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Backup Documents 05/10/2011 Item #15 Home Market Takes a Tumble - WSJ.com 15 ~if1 6:00 PM . "~.?, ~..~ REAL { EXCLU~ ESTATE WSJ.<"""hoU,""''''fi'', VJ5ITNOW ........ ~ ",' fS~,,"~UaIc Spr~~d\ THE WAlL STREtr .un ~:\M, Ii; I ii' fl" ImOi.' Dow Jones Reprints: This copy is for your personal. non-commercial use only. To order presentation-ready copies for distribution to your colleagues. clients or customers, use the Order Reprints tool at the bottom of any article or visit www.djreprints.com See a sample reprint in PDF formal Order a reprint of this article now ,..c. ,..",.,. ,""'" ....".....,...........,.,......'..'...n .....<.....-n.. "................ ....."._..,... .....-..<................."........................."................n.........,.,............,.,.....................,.."'........._............ ,.....,...<....... ,. _,... THE WALL millET JOURNAL. WSJ.C>Ofn .. """ '"'<_0''''''''' .,...... .... .......... .......,. -, .........,.,.... ..... -. ....n.."..",...........n........_................................._.._...',..................................... ,. ,...... ........................_.,...._...........................c...,.o",... REAL ESTATE I MAY 9, 2011 Home Market Takes a Tumble Turnaround More Distant After 3% Drop, Steepest Quarterly Decline Since 2008 By NICK TIMIRAOS And DAWN WOTAPKA The U.S. housing market's 1 Q 2011 decline was the steepest in three years. Additionally. a Zillow.com survey indicates nearly 30% of borrowers owe more than their homes are worth. WSJ's Nick Timiraos reports. (Photo by Scott Olson/Getty Images) Home values posted the largest decline in the first quarter since late 2008, prompting many economists to push back their estimates of when the housing market will hit a bottom. Agenda Item #: 15 Meeting Date: 5/' 0 Presented by: (1 Mr11l~Sl~/"aZ U l L.LId'L http://online.wsj.com/artide/SB100014240S2748704810504S76309S32810406782.html?mod=WSLhp_mostpop_read#printMode Page 1 of S Home Market Takes a Tumble - WSJ.com Hard Landing Change from a year earlier in median U.S. home values 1~~ 5 o -5 -10 -15 ., T T "r'r "I' 1 "rrT"!'"r''' 2001 '03 '05 '07 '09 '11 S/9/11 6:00 PM Home values tell 3% III the trrst quarter trom the preVIOUS quarter and 1.1% in March from the previous month, pushed down by an abundance of foreclosed homes on the market, according to data to be released Monday by real-estate website Zillow.com. Prices have now fallen for 57 consecutive months, according to Zillow. 15 Last year, the housing market showed signs of improving as price depreciation slowed in some markets and stabilized in others, In response, a number of economists began forecasting that housing would hit a bottom in late 2011, then begin to recover. But the improvements, spurred by federal programs that gave buyers up to $8,000 in tax credits, proved fleeting, Sales collapsed when the credits expired last summer, and prices in many markets have been falling ever since. While most economists expected sales to decline after tax credits expired, the drag on the market has been greater than many anticipated, "We expected December and January to be bad" as the market reeled from the after-effects of the tax credit, said Stan Humphries, Zillow's chief economist. But monthly declines for February and March were "really staggering," he said. They indicate "a reflection of the true underlying demand, which is now apparent because most of the tax credit is out of the system, and it's being completely overwhelmed by supply." SOUW:l: Zillow.(om Mr. Humphries now believes prices won't hit bottom before next year and expects they will fall by another 7% to 9%, Other economists revised their forecasts. In April, the chief economist at mortgage company Fannie Mae, Doug Duncan, said home prices in the second quarter would be 5.3% lower than the previous-year period, down from his earlier estimate of a 2.6% decline. Prices are decelerating in large part because the many foreclosed properties that often sell at a discount force other sellers to lower their prices. Mortgage companies Fannie Mae and Freddie Mac have sold more than 94,000 foreclosed homes during the first quarter, a new high that represented a 23% increase from the previous quarter. More could be on the way: They held another 218,000 properties at the end of March, a 33% increase from a year ago. - " " '.i~."