Agenda 09/08/2020 Item #14B1 (Mini-Triangle Purchase Agreement)09/08/2020
EXECUTIVE SUMMARY
Recommendation that the Board of County Commissioners, acting as the Community
Redevelopment Agency Board (CRA), approve the fifth amendment to the Real Estate Purchase
Agreement approved April 26, 2016 between Metropolitan Naples, LLC (successor to Real Estate
Partners International, LLC) (Purchaser) and the CRA (Seller), regarding an extension to the
closing date and authorize any necessary budget amendments.
OBJECTIVE: To extend the closing date of the purchase of the Mini-Triangle Property located in the
Bayshore Gateway Triangle Community Redevelopment Area (BGTCRA) and continue the partnership
with Purchaser. The terms of the extension include an additional $2,118,000 deposited in the escrow
account that can be used to purchase Del’s Corner prior to closing on the Mini-Triangle Property or for
any use authorized by the Seller.
CONSIDERATIONS: On April 26, 2016, the Board of County Commissioners acting as the Collier
County Community Redevelopment Agency Board (Seller), approved a Real Estate Purchase Agreement
(Agreement) with Real Estate Partners International, LLC (Purchaser) for the purchase of 5.27 acres of
property located within the Bayshore Gateway Triangle Community Redevelopment Area (BGTCRA) for
$6,372,959. The Agreement was amended four times, all four amendments are included as attachments.
The most recent amendment, the fourth amendment, recognized the cell tower as an encumbrance on the
property and approved a cost sharing formula to relocate the tower between the Seller and Purchaser,
authorized the use of $637,296 of earnest money deposited in the escrow account to be used to pay the
cell tower relocation costs, and extended the closing date to thirty (30) days after the termination of the
lease with the Crown Castle South, LLC as required by the Cell Tower Relocation Agreement.
On August 14, 2020, the Purchaser was notified that the lease with Crown Castle South, LLC was
terminated, and the closing date was scheduled to occur no later than September 14, 2020. On August 18,
2020, the Purchaser requested a sixty (60) day extension to closing, bringing the closing date to
November 13, 2020. Section 11.a of the Agreement allows for a one-time extension of thirty (30) days
subject to an extension fee of $25,000 paid by the Purchaser. The fee is in addition to the Purchase Price
and is nonrefundable.
In addition to paying the additional $25,000, the Purchaser has agreed to deposit an additional $2,118,000
in the escrow account and authorizes the disbursement of these funds for the CRA to purchase Del’s
Corner or for any use authorized by the Seller. On May 26, 2020, the CRA approved the purchase of
Del’s Corner contingent on the sale of the Mini-Triangle Property. If the Del’s Corner property can be
closed prior to the closing of the Mini-Triangle Property, then the CRA may waive the contingency. Per
the Agreement For Sale and Purchase of Del’s Corner, the closing is scheduled for September 23, 2020.
However, due to additional due diligence required an extension on the closing is being requested on a
separate CRA Board item.
This fifth amendment also ratifies the assignment of the Agreement from REPI to Metropolitan Naples,
LLC pursuant to Section 13 of the Agreement which allows REPI to assign its rights under the Agreement
to an entity owned by or affiliated with the current principals of REPI and/or Jerry Starkey and F. Fred
Pezeshkan.
Attachment A provides an overview of the status of Conditions Precedent to Purchaser’s Obligation to
Close - Seller Covenants as outlined in the Agreement. Based on staff’s review, the vast majority of the
conditions have been met and any remaining are not anticipated to impact closing. This amendment does
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09/08/2020
not revise Paragraph 17 of the Agreement regarding defaults. In the event the Purchaser fails to close
within the 60-day extension period, all funds deposited into the escrow account shall be paid to the
Seller.
FISCAL IMPACT: The amendment extends the closing date 60 days to November 13, 2020. The
consideration received includes a $25,000 extension fee and additional earnest money of $2,118,000. The
additional monies can be used prior to the closing for any use authorized by the CRA. The addition of the
$25,000 fee makes the purchase price $6,397,959.
The extension delays the planned payoff of the CRA Taxable Note (TD Bank), Series 2017 loan
necessitating at least two additional debt service payments. Monthly payments are $52,504 and include
approximately $10,600 in interest expense. The CRA Note has a principal balance of approximately
$3,300,000 and carries an interest rate of 3.56%.
Because current CRA operating, capital and debt service budgets are configured around sale proceeds
being received in FY 20 and the extension moves the closing date into FY 21, budget amendments are
necessary. Accordingly, the budgets will be amended by budget resolution at the September 17, 2020,
budget hearing and/or by budget amendment.
