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File #:
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25-814
Version:
1
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Name:
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Type:
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Recommendation
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Status:
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Passed
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On agenda:
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6/3/2025
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Final action:
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6/3/2025
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Title:
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Acceptance and execution of Letter Correcting Scriveners Error in Camping World Stadium Agreement and authorization for the County Administrator to sign on behalf of Orange County, Florida.
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Interoffice Memorandum
DATE: June 3, 2025
TO: Mayor Jerry L. Demings and County Commissioners
THROUGH: N/A
FROM: Lisa Snead, Assistant County Administrator/Acting HR Director
CONTACT: Lisa Snead
PHONE: 407-836-7382
DIVISION: N/A
ACTION REQUESTED:
title
Acceptance and execution of Letter Correcting Scriveners Error in Camping World Stadium Agreement and authorization for the County Administrator to sign on behalf of Orange County, Florida.
body
PROJECT: Interlocal and Funding Agreement between Orange County, Florida and City of Orlando, Florida for Camping World Stadium Improvements
PURPOSE: In the process of preparing to issue the Contract Stadium Tourist Development Tax (TDT) Bonds pursuant to the Camping World Stadium Interlocal and Funding Agreement, we discovered a scrivener’s error that should be corrected. The City or Orlando proposes to correct the error via the attached letter to be signed by the City and County.
The error in question relates to the 3rd and 4th cent of TDT. While the letter correcting the error is self-explanatory, please note that the term "Third Cent TDT Revenues" is defined in the Agreement but never used. As stated in the letter, adding the defined term "Third Cent TDT Revenues" in three places in the Agreement will correct the error. More specifically, adding the term so that the subject sentences include the first four cents of the TDT (as opposed to only three cents as currently written) will correct the error and avoid any adverse impact on the Contract Stadium TDT Bonds’ credit rating and qualification as "Credit Enhanced Obligations" as required under the Agreement.
BUDGET: N/A
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