Summary:
In the Spring of 2010, the City issued a Solicitation for Proposals for the redevelopment of the Creative Village Site (CV Site) consisting of 68 gross acres (+/-), including the Amway Arena and surrounding area. Creative Village Development, LLC (CVD) a joint venture between Banc of America Community Development Corporation and Creative Village Orlando, LLC, a local development entity led by Ustler Development, Inc., was selected to develop the CV Site. On February 7, 2011, City Council approved a Master Development Agreement (MDA) and Purchase Option Agreement (POA) with CVD to establish rights and responsibilities between the City and CVD regarding the management and redevelopment of the CV Site. More specifically, the MDA provides, among other things, that CVD is the master developer of the Creative Village Site, and the POA grants CVD an option to purchase the parcels located within the Creative Village site.
Due to the evolving nature of the development program and contractual needs, the proposed Amendment 1 to Purchase Option Agreement addresses necessary changes to three exhibits to the Purchase Option Agreement. The proposed amendment:
1. Amends exhibit A to correct certain Scrivener’s Errors in the legal description of the property,
2. Amends Exhibit D, the standard form Purchase Agreement, to bring the legal language current with modern form and phrasing, and
3. Amends Exhibit F, the Schedule of Unit Prices, to add CVD Option Pricing for Purpose-Built Student Housing at $6,500 per bedroom. |
Recommended Action:
Approval of Amendment No. 1 to the Purchase Option Agreement for Creative Village, and authorization for the Mayor/Mayor Pro Tem and City Clerk/Deputy City Clerk to execute same, subject to review and approval of the City Attorney’s Office, and authorization for the City Attorney’s Office to correct Scrivener’s Errors. |