$500 Million Orlando Magic Lot J-style sports & entertainment district approved

[Ken_FSU]

https://www.fox35orlando.com/news/new-500m-downtown-orlando-sports-entertainment-district-gets-green-light

[CityLife]

Seems like a tame incentives package compared to Lot J:

-The Community Redevelopment Agency would increase its funding from $1.7 million to $2.5 million to facilitate construction of the meeting space and make up for increased construction costs. In exchange, the joint venture will have to start construction of the event space within three years of the effective date of the agreement. The city also will be able to host up to 10 government or civic-related events per year with no facility rental fee, including seven at the hotel space and three at the 65,000-square-foot venue.
-CRA tax increment recapture: The city would reimburse SED Partners for the property taxes collected on the development site. The first four years would include a 100% reimbursement, with the remaining time until Jan. 1, 2042, being 80%. The tax incentive only would apply to the project's first phase and would be capped at up to $40 million. The cap would go down to $35 million if the office component was not built, per agenda documents. Payments would start after the first project component is completed.

https://www.bizjournals.com/orlando/news/2024/04/16/orlando-magic-sports-entertainment-district.html

[thelakelander]

Should be! There's a market for the product down there. However, I fear this may not be good for the Parramore community. Eastside will likely fare better with the future Jags stuff this time around because they'll likely get a CBA out of it.