HomeMy WebLinkAboutItem 07 Approval of a Revision to the Purchase and Sale Agreement between GPK OET, LLC and the City of Ocoee for the 17.96 acres Located at the NE Corner of Fullers Cross Rd & Apopka RdMeeting Date: July 18, 2023
Item #: 7
Contact Name: Michael Rumer Department Director: Michael Rumer
Contact Number: Ext. 1018 City Manager: Robert Frank
Background Summary:
GPK OET LLC (GPK) is currently under contract to purchase 17.96 acres of land located on the northeast
corner of Ocoee Apopka Road and Fullers Cross Road from the City. The parcel is a tract of land within the
Crown Point PUD which is located in Commission District 1 - Scott Kennedy. GPK has submitted a Preliminary
Site Plan for a mixed -use development consisting of multifamily apartments and retail. Portions of the tract
under contract for sale were utilized as part of the Ocoee Apopka and Fullers Cross Road intersection
improvements that were completed late last year and while the City was negotiating a contract with GPK.
Initially, the GPK project was designed with the requirement to dedicate 20 feet of right-of-way on Fullers
Cross Road and Ocoee Apopka Road per the approved Ocoee Crown Point PUD. The intersection
improvements ended up using up to 45 feet in lieu of the 20 feet of land on both Ocoee Apopka Road and
Fullers Cross Road because of the rural section of road that utilizes road side swales for drainage. The
additional 20-26 feet of land used for the drainage swales reduces the amount of land GPK is purchasing by
+/- one (1) acre.
Back in November of 2022, the City Commission approved a Memorandum of Understanding to allow GPK to
investigate using property the City owns located at 2130 Ocoee Apopka Road (Parcel ID 06-22-28-0000-00-
004) for stormwater management purposes. After conducting its due diligence on the 6.8 acre parcel, it was
determined that the characteristics of the land would not be suitable for stormwater management purposes for
the property, mainly due to the high water table. GPK spent $54,379.50 on this investigation.
GPK, OET, LLC has now come up with a different plan to move forward with the development of the property.
GPK is now requesting a reduction in the purchase price for the contract by $252,598. This reduction in the
contract price from $3,560,000 to $3,307,402 represents the prorata diminution in value of the Property in the
amount of $198,218, resulting from the City's extra conveyance of approximately one acre of the Property for
right-of-way purposes and the reimbursement of $54,380 in due diligence expenses (schedule enclosed).
Again, this is to cover costs incurred by GPK in evaluating the 6.8 acre parcel for stormwater management
purposes that was necessitated as a result of a modification to the Preliminary Site Plan for the additional
right-of-way conveyance.
Issue:
Should the Honorable Mayor and City Commissioners approve an Amendment to the Purchase and Sale
City of Ocoee - 1 N. Bluford Avenue - Ocoee, Florida 34761
Phone: (4 *1 00 •; •-- • s
Page 65 of 199
Agreement between GPK OET, LLC and the City of Ocoee to purchase 17.96 acres of land located on the
northeast corner of Ocoee Apopka Road and Fullers CrossRoad?
Recommendations:
Staff recommends the Honorable Mayor and City Commissioners approve an Amendment to the Purchase
and Sale Agreement between GPK OET, LLC and the City of Ocoee to purchase 17.96 acres of land located on
the northeast corner of Ocoee Apopka Road and Fullers Gross Road.
Attachments:
1. Letter to City of Ocoee
2. Reimbursement Amount - Fuller Cross Project Northern Pond
Financial Impacts:
Reduction of purchase price from $3,560,000 to $3,307,402
Type of Item: Consent
City of Ocoee - 1 N. Bluford Avenue - Ocoee, Florida 34761
Page 66 of 199
May 30, 2023
City of Ocoee, Florida
Attn: Robert D. Frank, City Manager
150 North Lakeshore Drive
Ocoee, Florida 34761
Scott M. Price, Esquire
407-425-7010
sspriceL&zkslawfirm.com
Re: Purchase and Sale Agreement ("Contract") by and between CITY OF OCOEE,
FLORIDA, a Florida municipal corporation ("Seller") and GPK OET LLC, a
Florida limited liability company ("Buyer") for Approximately 17.96 Acres, City
of Ocoee, Orange County, Florida ("Property")
Dear Mr. Frank:
As you may know, this firm represents GPK OET LLC, a Florida limited liability
company. As you may recall, the City informed my client that it required additional right of way
along Ocoee Apopka Road and additional right of way along Fullers Cross Road that was a part
of the Property.
