It now appears, however, the county and Flagler Development Co., a subsidiary of St. Augustine, FL-based Florida East Coast Industries Inc., are nearing an agreement on a pending amendment to an assigned lease on 91 acres at the Port Everglades site.
The Broward County Commission decides this week whether to approve a staff recommendation to amend the assigned lease in a deal with Flagler. Officials at Flagler Development were unavailable for comment as of this article's deadline.
Under tentative terms of the deal, the county would take back about six acres out of the total acreage originally awarded under the contract in 1997 to World Gate Associates, which evolved into a corporation known as Port Everglades Commerce Center Associates.
In 1999, the county approved an assignment of that lease to Swerdlow Real Estate Group Port Everglades Commerce Center Inc. Hollywood, FL-based Swerdlow Real Estate Group Inc. won approval in November last year to assign the lease to Flagler Development.
In exchange for rights to develop the property, Flagler Development would agree to pay $2 million pro rata on the current lease year and then $4 million a year on the remaining term of the lease that terminates on March 31, 2033, excluding extensions.
Once the county approves the deal, Flagler must complete construction of an 81,000-sf warehouse building by Dec. 1 this year, a second 100,000-sf warehouse by Dec. 1, 2002, and subsequent improvements by Dec. 1 of the following years.
If Flagler fails to meet those construction deadlines, the county could terminate the lease on a portion of the total square footage for each 1,000 sf of deficiency.
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