Agenda 09/14/2010 Item #16A12
Agenda Item No. 16A 12
September 14, 2010
Page 1 of 21
EXECUTIVE SUMMARY
Recommendation to execute the termination of Developer Agreement (Agreement) between
Collier County and Corradi Airport Inc" requested by Corradi Airport Inc, (Developer)
OBJECTIVE: To have the Board of County Commissioners (BCe) execute the termination of
Agreement between Collier County and Developer.
CONSIDERATION: Developer and Collier County entered into the Agreement on May 21,
2010 to provide funding for the design, advertising, public meetings, permitting and construction
of phased intersection improvements at Orange Blossom Drive and Airport Road in order to
comply with stipulations incorporated in the Growth Management Plan amendment adopted on
October 14,2008 in Ordinance 2008-57. The stipulations required that the intersection would be
improved concurrent with development within that sub-district. The Agreement provided a grace
period prior to implementation in order to allow the Developer to secure funds and finalize a
third party sale to a proposed Alzheimer treatment facility.
Developer contacted staff on August 9, 2010 and requested that the Agreement be terminated
based upon the cancellation of the purchase contract with the Alzheimer's facility. Staff verified
that the county did not initiate any work on this project and no funds were expended. The
Developer thanked staff as well as the BCC for their consideration in this matter and executed
the termination agreement. Future development within the sub-district will still require
improvements to the intersection.
FISCAL IMPACT: There is no fiscal impact associated with this Executive Summary.
GROWTH MANAGEMENT IMPACT: There is no Growth Management Impact associated
with this Executive Summary.
LEGAL CONSIDERATIONS: This item has been reviewed and approved by the County
Attorney and is legally sufficient for Board action. Since the Developer Agreement was
recorded, this termination will be recorded as well at Developer's cost. -JAK
RECOMMENDATION: To have the BCC execute the termination of Agreement between
Collier County and Developer.
PREP ARED BY: Nick Casalanguida, Deputy Administrator, Growth Management Division
Attachments: 1) Termination Agreement; 2) DCA; 3) Locus Map
Item Number:
Item Summary:
Meeting Date:
Agenda Item No. 16A 12
September 14, 2010
Page 2 of 21
COLLIER COUNTY
BOARD OF COUNTY COMMISSIONERS
16A12
Recommendation to execute the Termination of Developer Agreement between Collier
County and Corradi Airport Inc., requested by Corradi Airport Inc.
9/14/2010 9:00:00 AM
Prepared By
Nick Casalanguida
Transportation Division
Director - Transportation Planning
Date
Transportation Planning
8/16/20109:32:18 AM
Approved By
Michael Greene
Transportation Services
Project Manager
Transportation Engineering &
Construction Management
Date
8/16/20109:36 AM
Approved By
Judy Puig
Community Development &
Environmental Services
Operations Analyst
Community Development &
Environmental Services
Date
8/16/2010 1 :45 PM
Approved By
Barbara LaPierre
Transportation Division
Management/Budget Analyst
Date
Transportation Administration
8/17/201010:28 AM
Approved By
Norm E. Feder, AICP
Transportation Division
Administrator - Transportation
Date
Transportation Administration
8/19/201011:08 AM
Approved By
Nick Casalanguida
Transportation Division
Director - Transportation Planning
Date
Transportation Planning
8/24/20109:24 AM
Approved By
OMB Coordinator
County Manager's Office
Date
Office of Management & Budget
8/27/20102:33 PM
Approved By
Therese Stanley
Office of Management &
Budget
Manager - Operations Support - Trans
Date
Office of Management & Budget
8/30/201011:06 AM
Approved By
Jeff Klatzkow
County Attorney
Date
Agenda Item No. 16A 12
September 14, 2010
Page 3 of 21
8/31/201010:55 AM
Approved By
Leo E. Ochs, Jr.
