Hotel tax revenues in Orange County, Florida are expected to plummet by a record 18% this year, but don’t worry about the new arena for your NBA Easten Conference Champion Orlando Magic, notes the Orlando Sentinel:
Despite the slump, the new arena for the Orlando Magic — already under construction just west of downtown — is safe, Orlando officials say. Bonds were sold for the $480 million project last year, and it is scheduled to open in the fall of 2010.
Of course, since the county is already locked into paying off the Magic arena bonds, that means the tax shortfall must be made up out of other projects. A planned Orlando performing arts center, as well as renovation of the
Orange Citrus Bowl, could now be delayed or scrapped, while local theaters and museums are expected to lose up to half of their county grant money. What was that about a no-lose proposition again?