverage of not less than $100,000.00 for bodily injury by each accident, $100,000.00 for bodily injury by each occupational disease and $500,000.00 aggregate policy limit for bodily injury by accident or occupational disease. B. Comprehensive General Liability Insurance. The Developer and sub -contractors shall have in effect policies of general liability insurance for all operations, including products liability for any product manufactured or assembled, hazards of operations, independent contractors, completed operations, contractual liability coverage (including this Agreement) and other coverages not less than that of the standard commercial general liability insurance policy. Coverages shall apply to claims arising from death, bodily injury and property damage in limits not less than $500,000.00 for each occurrence, $1,000,000.00 aggregate and $500,000.00 products/completed operations aggregate limit. The policies shall be endorsed to be primary and non-contributory to any insurance that may be maintained by or on behalf of the City. C. Comprehensive Automobile Liability Insurance. The Developer and sub- contractors shall have in effect automobile liability insurance coverage on all owned, non -owned and hired automobiles, trucks, trailers and other operable vehicles or equipment used by the Developer and sub -contractors in performance of the Work. The coverage shall not be less than that of the standard business automobile liability policy in limits of not less than $500,000.00 combined single limit for each occurrence for bodily injury or death and property damage or bodily injury limits of $100,000.00 per person / $300,000.00 per accident and property damage 07:C9i2002 09:38 FAX Z010 limits of $500,000.00 per accident. 20. MANUFACTURES WARRANTIES. Manufacturers warranties received by the Developer which are applicable to any material, equipment, parts, property and services furnished by the Developer under this Agreement shall survive acceptance and shall benefit the City. 21. MATERIAL AND WORKMANSHIP. All equipment, material and articles incorporated in the Work covered by this Agreement are to be the most suitable grade per the Paving and Drainage Site Plan for the purpose intended. Reference to any equipment, material, article, or patented process by trade name, make, or catalog number shall be regarded as establishing a standard of quality and the Developer may, with the City's prior written approval, substitute any equipment, material, article or process which in the judgment of the Developer is equal to that named. The Developer shall furnish to the City for the City's approval the name of the manufacturer, the model number, and other identifying data and information respecting the performance, capacity, nature, and rating of the machinery, material, equipment or articles which the Developer contemplates incorporating in the Work as substitute equipment or articles. 22. STORAGE AREAS AND ACCESS. The Developer shall, to the extent possible, use established road ways or construct and use such temporary road ways as may be necessary to access the Work and storage facilities. When materials are transported in the execution of the Work, vehicles shall not be loaded beyond the loading capacity recommended by the manufacturer of the vehicles or prescribed by any law or regulation or as limited by the existing surface or sub- surface of the land or roadway. When it is necessary to cross curbing or sidewalks protection against damage shall be provided by the Developer and any damaged roads, curbings or sidewalks shall be repaired by, or at the expense of, the Developer and without cost or expense to the City. The Developer shall, except as needed in the ordinary course of the Developer's performance of the Work, keep the construction site free from hazardous materials as defined under federal, state or local laws, rules, or regulations. Without limiting the foregoing, the Developer will not cause or permit the Work to be used to generate, manufacture, refine, transport, treat, store, handle, dispose, transfer, produce or process hazardous materiais except in compliance with all applicable federal, state and local laws, rules or regulations. The Developer will conduct and complete all investigations, studies, sampling and testing, and all remedial, removal and other actions necessary 07!09/2002 09:38 FAX Z 011 to clean up and remove all hazardous materials on, from or effecting the Work. Further, the Developer will defend, indemnify and hold harmless the City from and against any claims, demands, penalties, fines, liabilities, settlements, damages, costs or expenses of whatever kind or nature, known or unknown, contingent or otherwise, arising out of, or in any way related to (i) the presence, disposal, release or threatened release of uny hazardous materials which are left on or in the soil, water, vegetation, persons, or animals by the Developer, (n) any personal injury or death or property damage arising out of or related to such use of hazardous materials by the Developer, (iii) any violation by the Developer of laws, orders, regulations, requirements or demands of governmental authorities, (iv) any lawsuit, settlement, clean up, remedial or mitigation program or process against the Developer, or (v) all investigative costs, consultant fees, laboratory fees, court costs, attorneys fees and expert fees. At the conclusion of the Developer's performance of the Work, the Developer will return the Work and the construction site to the City free of any and all hazardous materials so that the condition of the Work and the construction site shall be in substantially the same environmental condition as when the Developer first began construction of the Work. 23. SAFETY. A. The Developer shall be responsible for safety related to and during the performance this Agreement and prosecution of the Work. The Developer shall insure that its employees and the employees of its sub -contractors and material men are notified of and observe and abide by all federal, state and local safety regulations and laws including but not limited to those issued by the City or the Developer, and any revisions of the foregoing that may hereinafter be applicable. B. The Developer shall immediately notify the City of any damage to property and/or injury to, or death of, persons which occurs in connection with the Work. C. The Developer will defend, indemnify and hold harmless the City from and against any claims, demands, liabilities, settlements, damages, costs or expenses of whatever kind or nature, known or unknown, contingent or otherwise, arising out of, or in any way related to any injury or death to persons or property damage during the construction of the Jackson Street Extension. 