County Manager
Date
County Managers Office
County Managers Office
9/2/20104:31 PM
INSTR 4440025 OR 4575 PG 468 RECORDED 6/10/2010 8:51 AM PAGES 16
DWIGHT E. BROCK, COLLIER COUNTY CLERK OF THE CIRCUIT COURT
REC $137.50
Agenda Item No. 16A 12
September 14, 2010
Page 4 of 21
DEVELOPER AGREEMENT
ORANGE BLOSSUMlAIRPORT CROSSROADS COMMERCIAL SUBDISTRICT
TIllS DEVE~fER AGREEMENT (hereinafter referred to as the "Agreement") is made
and entered into this~of MA-Y .2010, by and between Corradi Airport Inc., a Florida
profit corporation, with a principal address of 740 West Street, Naples Florida (hereinafter
referred to as "Developer''), and Collier County, Florida, a political subdivision of the State of
Florida (hereinafter referred to as "County"). All capitalized tenns not defined herein shall have
the same meaning as set forth in the Collier County Consolidated Impact Fee Ordinance,
Ordinance No. 2001-13, as amended.
RECIT ALS:
WHEREAS. at the time the ordinance was enacted, it was understood by all that the
design, permitting and construction of the required intersection improvements would be fully.
funded by Transportation Impact Fees and/or proportionate fair share payments received from
the local property owners who requested the creation of this Subdistrict, however, due to an
extraordinary change in the local business climate, most projects within the County have been
put on hold, and Developer is the only property owner within this Subdistrict who presently
wishes to move forward with his Development. Accordingly, Developer has requested that the
County design and permit the required intersection improvement plans, and construct his
proportionate fair share portion of the project, which will allow the Developer to commence
development of this Parcel, which the County is willing to do based on the terms and conditions
below; and
OR 4575 PG 469
Agenda Item No. 16A 12
September 14, 2010
Page 5 of 21
WHEREAS, the Growth Management Administrator has recommended to the Board of
County Commissioners for approval of this Agreement, which will help finance needed
improvements and additions to the County's transportation network; and
WHEREAS, after reasoned consideration by the Board of Commissioners, the Board
finds and reaffmns that this Agreement will help finance needed improvements and additions to
the County's transportation system; that this Agreement, when viewed in conjunction with other
existing or proposed plans, including those from other developers, will not adversely impact the
cash flow or liquidity of the County's road impact fee trust accounts in such a way as to frustrate
or interfere with other planned or ongoing growth-necessitated capital improvements and
additions to the County's transportation system; and that this Agreement is consistent with both
the public interest and with the Comprehensive Plan, including the most recently adopted five-
year Capital Improvement Program for the County's transportation system, the Long Range
Transportation Plan and complies with the requirements of the Collier County Consolidated
Impact Fee Ordinance.
o
NOW, THEREFORE,' c
valuable consideration exctge
contained herein, the parties gr
1. All of the Red c and are hereby expressly
incorporated herein. by refer~ se~ . 10. !J
2. Colher County ~ deSIgn, advertiseD all required public meetings,
pennit and construct the 0 ~ ssom Drive-A' \,., oad intersection improvements
necessary for the development of rdinance No. 2008-57. As detailed
in Exhibit B, the design and penni tie" entire Orange Blossom Drive-Airport
Road intersection improvements required by Ordinance No. 2008-57, with the construction
limited to meet Developer's proportionate fair share impact to the road system which will be
satisfied by improvements as detailed on Exhibit C (hereinafter referred to as "Phase 1 ''), being
descn1>ed as the construction of the southbound turn lane improvements and a new taper,
deceleration lane and median cut creating a southbound U turn north of the existing southbound
left turn. It is estimated that the cost of designing, advertising and conducting public meetings,
and pennitting the intersection improvements is approximately $179,900 ("Construction Design
Work''). To fully defray the Construction Design Work, Developer shall pay the County the
sum of$75,000 and provide a Letter of Credit in the sum of $104,900 no later than one hundred
and twenty (120) days from the date this Agreement is approved by the Board of County
Commissioners as Full payment for the Construction Design Work ("Payment Delivery Date").
