Summary:
On June 25, 2018, Council approved the lease of the Rogers Kiene building located at 37 & 39 S. Magnolia Avenue to Downtown Arts District (DAD). The initial lease term is for a period of five (5) years through June 30, 2023. The lease provides an option to renew for another five (5) year giving DAD a total term of ten (10) years through June 30, 2028.
DAD is in the process of applying for an Orange County Arts & Cultural Affairs grant (Grant) which will provide funds for interior improvements. The Grant requires that the building be used as a cultural facility for a minimum term of fifteen (15) years. DAD has requested that the City amend the Lease to extend the term so it can qualify for the Grant. The grant-funded improvements to the building are of substantial benefit to the citizens of Orlando.
The Lease will be amended to provide a 2nd renewal term of approximately seven (7) years. The 2nd renewal option is contingent upon DAD applying for and receiving the Grant. Should DAD receive the Grant the lease term will be extended through December 31, 2035. Other terms and conditions are detailed in the attached Amendment. |