In June of 2020, the Community Redevelopment Agency (CRA) entered into an agreement with the Trust for Public Land, Inc. (TPL) and the Orlando Land Trust (OLT) related to the purchase of the property located at the Northeast corner of Central Boulevard and Rosalind Avenue. The Property was conveyed from the Murrell Legacy, LLC (Murrell) to TPL and from TPL to the CRA for long term use as public park and open space, subject to an existing lease with 7-Eleven, Inc. (Lease). As part of the purchase transaction, a Lease Cancellation Agreement was entered into by Murrell, TPL and 7-Eleven, Inc. whereby the parties agreed to a date of cancellation of June 30, 2023 and a termination fee of $250,000 as set forth in the Lease (Lease Cancellation Agreement). As 7-Eleven, Inc. has ceased its operations at this location, it has requested that the Lease be cancelled December 31, 2021 for a reduced fee of $175,000. This Lease Termination Agreement sets forth the new date and fee and nullifies the prior Lease Cancellation Agreement. This earlier cancellation will enable the CRA to convert the land to its intended use as public park and open space in a shorter timeframe, thereby benefitting the public.

Fiscal impact statement attached.

Approving the Lease Termination Agreement in substantially the form attached hereto, subject to the review and approval of the City Attorney’s Office, authorizing the Chair and Executive Director to execute the Agreement, and authorizing the payment of the $175,000 reduced Termination Fee to 7-Eleven, Inc. in accordance with such Agreement.