The deal will involve a compromise on the amount of money Magic owner Rich DeVos wants from city, county and state coffers.
The billionaire owner is asking $122 million from the tourist tax fund; $50 million from the city of Orlando; and $29 million from the state. That's 80% of the estimated $250 million arena development cost. DeVos would kick in $10 million cash and contribute $40 million from arena-related revenue.
If he doesn't get a new Downtown arena, he will move the team to another city, DeVos has indicated but not spelled out specifically to date. The team is losing $12 million a year, he says.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
