On November 20, 2013, the City and SED Development, LLC, "SED", entered into a Purchase Contract whereby SED agreed to purchase property owned by the City, consisting of approximately eight and one-half (8 1/2) acres located west of Hughey Avenue, east of Division Avenue, north of Church Street and south of Central Blvd,, "Subject Property". The City operates the Church Street Parking Garage, "Garage," and the Orlando Police Department Headquarters with attendant parking facilities, "OPD Headquarters," on the Subject Property. SED proposes to develop the Subject Property as an office/hotel project with a sports entertainment complex, "SED Project." As a condition of closing SED's purchase of the Subject Property, SED and the City must enter into a Lease Agreement providing for the City's use of the OPD Headquarters until the new OPD Headquarters site is completed. The Lease provides a thirty- month initial term at $100,000 per year, as well as two renewal terms of six months each at $100,000 per renewal term. During the Lease, the City is responsible for all operating and maintenance costs and will, in general, continue to utilize the OPD Headquarters as it is currently utilized, including OPD's use of portions of the Garage in accordance with a plan to be finalized prior to closing.