Jacobs, Dyer reach agreement on Citrus Bowl renovation

City of Orlando's financing methods still unknown

Published On: Jun 04 2012 11:33:59 AM EDT   Updated On: Jun 06 2012 07:49:23 PM EDT
ORLANDO, Fla. -

The old Citrus Bowl could finally be getting a makeover.

On Wednesday, Orange County Mayor Teresa Jacobs and Orlando Mayor Buddy Dyer agreed on a tentative deal on the $175 million renovation plan that the county will serve as a backstop for the city's loans and take on $10 million worth of risk.

"A backstop of somewhere between five to eleven million total-I think the county can support that," Jacobs said. "Now if we are talking about $5 million a year indefinitely- no we can't."
Jacobs said on Wednesday the Citrus Bowl renovation will cost the county in other ways.

"The only reluctance I have is that the convention center has to be maintained," Jacobs said.

With the agreement, the Citrus Bowl renovation could start in 2014. But the city will first have to figure out how they will finance the loans.

"The city is willing to look at some different options as to how we can incur the debt," Dyer said.

Dyer said he's worried the 76-year-old stadium is costing the city big money games.

"We've lost out on neutral site games on NFL exhibition games and it's time we come together and get this done," he said.

The city has been trying to get the county to agree on a plan for about three years. According to the City of Orlando website, the proposed renovation for full build-out of the Florida Citrus Bowl Stadium includes:

Also in that meeting a tourist tax was discussed. Check back with ClickOrlando.com and Local 6 for more information.