Summary:
The Amended and Restated Orlando/Orange County Interlocal Agreement between the City of Orlando (City), Orange County (County) and the Community Redevelopment Agency (CRA), was approved by the Board of County Commissioners of the County on October 22, 2013, and by the City Council of the City and the governing board of the CRA on November 4, 2013 (the "Amended and Restated Interlocal Agreement").
The Amended and Restated Interlocal Agreement codifies the original Interlocal Agreement dated August 6, 2007, and the three (3) amendments thereto dated September 16, 2008, July 16, 2012 and October 22, 2013, and relates to the construction and funding of the four (4) community venues consisting of the Performing Arts Center, Events Center, Citrus Bowl and Soccer Stadium.
The Amended and Restated Interlocal Agreement currently provides for $25,000,000 in additional funding (Additional Contract TDT Obligations) for the second and final stage of performing arts center contingent upon construction of the final stage commencing prior to January 31, 2015. This First Amendment extends the time period for the commencement of construction of the final stage by an additional two (2) years to January 31, 2017. For purposes of this Amendment, "commencement" of construction is demonstrated by the City (a) completing the design documents necessary for soliciting a GMP construction contract for Stage 2, and (b) obtaining the County's approval of the parameters for the anticipated bond issue for Stage 2.
In addition, the time period for the City to submit the required certification to the County that (1) construction of the final stage has "commenced" as defined above, and (2) all other funds necessary to complete the final stage are committed and available in cash or other security, is also being extended an additional two (2) years from March 31, 2015 to March 31, 2017.
All other terms and conditions of the Amended and Restated Interlocal Agreement remain in effect. |