2002-03
. ... prt}ared By: Çi ty of Cl¡iWt
~ Re~i_'n To: Teresa studd~
City of Clermont
. P.O. Box 120219
Clermont, FL 34712-0219
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PARK IMPACT FEE AGREEMENT
THIS AGREEMENT ("Agreement") is made and entered into by and between the CITY
OF CLERMONT, FLORIDA, a Florida municipality ("CITY") whose address for purposes of this
Agreement is 1 Westgate Plaza, Clermont, Florida 34711; and LOST LAKE RESERVE, LC., a
Florida limited liability company ("LOST LAKE RESERVE"), whose address for purposes of this
Agreement is 33 E. Wall Street, Frostproof, Florida 33843.
WITNESSETH
WHEREAS, LOST LAKE RESERVE is the owner of certain real property located in the
City of Clermont, Lake County, Florida, being more particularly described and shown on
Exhibit" A " attached hereto and by this reference made a part hereof (the "Lost Lake Reserve
Property"), which is being developed as a development of regional impact as defined in
Section 380.06 of the Florida Statutes (the "Lost Lake Reserve Project"); and
WHEREAS, LOST LAKE RESERVE intends to construct certain infrastructure, including
park improvements, to serve the Lost Lake Reserve Project and the citizens of the City of Clermont;
and
WHEREAS, Chapter 166, Florida Statutes, authorizes the CITY to provide for and construct
certain public purpose facilities and exercise its powers to control and maintain such facilities; and
WHEREAS, the CITY has identified a need to establish a new municipal park in the CITY
in order to accommodate increased recreational demands anticipated as a result of population growth
in the CITY and surrounding Lake County; and
WHEREAS, the CITY has requested LOST LAKE RESERVE, and LOST LAKE
RESERVE has agreed, to contribute property and to undertake the design, permitting and
construction of certain improvements to and for the CITY's park system as generally depicted in the
conceptual plan prepared by Canin Associates, dated October 10, 2000 currently on file with the
CITY (the "Park Improvements"), in conjunction with LOST LAKE RESERVE'S use of the Lost
Lake Reserve Property necessary to accommodate development of the Lost Lake Reserve Project and
the citizens of the City of Clermont. I \OOIID 110 II 00111 00110 110 II om 10 110 11100 0110110 10110 01111001
OR458846;3
CFN 2002027896
Bk 02084 Pgs 1713 - 1718; (6pgs)
DATE. 03/14/2002 01:44:43 PM
JAMES C. WATKINS, CLERK OF COURT
LAKI~ COUHfY
RECOkÞJN6 ff~S 25.00
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OR.02084
PAGE 1714
NOW, THEREFORE, for and in consideration of the mutual terms, understandings,
conditions, premises and covenants herein set forth, and other good and valuable consideration the
receipt and sufficiency of which is hereby acknowledged, the CITY and LOST LAKE RESERVE do
hereby agree as follows:
Section 1. Recitals. The foregoing recitals are true and correct, and are hereby incorporated
herein by this reference.
Section 2. Present DeveloDment. In connection with the development and construction of
the initial phases of the Lost Lake Reserve Project, the parties hereby agree to the following:
a.
If the Park Improvements have not been completed and conveyed to the
CITY, and the Park Impact Fee Credit Balance has not been created, Lost Lake Reserve shall
have the option to utilize a letter of credit for payment of the afore-referenced Impact Fees to
the CITY. The letter of credit shall be presented to the CITY and equal to the amount of
impact fees due from LOST LAKE RESERVE to the CITY for the Lost Lake Reserve
Project undergoing development review and under construction.
b.
The letter of credit shall be in the form attached as Exhibit "B."
c. Upon completion of the Park Improvements and the conveyance of the land
and improvements, the letter of credit will be returned to LOST LAKE RESERVE and the
amount of the letter of credit shall be deducted from the Park Impact Fee Credit Balance
established for the total Park Impact Fee Credits due to LOST LAKE RESERVE.
d. If the Park Improvements have not been constructed in general compliance
with the terms and conditions of the Conditional Use Permit (CUP) approved by the CITY
and executed by Lost Lake Reserve on May 25,2001, the CITY shall have the right to draw
down the letter of credit as payment for the impact fees for the project undergoing
development review and construction.
