On July 13, 2016, the City Commission approved Resolution No. 2016-29488, approving, with conditions, the vacation of a 20 foot wide portion of a right-of-way, known as Alton Court (hereinafter “City Parcel”) in favor of 1698 Alton Road Ventures LLC, a Florida Limited Liability Company, and 1681 West Ventures LLC, a Florida Limited Liability Company (hereinafter collectively “Developer”).

The City’s Finance and Citywide Projects Committee analyzed the appraised value of the City Parcel, as set forth in the Appraisal Report by Waronker and Rosen, Inc., dated April 20, 2016, and recommended that a thirty percent (30%) discount be applied to the appraised value set forth therein because the full bundle of rights are not being utilized by the Developer. As such, the Developer and the Finance Committee agreed to a financial contribution to be paid by the Developer as a voluntary contribution incident to the proposed vacation of the City Parcel, in the amount of $665,000.

City and Developer have agreed to enter into a Development Agreement pursuant to Sections 163.3220 – 163.3243, Florida Statutes (“Development Agreement”), to memorialize the terms and conditions of the Project, including the vacation of the City Parcel, and any other conditions imposed by the City Commission. The material provisions of the attached Development Agreement include:

(a) Developer shall pay a voluntary public contribution (hereinafter the "Voluntary Contribution") of $665,000 to the City in connection with the vacation of the City Parcel.
(b) City Commission shall have full discretion on its allocation and use of the Voluntary Contribution.
(c) Developer shall designate a portion of the on-site project parking, no less than 30 parking spaces, as public parking.
(d) Developer shall prohibit any habitable structures, parking spaces, deck space or amenities from being placed in or above the City Parcel. The City Parcel shall be used solely for a pedestrian and or vehicular “bridge” to link the Developer’s Parcels, and as contemplated in the Design Review Board and Planning Board approvals for the project.
(e) Developer’s Project, shall be developed as a mixed-use project with residential and retail/restaurant uses and structured parking, [and in accordance with the Order, dated May 3, 2016 of the City’s Design Review Board], and consistent with the CD-2 zoning regulations of the City’s Land Development Regulations (the Project),
(f) Developer will make the first payment of the Voluntary Contribution, in the amount of $199,500, plus reimbursement to the City for the cost of the Appraisal Report, in the amount of $10,500, within ten (10) business days following the City Commission’s final approval of the Development Agreement.
(g) Developer will apply for a full Building Permit for the Project, no later than June 16, 2017.
(h) Developer will pay the City the balance of the Voluntary Contribution within ten (10) business days following the issuance of the vertical/shell building permit for the Project. Upon receipt of this payment, the City shall deliver a quit claim deed to Developer for the City Parcel. The actual vacation of the City Parcel shall only be effective as of the date Developer makes the final payment of the Voluntary Contribution and receives the deed. The payment shall be non-refundable.
(i) The City shall reserve a non-exclusive, perpetual, public access easement over the entire portion of the City Parcel.
(j) The Developer shall pave the entirety of alley (Alton Court between 17th and Lincoln Road), and replace, underground power lines and utilities.
(k) The Developer shall resurface, hardscape and landscape of the entirety of the City Parcel.
(l) The Developer shall install City-approved street signage; including directional signage, beach access signage and similar signs (including private signage).
(m) The Developer shall be solely responsible for and shall install any necessary drainage structures, facilities or improvements as may be necessary or required for the Project and City Parcel.
(n) Developer shall install new water and sanitary sewer pipes, along the north 145 feet of the City Parcel, to replace that portion of the existing pipes located in the City Parcel. All remaining existing utilities controlled by the City and located underground within the City Parcel will be replaced or improved by Developer at the direction and reasonable discretion of the City’s Public Works Director.
(o) There is a pole mounted transformer (“FP&L Equipment) and other existing equipment (“Other Equipment”) located in the City Parcel that is related to the stormwater pump station located on 17th Street. The Developer shall coordinate with FP&L and the City’s Public Works Department for the removal and/or relocation of the FP&L Equipment and Other Equipment, at the direction and reasonable discretion of FPL (Florida Power & Light) and the City’s Public Works Director, or his designee. The existing overhead utility lines (electrical, cable and telephone) and other pole mounted equipment shall be relocated, with the direction of FPL or any other applicable utility providers and the City’s Public Works Director.
(p) The existing geometry of Alton Court between 17th and Lincoln Road shall be substantially followed in the design of the Alton Road Improvements. No change in the location of the sidewalks, curbs and gutters shall be permitted without the prior written consent of the City.
(q) The Developer shall pay for the City’s reasonable outside counsel fees.