Return recorded document to:



Document prepared by and Exhibit “2”

Return recorded document to:

J. Paul Carland, II, General Counsel

The School Board of Broward County, Florida

Kathleen C. Wright Administrative Building

600 Southeast 3rd Avenue

Fort Lauderdale, FL 33301

EDUCATIONAL MITIGATION AGREEMENT

(Land Use Plan Amendment PC 04-20)

This is an Agreement, made and entered into by and between:

THE VILLAGE AT GULFSTREAM PARK, LLC, a Delaware limited liability corporation, its successors and assigns, whose address is 901 South Federal Highway, Hallandale Beach, FL 33009, hereinafter referred to as "VGP",

AND

CITY OF HALLANDALE BEACH, a municipal corporation, created and existing under the laws of the State of Florida, its successors and assigns, whose address is 400 South Federal Highway, Hallandale Beach, FL 33009, hereinafter referred to as "City",

AND

THE SCHOOL BOARD OF BROWARD COUNTY, FLORIDA, a body corporate and political subdivision of the State of Florida, whose address is 600 Southeast 3rd Avenue, Fort Lauderdale, FL 33301, hereinafter referred to as ”School Board".

RECITALS

WHEREAS, Gulfstream Park Racing Association, Inc., is the fee simple owner of approximately 60.8 gross acres of land generally located in the City of Hallandale Beach, Florida, in Broward County, more particularly described in the attached Exhibit “A” (“Property”); and

WHEREAS, VGP submitted Land Use Plan Amendment Application

PC 04-20, and in connection with the Application, VGP filed that certain Declaration of Restrictive Covenant dated March 21, 2007 and recorded in O.R. Book 43913, Pages 1475-1492 of the Public Records of Broward County, Florida “Declaration” regarding the mitigation of student impacts for the 92 total students projected to be generated (consisting of 63 elementary, 12 middle, and 17 high school students) by the additional 1,500 highrise residential units (“Additional Units”). A copy of the Declaration is attached hereto as Exhibit “B”; and

WHEREAS, VGP has agreed to mitigate the impact of students initially projected from the development of the Additional Units in the Property and has voluntarily committed to provide Two Million Dollars ($2,000,000.00) (the “Mitigation Payment”) primarily for renovation of Hallandale Elementary School and/or such other schools located within the City limits that the School Board, City, and that VGP deem appropriate; and

WHEREAS, as a condition for approval of the Application, and the terms of a development of regional impact development order adopted by the City and consistent with the Declaration, VGP, and the City were required to enter into a triparty interlocal agreement with the School Board to specify how the Mitigation Payment will be paid and how it will be utilized; and

WHEREAS, Chapter 5, Article IX, Broward County Code of Ordinances, requires that no application for a building permit shall be accepted by Broward County or by any municipality without documentation that a finding of adequacy of school sites and facilities has been made by the School Board.

NOW, THEREFORE, in consideration of the mutual terms, conditions, promises, covenants and payments hereinafter set forth, VGP, City and School Board agree as follows:

1. Recitations. The above recitals are true and correct and are incorporated herein by the reference as if fully set forth herein.

2. Declaration. VGP does hereby confirm, ratify and reaffirm the covenants, restrictions and obligations contained in the Declaration of Restrictive Covenants dated March 21, 2007 and recorded in O.R. Book 443913, Pages 1475-1492 of the Public Records of Broward County, Florida.

3. Mitigation Payment And Terms Of Payment.

3.01 Pursuant to the Declaration, VGP agreed to mitigate for student impacts associated with the Additional Units by paying $2,000,000.00, to the School Board. The Mitigation Payment, as defined herein, shall be phased into two (2) payments and shall be due and payable to the School Board prior to environmental review approval of construction plans as set forth within Chapter 27, Broward County Code of Ordinances, as follows: (i) an initial lump sum payment of $1,000,000.00 prior to the issuance for the first building permit for construction on the Property of no more than 182 residential units; and (ii) the final lump sum payment of $1,000,000.00 prior to the issuance of building permits for construction of the 183rd, or more, Additional Units on the Property.

3.02 The school impact fees due for the Additional Units shall be considered included in the total Mitigation Payment and shall be credited toward the payment of the school impact fee due for the units. Consistent with Broward County impact fee regulations and School Board Policy 1161, which require mitigation not to be less than school impact fees due at the time of payment, VGP does hereby acknowledge and agree that it has waived its rights to sell, or offer to sell credit(s) for excess school capacity, if any, that may be associated with the Mitigation Payment as outlined herein. Upon submitting the required Mitigation Payment as specified above, VGP shall concurrently be provided proof of payment from the School Board and provide same to Broward County prior to environmental review approval and/or issuance of any building permits for the Additional Units.

4. BUILDING PERMITS.

4.01 The City agrees that any application for a building permit for residential development within the Property shall be subject to the imposition of educational mitigation in the manner set forth in this Agreement.

4.02 The City will require evidence of payment of the phased Mitigation Payment prior to the issuance of building permits, as outlined herein.

4.03 Prior to the issuance of a building permit for the construction or erection of a residential building located within the Property, the City shall verify that the required phased Mitigation Payment has been paid for the Additional Units as set forth herein.

4.04 The City, its successor and assigns, agrees that no building permits or certificates of occupancy shall be obtained from the City for residential development of land within the Property until the applicable phased Mitigation Payment has been paid as required by this Agreement. Failure to verify and ensure payment of the phased Mitigation Payment prior to obtaining a building permit shall constitute a default of this Agreement. Nothing herein shall waive or affect the right of the School Board to otherwise require the City and VGP to comply with the conditions of this Agreement by any remedy provided by law or equity.

5. EDUCATIONAL FACILITIES.

5.01 The Mitigation Payment(s) paid by VGP pursuant to this Agreement shall, pursuant to School Board Growth Management Policy be used to provide educational facilities to serve students generated by the Additional Units primarily for the renovation of Hallandale Elementary School, or other public schools located within the City limits.

5.02 If site constraints or other feasibility issues make it impracticable for the School Board to provide facilities at the affected school (Hallandale Elementary), as feasible the School Board will make efforts to provide the improvements at adjacent area schools. If the School Board is unable to use the mitigation funds as outlined herein, the funds will be used in the applicable school impact fee service area as delineated in the adopted Broward County Land Development Code.

5.03 VGP and the City recognize and agree that, even if such mitigation money is not directly utilized to renovate Hallandale Elementary School, the School Board may utilize the Mitigation Payment(s) to meet the educational needs of the future students within the City of Hallandale Beach area, and the use of such money will indirectly benefit such development by making other funds available to directly meet those needs.

6. Notices. Whenever any of the parties desire to give notice to the other, such notice must be in writing, sent by U.S. Mail, postage prepaid, addressed to the party for whom it is intended at the place last specified; the place for giving of notice shall remain such until it is changed by written notice in compliance with the provisions of this paragraph. Until otherwise designated by amendment to this Agreement, the parties designate the following as the respective places for giving notice:

For VGP:

The Village at Gulfstream Park, LLC

901 South Federal Highway

Hallandale Beach, FL 33009

With a copy to:

Edwin J. Stacker, Esq.

Mastriana & Christiansen, PA

1500 North Federal Highway, Suite 200

Fort Lauderdale, FL 33304

For the City:

City Manager

City of Hallandale Beach

400 South Federal Highway

Hallandale Beach, FL 33009

With a copy to:

City Attorney

City of Hallandale Beach

400 South Federal Highway

Hallandale Beach, FL 33009

For the School Board:

Superintendent of Schools

The School Board of Broward County, Florida

Kathleen C. Wright Administrative Building

600 Southeast 3rd Avenue

Fort Lauderdale, FL 33301

With a copy to:

Director, Facility Planning and Real Estate Department

The School Board of Broward County, Florida

Kathleen C. Wright Administrative Building

600 Southeast 3rd Avenue, 14th Floor

Fort Lauderdale, FL 33301

7. Effective Date. This Agreement shall take effect upon execution by the last of the parties signing this Agreement.

8. Term. This Agreement shall expire upon the Parties’ completion of their performance of all obligations herein.

9. Release. When all of the obligations set forth herein are fully paid and performed, Broward Schools, at the request of VGP or its successor and upon payment of any applicable fees, shall cause a release and satisfaction of compliance from the terms of this Agreement to be recorded in the Official Records of Broward County, Florida, and shall, separately or in the same document, execute and cause to be recorded a release and satisfaction from the terms of the Declaration evidencing such performance. To the extent that the obligations set forth herein are divisible and attributable to a specific parcel the payment of the Mitigation Payment and the issuance of a building permit shall constitute evidence that the divisible portion of the obligation has been satisfied.

10. Venue; Choice Of Law. Any controversies or legal issues arising out of this Agreement and any action involving the enforcement or interpretation of any rights hereunder shall be submitted to the jurisdiction of the State Court of the Seventeenth Judicial Circuit of Broward County, Florida, the venue sitis, and shall be governed by the laws of the State of Florida.

11. Captions And Paragraph Headings. Captions and paragraph headings contained in this Agreement are for convenience and reference only and in no way define, describe, extend or limit the scope or intent of this Agreement, nor the intent of any provisions hereof.

