Thursday, August 8, 2013

Orlando City Stadium Deal Reached

Late Thursday, our sources at Orlando City Hall and the Orange County Administration building both confirmed that a tentative deal had been reached to provide $20M towards Orlando City Soccer Club's proposed downtown stadium; considered the final financial hurdle in securing the facility.

While the deal still needs to be approved by the Board of County Commissioners (BCC), the plan calls for the City of Orlando to utilize municipal bonds to provided upfront money for the stadium and several other venue projects that have been proposed to the county. Orange County will utilize surplus Tourism Development Tax (TDT) funds over the next few decades to pay down the bonds using hotel taxes, ideally not costing local tax payers anything out of pocket when the bonds are completely paid in full.

Although the BCC provided lackluster support for the stadium plan during Tuesday's presentation, we had heard that both Mayors were working on a deal behind closed doors in hopes of lining up support prior to Friday's critical Tourism Development Council (TDC) presentation. 

In all likelihood,  the plan will be presented to the BCC as early as August 20th for public comments and a final vote; approval would mean Orlando City would have the final $20M necessary to complete their $85M stadium and potentially be awarded a Major League Soccer (MLS) franchise before the end of the year.

While nothing is set in stone and the deal is still being ironed out, Thursday August 8th may go down as the greatest day in Orlando City Soccer Club history.

9 comments :

  1. I wouldn't greatest day. The BCC still needs to approve everything. If and when they do, that pushes this day down another notch.
    Greatest day still was the 2011 Championship!
    Also, I see activist Mike Cantone is planning a lawsuit for improper use of money for stadium. Do you know if he did this before with venues deal in 2007?
    I'm pretty sure its in the bylaws that Mayor Jacobs summarized the other day, that it can be used for venues.

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    1. Cantone doesn't have a leg to stand on and is likely trying to position himself for another unsuccessful run for Mayor. The TDT guidelines specifically call out using the funds towards sports venues.

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    2. He'll need to do better than his 3% from last time. *cue Price is Right loser music*
      Yeah I just looked it up on the Comptrollers website. The stadium is clearly in line with the State Statutes.

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  2. The greatest day was the 2011 championship. Nothing that has to do with money is gonna be our greatest moment #fail

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    1. This is a business, so technically everything has something to do with money...even a championship season. I think being awarded a MLS franchise trumps winning a USL Pro championship. He would never say it, but I think Phil Rawlins would agree.

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    2. I agree. You are talking about potentially a four season history in USLPRO compared to a "lifetime" in MLS. While the title in 2011 was great, the history maker for the club is moving to the top league in America. I am sure the same was true for Seattle even after winning those USL-1 titles before their move.

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