Title
MOTION TO APPROVE AN AMENDMENT TO THE PROPERTY EXCHANGE AGREEMENT BETWEEN TERRA WORLD INVESTMENTS, LLC. AND THE CITY OF PEMBROKE PINES TO INCLUDE TA PINES CITY CENTER, LLC. IN THE AGREEMENT.
Summary Explanation and Background
SUMMARY EXPLANATION AND BACKGROUND:
1. Terra World Investments, LLC and the City of Pembroke Pines are seeking to amend the parties that are included in the previously approved property exchange agreement. In the seventh amendment to the Agreement for Purchase and Sale, the City and Terra established a land exchange agreement for approximately 43,514 square feet of property as shown in the attached exhibits. The property exchange is a true up of land that was left over after development and consistent with the Purchase and Sale agreement.
2. The proposed revisions to the exchange agreement provides for a separate agreement for TA Pines City Center, who currently owns Parcel 2 (Publix) of the City Center development and calls for a simultaneous closing between the three entities: Terra World Investments, II LLC, TA Pines City Center, LLC and the City of Pembroke Pines. TA Pines City Center purchased parcel 2 after the property exchange agreement was approved.
3. The property exchange would equate to the following:
A. From the City to Terra: 25,726 square feet
B. From the City to TA Pines City Center: 17,761 square feet
C. From Terra to the City: 39,953 square feet
D. From TA Pines City Center to the City: 3,561 square feet
4. The properties being exchanged included previously delineated driveways, rights-of-way and the future park space. The exchange will clean up right of way, side walks and other properties and assign them to the correct property owner.
Legislative History
5. 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 p...
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