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West Port East Development Agreement for Kolter Purchase from MVCRA
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recommendation
County Administration
Approve the Development Agreement between Kolter Group Acquisitions, LLC’s assignee, KL Westport Expansion LLC, and the County. The Development Agreement is required by the purchase and sale agreement and must be fully executed at the closing no later than May 31, 2024. The agreement relates to the project’s Public Infrastructure Improvements, Stormwater Ponds, and other aspects governing development of the property. The property is located adjacent to the current West Port community on land lying south of US 41, west of Toledo Blade Blvd. and north of SR 776 (El Jobean Road).
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Budgeted Action:
No action needed.
Background:
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The Murdock Village Community Redevelopment Agency (the “MVCRA”), Kolter Group Acquisitions, LLC, a Florida limited liability company (“Kolter”), and County entered into an Agreement for Sale and Purchase and its Addendum dated December 14, 2021, which was amended on January 10, 2023, February 28, 2023, January 23, 2024, and March 12, 2024. The purchase agreement requires the buyer (developer) and the County at closing to enter into a Development Agreement governing the matters described in the purchase agreement.
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