Agenda 09/08/2020 Item #16B1 (TIF Rebate Agreement)09/08/2020
EXECUTIVE SUMMARY
Recommendation that the Board of County Commissioners, also acting as the Community
Redevelopment Agency Board, approve the TIF Rebate Agreement with Development Partners
International, LLC regarding tax increment revenues generated from the redevelopment of the
mini-triangle property located in the Bayshore Gateway Triangle Community Redevelopment
Area.
OBJECTIVE: To enter into an agreement implementing the terms of 2016 Purchase Agreement to
provide tax increment revenues as a benefit to the purchaser to redevelop the 5.27-acre site.
CONSIDERATIONS: In 2009, the Community Redevelopment Agency (CRA) authorized staff to
purchase 5.27 acres of commercial property in the Gateway Mini-Triangle to create a catalyst site to
revitalize the community. In 2015, the CRA advertised a Request for Proposals to sell the Gateway
Triangle parcels with the intent to consider both price and concept in the review of the proposals. Three
sealed proposals were received. On January 26, 2016, the CRA selected Real Estate Partners
International, LLC (REPI) proposal and directed staff to negotiate a Purchase Agreement. On April 26,
2016, the CRA approved the Purchase Agreement with REPI based on a purchase price of $6,372,959 and
mixed-use concept plan. The Purchase Agreement included a list of property benefits to be received by
the Purchaser including a Tax Increment Rebate Agreement equal to fifty percent (50%) of the new
annual applicable increment for a ten (10) year period following the completion of the final phase of the
building construction on the property. The Purchase Agreement was amended (dated September 27,
2016), as well as by that certain letter agreement dated October 5, 2016 and on October 25, 2016, the
third amendment to the Agreement was approved, which 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.
The fourth and final amendment approved on July 10, 2018 extended the closing date and authorized the
disbursement of escrow funds to relocate the cell tower.
In 2018, the property was rezoned to the Mini-Triangle Mixed-Use Planned Unit Development (MPUD)
which includes a detailed site plan and elevation sketches to further articulate the redevelopment of this
catalyst site consistent with the proposal.
As outlined in the Purchase Agreement, REPI has the right to assign Purchaser’s rights to an entity that is
owned by or affiliated with the current principals of Purchaser. In the proposed TIF Rebate Agreement
REPI is assigning the right to acquire the land to Metropolitan Naples, LLC and the rights to receive the
tax increment rebate to Development Partners International, LLC.
The TIF Rebate Agreement provides a tax increment rebate over a 10-year period to incentivize
redevelopment of the property consistent with the negotiated Purchase Agreement. Annual payments will
begin once the final phase of building construction as permitted in the MPUD is completed. The terms,
conditions, and obligations of the Agreement will survive the sunset of the BGTCRA.
If this item is approved, the Agreement will be routed for both CRA and BCC signatures. Both entities
are parties to the Agreement because it survives the sunset of the BGTCRA. The BGTCRA is scheduled
to sunset in 2030.
FISCAL IMPACT: There are a number of variables that impact the amount of Tax Increment
Financing revenue that might be generated by the project. A low-end estimate is shown in the Base Tax
Increment Rebate Model below. In this model payments over the 10-year term of the agreement,
including the tower relocation rebate, are estimated to be approximately $3.4 million. Actual improved
16.B.1
Packet Pg. 845
09/08/2020
project taxable value, actual base taxable value, millage rate changes, fluctuation s in market conditions,
annual taxable value changes, and changes in ownership that reset the cap on taxable value growth all
impact the amount of TIF generated and the amount rebated. For example, if the growth in taxable value
is assumed to be 10% per year total payments over the term of the agreement would increase from the low
estimate of $3.4 million to approximately $5.3 million. The agreement does not provide a minimum
payment nor an upper limit on the amount of tax increment rebate.
The Bayshore CRA is currently scheduled to expire in 2030. The subject Tax Increment Rebate
agreement includes a provision allowing it to survive the sunset of the CRA. Unless the CRA term is
extended it is probable that some portion of the Tax Increment Rebate obligation will be fulfilled directly
from the County’s General Fund and Unincorporated Area General Fund.
GROWTH MANAGEMENT IMPACT: This item complies with the Collier County Growth
Management Plan. The Mini Triangle Mixed Used Planned Unit Development (Mini Triangle MPUD -
Ordinance 18-25) provides the development entitlements.
LEGAL CONSIDERATIONS: The TIF Rebate Agreement is approved for form and legality and
requires a majority vote for approval. - JAB
RECOMMENDATION: Recommendation that the Board of County Commissioners, also acting as the
Community Redevelopment Agency Board, approve the TIF Rebate Agreement with Development
Partners International, LLC regarding tax increment revenues generated from the redevelopment of the
mini-triangle property located in the Bayshore Gateway Triangle Community Redevelopment Area and
authorize the Chairman of the BCC and the Vice-Chair of the CRA to sign the document.
