On May 22, 2018 (Item No. 56), the Board ratified a May 14, 2018, letter agreement that had been executed by the County Attorney and the attorney for International Atlantic in connection with the development of the Projects (Exhibit 1). The letter agreement required that International Atlantic pay Broward County Six Hundred Fifty Thousand Dollars ($650,000) within thirty (30) days after the Miami-Dade County Commission Land Use Plan amendments for the Projects became effective, with such funds to be used for the adaptive signal control system along Miramar Parkway. Under the terms of the letter, the payment was due in October 2018. Commencing in November 2018, this Office periodically contacted International Atlantic’s attorney in an effort to obtain the payment. Those discussions, and the substantial delay in commencement of development of the Projects, led to International Atlantic proposing new payment terms, which through subsequent negotiation led to the terms stated in this agenda item.
The payments are proposed to be spread over three (3) years, with the total amount to be paid increased to Seven Hundred Seventy Thousand Dollars ($770,000) payable as follows: (i) an initial payment of One Hundred Ten Thousand Dollars ($110,000) would be due within thirty (30) days after execution of the amendment (“Initial Payment”); (ii) Two Hundred Twenty Thousand Dollars ($220,000) would be due one (1) year after the Initial Payment; (iii) Two Hundred Twenty Thousand Dollars ($220,000) would be due two (2) years after the Initial Payment; and (iv) Two Hundred Twenty Thousand Dollars ($220,000) would be due three (3) years after the Initial Payment.
Approval of this agenda item will authorize the County Administrator to execute an amendment that contains those payment terms, that does not impose any new financial obligations on Broward County, and that is approved by this Office.
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