The action that is being presented for City Commission consideration is the approval on first reading of an ordinance to authorize the Purchase and Sale Agreement for the City of Oakland Park Downtown Properties which is comprised of six (6) individual sites totaling more than 4 acres and located on the east side of Northeast 12th Avenue, between Northeast 36th Street and Northeast 38th Street. This document will set forth the detailed process and conditions under which the Downtown Properties would be sold, and ownership transferred to Horizon of Oakland Park LLC, which is a joint venture between Kaufman Lynn Construction and the Falcone Group, for the express purpose of development of the Downtown Properties. The Purchase and Sale Agreement provides for the disposition of City property and as such, an Ordinance is required per City code.
The proposed ordinance requires two readings, with a public hearing on second reading. If approved, the ordinance would authorize the City to enter into the Purchase and Sale Agreement for the Downtown Properties for the express purpose of its development as defined in the Development Agreement. The agreement seeks to transfer the property under a very specific set of conditions and responsible timeframe to ensure the success of the development. The Development Agreement will be brought to Commission at the second reading of this ordinance and will contain the essential terms and conditions as outlined in the staff presentation to Commission.
The following summarizes the Project and Purchase and Sale Agreement:
Development Program
The Project: Consists of the following components: North Building, South Building, Residential Building, Public Recreational Spaces, Public Parking, Woonerf, Train Station, and Open Spaces.
The Site Plans: The Purchase and Sale Agreement and the Development Agreement contemplate the potential scenarios for the development of the project with or without the acquisition of the private parcels (A and B) and future timing of the Train Station. See attached map of Parcel A and B. It should be noted that all proposed site plans retain Greenleaf Park amenities, the "historic" tree, woonerf, public parking and train platform.
Primary Site Plan:
PRIMARY SITE PLAN
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North Building
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South Building
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Residential Building
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Open Space
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Building Type
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5 Story Mixed Use
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6 Story Mixed Use
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3 Story Residential
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Ground Level Retail
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12,500 SF
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21,615 SF
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NA
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North Building
Minimum 25 % Ground *
South Building
Minimum 25 % Ground *
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Live Work Units
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8
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NA
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NA
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Residential Units
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36
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239
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36
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Parking
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Garage
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Garage
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*shared
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|
Other
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Rooftop Event Space
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Rooftop Amenity Deck
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NA
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North Building
Minimum 10 % Rooftop **
South Building
Minimum 10 % Rooftop **
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* Exceeds City Code required Ground Open Space = 20%
**Exceeds City Code required Rooftop Open Space = 5%
Alternative Site Plan A-1: without Parcel A
ALTERNATE SITE PLAN A-1
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North Building
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South Building
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Residential Building
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Open Space
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Building Type
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6 Story Mixed Use
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6 Story Mixed Use
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3 Story Residential
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Ground Level Retail
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5,225 SF
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21,615 SF
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NA
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North Building
Minimum 25 % Ground *
South Building
Minimum 25 % Ground *
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Live Work Units
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5
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NA
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NA
|
|
Residential Units
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14
|
239
|
36
|
|
Parking
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Garage
|
Garage
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*shared
|
|
Other
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Rooftop Event Space
|
Rooftop Amenity Deck
|
NA
|
North Building
Minimum 10 % Rooftop **
South Building
Minimum 10 % Rooftop **
|
* Exceeds City Code required Ground Open Space = 20%
**Exceeds City Code required Rooftop Open Space = 5%
Alternative Site Plan A-2: without Parcel A
ALTERNATE SITE PLAN A-2
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North Building
|
South Building
|
Residential Building
|
Open Space
|
Building Type
|
5 Story Mixed Use
|
6 Story Mixed Use
|
3 Story Residential
|
|
Ground Level Retail
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5,300 SF
|
21,615 SF
|
NA
|
North Building
Minimum 25 % Ground *
South Building
Minimum 25 % Ground *
|
Live Work Units
|
6
|
NA
|
NA
|
|
Residential Units
|
36
|
239
|
36
|
|
Parking
|
Garage
|
Garage
|
*shared
|
|
Other
|
Rooftop Event Space
|
Rooftop Amenity Deck
|
NA
|
North Building
Minimum 10 % Rooftop **
South Building
Minimum 10 % Rooftop **
|
* Exceeds City Code required Ground Open Space = 20%
**Exceeds City Code required Rooftop Open Space = 5%
Summary of Provisions
1. Definitions: Establishes a clear understanding of the terms and conditions within the contract.
2. Purchase Price and Deposits: Sets the purchase price for the property at $11,206,508.00 and sets forth earnest money deposit requirements.
