Resolution approving termination of a non-exclusive drainage easement granted by International Speedway Corporation and accepting a replacement non-exclusive drainage easement granted collectively by Daytona Beach Property Holdings Retail, LLC; International Speedway Corporation; and 220 BFB, LLC. International Speedway Corporation is requesting the termination of a drainage easement that granted the City drainage rights over portions of the stormwater system that served the prior General Electric Research Park. The easement in question currently encumbers a portion of the One Daytona project that will be developed as a Fairfield Inn hotel. Financing for that portion of the project requires termination of the prior easement to avoid any title issues. The City will receive a replacement drainage easement that will provide drainage rights through the new stormwater system currently under construction in connection with the One Daytona project. The new easement will include drainage rights for the City, but will specify that the stormwater system will be owned and maintained by the One Daytona Community Development District. No City funding is associated with this request.
Recommendation: Director of Utilities recommends adoption of the
Resolution.