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Summary:
Weingarten is the lessee of the Herndon Plaza Shopping Center under the Amended & Restated Lease Agreement effective January 1, 2006 (Lease) between Weingarten and the Greater Orlando Aviation Authority (GOAA). The initial term of the Lease is 30 years with four (4) five (5) year renewals options. Weingarten desires to assign the Lease to ARC CLORLF001, LLC (ARC), a wholly-owned subsidiary of American Realty Capital - Retail Centers of America, Inc. (American Realty). GOAA approved a Consent to Assignment and Release at its December 10, 2014 Board meeting, and has requested that the City approve the Consent to Assignment and Release, and approve a Consent to Assignment of the Non-Disturbance and Attornment Agreement. The terms of the lease remain unchanged. |
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Fiscal & Efficiency Data:
Not Applicable
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Recommended Action:
A) Approval of the Consent to Assignment and Release and authorization for the Mayor and City Clerk to execute the Joinder to Consent, subject to review by the City Attorney's Office, and
B) Approval of the Consent to Assignment of Non-Disturbance and Attornment Agreement, and authorization for the Mayor and City Clerk to execute same, subject to review by the City Attorney's Office. |
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Agenda Item attachment(s) on file in the City Clerks Office.
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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.
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Contact:
Wesley Powell
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Approved By:
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Department
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Date and Time
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| Budget Outside Routing Approval |
12/3/2014 9:31 AM |
| City Clerk |
12/3/2014 2:51 PM |
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