In looking for a solution to allow my client to proceed with the development of the
Property, my client investigated using property the City owns located at 2130 Ocoee Apopka
Road, Orange County Parcel ID 06-22-28-0000-00-004 ("SWM Parcel") for stormwater
management purposes. After conducting its due diligence on the SWM Parcel, it was determined
that the SWM Parcel would not be suitable for stormwater management purposes for the
Property mainly due to the high water table in that section.
Having now come up with a different plan to move forward with the development of the
Property, my client would like to request a reduction in the purchase price for the Property
related to these issues. My client is requesting that the purchase price under the Contract be
reduced by $252,598. This will reduce the contract price from $3,560,000 to $3,307,402. This
reduction represents the prorata diminution in value of the Property in the amount of $198,218
resulting from the City's extra conveyance of approximately one acre of the Property for right of
way purposes ("Right of Way Conveyance") and the reimbursement of $54,380 in due diligence
expenses (schedule enclosed) incurred by my client in evaluating the SWM Parcel for
stormwater management purposes that was necessitated as a result of a modification to my
client's site plan for the Property required due to the Right of Way Conveyance.
One Landmark Center, Suite 600 315 E. Robinson St Orlando, FL 32801
Phone 407-425-7010 Fax 407-425-2747 www,zkslawfirm.com
15425.11647721v1
Page 67 of 199
May 24, 2023
Enclosed herewith is a proposed amendment to the Contract for consideration by the City.
Please let us know if you require any additional information for us to help facilitate this
request.
cc: Scott Cookson, City Attorney (via FedEx)
2
Sincerely,
Scott M. Price
#15425.11647721v1
Page 68 of 199
Northern Pond
Pavee Name Proposal Date Proposal Amount Job Date Paid Paid Amount Invoice Number Total Paid
Surveying and Mapping Services
12/6/2022
$ 22,550.00
41424
for the pond
Surveying and Mapping Services
10/6/2022
$ 30,400.00
$ 24,075.50
for the pond - seasonal high water
3/23/2023
$ 1,525.50
41479
line nails
Preliminary Threatened &
Endangered Species Assessment,
11/15/2022
$ 3,250.00
1019681
10/3/2022
$ 5,850.00
Preliminary Wetlands
Determination and Phase I
Environmental Site Assessment
12/8/2022
$ 2,600.00
1019996
ECS Florida LLC
10/12/2022
$ 4,500.00
Change Order due to northern
2/27/2023
$ 4,500.00
1045575
$ 21,200.00
stormwater pond
10/13/2022
$ 6,500.00
Subsurface Exploration and
2/27/2023
$ 6,500.00
1045576
Geotechnical Engineering Services
2/3/2023
$ 13,500.00
FDEP, SJRWMD, and Orange
3/10/2023
$ 2,450.00
1049608
County Wetland Permitting
5/19/2023
$ 1,900.00
i 1059667
Addi Site Design, Off site
unility/roadway improvement and
12/13/2022
$ 3,904.00
0157697
AVID Group LLC
10/30/2023
$ 38,950.00
drainage modifications
$ 9,104.00
Addi site design, drainage
modifications
3/20/2023
$ 1,950.00
0158001
Drainage Modifications
5/19/2023
$ 3,250.00
0158198
Page 69 of 199
paid by gpk cat 11c boa by deliver by 12/6/2022
Emznr r r r=
INVOICE
GPK, LLC
8615 Commodity Circle, Suite 17
Orlando, Florida 32819
Attention: Mr. Jeff Adelman, Director of Real Estate
Cust. No. GPK-00 I
Job No. 22-109
Invoice No.41424
Date: 11/29/22
Billing No. I Scope of Work: For Professional Surveying and Mapping Services for the
Ocoee Pond Parcel Survey, Ocoee, Florida.