> '. 4.: ..:.:-r;,.~'" ~', -:JIi!'.r;,.;"r' .... Associated Press An abundance of foreclosed homes on the market is pushing down home values. The estimates, which are based on data from the mid- 1990S on, come from a proprietary computer program that takes into account sale prices for nearby homes that appear comparable, the size and other physical attributes of the home, its sales history and tax- assessment data, Mr. Humphries says. The companies are bracing for more bad news: On Friday, Fannie reported a $6.5 billion net loss, largely as it boosted loan-loss reserves in anticipation of falling home prices, I._..._~__ ...._.___L.._ Paul Dales, a senior U.S. economist with Capital hnp:// online.wsj.com/ article/SBIOOO 1424052 7 48704810504576309532810406782.html?mod=WSLhp_mostpoPJead#printMode Page 2 of 5 Other home-price indexes also show weakness. The widely followed Case-Shiller index published by Standard & Poor's showed that prices climbed from April 2009 until last summer, when they started declining as tax credits expired, Today, prices are on the verge of reaching new lows, the index shows. The Case- Shiller index tracks repeat sales of previously owned homes using a three-month moving average. Home Market Takes a Tumble - WSJ.com MOUSing IrOUCle lfOO'll! ~'JIll<!s rotl',>!\;lll' Nw! dedlne1Jj fN ~ (on;{owtiri! 1I'1Clnt1iS.. lM~tcIKiIllfs~ hofro!YOlIUI!S ~ tM~~1Ii M:it(I~ bJm;nt-t 1.S', ~,"',c ,'1 _'~' .'-~" ',., ~.~ Co :'L'~ -17~ l~~IJf~,J .173 ....,I!J.,.,:..,\ -15.1 eL,:'> -B.8 ''''In,h:'~ l,,,..:I..d,}lo" .12.8 r",'l"-,j,(I(,c -121 lO -10.9 .82 05 o '~"',Jtt~. .O,S -117 -IU -11.0 ~'i1" '.< ~10 ~=-...:.,lIt1rt'!C'. C':'lf r Ji';i&:-l, fl] -15 , Ii' I ~J '04 '~ '0& 'N '~ '09 '10 INboNI-. ';"'...!',':--" 5/9/11 6:00 PM Economics, says prices could fall by as much as 10%,15 down from his previous forecasts of around 5%. A March survey of more than 100 economists by MacroMarkets LLC forecasts a 1.4% drop in prices this year, down from the December estimate of a 0.2% decline, According to the Zillow index, a handful of California markets and Washington, D,C" saw price appreciation last year, but that has since reversed. Mr. Humphries attributes the "double dip" in those markets, which include Los Angeles, San Francisco and San Diego, to the way in which the tax credit stimulated demand from buyers. When the tax credit went away, markets were left with rising supply from foreclosures but with less demand from buyers. Detroit, Chicago and Minneapolis posted the largest declines during the first quarter of the top 25 metro areas tracked by Zillow, while Pittsburgh, Dallas and Washington posted the smallest declines, To be sure, steep declines in home prices along with mortgage rates near their lowest levels in decades have helped make housing more affordable than at any time in the past 30 years, according to Zillow, Markets that have lower levels of foreclosures, such as Dallas, and those with better job-growth prospects, such as Washington, are faring better. However, credit standards remain tight, posing another challenge for the housing market. Just as many unqualified borrowers received loans during the boom, "there are people today who probably could afford loans but can't get them," says David Berson, chief economist at PM! Group rnc, The average credit score on loans backed by Fannie Mae stood at 762 in the first quarter, up from an average of 718 for the 2001-2004 period. Joe Sullivan, a real-estate agent in Stockton, Calif., is worried that more traditional buyers are seeing their loan applications canceled late in the process as lenders change qualification