Title
MOTION TO APPROVE THE TENTH AMENDMENT TO THE PURCHASE AND SALE AGREEMENT WITH TERRA WORLD INVESTMENTS, LLC.
Summary Explanation and Background
SUMMARY EXPLANATION AND BACKGROUND:
1. Terra World Investments, LLC is seeking to amend the terms of the purchase and sale agreement for the City Center property through the tenth amendment to the agreement.
2. Generally, the tenth amendment to the Purchase and Sale agreement with Terra World Investments, LLC will provide for the following for Phase IIIB (Former City Hall south property):
A. Increase the purchase price per acre for Phase IIIB from $925,000 to $1,147,806.00.
B. Modifies the development plan, by reducing the total units from a maximum of 150 to a maximum of 90 units.
C. Modifies the type of units from 80% age restricted and 20% market rate to 100% market rate.
D. Clarifies requirements for closing including access easements for adjacent properties, contributions for traffic mitigation $450,000 and contributions for affordable housing ($500 per unit).
3. Based on the proposed revisions to the agreement, the City will see a lower density project and larger proceeds from the sale. Under the previous agreement the developer could have built up to 150 units with 80% being age restricted, they now are proposing a maximum of 90 market rate units. In terms of proceeds, the previous agreement could have generated between $3,974,898.00 and $4,124,898.00, the proposed agreement will generate up to $4,500,000.
4. The City Commission at its August 6, 2014 meeting approved the purchase and sale agreement between the City of Pembroke Pines and Turnberry Pines, LLC for the purchase of +/- 47.5 acres of property including the northern portion of the City Hall parcel and the remaining acreage of the City Center property.
5. The initial "Investigation Period" as stipulated in the Purchase and Sale agreement ended on December 8, 2014. On December 3, 2014, the City Commiss...
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