Summary:
CVD is the competitively-selected master developer of the Creative Village Site (CV Site) in downtown Orlando. On February 7, 2011, City Council approved a Master Development Agreement (MDA) and Purchase Option Agreement (POA) to establish rights and responsibilities between the parties regarding the management and redevelopment of the CV Site. The POA grants CVD an option to purchase parcels within the CV Site.
Pursuant to the POA, CVD has provided the City with a Notice of Exercise exercising its option to purchase Lot M. The attached Purchase Agreement memorializes the terms and conditions for the sale of Lot M (see attached location map). CVD has assigned the Purchase Agreement to Ustler Development, Inc. a Florida corporation. Ustler Development, Inc. will form a single purpose entity to act as the owner/developer of the multi-family housing project, and the City will deed the property to the single purpose entity. The purchase price of the property is $5,475,396.00. The City’s estimate of the fair market value of the property is $5,475,396.00. |