The $104,900 Letter of Credit shall be in the form set forth in Exhibit D. The Letter of Credit
must be by a financial institution acceptable to Collier County, and shall be given to the County
along with the initial $75,000 payment. The County shall have no obligation to commence the
Construction Design Work until it receives the initial $75,000 payment and $104,900 Letter of
Credit; whereas upon receipt of the payments, the Construction Design Work shall proceed in a
commercially reasonable manner.
$10.00) and other good and
c nsideration of the covenants
Page 2 of6
OR 4575 PG 470
Agenda Item No. 16A 12
September 14, 2010
Page 6 of 21
3. Developer will develop this Parcel within the parameters set forth in Ordinance
No. 2008-57, Developer will submit a PUD application no later than twelve (12) months from
the Payment Delivery Date, an SDP application no later than eighteen (18) months from the
Payment Delivery Date, and a building permit application no later than twenty four (24) months
from the Payment Delivery Date. With respect to these deadlines, time is of the essence.
Developer's failure to strictly meet these deadlines shall trigger the right of the County to draw
upon the Letter of Credit. Developer's $75,000 cash payment to County and any proceeds from
the Letter of Credit used to finance the design of the intersection improvement will be Impact
Fee creditable and will run with the Developer and shall survive any termination of this
Agreement.
4. Following completion of the Plans, County will bid out the Phase I project. The
request to bid will contain a contingency that construction cannot commence until sufficient
Transportation Impact Fees and/or proportionate fair share payments are received as set forth in
this Agreement. The bids received s e' Development Plan Approval.
\.; (J
5. Upon receipt ~ ';\>e Development ~ roval, es1imated Transportation
Impact Fees will be CalCUlatej De hall then have :1\ following choices:
a. Pay the estimat~ . 0 f?- a cordance with Section
74-302(h) of the Consolidat d 'J\~\e . ejin levant part as follows:
"Payment of road i n \ ees to 0 tam a ce . lcat 0 dl4 ate public facilities.
(1) Alwe-year temp ~ certificate of pub , .a li ~lquacy (COA) shall be
issued concurrent witn 'Proval of the n~t . '/finallocal development
order. At the time a te certificate of. M~ility adequacy is issued,
twenty percent (20%) of t sfiJlf. ~ ~' d on the impact fee rate in
effect at the time of the pre-aF. !;t . be due and deposited into the
applicable impact fee trust fund. The funds will then be immediately available for
appropriation by the Board of County Commissioners for transportation capital
improvements. Final calculation of impact fees due will be based on the intensity
of development actually permitted for construction and the impact fee schedule in
effect at the time of the building permit(s) application, such that additional impact
fees may be due prior to issuance of the building permit(s). The balance of
transportation impact fees shall be paid in four additional annual installments of
20%, beginning one year after the initial 20% payment.
(2) At the time a temporary COA is issued, and the first twenty percent (20%) of
the estimated payment is paid, the applicant will deposit with the County
sufficient security, the form of which has been approved by the Board of County
Commissioners, for a term of four years, in an amount equal to the 20% payment.
(3) Upon payment of 100% of the estimated impact fees, the certificate will be
issued in perpetuity and the dedicated security will be released. No further
advance payments will be due once actual road impact fees are paid equal to the
initial estimated impact fees. "
Page 3 of6
OR 4575 PG 471
Agenda Item No. 16A 12
September 14, 2010
Page 7 of 21
If the required payment and deposit are sufficient to pay the bid costs of the Phase I project,
construction of the project will commence. The project would proceed in a commercially
reasonable manner, subject to such delays caused by conditions beyond the County's control
including, but not limited to Acts of God, Government restrictions, wars, insurrections and/or
any other cause. In keeping with Ordinance No. 2008-57, construction must be completed prior
to the issuance of any certificate of occupancy. The calculation of impact fees owed shall be as
required by the County ordinance then in effect, at the rate schedule then currently applicable.
