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HomeMy WebLinkAboutItem 02 Approval of the Third Amendment to Agreement for Purchase and Sale between Wire City of Ocoee ▪ 1 N. Bluford Avenue ▪ Ocoee, Florida 34761 Phone: (407) 905-3100 ▪ www.ocoee.org STAFF REPORT Meeting Date: May 2, 2023 Item #: 2 Contact Name: Craig Shadrix Department Director: Craig Shadrix Contact Number: Ext. 6434 City Manager: Robert Frank Subject: Approval of the Third Amendment to Agreement for Purchase and Sale between Wire Development, LLC and the City of Ocoee for purchase of City owned property at Crown Point. (City Attorney Cookson) Background Summary: On September 21, 2021, the City Commission directed City Staff to proceed with contract negotiations following Wire Development’s unsolicited offer to purchase the city-owned property. On February 15, 2022, the City and Wire Development entered into that Agreement for Purchase and Sale.The Agreement was amended on August 16, 2022, to provide for an extension to the Inspection Period until December 15, 2022, and on December 6, 2022, to provide an additional 90-day extension to the Inspection Period to finalize the Impact Fee Credit Agreement, obtain emergency access to the property over property owned by Orange County, Florida and to allow the Buyer time to enter into an agreement with the School Board of Orange County, Florida, related to certain roadway improvements on the property. The Buyer is requesting a third amendment to the Agreement for Purchase and Sale to address the following: 1. Inspection Period: to allow an extension of the Inspection Period to May 15, 2023, or until the Buyer and Seller have approved the form of the Impact Fee Credit Agreement and the form of the Development Agreement, but not longer than 45 days from May 15, 2023; and 2. Stormwater Retention: to confirm Buyer’s obligation to close on the South Tract of the Property after construction is complete on Stormwater Pond 10 and receipt of the related approvals; and 3. Bifurcation of Closings: to allow Buyer to close solely on the North Tract of the Property and extend the Closing Date on the South Tract of the Property for 180 days from the Closing on the North Tract in the event that certain conditions related to access and temporary easements have not been met and if Stormwater Pond 10 has not been completed and approved. If Buyer elects to bifurcate the Closings and if the South Tract Closing Conditions are not met within 180 days following the North Tract Closing Date, Buyer may either waive the closing conditions on the South Tract and proceed to Closing, extend the Closing on the South Tract for one additional 180 day period, or terminate the Agreement for Sale and Purchase as to the South Tract; and 4. Purchase Price: to amend the original purchase price of $3,000,000.00 for the North Tract and South Tract to $2,300,000.00 for the North Tract and $700,000.00 for the South Tract. City of Ocoee ▪ 1 N. Bluford Avenue ▪ Ocoee, Florida 34761 Phone: (407) 905-3100 ▪ www.ocoee.org Issue: Should the Honorable Mayor and the City Commissioners approve the Third Amendment to the Agreement for Purchase and Sale dated February 17, 2022? Recommendations: Staff respectfully recommends that the Honorable Mayor and City Commissioners approve the Third Amendment to the Agreement for Purchase and Sale dated February 17, 2022. Attachments: 1. Third Amendment to Agreement for Purchase and Sale Financial Impacts: None Type of Item: Consent 1 THIRD AMENDMENT TO AGREEMENT FOR PURCHASE AND SALE This Third Amendment to Agreement for Purchase and Sale (this “Amendment”) is entered into as of , 2023 (the “Amendment Effective Date”), by and between the CITY OF OCOEE, a Florida municipal corporation, established under the laws of the State of Florida (“Seller”) and WIRE DEVELOPMENT LLC, a Florida limited liability company (the “Buyer”). RECITALS A. WHEREAS, Seller and Buyer entered into that certain Agreement for Purchase and Sale dated February 17, 2022 (the “Original Agreement”), as amended by that certain First Amendment to Agreement for Purchase and Sale entered into by and between Seller and Buyer as of August 16, 2022 (the “First Amendment”) and as amended by that certain Second Amendment to Agreement for Purchase and Sale entered into by and between Seller and buyer as of December 6, 2022 (the “Second Amendment” and collectively with the Original Agreement and the First Amendment, the “Agreement”) with respect to the sale of certain Property as more particularly defined in the Agreement; B. WHEREAS, Seller and Buyer desire to amend the Agreement as provided in this Amendment. NOW, THEREFORE, for and in consideration of the foregoing, the promises and covenants herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are acknowledged, Seller and Buyer agree as follows: 1. Capitalized Terms. Capitalized terms not otherwise defined herein shall have the meaning set forth in the Agreement. 