CITY OF ORLANDO
COUNCIL AGENDA ITEM


Items Types:
Business and Financial Services
For Meeting of:
February 29, 2016
District: 3 From:
Contract ID: Document Number:
Exhibits: Yes On File (City Clerk) : Yes Draft Only: No
Grant Received by City?: No

Subject:
Restrictive Covenant for Cultural Facility Grant at the Orlando Science Center

Summary:

The City leases property located in Loch Haven Park to the Orlando Science Center, Inc through December 2046.  The Orlando Science Center has been approved to receive a $500,000 Cultural Facilities Grant, and a Restrictive Covenant between the City of Orlando ("Owner"), Orlando Science Center ("Grantee") and the State of Florida, Department of State, Division of Cultural Affairs ("Division") is required to ensure the facility remains a cultural facility throughout the 10 year time frame.  The $500,000 Cultural Facilities grant, matched with $1,000,000 of privately funded donations, is helping Orlando Science Center revitalize the iconic and beloved early childhood exhibit, Kids Town.  This grant will support infrastructure renovations necessary for new exhibitry to be built. 

 If the Orlando Science Center ceases to be used as a cultural facility within the 10 year period, the Grantee will be responsible to repay the grant funds to the Division, pursuant to the amortization schedule noted in the Covenant.


Fiscal & Efficiency Data: N/A

Recommended Action:
Approval of the attached Restrictive Covenant, substantially in the form attached, and authorization for the Mayor or 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: Rose Melillo
Approved By:

Department Date and Time
Budget Outside Routing Approval 2/17/2016 11:13 AM
City Clerk 2/18/2016 10:18 AM

ATTACHMENTS:
Name: Description: Type:
Restrictive_Covenant__2.2016.pdf Restrictive Covenant Backup Material

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