Summary:
The City owns property on which the Greater Orlando Aviation Authority, "GOAA," operates the Orlando International Airport, "OIA". GOAA is currently seeking approvals from the City for development of medium and high-intensity uses on the East Airfield Development Area of OIA. As a condition of said approvals and other development by Lake Nona occurring in the area, the City and GOAA will sell a parcel of property in the East Airfield Development Area to Tavistock to be utilized as a City park. By virtue of the terms of the Amended and Restated Operation and Use Agreement between the City and GOAA, the fair market value paid for conveyance of the park site will be retained by GOAA for airport purposes. Under the terms of the Amended and Restated Developer's Agreement between the City and Lake Nona, Tavistock will install park improvements at its cost and then convey the park property back to the City at no cost and unencumbered by airport-use restrictions. |