OR458846;3
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PAGE 1715
Section 3. Termination. This Agreement shall automatically terminate upon the
conveyance to the CITY of the Park Improvements and/or the establishment of a Park Impact Fee
Credit Balance by the CITY.
Section 4. BindieS!: Effect. This Agreement shall be binding upon and inure to the benefit of
LOST LAKE RESERVE, the CITY and their respective successors and assigns. The terms and
conditions of this Agreement shall burden, benefit and shall run with the title to the Lost Lake
Reserve Property.
Section 5. Severability. If any provision of this Agreement, the deletion of which would not
adversely affect the receipt of any material benefits by a party hereunder or substantially increase the
burden of a party hereunder, shall be held to be held to be invalid or unenforceable to any extent by a
court of competent jurisdiction, the same shall not affect in any respect whatsoever the validity or
enforceability or the remainder of this Agreement.
Section 6. Breach. In the event of a breach of this Agreement by either party hereto, the
other party shall have all rights and remedies allowed by law, including the right to specific
performance of the provisions hereof
Section 7. Governine: Law. This Agreement shall be construed and enforced in accordance
with the laws of the State of Florida. Exclusive venue in any action to construe or enforce the
provisions of this Agreement shall be in the Circuit Court in and for Lake County, Florida.
Section 8. Attorney's Fees. The prevailing party in any action or proceeding to enforce
the terms and provisions of this Agreement shall be entitled to recover from the no prevailing
party, all reasonable attorney's and paralegal fees, and costs incurred before trial, at all trial and
appellate levels, in all post-judgment proceedings and in any bankruptcy proceedings.
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PAGE 1716
OR. 02084
Section 9. Counterparts. This Agreement may be executed in any number of counterparts each
of which, when executed and delivered, shall be an original, but all counterparts shall together
constitute one and the same instrument.
IN WITNESS WHEREOF, the parties hereto have made and executed this Agreement on
the respective dates under each signature: CLERMONT, FLORIDA through its CITY COUNCIL,
signing by and through its Mayor, authorized to execute same by Council action taken on the ~
day Of~, 2002, and by F. Hood Craddock, as Vice President of LOST LAKE
RESERVE, LC.
ATTEST:
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Q; Cld~
CLERMONT, FLORIDA through its
CITY COUNCIL
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Thi~'l of ::Jõl)l ar II
I
, 2002
and legality:
Signed, sealed and delivered in the
presence of:
LOST LAKE RESERVE, L.C.
By: Lost Lake Reserve, LC.,
BY:~
F. Hood Craddock, Vice President
Date: - ~~~, ð~
, 200.a:-
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P . ted ame þf Witness
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OR . 02084
PAGE 1717
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EXHIBIT A
That part of LAKE mGHLANDS COM}> ANY, according to the map ~r plat thereçf 25 recorded
in. Plat Book 3, Page 24 of the Public Records of. Lake County, Florida, lying, in Section 32,
Township 22 South, Range 26 East., described as follows: .
Commence at the Northwest corner of the Southwest 1/4 of Section 33, Township 22 South, Range
26 East, L~ke County, Florida; thence run South 00° 33' 01" East along the West line of th~
SouthweSt 1/4 of said Section 33, fOT a distance of 921.35 f~ef to tile N ortn line of a parcel of land
described in D.R. Book 1633, Page 721 of the Publi~ Records of Lake County, Florida, thence ttm
North 77° 25' 52 If West dong the North line Qf said parcel of bnd described in D.n.. Book 163G,
Page 721, for a distance of 54.42 feet to the Northwest corner of said parcel of bü.d described in
O.R. Dook 1630, Page 721; thence læving said parcel of I!and described i~ D.R. Book 1630, Page.
