THE AVIATION DEPARTMENT RECOMMENDS APPROVAL OF THE ABOVE MOTION.
On May 15, 1984 (Item No. 64), the Board approved an Agreement of Lease between Broward County and H.A.U.L. Associates, a General Partnership organized under the laws of Florida, for approximately 9.47 acres of land on the northwest corner of North Perry Airport ("HWO") for the purpose of operating a shopping center. The Agreement of Lease is for a 50 year term, commencing 30 days after the City of Pembroke Pines issued a building permit and terminating on March 11, 2036.
On December 17, 1985 (Item No. 1), the Board approved the Assignment of Agreement of Lease from H.A.U.L. Associates to Village Shoppes.
On March 10, 1987 (Item No. 4), the Board approved an Agreement consenting to a leasehold mortgage in favor of Great-West Life Assurance Company in the amount of $7,000,000.
On October 3, 1995 (Item No. 1), the Board approved the First Amendment to the Agreement of Lease reducing the parcel from approximately 9.47 acres to 9.26 acres and adjusting the rent accordingly.
On September 25, 2001 (Item No. 2), the Board approved a Consent and Approval Agreement consenting to the refinancing of the March 10, 1987 leasehold mortgage in favor of Prudential Mortgage Capital Company in the amount of $5,800,000.
On April 17, 2012 (Item No. 2), the Board approved a Consent Agreement consenting to a leasehold mortgage in favor of Total Bank in the amount of $4,850,000.
Pursuant to Section 17 in the Agreement of Lease, Village Shoppes must receive the prior written consent of the County to secure a leasehold mortgage. The lease provides that if the County shall not have disapproved the consent within 30 days of the request, then it is deemed approved.
By letter dated May 15, 2018, Village Shoppes submitted a request that the County enter into a Consent Agreement for Leasehold Mortgage in the amount of $4,400,000 among the County, Village Shoppes Associates, LTD., and Valley National Bank. Village Shoppes Associates, LTD has an existing loan with Total Bank, to which the County previously consented. Village Shoppes Associates, LTD proposes to assign the Total Bank loan and related documents to Valley National Bank.
Staff has requested additional information be provided in order to analyze the request. The requested information has not been provided. Therefore, staff has had insufficient time and information to review the request and recommends the consent be disapproved.
The Agreement of Lease requires that the County consent to or disprove any request for consent of sales, conveyances, transfers, mortgages, pledges assignments or subleases. This delegation is essential as the Lease provides that the failure of the County (currently, through the Board) to consent or deny consent within any 30 day period shall be deemed County consent to the tenant’s action. Following receipt of the requested information, the County Administrator may, after consultation with the Office of the County Attorney, move forward with the consent.
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