After naming the Future Performing Arts Center with Neocity as a top priority, Osceola commissioners are moving to issue $125 million in bonds backed by the county’s tourism development tax to make the project come true.
But county manager Don Fisher said the county must embark on a capital campaign to fund the project. This will be the heart of the much-anticipated Neocity City Center.
“We estimate it’s a project that costs around $225 million,” Fisher told GrowthSpotter. “It includes the promenade and ground parking, but not parking, there is cash reserves, but requires a (capital) campaign.
Following last month’s bond voting, the county will seek naming rights deals and help from donors and charities. Fisher said Kathy Rums Burger, CEO of Phillips Center for Performing Arts, “supported us along the way.”
The consultants recommend that Osceola build a performing arts facility with 1,250 seating capacity in the main theater, and outdoor venues that can accommodate even larger events for a wide range of events, including live music concerts, films, festivals and community celebrations.
The 500-acre Neocity Tech District, US 192, has received more than $5 billion in federal contracts and grants over the past two years to build a new semiconductor manufacturing hub. But the Master Plan also calls for a live-working district with a lively city centre focused on more than 1,000 housing units, high-tech jobs and an art-focused look with shops and restaurants lined with Lake Front.
While planning and fundraising for the Performing Arts Center has stalled development in the city centre, Fisher said the county is in active discussions with a joint venture led by New York-based Sciame Construction and Edward J. Minskoff stock. In fact, he’s been talking with the Sciame team. The Sciame team has extensive experience in developing world-class performing arts centres and acts as representative of owners of upcoming projects.
“So they’ve had the experience of choosing the right architect, the right contractor,” Fisher said. “When the day was over, it would be a county decision, but they were talking about facilitating the process and helping us with that aspect.”
Fisher also extended the deadline to December as the JV renews its development agreement for Phase 1 in the city centre.
TDT bonds also fund many other tourism-related projects, including the Austin Tindall complex and the expansion of eligible tourism-related capital improvements.
Another major recipient of the fund is Osceola Heritage Park. The TDT fund can pay for new parking garages for stadium expansions and public events, including Mecum Auto Auction, Osceola Magic Games, and Silver Spurs Rodeo. The Osceola Stadium was built with TDT revenue as the Houston Astros spring training home.
When Orlando City SC moved its training facility to OHP, it was later converted into a soccer stadium. This expansion is a key component of the plan for team owners in the billion-dollar sports and entertainment district called “Project Next.”
Performing Arts Center’s annual debt payments for bonds are expected to be $5.6 million based on 30-year amortization.
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