Not even Tropical Storm Debby rolling over Central Florida could stop the announcement Monday of the deal made between Orlando Mayor Buddy Dyer and Orange County Mayor Teresa Jacobs which would allow plans for the long stalled renovation of the Florida Citrus Bowl to move ahead.
At a press conference today Dyer said the agreement allows for changes to be made to the 2007 Interlocal Agreement and kick off construction on the Citrus Bowl beginning in January 2014.
The City will issue bonds for the Citrus Bowl construction and invest $21 million, with a $25 million held as reserve to back the bonds. The County will establish a second reserve of $12.5 million.
“I think the plan is even a better plan for the tax payers than the one approved in 2007,” Dyer said to loud cheers and applause.
Dyer added that the renovations will ensure that Bowl games are not lost and he expressed confidence that other events, such as Supercross, will return to the Citrus Bowl.
Jacobs, for her part said, the modified agreement meets the needs of the County and it was critical to preserve funds for renovating the Orange County Convention Center, which she described as a cash cow.
“Today, I am supporting the amendments to the Community Venues agreement that will allow for the renovations,” she said. “And in no way does it impact plans for the Convention Center which is a major economic engine.” She added that the only project left after the Citrus Bowl renovations get going is Phase 11 of the Dr. Phillips Performing Arts Center and the “full intent of the three venues would have concluded.”
Dyer and Jacobs agreed the deal announced today had everything to do with the partnership and collaboration taking place between the city and county to make the community better.
The Citrus Bowl renovations are expected to be completed over an 11-month period and generate hundreds of jobs, with a projected economic impact in excess of $250 million annually to the area.
