Title
[ADDENDUM ITEM 2]: MOTION TO APPROVE THE NINTH 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 ninth amendment to the agreement.
2. Generally, the ninth amendment to the Purchase and Sale agreement with Terra World Investments, LLC will provide for the following for Phase IIIA and IIIB (Former City Hall property):
A. Clarifies the requirements and timeline related to the developers agreements.
B. Modifies and accelerates the closing timeline.
C. Clarifies the closing entity.
3. Pines and Palm Ave 2022, LLC (FKA Terra World Investments, LLC) is proposing to close on the Phase IIIA later in the month of August 2022. The proposed ninth amendment will accelerate the timeline to close on Phase IIIA (old City Hall site).
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 to Terra World Investment, LLC. At the same meeting, the City Commission approved the Third Amendment of the...
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