Title
MOTION TO APPROVE THE EIGHTH AMENDMENT TO THE AGREEMENT FOR PURCHASE AND SALE BETWEEN TERRA WORLD INVESTMENTS, LLC AND THE CITY OF PEMBROKE PINES.
Summary Explanation and Background
SUMMARY EXPLANATION AND BACKGROUND:
1. Terra World Investments, LLC and the City of Pembroke Pines are seeking to amend the terms of the Purchase and Sale agreement for the City Center property through the eighth amendment to the agreement.
2. The eighth amendment to the Purchase and Sale agreement will require Terra City Center Investments III, LLC, at closing, to reimburse and repay the City for the City's share of the recorded Traffic Concurrency Agreement in the amount of $122,148.00.
3. The Traffic Concurrency Agreement between the City and Broward Co was approved by the City Commission and Broward County in 2001 and was recorded against the City Hall Plat. The eigth amendment will allow the Terra group and their assigns the ability to utilize the credits generated by the payment of the Traffic Concurrency Agreement for their development plans on the former City hall parcel (phase 3).
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 Commission approved the First Amendment to the purchase and sale agreement extending the Investigation Period to January 8, 2015. On January 7, 2015 the City Commission approved the Second Amendment of the purchase and sale agreement extending the Investigation Period to February 9, 2015.
6. On February 4, 2015, the City Commission approved the Assignment of the Agreement for Purchase and Sale from Turnberry Pines LLC t...
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