Status of Work: Complete
Authorization: Per Our Proposal Executed October 6, 2022
ALTA Boundary Survey: ........................................................ $8,075.00
Topographic Survey: ............................................................. $7,125.00
Tree Survey: Hrly With Budget
3 Man Survey Crew 26.0 Hrs @ $ 175.00 / Hr: .............................. $4,550.00
Jurisdictional Wetland Flagging Survey: Hrly With Budget
3 Man Survey Crew 16.0 Hrs @ $ 175.00 / Hr: .............................. $2,800.00
Total Due This Invoice $22,550.00
PEC-Surveying and Mapping - 2100 Alafaya Trail, Suite 203, Oviedo, Florida 32765 - 407-542-4967 - www.peconline.com
Page 70 of 199
UMU32W=Ml=M
INVOICE
GPK, LLC
8615 Commodity Circle, Suite 17
Orlando, Florida 32819
Attention: Mr. Jeff Adelman, Director of Real Estate
Cust. No. GPK-00 I
Job No. 22-109
Invoice No.41479
Date: 03/16/23
Billing No. 3 Scope of Work: For Professional Surveying and Mapping Services for the
Ocoee Pond Parcel Survey, Ocoee, Florida:
o Survey of Seasonal High Water Line Nails
Status of Work: Complete
Authorization: Per Your Email Requests
2-Man Survey Crew: 9.0 Hrs @ $ 155.00 / Hr: .................................. 1,395.00
Registered Surveyor / Senior CAD: 2.0 @ $ 150.00 / Hr:...................... 300.00
Total Earned This Invoice
Less Discount per David White
Total Due This Invoice
paid by gpk pet 11c boa by deliver by 3/23/23
$ 1,695.00
< $ 169.50>
$ 1,525.50
PEC-Surveying and Mapping - 2100 Alafaya Trail, Suite 203, Oviedo, Florida 32765 - 407-542-4967 - www.peconline.com
Page 71 of 199
paid by gpk oet Ilc boa by deliver by 11/15/202
PLEASE DETACH AND RETURN DUPLICATE COPY WITH YOUR REMITTANCE
CUSTOMER CODE PROJECT NO. BILLED THRU DATE TERMS Please Pay
This Amount:
55:PJ6801 55:5334 10/29/2022 1 DUE UPON RECEIPT
nt Services
Invoice Total - Please Remit =>
If you have any questions regarding this invoice,
please contact Billy Pratsch at 407.859.8378
* BUDGET SUMMARY *
Budget Estimate:
$3,250.00
Previously Invoiced:
$0.00
Amt. This Invoice:
$3,250.00
Amt. Remaining:
$0.00
Subtotal
$3,250.00
$3,250.00
$3,250.00
000»������������00000000000000000000�000
$3,250.00
A FINANCE CHARGE OF 1.5% PER MONTH (18% ANNUALLY) WILL BE ADDED TO ALL INVOICES UNPAID AFTER 30 DAYS
Page 72 of 199
paid by cgpk oet llc boa by deliver by 12//22
PLEASE DETACH AND RETURN DUPLICATE COPY WITH YOUR REMITTANCE
CUSTOMER CODE PROJECT NO. BILLED THRU DATE TERMS Please Pay $2,600.00
This Amount:
55:PJ6800 55:5334-A 10/29/2022 DUE UPON RECEIPT
Description Quantity Units Unit Price Extensi• • .
Phase I ESA Report $2,600.00
Subtotal: $2,600.00
Invoice Total - Please Remit => $2,600.00
If you have any questions regarding this invoice,
please contact Jackson Reagan at 407.859.8378
* BUDGET SUMMARY *
Budget Estimate:
$2,600.00
Previously Invoiced:
$0.00
Amt. This Invoice:
$2,600.00
Amt. Remaining:
$0.00
A FINANCE CHARGE OF 1.5% PER MONTH (18% ANNUALLY) WILL BE ADDED TO ALL INVOICES UNPAID AFTER 30 DAYS
Page 73 of 199
Invoice Total - Please Remit => $4,500.00
Ifyou have any questions regarding this invoice,
please contact Ms. Taylor McDade at 407.859.8378
BudgeEstimate:
$4.500.00
Previously Invoiced:
$0.00
Amt. This Invoice:
$4.500.00
Amt. Remaining:
$0.00
AplNANCE CHARGE OF1.5%PER MONTH (18%ANNUALLY) WILL @E ADDED TQALL INVOICES UNPAID AFTER 3UDAYS
Page 74 of 199
paid by gpk oet lic boa by deliver by 2/27/23
PLEASE DETACH AND RETURN DUPLICATE COPY WITH YOUR REMITTANCE Please Pay $6,500.00
