COUNCIL AGENDA ITEM
SUBJECT:
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Request to approve the Phase 1 Infrastructure Cost Reimbursement Agreement for the construction of stormwater ponds and Parktowne Boulevard in accordance with the Parktowne Industrial Center Development Agreement.
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DEPARTMENT:
Development Services
SUMMARY:
Development of the Industrial Park is subject to and governed by that certain Development Agreement (Parktowne Industrial Center) with the City, the same being dated February 3, 2003 and recorded as Instrument No. 2003-109432 in Official Records Book 5070, page 2930 of the Public Records of Volusia County, and subsequently re-recorded as Instrument No. 2005-098691 in Official Records Book 5534, page 1733 and which was subsequently amended and restated on July 18, 2016 and recorded in Official Records Book 7288, page 1725 of the Public Records of Volusia County.
The Parktowne Industrial Agreement was established to facilitate the development of an industrial park. The City of Edgewater once owned land within the Parktowne Industrial Park. The Development agreement helped facilitate the evolution of city property into private ownership. The City of Edgewater within the Parktowne Agreement, agreed to build the stormwater system and the roads within the industrial park. City staff have provided this pertinent excerpt below:
In addition, the City agreed to section fourteen, which states the following:
The binding effect provision is just as it sounds. This is a legal obligation that the City of Edgewater must fulfill.
Fortunately, the development agreement has successfully developed most of the land within the Parktowne Industrial Center. This includes most of the City's obligation to build the stormwater system and road network. One large tract however, has never been developed. A large 83 acre tract in Parktowne was purchased and a site plan has been approved. The development calls for 1 million square feet of Class A industrial warehouse over several phases. The f...
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