GROWTH MANAGEMENT IMPACT: None
LEGAL CONSIDERATIONS: The fifth amendment is approved for form and legality and requires a
majority vote for approval. - JAB
RECOMMENDATION: Recommendation that the Board of County Commissioners, acting as the
Community Redevelopment Agency Board (CRA), approve the fifth amendment to the Real Estate
Purchase Agreement approved April 26, 2016 between Metropolitan Naples, LLC (successor to Real
Estate Partners International, LLC) (Purchaser) and the CRA (Seller), regarding an extension to the
closing date and authorize any necessary budget amendments.
Prepared by: Debrah Forester, CRA Director
ATTACHMENT(S)
1. Attachment A Status of Conditions Precedent (PDF)
2. 5th Amendment CAO stamped and signed 082720 (flat) (PDF)
3. REPI Letter Closing Extension Request 08.18.20 (PDF)
4. Executed Purchase Agreement (PDF)
5. Amendment 1. - 09.27.2016 (PDF)
6. Amendment 2 - Extension 10.05.2016 (PDF)
7. Amendment 3 - 10.25.2016 (PDF)
8. Amendment 4 July 10 2018 (PDF)
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09/08/2020
COLLIER COUNTY
Board of County Commissioners
Item Number: 14.B.1
Doc ID: 13386
Item Summary: Recommendation that the Board of County Commissioners, acting as the
Community Redevelopment Agency Board (CRA), approve the fifth amendment to the Real Estate
Purchase Agreement approved April 26, 2016 between Real Estate Partners International, LLC
(Purchaser) and the CRA (Seller), regarding an extension to the closing date and authorize any necessary
budget amendments.
Meeting Date: 09/08/2020
Prepared by:
Title: – County Manager's Office
Name: Debrah Forester
08/28/2020 9:06 AM
Submitted by:
Title: – County Manager's Office
Name: Debrah Forester
08/28/2020 9:06 AM
Approved By:
Review:
County Manager's Office Debrah Forester Director - CRAs Completed 08/28/2020 9:06 AM
County Attorney's Office Jennifer Belpedio Level 2 Attorney of Record Review Completed 08/31/2020 9:41 AM
Corporate Business Operations Sean Callahan Executive Director- Corp Business Ops Completed 08/31/2020 9:41 AM
County Attorney's Office Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Completed 08/31/2020 11:41 AM
Office of Management and Budget Debra Windsor Level 3 OMB Gatekeeper Review Completed 09/01/2020 8:13 AM
Budget and Management Office Ed Finn Additional Reviewer Completed 09/02/2020 11:38 AM
County Manager's Office Leo E. Ochs Level 4 County Manager Review Completed 09/02/2020 2:47 PM
Board of County Commissioners MaryJo Brock Meeting Pending 09/08/2020 9:00 AM
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9a. Condition Precedent Status Completed
(i) No Adverse Environmental Condition
Phase 1 Environmental Study completed August 11, 2016 by Purchaser. No further action
taken. X
(ii) Moratoriums No issue identified to date that would delay closing
(iii) Seller's Title to Property
Survey completed. Purchaser raised two title objections regarding utility easements (FPL &
CCU) in 2016. The County has agreed to assist with the vacation of the CCU easement. All
costs associated will be Purchaser's responsibility. CCU terms will be added to the
Development Agreement. Purchaser will handle FPL easement and it is no longer a
condition to closing. X
(iv)Land Use Entitlement Ordinance 2018-25 Approved May 8, 2018 X
Small Scale Plan Amendment Effective Date June 18, 2018 X
(iv) 1 Adjoining Property Zoning changes No other properties participated in the rezoning - Condition no longer applies X
(iv)2 Covenants, Easements intended to burden property
as part of the rezoning Zoning Approved - Condition no longer applies X
(v) Exhibit F
Property benefits and inclusion in Development Agreement. Purchaser is drafting
Development Agreement. Anticipated receipt 09.02.20. Target date for approval October
13, 2020.
1. Existing Impact Fee Credits Credits will be assigned at Building Permit Review - No further action needed.
2. Voluntary Cleanup Tax Credits VCTC Certificate
#287- $28,168.55 and Certificate #348 $26,979.38
Certificates were sold as approved by Purchaser due to expiration. #287 sold for
$24,647.48 & #348 sold for $13,489.69. Purchaser will receive credit of VCTC at closing. X
3. Right to transport and discharge stormwater into
Collier County retention pond as determined to
satisfied during inspection period.
