Title:
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Approve and authorize the Chairman to execute an Amended Purchase Agreement and an Amended Holdover Agreement with KWS Investments, LLC and KBC Development, Inc., related to Parcels 154A and B, 155, 755, and the Parcel 154 Cure Property, for the Orange Boulevard Improvement Project. The agreements will increase the total compensation to $6,160,450.00 as full and final settlement of all compensation due, update the legal descriptions upon approval and recordation of a proposed replat, and extend the possession period for KWS Investments, LLC. District5 - Herr (John Slot, Public Works Director)
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Division:
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Public Works - Engineering
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Authorized By:
John Slot, Public Works Director
Contact/Phone Number:
Neil Newton/407-665-5711
Background:
On April 25, 2023, the Board of County Commissioners approved a Purchase Agreement and Holdover Agreement with KWS Investments, LLC (“KWS”) and KBC Development, Inc. (“KBC”) in connection with the Orange Boulevard Improvement Project. After approval of these original agreements, a replat became necessary as part of the negotiated cure for the loss of KWS’s employee parking lot (Parcel 154A), which resulted in changes to the lot configuration and legal descriptions of certain parcels.
The proposed amendments update the legal descriptions to reflect the increased square footage and associated cost, based on the draft replat. The increased square footage adds $31,400, and additional cure-related construction costs-primarily associated with expanded site improvements and reconfiguration of the replacement parking-add $2,028,700, bringing the total cost increase to $2,060,100.
Upon approval and recordation of the replat, the updated legal descriptions will be automatically incorporated into the agreement without the need for further amendments. To accommodate the revised closing timeline, the County is also amending the Holdover Agreement to extend the possession period granted to KWS.
The total compensation due under the amended agreements is $6,160,450.00, representing the full and final settlement of all compensation related to the acquisition.
Requested Action:
Staff requests the Board approve and authorize the Chairman to execute the Amended Purchase Agreement and an Amended Holdover Agreement with KWS Investments, LLC and KBC Development, Inc. related to Parcels 154A and B, 155, 755, and the Parcel 154 Cure Property, for the Orange Boulevard Improvement Project, to increase the total compensation to $6,160,450.00, update the legal descriptions based on the proposed replat (to be automatically incorporated upon approval and recordation), and extend the possession period for KWS, with such amount representing the full and final settlement of all compensation due.