Backup Documents 06/26/2012 Item #14B 1148 1
TERMINATION AND SETTLEMENT OF EMPLOYMENT AGREEMENT BETWEEN
DAVID L. JACKSON AND THE BOARD OF THE
COLLIER COUNTY COMMUNITY REDEVELOPMENT AGENCY
THIS TERMINATION AND SETTLEMENT AGREEMENT is made and entered
into this 26th day of June, 2012, by and between the Collier County Board of County
Commissioners, in its capacity as the governing body of the Collier County Community
Redevelopment Agency (hereinafter referred to as the "CRA "), and David L. Jackson
(hereinafter referred to as the "Employee ").
RECITALS:
WHEREAS, on March 22, 2005, the parties entered into an Employment Agreement,
hiring Employee as the Executive Director of the Bayshore /Gateway Triangle Redevelopment
Area, retroactive to March 16, 2005; and
WHEREAS, on November 1, 2005, the parties entered into a revised Employment
Agreement (hereinafter referred to as the "Employment Agreement ") hiring the Employee to
serve as the Executive Director of the Collier CRA Bayshore Gateway Triangle, which
Agreement provided for a term of employment and other terms and conditions of employment;
and
WHEREAS, the Agreement has previously been extended and amended on June 26,
2007, April 13, 2010, September 27, 2011 and restated on May 8, 2012, which restated
Employment Agreement is attached hereto as Exhibit "A;" and
WHEREAS, there is a Loan Agreement dated September 1, 2009, by and between the
CRA and Fifth Third Bank, with a current outstanding principal on this loan as of June 12, 2012,
of $9,911,000 and a principal balance due on September 1, 2014 of $8,800,000; and
WHEREAS, due to financial circumstances beyond anyone's control which have affected
the entire U.S. economy, and more particularly the Bayshore CRA area, tax increment revenues
and market values of CRA -owned property have fallen considerably since the CRA entered into
the Loan Agreement; and
WHEREAS, on June 12, 2012, the CRA Board accepted the Finance Committee's
recommendation to reject the lone bid received from Fifth Third Bank under Invitation to Bid
12 -5877 which was issued in an attempt to refinance and restructure the current
Bayshore /Gateway Triangle CRA Series 2009 Term Loan under more favorable financing terms
and at the lowest overall financing cost; and
WHEREAS, unless current circumstances change, the CRA will not have sufficient funds
to pay the principal balance due on September 1, 2014 of $8,800,000; and
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WHEREAS, given the present financial circumstances, it is no longer in the best interest
of the CRA to continue the employment of David L. Jackson as its Executive Director, but
instead to redirect both future CRA revenues and the compensation due Mr. Jackson under the
terms of his Employment Agreement to a reserve fund to be used to help pay the remaining debt
due on the loan; and
WHEREAS, Mr. Jackson's Employment Agreement provides that "In the event the
Executive Director is terminated by CRA Board, the CRA Board agrees to pay the Executive
Director 20 weeks of the Executive Director's base salary for termination without cause;" and
WHEREAS, to avoid a future employment dispute over this 20 -week severance payment,
pursuant to Florida Statutes Sec. 215.425, the CRA is willing to pay Mr. Jackson, and Mr.
Jackson is willing to accept, the sum of $14,414.65, representing 6 weeks compensation.
WITNESSETH:
NOW, THEREFORE, in consideration of the mutual covenants herein contained, the
parties agree as follows:
1. TERMINATION OF EMPLOYMENT AGREEMENT. The Employment
Agreement, and Mr. Jackson's last day as the Executive Director of the
Bayshore /Gateway Triangle Redevelopment Area, shall be terminated effective as of
5p.m. June 29, 2012.
2. SEVERANCE PAY. Within 10 business days from the date of this Termination
Agreement, Mr. Jackson shall receive the sum of $14,414.65, representing 6 weeks
compensation, together with any and all earned and accrued leave that Mr. Jackson is
currently entitled to. Mr. Jackson shall promptly submit a payment request for any
and all currently unpaid and due professional dues and subscriptions, travel and
subsistence expenses, and incidental expenses.
3. MUTUAL GENERAL RELEASE. To the extent authorized by Florida Law,
including Florida Statutes Sec. 215.425, in consideration of the mutual
relinquishment of their respective legal rights with reference to disputes and
differences each party expressly releases the other, and their heirs and legal
representatives, from all liability for all known and unknown claims and demands
arising out of the Employment Agreement and Mr. Jackson's role as the Executive
Director of the Bayshore /Gateway Triangle Redevelopment Area. In further
consideration of the foregoing, the parties also hereby release, acquit, satisfy, and
forever discharge each other, of and from all, and all manner of action and actions,
suits, debts, dues, sums of money, covenants, contracts, controversies, agreements,
promises, damages, judgments, executions, claims and demands whatsoever, in law
or in equity, which they ever had, now have, or which any personal representative,
successor, heir or assign of them, hereafter can, shall or may have, against each of
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them, for, upon or by reason of any matter, cause or thing whatsoever, from the
beginning of the world to the day of these presents.
4. GENERAL PROVISIONS:
a. The provisions of this Termination Agreement constitute the entire
understanding between the parties with respect to the subject matter set forth
herein. This Termination Agreement may not be amended or modified except
in a written document signed by the parties, and no other representations or
understandings are binding on the CRA Board and the Executive Director
unless contained in a subsequent, duly adopted and executed written
amendment to this Termination Agreement.
b. This Termination Agreement shall be construed and administered in
accordance with Florida and any other applicable law. The sole and exclusive
venue for any litigation between the parties arising out of or related to this
Termination Agreement or any documents executed in connection with this
Termination Agreement shall be in the Circuit Court in and for Collier
County, Florida.
c. Should any provision of this Termination Agreement be declared by a court of
competent jurisdiction to be invalid, the same shall not affect the validity of
the Termination Agreement as a whole, or any part thereof, other than the part
declared to be valid.
d. This Termination Agreement shall become effective as of June 26, 2012.
e. The parties agree that they will execute any other documents as are necessary
to effectuate or carry out the intent of this Termination Agreement.
IN WITNESS WHEREOF, the parties have caused this Termination Agreement to be
executed by their appropriate representatives, as of the date first above written.
ATTEST:
DWIGHT E. BROCK, Clerk
By:
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COLLIER COUNTY COMMUNITY
REDEVELOPMENT AGENCY,
COLLIER COUNTY, FLORIDA
By:
DONNAiFIALA, Chairman
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WITNESSES:
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David L. Jackson, Executive Director
Collier County CRA Bayshore Gateway Triangle
By.
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