CUSTOMER CODE PROJECT NO. BILLED THRU DATE I TERMS This Amount:
55:PJ6800 24:7014-B 1/28/2023 DUE UPON RECEIPT
Description Quantity Units Unit Price Extension Total
Geotechnical Exploration and Report $6,500.00
Subtotal: $6,500.00
Invoice Total - Please Remit => $6,500.00
If you have any questions regarding this invoice,
please contact Ms. Taylor McDade at 407.859.8378
* BUDGET SUMMARY *
Budget Estimate:
$6,500.00
Previously Invoiced:
$0.00
Amt. This Invoice:
$6,500.00
Amt. Remaining:
$0.00
A FINANCE CHARGE OF 1.5% PER MONTH (18% ANNUALLY) WILL BE ADDED TO ALL INVOICES UNPAID AFTER 30 DAYS
Page 75 of 199
PLEASE DETACH AND RETURN DUPLICATE COPY WITH YOUR REMITTANCJE Please Pay
CUSTOMER CODE I PROJECT NO. BILLED THRU DATE I TERMS This Amount: $2,450.00
Description Quantity Units Unit Price Extension Total
Progress billing for wetland permitting services $2,450.00
Subtotal: $2,450.00
Invoice Total - Please Remit => $2,450.00
Ifyou have any questions regarding this invoice,
please contact Billy Pratsch at 407.859.8378
BudgeEstimate:
$13.500.00
Previously Invoiced:
$0.00
Amt. This Invoice:
$2,450.00
Amt. Remaining:
$11,050.00
AplNANCE CHARGE OF1.5%PER MONTH (18%ANNUALLY) WILL @E ADDED TQALL INVOICES UNPAID AFTER 3UDAYS
Page 76 of 199
paid by gpk oet Ilc boa by deliver by /19/2
PLEASE DETACH AND RETURN DUPLICATE COPY WITH YOUR REMITTANCE
CUSTOMER CODE PROJECT NO. BILLED THRU DATE TERMS Please Pay
This Amount:
55:PJ6801 55:5334-B 4/1/2023 1 DUE UPON RECEIPT
ng for wetlancl permitting se
Invoice Total - Please Remit =>
Remarks:
Consultation/coordination with project engineer.
Consultation/coordination with client.
JD wetland line and site plan review.
If you have any questions regarding this invoice,
please contact Billy Pratsch at 407.859.8378
* BUDGET SUMMARY *
Budget Estimate:
$13,500.00
Previously Invoiced:
$2,450.00
Amt. This Invoice:
$1,900.00
Amt. Remaining:
$9,150.00
Subtotal
$1,900.00
$1,900.00
A FINANCE CHARGE OF 1.5% PER MONTH (18% ANNUALLY) WILL BE ADDED TO ALL INVOICES UNPAID AFTER 30 DAYS
Page 77 of 199
paid by gpk oet Ilc boa by deliver by 12/1 /22
Invoice
GPK OET, LLC V'
8615 Commodity Circle, Unit 17
Orlando, FL 32819
AVID GROUP, LLC
2300 Curlew Road
Suite 201
Palm Harbor, FL 34683
PH 727-789-9500
November 30, 2022
Project No:
Invoice No:
Due Date:
Project 3386004.00 NEC Fuller's Cross Road & Ocoee -Apopka Rd
Professional Services from October 30, 2022 to November 26. 2022
Task 0000 Professional Services
Billing Phase
City LU/Zoning Pre -Application Meeting
Planning Services
Preliminary Approval Services
Improvement/Final Site Plan Process
Drainage Calculation Services
Permitting
Addl Site Design Services
Off -Site Utility Improvements
Off -Site Roadway Improvements
Drainage Modifications
Permitting Modifications
Total Fee
Charles Potter, PE
Fee
500.00
4,900.00
12, 000.00
35, 900.00
16, 700.00
33, 050.00
6,500.00
4,500.00
17, 950.00
6,500.00
3,500.00
142,000.00
Total Fee
Percent
Complete
100.00
100.00
100.00
36.00
65.00
0.00
10.00
10.00
10.00
10.00
0.00
Previous Fee
Billing
3386004.00
0157697
December 30, 2022
Earned
500.00
4,900.00
12, 000.00
12, 924.00
10, 855.00
0.00
650.00
450.00
1,795.00
650.00
0.00
44, 724.00
40,820.00
Total this Task
Total this Invoice
Current Fee
Billing
0.00
0.00
0.00
359.00
0.00
0.00
650.00
450.00
1,795.00
650.00
0.00
3,904.00
3,904.00
$$,904 U6
$3,904.00
Please make checks payable to AVID Group, LLC. - Now accepting credit card payments!