10 O','09i2002 09:99 FAX Z 012 24. SPECIFICATIONS AND DRAWINGS. Anything mentioned in the specifications and not shown on the drawings, or shown on the drawings and not mentioned in the specifications, shall be of like effect as if shown or mentioned in both. In case of difference between drawings and specifications, the specifications shall govern. In case of discrepancy either in the figures, in the drawings, or in the specifications, the matter shall be submitted promptly to the City who shall make a determination promptly in writing. 25. SUPERINTENDENCE BY THE DEVELOPER The Developer shall have a competent foreman or superintendent, reasonably satisfactory to the City, on the Work site at all times during the performance of the Work, Said foreman or superintendent shall have the authority to act for the Developer. 26. WARRANTY OF CONSTRUCTION. In addition to any other warranties in this Agreement, the Developer warrants that the Work performed under this Agreement conforms to this Agreement's requirements, specifications and drawings and is free from defects in design or workmanship performed by the Developer or any of its sub -contractors or material men. 27. NUSCELLANEOUS. A. Any notice, or other communication between the Parties in connection with this Agreement shall be in writing and delivered in person to any officer or duly authorized representative of the other Party or the Party for whom intended at the address (subject to change by written notification to the other Party) set forth above. B. This Agreement has been negotiated and executed in the State of Florida and shall be governed by and construed under the laws of the State of Florida and jurisdiction is agreed to vest in the courts of Indian River County, Florida. C. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. D. The Parties shall each cooperate with the other in good faith and shall execute such further documents and shall perform such further acts as may be reasonable necessary or appropriate to carry out and accomplish the intent of this Agreement. E. This Agreement, and exhibits attached hereto or expressly made a part hereof, 07/0,9,2002 09:99 FAX Z 010 embodies the entire Agreement and understanding of the Parties and supersedes all prior agreements and understandings, written or oral, between the Parties with respect to the subject matter hereof. IN WITNESS VaMREOF, the Developer and the City have executed this Agreement which is effective as of the date indicated above. Capt'n Bucher, Inc. By: Y I IV. -Adams, President 12 City of Sebastian, Florida vTe ce . Moore, City Manager Attest Sall. Maio, CHIC, City Clerk Approved as to form and legality for reliance by the City of Sebastian only. Ric Strin g er, Y Cit me Y Road Right -of -Way Land Area - Concrete Sidowalk Retention Area for Road Construction Cost of Retention Area Construction Cost for Road Totals Developer's concession under Fair Market Value Jackson Street CostsNalue Value for Developer Square Feet Cost to Citv Anorsised Value 4Q180 $162,043 $ 324,086 2,$20 0 20;160 8,527 0 68,220 0 6,500 (45% of Construction Cost) 12 2"12 141,693 (With standard OH & profit-15%) $275,404 * *Plus Maintenance of Retention Area and $1,255 Taxes (45% of R�tention Area) yearly. 0 of 4 BI/17/2882 15:48 15617783617 Krsy rv+u py. race n� January 17, 2002 Mr. John King P.O. Box '780942 Sebastian, FJ_ 32979 MOSBY AND ASSOCIATES, INC. NO clam ow � Yap 6"d1 Itm10a [sassy -ea" Tom: 041-900-O 6 • spui y: 60r•77Nrtt Via FacVim"e Subject: Capt. Butcher's Floodtide Marina & Seafood Sebastian, Florida i Engineer's Project Number: 01-464 .IUN 1 7 2002 I Dear Mr. King: As requeated, the following ie a summary of the land area and preliminary construction coos ar the 60 and W foot right-of-ways and roadway* proposed through the subject projcct. ]. 60' R104FT-OF-WAY a. Total Und Area a 30,762 SJ= = 0.73 a-- b. Roadway Cost _ 1. Asphalt Paving 28,190 SF x 31.25/5F = S35,Z38.110 2. Fill 400 CY x $4.501CY = S 1,8(W.00 3, Drainage 1 IS x S6,W0.00 a S 6,000.00 4. WbeelStops 53 each x S8.00/each a S 424.00 5. F-rtginecring Costs 4 ).(X) TOTAL CONSTRUCTION COST 60' ROW : $47,462D) 2. 80' RJR .F-WAY a. Total Laztd Area = 41,076 SF r 0.94 sto. b. Roadway Cost 1. Asphalt Paving 36,390 SF x $ I. S/SF = S45,488.0(i 2. Fill 600CY x $450(CY = $ 2,7W.00 3. Drainage 1 LS x $6,000,00 = S 4, Wheel Stops 53 eaoh x S8.00/each v S 424.0t) 5. Engineerft Costs s a.txi(J.00 TOTAL CONSTRUCTION COST $Do ROw a S58,612.00 The above cost timitaate is based on the preliminary site plan layout and is subject to chan6u with the final deaigr of the project. 9 Mr. John King January 17, 2002 Page 2 Should you have any questions regarding the above s-jbject, pica.& call. u: Mr. Harold Adams Cl4 JAN BY, A RESTRICTED USE .APPRAISAL REPORT OF TBE 0.93 ACRE PARCEL. THE EAST END OF JACKSON STREET TO INDIAN RIVER DRIVE, . SEBASTIAN, FL.32958 MR. HAROLD ADAMS CAPTN BUTCHER, INC. 1732 INDIAN RIVER DRIVE SEBASTLAN, FL. 32958 MAIL CODE NA - AS OF JULY 23, 2002 BOYLE & DRAKE, INC. 888 DAHLIA LANE VERO BEACH, FL 32963 FILE NO.6411 COMPLETED, .IDLY 26, 2002 Vero Beach Stephen J. Boyle, MAI State Certified General, Real Estate Appraiser RZ0000699 July 26, 2002 Mr. Harold Adams Capt'n Butcher, Inc. 1132 Indian. River. Drive. Sebastian, It 32958 Boyle & Drake, Inc. Reel EMU Appraism and Consultants 888 Dahlia Lane. Vao Beach, FL 3290 Telephone: (7M) 234.1303: F= M2) 234.1332 Fort Pierce . Paul P. Drake, MAr, SRA State Certified General Real Estate Appraiser RZ0000027 Re: Restricted use appraisal report of 0.93 acre parcel for the Jackson Street addition located from the east end of Jackson Street to Indian River Drive, Sebastian, R 3295& Dear Mr. Adams: In accordance with your request, we have made an investigation and analysis of the above referenced property. The purpose of this investigation and analysis was to estimate the Market Value of the Fee Simple Estate of they subject property as vacant as of July 23, 2002. This report is a Restricted Use Format. As a result of our investigation