The URL can be used to link to this page

Home My WebLink AboutItem 03 Approval of Third Amendment to the DA for The Regency at Ocoee City of Ocoee ▪ 1 N. Bluford Avenue ▪ Ocoee, Florida 34761 Phone: (407) 905-3100 ▪ www.ocoee.org STAFF REPORT Meeting Date: December 17, 2024 Item #: 3 Contact Name: Michael Rumer Department Director: Michael Rumer Contact Number: Ext. 1018 City Manager: Craig Shadrix Subject: Approval of Third Amendment to the Development Agreement for The Regency at Ocoee. (Assistant City Manager Rumer) Background Summary: On June 6, 2023, the Honorable Mayor and City Commissioners approved the Large-Scale Preliminary Site Plan and First Amendment to the Development Agreement for The Regency Mixed-Use Development which will be located in the Community Redevelopment Area (CRA) Special Overlay District titled CRA Target Area 1. The property contains three (3) parcels identified as parcel numbers 30-22- 28-0000-00-018, 30-22-28-0000-00-059, and 30-22-28-0000-00-016. The subject properties combined are approximately 16.88 acres in size and are more generally located on the north side of the Florida Turnpike and west side of the Maguire Road at the Old Winter Garden Road Intersection and also within Commission District 3 - Richard Firstner. The Large-Scale Preliminary Site Plan approval by the City Commission entitled the Mixed-Use Urban Development project is as follows: 300 luxury multi-family units on approximately 16.68 acres & seven (7) buildings: • Building 1: 12 units and +/- 7,000 SF of retail uses • Building 2: 32 units (Studio, 1 and 3 Bedrooms) • Building 3 & 4: 88 units (1,2, and 3 Bedroom Units) • Phase 5, 6, & 7: 168 units (1,2, & 3 Bedrooms) Buildings 1 and 2 will be located on the north side of the extension of Old Winter Garden Road. There will be two access points, with one on a northern road connection as required in the CRA Target Area 1 Development Plan. Buildings 3–7 and the Club House will be located on the south side of the extension of Old Winter Garden Road. The project will have two (2) access points. The main access/entrance will be off Old Winter Garden Road. An amenity center/clubhouse, dog park, and a stormwater pond will also be located on this site. Utilities will be extended to the site from Maguire Road. The First Amendment to the Development Agreement approved on June 6, 2023, provided credits for the Transportation Impact fees, Parks and Recreation Impact fees, and participation in improvements to the Maguire Road / Old Winter Garden Road intersection. The Second Amendment to the Development Agreement approved on April 16, 2024, approved the deferment of some impact fees to Certificate of Occupancy. City of Ocoee ▪ 1 N. Bluford Avenue ▪ Ocoee, Florida 34761 Phone: (407) 905-3100 ▪ www.ocoee.org In the request for this Third Amendment, the developer is requesting to reduce the total amount of the fee to be paid to the City in order to be issued Building Permits (14 permits) to a total of $4,356,759.31. Then, in order to receive the first Certificate of Occupancy on a building, the remaining Building Permit Fees due and impact fees will be paid in full. This payment plan will allow the Developer to secure subcontractors for trades such as mechanical, gas, electrical, and plumbing at a later date and to better fit within their construction schedule. Issue: Should the Honorable Mayor and City Commissioners approve the Third Amendment to the Development Agreement for the Regency at Ocoee? Recommendations: Staff recommends the Honorable Mayor and City Commissioners approve the Third Amendment to the Development Agreement for the Regency at Ocoee. Attachments: 1. Third Amendment Financial Impacts: The City will bare no cost for the Third Amendment. Type of Item: Consent 1 ORLDOCS 21346384 1 THIS DOCUMENT PREPARED BY AND RETURN TO: Daniel T. O’Keefe, Esq. Shutts & Bowen, LLP 300 Orange Ave. Suite 1600 Orlando, FL 32801 THIRD AMENDMENT TO DEVELOPMENT AGREEMENT (The Regency at Ocoee) This THIRD AMENDMENT TO DEVELOPMENT AGREEMENT (The Regency at Ocoee) (“Third Amendment”) is made and entered into this day of , 2024 (“Effective Date”), by and between the CITY OF OCOEE, a Florida municipal corporation, whose mailing address is 150 North Lakeshore Drive, Ocoee, Florida 34761, Attention: City Manager (“City”), and OCOEE ACQUISITION COMPANY, LLC, a Florida limited liability company, with an address of 5911 Turkey Lake Road, Suite 303, Orlando, Florida 32819 (collectively, the “Developer”). The City and the Developer are sometimes collectively referred to herein as the “Parties” and individually as a “Party.” WITNESSETH: WHEREAS, Developer and City entered into that certain Development Agreement executed on May 3, 2022 and recorded on May 9, 2022, DOC # 20220294398 in the Public Records of Orange County, Florida (the “Public Records”), as amended by that certain First Amendment to Development Agreement executed on June 6, 2023 and recorded on June 13, 2023, DOC # 20230329692 in the Public Records, and as amended by that certain Second Amendment to Development Agreement executed on April 16, 2024 and recorded on April 19, 2024, DOC # 20240229060 in the Public Records (collectively, the “Agreement”); WHEREAS, the Parties desire to amend the Agreement as specifically provided herein; and WHEREAS, any capitalized term not otherwise defined herein shall have the meaning ascribed to it under the Agreement. NOW, THEREFORE, for and in consideration of the mutual obligations contained herein and the sum of ten dollars ($10.00) and other good and valuable consideration the sufficiency of which is hereby conclusively acknowledged the Parties agree as follows: AGREEMENT 1. Recitals. The Recitals contained above are true and correct and are incorporated in this Third Amendment in full as if set forth herein. 