AGREEMENT FOR DEVELOPMENT

AND
DISPOSITION OF PROPERTY
(Hawkshaw Eastside Project)
'This Agreement for Development and Disposition of Property (IlAgreementll) is
made as of this 5th day of March, 2007" by and between the COMMUNITY
REDEVELOPMENT AGENCY OF 111E CITY' OF PENSACOLA, FLORIDA, a public
body corporate and politic of the State of Florida created pursuant to Part III, Chapter 163,
Florida Statutes (fiAgency"), whose address is 180 Governmental Center, Pensacola,
Florida 32521, and HA WKSHA W EASTSIDE, INC., a Florida for-profit corporation
("Developer"), whose address is 730 Bayfront Parkway, Suite 4-B, Pensacola, Florida
32502-6250.
WIT NESS

ETH:

WHEREAS, as of August 31,2006, pursuant to the Request for Proposal No. 06039, dated March 12, 2006, the Community: Redevelopment Agency of the City of
Pensacola, Florida (the "Agency") accepted the proposal of Developer, dated June 6, 2006,
in response thereto, subject to negotiation of a definitive agreement with Developer
pertaining to and setting forth the terms and conditions for the development of a mixed
use project in the community redevelopment area of the City on a site bordered by East
Romana Street on the south, Colfax Street on the north, 9th Avenue on the west, and 10th
Avenue on the east, consisting of approximately 1.8 acres; and
WHEREAS, the Agency proceeded with the preparation of a definitive
development
and disposition agreement to set forth the respective duties and
responsibilities of the parties pertaining to the conveyance of the Project Site (as
hereinafter defined), and the design, development, construction, completion, and
maintenance of the Project (as hereinafter defined); and
WHEREAS, the Agency and Developer have entered into and concluded
negotiations
for said definitive development
and disposition agreement, which
negotiations have resulted in this Agreement; and
WHEREAS, the Florida Legislature has found that governmental sponsored
public-private
partnerships
and the promotion and support, including financial
assistance, of economic development is in the public interest and achieves public benefit;

and
WHEREAS, Agency is authorized by Part III of Chapter 163, Florida Statutes, to
enter into agreements regarding the development and redevelopment of property located
in a community redevelopment area; and
1

otherwise resolving such default, including the payment of any outstanding mortgage
debt or the purchase of the Project Site, or any part thereof, from the Project Lender.

ARTICLE 7. PROJECT SITE CONVEYANCE.

7.01.

Findings; Representations.

(a)

As of the Closing Date, the Agency is the owner of the Project Site.

(b)

Developer desires to purchase the Project Site from Agency.

(c)
Agency desires to sell and convey the Project Site to Developer subject
to the terms of this Agreement and the Contract for Sale.
7.02.

Agreement to Sell and Purchase.

The Agency hereby agrees to sell and convey the Project Site to Developer and
Developer hereby agrees to purchase the Project Site from Agency, upon the terms and
conditions hereinafter in this Article 7 and the Contract for Sale incorporated into this
Article 7 by reference to the same extent as if set forth herein. In the event of any
discrepancy between the terms of this Agreement and the Contract for Sale, then the
terms of this agreement Sale shall control.
7.03.

Purchase Price.

(a)
The amount to be paid by the Developer to the Agency to acquire the
Project Site shall be the aggregate amount of One Million Four Hundred Thousand
Dollars ($l,400,OOO.OO)(the
"Purchase Price").
(b)
On the Agreement Effective Date, the Developer shall pay to the
Agency a deposit equal to ten percent (10%) of the aggregate Purchase Price, i.e.,
$140,000.00. The deposit shall be refundable by the Agency to the Developer only if this
Agreement is terminated pursuant to Section 13.05 because the City did not vacate the
Right-of-Way by the date set forth therein.
(c)
The balance of the Purchase Price shall be paid by the Developer to the
Agency on the Closing Date.
7.04.

Site Evaluation.

(a)
The Developer has evaluated the Project Site and has determined that
it is suitable for its intended purpose except as provided in Section 2.04(d).
(b)
The Agency makes no representations to the Developer as to the
condition of the Project Site, either surface or sub-surface conditions, and the Developer
agrees it is buying the Project Site as-is."
II

15

(a)
Following execution of this Agreement by the authorized officers of
the Agency and by authorized representatives of the Developer following approval
hereof by the Agency and the Developer this Agreement (and any executed Exhibits) shall
be in full force and effect in accordance with its terms upon the recording of the
Memorandum of Development Agreement as provided in Section 17.15, which shall be
no later than March 15, 2007. Such date being referred to herein as the Agreement
EffectiveDate."
II

(b)
The Project Effective Date is the date that the Developer is required to
commence construction of the first phase of the Project as determined in accordance with
Section 8.05.
IN WITNESS WHEREO~tPe parties hereto have set their hands and their
respective seals affixed as of the 3 ~ay
of March, 2007.
COMMUNITY REDEVELOPMENT
AGENCY
OF THE CITY OF PENSACOLA, FLORIDA

A:ID~4".----

By:
David ~
Director

BY~

Thomas J. BOl1iiei,CityMaTager

TIES
.. '

/\.

/'

HAWKSHAW

EASTSIDE,

INC.,

Florida

corporation

By:

{~;~t!-'~
William Whitesell, as
its President

.' .

'.' COUNTYOF ESCAMBIAJ

The foregoing instrument was acknowledged before me this I
day of March
2007, by Thomas J. Bonfield and David Bailey, City Manager and
Director, respectively, of the Community Redevelopment Agency of the City of
Pensacola, Florida. They are personally known to me or have produced valid Florida
drivers' licenses as identification.

y+~

-f

(SEAL)
40