and analysis of the information obtained therefrom, as well as a general knowledge of real estate valuation procedures, it is our opinion that the Market Value of the Fee Simple Estate of'the Subject Property in "as &' condition and assuming: ownership of the entire area; as of July 23, 2002 was. THREE HUNDRED FIVE 7 HOUSAND DOLLARS 5 000) This is a restricted use appraisal report that is intended to comply with the reporting requirements set forth under Standard Rule 2-2(c) of the Uniform Standards of Professional Appraisal Practicefor a. Restricted Appraisal Report: Assuch, it doesnot include discussions of the data, reasoning; and,analyses that were used in the appraisal process to develop the appraiser's opinion of value. Supporting documentation concerning the data, reasoning, and analyses is retained in the appraiser's file. The information contained in this report is specific to the needs of the client and the city of Sebastian and for the intended use stated in this report The appraiser is not responsible for unauthorized use of this report: Furthermore, in accordance with prior agreement between the client and the appraiser, this report is for the sole use of the client and the City of Sebastian. The Sales Comparison 9 Boyle & Drake, Inc. Boyle &. Drake, Inc. RESTRICTED USE APPRAISAL REPORT— COMPLETE APPRAISAL CLIENT: Mr. Harold Adams, Capfn Butcher., Inc.. 1732 Indian River Drive Sebastian, FL' 32958 APPRAISERS: Boyle &Drake, Inc. 888 Dahlia Lane Vero Beach, Florida 32963 SUBJECT:. The subject property is a river view lot located from the east end of Jackson Street to Indian River Drive, Sebastian, Fl. 32958. The property is being purchased by the city of Sebastian as a right of way for the extension of Jackson. Street eastward to Indian River Drive. The highest and best use of the property is to create a commercial development that complies to current zoning regulations and takes advantage of the river view location, Indian River Drive frontage, and the surrounding commercial developments in the: Sebastian Commercial Waterfront Residential District. The subject. site is located on. the west side of Indian River Drive. The subject parcel is part of a larger site controlled by the current owners. The larger site offers river frontage, docks and the Capt' Butchers fish store. Currently, the subject area is being filled Site Description: The total land size per the legal description provided to us is approximately 40,510 square feet;. or 0.93 acres. The shape is an irregular shaped 80' wide by approximately 506' in length and with approximately 80 front feet on Indian River Drive. The site, is zoned CWR-Commercial Waterfront Residential by the city of Sebastian and has a future land use designation of Riverfront bdiixed Use. The planned use as a city street will remove it from the code requirements and county tax roll. The site is unimproved. The site is located within the. flood zones X-Unshaded. and X- Shaded per map number 12061CO076 E; dated 5/489. Zone X-Unshaded is an area determined to be outside the 500 year flood plain. Zone X-Shaded is an area determined to within the 100 year flood plain with average depths of less than one foot The property is located within Census Tract 508.01. The subject is located along Indian River Drive, which is the primary riverfront street in Sebastian. The property is adjacent to Capt'n' Buther's Flood Tide Marina and Seafood (3)19 Boyle & Drake, Inc. This area of Sebastian is the location of the Key West Inn Motel; Captain Fiiram's Restaurant and Marina, several time share developments, other restaurants, motels and bed & breakfasts, and several marina . The area is being upgraded with sidewalks; lighting, benches, and park upgrades by the City. The developments recently completed or are under construction include an expansion of the Key West Inn with river frontage, the renovation of Captain Hiram's, the renovation of the. KH Plaza office building at the comer of US: FTghway 1 and Truman. Street, construction of a new Ruby. Tuesday restaurant on US:. 1„ and the infrastructure improvements being made and planned by the City of Sebastian. Located near the subject is a 1.33 acre site that was purchased by. Presidential Financial Corporation in April. This parcel has river frontage and frontage on the west side of Indian River Drive. It is being developed with patio homes and commercial uses_ The balance of the Capt'n Butchers site that is not part of the sale of the subject site is. being developed with five buildings having retail on the first floor and residential above, plus a 46 unit hotel or motel. These projects are taking advantage of their river frontage and Sebastian's Riverfront Development program. Presently there are no structures located on the subject site. Development of the site calls for construction of a two lane street with angled parking in the center and vertical parking along each side. There will be a 6' wide sidewalk along the north side of the street and: extending from US Highway, 1 to Indian River Drive. There is a traffic light at the intersection of. Jackson Street and US L. Ile city will pay for 45% of the cost of the. construction of the storm water retention area and Capfn Butcher, Inc. will provide all. maintenance and operation costs thereafter; A meeting with Tracy Hass of the Sebastian Planning Department was held Tracy advised the subject property is zoned CWR-Commercial Riverfront Residential. Development of this area and the extension of Jackson Street are part of the charrette developed by the Treasure Coast Planning Council for the city of Sebastian. Utilities to the site include telephone, electricity, water and sewer service and trash removal. Access to the project is via Indian River Drive and is considered to be adequate. - The distance to the closest I-95 interchange is approximately 8 mules to the west via CR512. Ad Valorem Taxes: This parcel is part of a larger tract that has several parcel ID numbers and we were not f a Boyle & Drake, Inc. provided specific details on the history of how, the subject parcel was obtained. The subject site is being sold to the city and will be removed from the tax rolls. Therefore, the following information is strictly an estimate of information concerning the subjectparcel. Tax ID No. 31-30-39-00001-0000-00003,.3 and (3.4) 2001 $270,725 Real Estate Taxesi $6,0913t . The above -assessed value results in a tax rate of $2250 per $1,000 of assessed value. The land is assessed'at $6.68 persquare.foot. The subject is fairly assessed. OWNER OF RECORD/PROPERTX HISTORY The owner of record is Captrn Butcher, Inc. The most recent sale recorded on public records for•Iots.3.2 and 4.0 was dated June 2001 and was in the amount of $250,000. The purchase price was $9.11 per square foot. Lot.3.