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08-31-93 Special/Workshop ,. . CITY OF DELRAY BEACH. FLORIDA - CITY COMMISSION SPECIAL/ WORKSHOP MEETING - AUGUST 31. 1993 - 6:00 P.M. FIRST FLOOR CONFERENCE ROOM AGENDA Please be advised that if a person decides to appeal any decision made by the City Commission with respect to any matter considered at this meeting or hearing, such persons will need a record of these proceedings, and for this purpose such persons may need to ensure that a verbatim record of the proceedings is made, which record includes the testimony and evidence upon which the appeal is to be based. The City does not provide or prepare such record. Pursuant to Section 3.07 of the City Charter of the City of Delray Beach, Florida, Mayor Thomas E. Lynch has instructed me to advise you of a Special Meeting of the Commission to be held in the First Floor Conference Room at 6 P.M. on Tuesday, August 31, 1993. This meeting has been called for the purpose of considering the following: SPECIAL MEETING AGENDA 1. Approval of Revised Subordination Agreement between the City and Auburn Trace, Ltd. ~ Y()x ~ 1Ia:i¡ Alison MacGreg r Harty City Clerk WORKSHOP AGENDA 1. Fiscal Year ·1993/94 Budget. 2 . Commission comments. ,. "I;,', ~ - CITY OF DELRAY BEACH, FLORIDA - CITY COMMISSION BUDGET WORKSHOP - AUGUST 31, 1993 - 6:00 P.M. FIRST FLOOR CONFERENCE ROOM ******************************************************************* The City will furnish appropriate auxiliary aids and services where necessary to afford an individual with a ~isability an equal opportunity to participate in and enjoy the benefits of a service, program or activity conducted by the City. Please contact Doug Randolph¡ 407/243-7127, at least twenty-four (24) hours prior to the program or activity in order for the City to reasonably accommodate your request. ******************************************************************* AGE N D A ADDEND·UM Item 1. of the Budget Workshop Agenda is modified to read as follows: l. Fiscal Year 1993/94 Budget. a. Review of increases in fiscal 1993/94 budget. b. Status report on reducing proposed property tax to 8.0 mills. c. Review of proposed additional expenditure cuts. d. Presentations from any grantees present requesting increases. '. "!I·'f' " c' œlry DF DElRAY BE'R'u " ""}" ,~ ' , 'r ",.",'" '1 ;, ',' ¡.' ' i ",' :.:' , "b '.. '~': '" ,', " , , ',' ",.~,,' ',. ' " Ii:" , "'!II, "-'," ~,,~}1 ~ " , ,>j,' ,",. <! ";~,j :~~ I .~ '1'r1 f1 '{.,~ r"'"lf1 ;C"Çi :,. ¡;Lì.C!!. FLORroA 3,~,;,¡ !,~ :~\; "; l) ~~ "1 \~ ~t. ~ " Wr~t_r·_ D~r_ct L~n_ .¡ ~ (407) 243-7090 MEMORANDUM Date: August 26¡ 1993 To: city Commission From: David N. Tolces¡ Assistant City Attorn~ Subject: Auburn Trace/City of Delray Beach Subordination Aqreement Attached is a revised Subordination Agreement between the City of Delray Beach and Auburn Trace, Ltd. The Commission had previously approved a Subordination Agreement in w~ the City agreed to subordinate its loans to the mortgages provided by First Union and the Florida Housing Finance Agency. During the closing for the various loans which are providing the permanent financing for Auburn Trace, the Florida Housing Finance Agency's loan came out to be $1,765,000.00 as opposed to $2,000,000.00. The original subordination agreement contained a $2,000.000.00 loan referenced in Paragraph 5. This new Subordination Agreement revises Paragraph 5 to indicate that the Florida Housing Finance Agency loan is in the amount of $1,765,000.00. Commission's approval of this amended Subordination Agreement is requested in order that this document may be recorded. If you have any questions regarding this matter, please do not hesitate to call. DNT: sh Attachment cc: David Harden, City Manager Cheryl Leverett, Executive Assistant auburn.dnt SR/¡ '. " 1407[,;::.8853ü Š~~· eV¡"':;;"';~ .) ~O~',..