City Rolls Dice on New Development Projects

ORLANDO-Ten-ton construction cranes are beginning to dot the Downtown skyline as the city gambles that $41.8 million in economic incentive packages to developers for new projects will pay off handsomely in an increased tax base and future growth for the blighted central business district.

Even with a record deficit of $23 million showing on the books nine months ago, elected officials have signed off on an unprecedented incentive package to developers that includes cash, tax breaks and loans.

The city is already seeing progress in the start of developer Cameron Kuhn’s $140-million, mixed-use Plaza venture on the three-acre Jaymont Block at Church Street and Orange Avenue. Kuhn, a former carpenter’s helper from Chicago, is receiving a total $22.2 million in incentives. According to the city’s Community Redevelopment Agency which is paying out the incentives, Kuhn is getting $3.5 million in cash up front; another $3.5 million spread over 10 years; 12-year-tax breaks worth an estimated $1.2 million; and a $14-million loan for a 1,000-space parking garage to be paid back over five years.