Title
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West Port, Kolter Purchase from Murdock Village Community Redevelopment Agency
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recommendation
Commission Office
a) Approve Amended and Restated Master Developer’s Agreement between Charlotte County and KL WP Village LLC; and
b) Approve Agreement for Additional Consideration between Charlotte County and KL WP Village LLC; and
c) Approve Resolution authorizing execution of closing documents; and
d) Approve Resolution releasing certain subsurface rights to real property; and
e) Authorize the Chairman to sign the Agreements and Resolutions.
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Budgeted Action:
No action needed.
Background:
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On April 14, 2020, Lost Lagoon Development, LLLP (“Lost Lagoon”), and Charlotte County (“County”) entered into the Master Developer’s Agreement for Lost Lagoon Development (“MDA”). Lost Lagoon conveyed to KL WP Village LLC (“Developer” or “Kolter”) the Phase 1 Property. Murdock Village Community Redevelopment Agency (“MVCRA”) intends to convey the remainder of the MVCRA property to Developer, subject to the Agreement for Purchase and Sale, and its amendments thereto. County and Developer desire to amend and restate the MDA to memorialize the required improvements to be constructed in conjunction with the development of the total property.
On July 9, 2024, MVCRA, County, Lost Lagoon, and Kolter Group Acquisitions LLC (“KGA”) entered into the Fifth Amendment to Agreement for Purchase and Sale so that KGA, or its assigns, can acquire certain lands located in the Murdock Village area. At the July 9, 2024, hearing, County and KGA agreed that KGA would make certain improvements to an area which includes lands to the west of the properties as detailed in the Agreement for Additional Consideration. Subsequent to the hearing, KGA assigned all rights under the amendment to Kolter, and Kolter assumed all obligations under the amendment.
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