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  1. “Whatever you can do or dream you can, begin it. Boldness has genius, power, and magic in it. Begin it now.” -Johann Wolfgang von Goethe

  2. City of Orlando/Orange County Interlocal AgreementJuly 26, 2007

  3. Byron W. Brooks, AICP Chief Administrative Officer, City of Orlando

  4. Vision for Downtown Our Vision “A dynamic downtown model for the 21st century. A safe, sustainable, livable and vibrant city center. A welcome and desirable place for all people, especially the citizens of Orlando.” Our Mission To revitalize, strengthen and promote Downtown Orlando as: • The economic hub of the region • The regional leader in arts, culture and sports • A prosperous place for businesses and institutions • An attractive, entertaining urban destination • A livable residential neighborhood offering a variety of housing choices • A catalyst to foster collaboration, communication and partnerships among cultural groups, businesses, educational institutions, and government

  5. Vision for Downtown • Downtown Defines a Region • Vision Matters • Enhancing Education • Making Memories

  6. The Community Venues • New Events Center • New Performing Arts Center • Renovation of Florida Citrus Bowl Stadium

  7. Summary of Key Activities

  8. Summary of Key Activities

  9. Summary of Key Activities

  10. Downtown Master Plan In November 2005, the City initiated the downtown master planning process with nationally known planning & design firm Glatting Jackson Kercher Anglin • The Master Plan guides the placement and design of the Community Venues so they: • Improve the quality of life for Orlando and Central Florida • Strengthen economic development opportunities for the region • Support the continued revitalization of Downtown, while protecting the history and heritage of the area and surrounding neighborhoods • Reference: Downtown Orlando Community Venues Master Plan, Glatting Jackson, November, 2007.

  11. Downtown Master Plan Project Framework & Principles • Connect and Strengthen Neighborhoods • Leverage Community Assets to Build a Strong Downtown • Celebrate and Strengthen Community Amenities • Build Great Streets • Improve Core Retail Areas • Realize Good Returns on Public Investment • Maximize Use of Existing Infrastructure • Accommodate Alternative Modes of Transportation • Design Regional Facilities as Good Neighbors

  12. Downtown Master Plan

  13. Downtown Transportation Plan As part of Downtown planning efforts, the City conducted the most comprehensive Downtown Transportation Plan in its history Recommendations include: • Extending & realigning the current road network • Enhancing intersections by adding turn lanes & improving timing of signals • Converting some Downtown streets to two-way • Maximizing improvements to I-4, SR 408 & Downtown on/off ramps offering direct access to the Venues • Installing electronic signage system to direct people to available parking & safe walkways • Enhancing on-street bike lanes

  14. Meeting Community Venues Access & Parking Needs • New Venue locations deliver much improved parking support • Our goal is to create a seamless system with multiple options: • Improved road network • Pedestrian-friendly culture • Easily accessed parking • Mass transit options (commuter rail, Lymmo) • More than double current Centroplex parking for both Events Center and Performing Arts Center

  15. Meeting Community Venues Access & Parking Needs Note: *Figure recently revised to reflect expected availability of existing Regents/Signature Plaza Garage. **Adjacent/on-site parking for the Dr. Phillips PAC would be constructed with ancillary development around the Venue.

  16. Meeting Community Venues Access & Parking Needs Transportation Access Planning Network: • Refine parking & traffic plans during Venue design & construction • Work with Venue partners & other new developments in Downtown to provide additional, nearby parking options • City planning network to address parking & access needs for individual events, including traffic flow, need for additional Lymmo buses and public safety efforts

  17. Regional Community Venues: Economic Impact

  18. Regional Community Venues:Economic Impact--Construction Total Direct Spending $595 million Total Output $1.1 billion Total Earnings $452.9 million Total Employment 10,800 jobs(over 3-4 years) Source: Economic Impact Analysis of the Proposed Community Venues, presented to Metro Orlando Economic Development Commission by CSL, August 15, 2006.

  19. Regional Community Venues:Economic Impact--Operations Total Direct Spending $416 million Total Output (annual) $619 million Total Earning (annual) $247 million Total Employment 7,500 jobs per year Source: Economic Impact Analysis of the Proposed Community Venues, presented to Metro Orlando Economic Development Commission by CSL, August 15, 2006.

  20. Regional Community Venues: Economic Impact • Some of the Venues direct economic impacts: • Projected 10,800 jobs over the 3 to 4 year lifecycle of the projects • Projected 7,500 annual sustained jobs once the Venues are open • Need to make a concerted effort that the jobs created by these projects: • Benefit local job seekers • Special emphasis on residents in the affected projects areas

  21. Blueprint to Create aSustainable Economic Impact

  22. Blueprint to Create aSustainable Economic Impact The Community Venues development and construction presents the City of Orlando and its Venue Partners with a unique opportunity to make a significant long-term positive impact in the local community in general, and the minority community specifically

  23. Blueprint to Create aSustainable Economic Impact City’s Commitment • Ensure that the Venue Projects provide a “sustainable” positive economic impact for the community • Charge from Mayor Dyer & Commissioner Lynum - to develop a model to ensure local residents, MBE’s and local businesses benefit from the Venue projects • Benchmarked programs including Charlotte, Memphis, New Jersey and New York

  24. Blueprint to Create aSustainable Economic Impact On November 13, 2006, Orlando City Council adopted Resolution supporting the Community Venues • Recognized Venues role as a stimulus for sustained economic improvement • Committed participation of M/WBE’s, local and small businesses in design andconstruction of proposed Venues

  25. Blueprint to Create aSustainable Economic Impact • Venue projects provide local and historically disadvantaged businesses a unique opportunity to grow and enhance their capacity • Projects can serve as a framework/model for inclusiveness • Key: support & commitment of the Venue Partners and their Contractors

  26. Blueprint to Create aSustainable Economic Impact Goal #1 Assist the development and support of local, small and historically disadvantaged businesses as an important aspect of the continuing growth and development of the community.

