Jacobs, Dyer sign deal on Citrus Bowl renovation

Mayors agree on renovation deal set for 2014

Published On: Jun 25 2012 08:12:29 AM EDT   Updated On: Jun 25 2012 07:07:27 PM EDT
ORLANDO, Fla. -

Orlando Mayor Buddy Dyer and Orange County Teresa Jacobs held a news conference on Monday regarding the renovations to the Citrus Bowl.

Dyer and Jacobs signed a deal Monday to start the renovation of the Citrus Bowl in 2014.

The conference comes after Dyer and Jacobs made 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.

The agreement states that construction on the Citrus Bowl and Dr. Philips Center for the Performing Arts will be at the same time and will be built using tourist development tax money.

Also, City Tax Revenues will now be used to issue $140 million worth of bonds. These bonds will be used to build the citrus bowl and while new safeguards are being put in place Orlando payers could ultimately be responsible for repaying those loans.

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:

Construction will start in January of 2014 and could be finished in 11 months.

Watch Local 6 for more on this story.