Purchaser and Seller have determined drainage needs based on drainage report prepared
by Purchaser's consultant. Study confirmed capacity of the system and a need for increased
pipe size. No condition identified to delay closing. X
4. Exemption from on-site pre-treatment of storm
water as determined during inspection period.
No issues were determined during inspection period. SFWMD Permit pre-application
meeting was held. X
5. Tax Increment Rebate Agreement
Purchaser has approved draft agreement. Document is tentatively scheduled to be
considered by CRA/BCC at 9.8.20 public meeting.X
(vi) All representatives and warranties of Seller remain
true and correct No issues identified to date that would delay closing X
Conditions Precedent to Purchaser's Obligation to Close - Seller Covenants
ATTACHMENT A
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Packet Pg. 193 Attachment: Attachment A Status of Conditions Precedent (13386 : Mini Triangle Closing Extension)
9a. Condition Precedent Status Completed
Conditions Precedent to Purchaser's Obligation to Close - Seller Covenants
ATTACHMENT A
(vii) Seller performing as required under this Agreement No issues identified to date that would delay closing X
(viii) Any other conditions set forth elsewhere
Amendment #3 required the Cell Tower at 2054 Davis be decommissioned, demolished and
lease terminated. All terms of the Cell Tower Relocation Agreement have been met and the
lease was terminated on August 14, 2020. X
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Packet Pg. 194 Attachment: Attachment A Status of Conditions Precedent (13386 : Mini Triangle Closing Extension)
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Packet Pg. 195 Attachment: 5th Amendment CAO stamped and signed 082720 (flat) (13386 : Mini Triangle Closing Extension)
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Packet Pg. 196 Attachment: 5th Amendment CAO stamped and signed 082720 (flat) (13386 : Mini Triangle Closing Extension)
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Packet Pg. 197 Attachment: REPI Letter Closing Extension Request 08.18.20 (13386 : Mini Triangle Closing Extension)
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Packet Pg. 198 Attachment: Executed Purchase Agreement (13386 : Mini Triangle Closing Extension)
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Packet Pg. 199 Attachment: Executed Purchase Agreement (13386 : Mini Triangle Closing Extension)
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Packet Pg. 200 Attachment: Executed Purchase Agreement (13386 : Mini Triangle Closing Extension)
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Packet Pg. 201 Attachment: Executed Purchase Agreement (13386 : Mini Triangle Closing Extension)
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Packet Pg. 202 Attachment: Executed Purchase Agreement (13386 : Mini Triangle Closing Extension)
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Packet Pg. 203 Attachment: Executed Purchase Agreement (13386 : Mini Triangle Closing Extension)
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Packet Pg. 204 Attachment: Executed Purchase Agreement (13386 : Mini Triangle Closing Extension)
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Packet Pg. 205 Attachment: Executed Purchase Agreement (13386 : Mini Triangle Closing Extension)
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Packet Pg. 206 Attachment: Executed Purchase Agreement (13386 : Mini Triangle Closing Extension)
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Packet Pg. 207 Attachment: Executed Purchase Agreement (13386 : Mini Triangle Closing Extension)
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Packet Pg. 208 Attachment: Executed Purchase Agreement (13386 : Mini Triangle Closing Extension)
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Packet Pg. 209 Attachment: Executed Purchase Agreement (13386 : Mini Triangle Closing Extension)
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Packet Pg. 210 Attachment: Executed Purchase Agreement (13386 : Mini Triangle Closing Extension)
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Packet Pg. 211 Attachment: Executed Purchase Agreement (13386 : Mini Triangle Closing Extension)
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Packet Pg. 212 Attachment: Executed Purchase Agreement (13386 : Mini Triangle Closing Extension)
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Packet Pg. 213 Attachment: Executed Purchase Agreement (13386 : Mini Triangle Closing Extension)
14.B.1.dPacket Pg. 214Attachment: Executed Purchase Agreement (13386 : Mini Triangle Closing Extension)
14.B.1.dPacket Pg. 215Attachment: Executed Purchase Agreement (13386 : Mini Triangle Closing Extension)
14.B.1.dPacket Pg. 216Attachment: Executed Purchase Agreement (13386 : Mini Triangle Closing Extension)
14.B.1.dPacket Pg. 217Attachment: Executed Purchase Agreement (13386 : Mini Triangle Closing Extension)
14.B.1.dPacket Pg. 218Attachment: Executed Purchase Agreement (13386 : Mini Triangle Closing Extension)
14.B.1.dPacket Pg. 219Attachment: Executed Purchase Agreement (13386 : Mini Triangle Closing Extension)
GRANT 16B4
FRIDKIN CHARLES C.WHITTINGTON
PEARSON
Attorney at Law
239.514.1000 Ext.2016
cwhittington@gfpac.com
September 28, 2016
Via hand delivery and email NickCasalanguida(a colliergov.net
Collier County Community Redevelopment Agency
Attn: Mr. Nick Casalanguida, Assistant County Manager
3299 Tamiami Trail East, Suite 202
Naples, FL 34112-5729
Re: 5.27 acre Bayshore Gateway Mini-Triangle property
Dear Mr. Casalanguida:
Per your request, enclosed please find two originals of the Amendment to Real Estate Purchase
Agreement that have been executed by Real Estate Partners International, LLC. After they have
been counter-signed by the County, please return one (1) original to our office.