2. Legal Description of the Land; North Tract and South Tract. Exhibit “A” of the Agreement is hereby deleted in its entirety and replaced with Exhibit “A” attached hereto and incorporated herein by reference. The parties agree and acknowledge that the legal description of the Land set forth on Exhibit “A” has been approved by Seller and Buyer and shall constitute the legal description of the Land. Seller and Buyer further agree and acknowledge that the Land is comprised of two parcels of real property, which are more particularly described on Exhibit “B” attached hereto and incorporated herein by reference (the “North Tract”) and on Exhibit “C” attached hereto and incorporated herein by reference (the “South Tract”). 3. Purchase Price. Section 2(a) of the Agreement is hereby amended such that the Purchase Price to be paid by Buyer to Seller at Closing for the Property shall be allocated as follows: Two Million Three Hundred Thousand and No/100 Dollars ($2,300,000.00) shall be allocated to the North Tract (the “North Tract Purchase Price”) and Seven Hundred Thousand and No/100 Dollars ($700,000.00) shall be allocated to the South Tract (the “South Tract Purchase Price”). 2 4. Inspection Period; Impact Fee Agreement; Development Agreement. The Inspection Period is hereby extended to the earlier of: (i) 11:59 p.m. Eastern Time on May 15, 2023, or (ii) three (3) business days following final approval by Seller and Buyer of the form of Impact Fee Agreement and form of the development agreement incorporating all plans and conditions of approval associated with Buyer’s Intended Use as required by the provisions of Section 4-5B(5) of Article IV of the Ocoee Land Development Code (the “Development Agreement”); provided, however, that in the event parties have not reached agreement on the form of the Impact Fee Agreement or the Development Agreement by May 15, 2023, then in such event, the Inspection Period shall be extended day-for-day until such time as the parties reach agreement on the form of the Impact Fee Agreement and/or Development Agreement, as applicable; provided, however, that such extension shall not exceed forty-five (45) days. In the event the parties have not reached agreement on the form of the Impact Fee Agreement and/or Development Agreement on or before the expiration of the Inspection Period, as may be extended pursuant to the terms of this Section 4, and Buyer elects to waiver Buyer’s right to terminate this Agreement prior to the expiration of the Inspection Period as provided for in Section 11 of the Agreement, then in such event, approval of the Impact Fee Agreement and/or Development Agreement, as applicable, shall nevertheless remain part of Buyer’s Required Approvals pursuant to Section 6 of the Agreement. 5. Stormwater Retention. Seller and Buyer agree and acknowledge that a master stormwater system exists with respect to the development of the Ocoee PUD (the “Master Stormwater System”) and that Buyer intends to connect to and discharge stormwater outfall from the South Tract to the Master Stormwater System at the location as shown on Exhibit “D” attached hereto and incorporated herein by reference (“Pond 10”) and to pursue approval for such connection and discharge to Pond 10 from all parties having jurisdiction over the Stormwater Management System (the “South Tract Stormwater Approvals”). Seller and Buyer further agree that Pond 10 has not yet been constructed and that it is contemplated that Orange County Public Schools (“OCPS”) shall be responsible, at OCPS’s sole cost and expense, for constructing Pond 10 and permitting Buyer to connect to and discharge to Pond 10 in connection with the development of a portion of Buyer’s Project on the South Tract. Seller agrees and acknowledges that construction of Pond 10 and receipt of the South Tract Stormwater Approvals are conditions to Buyer’s obligation to close on the South Tract (the “Pond 10 Closing Conditions”). 