| | | | | | | |  | CITY OF ORLANDO
AGENDA ITEM
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Items Types: Economic Development
| For Meeting of: 5/18/2015
| | District:2 | On file (City Clerk):Yes |
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| | | | | | | | | Subject: | Termination of Developer's Agreement relating to the Lake Fredrica Club Apartments | | Summary: | On December 7, 1971, the City of Orlando and George M. Barley, Jr., as trustee, entered into that certain "Subdivision Check List and Developers Agreement" (the "developers agreement"), relating to the then-proposed development of the Lake Fredrica Club Apartments located at 3211 S. Semoran Boulevard. The developers agreement is recorded in the official records of Orange County at book 2161, page 70.
On June 23, 1972, that certain "Supplemental Developers Agreement" (the "supplemental agreement") was entered into by the City of Orlando and Lake Fredrica Club Apartments, a Florida general partnership. The supplemental agreement is recorded in the official records of Orange County at book 2244, page 821, and also relates to land that is currently developed as an apartment complex and is addressed as 3211 S. Semoran Boulevard.
The land that is subject to these two agreements is currently owned by Lake Fredrica Apartments, LLC (the "owner"). Due to the obsolescence of the two agreements, and in order to clear title to the land subject of the agreements, the owner is requesting a release of the agreements. City staff has reviewed the agreements and finds that the terms and conditions of the agreements have been fully satisfied.
| | Fiscal and Efficiency Data: | No fiscal impact. | | Recommended Action: | Approval of the proposed Termination of Developer's Agreement and authorize the Mayor or Mayor Pro Tempore to execute on behalf of the City of Orlando upon final review and approval by the City Attorney. | | Contact: | Kyle Shephard |
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| ATTACHMENTS: | | File Name | Description | Type | | Termination_of_Developer_s_Agreement__(1)_(Lake_Fredrica).pdf | Request for Termination of Developer's Agreement | Backup Material | | Avesta_-_Laguna_Oaks_-_Termination_of_Developer_s_Agreement_-_2384024v1_(1)_ks.docx | Termination of Developer's Agreement | Contract Docs |
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