Summary:
The City and Lake Nona Central, LLC, "Lake Nona," entered into a Transportation Agreement and Agreement Regarding State Grant Funds on May 19, 2015. The Transportation Agreement provided for Lake Nona's construction of USTA Boulevard and upon completion, its dedication to the City. The City has recently issued a certificate of completion for the roadway and Lake Nona has caused its conveyance to the City. In addition, the Transportation Agreement provides for the conveyance of the drainage system that accommodates stormwater from USTA Blvd. This drainage system is currently owned by the Myrtle Creek Improvement District and maintained by Lake Nona. The Assignments accomplish the transfer of the drainage systems to the City; however, Lake Nona retains responsibility for operation and maintenance. |