If the required payment and deposit are not sufficient to pay these costs, Developer may elect to
pay County the difference, which difference would be Impact Fee creditable and will run with
the land, and the project would commence as set forth above.
6. This Agreement,
agreement under the Florida Uical
7. The burdens k .
Agreement shall inure to, al~ su e
Agreement is personal tg v
Commissioners following P
assign this Agreement with
freely withhold. Upon giving n notice to the as
the Road Impact Fee Credits,:ut.
successor owners of all of part 0
County Consolidated Impact Fee Or
b, Developer may elect to terminate this Agreement. Upon such election, the
County's obligation to construct the Phase I project would cease. In such event, Developer's
$75,000 cash payment to County and any proceeds from the Letter of Credit used to fmance the
design of the intersection improvement will be Impact Fee creditable and would continue to run
with the land. IbR Co r ~
~\.; , v.
ot be construe {;j:.:el1aracterized as a development
ent Developme A ement Act
8. Developer acknowledges that the failure of this Agreement to address any permit,
condition, term or restriction shall not relieve either the applicant or owner, or its successors or
assigns, of the necessity of complying with any law, ordinance, rule or regulation governing said
permitting requirements, conditions, terms or restrictions.
9. In the event state or federal laws are enacted after the execution of this
Agreement, which are applicable to and preclude in whole or in part the parties' compliance with
the tenns of this Agreement, including but not limited to State legislation which materially
changes the County's ability to charge Impact Fee, then in such event this Agreement shall be
modified or revoked as is necessary to comply with such laws, in a manner which best reflects
the intent of this Agreement.
10. Except as otherwise provided herein, this Agreement shall only be amended by
mutual written consent of the parties hereto or by their successors in interest. All notices and
other communications required or permitted hereunder (including County's option) shall be in
writing and shall be sent by Certified Mail, return receipt requested, or by a nationally recognized
overnight delivery service, and addressed as follows:
Page 4 of6
OR 4575 PG 472
Agenda Item No. 16A 12
September 14, 2010
Page 8 of 21
To Countv:
To Developer:
Hannon Turner Building
Naples, Florida 34112
Attn: Norman E. Feder, A.I.C.P.
Transportation Division Administrator
Phone: (239) 252-8192
Facsimile: (239) 252-2726
Corradi Airport Inc.
380 10th Street S., Suite 103
Naples Florida 34102
Phone: (239) 285-5008
Facsimile: (239)
Email: mkc@cmaples.com
Notice shall be deemed to have been given on the next successive business day to the date of
the courier waybill if sent by nationally recognized overnight delivery service.
Page 5 of6
OR 4575 PG 473
Agenda Item No. 16A 12
September 14, 2010
Page 9 of 21
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
by their appropriate o~ci,~s, as of the date first above written.
Attest:'\'v)~ :,~?~~{; ,.: .
""l.- ... !) . ~
DWIGFq:E:BROC~ Ci.erk-. .
.' Hi< ?;~.~;~ 'J? \ ~ {.>;
By:. ~
~";";'Qe "
i.......~~:v.~,I.\JI-
AS TO DEVELOPER:
BOARD OF COUNTY COMMISSIONERS
COLLIER COUNTY, FLORIDA
By: NW. ~
FRED W. COYLE, Ch an
, The foregoing instrument was acknowledged before me this J...l day
of_'{\\~ . 2010, by MICHAEL K. C~I. as president of Corradi Airport, Inc., who
is personall!Jknown to me or has produced I ,~<l.\\.HJl3~~r . as identification.