Prepared by: Debrah Forester, CRA Director
16.B.1
Packet Pg. 846
09/08/2020
ATTACHMENT(S)
1. TIF Rebate Agreement CAO Approved (PDF)
2. Executed Purchase Agreement (PDF)
3. Amendment 1. - 09.27.2016 (PDF)
4. Amendment 2 - Extension 10.05.2016 (PDF)
5. Amendment 3 - 10.25.2016 (PDF)
6. Amendment 4 July 10 2018 (PDF)
16.B.1
Packet Pg. 847
09/08/2020
COLLIER COUNTY
Board of County Commissioners
Item Number: 16.B.1
Doc ID: 13171
Item Summary: Recommendation that the Board of County Commissioners, also acting as the
Community Redevelopment Agency Board, approve the TIF Rebate Agreement with Development
Partners International, LLC regarding tax increment revenues generated from the redevelopment of the
mini-triangle property located in the Bayshore Gateway Triangle Community Redevelopment Area.
Meeting Date: 09/08/2020
Prepared by:
Title: – County Manager's Office
Name: Debrah Forester
08/11/2020 5:32 PM
Submitted by:
Title: – County Manager's Office
Name: Debrah Forester
08/11/2020 5:32 PM
Approved By:
Review:
County Manager's Office Debrah Forester Director - CRAs Completed 08/11/2020 5:32 PM
County Attorney's Office Jennifer Belpedio Level 2 Attorney of Record Review Completed 08/13/2020 8:58 AM
Corporate Business Operations Sean Callahan Executive Director- Corp Business Ops Completed 08/17/2020 10:20 AM
Office of Management and Budget Debra Windsor Level 3 OMB Gatekeeper Review Completed 08/17/2020 11:03 AM
County Attorney's Office Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Completed 08/24/2020 10:38 AM
Budget and Management Office Ed Finn Additional Reviewer Completed 08/31/2020 12:52 PM
County Manager's Office Sean Callahan Level 4 County Manager Review Completed 08/31/2020 4:52 PM
Board of County Commissioners MaryJo Brock Meeting Pending 09/08/2020 9:00 AM
16.B.1
Packet Pg. 848
16.B.1.aPacket Pg. 849Attachment: TIF Rebate Agreement CAO Approved (13171 : TIF Rebate Agreement)
16.B.1.aPacket Pg. 850Attachment: TIF Rebate Agreement CAO Approved (13171 : TIF Rebate Agreement)
16.B.1.aPacket Pg. 851Attachment: TIF Rebate Agreement CAO Approved (13171 : TIF Rebate Agreement)
16.B.1.aPacket Pg. 852Attachment: TIF Rebate Agreement CAO Approved (13171 : TIF Rebate Agreement)
16.B.1.aPacket Pg. 853Attachment: TIF Rebate Agreement CAO Approved (13171 : TIF Rebate Agreement)
16.B.1.aPacket Pg. 854Attachment: TIF Rebate Agreement CAO Approved (13171 : TIF Rebate Agreement)
16.B.1.aPacket Pg. 855Attachment: TIF Rebate Agreement CAO Approved (13171 : TIF Rebate Agreement)
16.B.1.aPacket Pg. 856Attachment: TIF Rebate Agreement CAO Approved (13171 : TIF Rebate Agreement)
16.B.1.aPacket Pg. 857Attachment: TIF Rebate Agreement CAO Approved (13171 : TIF Rebate Agreement)
16.B.1.aPacket Pg. 858Attachment: TIF Rebate Agreement CAO Approved (13171 : TIF Rebate Agreement)
16.B.1.aPacket Pg. 859Attachment: TIF Rebate Agreement CAO Approved (13171 : TIF Rebate Agreement)
16.B.1.aPacket Pg. 860Attachment: TIF Rebate Agreement CAO Approved (13171 : TIF Rebate Agreement)
16.B.1.aPacket Pg. 861Attachment: TIF Rebate Agreement CAO Approved (13171 : TIF Rebate Agreement)
16.B.1.aPacket Pg. 862Attachment: TIF Rebate Agreement CAO Approved (13171 : TIF Rebate Agreement)
16.B.1.aPacket Pg. 863Attachment: TIF Rebate Agreement CAO Approved (13171 : TIF Rebate Agreement)
16.B.1.aPacket Pg. 864Attachment: TIF Rebate Agreement CAO Approved (13171 : TIF Rebate Agreement)