721; run North 77° 62' .12" West, for a dist:lnce of 740.00 feet to the Point of Beginning; thencè
continue North 77° 62' 12" 'Vest, a distanœ of317.95 feet to the beginning of a non-tangent cun'e'
concave to the Northeast, having a radius of 1540.00 feet and a chord bearing ofNortb 7r 08' 46"
'Vest, thence run nÐtthwesterly along the arc of said non-tangent CUI'\'C faT.a distance of 307.Œ .
feet through a central angle of 1r 25' 43" to the end of said non-t:mgent curvc; tbÐDce run No~ñ. '
67° 39' 16" 'Vest for a distance of 149.62 feet to the beginning of a non-tnngent cun'c concave to
the Southwest, having a radius of 1450.00 feet end a chord bearing of North 68° 16' 15" ~Vest;
thence run northwesterly alung the arc of said non-tangent curve for a dist2Ilce of 275.58 feet
through a central angle of 10° 53' 21" t~ the beginn~ng of a compound curve .conC2VC to the
Southeast, having a radius of2S.00 feet and a chord bëaring of South 59° 03' 2311 'Yest, thence run
southwcsttrJ.r along the arc of said compound cun'c for a distance of 41.71 feet through 2 central
angle of 94° 27' 23" to tbe beginning of n compound èulYc ,concr.vc P2sterly h~ning a radius of '
1438.00 feet ~nd a chord bearj3)g ofSoûtb 05° 51' 0511 'Vest, thence run soutberÌ}' ali>ng th~ arc of
said compound CUIYC for a distancc of 300.00 feet through a central ~mgle of 11 ° 5ï' 12" to ¿ p:dhd ,
line, thence 11m South 891) 5~' 29" \Vest along said ~dialliDe for :'1 distance of 12.00 feet ~o a .point
on a non-t:mgept curve conc:wc'northc3stcdy having a fö1dius ~f 1450.00 feet :md f! chord ~~2rjng
of South lr 34' 1811 E2st, thence nm s3u,thcaste;rI.r along th~ ~rc of said cun'c HlrO1!gh ~ central
angle of 24° 53' 34" for n distance of 629.97 feet to the point oft:mgenc}'; thence nm'-South ~5° 01'
05" East for n clistam:e of 395.67 fœt; then~e run North 64° 58' 56" Ens! for :;¡ dist:mce of 362.00
feet; thence run South 25° 01' 04" East for 3 distance of 351.05 feet; thence run North 64° 5815611
East for n distance of201.8G fcc~.; thence ren North 55° 33' 07".E2st for:1 distan~c of 142.16 feet;
thence run I-~ortù 00° 33' 00" \Vcst fot ~ di,Ståncc of965.09 feet to tbe Point ofDcginning.
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PAGE 1718
CiTizENS BANk
Main Office:
2 East Wall Street
Frostproof. FL
Phone: (863) 635-2244
Fax: (863) 635-9202
Lake Wales Office:
1838 State Road 60 East
Lake Wales. Fl
Phone: (863) 676-7077
Fax: (863) 679-7793
Haines City Office:
1400 U.S.Hwy 27 N.
Haines City, FL
Phone: (863) 421-8484
Fax: (863) 421-6090
All Correspondence:
P.O,Box 7
Frostproof. FL 33843-0007
1/1Jl1ime BankLine (863) 679-7777
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Citizens Bank
Irrevocable Letter of Credit No. 129
January 8, 2002
Harold Turville, Mayor
City of Clermont, Florida
Attn: Park Impact Fee Agreement
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We hereby open our Irrevocable Letter of Credit in your favor for the account of Lost
Lake Reserve LC., 33 East Wall St., Frostproof, Florida 33843 for a sum not to exceed
the aggregate of$150,320 (One Hundred Fifty Thousand Three Hundred Twenty and
00/100 U.S. Dollars). Such sum shall be available in accordance with that Park Impact
Fee Agreement between the City of Clermont, Florida and Lost Lake Reserve, LC. dated
January 8, 2002.
The credit is subject, so far as applicable, to "The Uniform Customs and Practice for
Documentary Credit, 1993 revision, The International Chamber of Commerce
Publication No. 500." .
We hereby agree with you that payment will be made under and in compliance with the
terms of this credit and will be duly honored if presented for payment to our main office,
Citizens Bank of Frostproof, PO Box 7, Frostproof, FL 33843. This letter will expire on
January 8, 2004.
Citizens Bank of Frostproof
BY:
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President
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Polk County's Oldest and Strongest Bank,., founded in 1920