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 1/5) 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 Development Agreement, which, in addition to the PD previously approved by the City, provides parameters relating to the SED Project, including a demolition and development schedule. As referenced in the Purchase Contract, the Development Agreement also provides that if SED elects to construct convention center space as part of the hotel development, the City will, at that time, negotiate and present to City Council an agreement providing for the City's contribution of $1.7 Million towards construction of the convention space. The Development Agreement further provides that (i) the Orlando Magic will relocate their headquarters to the office portion of the SED Project, (ii) SED will construct parking facilities as part of the SED Project to partially offset the loss of the Garage, (iii) SED will construct improvements to Pine Street extending through the SED Project to Division Avenue, and (iv) upon full execution of the Development Agreement, SED will begin operation of the Garage and will continue operation until thirty days prior to demolition.