Summary:
On June 23, 2014, the City approved a Transportation Agreement with Lake Nona providing for the City's payment of $4,000,000 to Lake Nona for the purchase of right of way and to offset a portion of Lake Nona's costs to construct a publicly dedicated road, "Road," to the proposed USTA Facility located within the Lake Nona DRI. Since then 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 also be used to reimburse Lake Nona for a portion of its costs to construct the Road. The Grant funds are administered by FDOT through a Grant Agreement entered into between FDOT and the City. To address this new Grant component, the Transportation Agreement previously approved by the City must be revised. The revised terms provide for Lake Nona's assumption of all the City's obligations and liabilities related to construction of the Road under the Grant Agreement. In return, City will pass qualified reimbursement payments made by FDOT through to Lake Nona. Otherwise the attached Agreement is the same as the Transportation Agreement approved by the City on June 23, 2014. |