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 Creative Village Site (CV Site).  The POA grants CVD an option to purchase parcels within the CV Site.

CVD has provided the City with a Notice of Exercise exercising its option to purchase Lot J. The attached Purchase Agreement memorializes the terms and conditions for the sale of Lot J to CVD to construct a Student Housing development that will support the Downtown Campus for the University of Central Florida and Valencia College. The proposed development will include 453 bedrooms (600 beds) of student housing; 100,000 square feet of educational space for UCF and Valencia College; and 10,000 square feet of retail.  The sale price of Parcel J, pursuant to the terms of the MDA, POA, and Amendment No. 1 to the POA is $3,352,135, calculated as $6,500 per unit for 453 bedrooms, 10,000 square feet of ground floor commercial at $31 per square foot, plus escalator.  The City’s estimate of the fair market value of the land is $3,352,135.

Approval of the sale of Lot J to CVD and approval of the Purchase Agreement in substantially the form attached, and authorization for the Mayor/Pro Tem and City Clerk to execute the Agreement and Deed and authorization for Real Estate Division Manager to execute all  related closing documents, including but not limited to authorization to extend each and every deadline for a period of up to sixty (60) days, as memorialized in the Agreement; all subject to review and approval by the City Attorney’s Office.