Disposition of Creative Village Real Property between City of Orlando and University of Central Florida

On February 8, 2016 City Council approved a Memorandum of Understanding (MOU) between City of Orlando and University of Central Florida (UCF) regarding plans for a Downtown Campus.

On March 20th City Council voted to approve the Disposition of Creative Village Real Property between City and University of Central Florida. 

The Purchase and Sale Agreement memorializes the terms and conditions for the conveyance of property to UCF for no monetary compensation ($0.00) to construct its Downtown Campus.

This conveyance is for the Center for Emerging Media and the Nap Ford Charter School and former CSX Parcel , all depicted on Exhibit A of the agreement. This land area contains 10.936 acres.

The City's contribution for the land is estimated at $14,581,747.00 based upon $30.61 per square foot contained in the February 8, 2016 Council Agenda Item for the MOU. Therefore, the City Staff estimate of the fair market value for the land is $14,581,747.00.

UCF has satisfied philanthropic efforts required by the Governor and Board of Governors of fund raising $20 million. For the real estate closing, UCF is responsible for all closing costs.

The UCF Downtown campus will bring 7,700 UCF and Valencia students to the City's urban core when it opens in the fall of 2019. The campus furthers the City's efforts to continue revitalizing Downtown and Parramore and provide new educational opportunities for underserved residents, all the while creating 2,000 new jobs and a more than $200 million impact on our economy each year.

The new campus is being built on the foundation of the current UCF Center for Emerging Media, and will offer degrees in digital media and communication, health information technology and administration, and community-facing programs like social work and legal studies. The campus will integrate with industry, placing students within walking distance of jobs and internships at Downtown businesses.

The campus is also anchor for the City's 68-acre Creative Village development which integrates affordable and market-rate housing with new office space for high-tech, digital media and creative companies.

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