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COMMUNITY VENUES PROJECT UPDATE

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

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  1. COMMUNITY VENUES PROJECT UPDATE Orange County Board of County Commissioners July 10, 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 • 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

  14. COMMUNITY VENUES PROJECT UPDATE Orange County Board of County Commissioners July 10, 2012

  15. COMMUNITY VENUES UPDATE • Requested Action

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

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