16.B.1.aPacket Pg. 865Attachment: TIF Rebate Agreement CAO Approved (13171 : TIF Rebate Agreement)
16.B.1.b
Packet Pg. 866 Attachment: Executed Purchase Agreement (13171 : TIF Rebate Agreement)
16.B.1.b
Packet Pg. 867 Attachment: Executed Purchase Agreement (13171 : TIF Rebate Agreement)
16.B.1.b
Packet Pg. 868 Attachment: Executed Purchase Agreement (13171 : TIF Rebate Agreement)
16.B.1.b
Packet Pg. 869 Attachment: Executed Purchase Agreement (13171 : TIF Rebate Agreement)
16.B.1.b
Packet Pg. 870 Attachment: Executed Purchase Agreement (13171 : TIF Rebate Agreement)
16.B.1.b
Packet Pg. 871 Attachment: Executed Purchase Agreement (13171 : TIF Rebate Agreement)
16.B.1.b
Packet Pg. 872 Attachment: Executed Purchase Agreement (13171 : TIF Rebate Agreement)
16.B.1.b
Packet Pg. 873 Attachment: Executed Purchase Agreement (13171 : TIF Rebate Agreement)
16.B.1.b
Packet Pg. 874 Attachment: Executed Purchase Agreement (13171 : TIF Rebate Agreement)
16.B.1.b
Packet Pg. 875 Attachment: Executed Purchase Agreement (13171 : TIF Rebate Agreement)
16.B.1.b
Packet Pg. 876 Attachment: Executed Purchase Agreement (13171 : TIF Rebate Agreement)
16.B.1.b
Packet Pg. 877 Attachment: Executed Purchase Agreement (13171 : TIF Rebate Agreement)
16.B.1.b
Packet Pg. 878 Attachment: Executed Purchase Agreement (13171 : TIF Rebate Agreement)
16.B.1.b
Packet Pg. 879 Attachment: Executed Purchase Agreement (13171 : TIF Rebate Agreement)
16.B.1.b
Packet Pg. 880 Attachment: Executed Purchase Agreement (13171 : TIF Rebate Agreement)
16.B.1.b
Packet Pg. 881 Attachment: Executed Purchase Agreement (13171 : TIF Rebate Agreement)
16.B.1.bPacket Pg. 882Attachment: Executed Purchase Agreement (13171 : TIF Rebate Agreement)
16.B.1.bPacket Pg. 883Attachment: Executed Purchase Agreement (13171 : TIF Rebate Agreement)
16.B.1.bPacket Pg. 884Attachment: Executed Purchase Agreement (13171 : TIF Rebate Agreement)
16.B.1.bPacket Pg. 885Attachment: Executed Purchase Agreement (13171 : TIF Rebate Agreement)
16.B.1.bPacket Pg. 886Attachment: Executed Purchase Agreement (13171 : TIF Rebate Agreement)
16.B.1.bPacket Pg. 887Attachment: Executed Purchase Agreement (13171 : TIF Rebate Agreement)
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
16.B.1.c
Packet Pg. 888 Attachment: Amendment 1. - 09.27.2016 (13171 : TIF Rebate Agreement)
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
16.B.1.c
Packet Pg. 889 Attachment: Amendment 1. - 09.27.2016 (13171 : TIF Rebate Agreement)
16 84
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
i C$ LV loll. •' S I
signature only.Appri orm and legality
Jeffrey A. latz.7.,County Attorney
ji
2
16.B.1.c
Packet Pg. 890 Attachment: Amendment 1. - 09.27.2016 (13171 : TIF Rebate Agreement)
EXHIBIT
3
N
gi
co
i}
1.
P7
zrstz
x.
Cc`
ina
w
s-
1
ti
LIrk ''. #/
341
0.
c.,
1,,,I
11111111.401
is
pf-
II -
V
a ! _
r
xJ^
u
F ::
t1pct
al°;
11::;\1.
4‘
147"A'
s
ai
tC.
C
L
c,(,)'
rP¢,
Y4
I
ccs
clact
ax
CDCG
s.
E
i
fad
4v
s
a
h
ta% - '
s,
tvo,
i.
r
4
e
4. `
W'
1
2"
a4
if
r
i,
pp
10
a !
Y
1,...,;
1 `
I
8
Esl
lit
4.
s"
o
a`
vU
li
2
th
g';
fIA
ppgQ
itr
S
GGI
I
16.B.1.c
Packet Pg. 891 Attachment: Amendment 1. - 09.27.2016 (13171 : TIF Rebate Agreement)
r
N
1II
Lo
CI:
3
a,
O
0
N
i
N
11-
pr4iiv-
401
Fes:
a ': {
m
rum
r
tg
7
E
i
f
e'!
OCrc ca
4q
i
T
1.
1
r _
J1
I
4'
4'
A
r,
q -
4
I
t
a
N
a
p
Commerc'
f
Or,
4„:".,..