  27. Blueprint to Create aSustainable Economic Impact Goal #2 Develop a local workforce initiative to provide trained workers for venue construction and retail venues created by development.

  28. Blueprint to Create aSustainable Economic Impact Goal #3 Collaboratively work with the Venue Partners and other community stakeholders to identify and explore long-term business opportunities in the affected areas.

  29. Blueprint to Create aSustainable Economic Impact Goal #4 Explore the creation of local vendor development /mentor programs through partnerships with contractors, vendors, and Community-Based Organizations.

  30. Blueprint to Create aSustainable Economic Impact Goal #5 Identify development tools that will result in creating a wide variety of attainable and market housing units that will ensure economic diversity for all residents to work, live and recreate in the area.

  31. Going Green • Achieve long term sustainability through a Citywide "green initiative" to protect the environment and conserve natural resources • Maximize and leverage Downtown Venues to serve not only as an economic stimulus, but provide leadership in smart growth and sustainable, environmentally sound standards

  32. Green Commitment • The City and Venue partners commit to aggressively pursue and incorporate all feasible, economically sound green building standards in the Venues • Leadership in Energy and Environmental Design (LEED) elements • Florida Green Building Coalition standards • City of Orlando Green Building principles or other recognized standards • The City's Project Director and Oversight Committee shall be charged with the responsibility to ensure “green” compliance

  33. Due Diligence • Two years of extensive research and careful planning • City staff, financial consultants and bond counsel worked with County • Plan of finance and Interlocal Agreement in accordance with LOU Signed by Mayors • Challenges and Opportunities in Developing the Plan • Conducted risk assessment with mitigation strategies

  34. Rebecca W. Sutton, Chief Financial Officer, City of Orlando

  35. Community Venues Financing Plan

  36. Venue Sources and Uses(in Millions)

  37. Corporate & Philanthropic Contributions • Magic’s contribution is upfront with interest accruing to the construction fund • OPAC’s contributions are pay-as-you-go with cash flow support from Line of Credit and City-paid interest up to $3 million • Both Magic and OPAC contributions are secured by Letters of Credit

  38. City Covenant Bonds • $51 Million Senior Lien Issue • Normal coverage • Debt Reserve at 1 times Maximum Annual Debt Service (MADS) • Insured to AAA status • Secured by non-ad valorem general fund revenues • $14 Million for New Fire Complex • Included to answer Fire Station #1 Relocation Question • Part of Mayor’s 2006-2007 Public Safety Package • $37 Million for Event Center Garage • Debt payments made from Event Center Garage Revenues

  39. CRA Bonds • $150 Million Senior Lien Issue • Normal coverage • Debt Reserve at 1 times Maximum Annual Debt Service (MADS) • Insured to AAA status • Secured by tax increment revenues • Assumes revenue growth of 3.5% annually in the CRA • Assumes only those buildings permitted as of July 2007

  40. Contract 6th Cent TDT Bonds • $170 Million Senior Lien Issue • Normal coverage • Debt Reserve at .5 times Maximum Annual Debt Service (MADS) • Liquidity Reserve at .5 times MADS • Insured to AAA status • $100 Million Subordinate Issue • Increasing coverage • Debt Reserve at .5 times MADS • Liquidity Reserve at .5 times MADS • Insured to AAA status paid for by Magic • Magic obligated to pay interest premium with use of insurance • Excess Contract Revenues will refill reserves and then prepay debt

  41. Contract TDT Bonds(1-4 cents) • $270 Million Senior Lien Issue • Normal coverage • Debt Reserve at .5 times Maximum Annual Debt Service (MADS) • Liquidity Reserve at .5 times MADS • Insured to AAA status or credit-enhanced • Further secured by backup $25 Million Reserve from City • Excess Contract Revenues will refill reserves and then prepay debt

  42. Risk Assessment • Are the revenue projections conservative? • CRA tax increment revenue is projected at 3.5% annual growth for 30-year projection period and new construction limited to that permitted as of July, 2007 • TDT is projected at 5% in the first 5 years and an average of 2% thereafter

  43. Risk Assessment • Have the revenue streams been tested under adverse assumptions? • Repeat of 9-11 scenario at weakest point in revenue projections sustained in modeling • Property tax reform has been accounted for in revenue estimates. The maximum potential effect is approximately $10 Million in bond proceeds or less than 1% of the total Venues package.

  44. Risk Assessment • Is the debt structured to minimize the impact of risk on local taxpayers? • All debt issued by CRA except for fire station and parking garage • All issues have debt reserves • All issues are insured • All issues with limited revenue coverage have additional credit enhancement that further protects the City • No general revenues are pledged on TDT or CRA debt (limits the remedy bond holders have) • Multiple funding sources

  45. “Whatever you can do or dream you can, begin it. Boldness has genius, power, and magic in it. Begin it now.” -Johann Wolfgang von Goethe