�a 1.11 acre parcel, was purchased in April 2001 for. $195,000 or $4.03 per square foot (Ibis parcel does not have frontage on the: Indian River): PURPOSE OF APPRAISAL: The purpose of this appraisalwas to estimate the Ma dmt .Value of the Fee Simple Estate of the — subject property in " as ,is"'condition as of JuT,y. 23, 2002: INTENDED.USE OIL REPORT. MJNCTIONOF aPPRsISAL) . The appttaisal is intended to aid in determining a current- market value for sale of the site to Ahe City of Sebastian. The appraisal is intended for the sole use of Capfn Butcher, Inc. and the city of Sebastian. Due' to the restricted report format, this report is not intended for any other use. 3 Boyle & Drake, Inc. HIGHEST AND BEST USE:. Highest and Best Use As Though. Vacant: Highest and Best Use As Improved: EFFECITVE DATE OF VALUE:. DATE OF REPORT: MAREET VALUE ESTIMATE: FEE SDIPLE ESTATE The interest appraised herein is the Fee Simple Estate. Per Standards Rule 1-2 (c) of USPAP 2001 Edition. For development of a commercial water view project of maximum size permitted by code. A commercial project will normally provide higher returns than a residential project when the site acquisition costs are high for the market area:. Subject property is unimproved. July 23, 2002 —. July 26, 2002 $.325,000 3 to 6 Months 3 to 6 Months APPRAISAL DEVELOPMENT AND REPORTING PROCESS: In preparing this appraisal, the appraiser inspected the subjectneighborhood and property,gathered information on market data. The search for comparable sales included properties that sold within the subject market area. All sales are commercial properties similar to the subject property. Per prior agreement with the client, the appraiser did not use the Cost Approach or the .Income Approach. 4 Boyle & Drake, Inc. I Failure fo use the Cost Approach and Income Approach is not considered a departure from USPAP Standards; since we were to appraise:the site as vacant and: vacant land in this area is not typically leased&. This restricted use appraisal report sets. forth a summary -and analysis of the data relied on, and appraiser's conclusion: Supporting documentation is retained in the appraiser's file. MARKET DATA: Although a Rettcted Use Report typically does not contain a discussion of market data, a brief discussion of the Sales Comparison Approach has been provided to assist our client . Sales Comp�n Approach: We have considered a total of Svc commercial land sales located in the. Sebastian Development area plus a lot adjacent td the new 1'ubhx Shopping Center on US Highway 1 at the intersection of Barbe[ Street, A summary chart is contained on the facing page. The 'typical unit of measurement or evaluation is sales price per square. foot,, We analyzed the results on aper square foot of site size basis and arrived at a minimum sales price of $3 (md) and a maximum of $10 (end). The average per square foot price was $6.56, The prices .varied due fo dateof sale„ location, site size, and corner location. The sales were next adjusted for differences in market conditions; size and `coiner influence: Location, availability of utilities and other. wasbased on a rating analysis of similar,. superior or inferior. An adjustment chart summarizing. all adjustments is contained on the facing page. Support for all adjustments is contamed in but company files. After adjustments the range was approximately $3.79 to $9.91 with an average of $6.99 per squarefoot of gross land area We compared the `properties and interviewed reactors and nearby property owners who provided information on market demand,and. the lack of available sites in the immediate area of the subject property: We also contacted.the City Planning Department and discussed then plans for development of the riverfiopt area and reviewed the charratte that was . prepared by the :Treasure Coast Planning Council. We then looked at im+estaimt returns from development of comparable sized sites as residential and as commercial projects. The commercial projects provided superior returns in most eases analyzed. Finally, we studied nearby development. The Fin's Restsurant, Captain U=m's Restaurant, the Key West Inn are all' nearby commercial projects that are prospering. We then rated commercial development of the site as the Highest and best use. Boyle & Drake, Inc. Next we looked at the price paid for the subject parcels and the amount of fill they. are using to bring the subject property up to construction grade level. We w=. advised this cost will be around $40,000. We used Sale 2, a purchase by Capt'n Butcher, Inc as a comparable sale. for our analysis.. .. A closer examination of the comparable sales was made. Sale I is a good location with exposure to the Sebastian Hospital and USI and Sate 3 is also a good commercial location. They show commercial sites are selling in the. $6 to $8 per square foot range.. At least part. of the subject parcer was part of Sale 2 which shows an adjusted value of $9.38 per square foot Tbis sale provided Capt'n Butcher, Inc, additional river frontage. Sale S was. ratedas Superior because; of the river frontage, location next to F n's and the amount of frontage on Indian River Drive. Sale 4 is rated as Similar as it has frontage on Indian River Drive and Harrison Street Sale was also rated Similar to the subject However,. this site has a large drainage ditch, a small home and an irregular shape.. Both of these sales were made prior to recent sales that have closed at much higher prices, -and have pushed the market to new levels. The success of the Key West Inn and the expansion of Captain Hiram's Restaurant, plus the impact of the city's riverfront development program, have created significant interest in property along. Indian River. Drive. The lack of available sites and announcements of new residential -condominium and commercial projects about to start are creating demand that is resulting is elevated selling prices in this area of Sebastian. Another factor supporting price increases is the