CITY OF ORLANDO
COUNCIL AGENDA ITEM

Items Types:
Economic Development 		For Meeting of:
February 8, 2016
District: 5 From:
Contract ID: Document Number:
Exhibits: Yes On File (City Clerk) : Yes Draft Only: No
Grant Received by City?: No
Subject:
Memorandum of Understanding between City of Orlando and University of Central Florida regarding plans for a Downtown Campus
Summary:

The City of Orlando has been working with the University of Central Florida (UCF) and Valencia College on plans for a shared campus on 15 +/- acres of City-owned property in Downtown Orlando’s Creative Village.

Building on the success of the current Florida Interactive Entertainment Academy (FIEA), the campus would be a best-in-the-nation site for emerging animation, digital media, communications, film and public affairs.

The campus would connect students to careers of the future by providing unique opportunities for collaboration with nearby technology and government sectors in a highly desirable urban setting.

On its first day, the campus would serve approximately 7,700 students in one new educational building and a renovated, existing UCF Center for Emerging Media. In addition, housing, parking and recreational facilities would be planned to support the campus.

UCF is currently seeking approvals from the State University System’s Board of Governors and will pursue state funding to help with construction of the new academic and student support spaces. UCF, in partnership with the City and Valencia College, is also seeking $20 million in private philanthropy to support the campus.

In the attached Memorandum of Understanding, the City and UCF have outlined the terms under which the new campus would be constructed with the goal of finalizing these terms in an agreement, or series of agreements, should the campus be approved by the Board of Governors and receive the needed state funding. 
Fiscal & Efficiency Data:

The exact value of some items included in the MOU are still being determined and funding will be identified in future budget amendments or through the annual Capital Improvement Plan development and approvals. An estimated value of items included in the MOU are below:

Value of land transferred to UCF - $20 million

Value of the existing Center for Emerging Media (former Expo Center) building - $22.5 million

Realignment of Livingston and BRT project (partially funded by TIGER II) - $16.5 million

Stormwater Improvements - $4 million

Construction of Livingston Street from Terry Avenue to Parramore Avenue - $2.5 million

CentroPlex Garage Lease - $2,017,690 in in-kind parking from the City over five years

·       The City will receive income from UCF in the amount of $250,890 for the rental of the CentroPlex 1 Garage. The City will save an average of $175,000 per year in operations and maintenance costs for the garage.

·       If all 603 spaces in the CentroPlex garage and the retail spaces were leased at current market rates, the maximum revenue the City would receive on the garage is $654,428 per year (after operations and maintenance costs).

·       As such, the City is providing UCF with $403,538 in in-kind parking costs based on current market rates. This is $2,017,690 over five years.

CSX Rail Spur Acquisition - $142,500

Total City Commitment – Nearly $68 million

In addition, Creative Village Development LLC has committed $7.7 million toward the project for a total commitment from the City and its development partner to exceed $75 million.  
Recommended Action:
Approval of the attached Memorandum of Understanding and authorization for the Mayor or Mayor Pro Tem to execute same, subject to review and approval by the City Attorney's Office
Agenda Item attachment(s) on file in the City Clerks Office.
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.
Contact: Kathy DeVault ext 3109
Approved By:

Department Date and Time
Planning and Environmental Attorney 1/29/2016 10:24 AM
Budget Outside Routing Approval 1/29/2016 3:48 PM
City Clerk 1/29/2016 4:16 PM
ATTACHMENTS:
Name: Description: Type:
MOU_UCF_DT_FINAL_1.27.16.doc Memorandum of Understanding Backup Material
MOU_EXHIBITS.PDF MOU Exhibits Backup Material
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