terms. If mortgage standards continue tightening, prices are "going to drop down to where only investors can get them, people with cash money," he said. Sales to absentee buyers, primarily investors, accounted for 47% of all Phoenix-area home sales in March, the highest level for any month in more than a decade, according to DataQuick, a real-estate research firm. - CFO Journal Corporate Tax Reform Generating Heat Regulators Clash Over Hedge Accounting Corporate Hedgers Stand Pat After Commodity Fall Christine Rice spent two years looking to buy a home in Los Angeles but found herself continually losing out to bids from investors offering to pay in cash. In September, she finally made a winning bid, paying $275,000 for a two-bedroom home. The prospect of falling prices "doesn't keep me up at night, but only because it was so cheap," says the 43-year-old tailor, who says she and her husband needed to move to http://online.wsj.com/article/SB10001424052748704810504576309532810406782.html?mod=W5Lhp_mostpop_read#printMode Page 3 of 5 Home Market Takes a Tumble - W5J.com 5/9/11 6:00 PM have more space for their family, Her mortgage payments plus taxes are less than the rent she had been paying. "If it had been a stretch, then maybe I'd be worried," she says, 15 Buyers who qualify for mortgages are demanding bigger discounts as added insurance against further declines in values, Sellers, meanwhile, are balking, "More often, they don't want to take the first offer," says Jeffrey Otteau, president of Otteau Valuation Group, an East Brunswick, N.J., appraisal firm. "What they don't realize is, in an oversupplied market, the next offer is for less," While some analysts have argued that home prices need to fall to "clearing prices" that will attract more buyers, price declines could also complicate any recovery by pushing more borrowers under water. Zillow estimates that more than 28% of borrowers owe more than their homes are worth nationally. Those numbers are much higher in hard-hit markets such as Phoenix, where more than two-thirds of borrowers owe more than their homes are worth. Write to Nick Timiraos at nick.ti.miraos@wsj.com and Dawn Wotapka at dawn.wotapka@dowjones.com Copyright 2011 Dow Jones & Company, Inc. All Rights Reserved This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800- 843-0008 or visit www.djreprints.com hnp://online.wsj.com/article/SB100014240527 48704810504576309532810406782 .htm/?mod=W5Lhp_mostpop_read#printMode Page 4 of 5 ORIGINAL DOCUMENTS CHECKLIST & ROUTING SLIp15 B , TO ACCOMPANY ALL ORIGINAL DOCUMENTS SENT TO THE BOARD OF COUNTY COMMISSIONERS OFFICE FOR SIGNATURE Print on pink paper. Attach to original document. Original ducumcnt~ should be lwnd (It'livered to the noard Office. 'rhe completed routing slip and miginal documents arc to be forwarded to the Board OBiec only after the Hoard has taken action on the item.) ROUTING SLIP Complete routing lines # I through #4 as appropriate for additional signatures, dates, andlor information m:cdcd. [I' the document is already complete with the excention of the Chairman's signature, draw a line through wutirH! lines # 1 throue.h #4, comnlete the checklist, and forward to Sue Filson (line #5), Route to Addressee(s) Office Initials Date (List in routing order) 1. 2. 3. 4. 5. Ian Mitchell, BCC Office Board of County Commissioners V' ~hr/l( Supervisor 6. Minutes and Records Clerk of Court's Office PRIMARY CONTACT INFORMATION (The primary contact is the holder of the original document pending Bce approval. Normally the primary conlacl is the person who created/prepared the executive summary. Primary contact in1ormation is needed in thl: event one of the addressees above, including Sue Filson, need to contact staff for additional or missing information. All original documents needing the Bee Chairman's sIgnature are In be delivered Iu the Bee office only after the Bee has acted to approve the item) Name of Primary Staff Jacqueline Hubbard, Esq. Phone Number X8400 Contact Agenda Date Item was May 