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Updates on Orange County Community Venues: Amway Center, Dr. Phillips Center, and Citrus Bowl

The Orange County Board of County Commissioners provided a project update on July 10, 2012, detailing the financial status and development progress of several community venues, including the Amway Center, Dr. Phillips Center for the Performing Arts, and Citrus Bowl. Key highlights include the final estimated costs of $497 million for the Amway Center, with significant funding sources such as TDT contributions and support from the Orlando Magic. The Dr. Phillips Center faced construction delays but remained on schedule for its Phase I opening. Similar updates were given for Citrus Bowl improvements.

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Updates on Orange County Community Venues: Amway Center, Dr. Phillips Center, and Citrus Bowl

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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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