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Summary:
The Dr. Phillips Center for the Performing Arts, Inc. (Dr. Phillips Center) operates the newly constructed downtown performing arts center and has been approved to receive a State cultural facilities grant in the amount of $500,000 to be used for the construction of Stage 2 of the new performing arts center. The Grant Agreement between the State and Dr. Phillips Center requires that the City, as owner of the property, execute the state's form restrictive covenant. The restrictive covenant will be recorded in the Orange County public records and provides that the facility be used as a "cultural facility" for at least 10 years following the grant award. If the covenant is violated, the Grantee Dr. Phillips Center is required to repay the grant on a pro rata basis depending on the year of the violation as follows:
a) if violation occurs within 5 years of grant award, 100% of grant amount
b) if violation occurs within 5-6 years of grant award, 80% of grant amount
c) if violation occurs within 6-7 years of grant award, 65% of grant amount
d) if violation occurs within 7-8 years of grant award, 50% of grant amount
e) if violation occurs within 8-9 years of grant award, 35% of grant amount
f) if violation occurs within 9-10 years of grant award, 20% of grant award
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Fiscal & Efficiency Data:
Not applicable.
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Recommended Action:
Approval of the Restrictive Covenant and authorization for the Mayor and City Clerk to execute and record same, subject to review by the City Attorney's Office. |
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Agenda Item attachment(s) on file in the City Clerks Office.
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Note:
All agenda items must
be in the City Clerk's office by Noon Friday, six(6) business days prior to the
regular Monday City Council meeting.
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Contact:
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Approved By:
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Department
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Date and Time
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| Budget Outside Routing Approval |
2/27/2015 9:38 AM |
| Budget Outside Routing Approval |
2/27/2015 9:38 AM |
| Grants |
2/27/2015 9:42 AM |
| City Clerk |
2/27/2015 9:46 AM |
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