The $700 Million Commitment is the Single Largest Private Financing in MLB History for a Publicly Owned Stadium
Proposed MLB Stadium Project Estimated to Create Over 25,000 Permanent Jobs and Generate Over $40 billion in Economic Output in Orange County Over 30 Years
ORLANDO, FL / ACCESSWIRE / May 24, 2023 / Orlando City Baseball Dreamers, LLC (Orlando Dreamers) presented its financing plan today to the Orange County Tourist Development Tax (TDT) Citizen Advisory Task Force to partially fund a new Major League Baseball (MLB) stadium and associated parking garages that will create approximately 25,000 permanent jobs and generate an estimated $1.16 billion in annual economic impact for Orange County.
The proposed $1.7 billion project includes the new MLB stadium with a capacity for 45,000 fans as well as parking garages for 6,700 vehicles, which would be owned by Orange County and be home to a Major League Baseball team. Orlando Dreamers' application for TDT funds calls for Orange County to issue a $975 million 30-year municipal bond, with the balance of the project being financed by the MLB team and its affiliates. The $700 million commitment is the single largest private financing in MLB history for a publicly-owned ballpark.
'The contingent private financing commitment makes Orlando the leading candidate for the next MLB franchise,' said Orlando Dreamers Co-Founder and President Pat Williams. 'With stadium situations resolving and expansion inevitable, this is Orlando's one chance at securing an MLB team.'
No additional government funding for ongoing stadium operations would be required from Orange County beyond the initial investment. The MLB team will divert a portion of its annual operating revenue to assure Orange County that the stadium will never operate at a deficit nor require additional subsidies for annual stadium maintenance and repairs. Additionally, the MLB team would create a capital reserve account for major stadium upgrades and renovations.
An economic and fiscal impact study conducted by JLL, a leading professional services firm, projects the stadium's construction phase alone will result in more than 20,000 jobs and a boost of over $2.7 billion to the economy in Orange County.
The proposed 35.5-acre stadium complex would not just be an economic engine but a source of civic pride. It would also feature a vibrant, state-of-the-art entertainment venue, a baseball museum, approximately 1,000 hotel rooms and numerous entertainment, dining and shopping options.
'This project is about far more than baseball. We have an incredible opportunity here to make our community more prosperous,' said Williams. 'This project will spur economic growth throughout the county, help revitalize neighborhoods and improve the quality of life for everyone in Orange County. The surrounding development to the stadium will be a major driver for sales tax and TDT growth. No other opportunity to deploy TDT funds would bring this level of visibility to Orlando or provide the financial or social return of this project.'
The recently formed Citizen Advisory Task Force, which was formed to review and make recommendations on Orange County's TDT spending, conducted its first meeting in March 2023. The Citizen Advisory Task Force will review the Orlando Dreamers' application and is expected to provide its recommendations to the Board of County Commissioners in July.
About Orlando City Baseball Dreamers, LLC
Orlando City Baseball Dreamers, LLC was established to bring Major League Baseball to Orlando and Central Florida. The organization is led by Pat Williams, founder of the Orlando Magic, and updates can be found at www.OrlandoDreamers.com. Orlando is the largest media market in the United States without a Major League Baseball team, recently surpassing Miami in terms of media market size. Orlando is also the most visited destination in the world.
SOURCE: Orlando City Baseball Dreamers, LLC
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