10,2011 Agenda Item Number 15B Aooroved bv the BCC Type of Document Settlement Agreement wi 2na Amendment Number of Original Three Attached to Coon Aoreement Documents Attached -- 1. INSTRUCTIONS & CHECKLIST Initial the Yes column or mark "N/A" in the Not Applicable column, whichever is a fa riate. Original document has been signed/initialed for legal sufficiency. (All documenrs to be signed by the Chairman, with the exception of most letters, must be reviewed and signed by the Office of the County Attomey. This includes signature pages from ordinances, resolutions, etc. signed by the County Attorney's Office and signature pages from contracts, agreements, etc. that have been fully executed by all parties except the BCC Chairman and Clerk to the Board and ossibl State Officials.) All handwritten strike-through and revisions have been initialed by rhe County Attorney's Omee and all other arties exce t the BCe Chairman and the Clerk to the Board The Chairman's signature line date has been entered as the date ofBCC approval of the document or the final neo-otiated contract date whichever is a licablc. "Sign here" tabs are placed on the appropriate pages indicating where the Chairman's si 'nature and initials are re uired. In most cases (some contracts are an exception). the original document and this routing slip should be provided to Ian Mitchell in the BCC office within 24 hours of BCC approval. Some documents are time sensitive and require forwarding to Tallahassee within a certain time frame or the Bee's actions are nullified. Be aware ofvour deadlines! The document was approved by thc BCC on May 10,2011 and all changes made during the meeting have heen incorporated in the attached document. The County Attorne 's Office has reviewed the chan es, if a licablc. Ves (Initial) JWH N/A(Not A Ii cable) 2. 3. 4. 5. 6. N/A JWH JWH N/A JWH I: Forms! County Forms! BeC Forms! Original [)o!,;uments Routing Slip WWS Original 9.03 04, Revised 1.26.05, Revised 2.24.05, Revised 918.09 158 ~ MEMORANDUM Date: May 25, 2011 To: Jacqueline Hubbard, Assistant County Attorney County Attorney's Office From: Martha Vergara, Deputy Clerk Minutes & Records Department Re: Settlement Agreement w.2nd Amendment to Coop Agreement South Florida Water Management District (SFWMD) Attached are three (3) original agreements, as referenced above, (Item #15B) approved by the Board of County Commissioners May 10, 2011. Please forward a fully executed original to the Minutes and Records Department where it will be kept as a part ofthe Board's Official Record. If you have any questions, please contact me at 252-7240. Thank you. Attachment 15B - " ~ ,~ "';j SETTLEMENT AGREEMENT AND MUTUAL RELEASE BETWEEN COLLIER COUNTY AND THE SOUTH FLORIDA WATER MANAGEMENT DISTRICT TI-IIS SETTLEMENT AGREEMENT AND MUTUAL RELEASE (hereinafter referred to as the "Agreement ") is entered into and made on the date when it has been executed by the last of the parties to sign it, by and between Collier County (hereinafter referred to as '"the County''). a political subdivision of the State of Florida, and the South Florida Water Management District, (hereinafter referred to as "SFWMD" or "District"}. WIT N E SSE T H: WHEREAS, Collier County is a PlaintitT in Case No. 09-7419 CA filed in the Circuit Court for the Twentieth Judicial Circuit in a contractual litigation dispute; and WHEREAS, Collier County has claimed, inter alia, monetary damages against the SFWMD for a failure to convey 640 acres MOL of land to the County for recreational purposes pursuant to a 2003 Agreement; and WHEREAS. Collier County and the SFWMD wish to fully and completely resolve their ditTerenees and disputes as they relate to the aforementioned litigation. NOW, THEREFORE, in consideration of the mutual covenants, prOlTIlses and consideration set forth in this Agreement, including the above-referenced "Whereas" clauses; and with the intent to be legally bound, the County and the District agree as follows: I. This Agreement will fully settle any and all claims of, by. for and on behalf of the PlaintitI Collier County, in this action against the South Florida Water Management District ("District") in Case No. 09-7419-CA, pending before the 20th Judicial Circuit, styled Collier County I'. South Florida Water ,\IanaKement District. 