The Florida Citrus Bowl Stadium, the grandfather of the Orlando Venues facilities, has quite a history. It was originally constructed in 1936, with seating for 8,900 people. The first annual bowl game was held in 1947, for the benefit of the Elks and was called the Tangerine Bowl Game.
In 1967, the Stadium was expanded to 18,000 seats and in 1974, additional seating was added to bring the capacity to 48,000 seats. In January 1989, the transformation of the Florida Citrus Bowl Stadium into a facility of the 90's began at the cost of $38 million. Several improvements were made including an additional disabled elevator; additional disabled seating, electrical and phone upgrades and a state-of-the-art playing field. Most recently, new escalator systems were installed for easy accessibility to seating.
The Florida Citrus Bowl is the home of the annual New Year's Day football classic, The Captial One Bowl and Jones High School football teams. It was also the site of five 1994 World Cup Soccer games and 1996 Olympic Soccer - first/second rounds. The Stadium has been host to "Rock Superbowls" featuring such performers as The Rolling Stones, The Who, Genesis, Pink Floyd, George Michael, Paul McCartney, Guns'n Roses, Billy Joel/Elton John and the Eagles. In addition to these top concert acts, the Citrus Bowl also hosts the AMA Supercross Series and the Superbowl of Motor Sports. The Florida Citrus Bowl has also hosted major collegiate games such as FSU VS. Notre Dame and Florida vs. Mississippi State.
The Citrus Bowl was the stadium where they shot "Waterboy", and the home Hayden Fox's Orlando Breakers of the TV Show "Coach.
On April 3, 1999 PCM4 wrote: You list the Citrus Bowl opening date of 1989, yet have listed the Renegades of the USFL as playing there in 1985. I happen to know the stadium opened much earlier than that (I think late 60's or early 70's). It may have been renamed in 1989. Formerly (including when the
Renegades played) called the Tangerine Bowl.
* Home of the New Year's Day Football classic, The Florida Citrus Bowl Nationally televised on ABC
* 30 Luxury Sky Boxes
* Complete Press Box Facilities
* Home Field for the University of Central Florida Football Team
* Site of the 1994 World Cup Soccer
* Site of 1996 Olympic Soccer
* Host to "Rock Superbowls" featuring such performers as The Rolling Stones,, The Who, Genesis, Pink Floyd, George Michael, Guns n' Roses, Paul McCartney, Billy Joel and Elton John
* AMA Supercross Series
* Superbowl of Motrosports
FINANCING WORRIES ORLANDO OFFICIALS
December 4, 2008
Copyright 2008 MediaVentures
Orlando, Fla. - Renovation of the aging Florida Citrus Bowl stadium won't begin until at least
2010 - a year late - and may have to wait even longer, Orlando officials acknowledge.
A global credit crunch has made the sale of a bond issue almost impossible, they say. Worse, a
bleak tourism forecast raises questions about the reliability of the revenue source that's supposed to fund the $175 million project.
The city had planned to sell $150 million worth of bonds early next year to help finance
construction of a long-planned downtown performing-arts center and also raise the first $21 million for renovations of the Depression-era football stadium.
But the bond issue has been postponed indefinitely, and officials are now looking to sell
short-term notes to keep the projects moving.
"Just as our finance team was starting to meet, the financial markets blew up. The interest rates
were through the roof," Orlando Chief Financial Officer Rebecca Sutton explained.
Orlando Mayor Buddy Dyer's venue team now says it hopes to start the stadium project in 2010
and still finish on time in 2011.
"They're looking at how to do it in a two-year span and possibly being able to do some work
during the bowl season to keep us on track," city spokeswoman Heather Allebaugh said.
The delay comes amid concerns about the financial underpinning of the plan - approved by city
and county commissioners 16 months ago - for a new National Basketball Association arena, the
performing-arts center and the Citrus Bowl upgrade.
Of the $1.1 billion needed for the three venues, more than two-thirds depends on the sale of
bonds to investors. The city will tap hotel taxes, downtown-property taxes, sales taxes and other
revenue to repay the bonds, with interest, during 30 years.
The $480 million arena, featuring a new home court for the Orlando Magic, already has most of
its financing. Orlando sold $310 million in bonds for the arena in March, though tremors in the
financial markets even then caused a four-month delay and a higher-than-expected interest rate.
Today, officials say the planned $150 million bond issue for the performing-arts center and
Citrus Bowl is out of the question because long-term interest rates are so high. Instead, the city will sell short-term notes early next year and wait for the bond market to improve.
Sutton acknowledged those notes will have to be converted into a bond issue at some point.
She hopes that can happen in a year.
Regardless, most of the new money will go to the $425 million performing-arts center, which is
ready to break ground. Design work has been paid for by some of the $86 million in private
contributions raised so far.
The private backers have agreed to raise $130 million overall. After that money is used up, the
city is supposed to float another $141 million bond issue to complete construction.
The city-owned stadium is last in line.
The Citrus Bowl project is set to receive $21 million from the city's short-term financing. But the bulk of the renovation cost - $140 million - depends on bonds tied to hotel taxes.
And the current tourism slump - a casualty of the sour economy - is raising questions about
whether there'll be sufficient tourist-tax money to support the bonds.
Hotel-tax collections are expected to remain flat or even drop in 2009. Orlando hotels reported
a 5.1 percent drop in bookings in October, the fifth straight month of year-over-year declines.
Tourist-tax revenues grew more than expected in the first two years of the venue-funding plan,
yielding a surplus of $9.6 million that will be turned over to the city in January.
But Orange County Comptroller Martha Haynie said the city shouldn't count on that much the
following year.
"What they get in January of 2009 may be substantially lower in January of 2010," Haynie said.
"And I'm not sure how they go forward without knowing what their future revenue stream is going
to be. If [hotel taxes are] down, they won't get much next year."
Orlando's Sutton said the city plans to hold on to the $9.6 million to secure future bonds for the arts center.
The venue-financing plan relies on an average 2 percent increase in tourist-tax revenues each
year for 30 years.
But passenger traffic at Orlando International Airport - a key tourism barometer - is not
expected to get back to this year's levels until 2012 and won't completely rebound until 2014 or
later.
Future tourism-tax growth above 2 percent could make up for a dip in collections during the
next few years.
But for the immediate future, whatever tourist-tax money comes in will likely go to the
performing-arts center - not the Citrus Bowl.
Design of the stadium upgrade - which will include the luxury suites and other amenities
supporters say are essential to retain the Champs Sports Bowl and Capital One Bowl games played
there each holiday season - was to have started in 2007.
However, the city didn't hire the architect until last month. Still, members of the design team
say the work can be accelerated - if the tourist-tax money materializes. (Orlando Sentinel)
