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Proposed 3 rd Amendment to Agreements for City of Orlando CRA for I-4/Republic Drive Interchange

BCC Discussion Agenda. Proposed 3 rd Amendment to Agreements for City of Orlando CRA for I-4/Republic Drive Interchange. April 9, 2013. TIMELINE: Created in 1996 City/County/Universal Studios I-4/Republic Drive Interchange Funding 1997: bonds issued for Interchange

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Proposed 3 rd Amendment to Agreements for City of Orlando CRA for I-4/Republic Drive Interchange

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  1. BCC Discussion Agenda Proposed 3rd Amendment to Agreements for City of Orlando CRA for I-4/Republic Drive Interchange April 9, 2013

  2. TIMELINE: Created in 1996 City/County/Universal Studios I-4/Republic Drive Interchange Funding 1997: bonds issued for Interchange Universal added hotels and expanded theme parks 2002: Bonds refinanced $7 million Tax Increment CRA Background

  3. 2011: City/County agreed to 2nd Amendment to Agreements 2012: Bonds refunded for savings $8 million Increment Revenues $325,000 annual savings New annual debt: $3 million $2 million of excess CRA revenue returned to the County (44%) 2013: Request to Fund additional Interchange Improvements CRA Background

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