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COMMUNITY VENUES PROJECT UPDATE

COMMUNITY VENUES PROJECT UPDATE. Orlando City Council July 9, 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 $41M Property from City

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COMMUNITY VENUES PROJECT UPDATE

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  1. COMMUNITY VENUES PROJECT UPDATE Orlando City Council July 9, 2012

  2. 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

  3. 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

  4. 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)

  5. Dr. Phillips Center for the Performing Arts • Economic Recession • Caused construction delays • Caused project to be constructed in two stages

  6. 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

  7. 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

  8. 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

  9. Citrus Bowl • Economic Recession caused delays • Capital One Bowl negotiations in fall • Proposed amendments to Community Venues Interlocal Agreement will expedite renovations

  10. Citrus Bowl Updated Financing Summary (In Millions) 1 $140M plus estimated escalator assuming January 2014 and 2% CPI

  11. 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

  12. 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

  13. Citrus Bowl • Proposed Amendments will allow the renovations to be expedited • One time $12.5 million County reserve to provide extra support for the City’s debt • Extending the contract termination to allow 30 year debt to be issued • Allowing excess Contract TDT Revenues to be used for shortfalls for future debt service or the early retirement of debt for a ten year period • Allowing the City the flexibility to determine the timing of the debt for the Citrus Bowl and the Performing Arts Center

  14. COMMUNITY VENUES PROJECT UPDATE Orlando City Council July 9, 2012

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