According to a City of Orlando Council agenda item, 55 West, the downtown Orlando mixed-use residential, retail and office development at 55 West Church Street (MAP), is in the process of selling. A specific buyer has not been identified. The thing is, it's been for sale for a year now. FFWO, LLC built it and subsequently sold it to TA Realty Associates Fund IX, LP. Whoever buys it next, as part of the sale, the 4 agreements below would need to be assigned to the buyer and the assignment would need to be approved by the City. In order to accommodate the timing of the transaction staff is seeking Council authorization for the Chief Administrative Officer to review and approve the assignment on behalf of the City. The documents to be assigned are as follows:
- Amended and Restated Economic Development Incentive Agreement 55 West On The Esplanade, dated as of December 6, 2010, by and between the City of Orlando, Florida (the “City”) and FFWO, LLC, a Florida limited liability company (“FFWO”);
- Arts Space Lease 55 West and Church Street Market, 55 & 54 West Church Street, Orlando, Florida, dated as of December 6, 2010 (as amended), by and between FFWO, as landlord, and the City, as tenant;
- Amended and Restated Garage Lease Agreement, dated December 6, 2010, by and between the City, as landlord, and FFWO, as tenant; and
- Amended & Restated Parking Garage Operating Agreement, dated December 6, 2010, by and between FFWO and the City.
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