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COMMUNITY VENUES PROJECT UPDATE. Orange County Board of County Commissioners July 10, 2012. Amway Center. $497 Million – Estimated Final Cost $385M Building $270M from 6 th cent TDT $30M from State $12M City lease revenues $55M Magic contribution $18M interest earnings

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Community venues project update

COMMUNITY VENUES PROJECT UPDATE

Orange County

Board of County Commissioners

July 10, 2012


Amway center
Amway Center

  • $497 Million – Estimated Final Cost

    • $385M Building

      • $270M from 6th cent TDT

      • $30M from State

      • $12M City lease revenues

      • $55M Magic contribution

      • $18M interest earnings

    • $41M Property from City

    • $71M Infrastructure/Garage from City


Amway center1
Amway Center

  • Opened October 1, 2010

    • 2012 NBA All Star Weekend - $95M economic impact

  • The Quality Events Center Standard was achieved on time and within budget

  • Additional scope and costs beyond Quality Events Center Standard were requested and paid for by the Orlando Magic


Amway center2
Amway Center

  • Residual funds at closeout of the 6th Cent TDT Construction Funds were transferred to the Trustee to pay debt service on the bonds in accordance with bond covenants

  • Blueprint – exceeded M/WBE goals

    • 36% participation as of April 2012 (MCOC meeting 6/12/2012)


Dr phillips center for the performing arts
Dr. Phillips Center for the Performing Arts

  • Economic Recession

    • Caused construction delays

    • Caused project to be constructed in two stages


Dr phillips center for the performing arts1
Dr. Phillips Center for the Performing Arts

Updated Financing Summary (In Millions)

  • 1 Excludes pre-opening costs and endowment gifts in Stage I

  • 2 For Stage II, $77.5M plus estimated escalator assuming 2% CPI


Dr phillips center for the performing arts2
Dr. Phillips Center for the Performing Arts

  • Stage 1 is on time and within budget

  • Includes 2,700 seat amplified theater and 300 seat education theater

  • Safety record – no lost time incidents

  • Blueprint – Exceeding M/WBE Goals

    • 27% participation as of April 2012 (MCOC Meeting 6/12/2012)

  • Target opening date: Fall of 2014


Dr phillips center for the performing arts3
Dr. Phillips Center for the Performing Arts

  • Stage II: 1,700 seat multi-form theater

  • Dr. Phillips Center announced $75M fundraising goal to complete the arts center project

  • Mayor Dyer has committed to issuing debt when all philanthropic contributions are raised

  • Costs are expected to increase due to construction delays and building project in two stages

  • Proposed amendment to Community Venues Interlocal Agreement includes an escalator clause to offset a portion of the expected increase


Citrus bowl
Citrus Bowl

  • Economic Recession caused delays

  • Capital One Bowl negotiations in fall

  • Proposed amendments to Community Venues Interlocal Agreement will expedite renovations


Citrus bowl1
Citrus Bowl

Updated Financing Summary (In Millions)

1 $140M plus estimated escalator assuming January 2014 and 2% CPI


Citrus bowl2
Citrus Bowl

  • 2009-2010 Design and Improvements

    • $12M from Centroplex redevelopment proceeds and Orlando Venues Department

    • Project included improvements to food service areas and bathrooms, technological and lighting upgrades, artificial turf, aesthetic enhancements and other repairs

    • Future Citrus Bowl improvements will build on the 2010 improvements

    • Draft Pre-Design Report including site assessment and conceptual drawings


Citrus bowl3
Citrus Bowl

If Amendment to Community Venues Interlocal Agreement is Approved:

  • Final design will start immediately

  • City plans to provide credit source and issue debt for Citrus Bowl in early 2014

  • Target completion date December 2014


Citrus bowl4
Citrus Bowl

  • Proposed Amendments will allow the renovations to be expedited

  • Extending Community Venues Agreement to the earlier of 2046 or when all Contract TDT debt is paid off, whichever is earlier

  • Removing the restriction on when the City can issue Citrus Bowl debt

  • Establishing a one-time $12.5M “County” reserve from TDT to support City’s debt

  • Allowing City to use excess Contract TDT payments generated in one year for debt service shortfalls occurring within a 10 year period

  • Performing Arts Center – Phase II Escalator Clause

    • CPI for max 6 year delay period or actual costs, whichever is less


Community venues project update1

COMMUNITY VENUES PROJECT UPDATE

Orange County

Board of County Commissioners

July 10, 2012


Community venues update
COMMUNITY VENUES UPDATE

  • Requested Action


Approval of Second Amendment to Orlando/Orange County Interlocal Agreement: Performing Arts Center, Events Center and Citrus Bowl

Recommended Action


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