Today, Orlando Mayor Buddy Dyer held a press conference announcing that the funding needed to break ground on DPAC has been found. Construction starts June 1st.
Here is the press conference:
I’ve slammed this project several times over the last couple of months because of the deficiencies identified by Orange County Mayor Teresa Jacobs. Especially, the 43 million dollar shortfall in the budget. Now, that the budget hole has been patched up she’s behind the project.
Dyer is depending on the tourist development tax. In a down economy, that money isn’t a sure thing to cover the costs. He’s also developed a “plan B” in the form of 16 million dollars of “credit letters” from donors and reserve money if needed.
Credit Letters? I guess that will have to do. I’m gonna pay my light bill with a credit letter next month. I’ll let you know how that goes.
“Your great grandchildren will walk into the @DrPhillipsCtr and thank Buddy Dyer” – Tweet from Mayor Dyer Spokesperson …really?
Also DPAC Chair Jim Pugh said that it will be a “150 year building”…hmm 343 divided by 150 is about 2.28 mil a year. What a bargain…
So, they found the funding. There are still things to be nervous about. What if tourism doesn’t fully recover? What happens if those credit letter donors can’t follow through, or withdraw their offer. It’s easy to picture a reporter standing in front of a half built project, ala the majesty building (off I4 in Altamonte), telling us how the money that was suppose to be there, is no where to be found.
We still don’t know if we can cover the operation costs.