2. The conditions of this Agreement are dismissal of Case No. 09-7419-CA. filed by Collier County in the 20th Judicial Circuit. styled Collier County I'. South Florida Water 158 _ ,'vfanagement Distric/, with prejudice, each party to bear its own fees and costs. 3. This Agreement constitutes full settlement of and release of any and all claims of, by, for, on behalf ot~ and between the Plaintiff, Collier County, and the District, including the Big Cypress Basin, involving any temporary, interim, and/or permanent recreational! ATV site, and/or any expenses and/or obligations associated with any such recreational! A TV site, as set forth in the Complaint in Case No. 09-7419-CA, tiled by Collier County in the 20th Judicial Circuit, styled Collier County v. South Florida Water Management District, and/or arising from the Agreement entered into by the parties on or about October 8, 2003 as to all recreational! A TV site issues or obligations, and/or the Agreement entered into by the parties on or about June 14, 2007, even though Collier County asserts that the 2007 Agreement is unenforceable, as to all recreational! A TV site issues or obligations. 4. In consideration of this settlement and mutual release between the parties, the District shall make a lump-sum payment of Three Million Dollars and 00/1 00 ($3,000,000.00) Irom the District to the Plaintiff, Collier County, one-half of which will be paid from District ad valorem taxes and/or District general funds and one-half of which will be paid from Big Cypress Basin ad valorem funds. 5. The payment of Three Million Dollars and 00/100 ($3,000,000.00) to Collier County from the District for the Settlement and Mutual Release contemplated herein will not reduce existing funding to Collier County trom the District's 2011 budget. 6. In addition, the parties agree to enter into the attached Second Amendment to Cooperative Agreement (C -11759) between the SFWMD and Collier County, extending the Canal Maintenance Cooperative Agreement until September 30, 2012. 7. SFWMD shall. within thirty (30) days of the exceution of this Agreement by the parties, or in any event: no later than June 30. 20 II. provide the County with the sum of Three 2 158 , 1 Million Dollars ($3,000,000.00) by check or wire transfer. The County shall provide the District with wiring instructions within tifteen (15) days trom the effective date of this Agreement. 8. Upon receipt of the funds set forth above, the County shall dismiss, with prejudice its Complaint against SFWMD by filing a Stipulated Notice of Dismissal With Prejudice, each party to bear their own respective attorneys' fees and costs with the Trial Court in the aforementioned litigation. 9. The County and SFWMD acknowledge and agree that this Agreement is intended to and shall be binding upon their respective boards, otlicials, otlicers, employees, and representatives. 10. The County and SFWMD acknowledge and agree that this Agreement is the product of mutual negotiation and no doubtful or ambiguous language or provision in this Agreement is to be construed against any party based upon a claim that the party drafted the ambiguous provision or language or that the party was intended to be benefited by the ambiguous provision or language. II. This Agreement may be amended only by a written instrument specifically referring to this Agreement and executed with the same formalities as this Agreement. 12. The laws of the State of Florida shall govern this Agreement. COLLIER COUNTY: BOARD OF COUNTY COMMISSIONERS OF COLLIER COUNTY, FLORIDA By: Ch?:::!- w. 7 Date: ,\ lei, 1 iC :) 1 \ \ Attest., 0 ChalMl4d i 'll,n4turf on,. 