condition of the stock market and the desire of investors to find alternative investments in areas such as real After consideration we concluded at the high end of our range of commercial' properties, but below the range for those with water frontage. Based on above we conclude that $8.00 per square foot is market oriented. The indication of value is calculated below: GROSS LAND AREA X I .UN1T VALUE = I PROPERTY20 0U $325 ALI ROUNDED $ Reconciliation The best indication of market value is the approach(s) that most closely represents the reactions of'the market place. Analysis of the motivations of purchasers of buyers of river view commercial properties strongly indicate that most purchases are based. on the purchasers desire to be at that location. For this reason, the Sales Comparison Approach to 6 I Z3 Boyle & Drake, Inc. value was given the most weight in the valuation of the subject property. Webelieve prices in this area will continue to increase. as new projects now in the permitting and design phases are completed and prove to be successful. Based on the Sales Comparison Approach, to value, the indication of market value of the subject property as vacant was $325,000.. are• • � � i � .a • : i marketing time is estimated to be approximately three to six month&, 7 Boyle & Drake, Inc. ASSUMPTIONS AND LIMITING CONDITIONS: The certification of the appraisers is subject to the following conditions and to such other specific conditions as are set forth by the appraisers in this report 1. Unless otherwise stated; the value appearing in this appraisal represents the opinion of the Market Value or the Value DefinedAS OF THE DATE SPECIFIED. Market Value of reap estate is affected by, national' and. local economic conditions and consequently will vary with future changes in such conditions. 2. The value estimated in this appraisal report is gross, without consideration given to any encumbrance; restriction or question of title, unless specifically defined 3. This appraisal report covers only the property described and any values or rates utilized are not to be construed as applicable to any other property, however similar the properties might be. 4. It is assumed that the title to the premises is good; that the legal description is correct;. that the improvements are entirely and correctly located on the property described and that there are no encroachments on this property, but no investigation or survey has been made. 5. This appraisal expresses our opinion, and employment to make this appraisal was in no way contingent upon the reporting of predetermined value or conclusion. 6.. ,No responsibility is assumed for matters legal in nature; nor is any opinion of title rendered In the performance of our investigation and analysis leading to the. conclusions reached Herein, the statements of others were relied on: No liability is. assumed for the correctness of these statements; and, in any event, the appraisers' total liability for this report is limited to the actual fee charged 7. Neither all nor any part of the contents of this report (especially any conclusions, the identity of the appraiser or the firm with which he is connected, or any reference to the Appraisal Institute or any of its designations) shall be disseminated to the public through advertising media, public, relations media, news media, sales media or any other public means of communication without our prior written consent and approval. 8. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures, which would render it more or less valuable. The Appraiser assumes no responsibility for such conditions or. the engineering, which might be required to discover these factors. 8 125 Boyle & Drake,.Inc. 9. Unless otherwise stated in this report; the existence of hazardous substances, including without limitation asbestos; polychlorinated .biphenyl's, petroleum leakage, or agricultural chemicals,, which may or may not be present on theproperty,. or other environmental conditions,. were not. called to the attention of, nor did the appraiser become aware of such during the appraiser's inspection. The appraiser has no knowledge of the existence of such materials on or in the property unless otherwise stated. The appraiser, however; is not qualified to test for such substances or conditions. If the presenceof such substances, such as asbestos, urea formaldehyde foam insulation,. or other hazardous substances or environmental conditions, may affect the value of the property, the valueestimated is predicated on the assumption that there is no such proximity thereto thatould cause a loss in value. No responsibility is assumed for any such conditions, nor for any expertise or engineering knowledge required to discover them . 10. The Americans with Disabilities Act ("ADA") became effective January -26, 1992, The appraisers have not made a specific compliance survey and analysis of this property to determine whether or not. it is in conformity with the various detailed requirements of the ADA. It is possible that a compliance survey of the property, together with a detailed analysis of the requirements of the ADA, could reveal. that the property is not in. compliance with one or more of the requirements of the Act. If so, this fact could have a negative. effect upon the value of the property.. Since the appraisers have no direct. evidence relating to this issue; possible noncompliance with the requirements of the ADA in estimating the value of the property has not been considered 11. This is a restricted appraisal report which is intended to comply with the reporting requirements set forth under Standard Rule 2-2(c) of the. Uniform Standards. of Professional Appraisal Practice for a Restricted Appraisal Report. As such, it does not include discussions of the data; reasoning, and analyses that were used in the appraisal. process to develop the. appraiser's opinion. of value. Supporting ,documentation concerning the data; reasoning, and analyses is retained in the appraiser's file. The information contained in this report is specific to the needs ofthe client and for the intended use stated in this report.' The appraiser is not responsible for unauthorizeduse of this report n Boyle & Drake; Inc. CERTIFICATION We certify that, to the best of our knowledge and belief. 1. The statements and information in this report are true and correct; and that we have not knowingly withheld any information. 