Page 78 of 199
paid by gpk oet lic boa by deliver by 3/20/23
Iinvoice I
AVID GROUP, LLC
2300 Curlew Road
Suite 201
Palm Harbor, FL. 34683
PH 727-789-9500
March 7, 2023
Project No:
3386004.00
GPI OET, LLC
Invoice No:
0158001
8615 Commodity Circle, Unit 17
Due Date:
April 6, 2023
Orlando, FL 32819
Project 3386004.00 NEC Fuller's Cross Road & Ocoee -Apopka Rd
Professional Services from JanuaN 29, 2023 to March-4,-,2023
----------------------------------
Task 0000 Professional Services
Percent
Current Fee
Billing Phase
Fee
Complete
Earned
Billing
City LU/Zoning Pre -Application Meeting
500.00
100.00
500.00
OW
Planning Services
4,900,00
100.00
4,900,00
0,00
Preliminary Approval Services
12,000.00
100.00
12,000.00
0,00
Improvement/Final Site Plan Process
35,900.00
36.00
12,924.00
0e00
Drainage Calculation Services
16,700.00
65.00
10,855.00
0,00
Permitting
33,050.00
0.00
0.00
0.00
Addl Site Design Services
6,500.00
25.00
1,625.00
975.00
Off -Site Utility Improvements
4,500.00
10,00
450,00
0.00
Off -Site Roadway Improvements
17,950.00
10.00
1,795.00
000
Drainage Modifications
6,500.00
25.00
1,625.00
975.00
Permitting Modifications
3,500.00
0.00
0.00
0:00
Total Fee
142,000.00
46,674.00
1,950,00
Previous Fee
44,724,00
Billing
Total Fee
1,950.00
Total this
Task `
i,95tl.Qi1
UA_ku;itt�
Charles Potter, PE
Please make checks payable to AVID Group, LLC. - Now accepting credit card payments!
Page 79 of 199
AVID GROUP, LLC
2300 Curlew Road
Suite 201
Palm Harbor, FL 34683
PH 727-789-950o
GPK OET, LLC
8615 Commodity Circle, Unit 17
Orlando, FL 32819
May 4, 2023
Project No: 3386004.00
Invoice No: 0158198
Due Date: June 3, 2023
Project 3386004.00 NEC Fuller's Cross Road & Ocoee -Apopka Rd
Professianal Services from A ril 2 2023 to A ril 29 2023
-------------------------
"
Task 0000 Professional Ser vices
Billing Phase
City LU/Zoning Pre -Application Meeting
Planning Services
Preliminary Approval Services
Improvement/Final Site Plan Process
Drainage Calculation Services
Permitting
Addl Site Design Services
Off -Site Utility Improvements
Off -Site Roadway Improvements
Drainage Modifications
Permitting Modifications
Total Fee
Percent Current Fee
Fee Complete Earned Billing
500.00
100.00
500.00
4,900.00
100.00
4,900.00
12,000.00
100.00
12,000.00
35,900.00
36.00
12,924.00
16,700.00
65.00
10,855.00
33,050.00
0.00
0.00
6,500.00
25.00
1,625.00
4,500.00
10.00
450.00
17,950.00
10.00
1,795.00
6,500.00
75.00
4,875.00
3,500.00
0.00
0.00
142,000.00
49,924.00
Previous Fee 46,674.00
Billing
Total Fee
Total this Task
Total this Invoice
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3,250.00
0.00
3,25000
Charles Potter, PE
Please make checks payable to AVID Group, LLC. - Now accepting credit card payments!
Page 80 of 199
Exhibit A
Meeting Date: July 18, 2023
Item #: 7
Contact Name: Ginger Corless Department Director: Michael Rumer
Contact Number: Ext. 1028 City Manager: Robert Frank
Background Summary: Property Assessed Clean Energy (PACE) was established by Florida Statute
163.08 as a financing mechanism that enables low-cost, long-term funding for energy efficiency, renewable
energy, and wind hardening improvements to real property. It is funded by private capital and is repaid as a
non -ad valorem assessment on the property's annual tax bill. The assessment can be amortized over a
period of five to thirty years, depending on the effective useful life of the Qualifying Improvement installed. The
PACE financing stays with the property, which allows the assessment to transfer when a home or building is
sold.