3 Approved as to Legal Form: ,1 .r. . U~rJL-- J queh e Williams Hubbard sistant County Attorney SOUTH FLORIDA WATER MANAGEMENT DISTRICT BY ITS GOVERNING BOARD: By: SFWMD Clerk By: Date: 158 ~ Chairman Approved as to Legal Form: By: Edward L. Artau Senior Attorney Office of Counsel SFWMD 4 1581 SECOND AMENDMENT TO COOPERATIVE AGREEMENT (C-11759) BETWEEN THE SOUTH FLORIDA WATER MANAGEMENT DISTRICT AND COLLIER COUNTY, FLORIDA THIS AMENDMENT ("Amendment"), is entered into as of the IC' \ \. day of \\\(, , , 2011 by and between SOUTH FLORIDA WATER MANAGEMENT DISTRIC1 (hereinafter referred to as "DISTRICT"), COLLIER COUNTY, FLORIDA, a political subdivision of the State of Florida (hereinafter referred to as "COUNTY"). WITNESSETH: WHEREAS, DISTRICT and COUNTY entered into a certain Cooperative Agreement (the "Agreement") dated October 13, 2000, designated by the District as Contract C-11759, and commonly known as the Assignment and Assumption Agreement; and WHEREAS, DISTRICT and COUNTY previously agreed to prevent the Agreement from lapsing and terminating, in accordance with paragraph 1 of the Agreement, by agreeing to an extension of the termination date set forth in Agreement from February 28, 2011 to May 31, 2011; and WHEREAS, the DISTRICT and COUNTY desire to further extend the termination date of the Agreement to from May 31, 2011 to September 30, 2012, subject to the terms of this Second Amendment to the Agreement; and WHEREAS, the defined terms in this Amendment shall have the same definitions as defined in the Agreement; NOW THEREFORE for good and valuable consideration, the adequacy and receipt of which are hereby acknowledged, DISTRICT and COUNTY hereby agree and amend the Agreement as follows: 1. The foregoing recitals are true and correct and are hereby incorporated herein by reference. 2. The termination date of the Agreement set forth in paragraph 1 of the Cooperative Agreement (C-11759), and paragraph 2 of the First Amendment to Cooperative Agreement (C-11759), is hereby extended to September 30, 2012. 3. The DISTRICT and the COUNTY may by mutual consent renew the Agreement for a period of an additional four years. 4. During the term of the Cooperative Agreement, DISTRICT and COUNTY shall work together to resolve existing issues with the goal of reaching a long term cooperative agreement. 15 B · 1~ 5. Each party shall provide notice of its intent to renew or not renew the Agreement to the other party by July 1,2012. 6. In the event either party decides not to renew the agreement pursuant to paragraph 5 above, DISTRICT agrees to assist COUNTY to transition into the operation and maintenance of the watercourses which are the subject of the Agreement. 7. The Agreement, except as herein modified and amended, shall continue in full force and effect. IN WITNESS WHEREOF, the parties have hereunto set their hands and affixed their seals as of the date and year first above written. SOUTH FLORIDA WATER MANAGEMENT DISTRICT BY ITS GOVERNING BOARD ATTEST: By: (Seal) Its Executed by DISTRICT on: Ai't,~f:'1,)"' . "=",'. -. ..... .... ~ .........:?'o. COLLIER COUNTY, FLORIDA By: ':/uJ-w. ~ Its Seal) Attest at to Cltet,....,. . t9ll.ture on. 4, Executed by COUNTY on: 1"lt '" I it ,y \ \ 158 ~. , OFFICE OF THE COUNTY ATTORNEY MEMORANDUM TO: Clerk to the Board - Minutes and Records Jacqueline Williams Hubbard, Litigation Section ChiefAuD~ June 24,2011 U - . I FROM: DATE: RE: Original Fully Executed Agreement Agenda Item #15B - May 10,2011 Board Meeting Collier County v. SFWMD, Case No. 09-7419-CA Enclosed for recording is one original fully executed settlement agreement in the above-referenced case, approved by the Board at the May 10, 2011 meeting under agenda item 15B. Thank you for your assistance in this matter. enclosure cc: Jeffrey A. Klatzkow, County Attorney Leo Ochs, County Manager Edward Artau, Esq. 158 ' ~. .