AGENDA ITEM REPORT
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A MOTION TO APPOINT THE CITY MANAGER, OR DESIGNEE, AS THE CITY'S PROXYHOLDER TO VOTE AND TAKE SUCH OTHER ACTIONS ON BEHALF OF THE CITY OF COCONUT CREEK TO PRESERVE THE CITY'S INTERESTS AS A PROPERTY OWNER AND MEMBER OF THE COMMERCE CENTER OF COCONUT CREEK ASSOCIATION, INC.; AND AUTHORIZING THE CITY MANAGER, OR DESIGNEE, TO EXECUTE SUCH PROXY FORMS AS MAY BE REQUIRED BY THE ASSOCIATION.
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BACKGROUND:
The City is the property owner of Tract E of the Commerce Center of Coconut Creek Plat, commonly known as the Butterfly Lot (BCPA PIN: 4842 18 03 0050) located along NW 40 Street, Coconut Creek, Florida 33073, and is a member of the Commerce Center of Coconut Creek Association, Inc., hereinafter "Association." Therefore, the City of Coconut Creek is entitled to one (1) vote for each acre, or portion thereof, of the total property owned by the City and is a part of the Association. In order to exercise its voting rights, the City Commission must name its proxyholder, and authorize the proxyholder to execute such proxy forms as may be required by the Association.
DISCUSSION:
Since July 1996, Seminole Properties II, Inc. has been the Declarant of the Association in accordance with the Assignment and Assumption of Declarant's Rights, recorded in Official Records Book 25158, Page 263 of the Public Records of Broward County, Florida, July 19, 1996. However, after the properties moved into the Trust for the Seminole Tribe, a Board of Directors was appointed to manage the Association's business. The Board is appointed on an annual basis, and cannot be elected unless a quorum is represented at the annual meeting of the Association Members. To ensure that the City has the ability to vote in these annual elections, staff recommends adopting a continuous designation that the City Manager, or designee, shall be the proxyholder for the City, until such time as that designation is revoked by a formal motion of the City Commission. Staff further ...
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