~~~
Print Nanie: t1.u-..\o..Xll,~\t:ll..l42 r
My Commission Expires: ~o
Signature
(!wtt/O r~€
Printed Name
_.fJ
STATE OF FLORIDA
COUNTY OF COLLIER
~"'f "Ve: ~Jc,~,~, t"IJi'\"~ S:.:!t~ of Flcnda
!}./J 'f: ~d;.;le.' F~:.~::..:er
~ -{J-; I.'y (:crrf'"::;SJn DD5~579
~'O;"OOi Expres C5!15!2010
-
Page 6 of6
OR 4575 PG 474
Agenda Item No. 16A 12
September 14, 2010
Page 10 of 21
Exhibit A
CP-2006-7fCP-2006-8
C, Urban Commercial DIstrict
11, Oranae BlossomlAll'Dort Crossroads Commercial Subdistrict
This Subdistrict consists of two Darcels comDrislne aODroxlmatelY 10 acres and Is located on the
southwest comer of the Intersection of Orenae Blossom Drive and AlrDOrt Road. This Subdlstrl~
allows for existlne Institutional uses. such as the Italian American Club clubhouse or another social or
fraternal oraanlZation. Mure Institutional uses for a school. and limited commercial. profesSional and
oenersl offices. and similar uses to serve the nearby community. a1on9 with senior houslna In the form
of an assisted livlne facllitv. contlnulne care retirement center. or other similar houslna for the eldertx,
Jpage 63]
c. Parcel 1
This 8PDroxlmatelY 5-acre carcells located on the southwest comer of the Intersection of Oranae
Blossom Drive and A1mort Road. This carcel is limited to a maximum of 34.000 sauere feet of
oross leasable area for financial Institutions. schools. orofesslonal. medical and aeneral offices.
and personal and business services. In addition to a maximum of 20.000 sauare feet for the
clubhouse facility. Parcel 1 is aovemed by the additional. followina reaulrements:
I. Pedestrian interconnection to access Parcel 2 and oropertY immediately to the west must be
pursued bv the proDertY owner, and Incoroorated Into the oyereD site deslan.
iI. Vehicular Interconnection with Parcel 21s reouired. Dsrticulsriv to Drovide southbound traffic
direct earess onto Airport Road. Vehicular use areas. bulldlnas and structures. landscaD8
bufferine and ODen soaee. and other uses shall be deslaned In such a manner that does not
Imoede or Interfere wlth BcceSS to or from the adlacent DBrcel to the south.
[words underlIned have been addedlwords .wek tRFGygh have been deleted]
OR 4575 PG 475
Agenda Item No. 16A 12
September 14, 2010
Page 11 of 21
exhibit A
CP-2006-7/CP-2006-8
III. The exlstlna easternmost vehicular access drive onto Orance Blossom Drive shall be
removed or DennanenUv c1osed-off bv the Drooertv owner Drlor to the IssuanCe Of a ~ifl~te
of occuoancv for any further develoDment or redevelooment of the site.
Iv. DeveloDment within Parcel 1 shall have common site. sian ace and bulldlno architectural
elements. IncJudina on-site slons diredlna motorists toward southbound eareSB thrQuah pgra;,
2 onto Alroort Road.
v. The clubhouse facility shall be eXC8Dted from the reauirements of subsection -b- above If It
can be demonstrated that the trsn$Dortatlon ImDscts of the facilllY do not reaulre the 1",U;tl~~
or construction of Cranae Blossom Drive - Almort Road Intersection ImDrovements~
d. Parcel 2
Iii. Develooment within Parcel 2 shall have common site. slanaae and bulldlna archltectura'
elements. incluclina on-site slons dlrectina motorists toward northbound eareBS throuoh Parcel
1 onto Orance Blossom Drive.
Iv. For each acre. or oortlon thereof. that is to be aUocated to an assisted llvina facility.
contlnulna care retIrement center or other housina for the elderfv. the aross leasable ar~a ~r
other allowed uses shall be reduced bv 8.000 SQuare feet or the souare foot eoulvalent f t e
Dortlon thereof.
