Interoffice Memoraru
I
. CONSENT AGENDA
COUNTY ADMINISTRATOR
6
GOVERNMENT
F L O R I D
A
May 5, 2009
TO:
Mayo r Richard T. Grotty
-And-
Board of County Commissioners
FROM:
Eric D. Gassman, Assistant County Administr
SUBJECT:
First Amendment to the Burnham Grant Agreement
Consent Agenda Item for May 19,2009
On March 6, 2007, the Board approved various legal agreements for the economic
incentive deal that brought the Burnham Institute for Medical Research to Orange
County. This economic incentive deal, which was in excess of $300 million, involved a
unique partnership with the State of Florida, Orange County, the City of Orlando, Lake
Nona Land Company LLC ("LNLC"), Florida's Blood Centers, Metro Orlando Economic
Development Commission, the University of Central Florida, the University of Florida,
Orlando Regional Healthcare Systems, Florida Hospital, Walt Disney World and
Orange County's philanthropic community.
One of the county's financial obligations under the Burnham grant agreement (the
primary funding agreement) is the "Philanthropy Drive Guarantee." In 2007, the
Burnham Institute was in the midst of a philanthropy campaign drive to raise
approximately $15 million. At that time, they had pledge commitments of approximately
$5 million, leaving $10 million as the remaining goal to be raised over the next three
years. Orange County and the City of Orlando agreed to equally cover any shortfall of
the remaining goal up to $5 million each, payable at the end of the campaign drive or in
March 2010. Due to the economic recession, the Burnham Institute has agreed to
extend the philanthropy campaign drive and the payment date of the county and city
guarantee from three years to seven years or payable in March 2014. Accordingly, the
attached first amendment to the Burnham grant agreement effectuates this change.
ACTION REQUESTED: Approval of and authorization for the Mayor or his
designee to execute Amendment No. 1 to Grant
Agreement by and among Orange County, Florida; City of
Orlando, Florida; Lake Nona Land Company LCC and
Burnham Institute for Medical Research.
EG/rm
Attachment
C: Tom Drage, County Attorney
Sharon Donoghue, Deputy County Administrator
John Lowndes, Assistant County Attorney
78
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