~' : 8-~5-93 : ~:15P~ :WEST PALM BCH O~FICE~ 4077831454:# 2 .' ! , . ~Hu i I::' 'b Ie ~ This Oocument p~ep~rG~ by IJnd return to: Soott G. williams, Esquire SHUTTS £¡, BOWEN 222 Lakeview AvønuQ Suite 1000, !:sperant:e WQat Palm B6ach, !"lorid& 33401 SUBORD1NATION AaR~EMENT TlUS SUBORDINATION AGiŒEMENT, dated .e of thill day of Au'Wuat:, 1993, by and between the CITY OF DELRAY BRACH, a Floriða municipal corporation, whoge að.ðt8S8 18 100 N.W. First Avenue, De1ray Beach. P'loric1a C' Cl ty" ) and AUBURJ( TRACE, LTD. , a Florida limited partnership, who.~ eddra.. is .99 Boynton Bay Circle, Boyftton Beach, Florida 33435 C~OWner-), pr~e8: aECITALS 1. Owner ðelivered to City that oertaln Mortgage and SecuJ:it:y AgreQtQQnt recordeð JunQ 30, 1989, in Olficia 1 Records Book 6116, Paoe 521, of the Public Records ot Palm BQ8Ch Cou.nty, Floriða (the "City Morb;Jeqelt) enoumbering certain r.,.l þX:Op8t'ty more particularly described in EXHIBIT ,-A- attacheð her.to (the "Proper~y") , to secure tho per.formano. of the oov.n.nt. therein eo~t.in.ð and the payment of promissory not.. made by the Own. X' to the City of even dab~ with the Cit.y Mortqaqe in prineipal Bum of (8) THRZB MILLION EIGHT mmo~I:D FORTY THOUSUn DOLLARS ($3,840#000.00); (b) SEVEN HUNDRED SIXTY-1UGH1' THOUSAND DOLL.US ($7G8,000.00); and (c) SKVEN HU1iDRED TWEJIlTY THOUSAND DOLLARS ($720.000.00) oo11e~tively the "City lIot.-). 2. City is the pole 18981 holder and oW~er of the City Rote anð the .01. mortoegee and benef.iciary unðer the City MortQaC¡8. 3. Purauant to the tea r!\'l.s thereof. tho City Mort08.c;¡e . 1.11 .ubje~t and øuborðlnete to t:hat: certain mort:l)eOfj in fAvor of lrIRST UNION RAT I ON),L BA.N1C OF FLORIDA, IlL A . , formerly known ea aOtrrH2..'ST BAlIK, N.A. in th. amount of lI'IVB: MILLiON BIX HUNDRED TROU~ DOLLARS ($!5,600,OOO.oO) (the "SOUthQ~8t Mo~tQ~Qe")_ THIS I "S'tRmc:n"''c HAS BEER 1lE- EX'!CU'T1m A!ID _~JiŒCORD1m ro OOJDJlCl' THE ~ ~ TO 'r'IŒ ~ 0.. '1'!DI: SAIL MOJrTCJAtØ 1. PARAGRAPH 5 lmlmOF. .. i<ii1'1,;5t\8S38 g~NT åÿ:§HÜYTS & BOWEN ; 8-25-93 ; t:~~¡;;M ;'WÈST'P~~1j(BCH OFFICE'" 4077331454: # 3 4. By mortçacra l1aeð in favor of FIRST UNION NATION~ BANK OF FLORIDA, loLA. . ~ national hankinQ a..ociat:ion ("First UniQn"), ðated AuçuIIJt 24,. 1993, U1ð. recorded in of£ic:t~l Recarc1s Book , Page , of the Public Record. o~ Palm BOi!.ch County, Fldorida (th~ "First Union Mort~80e·), th9 Ownar hliS encumbered, or will Ancumoer, the Bame Property, but t1escrib.ð in the form set forth in Exhibit "B" attached heJ:'eto, to .ecuire performancQ of thlll coven8nts therein conteinQð. and the payment of a note msde. by CNne r payable to I'irat Union of even date with the first mortgðQe in tba principal 8um of THREE MILLION SIX HU5DRED THOUSAND OOLt.ÞJl B ($3,600,000.00), refinancinQ ~nd satisfying thQ Southe..t Mortgage. 5. !Jy mortq.g. d.~õ in £.vor of FLORIDA. HOUSING FINANCE AGElICY, an agency and inatrumentality of the State o~ Flotida (·P'HFA-), dated AUQust 24¡ 1993, and reeordlld in Official Recorð. Book I Page . of the Public Racorð. of Palm Beach County, Florida (the ·SAIL Mortg_ge"'), the OWner ha. encumbered, or will encumber, the same Property, but ðeserib.