Very truly yours,
77
11110
Charles C. Whittington
Enclosures
CCW!tf
cc: Jeffrey A. Klatzkow, Esq., County Attorney
Leo Ochs, County Manager
Richard C. Grant, Esq.
Real Estate Partners International, LLC
GRANT FRIDKIN PEARSON,P.A. 51 Ridgewood Drive,Suite 501, Naples,Florida 34108 I T 239.514.1000 F 239.514.0377 I www.gfpac.com
14.B.1.e
Packet Pg. 220 Attachment: Amendment 1. - 09.27.2016 (13386 : Mini Triangle Closing Extension)
1684
AMENDMENT REAL ESTATE PURCHASE AGREEMENT
THIS AMENDMENT TO REAL ESTATE PURCHASE AGREEMENT
Amendment") is made and entered into this ii . day of September, 2016, by and between
Collier County Community Redevelopment Agency, an agency established by an ordinance of
the Board of County Commissioners of Collier County, a political subdivision of the State of
Florida ("Seller"), and Real Estate Partners International, LLC, a Delaware limited liability
company and/or assigns ("Purchaser").
For good and valuable consideration, the receipt, adequacy and sufficiency of which are
hereby expressly acknowledged by the parties, the parties agree that the Real Estate Purchase
Agreement between them dated May 9, 2016 (the "Agreement") is modified in the following
respects:
1.Exhibit E to the Agreement—"The Land Use Entitlement Conditions" - is hereby
deleted and the following is hereby substituted in its place:
EXHIBIT E
Land Use Entitlement Conditions
A small-scale and/or other amendment to the Collier County Growth Management
Plan and/or the Collier County Land Development Code and an amendment to the
Gateway Triangle Mixed Use Overlay District Mixed Use Sub-District(GTMUD-
MXD) to increase the permitted residential, hotel, office and retail density of the
Property to the densities included in the Revised Site Plan attached as EXHIBIT
3.
Any amendments to the Collier County Growth Management Plan and/or the
Collier County Land Development Code and GTMUD-MXD required to change
the permitted building height on the Property for residential, hotel, retail, and
office uses from 112 feet to 160 feet, to accommodate the development of the
Property outlined in the Purchaser Proposal, as amended to include EXHIBIT 3.
2.The Purchasers Proposal attached as Exhibit "B" to the Agreement is revised to
incorporate the Revised Site Plan and information thereon attached as EXHIBIT 3. All specific
references within Purchasers Proposal to site plans, height and density shall henceforth be
deemed to refer to the information contained on the attached EXHIBIT 3.
3.Except as hereby modified,the Agreement remains in full force and effect.
Remainder of Page Intentionally Blank. Signature Page to Follow]
1
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Packet Pg. 221 Attachment: Amendment 1. - 09.27.2016 (13386 : Mini Triangle Closing Extension)
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Executed as of the day and year written below.
SELLER: PURCHASER:
Collier County Community Re-Development Real Estate Partners International, LLC
Agency
i7ABy: By:
TIM NANCE, CHAIRMAN erry tarke CEO
Dated: c'tVzz1ktp Date 7f/
ATTEST:
DWIGHTE.BROCK,CLERK
a
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signature only.Appri orm and legality
Jeffrey A. latz.7.,County Attorney
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Packet Pg. 227 Attachment: Amendment 1. - 09.27.2016 (13386 : Mini Triangle Closing Extension)
14.B.1.fPacket Pg. 228Attachment: Amendment 2 - Extension 10.05.2016 (13386 : Mini Triangle Closing Extension)
116
THIRD AMENDMENT REAL ESTATE PURCHASE AGREEMENT
THIS THIRD AMENDMENT TO REAL ESTATE PURCHASE AGREEMENT
Amendment") is made and entered into this2—+ day of October, 2016, by and between
Collier County Community Redevelopment Agency, an agency established by an ordinance of
the Board of County Commissioners of Collier County, a political subdivision of the State of
Florida ("Seller"), and Real Estate Partners International, LLC, a Delaware limited liability
company and/or assigns("Purchaser").
