File #: ID 2025-147    Version: 1 Name:
Type: Consent - Resolution Status: Passed
File created: 5/30/2025 In control: Regular City Commission Meeting
On agenda: 6/18/2025 Final action: 6/18/2025
Title: A RESOLUTION OF THE CITY OF MARGATE, FLORIDA, APPROVING AND ACCEPTING THE ASSIGNMENT AND ASSUMPTION OF DEVELOPER RIGHTS BY AND BETWEEN COOLIDGE, INC. (TRANSFEROR) AND COCOMAR PROPERTY OWNER, LLC, (TRANSFEREE) TRANSFERRING AND ASSIGNING THE TRANSFEROR'S RIGHT, TITLE AND INTEREST, DUTIES AND RESPONSIBILITIES, INCLUDING, WITHOUT LIMITATION, 65.000 WATER ERC'S AND 15.028 SEWER ERC'S, AND AUTHORIZING THE MAYOR AND CITY MANAGER TO EXECUTE SUCH AGREEMENT WITH THE PARTIES.
Attachments: 1. RESOLUTION, 2. AGREEMENT, 3. OTHER

 

TO:                     Mayor and City Commission

 

FROM:                     Cale Curtis, City Manager

 

DATE:                     June 18, 2025

 

 

Title

A RESOLUTION OF THE CITY OF MARGATE, FLORIDA, APPROVING AND ACCEPTING THE ASSIGNMENT AND ASSUMPTION OF DEVELOPER RIGHTS BY AND BETWEEN COOLIDGE, INC. (TRANSFEROR) AND COCOMAR PROPERTY OWNER, LLC, (TRANSFEREE) TRANSFERRING AND ASSIGNING THE TRANSFEROR’S RIGHT, TITLE AND INTEREST, DUTIES AND RESPONSIBILITIES, INCLUDING, WITHOUT LIMITATION, 65.000 WATER ERC’S AND 15.028 SEWER ERC’S, AND AUTHORIZING THE MAYOR AND CITY MANAGER TO EXECUTE SUCH AGREEMENT WITH THE PARTIES.

 

Body

 

 

BACKGROUND:                     The subject property is situated wholly within the City of Coconut Creek, bordering Atlantic Boulevard, between Lyons Road and the City of Margate boundary.  The current property owner desires to transfer and assign the remaining outstanding balance of his ERC’s, which have already been paid for, to the buyer/developer, to be credited to the proposed development.

 

 

RECOMMENDATION:                     Commission’s Pleasure                     

 

 

FISCAL IMPACT:                     None

 

 

CONTACT PERSON:                     Curt Keyser, DEES Director