Okaloosa County BOCC — January 6, 2015 — Amendment to Infrastructure Funding Agreement for Bel Aire Terrace — agenda request

BOARD OF COUNTY COMMISSIONERS AGENDA REQUEST DATE: January 6, 2015 TO: Honorable Chairman and Members of the Board FROM: Jason Autrey SUBJECT: Amendment to Infrastructure Funding Agreement for Bel Aire Terrace Apartments DEPARTMENT: Public Works BCC DISTRICT: 3 STATEMENT OF ISSUE: Realty Partners I and Realty Partners II (Realty Partners) is requesting an amendment to an existing infrastructure funding agreement. The amendment provides a five (5) year extension to the existing agreement. BACKGROUND: Realty Partners entered into an infrastructure funding agreement with Okaloosa County on February 6, 2007 for road improvements associated with the development of Crestview North and Crestview South Apartments. To date one portion of the agreement has been satisfied with the development of Bel Aire Terrace Apartments (aka Crestview North), but Realty Partners has elected to hold off on further development based on economic conditions. In order to protect the existing concurrency rights, Realty Partners is requesting an amendment to the original agreement taking the term from ten (10) years to fifteen (15) years; a five (5) year extension. All other terms and conditions remain the same. The original agreement and proposed amendment are attached for reference. Funds made available from this agreement are to be utilized for improvements to PJ Adams Parkway. Public Works has no objection to the requested amendment. The proposed amendment was coordinated with and reviewed by the County Attorney. OPTIONS: Approve/deny the requested amendment from Realty Partners I and Realty Partners II for an additional five (5) years to the agreement terms. RECOMMENDATIONS: Approve the requested amendment from Realty Partners I and Realty Partners II for an additional five (5) years to the agreement terms. RECOMMENDED BY: APPROVED BY: John Hofstad, County Administrator