HomeMy WebLinkAboutDocumentation_Regular_Tab 4A_10/11/2001 crP.27.2001 5:34PM JONES FOSTER JOHNSTON & STUBBS NO.899 P.2/3
IA .
1MZ TESQIIESTA PROPERTIES, INC.
P.Q. Box 3448, Tequesta, Florida 33469 PH: 561-748.8883 FAX: 561-748-1830
September 27. 2001
Mr. Michael Couzzo
Village Manager
Village of Tequesta
P.O. Box 3273
Tequesta, FL 33469-0273
Re: Tequesta Plaza
Dear Mr. Couzzo:
After numerous discussions and negotiations between us, JMZ Tequesta Properties,
Inc. is willing to do the following.
1. Close on the swap of Parcels 1 and 2 immediately. The additional
purchase price due from Tequesta to JMZ will be calculated in
accordance with Section 9 of the Agreement dated March 16, 1999,
based on the final square footage of the Parcels being swapped, which
we have calculated at this time to be $70,804.00.
2. JMZ will have the right and obligation to repurchase the parcel received
by Tequesta after the swap (reconfigured Parcel #2) if Tequesta fails to
obtain by December 31, 2002 a building permit to commence construction
of the Village Hall on reconfigured Parcel #2. The repurchase price is
$482,067.52 (88% of Tequesta's cost to acquire reconfigured Parcel #2).
Our understanding is that if Tequesta decides to proceed with a new
Village Hall on the reconfigured Parcel #2, Tequesta will have a design
consultant under contract by January 15, 2002, whose obligation will be
to expedite plans and specifications for said building.
3. Tequesta will agree to pay all of the closing costs (other than attorneys'
fees to JMZ's counsel) in connection with the swap.
F.EP.27.2001 5:34PM JONES FOSTER JOHNSTON & STUBBS - -- NO.899 "-' "'P.3/3
Mr. Michael Couzzo
September 27, 2001
Page 2
4. JMZ would sell Tequesta an option to lease the portion of Parcel #1
(reconfigured Parcel #1) owned by JMZ after the swap. The purchase
price for the option would be $75,000: $37,500 payable at the closing of
the swap and the execution of the Option Agreement and $37,500
payable by January 1, 2002. The lease of reconfigured Parcel #1 would
be for twenty (20) years with no purchase option to Tequesta and annual
rent in the amount of nine percent(9%)of the sum of the appraised value
for reconfigured Parcel #1 (to be obtained immediately), plus JMZ's
cost to construct a park an reconfigured Parcel #1 to Tequesta's
specifications.
5. Tequesta would agree to pay the real estate taxes due on reconfigured
Parcel#1 from the closing of the swap through June 30, 2001.
This letter is non-binding but is a good faith effort setting forth the terms and conditions
upon which JMZ would be willing to conclude the swap and grant the Village an option
to lease reconfigured Parcel #1. It is our intention that legal documents be prepared
which set forth the terms and conditions of this letter for presentation to the Village
council for its consideration at its meeting on October 11, 2001.
Very truly yours,
JMZ TEQUESTA PROPERTIES, INC.
By:
Name:
Title: