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December 3, 2008
Delay of game? Orlando leaders play catch-up on venues financing
Orlando Sentinel
By Mark Schlueb and David Damron
Could the fact a bond issue for stadium upgrades in Orlando has stalled portend doom for Bruce Ratner's chances of getting financing for a new arena in Brooklyn for the NJ Nets?
Renovation of the aging Florida Citrus Bowl stadium won't begin until at least 2010 -- a year late -- and may have to wait even longer, Orlando officials acknowledge.
A global credit crunch has made the sale of a bond issue almost impossible, they say. Worse, a bleak tourism forecast raises questions about the reliability of the revenue source that's supposed to fund the $175 million project.
The city had planned to sell $150 million worth of bonds early next year to help finance construction of a long-planned downtown performing-arts center and also raise the first $21 million for renovations of the Depression-era football stadium.
But the bond issue has been postponed indefinitely, and officials are now looking to sell short-term notes to keep the projects moving.
"Just as our finance team was starting to meet, the financial markets blew up. The interest rates were through the roof," Orlando Chief Financial Officer Rebecca Sutton explained.
Posted by lumi at December 3, 2008 4:30 AM