Items Types:
Business and Financial Services
For Meeting of:
October 20, 2014
District: 5 From:
Contract ID: Document Number:
Exhibits: Yes On File (City Clerk) : Yes Draft Only: No
Grant Received by City?: No

Lease Agreement Between City and SED Development, LLC


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.   

Fiscal & Efficiency Data: Lease payments will be made from General Fund # 0001_F.  
Cost Center # NDG0001_C.

Recommended Action:
Approval of the Lease Agreement in substantially the form attached 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: Roy Payne
Approved By:

Department Date and Time
Budget Outside Routing Approval 10/13/2014 12:54 PM
City Clerk 10/13/2014 12:55 PM

Name: Description: Type:
BFS_-_SED_Lease_Agr_FINAL2_10-14-2014.docx SED Lease Agreement Backup Material

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