Title
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Seventh Amendment to Agreement for Purchase and Sale and Amended and Restated Master Developer’s Agreement Among Murdock Village Community Redevelopment Agency; KL WP Village LLC; and Charlotte County for purchase of MVCRA-owned land in the Murdock Village Area
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recommendation
Commission Office
a) Approve the Seventh Amendment to Agreement for Purchase and Sale among Murdock Village Community Redevelopment Agency; KL WP Village LLC; and Charlotte County; and
b) Approve the Amended and Restated Master Developer’s Agreement among KL WP Village LLC and Charlotte County; and
c) Authorize the Chairman to sign the Seventh Amendment to Agreement for Purchase and Sale; and
d) Authorize the Chairman to sign the Amended and Restated Master Developer’s Agreement.
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Budgeted Action:
No action needed.
Background:
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The County and the MVCRA sold approximately 95.20 acres in the Murdock Village Area to Lost Lagoon Development, LLLP in September, 2020. The property was not developed according to Lost Lagoon’s plans. On August 7, 2024, KL WP Village LLC acquired from Lost Lagoon the real property and was assigned all rights of Kolter Group Acquisitions LLC under the Agreement and intends to acquire the remaining property to be conveyed by MVCRA to KL WP Village LLC.
The Seventh Amendment provides for an extension of the deadline to close on the remaining property on or before April 24, 2026 and, as consideration for the extension of the deadline to close, KL WP Village LLC shall pay to MVCRA an extension fee.
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