2. The reported analyses, opinions,. and conclusions are limited only by the reported assumptions: and: limiting conditions, and is: our personal, unbiassed professional Analyses, opinions, and conclusions:. 3: We have no present or contemplated interest in the property appraised; and we have no personal interest or bias with respect to the parties involved. 4. Theanalyses, opinions, and conclusion were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice_ (USPAP): adopted by the Appraisal Standards Board of the Appraisal Foundation and the Code of Professional Ethics and the Standards. of Professional Appraisal Practice of the -Appraisal Institute. _ 5. The -use of this report is subject to the requirements of the State of Florida relating to review by the Department of Professional Regulation, Real Estate Appraisal Board, and to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. — 6. Our compensation is not contingent upon the reporting of a predetermined value or. direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated insult, or the occurrence of a subsequent event 7. David C.. Brown. and Paul: P.. Drake made a personal inspection of the property appraised and no other person assisted in the preparation of this report. 8. All conclusions and opinions concerning the realestate that are set forth in this appraisal' report were not based on a requested minimum valuation, a specific valuation, or the approval of a loan: 9. Based on our experience and training, it is our opinion that we are qualified to provide the following value estimate of the subject.property. 10, As of the date of this repots we have completed the requirements of the continuing education program of the State of Florida and The Appraisal Institute.. 10 012--7 I Boyle & Drake, Inc. 11. It is our opinion that the Market Value of the Fee Simple Estate of the subject property in "as stabilized" condition, as of July 23; 2002 was: (THREE HUNDRED TWENTY FIVE THOUSAND DOLLARS) ($325,000) David C. Brown. Florida State Certified General Appraiser RZ0002547 Expiration Date 11/30/02 Paul P.. Drake, MAI, SRA State Certified General Appraiser RZ0000027 Expiration Date 11/30/02 C SUBJECT PHOTOGRAPHS r30 ^©Wj J= t a P�\ }\ ■ LEGAL DESCRIPTION D32 Attachment A LEGAL DESCRIPTION Commencing at the intersection of the North line of Lot 3, Estate of August Park, according to the Plat recorded in Plat Book 1, page 19, St. Lucie County Records and the East right of way of Central Avenue, run South 22°02'30" East, along said East right of way, 58.31 feet to the Point of Beginning of a 80 feet wide right of way of Jackson. Street. From the Paint of Beginning run North 64024'46" East, 34.92 feet; thence South 89°20'52' East, 390.87 feet; thence North 63016'00' East, 77.57 feet to the West right of way of Indian River Drive, thence South 26°44'00" East, along said West right of way, 80.00 feet; thence -South 63°16'00" West, 97.06 feet, thence North 89020'52" West; 391.72 feet; thence South 640Z4'46" West, 21.23 feet to the aforementioned East right of way of Central Avenue; thence North 22002'30" West, along said right of way, 80.15 Teet to the Point of Beginning. All the above situate in Indian River County, Florida and containing 0.93 acres, more or less. 133 VACANT COMMERCIAL LAND SALES (/D,34 Florida, United States, North America lSv��ec Y { P a ' � r�.p,.,a et'`,dyi 2✓,S.v Q• }tip • {-x }c�+�� d ' ��r .fib 4P'i��4>'�2 •i'��xx.. �'�'^�Y �''S t4r� yd,%+s���.��,; �.y� �, . .. .. _ _ a�x¢^� x $I P.2Y+ta i�'`it��1 Yclyy^ci'�':��.-'✓1 : B R E V A R_ D _.:.. Y �A� 62. AO N D f A N .,8Y R.; :.;:.. otlfoty f . t r 0MI 2 4 0 e 10 12 Gap,:ly� O 1B860001 Ygacdl Cap uN'ottt Opp4R N dpHt renrved IYIO'g+wx.,W.,,y fM Oyew:In Npx d GnM�. OCopy:Ip1�2000 bYf�V�:bD✓•idn:dovl. Ya N:�iY`nww0.02000NMydM Nryj4 rrNa ThYdW MJ:gr Homdm Wun Wtl: pe.mlulm lrvm c.:,.a.n aWwA6rOfw o cupf:kt:i moo q uomr:k.W,o or.w syu.Rs [!d Summary of Commercial Land Sales --Boyle and Drake, Inc 561-234-130.3 Land Sale No. Location 1 IThle parcel Is located on fire west We of US HVrway 1 h S lmilan In front of the Sebastian Medical Center. 1 2 lindian Rtva Drive 1 3 ISW caner of US 1 and Barber Street In Sebastian 1 4 lWanlson Street, Sebastian 1 6 11ndian Rvw Drive 6 NW Caner of DaWs Streat and Men River Drive, ISebeatlan, Floede Sales Price Deed Date Front Feet Site Area/Acm Site Ar Ft Price per SF "IT1621 b370,000 I Dec 20001 270.001 1.45, $5.86 $250,000 I Jun 20011 0. 0. 27.4431 $9.11 $825,000 I Jui 20011 317.� 2.61 113.6921 $7.26 $398,000 Aug 20011 - 102.001 2.181 04,ift 1 $4.22 1 $562,222 I Apr 26021 210.01 1.0 97,935 j $9.71I $460.000 1 Apr 20M 204.621 3.261 142,0061 $3.24 Minimum Average MSAMUm : 27,4431 $324, a3,096I $&66 J 142,Q061 $9.70 1 Boyle and Drake Inc. Land Sale No.: 1 Property Type: Commercial OR Book: 1363 Page: 2408 County: Indian River Deed Date: December 2000 Location: This parcel is located on the west side of US Highway 1 in Sebastian in front of the Sebastian Medical Center. City: Sebastian Grantor: Sebastian Grantee: RT West Palm Beach Sales Price: 1370,000 Financing: Cash to seller Cash Equivalent Sale: Yes Front Feet: 270.00 Site Area/Sq. Ft.: 63,162 Site Size Acres: 1.45 Zoning: CO Land Use: C Utilities: Phone, electricity, water and sewer Topography: Normal Tax Follo Number: 30-38-25-00000.0040-00004.0 Legal: Lengthy4egal description - Price per Square Foot: -55.86 Price per Acre: $255,172 Comments: This parcel located on US1 in front of the Sebastian Medical Plaza The property is to be used for a Ruby Tuesday restaurant Record Number. 727 Job Number. 6411 E3 D7 Boyle and Drake Inc. Land Sale No.: 2 Property Type: Commercial OR Book: 1406 Page: 2646 County: Indian River Deed Date: June 2001 Location: Indian River Drive City: Sebastian Grantor: Emory D. Barge Grantee: CapVn Butcher, Inc Sales Price: $250,000 Financing: Cash to seller Cash Equivalent Sale: Yes Front Feet: 0.00 Site Area/Sq. Ft: 27,443 Site Size Acres: 0.63 Zoning: CWR Land Use: Commercial Utilities: Phone, electricity, water and seas Topography: Normal Tax Folio Number: 3039-3040001-0000-00003.2 a Legal: Lengthy legal description Price per Square FOOL' $9.11 Price per Acre: $396,823 Coraments: This property has frontage on Indian River Drive in Sebastian and has access to the river. It was purchased by the adjacent property owner as part of of assemblage of land that is to be used for a commercial development project Plans call for part of this site to be sold to the City of sebastian for the extension of Jacloon Snit to Indian River Dove, Record Number: 891 Job Number. 