For good and valuable consideration, the receipt, adequacy and sufficiency of which are
hereby expressly acknowledged by the parties, the parties agree that the Real Estate Purchase
Agreement between them approved April 26, 2016 and dated May 9, 2016, as previously
amended by that certain Amendment to Real Estate Purchase Agreement dated September 27,
2016, as well as by that certain letter agreement dated October 5, 2016 confirming an
administrative extension of the Inspection Period as ratified by Seller on October 11, 2016
collectively,the"Agreement")is modified in the following respects:
1. Purchaser and Seller acknowledge that, until relocated, the cell tower located on
the Property will prohibit Purchaser's intended development of the Property and that Purchaser's
Proposal, as referenced in the Agreement, contemplated that Purchaser would not have to bear
the cost of its relocation. The Purchaser and the Seller discussed the encumbrance of the cell
tower during the negotiation of the Agreement and concurred that the details of eliminating the
encumbrance would be settled during the due diligence period as both the Purchaser and Seller
recognized that the relocation must be done cooperatively. It is further understood that Purchaser
has had discussions with the cell tower owner/operator/lessee who has tentatively agreed to
relocate the cell tower offsite temporarily during construction or permanently and that any future
discussions with the cell tower owner/operator/lessee will include a Seller's representative.
Purchaser and Seller recognize that reaching an agreement with the cell tower
owner/operator/lessee for the relocation of the cell tower is necessary in order to proceed with
the development of the Property. Accordingly, obtaining such an agreement in writing shall be a
condition to Closing and Section 9.a. of the Agreement is hereby amended to add as a new
subsection (ix) the following: Purchaser, Seller and the owner/operator/lessee of the cell tower
on the Property have entered into a binding agreement concerning the relocation of the cell tower
off the Property or within the Property, but in a manner that does not interfere with Purchaser's
planned development of the Property.
2. In the event costs are incurred by the owner of the Property in connection with the
relocation of the cell tower, Purchaser and Seller hereby agree that, if Purchaser were to close on
the purchase of the Property, then after Closing,they will share the cost to relocate the cell tower
located on the Property as follows:
a. $500,000.00 shall be withheld at Closing from Seller's net sales proceeds and
retained in escrow by Old Republic National Title Insurance, as escrow agent
the"Escrow Account");
b. Any and all costs to relocate the cell tower up to the first$250,000.00 shall be
borne solely by Seller and paid out of the Escrow Account;
c. In the event the costs to relocate the cell tower exceed $250,000.00, any and
all costs in excess of such $250,000.00, up to $750,000.00, shall be borne
1
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Packet Pg. 229 Attachment: Amendment 3 - 10.25.2016 (13386 : Mini Triangle Closing Extension)
11B
equally between Purchaser and Seller. Seller's equal share of such costs will
be paid out of the Escrow Account. Seller shall not be required to pay any
additional monies over and above the Escrow Account, except as provided in
Section e, below;
d. In the event the costs to relocate the cell tower exceed $750,000.00, any costs
in excess of such$750,000.00 shall be paid solely by Purchaser; and
e. Provided, however, in the event Purchaser does incur any costs in excess of
such $750,000.00, then the Tax Increment Rebate ("TIR") (as identified in
Exhibit F to the Agreement) for the Property shall be increased from 50% to
100% until such time as Purchaser has been reimbursed, by such increased
50% share of the TIR, for all costs in excess of the $750,000.00. Once fully
reimbursed, the TIR share shall be reduced back to 50% for the remaining
balance of the TIR's ten(10)year duration.
3. Section 11.a. of the Agreement is modified to provide that in the event the
condition in Section 9.a.(ix) is not satisfied by the time for Closing, then Purchaser may
unilaterally elect to extend the date of Closing until such condition is satisfied.
4. The terms of Section 2 of this Amendment shall survive Closing.
5. Except as hereby modified,the Agreement remains in full force and effect.
Executed as of the day and year written below.
