| | | | | | | |  | CITY OF ORLANDO
AGENDA ITEM
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Items Types: Business and Financial Services
| For Meeting of: 12/8/2014
| | District:5 | On file (City Clerk):No |
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| | | | | | | | | Subject: | Amendment Two to Option for Ground Lease with Option to Purchase between City and CNL Dickinson, LTD | | Summary: | The City and ABB/Dickinson Partnership, Ltd., a predecessor to CNL Dickinson, Ltd, "CNL", entered into an Option for Ground Lease with Option to Purchase dated May 26, 2004, "Agreement". The Agreement granted CNL an option to purchase, "Option," the Option Property, as that term is defined in the Agreement, that would have expired on December 31, 2012. Pursuant to an Amendment to the Agreement, entered into on December 19, 2012, the City and CNL extended the term of CNL's Option by two years, to December 31, 2014. CNL and the City now desire to extend the Option for an additional two (2), one-year extensions, to be exercised at CNL's discretion. The first year option payment will be retained by the City. The second year option payment will be disbursed to the Dr. Phillips Center for the Performing Arts, Inc. | | Fiscal and Efficiency Data: | Option payments will be deposited in City Commons Fund 0001; Cost Center (Program) PKG0017_C. | | Recommended Action: | Approval of the attached Amendment Two and the related Memorandum and authorization for the Mayor or Mayor Pro Tem to execute same, subject to review and approval by the City Attorney's Office. | | Contact: | Roy Payne |
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| ATTACHMENTS: | | File Name | Description | Type | | CNL.Second_Amendment_to_Option.11.19.14.doc | Second Amendment | Backup Material | | CNL.Mem.Second_Amend.Option_-11.19.14.doc | Second Amendment Memo | Backup Material |
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