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ITEM: APPROVAL OF SETTLEMENT AGREEMENT WITH BREFRANK, INC
REQUEST: Approval of Settlement Agreement with Brefrank, Inc., including the Purchase and Sale Agreement for the 10-acre civic site located on Forest Hill Blvd.
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EXPLANATION: In August, 2021, Brefrank initiated a lawsuit against Wellington regarding the validity of the conservation land use designation on Wellington's Future Land Use Map for Tract W-5 of the Mall at Wellington Green. As part of a negotiated settlement of the lawsuit, Brefrank proposes that Wellington sell to Brefrank the 10-acre civic site located on Forest Hill Blvd. for the sum of $11,000,000.00 for the purpose of development and construction of 220 multi-family residential units. Of the $11,000,000.00 purchase price, $1,000,000.00 would be designated for use by the Village to develop field facilities at Palm Beach Central High School or such other field facilities as the Village determines. Brefrank acknowledges that Wellington does not and cannot promise that it will grant any land use approvals necessary to develop the units. As an additional inducement, Brefrank will convey to Wellington the Wetland Tracts known as W-3, W-5 and W-6 of the Mall at Wellington Green, totaling 22.66 acres. The parties agree that the 22.66 acres of Wetland Tracts will satisfy Brefrank's Parks and Recreation impact fees as well as its civic/conservation/open space land dedication required by Wellington.
Although initial discussions contemplated that Brefrank would also convey Wetland Tracts W-1 (3.85 acres); W-1A (.0022 acres); W-1B (.07 acres); and W-2 (.77 acres), which total 4.69 acres, upon conducting a title search Brefrank found that those tracts are no longer owned by Brefrank and therefore cannot be conveyed to Wellington. The Wellington Green Master Property Owners Association will maintain all of the Wetland Tracts in perpetuity, as required by the Plat.
Following execution of the Settlement Agreement, the parties ...
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