1
fnOA
cn
Ct
7
4: , ':-. .-
8S3t1
I ,
Ali!)
1
411;;;
t;
I* ' %
4
I ,'';.'
rti
J
w
k ` .
1
CU
Olt
14
4
Ci.)
3
IlS3N
f
I
114
r
t;
r
fit '
x
e.-.
t)
4 ,..„
r"'
e "
i`'
3
D
fr
t
Ct.. # )
Pe1.
Y
0/: . '..
f.„
14
i
F
F
r
44
4 ,
4.
4
H '
i.
y.
1,,-, :
40
up
b
6
I.
16.B.1.c
Packet Pg. 892 Attachment: Amendment 1. - 09.27.2016 (13171 : TIF Rebate Agreement)
IP
f
II
N £
1, ,
lCIO
1
t
M
NO
Vag5
w4fll
ii
6.
jI
l
1'
i
V\,. \
r./)
a
0
IWO ,,
i,,
i
1
01
1
li/
t
7/(
1i
g
nitute .:,,,,
1 ..„.
io ,
E
klotz
s
I
CncL
L.
4-'0>tu
cA
CO
y ct
7,
Cidi:
i!'
v
Q
111
0
o`'
iWO
c
1
0
Ni
3n3
as
h`
b
N
y
0c
O
II
e
j)
l/
4,,..
f.
rf•
al.^a,
to
x '
g.
3
3
hb
lig,'gi—
laUI
16.B.1.c
Packet Pg. 893 Attachment: Amendment 1. - 09.27.2016 (13171 : TIF Rebate Agreement)
0
NN ''
III
tli '
1
z.--,
IC]
at,
I
Lo
NCI)
ct.
Nall4
t_
tir-
4
IL —
vo,
Nt.
t
t.
z
g
t
F.•til)
f ,
Z
1
i
tt
t
ch
CZ
z
0.
0
ct
a.
t
a ,
4
a.)
1{
1\
h.
0RAVI
CI.
1)
p
l,
M
t:
1
Its
g
1.4
1
is
H? ..
cf)
t....
i
1
i
t-.-
1
t.
1
CC
P,
s.`I''''
t\
A-
1
ig
k
Z
t
if
II!
IiIII ,,. .
i...
1
I ,.
li
1ii ., — - .
9..'
ii
k ° '''.
1..
4'
1
4
7
1
o
4\
111\
V
V
1'..
1
V
liit
g
L3,
Fi?,
zi,
g ,.
1. 7-'...:
1 :
9, ::
1
si
Is
A
4),
z
ct
gl
4
gt-
i „,..,
1A,
z
i
i
t.
4
1
f .
t
ii,*
4'
4'
111
N..,
s ...
s..
1
1
s':'
s,Ir'
I
1:
4
II
Il '"
1, ,,:
tEl
1 )..
it) -
1111
82
1 .
4.•
1,
P4,:
1 ,?,,,
ft
44441,.
qi.
S.
I.
A *.
8a'
t`
zi
fie
Is
1,
t
16.B.1.c
Packet Pg. 894 Attachment: Amendment 1. - 09.27.2016 (13171 : TIF Rebate Agreement)
R
1
Ln
i
0ul
q--a..)
IdXI'-'iq11'.
miem4
u .„
e \\*
V.
v) '
7'-
1--- --.
1
i
A ,,,
k;,,„,
s,.,,,•,.,.
41 ,
4/)
u
N<
e/
r1:'" ''
40
flak
y)
b.
0
aJ
1
1
ao
i
m
ct
1,,
I
a)
1...0cet
Hi
cl:
i
it /
cu
1 :
6)1:
1
iI
CAt
4
I:
1E
w
r
I /
15
1 „
i,
k.
4
E
R
f , \klisty7iii. .\ I
1
Hilt11:
4
1
16.B.1.c
Packet Pg. 895 Attachment: Amendment 1. - 09.27.2016 (13171 : TIF Rebate Agreement)
16.B.1.dPacket Pg. 896Attachment: Amendment 2 - Extension 10.05.2016 [Revision 1] (13171 : TIF Rebate Agreement)
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
16.B.1.e
Packet Pg. 897 Attachment: Amendment 3 - 10.25.2016 (13171 : TIF Rebate Agreement)
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
16.B.1.e
Packet Pg. 898 Attachment: Amendment 3 - 10.25.2016 (13171 : TIF Rebate Agreement)
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
16.B.1.f
Packet Pg. 899 Attachment: Amendment 4 July 10 2018 (13171 : TIF Rebate Agreement)
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
16.B.1.f
Packet Pg. 900 Attachment: Amendment 4 July 10 2018 (13171 : TIF Rebate Agreement)