6411 133 Boyle and Drake Inc. Land Sale No.: 3 Property Type: Commercial OR Book: 1458 Page: 940 County: Indian River Deed Date: July 2001 Location: SW corner of US 1 and Barber Street in Sebastian City: Sebastian Grantor: Hyatt, Nelson Grantee: Walgreen Co Sales Price: $825.000 Financing- Cash to seller Cash Equivalent Sale: Yes Front Feet. 317.00 Site Area/Sq. Ft: 113,692 Site Size Acres: 2.(A Zoning'. CH Land Use: C Utilities: Phone, electricity, water and sewer Topography: Normal _ Tax Folio Number: 21-31-39-00000-0030-00001..0 Legal: Lengthy legal description Price per Square Foot. $7.26 Price per Acre: $316,091 Comments: This property, located at the intersection of US and Barber Street, is located across from the new Publix shopping center. The Walgreen store will be located on this parcel and will have 14,490 square feet. Record Number: 726 Job Number. 6411 2 Boyle and Drake Inc. Land Sale No.: 4 Property Type: Commercial OR Book: 1437 Page: 646 County: Indian River Deed Date: August 2001 Location: Harrison Stneet, Sebastian City: Sebastian Grantor: Charles B. Rowley III Grantee: City of Sebastian Sales Price: 5398,000 Financing: Cash to seller Cash Equivalent Sale: Yes Front Feet: 162.00 Site Area/Sq. FL: 94,275 Site Size Acres: 2.16 — Zoning: CR Land Use: Commercial Utilities: Phone, electricity, water and sewer Topography: Normal Tax Folio Number: 31-39-06-0020.0090-00007.0 Legal: Lengthy legal description Price per Square Foot: $4.22 Priceper Acre: $183,897 Comments: This property located at the intersection of Harrison Street and Indian River Drive in Sebastian. The City is buying the land to convert it into a city park. The purchase has been approved by City council Record Number: 807 Job Number. 6411 e Boyle and Drake Inc. Land Sale No.: 5 Property Type: Commercial OR Book: 1474 Page: 823 County: Indian River Deed Date: April 2002 Location: Indian River Drive City: Sebastian Grantor. Southeast Foods, L.I..C. Grantee: Presidential Financial Corp. Sales Price: $562,222 Financing: Cash to seller Cash Equivalent Sale: Yes Front Feet. 210.00 Site Area/Sq. Ft.: 57,935 Site Size Acres: 1.33 Zoning: CWR Lend Use: Comercial Utilities: Phone, electricity, water and sewer Topography: Normal Tax Folio Number: 31-30.39-000014000.00006.1;6 Legal: Lengthy legal description Price per Square Foot $9.70 Price per Acre: $422,722 Comments: This site is located along Indian River Drive in Sebastian. The site is improved with a 110' walkway into the river. There are also two small buildings and a trailer, but the buyer placed no value on these buildings and purchased the land as though vacanL Record Number: 890 Job Number. 6411 (0 Boyle and Drake Inc. Land Sale No.: 6 Property Type: Commercial OR'Book. 1485 Page: 1290 County: Indian River Deed Date: April2002 Location: NW Comer of Davis Street and Indian River Drive, Sebastian, Florida City: Sebastian Grantor: MID Partnership Grantee: RobertNillson Sales Price: $460,000 Financing: Cash to seller Cash Equivalent Sale: Yes Front Feet: 284.52 Site Area/Sq. FL: 142,006 Site Sire Acres: 3.26 Zoning: CR Land Use: Commercial Utilities: Phone, electricity, water and sewer . . Topography: Normal Tax Folio Number- 30-39-3 1-0000-0000-M(4.1) Legal Lengthy legal description Price per Square Foot'. $3.24 Price per Acre: $141,104 Cots: This parcel located at the NW Comer of Davis Street & Indian River Drive in Sebastian is improved with an old house that does not contribute to value. The contract is proposed to close in April 2002. The property is divided'by Indian River Drive. It has river frontage and riparian rights. Record Number: 815 Job Number. 6411 0 QUALIFICATIONS PAUL P. DRAKE, MAI, SRA QUALIFICATIONS Paul P. Drake is a partner in Boyle & Drake, Inc., a full service real estate appraisal firm with offices located in Vero Beach and Port Pierce, Florida. Mr. Drake has been actively engaged.in.various phases of real estate appraisal since 1971. He has prepared appraisals encompassing most of the major categories of land and buildings. Mr. Drake has conducted appraisals for the purpose of sale/purchase., insurance, rental, financial, ad valorem tax, purchase price allocation, corporate planning and special studies of market feasibility. Mr. Drake has been a resident of Patin Beach County, Florida, since 1947. He conducted real estate brokerage and appraisal business in Palm Beach Cotr,Bt+ until 1989. He is now a resident of St. Lucie County, Florida. He received his secondary education from the University of Miami and Florida Atlantic University, where he graduated in 1969 with a Bachelor of Science degree in Finance. Mr. Drake's recreational activity includes windsurfing & tennis. PROFESSIONAL AFFILIATIONS ♦ Member of the Appraisal Institute — MAI Certification No. 7685 ♦ Member of the Appraisal Institute — SRA ♦ Licensed as a Broker with Florida Real Estate Commission (License 0022786) ♦ State Certified General Appraiser, License RZ0000027, by the State of Florida, Department of Professional Regulation, Real Estate Appraisal Boatel, December, 1992 APPRAISAL EDUCATION • Society of Real Estate Appraisers Course 101, An Introduction to Appraising Real Property, 1975 Course 201, Principles of Income Property Appraising, 1976 Course 202, Applied Income Property Valuation, 19844 2 L f BOYLE & DRAKE, INC. PAUL P. DRAKE, MAI, SRA Page 2 Qualifications - Continued American Institute of Real Estate Appraisers Course 1A-1, Real Estate Appraisal Principles, 1981 Course 8-3, Standards of Professional Practice, 1983 Course 1A-2, Basic Valuation Procedures, 1986 Course 2-1, Case Studies in Real Estate Valuation, 1986 Course 2-2, Valuation Analysis and Report Writing, 1986 Course 1B-A, Capitalization Theory and Technique, Part A, 1986 Course 1B-B, Capitalization Theory and Technique, Part B, 1986 Course 8-2, Residential Valuation, 1986 Comprehensive Examination - Challenged and Passed, 1987 Appraisal Institute Standards-ofProfessional Practice A & B, 1992 Standards of Professional Practice A, 1993 — Litigation Valuation, 1993 Understanding Limited Scope Appraisals, 1994 - Small Hotel/Motel Valuatioa 1.998 Eminent Domain and Condemnation Appraising, 1998 Appraising