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$53 Mil Downtown Redevelopment is a Go

ORLANDO-The Orange County Housing Finance Authority is giving Bank of America and a local development team a $12-million, tax-free loan to kick off a $53-million mixed-use venture in the city's most economically-depressed neighborhood.

By Alex Finkelstein | Updated on November 03, 2000

ORLANDO-After 20 years of failure with $40 million of public funds, the one square-mile Parramore neighborhood on the lip of Downtown is preparing for an historic facelift.

City council unanimously approved a $12 million, tax-free loan to lead developer Bank of America to kick off a $53-million, mixed-use venture in the city’s most economically-depressed neighborhood.

Besides the loan, the development team is getting a $12-million incentives package that includes cash from the city, county and the state; and state tax credits that can be converted to $4 million cash. The total loan and incentives bundle comes to $28 million.

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