The City and the University of Central Florida (UCF) entered into a Memorandum of Understanding (MOU) approved by City Council on February 8, 2016, for the development of the UCF Downtown Campus. As part of the MOU, the City agreed to lease its 603 space CentroPlex I parking garage and two retail spaces (380 and 398 West Amelia Street) located in the CentroPlex II parking garage to UCF for a period of five (5) years with three (3) additional one year extensions. It is anticipated that the lease for the garage and two retail spaces will be considered by City Council in July 2019, in advance of the campus opening in August 2019.

UCF needs to begin making improvements to the two retail spaces, which will house the UCF Police Department substation and other UCF programming, so the spaces are ready for the campus opening in August 2019. Staff is proposing a short term lease to accommodate UCF’s improvements.  Upon the expiration of the short term lease the City and UCF will enter into a new longer term lease for both the retail spaces and the CentroPlex I parking garage.

The short term lease will be for a period of approximately one (1) year commencing in August 2018, ending June 30, 2019.  Rent will be $5,000 per month.  The lease provides a construction period of approximately six (6) with rent beginning January 1, 2019. UCF will be making improvements to the spaces at its own expense, however it was determined that the HVAC system on the retail space located at 380 West Amelia Street is in disrepair. UCF will replace this HVAC system and in exchange, the City will provide a six (6) month rent abatement beginning on January 1, 2019, totaling $30,000 ($5,000 per month for six (6) months).  

Approval of the Lease Agreement and authorization for the Mayor/Pro Tem and City Clerk to execute the same, subject to the review and approval of the City Attorney’s Office.