Common use of Property Development Clause in Contracts

Property Development. It is anticipated that the capital revenue funds shall be provided to FSUS, Inc. to provide nominal payment for a long-term lease (99 years) to the State Board of Trustees of the Internal Improvement Trust Fund for the school site and to service the debt service incurred to construct the proposed new school facility as described generally in Appendix C. In the event the new school is not constructed, only the DRS capital funds would be available for use by the FSUS, Inc. In the event the new school is completed and the amount of capital funding received exceeds what is required to maintain the lease and provide for debt service, the FSUS, Inc. may utilize the funds to provide additional facilities for the DRCS, make capital improvements to the existing plant or enter joint postsecondary use or other collaborative agreements for the enhancement or extension of public education, for example as per section 235.195, Florida Statutes.

Property Development. It is anticipated that the capital revenue funds shall be provided to FSUS, FSUS Inc. to provide nominal payment for a long-term lease (99 50 years) to the State Board of Trustees of the Internal Improvement Trust Fund BOR for the school site and to service the debt service incurred to construct the a proposed new school facility as described generally in Appendix C. facility. In the event the new school is not constructed, only the DRS capital funds would be available for use by the FSUS, FSUS Inc. In the event the new school is completed and the amount of capital funding received exceeds what that which is required to maintain the lease and provide for debt service, the FSUS, FSUS Inc. may utilize the funds to provide additional facilities for the DRCS, make capital improvements to the existing plant plant, or enter into joint postsecondary post-secondary use or other collaborative agreements for the enhancement or extension of public education, for example as per section including but not limited to the type of agreement contemplated by Section 235.195, Florida Statutes.