(words underlined have been addedlwords SWGk tl1FOOgh have been deleted]
OR 4575 PG 476
Agenda Item No. 16A 12
September 14, 2010
Page 12 of 21
exhibit A
CP.2006.7/CP.200~
Policy 1.1
(Page 12]
The URBAN Future Land Use Designation shall include Future Land Use Districts and Subdistricts
for:
C, URBAN - COMMERCIAL DISTRICT
11, OranGe BlossomlAlroort Crossroads Commercial SubdistrIct
· add the new Subdistrict In the FLUE policy that lists all Designations/Districts/Subdistricts.
· add name of that Inset ma G ,
uses are listed (In FLUE, Urbs ~
[added next in order]
revision to the Countywide FLUM.
(page 27]
\..,;
Subdistricts that allow non-resldential
\
.27).
FUTURE LAND USE MAP SERIES
OranGe BlossomlAJroort Crossroads Commercia' Subdistrict
[page 124]
· add name of that Inset map In the FLUE where FLUM Series Is listed.
G:\Comprehenslve\Comp. Plamlng GMP DATA\Comp. Plan Amendments\2OCJe Cycle Pellllons\CP.2008-7c FLUE combining 06-7 & 08-8
Subdlstric:ts\ExhlbItA-AdopGon\08-7c: 10 acre POST.FINAlsub1 6CCAdoptlon ExhlbftA.doc
[words underlined have been addedlwords SIFUSk thrsYgh have been deleted]
OR 4575 PG 477
. .
Agenda Item No. 16A 12
. 1 A ,)(H"
PaQe 13 of 21
POOR QUALITYURIGINAL
I
:L
~
i
:L
u
~ ::
r:: .
ffi
Q.
T .. . T 4' .
T II .
r .. .
T .. .
, II .
, 11 .
r n ,
!
. :t
i ~ : :..1::; , i : >. ;: ..~: ;".' :-;. .
I : ; i ; . d d : ; , ;:' ~:.:") . .
--
I
Ii
:. . I', ., ~ ; . , !:
I . . ~ i: ..", .
~ : ~I : s. . .: "
.: .!.- iL_~ - hs '. ~r ~ ~
"
/
.,/
.
..
.
. j. l. ... ~
I
t I
J I.
fl'
", :,1.
-. r .
I.. I fI .
I i...!::
.
I
I
I
!
I e. . . ."
::.. .. .'. .
, . , " ,/ i' . , !
. ii.~".~:'...
,
!
. =
..
..
..
..
~ . ~ :
...
..
..
..
if'
': . ..
i' l
..
..
::
r:---
!I
Ii
~
I
I
j
/
;
!
,;
--~.::;:::;:"------7
I
I
I~
;;
;;
..
..
:c
t: ..
!Xl .
~ :
::
..
::
..
..
.
..
.
...
::
..
.
..
..
h
... ..
~ C .
..
. 2 I,l~
III.
.~! 1III
"'''ellf nil ::
:: I Z ~~Ii ~ .
-.e fir o;:~
~:j ~IJI ,.
c ..~il ~u I
~ I I ..
~ g . l ..
... l- t llt.1I ..
= ~ .-; . :;, ..
.... 0 G 111./ "I \ I '
..
. II 1 . CI 1 .,
I (t S . It 1 . It 1 . II 1 I .. 1
. It 1
OR 4575 PG 478
Agenda Item No. 16A 12
September 14, 2010
Page 14 of 21
. '
~
EXHIBIT A PE11TlON CP-2006-07ICP-2DOll-oa
ORANGE BLOSSOM/AIRPORT CROSSROADS COMMERCIAL SUBDISTRICT
COLLIER COUNTY, FLORIDA
DRAh 8l0SSOw Ifl
P~CPARt;. ';'". C1i~CS AND TCC~C"L Sl.."'O,1Jt SCCtlQN
ccar"".." DtYClCl"utH' ANtI [INRC,,"'[N'Al. S[""'a:S O'''SlOH
,. I[ JI200! ilL[' C"-lCOlI-O'B DwG
~c~JI
b=
1 ~rl- I
00<( .OOC[ .c~o I l[
I f LEGEND
------,'
., ~ SUBD'~to'cr !
