Items Types:
Business and Financial Services
For Meeting of:
June 15, 2015
District: 3 From:
Contract ID: Document Number:
Exhibits: Yes On File (City Clerk) : Yes Draft Only: No
Grant Received by City?: No

An Agreement with the Orlando Science Center to enable a reallocation of the remaining repayment schedule from a previous loan to their Unlock Science Capital Campaign ($675,913.02) and Repair and Replacement activities ($324,086.98)


The Orlando Science Center launched a multi-million dollar comprehensive Unlock Science campaign to tackle the national Science Technology Engineering and Math (STEM) learning priority.  The Center will reach more students and teachers and make a bigger impact on STEM industries by expanding programs and updating exhibits.

The priorities of the Unlock Science campaign are to:

1) Innovate content by reclaiming space from within to dedicate 60,000 square feet to experiential galleries, and a STEM Discovery Center. Content will include Early Childhood, Health & Wellness, Nature & Environment, Space Science, Physical Science, Earth Science and Natural Sciences.

2) Increase access to under-served audiences.

3) Grow Orlando Science Center’s endowment to ensure long-term success and to offer resources for innovation.

The original loan was for $1.2 million with a term of 10 years, with semi-annual payments of $100,000 due on November 1st and February 1st through February 1, 2020.  The total repayment was $2 million and the Orlando Science Center has fulfilled all of its obligations to date.  They will continue their payments through February 1, 2020 but instead of repaying the original loan, the funds will be deposited into a City held Capital Campaign Account and Repair and Replacement Account for the Science Center to access according to the terms of this agreement.

Fiscal & Efficiency Data: See Fiscal Impact Statement

Recommended Action:
Approval of the attached Agreement to the Orlando Science Center and authorization for the Mayor or Mayor Pro Tem to execute same, subject to review and approval 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: Brian Battles
Approved By:

Department Date and Time
Budget Outside Routing Approval 6/5/2015 11:31 AM
City Clerk 6/5/2015 11:54 AM

Name: Description: Type:
BFS_-_LOAN_FORGIVENESS_AGREEMENT_2015_Science_Ctr_FINAL_Revised.doc Loan Forgiveness Agreement Backup Material
BFS_-_FIS_Science_Center_Revised_6-15-15.docx Fiscal Impact Statement Backup Material

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