COMMUNITY VENUES PROJECT UPDATE Orange County Board of County Commissioners July 10, 2012

Amway Center $497 Million – Estimated Final Cost – $385M Building $270M from 6 th cent TDT $30M from State $12M City lease revenues $55M Magic contribution $18M interest earnings – $41M Property from City – $71M Infrastructure/Garage from City

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

Amway Center Residual funds at closeout of the 6 th 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)

Economic Recession – Caused construction delays – Caused project to be constructed in two stages Dr. Phillips Center for the Performing Arts

SourcesStage IStage IITotal Philanthropy 1 $ 52$ 75$ 127 Contract TDT Revenues City State150 Rollover of Proj. Contingency-990 Total – Sources$ 293.2$ 177.5$ Uses Construction$ 260.2$ 161$ Rollover of Proj. Contingency-990 Contributed Land Infrastructure Total Uses$ 293.2$ 177.5$ 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

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

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

Citrus Bowl Economic Recession caused delays Capital One Bowl negotiations in fall Proposed amendments to Community Venues Interlocal Agreement will expedite renovations

Citrus Bowl SourcesTotal Contract TDT Revenues 1 $ 152 City33 Interest4 Total – Sources$ 189 Uses Construction$ 189 Total Uses$ 189 Updated Financing Summary (In Millions) 1 $140M plus estimated escalator assuming January 2014 and 2% CPI

Citrus Bowl 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

Citrus Bowl 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 If Amendment to Community Venues Interlocal Agreement is Approved:

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

COMMUNITY VENUES PROJECT UPDATE Orange County Board of County Commissioners July 10, 2012

Requested Action COMMUNITY VENUES UPDATE

Approval of Second Amendment to Orlando/Orange County Interlocal Agreement: Performing Arts Center, Events Center and Citrus Bowl Recommended Action