ð in 1::hQ form SAt forth in .'£xhibit /IIB-, to ..cure performance of th. cov.nant:.. thørøin contained and the pByrnent ot a note msðe by OWner payable to FHFA of even ðatQ with thê ..cond mortgage in t:ho principal Bum of ONE MILLIOJll SKVEJ1 HURP~S~XTY-~IVE THOUSAND DOLLARS ($1,765,000.00). 6. OWner has requested that the lien of the Citr Kort;aqo be made Bubor.dinate and inferior to the first mortoa~. 1 i en of the Fir.t Union MortgagQl and the second mort:.Q898 lien of the Sail MQrtq$qe in orðer to accomplish the raEinancin9 and ..tiafac"t-i.Qn O~ the South.aat MOrt9ago. and Cit.y b.. .QreecS to .uch aubor4ination. SUBQR~INATION por and in consideration of thð sum of 'fEN DOLLARS ($10.00) ca.h in hand paid t.o City and other 9004 .nð valuable considerations, the receipt. anð. Bufficiency ot which ia hQt'aby aoknowleðoað, th. parti.. hcnato covenant and a9!'ee that: the lien of the City Mortoaoe on the Property i. hereby meðe subject, 8ubordlnat., Bnð. inferior to thQ first mortgage lien and prio::lty of tho ti.rst: Utdon MortQa<¡_ and tho aacond mort:ga90 l:i,m and priority ot the SAIL Mortc¡a98 anc! t:hat, except: tor .uch subordination, tJll oth.r term. and conditions of t:he Ci~y Mortqðge are r~tifi~ð añd con!irmeð. - 2 - '. 140'7&538530 ~~N"'" ~Y;!!:';; ''fn~ Ari:-'1"-"~!-'--'- : 8~25~93 : ~:~6P~ ;WEST PÄ~M BCH OFFrCE~ 407'7831454:# 4 ...\ . ~HU ,~ f:. ~,,¡t;!:N IN WITt\ESS WHEREOF, City and OWner have cau!!et'i th15 ^9reQ~~nt to bu ëxec~ted a. of the date £ir.t abovQ writt~n. THE CITY OF DEL RAY BEACH, . Florida municipal corporation WitnQallðð: - By: Its: (Type or print name) (Type or print nama) AUBURN TAAC2, LTD - t a P'lo~ið. limi~.d ~ar~Þ.r.hiþ -.....--- By: AUBURIJ TRAC1t JO tft V1t1!l1"URE, a rlo~14. general partnerøhip, .. g.ftGtal partner By t f!:LIllER D~VELOPMEl\TT CORP.. a ---- Florida oorporation, all ..aneral partner ,.- By: .------ (Type or print name) Jay PQlner, Pte.idèñt (CORPOHATlt SItAL) AUTHORIZED TO IXZCUTE ON BEHALF 01' THE JOII1T VENTURE (Type or print name) - 3 - '. '. .- ..~£~~ sÿ: §HUfTS &. BOWEN 14e7b'::~6=<3Ø :¡;:"::2'5~-§3-': !:¡ïPM ;W~ST PALM BCH OFFICE.... 407783:.i54::: 5 EXHIBIT -A- That ptsrt of tne 8uMivision of Section 20, Township ~6 South, Range 43 East, Palm aø~ch County, Florida, ðccordinq to the plat r8corð_d in Plat Book 1, paça 4 of the Public R.~orð~ of Palm a..en County, Floriðe¡ ð..crib.d as folloWB: The Walt half of Lot 25¡ less the Korth 25 tGet thereof, the E;ast half of Lot 25, less the North 25 feet thereof, leS8 the East .a5 teet thereof, less the South 10 teet thereof and løSð the North 310.20 feat ot the South 320.20 feet (as meaaured parallel with the East line of 8Ia16 Lot 25) of the Walt 295.20 f.et of the East 320.20 ~eet (as measured parallel with the South 1 in. o£ lu1d Lot 25); the Sou th 10 feet of the W..t 25 feet of the East half of Lot 2!5J tho We.t 25 feet of the E.~~ half ot Lot 26, the WeBt hall of Lot 25J and the E..t hall of Lot 18. Said lend. being in P.lm Beaoh County, Florið8. - -------- Sa1ð lands a1.0 being deso~ibed .. follows: ----- All of the PLAT OF AUBURN T~CE, accordinq to the Plat ther OO~ on file in tbQ Office of the C18~k of the Circu1t Court in In" for Palm Beach County, PIQ~ida# 81 recorded in Plat .800x 64, peqa 184; .aid lanðe situate, lyinq tr\ð. belnq in p& 1m Beðch county, Florida. 5607N '.