12. No Waiver. No waiver of any provision of this Agreement shall be effective unless it is in writing, signed by the party against whom it is asserted, and any such written waiver shall only be applicable to the specific instance to which it relates and shall not be deemed to be a continuing or future waiver.

13. Exhibits. All Exhibits attached hereto contain additional terms of this Agreement and are incorporated herein by reference.

14. Further Assurances. The parties hereby agree to execute, acknowledge and deliver and cause to be done, executed, acknowledged and delivered all further assurances and to perform such acts as shall reasonably be requested of them in order to carry out this Agreement.

15. Amendments. No modification, amendment, or alteration in the terms or conditions contained herein shall be effective unless contained in a written document prepared with the same or similar formality as this Agreement and executed by the VGP, City and School Board.

16. Counterparts. This Agreement may be executed in three (3) counterparts, each of which may be deemed to be an original. This Agreement shall be fully executed when each party whose signature is required has signed at least one counterpart even though no one counterpart contains the signatures of the parties of this Agreement.

17. Recording Of This Agreement. VGP agrees to record this Agreement in the Public Records of Broward County, Florida, at its expense. The provisions hereof shall constitute a covenant running with the land and shall remain in full force and effect and bind the Property described in Exhibit “A” until released as provided for herein.

IN WITNESS WHEREOF, the parties have made and executed this Agreement on the respective dates under each signature: THE VILLAGE AT GULFSTREAM PARK, LLC, signing by and through its Managing Member, authorized to execute same by Board action on the ____ day of ______________, 2014, THE SCHOOL BOARD OF BROWARD COUNTY, FLORIDA signing by and through its Chair, authorized to execute same by Board action on the ____ day of ______________, 2014, and CITY OF HALLANDALE, signing by and through its ____________, duly authorized to execute same.

Signed, sealed and delivered

in the presence of:

VGP

WITNESSES: THE VILLAGE AT GULFSTREAM PARK, LLC,

a Delaware limited liability company

By: FC Gulfstream Park, Inc., its Managing Member

By: By: _________________________________

Print Name:_______________ Print Name:

Title:

Address: 901 South Federal Highway

Print Name:_______________ Hallandale Beach, FL 33009

STATE OF FLORIDA )

)

COUNTY OF BROWARD )

The foregoing instrument was acknowledged before me this ____ day of _________, 2014, by __________________, as _____________ of FC Gulfstream Park, Inc., its Managing Member of THE VILLAGE AT GULFSTREAM PARK, LLC, a Delaware limited liability company, freely and voluntarily on behalf of said company. He/She is personally known to me or has produced_________________as identification.

Notary Public, State of Florida

My Commission Expires:

OWNER

JOINDER AND CONSENT

GULFSTREAM PARK RACING ASSOCIATION, INC. does hereby join and consent to the foregoing Educational Mitigation Agreement (the “Agreement”).

IN WITNESS WHEREOF, the undersigned has caused these presents to be executed in its name this ____ day of , 2014.

GULFSTREAM PARK RACING ASSOCIATION, INC.

WITNESSES: a Florida corporation

By: By: _________________________________

Print Name:_______________ Print Name:

Title:

Address: 901 South Federal Highway

Print Name:_______________ Hallandale Beach, FL 33009

STATE OF FLORIDA )

)

COUNTY OF BROWARD )

The foregoing instrument was acknowledged before me this ____ day of _________, 2014, by ________________ __, as _____________ of GULFSTREAM PARK RACING ASSOCIATION, INC., a Florida corporation, freely and voluntarily on behalf of said company. He/She is personally known to me or has produced __________________as identification.

Notary Public, State of Florida

My Commission Expires:

SCHOOL BOARD

(Corporate Seal) THE SCHOOL BOARD OF BROWARD

COUNTY, FLORIDA

By: ___________________________

ATTEST: Patricia Good, Chair

____ day of ____________, 2014

By: _________________________________ Approved as to Form:

Robert W. Runcie, Superintendent

Of Schools

By: ___________________________________

J. Paul Carland, II, General Counsel

CITY

WITNESSES: CITY OF HALLANDALE BEACH

By: _____________________________

Print: By: _____________________________

Joy Cooper, Mayor

By: _____________________________

Print: ____ day of __________, 2014

ATTEST:

By: _____________________________

By: __________________________ Renee C. Miller, City Manager

Sheena D. James, City Clerk

APPROVED AS TO FORM:

By:

V. Lynn Whitfield, City Attorney

EXHIBIT "A"

LEGAL DESCRIPTION

Property Legal Description

The Village of Gulfstream Park Plat as recorded at Plat Book 177, Page 46, Broward County, Florida Records.

LOCATION MAP

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EXHIBIT "B"

DECLARATION OF RESTRICTIVE COVENANTS

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