Summary:
The City has been awarded a grant, "Grant," from the Florida Department of Transportation's, "FDOT's", Economic Development Transportation Project Fund on behalf of the United States Tennis Association, "USTA", in the amount of Two-Million Two-Hundred Forty-Six Thousand Three-Hundred Twenty Dollars ($2,246,320.00). The Grant will be used for constructing an entry road, "Entry Road," to the proposed USTA Facility which is located on a sixty-three (63) acre site within the Lake Nona DRI. The USTA facility consists of a tennis complex, including a corporate headquarters component, administrative offices and a collegiate tennis area with seating for twelve hundred (1200) people, to serve as the home of the University of Central Florida's men's and women's varsity tennis programs. Per the terms of the attached Grant Agreement, the City will ensure that the Entry Road is constructed but actual construction of the Entry Road will be the responsibility of Lake Nona under the terms of a separate but related agreement between the City and Lake Nona, "Lake Nona Agreement." FDOT will disburse qualified reimbursement payments to the City under this Grant Agreement and City will then pass those funds through to Lake Nona per the terms of the Lake Nona Agreement. |