Many government agencies have allowed only Commercial Property Assessed Clean Energy (C-PACE) to be
offered within their jurisdiction, such as Orange County and the City of Winter Garden.
Currently, there are three PACE Districts or local governments created, pursuant to Florida Statute 189.012,
which offer C-PACE financing and are requesting consideration by the Ocoee City Commission:
Florida Resiliency Energy District
Florida Green Finance Authority
Green Corridor Property Assessment Clean Energy District
If the City elects to allow this economic development tool to be offered within the City, the Commission must
adopt a resolution giving PACE District(s) (PACE Local Governments) permission to provide C-PACE
financing within the jurisdictional limits of the City. If a project is approved by a PACE District, the PACE
District works with the Orange County Property Appraiser and Tax Collector to place the assessments on the
commercial property owner's tax bills. Multifamily developments would qualify for C-PACE Financing. It is
important to note that there are no costs or administrative requirements for the City of Ocoee.
Benefits of allowing the C-PACE program to be offered within the jurisdictional limits include:
a. Becomes another economic tool that may be offered within the City to stimulate quality commercial
development.
b. Improves property values.
City of Ocoee Bluford Avenue Ocoee, Florida 34761
Phone: 4 0 9 00 - www.ocoee.org
Page 59 of 199
c. Can aid in local job creation.
d. Promotes the City's goals of increasing the use of renewable energy and improving energy efficiency.
e. Funding can be applied towards new development and/or for upgrading older commercial building
stock within the city.
Benefits to Commercial Property Owners
1. The cost of financing, and the benefits generated, can be shared with tenants.
2. 100% of project costs, including soft costs such as development fees, can be financed.
3. Allows terms up to 30 years, which can generate increased net operating income, allowing for shorter
payback periods.
4. Property -based financing that requires no personal or corporate guarantees.
5. The obligation is transferable to the new owner upon the sale of the property.
Central Florida government agencies that have adopted C-PACE Financing Program Ordinances/Resolutions
include the City of Winter Garden, City of Leesburg, and Orange County.
Developers within the City of Ocoee are asking that a C-Pace Program be allowed within the City. These
include Cottages of Ocoee, West Orange Surgery Center, Ocoee Animal Hospital, the Boyer Building and City
Center West Orange.
As stated earlier in this report, the City is not party to any financing agreement with commercial property
owners nor would the City be responsible for administering, marketing, or managing the C-PACE program.
The City may choose to add information about C-PACE under the Economic Development page of the City's
and the CRA's websites. By adopting the resolution before you today, the City only allows the three C-PACE
Districts to offer this financing mechanism to commercial property owners within the City's jurisdictional limits.
Issue:
Should the honorable Mayor and City Commission adopt the C-PACE Financing resolution to allow this
financing mechanism to be offered within the City's jurisdictional limits and should the Commission direct the
City Manager or designee to execute the interlocal agreements with the three PACE financing districts on
behalf of the City Commission?
Recommendations:
Staff recommends adoption of the C-PACE Financing Resolution and requests that the City Manager be
authorized to execute interlocal agreements with the three PACE Districts.
Attachments:
1. Resolution
2. West Orange Surgery Center Letter
3. Cottages of Ocoee Letter
Financial Impacts:
There is no financial impact.
Type of Item: Consent
City of Ocoee :l .. Avenue - Ocoee, Florida 34761
.r 9000www.ocoee.org
Page 60 of 199
West Orange
No Surgery Center
As a local business and property owner in the community, I respectfully request that you
support a resolution that would authorize Commercial Property Assessed Clean Energy ("C-
PACE") financing in Ocoee,
The C-PACE program provides access to long-term, low-cost capital for eligible commercim
R projects, which would be berieficial for our project located at 3422 Old Winter Garden I
Gotha, Fl 34734. If authorized, PACE financing will allow us to update our facilities with
new Surgical Center in Ocoee, investing over $10,000,000 into the property. Also, I belie
this program will have a tremendous, positive impact on our local economy.
As Florida continues to grow, it is important that we grow our community in a safe, responsible
way. For years, the State has promoted energy conservation and wind mitigation. However,
the upfront costs of these improvements make upgrades to existing buildings prohibitive.