6. Separate Closings of the North Tract and South Tract. Notwithstanding anything set forth in the Agreement to the contrary, Seller agrees and acknowledges, in the event that, the Access Easement Termination Condition, Temporary Easement Termination Conditions and Pond 10 Closing Conditions (collectively, the “South Tract Closing Conditions”) are not satisfied as of the Closing Date, as may be extended pursuant to the terms of the Second Amendment, then in such event, Buyer shall be permitted to close solely on the acquisition of the North Tract in accordance with the Agreement and to extend the closing on the South Tract to a date which is thirty (30) days following satisfaction of the South Tract Closing Conditions (the “South Tract Closing Date”) by providing written notice of Buyer’s election to extend the closing on the South Tract no 3 later than fifteen (15) days prior to the then scheduled Closing Date (the “South Tract Closing Extension Notice”). Buyer’s failure to deliver the South Tract Closing Extension Notice shall be deemed Buyer’s election to close on the South Tract simultaneously with the North Tract, subject to satisfaction of all other terms, provisions, covenants, conditions and representations and warranties set forth in the Agreement. In the event Buyer delivers the South Tract Closing Extension Notice, then the parties shall proceed to closing on the North Tract (subject to satisfaction of all other terms, provisions, covenants, conditions and representations and warranties set forth in the Agreement) and Buyer shall pay the North Tract Purchase Price at the Closing Date and the South Tract Purchase Price at the South Tract Closing Date and all other terms, provisions, covenants, conditions, representations and warranties shall thereafter be deemed severed and applicable only to the North Tract as of the Closing Date for the North Tract and as to the South Tract as of the South Tract Closing Date, respectively; provided, however, that seventy-five percent (75%) the Deposit (the “North Tract Deposit”) shall be applicable to the North Tract Purchase Price at the Closing Date and the remaining twenty-five percent (25%) of the Deposit (the “South Tract Deposit”) shall be applicable to the South Tract Purchase Price at the South Tract Closing Date. In the event that the South Tract Closing Conditions are not satisfied or waived by Buyer on or before the date which is one-hundred eighty (180) days following the Closing Date of the North Tract (the “South Tract Outside Closing Date”), then in such event (subject to satisfaction of all other terms, provisions, covenants, conditions and representations and warranties of the Agreement which relate to the South Tract) Buyer shall be permitted to elect to either (i) waive the South Tract Closing Conditions and proceed to closing on the South Tract in accordance with the terms of the Agreement, (ii) extend the South Tract Outside Closing Date for one (1) additional period not to exceed one-hundred eighty (180) days to permit Seller to satisfy the South Tract Closing Conditions or (iii) terminate the Agreement with respect to Buyer’s obligation to close on the South Tract, whereupon the Agreement shall terminate solely with respect to the South Tract, the South Tract Deposit shall be refunded to Buyer and the parties shall be relieved of any further obligations with respect to the terms, expressly survive such termination. In the event Buyer elects to extend the South Tract Outside Closing Date and Seller fails to satisfy the South Tract Closing Conditions within such one-hundred eighty (180) days extension period, then in such event, (subject to satisfaction of all other terms, provisions, covenants, conditions and representations and warranties of the Agreement which relate to the South Tract) Buyer shall be permitted to elect to either (i) waive the South Tract Closing Conditions and proceed to closing on the South Tract in accordance with the terms of the Agreement or (ii) terminate the Agreement with respect to Buyer’s obligation to close on the South Tract, whereupon the Agreement shall terminate solely with respect to the South Tract, the South Tract Deposit shall be refunded to Buyer and the parties shall be relieved of any further obligations with respect to the terms, expressly survive such termination. 7. School Board Agreement. Section 5 of the Second Amendment is hereby deleted in its entirety. 8. Ratification. Except as modified hereby, all terms and conditions of the Agreement are hereby ratified and confirmed and remain in full force and effect. In the 4 event of any conflict between any term set forth in the Agreement and this Amendment, the terms of this Amendment shall control. 9. Counterparts/Facsimile. This Amendment may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which shall constitute one and the same document. Execution and delivery of this Amendment may be accomplished via electronic transmission. [SIGNATURE PAGE IMMEDIATELY FOLLOWS] 5 IN WITNESS WHEREOF, Seller and Buyer have caused this Amendment to be duly executed as of the Amendment Effective Date. SELLER: CITY OF OCOEE, FLORIDA, a Florida municipal corporation By: Name: Title: Attest: , City Clerk Date: FOR USE AND RELIANCE ONLY BY THE CITY OF OCOEE. APPROVED AS TO FORM AND LEGALITY THIS DAY OF , 20 . Shuffield, Lowman & Wilson, P.A. Scott A. Cookson, City Attorney APPROVED BY THE OCOEE CITY COMMISSION AT A MEETING HELD ON , 20 UNDER AGENDA ITEM NO . 