The city of Orlando has approved the sale of an additional $69 million in bonds to partially plug a gaping funding hole in its originally $1.1-billion Community Venues building program and kick-start construction of the $250-million first phase of the city's new performing arts center.
Funding for the second piece of Orlando’s venues program had taken a hit when revenues from the tourist development tax plunged as a result of the recession. The city had originally planned to have $130 million in TDT dollars for the project; to date, only $10 million has been generated. Roughly $70 million in Community Redevelopment Agency bonds had already been provided for the originally $450-million Dr. P. Phillips Performing Arts Center (DPAC).