Summary:
On December 6, 2010, City Council approved various agreements between the City and FFWO, LLC relating to the mixed-use residential, retail and office development known as 55 West. FFWO subsequently sold the property to TA Realty Associates Fund IX, LP (TA Realty), and as part of such sale, the agreements between the City and FFWO were assigned to TA Realty with the City’s consent. TA Realty is in the process of selling the property and has received several offers, but a specific buyer has not been identified at this time. As part of the sale the agreements would need to be assigned to the buyer and the assignment would need to be approved by the City. In order to accommodate the timing of the transaction Staff is seeking Council authorization for the Chief Administrative Officer to review and approve the assignment on behalf of the City. The documents to be assigned are as follows:
1. Amended and Restated Economic Development Incentive Agreement 55 West On The Esplanade, dated as of December 6, 2010, by and between the City of Orlando, Florida (the “City”) and FFWO, LLC, a Florida limited liability company (“FFWO”);
2. Arts Space Lease 55 West and Church Street Market, 55 & 54 West Church Street, Orlando, Florida, dated as of December 6, 2010 (as amended), by and between FFWO, as landlord, and the City, as tenant;
3. Amended And Restated Garage Lease Agreement, dated December 6, 2010, by and between the City, as landlord, and FFWO, as tenant; and
4. Amended & Restated Parking Garage Operating Agreement, dated December 6, 2010, by and between FFWO and the City. |