6 BUYER: WIRE DEVELOPMENT LLC, a Florida limited liability company By: Holly Collins-Garcia, Manager 7 Exhibit A Legal Description of the Land The Land referred to herein below is situated in the County of Orange, State of Florida, and is described as follows: PARCEL 1 A portion of Section 6, Township 22 South, Range 28 East, Orange County, Florida, being more particularly described as follows: BEGIN at the Southeast corner of Lot 1, Ocoee Crown Point PUD Phase 1, according to the plat thereof, as recorded in Plat Book 63, Pages 24 through 26, of the Public Records of Orange County, Florida, said point also lying on the North right of way line of West Orange Trail, per Official Records Book 5043, Page 2627, Public Records of Orange County, Florida; thence departing said North right of way line, and along the East and North lines of aforesaid Lot 1, the following eight (8) courses and distances: North 15°51'59" West, a distance of 46.09 feet to a point of curvature of a curve concave Easterly, having a radius of 230.00 feet and a central angle of 41°07'10"; thence Northerly along the arc of said curve a distance of 165.06 feet; thence North 25°15'11" East, a distance of 28.46 feet; thence North 64°44'49" West, a distance of 175.18 feet to a point of curvature of a curve concave Northeasterly, having a radius of 855.00 feet and a central angle of 15°15'38"; thence Northwesterly along the arc of said curve a distance of 227.73 feet; thence North 49°29'11" West, a distance of 487.82 feet to a point of curvature of a curve concave Northeasterly, having a radius of 280.00 feet and a central angle of 23°04'36"; thence Northwesterly along the arc of said curve a distance of 112.77 feet; thence North 26°24'35" West, a distance of 26.74 feet to the South right of way line of Ocoee Crown Point Parkway, per Plat Book 63, pages 24 through 26, of the Public Records of Orange County, Florida; thence departing aforesaid East and North lines of Lot 1, and along said South right of way line the following five (5) courses and distances: North 63°05'17" East, a distance of 60.00 feet to a point on a non-tangent curve concave Easterly, having a radius of 10.00 feet, a central angle of 68°17'57" and a chord bearing of North 07°14'15" East; thence from a tangent bearing of North 26°54'43" West, Northerly 11.92 feet along the arc of said curve to a point of reverse curvature of a curve concave Northwesterly, having a radius of 100.00 feet and a central angle of 28°29'41"; thence Northeasterly along the arc of said curve a distance of 49.73 feet to a point of reverse curvature of a curve concave Southeasterly, having a radius of 10.00 feet and a central angle of 49°04'01"; thence Northeasterly along the arc of said curve a distance of 8.56 feet to a point of reverse curvature of a curve concave Northwesterly, having a radius of 1,730.00 feet and a central angle of 05°41'30"; thence Northeasterly along the arc of said curve a distance of 171.86 feet to the South line of Wetland 1 (Staten Branch), according to the Official Records Book 10450, Page 96, of the Public Records of Orange County, Florida; thence departing said South right of way line and along said South line of Wetland 1 (Staten Branch) the following twenty-two (22) courses and distances: South 61°38'55" East, a distance of 76.25 feet; thence South 81°34'00" East, a distance of 66.61 feet; thence South 44°57'55" East, a distance of 119.80 feet; thence South 36°27'55" East, a distance of 57.50 feet; thence South 42°47'18" East, a distance of 8 67.80 feet; thence South 49°12'45" East, a distance of 72.19 feet; thence South 32°14'46" East, a distance of 50.38 feet; thence South 31°26'04" East, a distance of 69.99 feet; thence South 75°16'42" East, a distance of 51.73 feet; thence South 46°41'54" East, a distance of 67.26 feet; thence South 66°23'09" East, a distance of 43.50 feet; thence South 67°46'36" East, a distance of 48.28 feet; thence South 72°24'39" East, a distance of 56.14 feet; thence South 85°26'41" East, a distance of 51.81 feet; thence North 82°19'12" East, a distance of 40.21 feet; thence South 84°45'44" East, a distance of 53.70 feet; thence South 87°14'35" East, a distance of 36.13 feet; thence South 80°04'10" East, a distance of 79.45 feet; thence South 84°11'09" East, a distance of 33.89 feet; thence South 72°44'14" East, a distance of 47.40 feet; thence South 80°08'56" East, a distance of 59.73 feet; thence