GlobeSt.com UPDATE: Magic Execs Agree to Retrofit Arena but Critics Question $75 Mil Cost

ORLANDO-Orlando Magic executives are meeting this week with city, county and tourist industry officials in a new attempt to draft a financing plan for the retrofitting and expansion of the 12-year-old, 375,000-sf, 17,200-seat TD Waterhouse Centre.

Magic officials say the clock for the 2003 season is already ticking and they need to know over the next four months how their estimated $75-million renovation plan will be funded. They will agree to keep the team in Orlando for 10 more years if they can get a better lease deal from the city.

“In order to accomplish that goal, capital funds (by the city, county and state) must be made available prior to Dec. 31, 2001 for renovation to commence in 2002.” So wrote Bob Vander Weide, son-in-law of Magic owner Richard DeVos and president/CEO of RDV Sports Inc., the team’s corporate owner, in an Aug. 24 letter to Orange County chairman Richard Crotty, Orlando Mayor Glenda Hood and six city commissioners.