~ ". : f SETTLEMENT AGREEMENT AND MUTUAL RELEASE BETWEEN COLLIER COUNTY AND THE SOUTH FLORIDA WATER MANAGEMENT DISTRICT THIS SETTLEMENT AGREEMENT AND MUTUAL RELEASE (hereinafter referred to as the "Agreement ") is entered into and made on the date when it has been executed by the last of the parties to sign it, by and between Collier County (hereinafter referred to as "the County"), a political subdivision of the State of Florida, and the South Florida Water Management District, (hereinafter referred to as "SFWMD" or "District"). W I TN E SSE T H: WHEREAS, Collier County is a Plaintiff in Case No. 09-7419 CA filed in the Circuit Court for the Twentieth Judicial Circuit in a contractual litigation dispute; and WHEREAS, Collier County has claimed, inter alia, monetary damages against the SFWMD for a failure to convey 640 acres MOL of land to the County for recreational purposes pursuant to a 2003 Agreement; and WHEREAS, Collier County and the SFWMD wish to fully and completely resolve their differences and disputes as they relate to the aforementioned litigation. NOW, THEREFORE, in consideration of the mutual covenants, promIses and consideration set forth in this Agreement, including the above-referenced "Whereas" clauses; and with the intent to be legally bound, the County and the District agree as follows: 1. This Agreement will fully settle any and all claims of, by, for and on behalf of the Plaintiff, Collier County, in this action against the South Florida Water Management District ("District") in Case No. 09-7419-CA, pending before the 20th Judicial Circuit, styled Collier County v. South Florida Water Management District. 2. The conditions of this Agreement are dismissal of Case No. 09-7419-CA, filed by Collier County in the 20th Judicial Circuit, styled Collier County v. South Florida Water 158 ..'. . Management District, with prejudice, each party to bear its own fees and costs. 3. This Agreement constitutes full settlement of and release of any and all claims of, by, for, on behalf of, and between the Plaintiff, Collier County, and the District, including the Big Cypress Basin, involving any temporary, interim, and/or permanent recreational! A TV site, and/or any expenses and/or obligations associated with any such recreational! A TV site, as set forth in the Complaint in Case No. 09-7419-CA, filed by Collier County in the 20th Judicial Circuit, styled Collier County v. South Florida Water Management District, and/or arising from the Agreement entered into by the parties on or about October 8, 2003 as to all recreational! A TV site issues or obligations, and/or the Agreement entered into by the parties on or about June 14, 2007, even though Collier County asserts that the 2007 Agreement is unenforceable, as to all recreational! A TV site issues or obligations. 4. In consideration of this settlement and mutual release between the parties, the District shall make a lump-sum payment of Three Million Dollars and 001100 ($3,000,000.00) from the District to the Plaintiff, Collier County, one-half of which will be paid from District ad valorem taxes and/or District general funds and one-half of which will be paid from Big Cypress Basin ad valorem funds. 5. The payment of Three Million Dollars and 001100 ($3,000,000.00) to Collier County from the District for the Settlement and Mutual Release contemplated herein will not reduce existing funding to Collier County from the District's 2011 budget. 6. In addition, the parties agree to enter into the attached Second Amendment to Cooperative Agreement (C-11759) between the SFWMD and Collier County, extending the Canal Maintenance Cooperative Agreement until September 30,2012. 7. SFWMD shall, within thirty (30) days of the execution of this Agreement by the parties, or in any event; no later than June 30, 2011, provide the County with the sum of Three 2 15 B ,~ Million Dollars ($3,000,000.00) by check or wire transfer. The County shall provide the District with wiring instructions within fifteen (15) days from the effective date of this Agreement. 8. Upon receipt of the funds set forth above, the County shall dismiss, with prejudice its Complaint against SFWMD by filing a Stipulated Notice of Dismissal With Prejudice, each party to bear their own respective attorneys' fees and costs with the Trial Court in the aforementioned litigation. 