CITY OF ORLANDO
COUNCIL AGENDA ITEM

Items Types:
Business and Financial Services 		For Meeting of:
June 5, 2017
District: 3 From:
Contract ID: Document Number:
Exhibits: Yes On File (City Clerk) : Yes Draft Only: No
Grant Received by City?: No
Subject:
2017 Restrictive Covenant for Cultural Facility Grant at the Orlando Science Center
Summary:

The City leases property located in Loch Haven Park to the Orlando Science Center, Inc through December 2046.  The Orlando Science Center has been approved to receive a $750,000 Cultural Facilities Grant, and a Restrictive Covenant between the City of Orlando ("Owner"), Orlando Science Center ("Grantee") and the State of Florida, Department of State, Division of Cultural Affairs ("Grantor") is required to ensure the facility remains a cultural facility for ten (10) years following the execution of the grant award agreement.  The $750,000 Cultural Facilities grant is helping the Orlando Science Center create new “Maker Space” and update one classroom space for a new STEM Center.  

If the Orlando Science Center ceases to be used as a cultural facility within the 10 year period, the Grantee will be responsible to repay the grant funds to the Grantor, pursuant to the amortization schedule noted in the Restrictive Covenant.
Fiscal & Efficiency Data: N/A
Recommended Action:
Approval of the attached Restrictive Covenant, substantially in the form attached, and authorization for the Mayor or Pro Tem to execute same, subject to review and approval by the City Attorney's Office.
Agenda Item attachment(s) on file in the City Clerks Office.
Note: All agenda items must be in the City Clerk's office by Noon Friday, six(6) business days prior to the regular Monday City Council meeting.
Contact: Tonie McNealy (Wes Powell)
Approved By:

Department Date and Time
Budget Outside Routing Approval 5/24/2017 2:09 PM
City Clerk 5/24/2017 3:25 PM
ATTACHMENTS:
Name: Description: Type:
Sicence_Ctr_-_Restrictive_Covenant_CAI_06-05-17.pdf OSC Restrictive Covenant 5.15.2017 Backup Material
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