Summary:
On August 6, 2007, the City, its Community Redevelopment Agency (CRA) and Orange County (County) entered into the Orlando/Orange County Interlocal Agreement (Interlocal Agreement) related to financing the construction of a new performing arts center, a new community events center, and the expansion and renovation of the existing Citrus Bowl Stadium, known collectively as the "Community Venues". The Interlocal Agreement was subsequently amended in 2008, 2012, 2013 and 2015.
The attached Second Amended and Restated Orlando/Orange County Interlocal Agreement provides additional Tourist Development Tax (“TDT”) funding in the amount of $45,000,000 for the Dr. Phillips Center for the Performing Arts. The additional TDT funding will be used to construct the second stage of the arts center, consisting of an acoustical hall seating approximately 1,700. Of the $45M additional TDT Funding, $25M is conditioned on the construction of the second stage of the arts center commencing prior to September 30, 2017 and must be in the form of City debt. The City debt will be repaid, with interest, from TDT revenues once all other Contract TDT Obligations have been repaid.
The Second Amended and Restated Interlocal Agreement also deletes all references to, and funding for, the MLS Soccer Stadium. The MLS Soccer Stadium is being privately financed without any contributions from TDT revenues. |
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Fiscal & Efficiency Data:
The Interlocal Agreement stipulates the Financing Plan, structure, terms and conditions associated with conveyance and use of tourist development taxes and CRA tax increment revenue. This amendment provides additional TDT funding for the performing arts center in the amount of $45,000,000, of which $25,000,000 must be in the form of City debt. The City debt will be repaid, with interest, from TDT revenues once all Contract TDT Obligations have been repaid.
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