Furthermore, traditional lending institutions are not able to provide sufficient financing
solutions for some of these wind -hardening and energy -saving projects, which may necessitate
a longer repayment term.
I believe the solution to current and often limited financing mechanisms is C-PACE final -icing.
I am confident that C-PACE provides the most cost-effective commercial financing in the
industry.
It is my understanding that the benefits of this program are available at no cost, nor legal or
financial risk to the City of Ocoee. In addition, I cannot think of a more beneficial program for
our community than one that allows local business and property owners the use of private
funds to reinvest in the conservation and resiliency of the local community.
Thank you for your time and consideration.
I look forward to getting additional information so we can progress with our term sheet.
Kind regards, 02/09/2023
40
Meg Kovalenko, CEO
West Orange Surgery Center
Ph: 617-834-4366
Page 61 of 199
Dear Ginger,
Attached you will find a letter to the City of Ocoee urging the adoption of the Florida C-PACE Program. As the
Developer of the Cottages of Ocoee project, I am working with both Darren Azdel from InsideOut Architects and
Shay Harold from PACE Equity.
Integrating the C-PACE financing into our project will put us in a position to quickly close on our other financing
commitments and proceed with construction for this project. The C-PACR+E will allow us to work with the equity
currently in place rather than having to raise additional equity.
I am happy to discuss our project and the importance of the C-PACE component at your convenience.
Thank you,
Nam.
Wendell Corey
Managing Member
Cottages of Ocoee
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.rhe Cottages
December 8, 2022
To: City of Ocoee
Honorable Mayor Rusty Johnson
Ocoee City Commission
1 North Bluford Avenue
Ocoee, FL 34761
C/O: Ginger Corless - Vcorless@ocoee.org
Dear Ginger,
Mason City, 10 a 50401
(641) 4 4-3331
As the developer of Cottages of Ocoee, a proposed 96 bed Senior Living Facility located at 1900 East Silver
Star Rd. in the city of Ocoee, I am writing this letter to urge the City of Ocoee to adopt the Florida C-PACE
(Commercial property assessed clean energy) program. Our current construction budget for this project
is approximately $30,000,000 and will add numerous high -quality jobs to the local community. As you
may be aware, we have preliminary building permit approval and are now in process of finalizing our
financing for the project.
The C-PACE program will be instrumental in allowing Cottages of Ocoee to complete a cost-effective
financing structure for our facility.
With construction material costs rising steadily, our company continues to look to find ways to maintain
a high quality building standard while keeping the economics of the project viable. Sustainable and energy
efficient building practices are key to our long-term operational efficiencies and are integral to all of our
projects. Members of our development team have had very good success in utilizing programs such as C-
PACE, which provides an alternative and reasonably priced source of capital for our projects. Now more
than ever, programs like C-PACE can make a project like Cottages of Ocoee viable.
The improvements planned for our Ocoee project which comply with PACE and also benefit the
community economically and environmentally include but are not limited to the following:
1. Reduction of construction and operational waste which fills landfills.
2. Water conservation through Water -Star.
3. Enhanced landscaping and zero scaping
4. Reduction of non -pervious surfaces
5. Introduction of cisterns for water retention and use of gravity water distribution.
6. Low water and energy use appliances and equipment.
7. Enhanced indoor and outdoor air quality design
We are also considering inclusion of self -generated renewable power which will reduce our reliance on
fossil fuel energy production and backup generation systems.
1IC age
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.rhe Cottages
Mason City, 10 a 50401
(641) 4 4-3331
It is our hope that Ocoee will adopt the state and county recommendations and approvals in place for this
program which will both allow the development to move forward without significant reductions in the
aesthetics of the design and also encourage the use of improvements which lessen the impact on the
community infrastructure while providing an increased benefit of beautification and taxable value to the
community. Given there is zero risk to the municipality, the benefits of this program provide a true win -
win scenario. The municipality, the environment and our project all benefit.
I am happy to answer any questions you may have and would appreciate regular updates on the status of
the adoption of C-Pace by the City of Ocoee.
Thank you for your time and attention to this matter.
Sincerely,
Wendell Corey
Managing Member
Cottages of Ocoee, LLC
Cc: Daren Azdell - InsideOut Architects
Shay Harold - PACE Equity
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