South 80°08'56" East, a distance of 74.39 feet to the West right of way line of County Road 437 (Ocoee-Apopka Road), per Orlando-Orange County Expressway Authority project number 75320-6460-602/603, also being a point on a non-tangent curve concave Easterly, having a radius of 2,351.97 feet, a central angle of 8°16'48" and a chord bearing of South 8°49'00" West; thence departing said South line of Wetland 1 (Staten Branch) from a tangent bearing South 12°57'24" West, Southerly 339.89 feet along the arc of said curve to the North right of way line of aforementioned West Orange Trail; thence departing said West right of way line, South 73°30'51" West, a distance of 535.21 feet along said North right of way line of West Orange Trail to the aforementioned East line of Lot 1, and the POINT OF BEGINNING. Containing 12.26 acres, more or less. AND PARCEL 2 A portion of Section 6, Township 22 South, Range 28 East, Orange County, Florida, being more particularly described as follows: COMMENCE at Southeast corner of Lot 1, Ocoee Crown Point PUD Phase 1, according to the plat thereof, as recorded in Plat Book 63, Pages 24 through 26, of the Public Records of Orange County, Florida; thence South 15°50'01" East, a distance of 39.00 feet to the POINT OF BEGINNING, said point being on the South right of way line of West Orange Trail, a 39.00 foot right of way per Official Records Book 5043, page 2627; thence North 73°30'51" East, a distance of 521.07 feet along said South right of way line to a point on the West right of way line of County Road 437 (Ocoee-Apopka Road), per Orlando-Orange County Expressway Authority project number 75320-6460-602/603, and a non-tangent curve concave Easterly, having a radius of 2,351.97 feet, a central angle of 07°45'27" and a chord bearing of South 00°11'57" East; thence from a tangent bearing of South 03°40'47" West, Southerly 318.45 feet along the arc of said curve and said West right of way line; thence departing said West right of way line, North 90°00'00" West, a distance of 452.37 feet; thence North 15°51'31" West, a distance of 177.07 feet to the aforementioned South right of way line of West Orange Trail, and the POINT OF BEGINNING. Containing 2.69 acres, more or less. AND 9 PARCEL 3 (EASEMENT) That non-exclusive easement as contained in that Tri-Party Easement Agreement between the Coca- Cola Company, Orange County and the City of Winter Garden recorded November 29, 1999, in Official Records Book 5889, Page 1797, as affected by First Amendment to Tri-Party Easement Agreement, recorded in Official Records Book 9046, Page 4778, Public Records of Orange County, Florida. AND PARCEL 4 (EASEMENT) That non-exclusive easement as contained in that Non-Exclusive Utility, Drainage, Sidewalk and Maintenance Agreement, recorded September 30, 2003, in Official Records Book 7127, Page 4796, of the Public Records of Orange County, Florida. 10 Exhibit B Legal Description of the North Tract A portion of Section 6, Township 22 South, Range 28 East, Orange County, Florida, being more particularly described as follows: BEGIN at the Southeast corner of Lot 1, Ocoee Crown Point PUD Phase 1, according to the plat thereof, as recorded in Plat Book 63, Pages 24 through 26, of the Public Records of Orange County, Florida, said point also lying on the North right of way line of West Orange Trail, per Official Records Book 5043, Page 2627, Public Records of Orange County, Florida; thence departing said North right of way line, and along the East and North lines of aforesaid Lot 1, the following eight (8) courses and distances: North 15°51'59" West, a distance of 46.09 feet to a point of curvature of a curve concave Easterly, having a radius of 230.00 feet and a central angle of 41°07'10"; thence Northerly along the arc of said curve a distance of 165.06 feet; thence North 25°15'11" East, a distance of 28.46 feet; thence North 64°44'49" West, a distance of 175.18 feet to a point of curvature of a curve concave Northeasterly, having a radius of 855.00 feet and a central angle of 15°15'38"; thence Northwesterly along the arc of said curve a distance of 227.73 feet; thence North 49°29'11" West, a distance of 487.82 feet to a point of curvature of a curve concave Northeasterly, having a radius of 280.00 feet and a central angle of 23°04'36"; thence Northwesterly along the arc of said curve a distance of 112.77 feet; thence North 26°24'35" West, a distance of 26.74 feet to the South right of way line of Ocoee Crown Point Parkway, per Plat Book 63, pages 24 through 26, of the Public Records of Orange County, Florida; thence departing aforesaid East and North lines of Lot 1, and along said South right of way line the following five (5) courses and distances: North 63°05'17" East, a distance of 60.00 feet to a point on a non-tangent curve concave Easterly, having a radius of 10.00 feet, a central angle of 68°17'57" and a chord bearing of North 07°14'15" East; thence from a tangent bearing of North 26°54'43" West, Northerly 11.92 feet along the arc of said curve to a point of reverse curvature of a curve concave Northwesterly, having a radius of 100.00 feet and a central angle of 28°29'41"; thence Northeasterly along the arc of said curve a distance of 49.73 feet to a point of reverse curvature of a curve concave Southeasterly, having a radius of 10.00 feet and a central angle of 49°04'01"; thence Northeasterly along the arc of said curve a distance of 8.56 feet to a point of reverse curvature of a curve concave Northwesterly, having a radius of 1,730.00 feet and a central angle of 05°41'30"; thence Northeasterly along the arc of said curve a distance of 171.86 feet to the South line of Wetland 1 (Staten Branch), according to the Official Records Book 10450, Page 96, of the Public Records of Orange County, Florida; thence departing said South right of way line and along said South line of Wetland 1 (Staten Branch) the following twenty-two (22) courses and distances: South 61°38'55" East, a distance of 76.25 feet; thence South 81°34'00" East, a distance of 66.61 feet; thence South 44°57'55" East, a distance of 119.80 feet; thence South 36°27'55" East, a distance of 57.50 feet; thence South 42°47'18" East, a distance of 67.80 feet; thence South 49°12'45" East, a distance of 72.19 feet; thence South 32°14'46" East, a distance of 50.38 feet; thence South 31°26'04" East, a distance of 69.99 feet; thence South 75°16'42" East, a distance of 51.73 feet; thence South 46°41'54" East, a distance of 67.26 feet; thence South 66°23'09" East, a distance of 43.50 feet; thence South 67°46'36" East, a distance of 48.28 feet; thence South 72°24'39" East, a distance of 56.14 feet; thence South 85°26'41" 11 East, a distance of 51.81 feet; thence North 82°19'12" East, a distance of 40.21 feet; thence South 84°45'44" East, a distance of 53.70 feet; thence South 87°14'35" East, a distance of 36.13 feet; thence South 80°04'10" East, a distance of 79.45 feet; thence South 84°11'09" East, a distance of 33.89 feet; thence South 72°44'14" East, a distance of 47.40 feet; thence South 80°08'56" East, a distance of 59.73 feet; thence South 80°08'56" East, a distance of 74.39 feet to the West right of way line of County Road 437 (Ocoee-Apopka Road), per Orlando-Orange County Expressway Authority project number 75320-6460-602/603, also being a point on a non-tangent curve concave Easterly, having a radius of 2,351.97 feet, a central angle of 8°16'48" and a chord bearing of South 8°49'00" West; thence departing said South line of Wetland 1 (Staten Branch) from a tangent bearing South 12°57'24" West, Southerly 339.89 feet along the arc of said curve to the North right of way line of aforementioned West Orange Trail; thence departing said West right of way line, South 73°30'51" West, a distance of 535.21 feet along said North right of way line of West Orange Trail to the aforementioned East line of Lot 1, and the POINT OF BEGINNING. Containing 12.26 acres, more or less. 12 Exhibit C Legal Description of the South Tract A portion of Section 6, Township 22 South, Range 28 East, Orange County, Florida, being more particularly described as follows: COMMENCE at Southeast corner of Lot 1, Ocoee Crown Point PUD Phase 1, according to the plat thereof, as recorded in Plat Book 63, Pages 24 through 26, of the Public Records of Orange County, Florida; thence South 15°50'01" East, a distance of 39.00 feet to the POINT OF BEGINNING, said point being on the South right of way line of West Orange Trail, a 39.00 foot right of way per Official Records Book 5043, page 2627; thence North 73°30'51" East, a distance of 521.07 feet along said South right of way line to a point on the West right of way line of County Road 437 (Ocoee-Apopka Road), per Orlando-Orange County Expressway Authority project number 75320-6460-602/603, and a non-tangent curve concave Easterly, having a radius of 2,351.97 feet, a central angle of 07°45'27" and a chord bearing of South 00°11'57" East; thence from a tangent bearing of South 03°40'47" West, Southerly 318.45 feet along the arc of said curve and said West right of way line; thence departing said West right of way line, North 90°00'00" West, a distance of 452.37 feet; thence North 15°51'31" West, a distance of 177.07 feet to the aforementioned South right of way line of West Orange Trail, and the POINT OF BEGINNING. Containing 2.69 acres, more or less. 13 Exhibit D Depiction of Pond 10