| | | | | | | |  | CITY OF ORLANDO
AGENDA ITEM
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Items Types: Business and Financial Services
| For Meeting of: 11/14/2016
| | District:ALL | On file (City Clerk):Yes |
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| | | | | | | | | Subject: | Joinder of City of Orlando to Escrow Deposit Agreement | | Summary: | Pursuant to the Community Venues Interlocal Agreement (Interlocal Agreement), the City issued its Contract TDT Payments Revenue Bonds Series 2014A (Contract TDT Obligations) to partially finance the construction of the new performing arts center and the Citrus Bowl renovation. The Contract TDT obligations are secured by Contract TDT Revenues. Under the Interlocal Agreement the County has the right prepay the City’s Contract TDT Obligations. Doing so would release the County from the obligations to send Contract TDT Revenues to the City and would enable the County to allocate those revenues for other purposes. The County has decided to exercise that right. The County will issue bonds that will 1) pay off all of the City’s Contract TDT Obligations and 2) provide the remaining funding authorized under the Interlocal Agreement for the completion of the second stage of the Dr. Phillips Center for the Performing Arts. The Escrow Deposit Agreement between the County and Wells Fargo, as Escrow Agent, is required in order to fully defease the City’s Contract TDT Obligations and release the County from their obligation to send Contract TDT Revenues to the City. The County has requested that the City execute a Joinder to the Escrow Deposit Agreement consenting to the defeasance of the City's Contract TDT Obligations. | | Fiscal and Efficiency Data: | N/A | | Recommended Action: | Approval of the Joinder of City of Orlando to Escrow Deposit Agreement and authorization for the Mayor and City Clerk to execute same, subject to review by the City Attorney's Office | | Contact: | Wesley Powell |
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| ATTACHMENTS: | | File Name | Description | Type | | Escrow_Dep._Agrt__County_Wells_Fargo_2016.pdf | Escrow Deposit Agreement_City Joinder | Backup Material |
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 "Enhance the quality of life in the City by delivering public services in a knowledgeable, responsive and financially responsible manner." |
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