Items Types:
Economic Development
For Meeting of:
March 28, 2016
District: 5 From:
Contract ID: Document Number:
Exhibits: Yes On File (City Clerk) : Yes Draft Only: No
Grant Received by City?: No

Assignment of Agreements Related To 55 West Development


On December 6, 2010, City Council approved various agreements between the City and FFWO, LLC relating to the mixed-use residential, retail and office development known as 55 West.  FFWO subsequently sold the property to TA Realty Associates Fund IX, LP (TA Realty), and as part of such sale, the agreements between the City and FFWO were assigned to TA Realty with the City’s consent.  TA Realty is in the process of selling the property and has received several offers, but a specific buyer has not been identified at this time.  As part of the sale the agreements would need to be assigned to the buyer and the assignment would need to be approved by the City.  In order to accommodate the timing of the transaction Staff is seeking Council authorization for the Chief Administrative Officer to review and approve the assignment on behalf of the City.  The documents to be assigned are as follows: 

1. Amended and Restated Economic Development Incentive Agreement 55 West On The Esplanade, dated as of December 6, 2010, by and between the City of Orlando, Florida (the “City”) and FFWO, LLC, a Florida limited liability company (“FFWO”);

2. Arts Space Lease 55 West and Church Street Market, 55 & 54 West Church Street, Orlando, Florida, dated as of December 6, 2010 (as amended), by and between FFWO, as landlord, and the City, as tenant;

3. Amended And Restated Garage Lease Agreement, dated December 6, 2010, by and between the City, as landlord, and FFWO, as tenant; and

4. Amended & Restated Parking Garage Operating Agreement, dated December 6, 2010, by and between FFWO and the City.

Fiscal & Efficiency Data:



Recommended Action:
Authorization for the Chief Administrative Officer to review and approve the assignment of the above-referenced documents to the purchaser of the 55 West property, provided that such purchase occurs within 90 days of this authorization, and approval of the attached Consent to Assignment and authorization for the Mayor and City Clerk to execute same, subject to review 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.

Approved By:

Department Date and Time
Budget Outside Routing Approval 3/16/2016 11:08 AM
Real Estate and Finance Attorney 3/16/2016 1:10 PM
City Clerk 3/16/2016 1:20 PM

Name: Description: Type:
55_West__Assignment___Assumption_of_Contracts_2016.doc 55 West - Assignment and Assumption of Contracts 2016 Backup Material

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