OR 4575 PG 479
II
di
i~!
leI
ils
fi'f
t~i
ziiut?f
!Ill. til
~-. NI_'!E
D -0
_ DOC
0"'0
oa
(1)'0
-at
cn::l.
::rat
ll)(I)
:1-
~"'O
tell)
~
~Q.
a'C
(l)ll.J
3!!f
(IIlC
~-
-~
I POOR Q~:t~e~~~~1
8
o~ ~~
m
x
::r
s=
;::;:
,;
.
OR 4575 PG 480
, - ~'~ Ir" ^ -I r")
SeRtember 1~~~
POOR QUllITV>~"R1-(Jlq!<f
)-
.a
o
I g:+
III g::tJ
'h l[
III c _ _
II =::1
' 1:1 S' 0
I DO iil ...
- CI> Dl
-9::::l
COlC
: ::J CD
Ci3[JJ
::1",,_
(10
< (II
= (II
iil 0
~3
C
:::l.
<
CI)
m
)(
:T
a:
;:;:
.
OJ
a
OR 4575 PG 481
I POOR QU~in~~~~1
\
I' J
, '
z
)>
~
'C
o
~
"-
o
iiJ
~
DQ
tD
aI
6"
III
III
o
3
o
..,
~"
z
o
~
:r
D
DQ
S"
...
tD
~
tD
n
...
0"
::l
3"
'C
~
tD
3
l'll
~
...
III
m
x
:2:
tT
;::;:
::
~
OR 4575 PG 482
Agenda Item No. 16A 12
September 14, 2010
Page 18 of 21
Exhibit MDD
IRREVOCABLE STANDBY LETTER OF CREDIT NO.
(insert issuer's identifying number)
ISSUER: (insert full name and street address of issuer) (hereinafter "issuer")
PLACE OF EXPIRY: At issuer's counters.
DATE OF EXPIRY: This Credit shall be valid until (insert date of first anniversary of date of
issue), and shall thereafter be automatically renewed for successive one-year periods on the
anniversary of it's issue unless at least sixty (60) days prior to any such anniversary date, the Issuer
notifies the Beneficiary in writing by registered mail that the Issuer elects not to so renew this
Credit.
APPLICANT: Corradi Airport, Inc. (hereinafter "Applicant")
740 West Street , -cR C
Naples, Florida 34108 ~\..-1~ OU-t\1')..
cP ~ J::-
BENEFICIARY: The Board 0 Co 0IIllIl1SS10ners, Hie County, Florida (hereinafter
"Beneficiary") c/o Engineering evilw JlIorses e rive, Naples, FL. 34104.
AMOUNT: $104,900 (US) up 0 at{tf.e h 71
(1 u 'll~
CREDIT AVAILABLE WITH ~ e . ) ,~
BY: Payment against docwnen~ed herein and-n~c1.11 drafts at sight drawn on the
Issuer.~~ ~ Y"L,
~p~\-:
DOCUMENTS REQUIRED: AVAIL RrfJ ICIARY'S DRAFT(S) AT SIGHT
DRAWN ON THE ISSUER AND ACCO D BY BENEFICIARY'S STATEMENT
PURPORTEDLY SIGNED BY THE COUNTY MANAGER OR illS DESIGNEE CERTIFYING
THAT: "Corradi Airport, Inc. or their successors in interest failed to develop Parcel No.
00238000005, which is approximately five (5) acres of land located at 6925 Airport Road, Naples,
Florida, has failed to develop this Parcel within the parameters set forth in Ordinance No. 2008-57,
or failed to submit a PUD application no later than twelve (12) months from the Payment Delivery
Date, an SDP application no later than eighteen (18) months from the Payment Delivery Date, and a
building permit application no later than twenty four (24) months from the Payment Delivery Date,
as defined in a Developer Agreement between the parties dated June 8, 2010."
