Items Types:
For Meeting of:
December 15, 2014
District: ALL From:
Contract ID: Document Number:
Exhibits: Yes On File (City Clerk) : Yes Draft Only: No
Grant Received by City?: Yes

Subordination agreement between The City of Orlando and Old Florida Bank, 315 East Robinson Street, Suite 350, Orlando, Florida 32801.


On September 9, 2014 City Council approved an agreement between the City of Orlando and Lighthouse Central Florida, Inc. for FY 2013-2014 Community Development Block Grant (CDBG) funding in the amount of Three Hundred Thousand Dollars ($300,000.00). CDBG is being used to partially fund the estimated $800,000.00 rehabilitation and expansion of the Lighthouse building located at 2500 Kunze Avenue, Orlando, Florida, 32804. The City agreement included placing a mortgage on the property.   Lighthouse Central Florida, Inc. has an existing loan from Florida Capital Bank (1st Lender) which is subsidizing the remainder of the project, under which the City of Orlando occupies a secondary mortgage lien position.   Lighthouse has subsequently applied to Old Florida Bank (2nd Lender) for a lower-rate refinance of the existing loan.   Old Florida Bank, as the new Lender, is requesting the City of Orlando subordinate its loan position to the same secondary position it currently occupies under the existing loan. 


Fiscal & Efficiency Data: No fiscal impact.

Recommended Action:
Approve and authorize the Mayor and City Clerk to execute the subordination agreement between the City of Orlando and Old Florida Bank, after review and approval of the documents 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: Janis Akerstrom
Approved By:

Department Date and Time
Budget Outside Routing Approval 12/5/2014 10:08 AM
Budget Outside Routing Approval 12/5/2014 10:08 AM
Grants 12/5/2014 12:42 PM
City Clerk 12/5/2014 12:53 PM

Name: Description: Type:
Old_Florida_Bank_Subordination_Agreement.DOCX Old Florida Bank Subordination agreement Backup Material

"Enhance the quality of life in the City by delivering public services in a knowledgeable, responsive and financially responsible manner."