9. The County and SFWMD acknowledge and agree that this Agreement is intended to and shall be binding upon their respective boards, officials, officers, employees, and representatives. 10. The County and SFWMD acknowledge and agree that this Agreement is the product of mutual negotiation and no doubtful or ambiguous language or provision in this Agreement is to be construed against any party based upon a claim that the party drafted the ambiguous provision or language or that the party was intended to be benefited by the ambiguous provision or language. 11. This Agreement may be amended only by a written instrument specifically referring to this Agreement and executed with the same formalities as this Agreement. 12. The laws of the State of Florida shall govern this Agreement. COLLIER COUNTY: BOARD OF COUNTY COMMISSIONERS OF COLLIER COUNTY, FLORIDA By: ~W ~ Chairman' - Attest II t 'chj.. ..',\\ . lJttAlturt .'1" . '. -" J Date: {")Q\...\ \C! dG \ \ ~ 3 Approved as to Legal Form: SOUTH FLORIDA WATER MANAGEMENT DISTRICT BY ITS GOVERNING BOARD: Approved as to Legal Form: BY:~t-c~ Edward L. Arta Senior Attorney Office of Counsel SFWMD 158 , By: 1/ 4 15 B ;4' SECOND AMENDMENT TO COOPERATIVE AGREEMENT (C-11759) BETWEEN THE SOUTH FLORIDA WATER MANAGEMENT DISTRICT AND COLLIER COUNTY, FLORIDA ~"d\ THIS AMENDMENT ("Amendment"), is entered into as of the \ 0 day of \f\,h~ ,2011 by and between SOUTH FLORIDA WATER MANAGEMENT DISTRIC (hereinafter referred to as "DISTRICT"), COLLIER COUNTY, FLORIDA, a political subdivision of the State of Florida (hereinafter referred to as "COUNTY"). WITNESSETH: WHEREAS, DISTRICT and COUNTY entered into a certain Cooperative Agreement (the "Agreement") dated October 13, 2000, designated by the District as Contract C-11759, and commonly known as the Assignment and Assumption Agreement; and WHEREAS, DISTRICT and COUNTY previously agreed to prevent the Agreement from lapsing and terminating, in accordance with paragraph 1 of the Agreement, by agreeing to an extension of the termination date set forth in Agreement from February 28, 2011 to May 31, 2011; and WHEREAS, the DISTRICT and COUNTY desire to further extend the termination date of the Agreement to from May 31, 2011 to September 30, 2012, subject to the terms of this Second Amendment to the Agreement; and WHEREAS, the defined terms in this Amendment shall have the same definitions as defined in the Agreement; NOW THEREFORE for good and valuable consideration, the adequacy and receipt of which are hereby acknowledged, DISTRICT and COUNTY hereby agree and amend the Agreement as follows: 1. The foregoing recitals are true and correct and are hereby incorporated herein by reference. 2. The termination date of the Agreement set forth in paragraph 1 of the Cooperative Agreement (C-11759), and paragraph 2 of the First Amendment to Cooperative Agreement (C-11759), is hereby extended to September 30,2012. 3. The DISTRICT and the COUNTY may by mutual consent renew the Agreement for a period of an additional four years. 4. During the term of the Cooperative Agreement, DISTRICT and COUNTY shall work together to resolve existing issues with the goal of reaching a long term cooperative agreement. 158 5. Each party shall provide notice of its intent to renew or not renew the Agreement to the other party by July 1,2012. 6. In the event either party decides not to renew the agreement pursuant to paragraph 5 above, DISTRICT agrees to assist COUNTY to transition into the operation and maintenance of the watercourses which are the subject of the Agreement. 7. The Agreement, except as herein modified and amended, shall continue in full force and effect. IN WITNESS WHEREOF, the parties have hereunto set their hands and affixed their seals as of the date and year first above written. SOUTH FLORIDA WATER MANAGEMENT DISTRICT BY ITS GOVERNING BOARD (Seal) t/f/I/ , By: Its Executed by COUNTY on: M6....w \D I dC, \ I