Search
 

Convention Center's Expansion Cost Raises County's Debt to $2.09 Bil

ORLANDO-New figures released by Orange County comptroller Martha Haynie show anticipated tourist development tax revenue in 2001 wasn't enough to cover the debt load for the one million-sf, $748 million expansion of the four million-sf meeting and exhibition complex.

By Alex Finkelstein | Updated on January 16, 2002

ORLANDO-Orange County commissioners are refinancing the $748 million, one million-sf expansion of the four million-sf Orange County Convention Center because anticipated tourist development tax revenue in 2001 from hotel guests wasn’t enough to cover the debt load for the county’s trophy real estate property.

The refinancing increases the county’s total debt to $2.09 billion from $2 billion over 30 years. The bond term is five years longer than the previous term. Most of the interest payments will be made at the end of the term, adding to the county’s debt.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.