Summary:
The City, CRA and the Dr. Phillips Center for the Performing Arts, Inc. a Florida non-profit corporation formerly known as the Orlando Performing Arts Center Corporation (DPC) previously entered into the Orlando Performing Arts Center Agreement dated June 20, 2007, as amended (the “Agreement”) setting forth the Parties’ agreement relating to the funding, design, construction, development, operation, maintenance and repair of the new performing arts center in downtown Orlando (the “Center”). Per the Agreement, the City has given DPC the authority to grant naming rights in appreciation for philanthropic donations to the Center and has acknowledged the naming rights granted to Dr. Phillips, Inc. for its donations. In consideration for an additional donation by Dr. Phillips, Inc. for Stage II of the arts center, at DPC's request, Amendment No. 8 affirms and ratifies the naming rights previously provided to Dr. Phillips, Inc. and clarifies that such naming rights are effective until the date the facility is destroyed, demolished or otherwise ceases to exist, or the expiration date of the Agreement (June 20, 2106), whichever occurs first. |