Manufactured, Modular; & Mobile Housing, 1999 Lease Abstracting and Analysis, 1999 Partial Interest Valuation - Divided, 1999 USPAP/L.aw-Update - 1999 Regression Analysis - 2000 Standards of Professional Practice C, 2000 Regression Analysis - 2000 Standards Part C-430 - 2000 Case Studies in Highest & Best Use - 2001 Analyzing Commercial Lease Clauses - 2002 • Other Seminars Argus Two -Day Power User DCF Seminar, June 2000 Argus Power User Seminar • �� ♦ Partner in Boyle & Drake, Inc., Real Estate Appraisal and Consulting Firm, 'Vern Beach, Florida -Present ♦ President, Lawson. Powel & Drake, Inc., Real Estate Appraisal and Consulting Firm, Jensen Beach, Florida -January 1994 to March 1995. r' BOYLE & DRAKE, INC. f "[ f PAUL P. DRAKE, MAI, SRA Page 3 Qualifications - Continued ♦ Senior Appraiser, Callaway & Price, Inc., Ft. Pierce, Florida, June, 1989 to January, 1994. Responsible for appraising complicated properties in Florida and New England ♦ President, Drake & Ernst, Inc., Realtors/Appraisers, Boca Raton, Florida, 1972 to June, 1989 ♦ Vice President/Secretary Treasurer, Talbott & Drake, Inc., Realtors/Appraisers, 1973 to 1982 ♦ Associate, Eliot West Realty, 1971 to 1972 ♦ Assistant Planner, City of Boca Raton, Florida, 1968 to 1971 TYPES OF PROPERTY APPRAISED Appraisals made on the following types of property from individuals, corporations, banks, attorneys, governmental agencies, savings and loans, and mortgage companies: Acreage . Apartment Complexes Aquaculture Farms Automobile Agencies Commercial Buildings Condominiums Condominium Projects Day Care Centers Duplexes Citrus Groves Golf Courses Industrial Luxury Homes Marinas Medical $uildings Mobile Home Parks Motels/Hotels/Convention Centers Office Buildings Planned Unit Developments Residential Multifamily Residential Single Family Restaurants Retail Buildings Shopping Centers Surgical Centers Service Stations Special Purpose Properties Subdivisions Tennis Clubs Time Share Resorts Triplexes Vacant Land Warehouses Mr. Drake has appraisal experience in Florida, Massachusetts, New Jersey, New York, New Hampshire, and Rhode Island. f `f (P BOYLE & DRAKE, INC DAVID C. BROWN QUALIFICATIONS David C. Brown is the owner of K. B. Enterprises of the USA, LC and provides marled research and appraisal services to Boyle & Drake, Inc. of Vero Beach Florida. . • 1 has beenemployed and owned 41 firms 1za were - 11 . :. 1cammercial general constructon and NY.il' 11 • • • I d • matcnals. He has • I i:,1 invnluii . ' Y 1 �.• YI .I 11 11 1 •11 • Y :1 .t1.1 i1 1111 . •• 1' PROFESSIONAL AFFILIATIONS o ♦ State Certified Ckneral Appraiser RZ-0002547 • i1 VII .' • 4' .• 1 •.I EDUCATION BS Business Management — Salem College MBA — Masters of Busmess Administration — West Virgrma Wesleyan College APPRAISAL COURSES Course 101 — Iniroducnon to Appraising Real Property Course 110 —Appraisal Principles base Abstracting and Analysis Supporting Sales Grid Adjustments for Residential Properties Appraisng Small Hotels and Morals USPAP/I.aw Update Course 310 - Income Capitnli a on Course 320 — General Applications 1410 — Standards of Professional Practice, Part A 1420 - Standards. of Professional Practice, Part B 1031 Excbanges/An Investors Drcarn-A =Vrehensve Study of the Creative Possibilities OCCUPATIONAL President — Brawn's Lumber & Supply Company, Inc. — 1975 — 1997 .� L President ill wl ' • 1 •Hilll Realty • • • , w,l Y.eII 1.. Realty, Inc.•• willl w,lill •.11 1 •I11 ill 1\ •• wen Part= • • Property 1986 Present '. 11 •I w'• • •1111. • •I, • ••• 1. N q 04 W S. OV'205C'r. A1Q, A7' as Q� P.O.M. y, u JA,C KSOh/ 5-rTx es2!T N. C LIi. 7Z' LEGAL DESCRIPTION — — Commencing at the intersection of'the North line of Lot 3, Estate of August Park, according to the Plat recorded in Plot Book 1, page 19, St. Lucie County Records and the East right of way'af Central Avenue, run South 22.0230' East, along. said East right of way, 58.31 feet to the Point of Beginning of a 80 feet wide right of way of Jackson Street. From the Point of Beginning run North 64^2446' East, 34.92 feet: thence South 89.2052' East, 390.67 feet: thence North 63.16'00' East, 77.57 feet to the West right of way of Indian River, Drive, thence South 26.44'DO" East, along said West right of way, 80.00 feet: thence South 63.16'00" West, 97.06 feet: thence North 89.29520 West: 391.72 feet: thence South 64.2*46'. West, 21.23 feet to the aforementioned East right of way of Central Avenue: theme North. 22.02'30' West, along said right of way, 80.15 feet to the Point of Beginning. ' All the above situate in Indian River County. Florida and containing 0.93 acres, more or less. CERTIFICATE OF SURVEYOR 1. hereby emlify that this Survey was made under my responsible charge and represents the field work to the but of my knowledge and belief. By. . /L WDale: 3/tb�OZ .IAM STA E OF FLORIDA REGISTRATION NO.3435 ♦ y �L .c T1 O *_:. L ' �pd,E Mp Cr�i �'�r'•t. l'` i311, D� S , i SKs1T4Ae 70 ACCOAA~V As=46-rWW Nor A.ZC AVGy. SURVEYORS NOTES. 1. Ray.Madbu of 1b6.Ynrb an oat valY cols saki who a. i .9.rve7••'a s. Lad. chew.w. h..s. ,.....« .btraaad by Ph ldp, for AlthereFwah%......k NR abpwaanhfp, A6.. mhyAU De,d HaMeW.; 2'mbG 9a1-HW; w Maryby Ao D.ad. 3. lepl))mlpW..hewe bveo. wa p.wrbadiV Oa 171vt aad/x �e4apt. l Tiers ng ba.ddh{rd rvhlaa In t!rbue that an,aN A. .a dda enr aaay b. low In . PD.ranta. S dadvan..d 1. b.N.d.0 cad leubd F 11 .Asp .baww an hu.d N L41,911. vii L /n ry,r..r.,eaul 7. labJea .Ib appaan b W 5 Pb.d Zan Da..d a F.LR.K Map - d.tad T Ir H M JABM A. FOWLER, LAM SURVEMC; COMPANY I . 5Qrjz,TD,&ay 929-TM AVENUE -P.O. BOxl67'7 I VERO BEACH, FLORIDA 32961 ' PRONE 562-4744 FAX 562-0963 dTe I nanaio. LEGEND M eatam M Menem u. uonsMa aAt conelRr{rannaart HAD 1M Amsa[ alw alaenaRwAY antra COPKM { sasv. a Xtlon &W. sacs WTAvaamTr R cut ae avAstam �J a f iw, i wt4i July 9, 2002 Mr. Terrence R Moore City Manager City of Sebastian 1225 Main Street Sebastian, Florida .32958 MLS 945 Sebastian Blvd, a Sebastian, Florida 32958 Tel: (772) 589-3054 Fax: (772) 589-7557 Re: Developer's Construction Agreement Capt'n Butcher, Inc. and. City of Sebastian Dear Mr. Moore: Per our discussion of yesterday, enclosed is a revised copy of the Developer's Construction Agreement for your review. Please give me a call if you have any questions. I can be reached either at the office at 589- 3054 or on my cell phone at 473-6060. Sincerely, John Broker Enclosure JAK/rnrs