Orlando Soccer Stadium, LLC, “OSS”, is constructing a stadium, “Stadium,” on property located east of Glenn Lane, south of Central Boulevard, west of Terry Avenue and north of Church Street.  The Stadium will operate as the home field of the Orlando City Lions and the Orlando Pride soccer teams. The City currently owns a signification portion of the property, approximately 11.8 acres, “City Property”, and under the terms of the attached contract, would sell the City Property to OSS for construction of the Stadium.  The parties have agreed on a fair market value purchase price of  $35 psf, which equates to approximately $17,990,280 for purchase of the City Property.  In addition, OSS will pay the City $3.1 million dollars for site preparation work, for a total of $21,090,280.  OSS will complete a boundary survey prior to closing, on which to base the final purchase price.  The Contract also provides for the reservation of easements to accommodate City utility infrastructure and a potential adjustment to the purchase price for environmental remediation costs.  

Funds to be paid into account REM 0002_P

Approval of the Contract in substantially the form attached; authorization for the Mayor or Mayor Pro Tem to execute same; authorization for the City’s Real Estate Manager to execute any extensions of the closing date and all related closing documents; and authorization for the Mayor or Mayor Pro Tem to execute the conveyance document(s), all subject to review by the City Attorney’s Office.