Orlando offering $75 million in assets for UCF-Creative Village concept

As the University of Central Florida struggles to meet state demands before asking Florida for $20 million for a new downtown Orlando campus, the city is offering to show the state its commitment, with contributions it values at $75 million.

Orlando City Council will be asked Monday to consider a plan that calls for Orlando to pitch in $42.5 million worth of land and buildings, $23 million in street and storm water improvements, plus another $2 million in parking concession.

In so doing, Orlando would try to help UCF convince the state the university has local buy-in for the endangered downtown campus plan.

Orlando, too, has a lot riding on it, anticipating the UCF campus to be the catalyst development for the slow-moving Creative Village that is envisioned to rise in Orlando downtown’s western edge.

The city also expects the company behind the project, Creative Village LLC, to commit another $7.7 million.

The commitments from City Hall come at a critical time for UCF, which is making its second pitch for state funding for the campus after Gov. Rick Scott vetoed a $15 million grant last summer.

This time, the governor’s office suggested UCF raise a matching amount if it wants $20 million in state funding for the project. But while UCF has managed some impressive contributions from civic partners and even members of the university’s leadership, it remains millions short as the  Legislature’s 2016 Session ticks away,

The city council will be asked to consider a memorandum of understanding that would be contingent on UCF getting the state money and get final approval from the Florida Board of Governors.

In its outline for city council, the city staff noted it has been negotiating with UCF on the plan “to show commitment for the campus plan to the Board of Governors.”

The city would offer:

• Transferring $20 million worth of land to UCF, at West Livingston Street and North Parramore Avenue, on the west end of downtown.
• Transferring the existing Center for Emerging Media building, formerly known as the Expo Center and valued at $22.5 million.
• Undertaking street realignments and construction in the area, which would be partially funded by federal money, and add up to $18.5 million.
• Undertake storm water improvements that would cost $4 million.
• Provide a five-year lease on a city-owned parking garage. It would be worth $2 million to UCF.
• Acquire a railroad spur in the area needed for the project.