Summary:
Lake Nona Central, LLC, "Lake Nona," owns property located south of Dowden Road, west of Narcoossee Road and east of the Orlando International Airport, within the Lake Nona Development of Regional Impact, "Lake Nona DRI." The United States Tennis Association, "USTA," has selected an approximately sixty-three (63) acre site within the Lake Nona DRI for its newest tennis complex, to be the largest such complex in the country consisting of a high performance player development area, tournament league areas, administrative offices and a collegiate tennis area, with seating for 1200, which will serve as the home of the University of Central Florida's Men's and Women's Varsity Tennis Programs, "Project". The Project is anticipated to generate significant economic development in the area and will be the new home of the National Headquarters for the USTA. The Project includes an approximately 1.25 mile two-lane divided roadway, "Entry Road," extending from Lake Nona Boulevard to the Project site. Lake Nona is responsible for design and construction of the Entry Road, which will become a City roadway and has requested that the City participate in the project by purchasing the Entry Road right-of-way and by paying a portion of the cost of design and construction. The City's funding obligation will not exceed $4,000,000 and is conditioned upon Lake Nona's conveyance of clear title to the right-of-way for Entry Road and Lake Nona's completion of the Entry Road construction to the City's satisfaction. |