DRAFT(S) DRAWN UNDER TInS LETTER OF CREDIT MUST BE MARKED: "Drawn under
(insert name of Issuer) Credit No. (insert Issuer's number identifying this Letter of Credit), dated
(insert original date of issue)". The original Letter of Credit and all amendments, if any, must be
presented for proper endorsement. Draft(s) mav be presented within the State of Florida at the
following address (list Florida address)
This Letter of Credit sets forth in full the terms of the Issuer's undertaking and such undertaking
shall not in any way be modified, amended, or amplified by reference to any document, instrument,
or agreement referenced to herein or in which this Letter of Credit relates, and any such reference
shall not be deemed to incorporate herein by reference any document, instrument or agreement.
Issuer hereby engages with Beneficiary that Draft(s) drawn under and in compliance with the terms
of this Credit will be duly honored by Issuer if presented within the validity of this Credit.
*** OR 4575 PG 483 ***
Agenda Item No. 16A 12
September 14, 2010
Page 19 of 21
. .
This Credit is subject to the Uniform Customs and Practice for Documentary Credits (2007
Revision) International Chamber of Commerce Publication No, 600
(name of issuer)
By:
(insert title of corporate officer - must be
signed by President, Vice President or
Chief Executive Officer)
Print Map
Agenda ItemFagel~l
September 14, 2010
Page 20 of 21
Corradi Airport Inc., Property
........
SUodl....on..
......... 28M .. Inon U'banl
........ -12 FEET)
aUUd'''g footprints
C(IIUler Count)"
Folio Number: 00238000005
Name: CORRADI AIRPORT INC
Stnlel# & Name: 6925 AIRPORT RD
N
Legal Oncrlplion: 24925 COMM AT
SE CNR OF SEC 2. N 2DEG W
1708,10FT, S 89DEG W 1oo,Q7FT W
RIW SR 31 AND POB, S 89DEG W
660FT, N
Agenda Item No. 16A12
September 14, 2010
Page 21 of 21
TERMINA TION OF DEVELOPER AGREEMENT
THIS TERMINATION OF DEVELOPER AGREEMENT is made this day of
September, 2010, by and between Corradi Airport Inc., a Florida profit corporation, with a principal
address of 740 West Street, Naples, Florida (hereinafter referred to as "Developer"), and Collier
County, Florida, a political subdivision of the State of Florida (hereinafter referred to as "County").
WHEREAS, Developer and County entered into that certain Developer Agreement
(hereinafter referred to as "Agreement"), dated May 21, 2010, and recorded in Official Records
Book 4575, Page 468, of the public records of Collier County, Florida; and
WHEREAS, Developer has requested the Agreement be tenninated of record and County
has agreed.
NOW THEREFORE, for the mutual covenants contained herein and in the Agreement,
Developer and County agree that the Agreement is hereby tenninated and the parties shall have no
further rights or obligations thereunder.
STATE OF FLORIDA
COUNTY OF COLLIER
The foregoing instrument was acknowledged before me this I (p rIA- day of
flu ~ ,2010, by MICHAEL K. CORRADI, as president of Corradi Airport, Inc., who
is perionally known to me or has produced FL 'D nver.s /.J.'cc 1'l$C:-as identification.
~~~-6- ~J
Notary Public
Print Name: L auY-~/1 j. B e.arcd
My Commission Expires: ID- ,;)4- It::>
CORRADI AIRPORT INC.,
a Flori~a profit corporation f)
By: /111~ t,{ l ~-
Michael K. Corradi, President
Attest:
DWIGHT E. BROCK, Clerk
BOARD OF COUNTY COMMISSIONERS
OF COLLIER COUNTY, FLORIDA
By:
, Deputy Clerk
By:
FRED W. COYLE, CHAIRMAN