Summary:
GOAA, All Aboard Florida, Inc., "AAF", and the City entered into a Rail Line Easement Agreement, "Easement", on January 22, 2014. The Easement governs the parties' rights and obligations related to the development of an Inter-City Commercial Passenger Rail Project, "Rail Project," from Miami to Orlando with a northern terminus at the Orlando International Airport "OIA". GOAA and AAF also entered into a Premises Lease and Use Agreement, "Lease", on January 22, 2014, with the City signing as a Joinder. The Lease relates to the construction, maintenance and operation of a rail station building at the Intermodal Transportation Facility on OIA property. Due to a change in the timing of construction of the Rail Project by AAF, certain of the improvements that AAF originally planned to complete will be designed and constructed by GOAA, at AAF's expense. The Embankment Funding Agreement defines the improvements that GOAA will now construct and obligates AAF to fund them. The City will execute the Embankment Funding Agreement as a Joinder solely to acknowledge the City's consent to the Agreement to the extent that the terms relate to the Lease and the Easement. |