SELLER:PURCHASER:
Collier County Community Re-Development Real Estate Partners International,LLC
Agency
By: l e, _ By:
Tim Nance, Chair en tarkey EO
Dated: tocV2Sltp Dated: l0//c4/f(p
wWI ` Aail
HTERK,jO
Appro a to I rm and legality
JeffreyAll
i ,/ X,k i.. -
A. Kla ' ow,
pep'etyCte
County Attorney Attest as to C.hei(lnan'5: '--
signature only.
2
14.B.1.g
Packet Pg. 230 Attachment: Amendment 3 - 10.25.2016 (13386 : Mini Triangle Closing Extension)
FOURTH AMENDMENT REAL ESTATE PURCHASE AGREEMENT
THIS FOURTH AMENDMENT TO REAL ESTATE PURCHASE AGREEMENT
Amendment") is made and entered into this 10+day of July, 2018, by and between Collier
County Community Redevelopment Agency, an agency established by an ordinance of the
Board of County Commissioners of Collier County, a political subdivision of the State of Florida
Seller"), and Real Estate Partners International,LLC, a Delaware limited liability company
and/or assigns ("Purchaser").
For good and valuable consideration, the receipt, adequacy and sufficiency of which are
hereby expressly acknowledged by the parties, the parties agree that the Real Estate Purchase
Agreement between them approved April 26,2016 and dated May 9,2016,as previously amended
by that certain Amendment to Real Estate Purchase Agreement dated September 27,2016, as well
as by that certain letter agreement dated October 5, 2016 confirming an administrative extension
of the Inspection Period as ratified by Seller on October 11, 2016 and further amended by that
certain Third Amendment to Real Estate Purchase Agreement dated October 25, 2016, and by
letter agreement dated June 19,2018 (collectively,the"Agreement") is modified in the following
respects:
1. Seller and Crown Castle South, LLC (the "owner of the cell tower" that is the
subject of the conditions in section 9(a)(ix) of the Agreement and the Third Amendment of the
Agreement) are in the process of negotiating an agreement to relocate the cell tower as required
by the Third Amendment to this Agreement. Purchaser and Seller acknowledge that, until
relocated, the cell tower located on the Property will prohibit Purchaser's intended development
of the Property. Accordingly, Purchaser is a named third-party beneficiary to that relocation
agreement. To allow for the tower to be relocated,Section 11.of the Agreement is hereby amended
to extend the closing date to thirty(30)days after last to occur of: (i)the termination of Lease with
the cell tower owner required by the cell tower relocation agreement; (ii)removal of the cell tower
and all related equipment from the Property;and(iii)decommissioning of the cell tower. The time
to satisfy the related condition in section 9(a)(ix)is extended accordingly.
2. It is agreed that the Land Use Entitlement Conditions set forth in section 9(a)(iv)
of the Agreement have been satisfied. All conditions in Section 9(a)other than item(ix)are to be
satisfied at closing.
3. Presently there is $637,295.90 in earnest money deposit in an escrow account
pursuant to the terms of this Agreement. Purchaser and Seller agree that these funds may be
disbursed to the cell tower owner in accordance with the terms of the cell tower relocation
agreement executed by Seller and the cell tower owner. Each party will execute such documents
as the escrow agent requires to release such funds. At closing the Purchaser will be credited, as
appropriate,for the expenditure of such funds against its obligation to bear a share of the cell tower
relocation costs in accord with the terms of the Third Amendment, and the balance toward the
purchase price of the Property. However, if for any reason the closing does not take place due to
the failure to satisfy the tower relocation conditions in section 9(a)(ix) of this Agreement, then
Seller is obligated to promptly refund the amount released back to the escrow from which it was
released.
1 2
14.B.1.h
Packet Pg. 231 Attachment: Amendment 4 July 10 2018 (13386 : Mini Triangle Closing Extension)
4. Except as hereby modified,the Agreement remains in full force and effect.
Executed as of the day and year written below.
SELLER: PURCHASER:
Collier County Community Re- Real Estate Partners International, LLC
Development Agency
By: By.
Donna Fiala, Chair Larkey,
CEO
Dated: 1 Dated: C70 6720/1(
ATTEST:
CRYSTAL K. KINZEL, INTERIM
CLERK
ACL
Attest as to Chi s
signature only.
Approved for form and legality:
Jennifer A.A. Bel3.
Assistant County Attorney 03
2
14.B.1.h
Packet Pg. 232 Attachment: Amendment 4 July 10 2018 (13386 : Mini Triangle Closing Extension)