Summary:
On September 20, 2016, the City of Orlando Municipal Planning Board approved a Planned Development application for the Magnolia Hotel (ZON2016-00023), a project consisting of 126 hotel rooms with a restaurant component. The Developer agreed, per the Conditions of Approval, to contribute $50,000 to an escrow account established for the construction of a multi-use trail. The contribution is required due to the additional length of trail that will be needed to divert the path from the preferred alignment along the project parcel to the alternative route, below the State Road-408 overpasses.
The Owner/Developer shall provide the escrow contribution prior to the City’s issuance of the first building permit for the project. The City agrees to hold the funds in a separate account, to be utilized only for costs related to the design and construction of the alternative multi-use trail route. If the City has not initiated design of the alternative route prior to December 1, 2023, the escrowed contribution shall be refunded to the Owner/Developer. In the event the City chooses not to proceed with the alternative trail route the City agrees to refund the escrowed contribution within thirty (30) days. |