Community Venues

1
Community Venues
Proposed Project Funding April 26, 2007
2
Outline

• Background
• Project Funding
• Timeline

3
Outline

• Background
• Project Funding
• Timeline

4
Background

• TDT
• Short-term lodging tax
• State TDT law has different uses for 1st to 4th
  cent, 5th cent, and 6th cent levies

5
Background

• Orange County levied TDT at 2 in 1979
• Currently TDT is at 6
• State Law governs uses
• Not for General roads, schools, public safety
• Added tourism levy for convention centers,
  tourism promotion, sports, arts, and public venue
  costs

6
Background

• First Four Cents - for priority tourism related
  expenses in the Tourist Development Plan prepared
  by the Tourist Development Council and approved
  by the BCC

• Fifth Cent for convention and sports debt
• Sixth Cent Sports debt and Tourism promotion

7
Outline

• Background
• Project Funding
• Timeline

8
Project Funding
Events Center - Costs (Parramore Site Carolina
Properties) Building 380 million Land
40 million Infrastructure, Parking 60
million Total 480 million
9
Project Funding
Events Center - Funding (Parramore Site
Carolina Properties) RDV Cash Contribution
50 million RDV Lease 12 million State
Sales Tax Bonds 31 million Bonds 6th
Cent TDT 170 million Bonds Subordinate 6th
Cent TDT 100 million Interest Earnings
18 million Centroplex Redevelopment 60
million City General Fund Debt 39
million Total 480 million
10
Project Funding
Performing Arts Center - Costs (City
Hall/Magnolia Street Site) Proposed
Building 354 million Land, Parking, Infrastruct
ure 71 million Total 425 million
11
Project Funding
Performing Arts Center - Funding (City
Hall/Magnolia Street Site) OPAC Donors -
Capital 71 million CRA Bonds 139
million Bonds 1-5th Cent TDT 130
million State PECO Funds 15
million Centroplex Redevelopment 20
million City Land Contribution 27
million City General Fund Debt 12
million Interest 11 million Total 425
million
12
Project Funding
Citrus Bowl - Costs (Stadium Site) Proposed
Building 175 million Total 175 million
13
Project Funding
Citrus Bowl - Funding (Stadium Site) Centroplex
Redevelopment 10 million Bonds 1-5th Cent
TDT 140 million CRA Bonds 21
million Interest Earnings 4
million Total 175 million
14
Project Funding
Cost Summary (in millions) Events Center
480 OPAC 425 Citrus Bowl
175 Total 1,080
15
Project Funding
12 FUNDING SOURCES (in millions) RDV Capital
Contribution 62.0 OPAC Donors - Capital
71.0 State Sales Tax Bonds 31.0 State
PECO Funds 15.0 CRA Bonds 160.0
Interest Earnings 33.0 Centroplex
Redevelopment 90.0 City Land
Contribution 27.0 City Infrastructure
Debt 51.0 6th Cent TDT Bonds City Backed
170.0 6th Cent TDT Bonds RDV Guarantee
100.0 1 5th TDT Bonds - City Backed
270.0 TOTAL 1,080.0
16
Project Funding
PARTNERS (in millions)
RDV Capital Contribution 62.0 OPAC Donors -
Capital 71.0 133 PRIVATE State Sales Tax
Bonds 31.0 State PECO Funds 15.0 46
STATE CRA Bonds 160.0 Interest Earnings
33.0 Centroplex Redevelopment 90.0 283
CRA / Dev Rights City Land Contribution
27.0 City Infrastructure Debt 51.0 78
CITY 6th Cent TDT Bonds City Backed 170.0 6th
Cent TDT Bonds RDV Guarantee 100.0 1 5th
TDT Bonds - City Backed 270.0 540
TOURISM TOTAL 1,080.0
17
Outline

• Background
• Project Funding
• Timeline

18
Timeline

• County/City staff working on final documents
• Venue agreements to be included as exhibits are
  almost complete
• City Council action (vote) anticipated in May
• Tourist Development Council recommendation in
  June
• Board of County Commissioners action (vote)
  anticipated in June

19
Community Venues
Proposed Project Funding April 26, 2007