A Resolution of the City of Sunrise, Florida, approving a “Cost Recovery Agreement” between the City of Sunrise and Sunrise Mills (MLP) Limited Partnership, Sawgrass Mills Phase II Limited Partnership, Sawgrass Mills Phase III Limited Partnership, Sawgrass Mills Phase IV, L.L.C., and Sawgrass Parking Deck, LLC for Reimbursement of the City’s Costs related to the completion of the Parking Garages Construction Project at the Sawgrass Mills Mall; and providing an effective date. City Manager Mark Lubelski. Shannon Ley, Director of Community Development.

Several years ago, the City of Sunrise and several Sawgrass Mills Mall entities collaborated on the development, design, and construction, equipment, installation and financing of two parking garage structures to be owned by the City and located on land owned by Sawgrass Parking Deck, LLC (Deck Parcel Owner) with necessary improvements to public infrastructure, intersections, traffic signalization and rights-of-way and necessary improvements to the parking lots around the related parking garages.

Since then, one of the two parking decks has been constructed along with two traffic signals and associated improvements to public infrastructure, intersections, rights-of-way, and parking lot improvements. In connection with this project, the City and associated Sawgrass Mills Mall entities, entered into a cost recovery agreement in 2014 stating the Sawgrass Mills Mall entities will pay and reimburse the City for any and all past, present and future costs incurred by the City in connection with the project, including, the issuance of taxable special assessment bonds to finance project. That agreement has since expired.

In connection with the project and the financing through the issuance of the special assessment bonds, the City, the Sawgrass Mills Mall entities, and the Deck Parcels Owner also entered into that certain Parking Garages Construction and Development Agreement, dated as of March 12, 2015, as the same has been amended from time to time and various other related agreements, including, without limitation, a ground lease, a sublease and an easement and operating agreement, and the City enacted or adopted, as applicable, an assessment ordinance and resolutions.

The City, the Sawgrass Mills Mall entities, and the Deck Parcels Owner now desire to complete the development, design, construction, equipment, installation, and financing of the balance of the project including the second parking garage.

The Sawgrass Mills Mall entities and the Deck Parcels Owner are requesting to change the location of the balance of the project, which may require amendments and revisions to one or more of the associated documents, as well as related work to be undertaken by the City, its staff and outside consultants.

The attached agreement provides for the Sawgrass Mills Mall entities and Deck Parcels Owner to pay and reimburse the City for any and all past, present, and future costs incurred by the City in connection with the completion of the project at the changed location.