2. Payment of Building Permit Fees. Developer is pursuing receipt of building permits in order to construct the Project and City requires Developer to pay certain fees in order to obtain building permits (“Building Permit Fees”). In order to receive building permits, simultaneous 2 ORLDOCS 21346384 1 with the execution of this Agreement, Developer shall pay a portion of the Building Permit Fees to the City in the amount of Four Million Three Hundred Fifty Six Thousand Seven Hundred Fifty Nine and 31/100 Dollars ($4,356,759.31), this portion of Building Permit Fees to be paid is more particularly described in Exhibit “A” attached hereto. Then, in order to provide the City security for the payment of the balance of the Building Permit Fees, as a condition to obtaining the first certificate of occupancy for the Project, Developer shall: a. provide to the City copies of all executed subcontractor contracts and any other documentation reasonably required by the City; and b. pay the balance of the Building Permit Fees, as more particularly described in Exhibit “B” attached hereto. 3. Counterparts. This Third Amendment may be executed in two or more counterparts, each of which shall be and be taken to be an original and are collectively but one instrument. 4. Effect on Agreement. Except as modified herein, the Agreement shall remain in full force and effect binding upon each of the Parties. In the event of a conflict between the Agreement and this Third Amendment, the terms of this Third Amendment shall control. [SIGNATURES APPEAR ON FOLLOWING PAGES] 3 ORLDOCS 21346384 1 DEVELOPER: Witnesses: OCOEE ACQUISITION COMPANY, LLC, a Florida limited liability company By: Printed Name: Name: Title: Printed Name: STATE OF FLORIDA COUNTY OF ________ The foregoing instrument was acknowledged before me this ____ day of ____________, 2024, by ______________________, as ______________ of Ocoee Acquisition Company, LLC, a Florida limited liability company, on behalf of the company. He appeared by (check one)  physical appearance or  online notarization, and (check one)  is personally known to me or  has produced ______________ as identification. Print Name: Notary Public My Commission Expires: Commission Number: [SIGNATURES CONTINUED ON FOLLOWING PAGE] 4 ORLDOCS 21346384 1 CITY: CITY OF OCOEE By: Rusty Johnson, Mayor ATTEST: Melanie Sibbitt, City Clerk Approved as to Form: Richard Geller, City Attorney STATE OF FLORIDA COUNTY OF ORANGE The foregoing instrument was acknowledged before me this ____ day of ____________, 2024, by ______________________, as ______________________ of the City of Ocoee, Florida, a municipal corporation of the State of Florida, on behalf of the City of Ocoee, Florida. He/she appeared by (check one)  physical appearance or  online notarization, and (check one)  is personally known to me or  has produced ______________ as identification. Print Name: Notary Public My Commission Expires: Commission Number: 5 ORLDOCS 21346384 1 EXHIBIT “A” First portion of Building Permit Fees due for issuance of building permits: Fee Type Fee Cost Water Capital Fee (Potable) $584,755.20 Sewer/Waste Capital Fee $1,734,412.80 Water Connection $2,187.22 Notice of Commencement $70.00 Interim Fire Fee $10,034.09 School Impact Fee $2,025,300.00 Sum $4,356,759.31 6 ORLDOCS 21346384 1 EXHIBIT “B” Estimated remainder of Building Permit Fees due prior to issuance of CO: Fee Type Fee Cost Plan Check Fee Commercial* $170,495.92 Plan Check Fee Fire $170,347.00 Building and Inspection Fee** $153,673.50 Electrical Contract Price Plumbing Contract Price Mechanical Contract Price Roofing Contract Price Low Voltage Contract Price Gas Contract Price Police Impact Fee $163,913.28 Fire Impact Fee $210,171.52 Road Impact Fee*** $0.00 Recreation Impact Fee**** $351,000.00 State BCAIB Fee 1.5% $12,282.52 State DBPR Fee 1% $8,188.35 Sum $1,240,072.09 * = Total before discount is $340,991.83 with a 50% Credit on Plan Check Fees (Development Agreement) ** = Total before discount is $307,347.00 with 50% credit on Inspection Fee (Private Provider for Inspections) *** = Total before discount is $845,161.55 with $845,161.55 Road Impact Fees for the Creditable Improvements (Development Agreement) (i.e. design, engineering, and construction of the Old Winter Garden Road Extension and Street A, including the dedication of right- of-way) **** = Total before discount is $468,000 with $117,000.00 in Park Impact Fee Credits (Development Agreement)