3. Inspections: Provides that the Developer will be allowed a 120-day inspection period for the property; this section also includes provisions that govern access, responsibilities, and deadlines.
4. Development Review Application, City Development Approval, City Commission Approval and Site Plan Approval: Sets forth the process and timelines associated with the development of the Downtown Properties.
5. Sellers Representation, Warranties, and Covenants: These provisions establish clarity regarding the City’s knowledge of the site conditions and clarifies that the site is being sold "as is" while providing for site access and indemnification.
6. Sellers Closing Documents: These provisions establish closing cost obligations between the parties.
7. Purchasers Deliverables: Sets forth the deliverables to be provided by the Purchaser to the City at time of closing.
8. Real Estate Commissions: Clarifies that there are no real estate commissions to be paid by either party in this transaction.
9. Default: Provides that the Purchaser shall be in default should they fail to file the Development Review application prior to the required date or close the acquisition of the Property before the Closing Date. The City shall be in default should it not perform any required obligations or fail to close the sale of the Property before the Closing Date.
10. Timeline for City Development Approval, City Commission Approval, and Permits: Indicates that the Purchaser shall exercise due diligence in obtaining Government approvals and coordinating with the City to resolve entitlement issues. Permits shall be obtained by the Purchaser through reasonable efforts within 12 months and close on the Property within 60 calendar days of obtaining Governmental Approvals, Permits for the Project and a Construction Loan Commitment.
11. Evidence of Title: Outlines that the City and the Purchaser shall work to provide proper title to the Property and jointly work to cure any title objections and survey inaccuracies.
12. Risk of Loss; Condemnation: Options provided to the Purchaser should the City be advised of pending or threatened condemnation of the Property arising from fire or other casualty prior to closing.
13. Transfer of Title Subject to: Provisions under which the Title will be accepted regarding utility easements.
14. Adjustments at Closing: Sets forth basis for which closing credits and/or prorations will be calculated.
15. Closing Date and Place: Specifies the closing date and location.
16. Termination: Outlines the provision for the City to terminate the agreement.
17. Closing Cost: Establishes responsibility for closing costs and legal fees.
18. Purchasers Warranties: Provides the authority for the Purchaser to execute the agreement with the City.
19. Option to Repurchase all of the Property: Outlines the City’s ability to repurchase the Property under certain circumstances.
20. Enforceability: Provides for unenforceable circumstance as provided by a Court as to any provision of the Agreement and the resolution of same.
21. Conditions Precedent to Closing and Contingencies: Provides for the City’s, Purchaser’s and joint considerations that must be satisfied prior to closing.
22.– 38. Notice/ Heading/ Effective Date/ Governing Law and Venue/ Entire Agreement/ No Oral Change/ Successors/ Counterparts/ Radon Gas/ Attorney’s Fees/ Cooperation and Status Updates/ Escrow/ Time is of the Essence, Force Majeure/ No Third-Party Beneficiaries/ Survival/ Waiver of Jury Trial/ Closing Agent Escrow Agreement: Provisions 22 thru 38 provide the legal notices, official notifications, and requirements, etc. relating to the execution of the Agreement.
Additional City Actions:
- Purchase and Sale Agreement on Second Reading (Public Hearing)
- Development Agreement
- Neighborhood Participation Meeting
- Development Review Committee – Site Plan Approval
- Planning and Zoning Board – Bonus Provisions (Public Hearing)
- City Commission Approval - Bonus Provisions (Public Hearing)
- Project Specific Documents for City Commission Approval (Future Approval)
- Woonerf Long Term Maintenance Agreement
- Parking Maintenance Agreement
- Construction Agreement with Developer (Greenleaf Park & Pump Station Relocation)
- Train Station Delivery Agreement
- Other Approvals:
- Rezoning of 1300 NE 38 Street (former Omega Church Site) – site of the future Greenleaf Park