Broward County Commission Regular Meeting
Director's Name: Andrew J. Meyers
Department: County Attorney
Information
Requested Action
title
MOTION TO APPROVE Settlement Agreement ("Settlement Agreement"), attached hereto as Exhibit 1, in Broward County vs. Historic Westside School, LLC, et al., Case No. CACE-15-020215(04), in the Circuit Court of the 17th Judicial Circuit in and for Broward County, Florida.
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Why Action is Necessary
Board approval is required for Broward County to enter into the Settlement Agreement.
What Action Accomplishes
Approves the Settlement Agreement.
Is this Action Goal Related
No
Previous Action Taken
Summary Explanation/Background
On May 10, 2006, the County entered into a 39-year ground lease ("Ground Lease") with Historic Westside School, LLC ("Historic Westside"), for property located at 301 S.W. 13th Avenue, Fort Lauderdale, Florida (the "Historic School"), for the purpose of housing the County's Historical Commission at the Historic School. Pursuant to the Ground Lease, the County agreed to pay an up-front, lump sum of Three Million Seven Hundred Fifty Thousand Dollars ($3,750,000) as rent ("Rent") to Historic Westside. Two Million Dollars ($2,000,000) of the Rent was to be placed in a segregated account, held by the County, for the proposed restoration of the Historic School ("Renovation Work"). The remaining balance of the Rent was to be used in connection with the construction of an affordable housing facility consisting of 37 artist live/work lofts ("Artist Lofts") on land ("Lofts Site") owned by Sailboat Bend Limited Partnership ("SBLP"). In addition, the County provided Artspace Projects, Inc. ("Artspace"), an entity affiliated with Historic Westside, with an advance of Four Hundred Twenty-eight Thousand Seventy Dollars ($428,070) to further assist with costs associated with the Renovation Work (the "Advance"). The Advance was to be repaid to the County with interest pursuant to a Pledge and Assi...
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